Newspaper Page Text
ejjr SHtdili GrorofAtt.
iudaV. octosksw, "<»
cENst's or Bnr»x county*
ill •Ut.•xW*.
y ,? 3J»
4 <otor*«tvl
• geallemsn l» tbl*
NEW-YOBK, Oet. M4 ll«.
M«* All*■ ,Hl ’» k l >d
will ba brought i* llfkt““Dta rr I Mlfl *• l,l#l * *
? i.&s carried M*«l**tl<"l« ,wl '
j?:.' .'~j •■ti'M. mlsrmltn. awl I* Utip*
Sy,■ml loan meat,■ml
- * 'fSU lli.llW ,.me r Un..-»I.U.. «-"X"» *'«
* , |Wln NuimUf, but lb,nk, lo • imo^kI ?«"<•
** slHsee, "warder will 0 ®* ”
• Y«* am m* *» tsfc in Georgia ■• you (M* you
■r* ibo WWga b«TO ■ 8erret Commltlo utmost in
1 0*t*i‘cort*r of (ho United Stater, anJ in Canada
loo, tkry bring voter* from there lu vote lii tlio bor
’ '^llgtoyou forgot Die proceeding* nflbo " World’*
*** CoaVrntli'n," h«ld last summer In London, thn ob
ject of which il to abolish slavery In thn United
' *’ State*, and to encourage the cultivation of cotton In
whir countries.
Will lira people of Gaorgla not reflect onihoM
r Icings 1 Will they aid the ab.ilitlonlit* by voting for
Gotti Hstrison, who was uowlnalod at Harri'birg
through tlwir indaencc f ‘
’ IfMji/tln Van Doom hod not boon to frank, an
-JS8TU bis aupport of Southern measures, ho
•fUBO# every fiiato North and East of the Polo*
^’mior'Qntnoctltmt and Abodq [stand are lo.t to
’Mr.* Van Duron on the abolition question, and they'
nru certain for Ccn. Hunl*on.
■ You must nut believe what you hoar nbout tho
' obolUloni.l* tunning a aepa.ato ticket, It I* ulily
’'' done to blind tho South, evrry vote will bn glvrtt to
M <Jen. Ilarrisun, (t ilwell understood they hsvusomo
- •’leaky men lit ibelr party, who talk to a friend.
’ t,rl Now Yoik will (l lhfpk) vote fur Martin Vun
’ tfs’ren.iksottydoubt in my mind arises from thn
WwVdga of tho frauds by which they have canto.!
” Rock a«Mii.«rii» i4ib
ta Inilt.'U.lIn, iJmlnlMralloti p,,wr In Ark.nm,
li M)r.:ik«nlll»Hi«li Jl«.pf«lnu*ill In i.»i of 1 11 . iM
ilrmncralle cwmll.i.y.1 M» Cm..(V. U.)I. re*
7 nlNInd InCun.iniii u* ■ Midnrll, n. I.rjn.lfnnt
l«i*n, thin I*tfiU4 In IMS,WHto U»M»
Inn I. ilnmocrallc hi tar,. ntMV. It nBlmnle.
I Ihk m.Jorlly lor Jnifyn Cm. nl SOW, nr SSOHi mill
.!»i.I.'W- itr,ft|lli Ilf p.rile. lm Ibo Lr«i. Uii.ro
, llniA Bmmw* Mm. il..wr,n, .1, *hl|.| Umm
<l|rtyoi» armocr.il, lkjnly*lhiw *bl,.—nmjoiby
• unj„lnll»lloi,Sr. TWOWfll. |Ml» t'on|nn
' I.lnul ICWIIM from III. r.illnwlng cunnlln nnltl
*/n,r *!, Cn.l, ( E. B.) gWcr.iflK.;
l*uti.kl, i 410 OHO
l - u ^’ s fS
Ut lift
8.18 288
M-peadfnee, 211 »77
'.- w -i' 1411 1840
, ^ It aftil# hnpreyar, that #l*tr*n cmmtkM remain to
bn b ;, ard finm, In tm»»t of wtilrit,il 4a betlovrd.from
uorUI accuunn, that Urga democratic majnrltlo#
■ ‘Itavo lioeo received.
tionaty mwamenti, that l« may tlnw succeedJ
oMalningareengaltk
the ilnu* |l»o neat Coogroaa •lull Vat
w III lm h >i'iw n wlintbet • rrcuMtilialien
far leal, Then ( Jf Mf*lc# CU.lllIM '* l*b»J
SmK "ii'iSa.trri.Ial ..pm... ,h " “’“■—•'I*' '"I*
/if rrilLADKilMIIA. Oot. S3.
. i j. fBfiXSYLVAMA ELECTION.
, ht WA«wUWt, opr. table t* veto* thl* mornHh
•w ith the correction! which u*o have Von awa to
w maliu Mm il*« uffidlal returna. It mill be teen
r, (Voih» «»or addition tlmuhbOomwratlounajority it
)ilH|iJ,,!'f-: ',>;-li:y:..i » mil
, Iho following U a oomprf«n»oftlb*'vt8e of3030
wr|tb ihelof 1040,
113#.
• PcaafiraL
n 4 m« mi
isay . S#7« #893
J8§. .»JHJ
'#387 J884
*/ *1462 1331
"Centra !«*»» 934
Cheitor *177 3MI
Clnarfiold 400 214
CoHimMa ' 1034 ftftft
Crawfmd 1014 1W3
Cumberland 1891 1033
•Clinton, n#w co.
I Clarion, new eo.
Dauphin
.. Dataware
iWf,
kVyatin
• Franklin
1972 1009
1030 1224
1313 2134
2102 1747
into.
Ctonfreif.
Dorn. fed.
4650 2113
4287 4)031
...
1810 2325
2307 '2032
4033
2743 m 0411
43SO 4411
1843 1018
733 503
2001 1463
4827 5440
3G3ni*j.
2433 1205
1701
2410
301
444
203!
1067
J3l)0maj.
2327
2921
2026
603
1231
2180
1300
-Huntingdon
Indiana .
JdTeraon
v 3unlata’
vlincatter 1
LohlgU
..tmorna
to id
Wercer
Mifflin
Itnarpa
,AJontgnmery
Nmtuamnton
^Notnbumaais
** fend
SnPaAy. 1
nJ“*
*TMm
Schuylkill
2155 2378
2834
3336
1133 918
1736
106(1
1340 2028
2219
3378
093 1469
244 229
.421;
200mni.
872
627 890
4144 6380
1004
D7I
3633maj.
1163 1487
1265
1883
1987 1784
2286
1094
2008 14 IS
3587
2664
1703 033
1780
1368
ISO 83
130ma).
1233 1991
2232
2762
917 748
1232
1174
796 166
879
132
3148 2409.
4507
3704
2C78 142#
3016
2145
1431 712
1914
1136
1107 473
1498
566
3021 8747
4031
7130
7937, 6336
12024
10032
331 53
407
95
163 20
lOOmal.
1380 637
2610
1418
611 1903
669
1691
1118. 836
1708
1127
1027 . 400
1520
822
1143 1328
1307
2174
007 * COO
431 884
2443 2B03
744 340
« 8u*quabanoa
...
' Vaakdgd
- Warren ^
WoahlngUM
.,W«yna •
: IVo.amoreland 2878 1725
fI tJir T ^' 273C 2005
01,475 87.111 113,105 108,8^3
87,111
• Majority 4.384
•Takoa from Centro and Lvcomlng.
1 ITaken from Atmatrong and Venango.
HOOmnJ.
210mi\).
1020
4231
3711
20(hwrd,
G08
2121
3240
NEW ORLEANS, Oct. 20.
b*.< tab/iva 2Va«#.—Dy ilia arrival* of ibe achoon
or Yaw Tree, we are in receipt of datee a* lata a*
Dm 5tb iattaM from Galvaitoa. Tho only item of
. local interest D a rumor of an attack made on San
Antonio by tho ComanehM. A atvato battle is to-
■ ported to have takan plan. in. which many of tho
- * a killed. Tito rumor la ataiN in the
SwLoub Advocate of the 2Dt ultimts a* having
lteankae«|bt by a traveller from Victoria. It ia not
teontUxwa irtlim Galveston papers of a later date,
e*d we are inclined to the opinion that it Da fal*»
alarm. Thaeotumeropuf teaa# this year U quite
productive. The e«timata is that 80,000 bale* will
• begefeed. Thahareeat of grata and other producta
, la also abundant. Tba country wlU not bo uuder
the neceasity of importing ita ptovUtona. Oaaocount
. wf tbo aoamlty of money, and the .,«■»*«**• of pepu
lalioo, fend* etlll condnuo vary low. All ci.rum-
: etanooa ooneidorrd. the peoanecu of the country
. wen never more flaaedng. In the Qal vetton c«*a
^#fer eftbeOlb October, ia pablfebad a proclamation
of Falls HiKMton to the citiren* of Teaaa, inviting
tbtm ip join an expedition against the Indiana.
Tba plan ia ta raiaa an army of sixteen hundred
.kfsaaad march bay and the frontier seiifemeau of
Texas. Than a Uae of bbtokhotiaas U to bo bullr,
; tui ebaadiat ataek of pnvisioas laid in. «*fH (bane
;,■“WMaiy arraagaawau made to carer ea a a wiater'a
campaign. General Hoaatoa is vety confident of
eaccesi, sad tba probability is that (be project wiU
We regret w Warn
by Meiioo to True is
Tb* Texisa
to bla
■*• ^
g diftcabies, was avia
tbeiewstiae
M tad OevenuMM is Ua# occupied if; iu*ut7«c
I/Ve at ikt notion Morning PotU 1
COL. HUNT’S 81'KKCII.
Speech of llenjamlo I'anntil Hunt,oj Chntlnlon,
H, V Delinertd hr/ore tho lhweeratiy Voting
Men of llotlon, nt Pnnneil Hell, on Tinning.
Oct. 8. 1840, and jmlUtked hg rtfoeti of the
Committee.
Frlluw Ciiittms, Americans, DnHlictft
1 was not prrpured for the cordial and kind wel
come whirl] you havegmeruti.ly lendem! tom**. It
ia one of those occasions in human life when tlio
lioiirt is too full to express its emotions by any fotm
of word*, when ilia bostm Itesvra with a deep sense
of grutiudu which is loo Intensely realised to be per
ttayed hyony power uflsngu.tee. lean otly assure
you that, um»ng tho trials and vicissitudes of nfirr
life, the recollections u( this evening will form "the
f rrenest spot on memmy’s wfasto." Here, in tho
tulle of tny fnihrrs, to meet the descoodauls of the
mnn of ilia revolution, warmed by Die enmit spirit
which animatrd their sires, and reaolvsri.likeiliem.
to do batilo in Dm cause of (ilioriy and giKHlgnvorn
ment based on the true principles of demorruny, Is
cheering to my spirits, ntiimnting to my Ii4p«s<iind
will.ln rvor ptecluus wJtrn, in.xfutr-times, I* shall
look hark on lh«.scenes that nre gone hy,
1 f«*ei tliat'I owe It nil to yoitr 'just npptecUtiun
oflhalgnljant State to which Dio eSuqupnt gnitlr*
man witupreordedtor has paid X compliment to
just and well draeivedt i Always ready na she is to
aocrifice tmnpnrsiy interest to Dio muiotonanco of
Irythand prinriph*, 1 fuel lionorrd Jo the pifviirgc,
a* n ritlaro, hy adnpihm, of South Caiullnn, to unite
with tho domucratlo young meh of Boston In ro as*
sorting nod vIodlflailngDitWefundalnental principles
ofguvernmunt w hich are essential to the preserva
tion of tlio Union nod Dret groat pause of human liber
ty, A stiict construction of Dio Constitutlun pf the
United 8t#trs,l>y which th« rights resetved.io tltr
States' resprctivrly, And to the neopli), mny ho forov
er inviohibly muintaineil, ran sloho ward olF thq.f
cnllishms, and conflicts which will slmka the whole,
fsbrio of Dm general government to it# egpire,* .and
drive each reel ion to result (o ils own meant anil on
eigfes to maintain In iltolr iftlrgrlty inslituilons, en-
dearnl to them hy every recollection which warms
the lirart of Dio patriot pad Inspires Dio resolution
of Din liunarMhle and thrf bhivcj and it it with hemt-
fell satlsfoctlon that 1 recognten in the democracy of
Massachusetts llmt same politiaul creed in relation
to the constiuL'tluii of th« Constitution, end the pHn
eiplcs on wliirh il slmtihl hondininistred, tho ptofus
slim and irroetlcu nf whiclt has insplrnd thn cortll-
dunce of South ('urollna Ih tlio diitlngulshed states,
mnn who now fills the flrst Executive ofllco hi ilia
Unton.. : ; ■
11 The United efforts of Dint coalition of discordimt
factions, to breuk duwnthn present demoerntio ad
mlnistiatlnn, nnd yield up to the experiments of a
foreign Interest tho pecuniary nlfuirs,(if this nut on,,
brings us buck td the solemn question, whether the
struggles of thu revolution have indeed severed rvo
rv lie tlmt hound us ns dependent colonies to ti for
•lgn power, w hlclt so unkindly prossmlmpon nur fa
thers, and forced them to what tfe-y fondly hoped
was an eternal sepntiitlon. It was an attempt to
control thorevoMtiei of America that led directly to
the revolut loot and can it be that Great Britain shall
accomplish hy her stuckdiihbot• add money dealers
wltal her turns nticmpied In valid
■I <cnmv llotdmre to excite jour pnisionsoresnspe*
rata your feelings, hut to lioltl oouassl wlth you
itimcldngttlio future dicsiiniesuf our holovad count t*y.
‘Illnttlhuvliig foi mad your deep resolves, you may
tpuHumu] and ciitnmiino with your friends hui) your
•miltfllbors, nnd he able'to give a reason for Ihe (uith
that4s in you. it ishot 'lilting that in this place I
should .rosurt to the vulgar mplaa. of mere partisan
exclicmcnt. We tire ussemblnd her for higher and
holler purposes. Wo are here lu warn the people
thut they bow nut dtiwn <and worship the golden
calf, or barter thut heritage which colt the rich
blood of the 'revolution ifur-tho vague 'promises ofa
feverish and trnn*l|fiW'ipro«pesliy. Mny ourd«.
lllieret(oniiHt |ii4plre6i% iiliose fix-nogs nr downed
patriotism which Mtilnnltuli our anoestnis in their
dnysorttiul. Tltdlrv|*IDt •whispers to us—'"I’ut
nlv y»ur • shoes from mlT 'your feet, for tho
f round an which you stand is holy ground.”
furl the hollowed (nsidrsDon of the piece,
and will obey its promptings Ity tpothlngtu you
tho solemn convictions of my judgment, ami
raliotlii'gyoti to hold fast to Dtoso principles which
led nur fathers to ihe glorious consummation, of tho
revolution. Tin) {ii'cuanlitry concerns or a nntioii
are Intlmufelyeontioctnl with it* permanent freedom
~>a desliefto amass wcu'th by buhl and rapid ud-
venture, isouonl'tko must axeititing and unscrupu
lous pm .Ions of tho liuitmtt heart {and frequent mid
violent revolut ions in the money concern* of tho
country rxrifo Its Itapoi and stimulate in dnorjios. •
llrnre ills that at till*period, when the delusitms
of wild spcvulotiu'i limo pussud away, when tho
ganeinl government lm* resolved to withdrew from
uII Intelleivnco with hanks, or other devices for
money tnukinr, nnd llmt relievo tho business of the
country nl leust fiom tlio Ihictuntiuns ptoduced hy
pnriiian excitement— when tlio iiifutti'iUnn, that the
currency could he uctunlly niigmrntml hy tlio e.iicu
lution of more paper prutnlfus, has been rehukod
hy BMspcusion and Imnkruptcy—now that h general'
rerolvo to return to tho tohur paths of persevering
industry and prudent economy, as the only safe toad
to competency, porvudfl* the butter put lion of tho
community, n cry of “clinnie cltangl” Is actually
yelled thniugli tho country. Every artifice to detudo
and madden the pmtpla is resorted to, with nnnro
else and dufinito substlttito olferod for tho settled
•nd well known anliayofDivprcsatit administration;
and the community is frelght'incd fremiti propriety
by every appliance which mingled folly ami passion
offer*—all for Din one •■do object—change nnd revo
lution, that in the oonfuslou which must ensue,each
do.perato spoculatnr, poUtienl ami |tecuniary, may
pick up somo fragment of the common wreck. It
• to check Dio mm! effort to involve the country in
another financial revolution, to permit thn present
settlement of tho monied aflairs of lira country tobo
fairly tevtad, Diut nil our .'Oorts mu.t bo ylirecicd.
It is nothing now—it I* a return to settled and Well
tried principles. Tho well fedng of tliewj oto coun
tty Is involved In the Issue. It is tio seclhmal or lo-
eal question, but comas home to thn Itudness ol’evo
ry oititen of the republic. The point to be ikcidml
bv lira ensuing election is nnt so complicated as to
bo diflv uU of comprehension, and can l» planed so
directly before lira (wblic ns to defy misapprehen
sion. Tin- able nnd profound leader of tho nppoal
lion (Mr, Wobstrr) has conferred upon tho dcmocra
try a favor, fur which it Is doubtful whether wo
ought to thank his gixxl nrevit genius, in disclodng
fully to the merchants of New York. In Ids Into nd
dress, the fundamental niinciple upon which ho and
his ftiends design tu administer thu Government,
should they succeed in obtaining it. It is in vain
fiirlho advocates ofGon. Ilairison any longer to
pretend that his course I* not drfines!. With no in*
trintic fmen in Idmsrlf, ho must of nseo.sity obey
thu direction of Dm current which is to carry him in
to power, llo was not selected for himself, but fur
tho combined party of ihe opposition. HU destiny
Is to follow their directions, to obey their mandatr;
and it was nulto an unnecesiury piece of modesty,on
Dm part of Mr. Webster to pretend that he waa not
tho otaclo of Dm party which ha leads, or that ho
would so sratously devote himself not only as the
pi lest, but the apoitte of a sect whose piinciplea he
did not understand, of whoso ohjocls lm was not
well assured. Wo may then safrly resort to hie
declaration for the destined policy nftha Whigs,and
ascertain the true grounds of opposition to the pro
sent administration—and 1 will quota Dm exact
terms in which tire mortal sin of Dm democracy 1*
•••t down by Its distinguished adversary. Mr. Web
ster thus frames his indirt ment.
" I will wow advert to the great objectloa, the public'
objection, the politics] objection agatest the whole sub-
treasury scheme which consist* of its omissions—that
is. k makes no provision for, but professes altogether
lo abandon all concern of the general currency We
msv treat ntker otjectioM aa we please—they are entl
tied to more or lews wolgbt—but this ia decisive-ibis
has crossed the whoU community from one end of the
(wary la the whan and this is abet which Uto deckle
3? | °* Pf**® 01 adwloisiration. (Great -ap
mmiMot, and 1 ,_
lutieaf.” We pinmioly aoreit the rhalirnge—we
Uko up Ihe gage, ami are ready to stake the fate U
lira aJmiqiatiaiioe upo* Die User*, he U eicttwy nr
death—we declare', in Dm face «f the people, that
the CunaDluDon uf these United Sletpa gives to D»
general govrrnmant An power'uver the ruireney of
the roenuy further then It contained in the language
of Dmi CuuMituihw—<'^Congress slrall l«ve power
to coin mnnev and regulate the vitlm. timiouf and of
foreign rola. Till* I* tho full oxu*nt of tiieg'mil-
«d power. There Is bo power td engrave nmn
ey, in make paper current, and every attempt to an
large it is but another example nf-lbei dleentiout
construction which bit ditlinguislied tha uriform
ndver-aries of. strict ami derm ctatic infarpmatiim.
A referenco to tho history of lira formation of the
Cnniiilnilon will nurat proudly justify the ndndiil*
•ration in their entire rejection of Die giropotal to
croatoanslionnl pnjrar currency. . Dol ing Die con
(l et uf tho revolution into which the country was
precipliuted without ony national, revenue to mvet
its Axlgendrl—n paper currency, based upon tho
pulilie (kith, and not on'actual profraity, was resort
ed to ns bn unnvoldubln expedient, kuown and felt
to be Ui«asirous in its inevitabla tendencies.
When the fonflict was oyer, ibemostconsplcuouj
and pressing evil whivli draulnted iho land and em
bittered Dm fruits of victory, was Die uirelablo and
flootUsDngchtiiii'cter of the paper outrehcyl nnd 1
appeal to the c*nddr and historical Iraniing of Di«
champion of the whig*, If this question of n naiionol
pilper currency did not come under (be direct con
sideration of the convention which formed the Con
•tltutiun, and p aa rejfctfd by a vote nf nine (States
in two f Tho original drpft of ll.i# (Jopstitmiun, pre
•ented to Dm ronsidrrniloii nftha convention, con
(ainrd a clnuair iiUtHbrhing Congress to “omit bills’
on the ciedlfof -thd United Slate*.” Tlil«clno*p
followed i)m( which authorlled Congress "to coin
money and regulato t(,e value .thereof, and of foreign
coin. This l ittclauie wo» unanimously accepted,,
and 'ooniiliutes iho only and fundamental power of
Congfesi ovei* the currency. Hat wbeta the canyon
lion came to the clause >relating to' paper money,
Gouvencur Morris moved to Wriko out Ura clause,
*7 *•*( fhdoo Is that a carrenry a manat lag from
laykmkm. having a nalkeal character,
* fi r •spawsive eoowgh ia cowatkait
tsassfisatniffi
al emrrtneg. Khali we have a ruireury, m .l.Ti mm
wa thialsihtnarrlf-n. This aJin!»uu«4U« Zah S
nothing in prinnpU, Iwcaase Mr. Van huraeaayashat
iLeConsiiiutim gives CWrvts no iwwei |v (Mnuali a
currency tor the people.
In the nest plsac, fatlemee, the regulaiMaeCihe
IUHC4-7 of the Uiwtiuy, UDi un-uUk soJ |<aprr, U-
paper promlsra a subttjiute fir real money, was ful
ly discussed.' It nhvet 1 at that timo Occurred to theio
patriarchs of atir ntllbfl> k tbkt tf liatinnal paper cur
renoy could Iradevised, based upon the capital ofa'
bank bl .chh fly private stockholder*, and directed
ty r. r iyal#.lmljvlduaIa,*o(wctcd by furclcn capjtalisit
—much lass 'that It wou.’d have onten d Into lira
(wad of any sana man to rklly a bitter and'unrelenr
ing opposition to tho administration of Ihe United
Smtos, for Die sin uf "omission,” in not furnishing
such o paper currency. The convention waa com
posed of. men who had axpprirnecd, t|w insecurity
and fluctuation of paper money. They know that
It was .neither more or less than than tyranny to jm
phse nny thing on ■ country ns n currency which was
pot Itself property, nud tno savornl members thus
gave expression to their convictions. Mr, Morris
•aid—"f bo monied interest will oppose, tho plan or
guvunimrntif pajwr emissions bo nut prohibited.”
All*. Elswoitb, who seemed to have appreciated the
danger, said, "This was a favorable moment tnsAul
and bar the door against paper money.^ 4 • Mr* Wil
gun,a very distinguished member, said, speakiug of
national paper currency,^"This.expcdlentcmi never
succeed whilst Its miichiefa are remembered, nnd ns
long as it dm be resortpd to It will Ira a bar to other
resources.” Mr. Road 1 remarked, "That If not
•truck out, tint words would beat alarming aa the
mark of tha linatt lo .Revelation” Mr. Langdon
stated, V Ho had rather reject the wtioja plan, (of
a Constitution of the United 8utes,*) than retain ihe
word*, "and emit bille,"—and when the question
waa taken to strike out this power, tho following
(3utea voted In the affirmative! New'Hampshire,
Massachusetts, Connecticut, Pennsylvania, Dela
ware, Vitginia: Nortli'Cnrolian,8outfi Carolina and
Goorgla—nine) Now Jersey wnd MaryUnd, alone,
votcdaye. Here, then, we have the aolmn reiolvo
of lira Darners of Dm Constitution, unanimuusly con-
farDng on.Congress the power to " cin money nnd
regulate the vuluo ihorcttfnnd ui foreign coin,M nnd
lb# overwhelming vote to deny to it any 'power- to
.(rNIsajMpwNirM*/, nod yevMr. AVmbeiorcnlli
on the people to displsse the ndminltiiation for Dio
unpurdonuolo sin of umisiloD) in not Ikmitbing ihe
country wIDi this prohibited" curt array,” It was
felt by tbeoonreniion Dint no,paper could constitute
a ruireney, from tba very nature oftlm thing, unless
it wq* made a tender In tray ment of dubu. The
power to proscribe what should be n tender, resided
originully nod essentially in tba States, and they
were careful never tokurrunder ill nnd Dm United
States ut tills moment bos- no power do make any
ourrenoy a lender. It iaslriolly a Stato right, rosrr
\rd tu the Suites, andao it it recognised by Diejudi
cinl authorities. Hut, as if to '‘muko aituranco
doubly sure and takoa band of-f4te,”so strongly im
pressed-wore tlio patriarchs of our govurntnetit of
tlio tivils of ^fluctuating currency, that ll.ey prubibi
tad ihaSlatua, to whom alone npiicrtained thn pow.
er over the subject of tender, to " coin-money, enilt
bills of credit, or. make nny tiling but gold or silver n
tender in payment ofdebls.” Thus ibo charter of
thn Union hns most sedulously guarded us ngainst
bdls of crodilreithrr based on Dm luith of tho Union*
ortheStates. One wuuld think Drain provisions
sufficiently indicative of Dio intention of lira Con»ti-
lution—Dial tha currency of the Union wa! fixed,
and that.pfper, having n national stamp, waa strict
ly prohibited, und tliut tho purumo'tnt object was lo
bring, bank the national currency, which had been
inundated with irredeemable paper lo tho standard
of the currency of Die world.
Let us putsuo tho history unestep Amber. When
tho Constitution w ent into operation, and a revenue
waa rei]uirad tn pay the publie debt ami provide for
the yearly expenses, a law waa passed for its collec
tion in 1789; nnd tits third section provides: " That
the duties and fees to be collected'by virtue of this
act, ahull ba received in gold and eiloer eoln only,
at the following retest Diut is lossy—the gold coins
of France, England. Spain and Portugal, and all
other gold coin* of equal fineness, •< 89. cents for
every penny wsiight; the Mexicandollsrat 1 (10cents;
the crown of France at $1,1.1; the crown of England
at $1,11; and’all silver coins of equal fineness, at
$1.11 per ounce.”
Tlds not but recognises the true currencv, and thn
power o I Congicssto regulate tho value thereof. It
is Dio very spccia clause, against which the whig*
have raised such fearful lamanMllons,-and they mil
on the good people of the Union,, with ono accord,
to hurl Iromoffioe Martin Vnn Uuren and bis asso
dates in iniquity, for re-enacting the Identical law
which was passed by the first Congress, composed
of the very framers of tha Constitution, and signed
and approved by Washington, who was president of
the convention,end knew tho full extent & meaning
of the cunstiiui ion. Hera Is the famous specieolause
which is the very heed and front of tho obnoxious
sub treasury law. Here it stands, with nil ita sins
upon lu head, emanating from the patriot state*
man of 1789, and sanctioned by the father of his
country; And it is because Die present adminbiin
tion resolved to abandon every device and contriv
anco which involved the.public revenue with spccu
lation und banking, And return tn the simplicity and
purity of a constitutional currency, that they are
pursued with unrelenting fury, overwhelmed with
sbliquy, and persecuted by misrepresentation—held
up as offering one curiency for.the government end
another for Dm people, diminishing the price of
wages-and impeding tho current of trade. But
Mr. Webster insists (and be is fortile in expedi
ents) that although Congress baa not the pow
er memit bill ons tbe etedD of Dm United Slates,
•DU it la beend to provide a national paper cur
rrocjt and, in Dm Lira spirit of ultra federalism,
be derives that duty fiom the power to regelate
commerce between tho States, sad infers, kyoea-
structiiMt, a power and a duty to fvnrisb a medium
of exchange. It would be snffieieut to reply, that
Congress has performed that duty, when it coined
money and regulated the value thereof, and of for
eign culm but the nnaaawerebfe objection to Dm ar
K meat is found in the clause itself, which provides
* Congress shall hare power "to - regulate com
merce with foreign nations aad among the several
Slates," thus distinctly defining what aort of regu
laden waa blended; and even a whig will not pre
tend thatCangrere eee pceteriho what a merchant
engaged im foreign commerce shall reoelveer pay
4a exchange, nr that Congress fe boaad to provide
any other enrreswy for see foreign cnmmorca than
ibncnneney of tlio whab civilised world “geld and
silver. Tn regulate ootomereo, dure net mean to
direetthe nrarehraal In what be shall receive his
gre—that is • realtor of private Conner*,
the merchant pan* wkb res psnnerty. his
ignriiy wUt teeehhim what to rewire in re
Trede Is, after all, but esrlungeefpioprrty,
trad ineery the medium.
Having Dins sir!'
Constilutiioiol the I
on Congiv.. itarlf, to CM'hiea J-
•nrh jH.err wm»H|d#ssiy MA/,
lo lira fare nf -ell irfksul.Ulnfeifvdfrem the only
jxiwer suppusrf to inttltld* It^-fato ttrrfWifH-lo
t-ssmine Dim m»t'rr iq-qp principle, and 1 aver Dial
ilia great orarl- if the whig* list qn sanction,eiDrar
hum reason or • nIwtl»y. for"cbirobe »n mixed
currtnr.y, oAm|xMrd purDy of gold and silver, and
partly of soNaet aad w.*l( conduct* d paper.” Jho
idra and eKpri'ssiiini«unph1lo*o|ihiCal,untrel'nics),
.aridis, iu fact, cor,fusion. There. U an resna" ‘
difli'ienca bfitwren currency nnd circulation,
raked ciitrmrV ufcnin nnd paper, I* i roeio figure
nf speech. There Is no affinity between tlraai —
The one posip»,e» a real value—thiMithcr ft in Itself
vsluelc, at# is only an evidence ofd^nl—a title to
so much tenlWnry, n* it prnrfiiVefi'to pay, and he-
causd it Is etdciiird ty air artlficijl person, callrd n
corporation, (t I* no' Iom a Yneru primlsei GoM
’ami nllver hnyeln themselves an eachangeulde val
ue, nut dp|ramii'nt u|x»n Die fidelity uMtlility of any
Vine—and, like rttry‘other spefcfe* of'properly, it*
value must drirand upon the sopplr, ; ft Is |nu- oi h
Vtr pnxlucis of liuman labor lieve also anoxchar.geu-
kb value; but gold end silver more Uniformly irnuiio
1 given qunntity of labor lo produce them, gnu aro
Iheiefoie, of wire perrrinridtit valtie, and havo been
•doptrel ns money, of Dial universal property, which
-h luuililyexchanged hy a|l persons,’Wed bail coon-
Pies—it is current—it pared* evCry'whcre-^nnd alt
flat government cim lawfully do', Is to adariy nnd
weigh iti ahd smdipitsq iallty and weight—that Is,
csirt it,fot'thdfacility of esrimaflng the ’quantity
’of pure metal, At first, cattlk wore used In exchange,
Is the pnSfornl ages,* !*ut even in tlio timo of Die
Patriarchs, shekels of gold and shekels of silve-i
Wrru "current money of Did merchant,” nridJ>oing
of ynivrr.nl value aindng ev« ry people; they huvo
long sinen constifuird the only currency of civilised
itatlrtH. It Is tho medium of exchunge' for ,tho
silks of France, the Iron wu^diind'clolbs of England)
and the teas of China.
' .Trade and commerce aVd but cXchangcs of voluit-
biecmnmoilitiei; nrdxs gold and stiver ii universal
ly va’gable, if tlio farmer sells his wheat for money,
lie hue that kind of property which lie don readily
exehnnge (6r arty otherhe'mty. thrrfrit.' -When one
sells his property, he expects Other phvprrty in ex-
changii. Nomtln parts with ht* ptopdrty unless ho
'feels assured lie is to receive itsvalud.’ 'But • h Dll
ofa bank is (nit a promise to d^livef-lhat universal
property—monoy; and it depends entirely upon the
ability of the bank whether the promise will he ful-
filladt so that aelling fur poper iiphrtlng wi h real
property and taking in lied oftt thfipfdmlieof acor
pnration. If this promise is ptlnfetuolly performed,
all is well—If uni, the teller loses Ids propci ty, and
has in place of it a paper picture, scarcely fit fur a
plaything for his children, j That ’any'fovarnment
was bound to create such a currency, is a discovery
tha credit of which laeotlrely due to the leader of
the whig party. To create a curttncy. Implies, ne-
cestarily, i ha power of making it a tender In pay
ment of debts. It is lira very height of tyranny for
nny government to compel a citizen to receive i n pay
ment ofa debt anything but valuable property. The
rebtion of debtor and creditor, means klmply that
ona man lias property which belongs to another, and
ha restoration niono can discharge the obligation.
To cumpel the creditor to receive, iiisteid, the pro-
jaise of a corporation, is directly interfering with the
obligation of contract#, end hits 1 never been resorted
to but in cases of the last necessity.
’ In England, when tho pressure of the wars of
Napoleon compelled tlio Bank of England td sus
pend specie payment, her bill* were made n legal
tender. If the government became responsible lor
the pnyment.of the biils of a bank* it would look
•omeUiin# like creating a national paper currency;
■nt( Mr. Webster seems to squint very hard that
way, when he taika so ahyly, and aay*-*«f do not
mean to say.thore is onlyone mixle, or two bodes,
to nccompliih tbit groat-national object; I do not
mean to say that Die instltution-of a hank is tho on
iy mode—nor do 1 wish to set libit* to Die wi-
dom, or the integrity, of the government; but
I do mean tosny that tho currgoey of tho country
should, to part, toiaoartnin extent bs'nationnlizad,
and that a currency should, to it eertain extent,
haxo national eountananee, or be.in-aome way na 1
tionalizod, as essential to' the groat operations
of Excbat-ge, business and circulation.” Whnt
does all this meant Ia it a national bank-bills
of-eredit-rrar circulation based 'upon' the revenue?
What mighty revolution is ’at hand! That some
olwnga is designed, which will derange nil the bu«i
jieis (if Iho merchant and the manufacturer and u-
;ain throw all i the elomonta of sooiuty into disorder,
• palpable; and yet the people, witlioutanyexplmm
Don, nny opmi avowal of measures—-Gen. Harrison
•ilont—Mr, Webster hraeulai—ready for any inter
/n7up jliolr capsa^Tlunlihig^alurage^'changir."
Novor'.was there.a bolder oxpariraent upon Ibe into)
ligenco and judgement of the people—and that, too,
from men who avok "thoy atonp to conquer/’and
feel it liumiliatioDto ask tlio people for.‘Mheir sweet
voices.” Let u* look a litUo further into this mat-
r. , - ’* .. . .
Tha Constitution having prodded a currency, in
conformity with that of all otlior nations, h is given
it natioua ityt surely, the American eagle Is’ sufli-
ciently national for any one who considers tho revu-
lation ovtr. An Englishman, to be sure, may prefer
a sovereign. No ■ power is given to Congress to
create—nor con they in tho nature of things erentt
a currency. By assaying nnd fixing h* relative
value, they do all that can he dune without impair
ing Dio obligation of contracts. The government
of the United States, so fur from bring designed to
create a paper currency, was crcatml expressly to
avoid one; if not, why wusnot so important a pow-
et directly conferred) Thuru Und mure noco.sity
for a paper currency nr circulation between the
States,to facilitate exchanges, than for n univoi.nl
papor currency of ctpinlvajue.in every commercial
(latiunufthe earth; yet, in practice, all mercantile
bnlunces nre paid in coin. When Euglund was
compelled to scad six millions to the, Continent to
buy broad, notwithstanding her great national bunk
she was compelled like the sons of Jacob of old, to
pal her mohoy ip. her sacks—tu' send abroad her
gold and silver. The Bank of England notes would
not have commanded a quarter of wheat. England
nnd Franco iratju to the amount of hundreds of mil
lions,'yet they have no common paper money. So
Die United Slates and England; and yet. we do not
sco any English Bunk bilk circulated hare, and cx
chances are not deranged,. The fact it, that money
is chiefly wanted to pay' balances. B«ok keeping
is sufficient for thu hulk of exchange.. If the bukcr
and ahoemnkcr trade, the baker charge* Ids bread,
and the shoemaker his shoes—and when they scttln
a few dollars pays the diffureneo. Just so tho mer
chant in Boston sends tlio manufactures ofthis
Strito to his correspondent In New Orleans, who, in
turn, consigns cotton io him—they, intetchange
their nccounts current, and the balance only is re
quired in exchange, or money. It is when distant
bonks deal in exchange, not based on property
transmitted, that a foko nnd fictitious exchunge
chokes tha whole current, nnd deranges legitimate
business. It is when n merchant wants money and
draws on oothipf—sells his bill nnd thus raises mo
■ey, and directs his correspondent, when Ids bill
becomes due, to draw on him, that’ exchanges bo
comedorsnged. nnd bnnkers nnd brokers thus profit
by an illegitimate exchange,
Tha nature of the hank paper should be fully un
derstood. A batik should be based on a capital of
gold and sliver. But every one acquainted with
tha machinery of banking, knows that it« bills cx
ceed tho amount of it* capital—and the security of
the excess!* based upon tho solvnncy of those who
borrow lira bill* of thie honk. , Thus a bank with a
capital ofa million of dollar#, issues its bills and
takes merchants notes for them *n the amount of
three millions. .-.This is safe banking. I* it not
clear that two millions out uf three of this circuln
lion, has no oihor seeurity than the aolvency of tho
debtors df the tomka, and that the holders of two
•birds of these bank bills haveno mure money thun
if ih.y n.u ibo .tmrcW. IWICT, in,tend -ftbs
banks) And this ia just as true of the biils of a U.
S. bank, as a State bank; andno collect Dm revenuo
in bills ofa bank is precisely the same thing as to
collect one-third in money, and two-thirds in food
andursed notes—thus making the government guar
Mtee the paper of private individuals—for banks
have no means ta redeem tbeir nous beyond their
capital ot a bank, awl with a million barrels paid ia,
iboktsveprunikaato oay (burin parcels of ten,
twenty, and an hundred barrels, to the amount of
three millions of barreb—tberai* not a barrel mute
flour to reality—ami if tba first million of promises
are called fos, those who bold tbeolber two million
of promisee will find, on damsndiof payment, that
tbe bank will suspend flour payments just as ibo
banksaaspendsiracb payments. Banks, then, to
bo safe, should atm i»auo mure bills than their spe
cb, And so much of tbeir discounted paper aa ia, to
a common blent, beyond doubt, not only as to sol
veacy, bat punctuality. L*-t as then examine tha
preaent actual state of the currency and see whether
a new tank ts wanting to increase the circulation,
•ml what • ill U* rtteot If U ausmpt* to i#fufeta it.
I trill show that now we have more paper tUn Is
# tie, an J that x 1'r.ited flutes Bank, to in attempt
to ratable, would bankiapt, very Plate institution,
■fed then,having put d«wn«p|xi*diun, would.tlkpa
stafti rnnqieny that has run every mlmr line off the
i#d. impose its own clrrulstion in Die place of Dial
which it had suppressed, and would itself Ira with
out any sufficient control, and would, under ilw de
ceptive "order of nationality,” place the finances of
this whole country under tlio connol of foreign stuck
Iwldees and moneychangers. Whit, th-a, Is the
present state of our txi|«r ciiculnli- n T Tire whole
numl'cr uf banks and br nnclras is 0011 the pretended
capital paid in, although nut in fact capital, because
tmt in specie, is $358,442,092. Yes, upwards of
three hundred and fiity-cight millions of dollar.,
Tlio banks hold lira notes of individuals to tho
amount nf $102,890,323—upwards nf four handled
million* nt dollar*; their debt for hills in circulation
is $100,908,372—near a hundred and soven mil
lion*; their depnsites $75,690,057, making together
$I82,C0-V429—near a hundred and eighty-three mil
lion*. Thcso are imnit'diuio liabilities pavabl* on
demand. Tbe whole amount nf specie in which this
linhllilyW to bn mot, including wlint arc called spe
cl«* funds, amounts to $30,729,029, or near thirty-
seven millions—leaving $145,930,400, or near a
bundled and forty-.ix millions uf immediate iiabili
lies over their specie basis Of the whole number
in 1839, three handled and forty-three banks had
•expended .necio payment* entirely, sixty-two par
tlnlly, in all four hundred ami five; four hundred and
ninety-eight kept their fuilli, including those idNow
York nnd Boston; nnd Charleston, nnd indeed all
South Carolina, has joined the honorable fraternity
of sound nnd honest institutions. Ofthoso suspend
od, only forty eight have resumed. All Pennsy.vo
n<n U in suspense. . Tills is tho true slate of our
banks, and let any prudent man in the foco of these
tiutlis, based on public documents, say if it is not
limo to pause in this multiplication of banks, und
givo a fair nnd honest trial to tho ancient nnd ap
proved praciico of tlio first administration. T hnta
United States Bnnk was forced an the government
during Dint administra ion, dons not justify ono
now. Then a large nnli- mil debt was pressing; tlio
internal commerce of the country was scorcely com
menced, and thn habit of imitating England in every
thing, directed tho minds of men to her example.
Now the public debt is paid; our inturnnl commerce
established, anil there is no difference between tho
State# of this Union and all otlior commoicinl states;
neither Is the question the same ns it was prior tn
the expiration of tho charter Of the late banje. Oth
er institutions have taken iho placo of her branches.
The people are to decide what ia now the true puli
ey of thn country. Tho history of Dio last few years,
proves that banks will suspend specie payment.—
The Presidents and Cashiers will speculate, and con
tinue to issuo mom paper, until thoir banks break.
The officers ride home, end the deluded laborer
finds himself possessed of e baseless promise. Even
the whig* do nut pretend to sny that any but redeem
abln paper ought to circulate.
Lot us, then, compare tho remedies for suspen
sion and fluctuation. It is a well known law of cur
w , that if you double i: you increase prices, if
you diminish it, you lower prices. Tlio moro perma
nent the currency, then, the more steady the prices.
Let me lay down o few fundamental rules: Bunks
do not create capital. The is.oing paper money
does dot render monny more abundant. If it bo is
sued lo such nn extont that its soundness is doubted,
it produces an effect precisely the reverse. If, while
it is perfectly sound, il bo issued to en amount be
yond tho wonts of Die community, specie will be ex
ported until the equilibrium is resorted. If but
twenty millions of value be needed in exchange,
you con employ but the value of twenty millions.
The only benefit of a paper currency, supposing it to
be perfectly sound, over a metallic currency, It.firtl,
its greater convenience in oxchnngo, nnd, secondly,
that it enables us to use a cheapen instrument Instsltd
of a dearer, and to employ the difference in the vnri
ous operations of human Industry”—nnd tills is all.
This doctrine j* illustrated by thn fact, that at this
moment tho deposits, or idlo money, in New York,
tho money centre, uro enormous. The banks do
not core to count specie for deposit. It is simply
brciiuse the rage for speculation is over, and tho
currency was inflated beyond the want of legitimate
business. Now thn democrats propose nsarempdy,
that the United Slates, being only a trustee for the
public, should withdraw from banks, and thus toko
from those in office, and those who seek office, all
temptation to ogitate the circulation for political
purposes. Next, that it should collect tho public
reveuuo in the currency over which the constitution
gavo it so much control, an to coin and fix its value.
The effect ofthis is cleur. It requites those who
hold tha lilllnf •{.vcleyiayingtmnU* (a last tliair sound
ness, by requiring them to redeem in money so murli
of their circulation us is required tn pay the duties.
As this isngnin returned to tho circulation, by being
pnid nwny to the public creditors, a gradual return
to a sound circulation, based on specie, must necos
•et lly lake plane The public money, when cullecl
ed, being hold in trust lor tho creditors of tho public,
instead of boing hazarded by being loaned uut with
out nny appropriation, must always be reedy at tho
call of tltusu to whom Congress has appropriated it.
Thl* is what is tnisculled tho sub treasury law—but
what is, in fact, tlio ancient, simple, and honest
mode of collecting and paying the public duos.
As to State Bunks, not only has not thn govern
ment exhibited nny hostility to them, but tho nature
and character of our institutions forbid it. As well
mny it hs said that the democracy is hostile to bills
of cxchango und promissory notes, or any otlior evi
deuces of dabt which the puoplechouso to ompb>y.
If tlio notes of tlio l ank nre unpaid, the law is open
lo the holders; besides State institutions are under
tho protection of Stute laws,nnd tlio United Status
ha* no jurisdiction over them, Tlio democracy do
not object to sound specio puying banks. Is it not
that they do not liko banks—they do not like their
faults.
It is said tho democratic ndministratinn have ono
currency for the people and another for tbe office
holder. But who receive iho revenue) Is it paid
to tlio soldier who protects our frontier, and sacrifi
ces Ids health in the ft* Id und among tho unwholo-
somo swamps of tliosuuth. It is paid toourgallant
sailors who bear our flag over overy sea, protect our
commerce, and sustain our nutionul honor in every
clime. Is it tight that thesu servnnts of the Stnte*
should bo paid in the promises of fraudulent corpor
ations, for Dib sacrifice of health and nil the comfort
of hsma in the public service) All tho mechanics
and others, engugrd in tho building, and supplying
arms and stores for the army and nnvy, are they
not tho peoplo ns much ns thu broker or bank direc
tor) The salaried officers constituio but a part, and
a small purl, of those who receive the public mon
ey. The assertion that the sub-tronsury creatos two
currencies is known to those who make it, to be un
founded. If the bills of specie paying Iranks are
us good as specie, and in nil respeetj equal to it,
how can hank papot bo a different und inferior cur
rency, unless il is the paper of non specio paying
banks) And how does the collection of the reve
nuo in specie prevent tbe bunks from redeeming
their bills? 1 lie truth is, the whig* know full well
tliut the collection uf the revenue in the lawful cur
rcncy, must compel every bnnk to resume end bo
honest, and hence the out cry ogainst it. They dnro
not toll the peoplo they want another reign of irre-
doemnble paper, nnd they know that if tho constitu
lional treasury is adhered tu, there is no chance far
speculators to mako fortunes out of tho laboring
poor by nnother flood of fraudulent paper money.
The bank men are quite ofllicted too, that by the
independent treasury they are deprived of the pen
pie’ • money to bnn« upon. Government has no
more moral right to loan lo individuals the pcoplo’s
money, than any other agent has to loan the money
of his principal. If tho borrower foil, somebody
must suffer; either the public creditor must be paid
in worthless paper, or the people must be taxed
again to make up the loss. Let, then, the plain for
mer hear Dio caret—A porsun is appointed to col
lect money for others. He sees that bunks are
failing every day,nnd what is money to-duy,is waste
K to-morrow, and when ho mokes hit collections
juires what ha knows is good and will lastgnod,
epcci*. H.i. offered s bill, god i. tuM it t, a. good
M goM-thut It isttto billof a specie paying bunk.
He says, if so, just step into the bank and exchange
your bill for gold; I am hut an agent nnd wish lo
hazard nothing. I do not wish to question Dm good
ness of the note, but there can be no barm in test*
ing it. If tbo bank pay it, yon esn pay me—if they
do not, I can’t take it. In this way he collects
these trust funds. 1 ben comes in a financier, u ho
lives in • fine house and pnsses for rich, and says,
just lend mo this money: I will pay it whenever you
are called on for the money, and will keep it safe,
only I shall lend it out, and will take ibo interest fur
my trouble. But the trustee says, This is not my
money, and it may so hapiran that some accident
mny occur, that those to whom you lend the money
may not repay it, and then you will suspend specie
payment and 1 shall have nothing to show for what
1 nave collected but your note. No, I can t rust my
self, at least, •• safely as I can you. 1 am responsi
blc, and have given security, and I have no author!
ty from tba owners to lend this money. According
ly he safely keer* his collections, ami when the p»-r
sons entiilod to it call, U pay* them tlio real money.
Among Dram are old soldier*, sailors, mechanics,
and even veteran* uf thu revolution, who depend on
Ibis fond to comfort and support them In sickness
•nd old ago. What would Drey say to such an
agent I Uo you think they wuuld turn him out of
office, and git (Ita financier—tha hank man—to
lakt Ilia place, and call Mm a vlleiob-t reasury cheat?
or do V6iii not thiak they Would say to him ns v.hi «ill
tuMr’Vnn Uuren—Welldirai* #ihhI nnd (kill»fu|*«'r
vast ? The simple femesiy uf the agent I have dcs
crilrad, Is just what jour democratic administration
aims at by the Independent Treasury.
Having ahuttnihat there is, in all the bunks, hut
nbout thirty-three lo thirty-five milliiont uf speric,
It It ehtr that Dm new hank must draw amy dul
Ur oi that, besides enough moro from general rircu
lation, to constitute llscapiial of fifty million*. The
very election of Gen. Harrison, und the agitation
of the qtA-stion, would create a panic. That some
thing waa on foot to alter the circulation, would be
enough in crusli the confider.re ju.t beginning tb
•rise among business men. Capitalists would wait,
business bo at a stand, and another year of doubt
nnd stagnation would overwhelm every walking
man. Money would bo locked up, an>| u.urers n-
gain would crawl from their holes, and Merchants’
notes Ira shaved al two und thrro per cent n month
The body politic would suffer a 'relapse more final
than tho’former disease—and all for what? That
tbo whig* may tinker the curreucy, make a grand
experiment of a national paper currency, dr.vo the
specie out of tho country, and end tka new,United
States Bank likr> the one now in its insi agonies at
I'hiludulphia. No onu believe* tl at Government
might to receive Dienuto of an individual as money.
The note of a bnnk has no greater security, trad the
property of an individual is all liable, but only tho
stock of a bank; if that is waited there is no fund
left. This great itogululnr must itself Ira looked to.
Who is to watch tho sttnlincl! Mr. Webster pro
poses that a low should be made torenuiro thebsnk
to statu its aflairs dully. There would be the mot hr r
bank and twenty-six branches; ns long as them was
nothing to conceal, on exposition would bo mnde;
hut who is tu enforce thn law, nnd see Dint it isoboy
ed. Laws ore to Le enforced by mon, nnd 'under
•ore temptations men will err. But a notable expedi
ent proposed by this great financier is, to take aw ay
all the profits of tho bnnk over n given sum.But who
will rako the stock and run the risk of all the losses,
and have no chance at the profits? Let us bike a
leaf out of the book of experience, nnd we willieo
how far human nature is to be trusted in .money
matters. Tlio Into President of the late United
States bonk, nnd the directors, were ofcourso nil
honorable men, nnd nre now tho very' elite of tho
whig*. They had entombrd in DiUir vaults, at
Philadelphia,’aome cancelled or (redeemed, hills of
the first United Stoles Bank, which bad been palled
in and paid. The bank had ceased to exist, the bills,
wereout of circulation, they had no specio basis,
they were the promises of the dead. Yet thesobilia
to the amount of millions, weroserreptiiiously with
drawn from the vaults. Every one supposed that
"when the brains were out the man wou|d die.”
All that gave them vitality or valuo was their spe
Pic basis, that had been distributed or possed ilway.
Ilia vain to say Dm present bank was bound to re
deem them; they had done so and the obligation,
was performed.’ These useless cancelled bills were
sent to tlio south and west, nnd pnssod away for cut
inn, moimpoliz-ng tho business of thn regular mer
chant, fora time they actually passed current, for
the sole reason mentioned by Mr. Webster, that a
biilofthe suspended PhiUdelpIda bnnk did past in
n preference lo the bill .of tho specie paying New
York Bank—(afoot, by the way, that must have
heon put on that gentleman as n quiz,) limy passed
Iracauso "they had an odor of Nationality about
Mem”—but in a sliort time this odor grew tho pun
gent, and people began to find out that this money
•melt very strong of a certain ofiVnco ogainst tho
pcaco and dignity of the States, ended obtaining
goods under lalse pretences, and they very soon
crawled into their grave* again, and since that this
‘‘odor” has not been esteemed quite so sweot smell
ing a savor as It was thmight at first, and by this
time the odor of a United States Bank Bill is deem
ed of a very suspicious character, ns will bo omi-
nently exhibited tho first day the doors of the bunk
nroopcimd for their redemption, when it is expect
ed thoy will ba accumulated in such numbers aa will
quite ovcrcutno tho senses of tho president and di
rectors.
Another instance. When hard pressed they issu,
ed post notes, on the very evo of failure, which were
protested. Yet these were the very elect of bank
managers. Laws are cobwebs to men urged by
pecuniury difficulties. Tho test ofdnily redemption
which tho Independent Treasury affords, is a much
better security. At least government will not be
safe with its funds in such hands.
Now at to low Priori. What is tho cause of tho
present state of tho niaikct? It is a common change
ngninxt tha administration. Dmt.thcirmeaiure will
reduce all properly to n mere specie price, n1id ilmt
will lower thn properly of the citizen, nnd rcduco
the wages of labor. And the sympathizing, whig*
huvo gone umung tho formers and working peoplo,
lamenting thoir deplorable situation, and premising
thorn hotter dnvs iftltoy will desert their oil pnrly
und vote for Harrison. Well, if wliat tho 1 whigs
•ay is truotke democrats deserve to be beaten, in
tho first place, is it not likely thut a demoerntio ad
ministration would oppress their own mon, or that
the whig* would very sincerely lanicni tlio rc-ult of
nny moarare which wuuld mnku tho rich richer, or
tho poor poorer. In tho next, tlio nllogntion is tho
most monstrous perversion of truth that o desperate
party could result to; and is a bold experiment on
what the whigs rely, the ignorance of tho people. I
will lay this during efl'ott to delude tlio democracy,
and induco them to desert thoso who never, yet
foiled t-« vindicate thu enusn of honest industry,
against the juggleries of thoso who would contrive
to vpirit awny its hard earned fruits. Let us then
come lo admitted principles, Mr. Webster admits
that the circulation, to bo sound muslbo baindon
specie. Tirol all paper circulation must bo convert
tbe into specie on the demand oft ho holder. Thai
being conceded, let us see what it tho difference bo
tween a specie currency nnd paper convurtiblu on
demand; on the prices of property; und thus get nt
Dds change of thu whig*, that wo shall ruin the
country by reducing every man’s property lo its spa
cie price. 1 will not offer my own opinion. 1 will
report to admitted authority, os tho peoplo must bu
set right on this head. "Wealth consists of all oh
jeets which have an exchange valuo”—and the price
of any article of wealth is merely it* power to pro
euro money. Money, then, boing the common mea
ture of all wealth, it follows Drat men nre not rich
or pour according to tlio measure by which their
estates arc cstimnted, but by tho quantity of ex
changeable or valuable property they possess. And
tho money price of nil articles hear tho same rela
tion to cacli other. Thus, shortly after tho Rovolu
tion, tin old soldier who had been puid off in conti
nentul muney, paid a hundred dollars for a pnir of
boots; but was hootmnking thon more prosperous)
Very liko boforo thn bootmaker was reody to spend
his money it full again, and he had to give tho same
hundred dollars for a curd of wood. When thecir
eolation is thus inflated, uinn are only deceived by
numbers; if w o counted as tho French do, by frar.cs
instead of dollars, a man whoso house is worth 1000
dollars, would to estimatod at five thousand francs.
It is not the number, but tho question is, what is tlio
With of paper promises! Why, if n man issutisfied
with the count, and will take uny paper if it counts
large, he may raise hi* price* nt once. Let a tailor
udvertise that ho takes promissory notes in payment
nnd every pennyless Jeremy Diddler in thn commu
ntty will get a new suit of clothes, and the tailor
will get rich in promises. You n>o then if paper
monoy is not cxchungeoblo at will lor specie, it
takes so much the more of it, according to thocliuoca
of it* beirg paid. And ho who sells a pair of boot*
for a hundred dollars, continental money, gets in
fact no mote limn just so much specie as that paper
is worth. If five dollars in epecie would buy an
hundred paper dollars, ills immaterial whether the
shoemaker gets tha hundred dollars of paper or the-
five of specie. It is thu money that is cheap, not
tho boots that nre high priced. Any other idea is
pure deception, bccousecurtency, ia money, from its
very nature, must be itself property. All propeity
is valuable in proportion to tho labor it costa. Gold
and silver cost labor, and are therefore valuable. I
unve shown Diat no paper circulation ever paesvs
beyond the limits of the country that creates it, sim
ply because it isa promise, and not value.
Listen now to a few fundamental truths, pondsr
on them, and yon will know as much about money
and currency aa those conjurers w ho contrive by
heud work to gel hold ef so much of the fruits of
tbo labor ofyour hands. Here iatbe doctrine. “In
order to render any substance available as a circu
lating medium, Dm essential quality required is,-
Dial it br» universally dashed as such. Its object is
to focilitato exchanges, but it can accomplish this oi#
ject only by means of thu willingness of tlio whole
community to exchange for it every thing, which
they are willing to part with. If ono individual of
a community prefers one substance, and another in
dividual another exchanges will be embairasssd by
unnecessary multiplication, and by the useless con
sumption of time. And if, on tbs other band, any
substance be thus universally desired on account of
the great facilities which it offers,and tba great sa
ving ar labor which it affects, It will Im immediately
ussd for this purpose, And it will b# ** usad with
out any agency of gooernmenU and tern though a
gowtrnmtni Hid not exittx Just as a man will use
any other instrument for increasing Dm produeDvo*.
nasi of his labor, ns soon «• ho can procure Ir, pod
•Imply fur th« »*■•«» Dtat U I* lo hf» advantage. If
tho exchanges ofa country wart wholly internal it
would ha sufficient that such a circulating medium
art* universally aetefrtakb to that country elw*i
But toasttiprfc as oveiy Miioit has important and
rxteVsivt • xchsttgi's with oilwr nation*, It Is an ad-
ilitioaal ndvpntaie to bare thosama substance as *
circulating medium bp alt.** Hera wt mo (hat no
Irghlatiou In America can effect Dm currency, be*
crtu»e all the rest of lh« world must bo OnMultad,
Ail oUr imports are bought at spada priore—Frrtrab
Si:ks, English Broadcloths, ore all wbglrt for -spe
cie or its equivalent. Suppose then, «o had papef
money ten |rar cent below specie, Would not tha Im
porter at once put on ten per cent to bring up tbo
price to our currency? Ask a merchant, be will not
deny it. If the former wants a Silk gown for hia
wife, ho would haretopoy ten percent more merely
Ira cause lm paid in dopreciatra papor, The fact It,
unless bank pap>T Is below psr, il is just as good ••
specie, but then every thing it reduced to itnpccie
value,
A writer oti tbo wraith of nhDons speaking of spa
cie paying banks, ssy s, " Whatever it bought or
told for tuch paper mini nrceuarilg be bought or
told at cheap at it could hart been for gold or
•<7rcr.” Ail tlm brokers and money dealers know
this, thoy only think tu Impose upon' tho farraor
and mechanic, as if there was something quite hor
rid in reducing I heir properly toils spocjovslua,
whprj ibey all know perfectly well that all our ex
changeable commodities mutt of-necessity in buy
ing nnd selling, bo placed at their valuo In tho mar
ketuftlio-world. -I especially commend thoso
truths tn uur young merchants snd tradesmefi} It will -
mind them in hand when thoy hear the Government
of their country traduced, and jtt . fair, and honest
legislation resiled. Let us rend d few words more.
"BeDdos It isa great advantage for tho value of tbo*
circulating medium, in proportion to other values-
to be ns little liobto to fluctuation. Now, (f tho*
same substance bo used <’n all Ihe .civilized,.world?.
this fluctuuti >n if nut absolutely prevented, willtib 1
so restricted as to produce (he least possibleahlount 1
of evil. When exchanges between countries are*
frqaent and numorous,nnd the prices of all commodii
tics are univotsolly known by the merchant* of
both, as specie may. bo sent abroad wiih very jittlo
costuf transportation, a very stlght advance in ita
relative, value will cause it to flow .in from olhec-
countries, and a,very slight surplus' Wilt 6ause.it to
flow to other countries until the commoh cqullibrl
urn is restored. In this manner wo-sco How the
universal employment of the somo substunco by alt
tiutions holding intercourse will) each other, will bo
'on advantage to all, inasmuch as it Will, prerent
any great fluctuation in .Ita relative v,afu’o Johnny
particulup country.” - j ’
It is ihus.appiiront that os a mercantile count ry?
pur currency must bo tho surrency of the.w'drid,and
no legislation can alter it. -A|l we import then Is im
1 i"’— — is allweyr ^
potted at-ita specie value, and so
export,
and it.passes the wit nf man to raistr.or depress
prices, except by the relative supply and demand
fur tho ntlicie. One case will illustrate and sulisfy
our fin mots that goveinraent’is not the cause ofjow
prices, and,Gen.] Harrison’s rloction can no irmro
raise prices permanently, than lie killed Tecurpsch-
nt the battle of the Thames. If onefnitner hits been
in the habit of raising potatoes for all tbo town and
selling them, und every body goes to wdfii'ibe bext
your and raises Ills «mn, will, it be strange that tho
fuimer cannot sell his? e.vory body is supplied; no
body wants to buy. Just /to now; England for several
yarns made short crops, and was compqlUfd to buy
food for sprcio, consequently all wb had 'to spare
brought good prices aurund, and that enabled the
merchant to give good prices hore, and flour’was
high. This year all Europe has an abundant crop r
so they are not disposed to givo us mucVrtibney for
our sarplus, and flour is cheap; is it not almost] im
pious to enmpluin that Heaven hns blest thd labors
of the husbandman over the countries of Europe,
and is it not silly to expect sensible men will bfomts
their rulers for svent* brought about by tho bounly-
of Heaven to our fellow beings? If flour ivas scarce-
lit other countries, and sold alien dollars n barrtl in
Franco and ibe cost of freight and other expenses
was cqeal to two dbllurt, tbe farmer would got
night, othorwisa he would send himself to the high
est market. So that the prices here are always*
proportioned to the highest market in the world,
.which oil murchandiss of courso seeks. ‘So-'much,
for agricultural products; the administration has not
reduced Diem. Now for manufacture!. Within a
few years past, America has borrowed in Europe
•bout an hundred and seventy four millions of dollars
in state and corporation stocks; ofthis vast amount,
not mote than fitly fivo millions was paid la money;
the rest lias all been received in manufactured arti
cles. In order to get them off, they were aold at
long credits, nnd every body was urged’to buy," be
cause they could pay for Diem when they plcastd;
consequently evirv bt dy draught more than Was ab
solutely wanted. Thry found they had over .bought.
Thoy purchased two coats when one wuerough; in
fact, like most persons who buy for credit, they were
extravagant. Tho event was inevitable; when their
hills enmo in theys'uw'tho necessity of economy, and
since then they have bought less, and ih'tist buy less
until thoy hnve,'b'ynsw erops nnd economy paid their
debts, ' This will soon bo dune, and our manufoo
turors will find, if no now whig experiment ht set on
foot, tliut consumption will increase with the spare
means of the community.
Huve no fours, then, ofhavingyour property redu
ced to a specie valuo. Every import anj export is
now nnd always lias been metwured by thatb’riiver
•al currency. Tlio intelligence of the best authors,
combining tho oxperienco of the whole- world illus
trntes lids. Speaking of gold and silver—"we do
not use them as a circulating medium, because wo
see a stamp upon them, nor Iracauso government
has made them a legal tender, but because we
know thut they repre.ent a given amount df value,
and we therefore know we can exchange 'tham' for
the somo nmmint of value whenever we pleaso.
Ifa bushel of wheat sells for a dollar, we know-flint
it costs as mtica labor to produce a dollar at the
mine and bring it lo us, as to produce, a. bushel of
wheat and bring it tu us. Hence wo .know that un
till aomo new and vastly more productive. mine*
are discovered, this dollar cannot be, produced for
less lubor, nor represent a less amount of valuf; and
as every body wunts a dollar, nnd no onn can fur
nishit at n less cost, wo know that it will bring in
exchnnge tho samo we linvo given for It.” Tho do
raucrucy thus see, llmt our administration i* based
on fuudumentnl truths, and all must come right if
no wiid nnd tlcccplivo whig thci/ries are suffered
again to interrupt the natural course of events. It
has cost years of embnrrassmont to purge off the er
rors ot federal financiering, and it it.limo to givo
honest industry a fair field. * .
Waget of labor. This subject, tbo, is minified
unnecessarily, liuman labor is the creat source of
all property,andyot tho world over, those whole
bor !ea»t, contrive toget hold of the mostwoalth,
especially in the o.’d world. This is .doaq partly by
violonco or conquest, and purtly by ingenuity; but
but so it is that, all overtho world, except jn our
own oountry, tbe few wallow in wealth, and thema
ny aro born only to toil and lonvo to their, children
no other than the samo sad inheritance. This is un
natural and results from the fact that tho soil is ol
most universally in the hands of tho fow. The ma
ther earth is Die primitive source of all wealth.' But
in England and Ireland, a vast proportion of tlio
population do not own land enough for a gravo s
Hence it follows tkat tho mass of the peojdo, find:,
tho larger portion of their ournings go to poy tho-
lundlordond tho rich capitalist. In this country,
our boundless nalinna!dumuin,it the abundant sou.rc°
to which the laborer may always resort. Oao
month’s labour, nt a dollar a day, will buy ten acres
of good land. Tha capitalist then can never im.
pose long on tho loborrr, if ho does not offer enough,
the laborer can work for himself and feap- all tho-
frul.is, .AdamSmith soya “ the prudence of laboa-
constitutes the natural recompcnco of wage* of !a.
bor.”
“As soon nilnnd become* private properly, the-
landlord demands a share uf almostall tho produce
which tho laborer can either ruisa.or collect froraii.
,In the original stato of thing* which precede* tkenp
pmpriuiion of land, and tho uccumnlntioa of stock,
tho whole produce of labor belongs to Dm laborer j
ho lid! neither master br landlord to ibare With him.”
These are fondnmenu) truths and should sink deep
into tbe bosoms of the democratic party. Itia.lho
accumulation of vast capitals, nnd the monopolizing
of all tho,land by the few. that compel the laborer
to share tlio Traits of his labor, nnd the sqnatid mis
cry of the laborers of Europe, shows who ftta tbe
liun’s share. A* long, then, at free suffrage, and
tbo bearing arm* protects tho .laborer from unjust
monopolies, and ihesoil, Dio natural mlne^-rslth
is dividod so that the farmer tula hit own acres, la
bor will he in demand j tho laborer will bO fore lo
mako his own bargain, and tn degrade Idm ialm-
possibe. If lie can ralso a bund red bushels of .wheat
ns a farmer,-ha can gat tba full vxtot ofi that wheat
and ask no favor; end if hi#•ervb!4J*ra,wanted
elsewhere, lh*y must bo paid for in that proportion,
or he will not go. Tbe Whig* are as wise as ser
pent*, they know ibis woll, and btnee thoir clamor
when Gan. Jackson stopped tba' large land compa
nies from monopolising our publie toad# ty purabas
ing Dwm for worthless paper. Ho leqqired value
for raluet hia spec la circular brokaup Uda attempt
ad monopoly, and gava thema* of afnsll but actus j ’
means, an oeportanity of buying a koma< and rid the
country uf Dm greatest curse mat can befall it-riba
accumulation of Und in large Wfpuratlpoi, thus
increasing tenants instead of freeholder#' Do net
my fellow ciiUent, mistake tty icmpofsry drpre*