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fiPisinviiiiATi
Jlic most perfect (io\c,Diiie:.t would be that which, emanating directly from the People, Governs least —I'osts least— Dispenses Juslic2 to all, and confers Privileges on None. BENTDAM.
VOL. I.| DR. WM. GREEN-EDITOR.
i-i-Li.icA:: ritaccEAT,
PUBLISHED WEEKLY,
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flj— N. U Sales of LAND, by Administrators. Executors,
a Guardians, are required, by law, to be held on the first
Tuesday in the month, between the hours of 10 in the fore
noon, and 3 in the afternoon, at the Court-House in the Coun
ty in which the property is situa-ed. Notice of these must
be given in a public Gazette, SIXTY DAYS, previous to the
•day of sale.
Sales of PERSONAL PROPERTY, must be advertised in
the same manner. FORTY DAYS previous to the day of sale
Notice to Debtors and Ciedilor9 of an Estate, must be pub
lished FORTY Days.
Notice that application will be made to the Court of Ordi
nary, for leave to sell LAND, must be published FOUR
MONTHS.
Sales of NEGROES, must he made at public auction, on
the first Tuesday of the month, between the legal hours of
e a!c, at the place of public sales in the county where the let
ters testamentary, of Administration or Guardianship, shall
have been granted, SIXTY I).\VS notice being previously
given in one of the public gazetts of this State, and at the door
of the Court-Hot se, where = h saless are to be held.
Notice for leave to sell NEGROES, must be published for
FOUR MONTHS, before any order absolute shall be made
llu-reon by the Court.
All business of this nature, will receive prompt attention, at
the Office of the AMERICAN DEMOCRAT.
REMITTANCES UY MAIL.—“A Postmaster may en
close money in a letter to the puWisher of a newspaper, to '
pay the Subscription of a third person, and frank the letter, if
wiitten by himself.” Amos Kendall, P MG.
COMMUNICATIONS addressed to the Editor Post
Paid.
A DDRESS
Delivered before (he Etowah Arigcul
tural Society ,
BY DR. THOMAS HAMILTON.
Gentlemen. —All the discussion em
ployed for several years past in blazing
out short roads to a plenty of money, only
concurs with hitter experience in spread
ing the conviction that the surest and
cheapest way of honestly getting out of
pecuniary embarrassments, is to rely on
our own means, and noton the aid of
banks or government lor the payment of
onr just debits. Under this conviction,
the lorce of which is now felt liy many
farmers, we owe it to ourselves to settle
the question, in ohr own minds, whether
it is or is not in the nature of money for
the one half of it, that there is in the
world, to answer all the proper purposes
of mankind quite as well as the whole:
and if possible to find out a way of living
comfortably and of thriving too as well
in the use of little money as in the use of
much.
It appears to be a truth universally ad
mitted that money is like every other ma
terial of wealth, is subject to the laws of
supply and demand; consequently, what,
money like every thing else, gains in'
quantity it loses in relative value and
what money, like every thing else, loses
in quantity, it makes up in value: hence
it unavoidably follows that if there tvere
only half the money in the world, that
there is, it would be doubly as valuable
and would, therefore, be just as effective
in the trade of the world as the whole is.
We can extract gold and silver from the
mines, but no exertion of human power,
can create one atom of either ; the quan
tity ol both, has been fixed by him who
made the world, and it is obvious, that
it that quantity had been made just twice
as great as it is, two ounces of either of;
these metals, would go no funher in trade
than one ounce now goes, and if mat
quantity had been fbu-u at only half what
it is, h '.if an ounce of either would go
Quito as far in trade as a whole ounce now
does. Then it is clear that if there were
only half as much specie in the world as
there is, it would be sufficient to repre
sent all the property in the world ; and
if the population of the world, were twice
as great as it is, the existing quantity of
specie, would, of itself, be equal to all the
demands of commerce.
Mr. f>ny, an eminent French writer,
says “that the relative value of money de
clines when its quantity is increased, and
advances when that quantity is diminish
ed.” He further says that “should the
aggregate of circulating specie be doub
led, the prices of all goods would hefiou
bled also, in other words twice the quan
tity of specie would go to the purchase
of the same articles.” Then if specie it
self depreciates according to its increase
of quantity, what does the farmer or me
chanic want with two dollars when he
could purchase no more with two than lie
can with one ? What does he want with
a silver dollar and a paper dollar too when
the silver alone would be worth just as
"much as the silver and paper together?
Confessedly, to be fair and equal in its
operation, any increase in the .aggregate
’of currency, must have the same effect on
the produets of one man’s capital and la
bor as on the products of another; con
sequently, as every thing that I buy, is
the product of somehody’s capital and la
bor, so I must, under an abundance of
currency, pay for every thing that I buy,
at the sane high rites that I sell the pro
ducts of my own labor at: then what do
I gain by ft general abundance of money ?
If the same plenty of money, which
doubles the price of the wheat, or pork,
DEMOCRATIC BANNER TREE TRADE; LOW DOTIES; NO DEBT; SEPARATION FROXK BANKS; ECONOMY •
AND A STRICT ADHERENCE TO THE CONSTITUTION. C. t.1.M10L.%.
hr cotton that I sell to you, has the effect
at the same time to double the price of
the sugar or salt or land that you sell to
me, wherein is either of us benefitted by
a general plenty of money ? Would we
not ns well buy the same articles with
half the money as the whole ? Certainly,
if all the dollars were out of the world
the half dollars would, in all future trans
actions, completely till their place, and
for the same reason, if all the paper mo
ney were out of the world, the gold and
silver would circulate all the products of
labor, and we should be quite as well off
in the increased value of comparatively,
but little money as in the reduced value
! of a great deal.
It is, then, value or effective power and
not quantity, that renders currency use
: ful, and the more that value is condensed
the greater the convenience ; or in other
[ words the more that value is expanded
; the less the convenience: hence if gold
and silver were to become only hdf as
j plentiful as iron,and hundred dollar bank
bills only half as plentiful as sheets of
I foolscap, many of those who have us yet
put themselves to no trouble to form cor
rect opinions on this subject, would be
| enabled to perceive some of the evils of
too much money.
By these views, apart from other con
siderations, we feel sustained in the con
clusion that it is not the interest of the
cultivators of the soil that there should
I he any more currency in the world than
! what consists of gold and silver; that it
is not tlie absolute quantity of money,
which in an individual lias that makes
him well off, but the quantity which he
has, considered in comparison with the
quantity that others have; and that the
same is true of any whole class of the
community. Consequently, the prosper
ity of the great agricultural class depends
not on a genera! abundance of currency
bet on that equilibrium of reco npense
among the different occupations of man
kind, which, it is the constant tendency
of the natural laws of trade, to preserve.
The efficacy of the natural laws of trade
in preserving the equilibrium or just bal
ance among the various branches of in
dustry, lies in the practice of the princi
ples of economy by the several individ
uals of the different occupations, under a
ware! i ful ness in each, of one’s own sub
stantial interests. Hence the paramount
rule of conduct which farmers in the
management of their own affairs, should
be, to be sure at all times to live within
their income.
The division oflahftr in civilized coun
tries, which distinguishes the population
into agric dturalists, manufacturers, me
diants, professional men and public offi
cers, and which has the effect of wonder
fully increasing the quantity and good
n ’ss of the various products of labor, also
creates that harmony which is incident to
mutual dependence and mutual benefits.
Yet, as the paramount rule which re
quires ns to live within our income, coin
cides with the principle of self-preserva
tion and the desire of gain, it results from
this division of labor, that eacli of there
classes of population in its constant en
deavors to take care of itself, becomes, in
some important respects, the adversary
of (lie others. What most of them seve
rally gain, they get out of others, and ns
they naturally incline to gain all they
can, each distinct interest naturally in- i
clitics to get the advantage of the others. '
They therefore maintain a co:Wbct among
themselves, in which each is willing to
throw off the burdens that others are in ire
than willing to impose. In this struggle
for advantages, the farmer gets the most
that he can, out of those who purchase
the products of his labor, while every
other trade exacts what it can from the
firmer. Public officers get all they can,
of the peoples money, and in this war of
interests, every advantage that any class
gains over the others, is earnestly held oil
to, till the force of circumstances obliges j
that class to relax.
Hence, in the action and reaction of
these principles of our common nature,
the great agricultural class owe it to their
own welfare and to social harmony to in
terchange benefits with other vocations
in their character of friends, while they
counteract them as well as they can, in
their character of adversaries. And this
duty, it is, that obliges us to practice the
paramount rule within our in
come.
In attending to practical details under
this general rule, farmers should careful
ly note the vibration in prices, and when
ever the scale begin to turn against agri
cultural products in favor of other inter
ests, we should begin to curtail expenses.
We should dispense with finery and put
on our homespun: especially if the change
be in favor of the manufacture of articles
of clothing. We should withdraw a part
of our capital and labor from the culture
of Indian corn, wheat, cotton and tobacco,
and apply it to every practicable trade
and species of manufacture strictly do
mestic. We should make yards of home
spun take the place of yards of fine c'otli,
flannel, silk and calico. We should patch
and repair and m ike old things t. ke th •
place of the new ones, and rather than
encroach upon our capital, shou and feed
our cows well and substitute rich mi k
for the more costly beverage of tea and
coffee. In a word, we should go to the
store less than half as often as we do and
MACON, W EDNESDAY, SEPTEMBER 6, 1843.
buy le.ss than half as much when we go-
By this course, farmers would render
every thing they make for sale, a little
scarce and of higher price, and everything
they have to buy, more plentiful and
cheaper, and thus partially restoring the
equilibrium, makes times tolerable, whe
ther there be much money in the world
or but little.
But no purpose of retrenchment can
be easily carried into effect till the a'lure
meiqs of private credit are resisted: be
cause in buying on time, we not only
buy too much but pay too much for what
we buy. There is scarcely an article
which we buy on credit, that we con’d
not get at a price more than eight per
cent, lower by paying as we go : and yet
there is, perhaps, not one among us,
whose capital is invested in agriculture,
who receives an annual profit equal to
one-third of eight percent, on his invest
ment. Then is not the use of his credit
a losing business to the farmer? It is ev
ident that in I uying on credit instead of
paying as we go, we not only pay mer
chants pfofits and all other charges, but
allow to others, the advantage of reeei- ■
ving from us, in addition, a premium on j
our credit, which is equal to more than
three times the rate of annual profit
which we receive on our capital and la
bor. And is not this error by which we
promote the progress of others to wealth,
while we relatively retard our own, suf
ficient of itself, sooner or later, to make
times hard with farmers?
But this is not the only objection to the
use of private credit. Experience ac
quaints us with a few uncertainties which
show that private credit is at all times an
unsafe sea to risk a bank upon. From
the beginning of the year till the crop is
gathered, it is uncertain what quantity of
any agricultural article will be produced.
From the beginning of the year till the
crop is sold, it is uncertain what price any
article will bring; and it is quite enough
for his eventual ruin, that the farmer be
betrayed bv these uncertainties into an
annual balance against himself. It is
immaterial how small that annual bal
snee may be ; if it be hut a dollar or the
interest oil a dollar, it is so much more
than the sum of his annua’ income, must
come out of his capital and settles his
dec'ine. If, then, in the use of credit, it
is uncertain, which will he the greater at
the end of the year, the sun of annua! in
come or the sum of annual expenses and
if it takes but a trifling balance to turn
the scale against its, it is not difficult to 1
see that the difference between the credit
and cash prices in annual purchases,must
often place individuals on the highway
to embarrassment and want. But laying
aside all argument on the subject, the
facts which appear in passing scenes of
distress, sufficiently testify that the use of
credit often brings property to the sher
iff’s hammer while the practice of paying
as we go, never does. Would it not,then,
be well for farmers who prefer the safer
side, to abstain from the use of credit to
the greatest extent consistent with their
wants? Interest payable is not the least
active among ihe moths that eat up our
gains; it works while we are asleep and
is the more fatal for being unseen, and,
certainly, there is no remedy against it,
so effectual as an abstinence lrouuthe use
of credit,
Three is, however, one form of interest
payable, from which our rulers have left
us no manner of escape, ann that is bank
interest. No burden we bear, nor profit
we pay on the capital of others, is so in
direct & stealthy in its operation as bank
interest: it is so glossed over with an air
of profit to ourselves, that it tickles its
victim while it picks his pocket. It is a
tariff on money, fixed upon us by the ac
tion of government for the benefit of cap
italists, from which it is as hard to escape
as it is from the tariff on salt or iron : and
no act of government so artfully and
wickedly destroys the just balance of
profits on capital and labor, or implies so
invidious a distinction, as the granting of
the banking privi’ege.
If banks would circulate good paper
wi.bout interest, their effects would be
tolerable, but as long as Bank interest has
to he paid, somebody must pay it, and
those from whom it is finally drawn by
the operations of trade, are a doomed class
of the community. They are a oomed
class, not that they are turned over to the
executioner, but because, at all times, no
small proportion of them, whether they
perceive the cause of it or not, are either
sinking into poverty, or are kept from
thriving in consequence of paying, in
Bank interest, a higher rate of profit on
the capital and credit of others than they
receive on their own capital and labor.—
And who are those who constitute that
class, out of the fruits of whose labor, the
profits of bank capital are finally drawn ?
Most clearly, the cultivators of the soil.
When the legislature grants a Bank
charter, it confers on the stockholders
the privilege of .eceiving interest on
their money, at a rate three times as high
as the lawful interest. In this state the
lawful inte est or profit on money, which
a private individual is allowed to receive,
is eight per cent. But whethcr the bank
gets its three-times-eight per cent., 01
more or less, the merchant or speculator
who has a note discounted in bank, ac
counts to the bank (or the interest. Bin
who accounts to the merchant or spccu-
lator? Does lie lose the bank interest,
or does he recover it in the profits of
trade ? If he recovers it in the profits of
trade, then the Bank interest comes out
of his customers. And who are his cus
tomers? Principally, the cultivators of
the soil. Then, the cultivators of the
soil, principally pay the profits of Bank
capita’, and that too at rates varying from
six to twelve times as high as "(he" rates
of profit, winch they themselves receive
on their own Capitol and their labor.— !
And is not this ruinous operation of the
credit system, sufficient to explain why
it is that month after month, we see far
mer after farmer bereft of properly at the
court house doors?
An estimate of ttye gross amount of
burden, >vhu!i -falls on ihe agricultural
c ass, from this source may be formed
from the published statements of the
Banks in the United S ates. According
to these statements as far as they relate
! lo loans and discounts, the banks drew
interest in 1837, on a sum rising above
five hundred and twenty-five millions of
dollars, which exceeds the whole sum of
specie in the United States, accor .ing to
the highest estimate, by four hundred and
forty-one millions ; and counting interest
at the rale only of six per cent, per an
num, on Bank cash and Bank credit, it
will be seen that the Bank interest amount
ed in that year, to more than thirty-one
and a half millions of dollars, which sum
is equal to all usury of thirty-seven and
a ha.f per cent, on eighty-lour millions of
dollars, which is the highest estimated
amount of specie in the United States.
Suppose the Bank stock holders had ac
tually possessed half the sj ecie in the
United States ; in that case, the usury
which they received would be equal to
seventy-five per cent, on their real mon
ey. And out of what class, is this usury
on real money drawn, through the con
trivance of Bank paper l Principally,
out of the great agricultural class. But
according to the most reasonable estimate
of the specie in the United States, thirty
one and a half millions are equal to the
half of it; therefore it required half the
specie in the United States to pay the
Bank interest for the year 1837. On the
authority of the same published state
ments, we estimate the ii.mk interest of
the four years of 1837, ’3B, ’33, and MU,
taken together, at but little less than one
hundred and eighteen millions of dollars.
But making allowance for possible mis
takes and reducing this tax which tar
roers pay lor the convenience of paper
currency to one half or one tithe of what
it is, it wou.d still be ruinous in its ten
dency ; liecause it would slid exceed the
rates of our own profits; and it would
still be unequal in principle, because it
is secured to a class of capitalists who are
protected by law, in the privilege of re
ceiving a greater profit on money than
private individuals are allowed to receive.
The laws against usury, which restrict
private individuals to a profit of eight
per cent, on their money, however good
they be, where rights are equal, are here
as odious a protection to bank capital as
the tariff laws are to manufacturing cap
ital ; the principal and effects are the
same in Loth cases; in both cases the
community are defrauded and pillaged
through indirection and plausible preten
ces, and are oppressed m Loth cases for
the benefit of capitalists.
In their taxing cfficts on the commu
nity, Government banks are no better
thiiu others ; for they too must have their
interest. The people of this State have
been tax< and through the instrumentality
of the Central Bank; but rather with an
air of concealment; for, while it appear
ed from the face of the statute, that we
were not taxed at all, we were actually
taxed through that bank, at the rate of
six cents in the dollar on a sum of our
own money or credit, varying from half
a million to a million and a half of dol
lars. It is immaterial who paid the dis
count to the bank, it finally came out of
the great class of producers; and those
who never borrowed a dollar, bore ns
much of the burden as those who did.
It is by the effect which interest paya
ble, has in augmenting individual debts,
and consequently, the general sum of in
debtedness, that it creates or aggravates
the evils of a pecuniary pressure. The
aggregate of notes discounted m the banks,
may be paid off, as principal, with the
aggregate of the bills of the banks; but
Bank bills can do no more—they can't
pay the Bank interest too ; for this being
so much over and above the aggregate of
the bills of the banks, is necessarily a
gold and silver item. Consequently it
nppears that the banks send out paper to
the community, while, in their profits,
they absorb go and mid silver from us; and
it is this absorption of gold and silver by
the banks, with periodical intensity, that
principally brings about periods of pecun
iary distress or scarcity of specie. It is
not, however, in this way only, that
banks occasion a scarcity of specie. Pa
per curren -y inflates prices, and as the
price ol every thing we buy on credit, is
high in proportion to the quantity of pa
; per, so our debts are ma le greater by pa
lter money, in the proportion in which
die quantity of paper exceeds the quan
tity of specie ; and in that proportion, is
specie rendered relatively scarce by the
banks. In addition to this, the nxjre
Bank paper we use and the longer we
make use of it, the more specie will it oc
casion to leave this country for other parts
of the commercial world where specie is
in demand. On this subject, Daniel
Webster truly says, “ But the circulation
! of paper tends to displace coin ; it may
| banish it altogether: at this very moment
it has banished it.” Then is not this
Government a tyranny? Confessedly,
according to the principles of eternal jus
tice, a government that requires its sub
jects to do a certain thing, can have no
agency in depriving them of the means
of doing it. And if the government un
der which we live, has any agency in
causing the circulation of paper, which
from the nature of things, places gold and
silver more or less out of my reach, and
yet under the U. S. Constitution; obliges
me to discharge my debts in gold or sil
ver ; wherein does this govern men t differ
from a tyranny ?
Vattel says “For the law of nature
gives us a right to every thing without
which we could not fulfil our obligation;
otherwise it would oblige us to impossi
bilities.” The U. S. constitution on one
hand, obliges me to make payments in
gold or silver, while the action of govern
ment on the other hand, in creating bank
paper, banishes gold and silver from the
land ; and thus, in violation of this law
of nature, obliges me to impossibilities.
And for practical effects, let us look a
round us, amidst existing scenes of pe
cuniary distress, at t lie sacrifice of prop
erty lor specie funds. Does not this sac
rifice of property under the necessity of
raising specie, with its attendant rum and
wretchedness, sufficiently determine the
character of this'government as it actu
ally operates under the U. S. constitution
on one hand, and Bank paper on the oth
er ? Cm intelligent farmers venture to
go in debt under such a government as
this ? Can they better counteract the odi
ous advantages given by law to Banking
capital and manufacturing capital over
agricultural capital, than by abstaining
from the use of their own credit ?
The cultivators of the soil with the
concurrence of natural agents, create the
wealth of the country: they form the
chief mass of the community and are the
prop and support ot all other vocations ;
yet, they are degraded into the source of
every body’s profits and the pack horse j
of every holly’s losses. The same mer
chant or speculator who, at the same I
time makes fair profits, and in self pres
ervation, recovers bank interest out of
the farmer, also saddles him with the loss
on depreciated bank paper. And the
merchant who buys goods, into the cost
of which is incorporated, the tax under
the tariff' for the benefit of the manufac
turer, shifts off that tax in the sale of his
goods upon the farmer. As to “Ameri
can labor,” it receives no protection any
where: if the thousands of laborers who
go into manufactories, poor, were to come
out rich, the contrary would appear; but
as they enler them poor, work in them
poor, and die in them poor, their history
is sufficient evidence that the protective
system is designed only to promoie the
wealth of th.e capitalist. It therefore, ap
pears that the machinery of government
ks it now acts upon us, is but little else
than a system of contrivances tor trans
ferring the wealth of the country from
the men who make it, to the few who
have the art to get it,
Except in regard to the article of su
gar, agricultural capital receives no real
protection from government; we ask for
none, and desire no other boon than ex
emption from pillage. All we ask is that
the equi ibriuni or just balance be re
stored, in accordance with the natural
laws of trade, among the profits of man
ufacture, the profits of money, the profits
of agriculture and the profits of office.
And this can be done, not by robbing
others to raise our profits to the level of
theirs, hut simply by lowering the rates
at which others are allowed to rob us.
We ask only tor that fair chance which
we should have of taking care of our
selves, were the government only to quit
ho.ding us for public officers, manufac
turers and bankers to skin us.
As neither banks nor public officers
create a single material of wealth, but
get their gains out of us, it follows that
all they gain we lose; and this conclu
sion is true in reference to all the profits
of manufacturing capital, over and above
the Free Trade price of its products.—
Hence these three distinct interests of
banking, public office and manufacture
being naturally inclined to gain all they
can, are naturally inclined to make our
loss as great as they can : they act in
concert, because their common object is
to get all they can out of the people, and
by their united influence they control the
government and geneially bins the course,
of political aspirants. For these reasons,
these interests are to be regarded ns at
ce;iseless war with agriculture; they are
our antagonist®, an their rep
resentatives in public station, are not the
representatives of the farmer. The mil
lions of public debt inc. tiding office fees
of every description and the millions ot
profit on banking and manufacturing
capital, all which are finally drawn prin
cipally out of the cultivators of the soil,
show that at almost all times our interest
has been more or less unrepresented, mis
understood or wickedly lietrayed. There
uevej was a nation which at the age of
our Union, had half the burden imposed
upon it, that our governments, State and
Federal have in one way or another, im
po-ed upon us, and worse than all, the
evil is frightfully progressive.
It is vain for the advocates of the bank
ing interest, the manufacturing interest,
and of tlie present high pay of public of
ficers, to attempt to reooneiie us to a hard
fate by efforts lo persuade us that we are
a free and prosperous people; it is tru*
we are not all dead, but if tlie govern
ments that have left life in us, had adopt
ed no indirect and deceptive contrivances
for transferring the wealth of tlie country
from the many to the few, what would
we not have been under all our natural
advantages and the blessings, of Provh
donee ? . . •
Under this view of the hardships and
prospects of the great agricultural class,
1 respectfully submit the question wheth
er it is or is not expedient for this society
to propose to tlie agriculturalists of Geor
gia, to unite in forming a State Agricul
tural Society to meet annually at tiie seat
of government.
On the advantages which would flow
from such a society, it is needless to di
late; it may, however be remarked that
such a society would be worth forming
if it should do nothing else than investi
gate and explain the consequences of
such public measures as materially affect
the interests of agriculture.
But it might do more—ft might pro
duce such harmony and such a general
concurrence in correct views amon<r far
mers as would enable them, by an appli
cation of their united strength at the bal
lot box, to arrest the progress of ruinous
legislation, and, perhaps banish trie evils
of party strife. This last end, they coukl
certainly accomplish if they could weak
en the attractions of office by effecting
such a reduction in the pay of public of
ficers from head to foot, as would hear a
just proportion to tlie profits of agricul
ture and to a specie currency. iMnight
act as a committee of vigilance in favor
of agricultural interests, and might aid
us much, not only in our endeavors to
understand and estimate the good and the
evil effects of public measures, but also
in any attempts which might be deemed
necessary, through memorial, to remedy
injurious legislation. It might help us
to understand and to compare the sum of
evil with the sum of good if there beany
ol Bank credit as currency. . Enlighten
ed, unaspiring farmers thus associated,
would be ol all men, best prepared to'
draw just conclusions from the important
truth, tiiat while banks create not. an .at
om of specie for us to pay their profits
with, draw the sum of their profits ex
clusively in specie from us. We can’t
make use ot Bank credit at all, as curren
cy, without an indirect and secretly ru
inous tax on land and labor; and this
burden can never be thrown oft' till far
mers investigate for themselves and act
in concert.
Rich Ore. —We see it stated in a North
Carolina paper, that a man recently pick
ed up a rock in Jamcsville, Mecklenburg
county, from which he extracted upwards
of sixty dollars' worth of fine gold. A
rich vein of the precious ore has since
been discovered near the spot where the
lump was found.
THE “VINDICATION OF THE PRESIDENT.
We design in a few days to collect
the numerous extracts from the speeches
of distinguished Democratic members of
Congress, made in 1841, vindicating the
President against the chargesof rhe Clay
Whigs, together with the" many articles
on the same subject which appeared in
the Globe and the leading Democratic
presses generally, soon alter the Presi
dent’s Bank Vetoes were promulgated—-.
which will be issued frou this otlice in
pamphlet or extra form for extensive eir
dilation.
We will distribute as many of them
gratuitously as our purse will (tear, and
trust the friends of the Administration,
will do the rest. We shall print 100,000.
copies. We will fill orders for them at.
o:.e dollar per hundred.
Our friends who may be disposed to
aid us in this enterprise, will please for
ward their orders as soon as possible.
Such of our exchange papers a$ may
be disposed to give the above a few in
sertions, will much oblige us by so do
ing, and. the favor will be reciprocated
when an opportunity offers.—Madiso
nian.
French France. The debt of
France in 1572. under Charles IX., was
only 17,00f>,000f.: in 1832, 5,41(5,495,-
017f. At the present time it is almost
7,000,000,000f. France has already been
bankrupt six times, viz : —Under s>ul!v,
who deducted the interest formerly paid
on the capital; at the end of Louis XVl’s
reign, under Desmaret, who paid neither
capital nor interest; at the fall of the
« systeme law,” under Lepelistier ; un
der the Abbe Terrai, who did not pay
the assignats ; during the revolution
after the creation of 45,000,000 of mort
gagea; lastly, in 1799 by the reduction
of two-thirds ot the debt.
The annual interest of the city debt of
t New York is .*51,000,000.
INO. 17-