Newspaper Page Text
lawny, darker down the spine, with the jaws, < in fact, stuck all of a heap, as they say; but
throat, belly, and inside of the legs, were of a ; quickly slinking off, he backed out of the scrape,
pure milky white. Her bright yellow eyes j On a shot being fired at the s]>ot, up she bounc-
wide open'and life-like, while five bullet holes | ed with a sharp angry roar, and at first came
in her chest and shoulders, out of the six shots, j towards us, bounding through the high grass
reflected no disgrace on our shooting. j with a few short hollow grunts; but as if quail-
We called up the servants with our horses, mg at our formidable numbers, was wheeling to
and remounting, rode briskly under the heavy ) our right, when a volley laid her low, and after
rain, with our guns pointed upwards, lbr fear ot she fell, some shameful dropping shots from the
accidents from the lightning, in the direction we armed servants tore the grass about her, and
supposed the other to have taken; but after a cut the skin oil her bach,
short unsuccessful search, it was determined, as 1 hose who had fired, reloaded, and we hastily
the shower was nearly over, and the thunder , mounted to push on for her mate. We had the
rolling away in the distance, to off saddle and j advantage of the height, about fivc-and twenty
turn our horses loose to graze and roll, previous j paces above the clump ol reeds, when he started
to commencing a pursuit of the first two lions.' up, and wheeled away across us with the same
While the servants knec-haltered and watched appearance of adopting sccoud thoughts; three
the horses, wo returned on foot to where the : or four shots were fired, and he fell head over
corpse lay, and while yet ut a distance, observed ' heels into a sunken pool of water, heavily struck
it already covered with about a dozen of large in the body. He swam across io the side next
grey vultures, while others stood round in little' us, and as u r e descended, we saw his head and
groups, and numbers more were descending bristling mane and glaring eyes protruding
from the sky, some wheeling in gradually low- through the screen ot reeds, as the wounded
or and diminishing circles, others yet hut specks but undaunted creature clung to the bank, strug-
sailing in the tipper air. At our approach, they gling to drag himscll up and charge. A few
lieavilv took flight, and retiring to a little dis- shots in the head put him out of pain, and he fell
lance, remained watching for our departure. , back. VY hen we looked over the edge, lie lay
It is almost incredible within bow short a quite dead, and almost under water; so having
time these birds assemble from every quarter of lound a place where the bank shelved to the
the sky, upon the death of any animal. Often, bottom, two of the party stripped and plunged
oq killing an antelope, we looked up to the hea- in, and one taking him by the head, the other
veils to observe if one was in sight; but though by the tail, they swam across to the creek,
not a speck denoted a living creature in the broad Lmted Service Journal.
expanses before a minute had elapsed, there. s ^ n l~~Zol e ofThe remarkable
they were sure to appear, some like motes sad.; fuatu re s „f this extraordinary city (Lucknow) Is
ing across from the distance, others dnnlv uc-; . , , , • ,
° . ... . , ’ , , ~ • | its elephants, which arc maintained in multi-
coming visible as they descended from their , tu<] ' immeMe m „„bcr S belong to the king, and
aerial altitudes, from wind, tlioir far-piereing : a „ tho mobility and riel, people possess as many
ken must take in an immense circuit ol enrili. ,, • , ‘ , __ - J
as their moans will admit. In royal processions,
\\ e set three of the Hottentots to fln\ the fj. s tivals, and state occasions, they appear in
lioness an operation they performed very neat- croWtIs< A battalion of elenhaiits. fifteen a
si trued over to a company of British soldiers on ■ signs and omens which precede these catastrophes
t!ieir way to Ninety Six, but fortunately lie made ; as sure as liie dawn precedes the day, must on all
his escape whilst on the route. j occasions have remarked, that the iiiosl certain itt-
Not many days since, the writer of this sketcli j dicalion of impending bankruptcy, is the vast in-
had the pleasure of spending a night wiih this wnr-j flux ol ihe uoies ol that pariicu! u hank. 1 iie
ihy and venerable soldier of the Revolution. The : market is glutted with them; they pass from iiand
j scenes of that trying period were Iresh in his mem-j to hand with inconceivable rapidity; each man
j orv. and he gave a vivid account of the bailies in ‘ thrusts them upon his neignbour, as if tearful they
' which he lought. The order and position of the I might burn his fingers, until tliev finally settle into
! American army in the battle of the Cowpens was j the hands of the country market people, and the
! related with a particularity which was really re- j honest hard working labourer, always tiiehstto
j markable. How true it is, ilia: Ihe incidents of! suspect, though always the first to suffer. B\ the
! youth are remembered in old age when the occur-! lime they have gowhere, the purposes of fraud aie
j fences of yesterday are Ibrgotten.—From Mr. A-1 answered, and tlie liulure of the bank becomes no-
lexander, a good deal of inlbrmation was obtained
j by the writer relative to the manner of living a-
i niong the soldiers in the upper part ol'Snull Car
olina, tiieir mode of fighting, aiid l:te customs of
i the people generally.
j The third day previous to the battle of B:ack-
I stocks, Mr. Alexander was one of a-company sent j
j out on a loraging expedition. They fell in with |
a parcel of lory wagoners, and pressed them into j
The wagoners had been with j
torams.
The next tiling we see, is the advertisement of
some lottery office keeper, nr some catspaw broker,
always ihe secret agent of the hank, "tiering to re
deem the notes, ot take them in exchange for lotte
ry tickets at the highest price. The poor labourer
who lias a few dollars of iliis execrable medium of
fraud and imposition, which he has received in ex
change ibr tlie sweat of his brow, cannot nflbrd to
lose the ivhoie, or wait liie chances of being paid.
the whig service.
provisions to the British army, and were returning j He goes to the lottery man, exchanges his rags lor
without any load. The foraging patty thought ; lottery tickets, or lottery shares, and finally draws
ireel of a blank
cdt ^‘ . • of rank clothed in glittering tissues, form ap.im-
L he paws, w nen s< i ipped, wuio as beautitu y p OS [ n g sight, but this can onlv be seen with full
blanched as the most exquisite female band, j e jf ec g j n the open country bevond the citv.—
hut the ropy white smews were as thick as ones Q ncc WJ "thin the streets, the jostling and confu-
tnnmn ?in#i inn lrnti* in n Irmfrt mil hi • • » •> . .
... . . .«. precedence displayed with elephants
precipitately to Jebjtn lot oui liotaes, Wiitcli . q Ua i ntec j with their strength, and entering with
were driven in, saddled, and remounted. j ardour into the resolves of the mahmouts, to
Alter the commandant and his companion lolt j gain or maintain the foremost, places,
us, while sitting in debate, alter dinner, on the ! Elephants breed here in a state of domestica-
disappointntent ot all our lair hopes, and the | fi on . an j young ones,' not larger than a good
mortification ot returning to the post with but j size pig, are frequently seen frolicking by the side
one skin, tomorrow being the last day we could I 0 f their mothers through the streets of Luck-
remam on tilt ground, it struck us at last to try, \ n o\v—n spectacle fraught with interest to the
as a last expedient, sending out three of the i cyc 0 f an European; and large camels are
mounted Hottentots before daw n, for the chance i equally numerous, and when handsomely capn-
of seeing lions, n there were any in the country; j risoued add considerably to the splendor of a
a;id it tney mJ, to follow them to their lair, and • procession. The king’s stud does not consist of
wline two remained in observation, to despatch ; fewer than a thousand horses, many of which
tne t.nrd with the news to us; and a subscription i perfect specimens of the finest breeds, and
was lorthwith entered into, to reward them A j are considered paragons of their kind; these are
successful. Seijumacker, a dark visaged has- j Tji’ought outi<i increase the splendor of his re-
turd, ol well knowh nerve and eagle cyc, wras! tinue, and even upon ordinary occasions his su*
allied into council, and after u little hesitation j warre exceeds in multitude and variety any Eu
at first, agreed to go, and we told him to choose
) ropean nation of ostentatious show.—Asiatic
bv the leviathan of the stock exchange, who
bis companions; he pitched upon two, both j Journal.
equally acquainted with the country, smd some I
hour? alter, they departed before daylight. i Thc last London papers contain the following
(n tlic morning, liter ws had talmd and ! anecJo, ° ° r ,ho dukc 0| ' ' Vclli,1!!toD untl ,ilc
break fas
brig
clc
ou
twotve ociock, a uottcniot was seen sioiy ap
proaching on a tired horse. Captain A. ran. . . • -P_
down to meet him, and we saw him hold a brief 1™ lhou 1 l c ? rernon - v » r( j f l u ! red ,1S S race t0 “if 0 ™
and earnest converse, and then hold up both ! ^ !n i any and what changes were likely
hands as a signal. It was quite enough, scrv- t0 tako ^ lr | lh ® f ore }2 n P ohc 3* ° r thc coun *
ants were loudly summoned, horses saddled, and ! tr - v ’ ? n w ' ,,ch thc dukc , 13 said to havQ assumed
guns brought forth; and then the guide having ! au al , r ? f reserve > and t0 llflve rc P llwl that liC
got a fresh horse, wc started in lii-ri, Mcc, the ! could S iVC no answer to such an inquiry. The
man informing us as we went alomq how thev 1 f l uestl0ncr > nothing daanted, is represented as
had descried a “leuwe” and “wcife”?n the morn- hav,n " ’^mediately said that he should take his
ing; how they had approached and followed ' S raco s rctusal as a tacit acknowledgment that
them
turnin
at last
Au hour s ritic hi ought us to thc spot, .v.. - ,
thc scene of the first day’s find, and as we ap- i 80 >»?“e!itinl a quarter, became more placable,
preached, we saw thc two Hottentots dismounted assll ' In o his visitor that that lie was by uo mc.ins
ami waiting us on the opposite slope above tho ora,tlod s V ch a.fercacc from tbo
hollow, in which they trade signals that ,| l0 o'>f»er whreh ho had gtven; that m faet, tr" the
lions lay concealed by long grran sedges and cak,n,!t C ' 1 nr,ei1 ' "° nonce of ,is general
reeds. Wo circled mind to them, and asccr- 0 ", llJ l,,J f"°' vn or ““rtained; but that.
touted that thev had not seen tho animate for i “ f". 115 he ,Jt l’ rcs,! "' r rc . e,ve ' ,nI,te -
the last two haunt and more, but thev pointed ! ™l change m the present tore.gn policy was
out the spot where they couched, iud WL . rc . lively to talto placG
certain ol their not having moved; so wo do- Yeorathz QreensiUe .1founhtiiteer.
sccnded on foot in a concave line to the edge of REVOLUTIONARY INCIDENTS
the long rank grass and sedges, and shouted to j .1 .oiks Alexander.—In the history of iht’Ame-
try and rouse her, Sehumacker’s bold companion i riean Revolution, there are irmny instances ofextra-
advancing to the front, and assailing the female i ordinary zeal and devotion to the cause of liberty
with variqps opprobious epithets, to make her i a»d the sufferings of a bleeding country- Among
come out, while tho Hottentot servants, one and 1 , * iesc '’‘iirlit be enumerated justlv the active and
all, hung back in a remarkable way, not liking
an approach to an unseen enemy. Indeed, we
had great difficulty to prevent them making
shields for us, and in getting them to stand be
hind, but in the intervals, as we thought our
selves in more danger of getting shot by them
in their trepidation, than of missing thc lions,
if they would come out. Out, however, they
would not come, and we slowly beat down the
edge of the hollow, trying to get thc old hound
to range it; but after r. single scamper through
the high grass, he kept oil the other side, not
seeming tu like it. Some of us, impatient of
thc delay, wanted to enter the cover, but this
was loudly remonstiated against by the Hotten
tots, and overruled by our experienced compa
nions, who knew the danger of one of the. party
unremitting services of James Alexander, F,sq. a
native ol'Spartanburfrli, and l!»r the last fifty years
a citizen of Greenville district. He entered the
Revolutionary War at the early age of fourteen
years old, and continued in it almost constantly
until our national independence was acknowledged
by Great Britain. In his own simple language, he
“served in the first and last campaign which occur
red in South Carolina.” For many years the A-
tnericati camp was literally his home. Wherever
the enemy ol his country was to he found, and
there was any hope of a battle with that enemy, lie
always rushed thither, regardless ofdanger,toils and
privations. He never served in any other capaci
ty than that of a volunteer. To have withheld his
services from his country, until they were required
by a draft, would have been in his eyes :t want of
spirit and a want of patriotism.
Ilis first services were rendered in 1775, in an
expedition against the Cherokee Indians, which
being upset by a sodden spring ol the animals, ; resulted in a battle in this district and the deleat of
before the others could get a shot. At last the ; t| le Indians. He was in the battle of Blackstocks,
lion suddenly sprung up, and with a short roar I Musgroye’s mills, Cowpens, and the seise of Nine-
or snort, and an impatient toss of his head and ty Six. He was also in many other skirmishes
mane, bounded away down thc little valley, one "'dh the tones and small detachments of the British
of thc Hottentots immediately mounting and i ari, }. v * , Alter the fall of Charleston, many of the
pursuing him, with loud cries, and at last firing j , wkl f, f ? m l ll,e * ,h . e TO* *"« ° t f K Saulh l Caml,na )
i ° - ’ j , , • ’ • , . I k it their homes and fled to North Carolina and
‘ . * . ie c0U ?huI in a thick patch of Virginia. Among these was the family of Mr. A-
leeds; tho man remaining like a sentry oil the , lexander's father. But he himself deiermined to
declivity, to watch him. The impatience ol one | remain, and share ilie fortunes of his country,
or two now overcame all caution, and wc ad-j whether lbr wo or for weal. He attached himself
vancod in a line in the high sedges, when the ' fo a small company of whigs on the frontiers of the
female suddenly went off with a similar leap jS?ate,and there remained for some time, depending
and grunt, but iu another direction, a shot fired t * a . tl,e chapter of accident* for an opportunity of
by mo to bring her too having no effect. She '^f ser ™f. ab ' e *«»/‘.s cou.itry- The sufferings
i", • '.i-i, J® . , , , of these little hands ol American troops during
u 3 P , about three hundred • this part of the Revolution, are almost incredible,
yards oft, and we were now sure of her. We| The lories and British had entire and almost
immediately followed, and lining the nearest | peaceable possession of the country. The whigs
edge ot the cover, here about seventy yards j were afraid to be seen by even their neighbouring
across, with some coaxing got the dog to enter. *‘>ries. Those who were in arms were liable to be
After boating a little, he was crossing towards a "d niany of them suffered death in the midst
us, when nil at once, as if fascinated, he stopped °. f ,!,eir , ‘ aniilies - In this siluation, without provi-
short, with his head on one side, and his nose s,oa ?« clothing., or proper arms and ammunition, tlie
tinmilrwr -rat .u_ i r , • patriotism of every one was put to a most severe
ind wM l l * -r 0 ? ard * ^ r,om him, test. About this period Mr. Alexander was taken
and with a look of moA ridiculous amazement, prisoner by some iff his tory neighbors and con-
tliisa fine opjxirtunity of carrying ofl'a p i
flour in a mill at no very great distance below.—
They ordered the wagoners to change their direc
tion, went with them to the mill, loaded their wag
ons with flour, and started hack to the American
camp. For two days this party had neither ate
nor slept, and hunger pressing them most sorely,
j they determined to stop on the road, and bake
some bread. In order to do this they bad to cut
large blocks from the trees, and hollow them out
with tiieir axes for the purpose ofkneading a small
por; ion of flour in them. This done, they had to
bake the dough by making it into cakes and run
ning sticks through them so as to bold ilieui over
the fire, until they were baked. Unfortunately,
however, before all this preparation was gotten
through with, the news came that the British army
was just behind them. The hail’ baked cakes, ihe
flour and every thing else was left lbr liie enemy j challenge 5 any man living to give me but one
The foragingpartvconsequently returned to Biack-1 cient, plain, practical reason, why, in such a
Thus ends his speculation.
Let us no v revert to the bmk speculation.—
When all, >r nearly all the norns of tiie hank have
been bought up at forty, fifty, or perhaps some as
high as eighty per cent discount, by the agent of
the bank, the next thing we see is a notice that the
bank stands ready to redeem its outstanding notes
ai par—whim none remain to be redeemed. Hav
ing done this, it once more resumes business iri-
umphanlly, in all probability to run the same race
ol swindling over again. This is what is called a
capital speculation.
I 1 may be asked why these things are permitted?
and the answer will probably be, it is necessary to
“the business wants of the community,” to “sound
policy,” “sound aeti-m,” or some such wretched
cant will be adduced in excuse for these barefaced
frauds on ihe community. B it I now ask, and
ufli
wards whom the people of the United States entertain the
kindest sentiments- Partaking of this sentiment themselves,
the committee extended thur inquiry, first into the praetie-
; hility and expediency of ihe peaceful alternative presented
by the message.
The report here proceeds to a critical analysis of the cor
respond, nee (between our minister and the French minister)
which preceded ihe formation ofihetreaty, shewing, by va
rious quotations from it, that, throughout the negotiation, the
King of France evinced ihe most friendly feelings towards
tin- United States, and took an unusual interest in ihea :ju.>t-
ment of the question between the two countri -s. Our inin
isier had been reminded, over and over again, of the difficul
ties which th- ministers would have to encounter front th-’
chambers, in consequence of the treaty. &c. To this histo
ry of ihe negotiation the committee did not advert to justify
tic- omission of the French government to twirry into effect
the treaty; ihe difficulty now experienced in the French
chambers being an affair between them and their own gov-
ernmenr, and riot between them and our government. But
the committee bad recurred to ibis correspondence, because
alter th warnings which were given of the difficulties which
would have io be encountered, a fair construction ought to
be put U|Kin the course of the king and his ministers iu tins
matter. If the king has throughout acted with good faith,
and is still laboring to effect the passage of a bill in th * cham
bers to carry into effect the treaty, it would !>e not only unjust
as respects the French government, but impolitic, and unwise
as respects Ihe claimants themselves, to throw obstacles in
ttr» way of the success ot'ttv king’s exertions, by th ’adoption
of rasii or hasty m -asures, even contingently, which might
convert some of the warm friends in the chambers into bit
ter enemies of the claims,
The rejtort then proceeds to the consideration of what
has transpired since the ratification of the treaty: carefnliy
reviewing and analyzing the correspondence which has
aince passed between th" ministers of th • ivvo countries, &c.
The committee express the gr-at pleasure they have in con
curring with the president of the United States and Mr.
Li
two? Recollect that government, in anv sense, isamon
strous power, and has oftencr overthrown the liberties of th*
people than any other one cause that has ever effected (li t
object. It is as much to be watched as any other power 0 -.
Now is it not safer, for the liner!i ‘s of the people, tlmt iLr
great powers should contend against cacti other,'than th-.
!h ;y should be uniled in ihe same cause, and for a common
object? Let ns throw our view some fifty years nh <u|
the tim >, and this a Waterman should do, in order i„ t
of the miserable web of party feelings, selfish aims, and am
bit ions projects, with which lie finds himscll' cn angled, and
make the cool and rational inquiry, whether the libeni’esof
the people, and »lie i:i stimahle privilege of the elective f ran
clii.se, would not lie in more danger from having the "rest
moneyed power of the country under the entire com ml of
the executive branch of the government, than if it was arm.
ally opposed to it?
VV liiie these two great powers are warring against each
other, the p-ople >.\,!l look on, and if they have the capacity
of self-governin nr. which is ,o readily accorded to ih'-mbv
all,surely they will he able to control thaipouxr which s.-ems
most, opposed io th ir rights. Not so if they are un:><.,j.
they will present a force wholly irresistible, and which •,!
moral nrrgy can withstand. Now, sir, th. ; pa;pose „f i -
resolution, is not to inquire w limiier ihe Mat auks u ; | .
swer belter the oiyecls of the government than the t :
Slates’ Bank, but whether wc cannot do without ih, i,.,.j
ing syst.-m ailogeih r, to have it neither ibr not agau:-- -
government; to have it intermeddle with tho .1 ctioa.
titer for nor against the offic. holders—to have no <, .j.
ion with the monster inany stvape,either as pets or hn:\l
prey. It the power ol'money cannot be trusted in one shape
it is idle tosttppos that it ran m another. Von may think
you have chained it to a post, around which i: is obliged ^
btrat its path like n tame bear, or y >u may ltcok yon liavr
drawn its teeth, bv taking the litti • State banks mr your pur
pose; yet,depend upon if, n bundle of rials will Imri fully as
bad as a cudgd of the same size, and though they may not
bruise, yet ill -y w ill as effectually sting you to death, i hen,
vingston :o entire confidence in the good faith of the king, j sir, upon th * constitutional, as well as tlie question ot - xpe-
&r., as professed in several of the le»t rs ft ora our secretary j dienry, growing out of the dangerous consequences of con-
of Slate and our minister in Franep; and they consider it due meting the banking system with the government, in any
shape, it would appear that the inquiry sought by the resola-
spicks without obtaining any provisions, ami had j an upright, !aitiiiul leffislatnrt? loos not, ami should j bers.
to enoraoe immediately in the buttlo at that plac-''
without liavino tasted fiioil or slept for three days
ami nights. It is somewhat questionable whether
soldiers would fight hotter or worse utider thos.-
circumstances. I am rather inclined to think, how
ever, that it would increase their determination
and desperate bravery.
It was customary in those limes for the militia,
who could afford horses, to ride, hut on the eve of
an engagement tliev had to dismount and fight on
foot. If they were victorious, their horses were
unhitched immediately after battle and mounted
again. But if they were delentcd, their horses, of
course, fell into the hands of the enemy, who never
failed to scour the woods in search of them. At
the battle of the Cowpens, Mr. Alexander dis
mounted, secured his horse to a tree, and took his
station on foot in the American camp. Alter the
battle was over and the cavalry of Tarleton were
making their escape, Alexander thought it a fine
opportunity of joining in the chase. He sought
his horse, but he was not to he found. Some cow
ardly renegade had taken him to make true thc old
adage, that “he who runs away, may live to
a not Iter day.” The horse of a dragoon who had
been killed was espied by Mr.-Alexander whilst in
search of his own, and was immediately put in re
quisition. He overtook the cavalry under Wash
ington, and as they were in hot pursuit of Tarle
ton, they passed by hi.s baggage, which contained,
among oilier good things, some barrels ol fine old
rum. This was too templing a -sight for a thirsty
soldier to pass by without giving it a call; so he
dismounted, filled his canteen, anti again caught up
with thc American cavalry.
The soldiers were always Imnl run about cloth
ing, and never failed to help themselves to such as
they could find in the possession of iltt-ir good
friends the torics. On the other hind, the lories
were never to be out-done at Uiis ~;nyc, and be
tween the two opposing parties, the old women
roll id seldom get a web of cloth out of the loom
before it was appropriated bv some needy whig or
tory. So often had these good oid ladies seen tiieir
industry taken from them in spite of llteir tongues,
that they became exceedingly watchful about the
time they began to weave their warp—and on sight
of any suspicious persons, tliev were sure to at
tempt, in some way, the safety of tiieir cloth. Of
ten, said Mr. Alexander, have I seen a web of
cloth half woven, cut and hid from the search of
the soldiers.
There were, among the whigs, a good many
follows who could not forego the opportunity which
constantly offered for stealing horses. These
scoundrels made arrangements with lories living in
a different section of the country, to steal tiieir
friends’ horses, and meet on some half-way ground
lor the purpose of exchanging with each other, and
in this way prevent detection. This ev il was not
confined to the period of the revolution, lint was
extensively felt afterwards. The idleness of habits,
the laxness of morals, and general impr »vidci.ce of
almost all classes of persons, were perhaps the
most serious and permanent evils which the coun
try sustained during the revolutionary war.
B. F. P.
to candor to declare tliat they have seen no r-’ason since to
distrust the sincerity or perfect integrity of the king in this
mailer.
It having bem arranged in the corresdondeno; which
followed th> rejection of the bill by the chambers, that this
government should await the further action of th’ French
chambers before taking any otlmr step, the committe pro
ceeded to examine on what ground liie president now re-
coinmeruls action without waiting. They review the cor
respondence between th French minister here and our se
cretary of Slate, in reference to the supposed pledge of tic
French minister for an extraordinary convocation of he
chambers. Th-> connnitt-’e do not find such a pledge, though
th -y find every a.s.-ti auc • that tin; earliest practicable oppur-
: .nity will be seized for pressing the bill upon th • clmm-
POLITIUJ L.
BANKS INSIDE OUT.
To the Editors of the JVew York Evening Pent.
Gentlemen—1 shall devote this letter to a con
sideration of some of the most prominent abuses
of the banking system, as at present existing in
this, and iu nearly all the oilier States composing
the Union, from which 1 trust it will appear, that
even were there no such insuperable objection, as
that it is a system founded on a palpable infringe
ment of the equal tights of the people, no wise
and virtuous legislator ought to give it his sanc
tion.
The first ahuse is that covered by the clause in
the chartei of our banks authorizing them to com
mence operations as soon as a certain portion of
their capital “is paid, or secured iohe paid." Un
der the sanction of this latter clause the most enor
mous abuses, not to say frauds, are practised.—
What is tiie usual course in such cases? A knot of
needy and desperate speculators combine together
to support each other’s credit, by subscribing lor a
large portion of the stock of the hank, anil giving
their notes of hand mutually endorsed by one
another for their respective amounts of stock.—
These notes are renewed, and renewed, until (lie
stock is disposed of at a premium, or so long as the
hank continues solvent; that is to say, until it be
comes openly bankrupt.
It is obvious that in this case the required pro
portion of the hank capital is neither paid nor se
cured lobe paid. It lias no other basis than the
notes of individuals who can get credit no where
else. In the meantime the bank is permitted logo
on incurring debts to twice or thrice the amount of
its capital; and if it were all fairly paid in, without
any other basis of responsibility than the credit of
men having neither credit nor montv. All at once,
to the astonishment of those not initiated in the
sublime mysteries of modern hanking, these men
seem to become rich. They set up equipages; they
revel in luxuries; they dazzle with their splendours;
they affect aristocracy; they quafl' Bingham ami
Ludlow wine; and they cast into utter insignifi
cance the industrious man w.ho lives by the sweat
of his brow, and the plain, old fashioned citizen,
who supports an honorable independence on the
proceeds of his own real property.
The bank is at length compelled by “* avoida
ble circumstances,” by “the pressure of the times,”
or some other vague pretext, which is always at
hand, to stop payment. This brings me to the se
cond flagrant abuse in our system of banking.—
The bank is only responsible in the amount of its
chartered capital, and that capital is principally re
presented by the notes of hand of individuals, a
large portion of whom have no responsibility.—
n >1, at once abrogate ihe charier of such tt swin
dling institution, am! thus ihrever prevent its ft?-;;
depredations. There is, there can hr' no reason,
ii is Inal tiie same nfl'ieticc which first obtain. <1
ilte charier is at u!i times sufficient to screen its
managers front the c<> sequence of iis ahuse.
In this wav have tne laboring ein rses of tins stale,
tin.I everv Btatein the Union, been swindled out ol
millions and millions of dollars, the fruits of <heir
hard earnings. Ami vet, gentlemen, there is lutl
one solitary instance with which I am acquainted,
were the managers of such wholesale sweeping
frauds on the community have ever been brought
Injustice. I allude to a case which occurred a few
years since, and I only allude to it here, because l
do not wish to revive the recollection of event-
which cast a deep stain on the honor of our city,
any further than to held them up as an example
and a warning. Bui even in that instance, the vie
tims were the mere scape goats of the jugglers be
hind tiie scenes, who escaped with impunity.
Your correspondent Yelo, Jo whose uncommon
clearness, capacity, and logical precision 1 pay eve
rv proper deference though I cannot subscribe to
•til his opinions, inis in Iris last communication on
the subject of incorporations, pointed out various
modes of correcting tiie abuses of our hanking sys
tem. They are all excellent, if they cottl.I he ap
plied. But alas! gentlemen, I have lived long e-
rnuigh, and enough, to know that legislative
bodies may create a power which they cannot af
terwards control. Laws will not execute them-
selves, neither can all laws be.executed. Inexpe
rienced legislators presume in the plenitude of their
wisdom that (hey can let slip a whirlwind, and af
terwards prohibit its ravages. They dream that
they may confer oil rogues the power to play the
rogue and then restrain the instincts of their tta
lure wiiliin the limits of the statutes. They flatter
iuennst’ives "i* 1 ! ‘*m sell’sufficient notion that thev
inayc infer o:i g-a>pinguV4HCv, “/“‘ stake ils
soulagiinst the certainty of gain, the opportunity
to enrich itself on tiie ruin of others, and then say
to it “thus lar sii.iit tho >gli go and no further.’’
Did they never hear off Gunute, who commanded
the Waves to stay tiieir course, or did tiiev read
that the waves obeyed him?
No, gentlemen. A wise legislator
proceed on such fallacies as these. H.
that no legislative wisdom is a match
cupidity. He knows that no lawgiver can cope
with rogues in the mysteries of tiieir own illiquid* s;
and that the lies! of ail possible modes of preven
ting abuses, is io withhold as far as possible the
opportunity, the temptation, and the means of per
petrating litem. I am, &c.
AN l'I-MONOPOLY.
They find an expression of ;n /•--••e- ‘ ■< o-i ih» part i>i' the
presii.l . :h-e i!. kim; vmU n- ins vvlioh constitutional
po'.v (which i a . til’s th • puw r to coiivva ■ the chambers
ii; any mu ■,) but lit y <lo not fiiul that expectation to have
b-eu ri’sponij’d io by the French minister; or, if it was. the
i’<• am ‘tit containing the response has not been communicat
ed to congress, &•••. <fcc. It' t!»t» chambers had been conven
ed earlier than usual, iliou^h nothing should have been done
bv tit in, at th- time (hat congress tn*t, if is not probable,
says the report, (hat ihe president would have held the lan
guage towards Franc", which is contained in his m-'sunge,
nor would he, if he had known what subsequent intelligence
Iws disclosed, that the chambers were to meet on the 1st ot'
December.
The reasons assigned by the French ministry, fir not rail
ing an extra meeting ofthe chambers, were plausible at least,
and if they do not command conviction, would justify ac
quiescence in the course of III 1 king, ii, as the committee ar
entirely convinced, throughout the negotiation, and on aii
occasions, before the treaty and after liie treaty, the king
has invariably shown an anxious desire for tli" sat isfiictoiy
adjustment, of the differences between France and the Uni
ted Siati-s. Tic-opposition to the execution of the ir ary had
not proceeded from the king of France or his ministers, lm
from the Chamber of Deputies. Whilst these exertions ac
making by the French government, the policy of tins go
vernment is to strengthen them—to second them—and
above all, to do nothing to impair the force of them.
’the refusal of one branch of a gov-Tiimen,. it is tru
(says the report) to execute a Treaty at t </ be regarded ns th
refusal of the whole government; but when (lie head of flu
government evinces the earnestness which has been showi
in this case by the political head of the French government
such o conclusion ought not to !«• lustily drown. I pon the
whole, th-’ committee p-e of opinion that ih • time lias not
y: t arrived, when Congress is called upon to go into the con
sideration of the very serious question, whether th -y will
enter into any measure for the purpose of taking into th -ir
own hands redress for wrongs by France. The committee
are of opinion that congress ought to avoid any resort to
war, or to in asures which may lead to it, and rather wait
to see the result of the exertions which the French King is
undoubtedly making to carry the Treaty, into full effect.
Wc have not finished our account of this report, but wc
have followed it out far enough to disclose to the r adcr its
general character, being prevented by the lateness of the
hour from adding more.
will never
well knows
for i’.itiiitin<r
UNITED STATES’ CONGRESS.
MR. CLAYS REPORT
From the Cotr.mitt'e of Foreign Relations in the Senate, on
the subject of the hrmch Trial:/.
The following abstract of its contents, is furnished by the
National Intelligencer:
The report sets out with expressingtheentireconciirrence
of opinion of the Committee with the President as to the
justice of the claims for the paym rit of which the Treaty
hetwe.-n the l nic-d States and France makes provision.—
They had their origin in flagrant violations of the law of
Nations, and of our neutral rights, for which the pretence
alleged nt the time ofTorded no justification. At tho period
of those aggrccuions. the Government ol the Uniled States
would Irnve ireon fully justified had it then appealed to arms
to vindicate our outraged rights; and it was a fact known to
Executive Patronage.—On the Gtli instant, in the sen a - ,
of the United States, the following resolution, ofleied the
• lui hefure by Mr. Calhoun, was taken up and adopted:
Vesotvea, L.„i. ? select committee be appointed Io inquire
into tire extent of executive patronage; the oircuuHHnces
which have contributed to its great increase of late, the ex
pediency and practicability of reducing the same, and the
means of such reduction; and that they have leave to report
by bill or otherwise.
On motion of Mr. Calhoun, it was ordered that thf! com
luitlec consist of six.
3Ir. Calhoun wished that the committee might consist of
two members from each of the political parties. For it i>
wcll known, said Mr. C that there arediff-renf political in
lerrsts in th ■ senate. That when he considered the exmii!
of executive patronage and influence, and its important effect
upon our f'.ture prospects, he wished to go into its considera
tion tree from all prejudices, and to give it an impartial eon
sid -ration. He wished the committee might be imm chat ly
appointed.
31 r. Poindexter proposed that the election of the commit
tee would lie postponed till tomorrow morning.
Mr. Calhoun objected.
Ai.d so the senate proceeded to ballot for the committee,
w Ii-n essrs. Calhoun, Southard, Ribb, Webster, Renton and
King ■ f Georgia, were elected.
HOUSE OF REPRESENTATIVES.
Saturday, January 3, 1S35.
The house resum 'd the consideration of the following re
solution, submitted yesterday by 31r. Gamble:
Resolved, That the secretary of the treasury be directed
to communicate to this house whether, in his opinion, it is
practicableor convenient for that deparim:nt to collect, safe
ly keep, and disburse the public moneys of the United states
without theagencyof a hank, or banks; and if so, to report
to tiiis house the best mode, in his opinion, by which that
accomplished.
lion was of the first importance.
Mr. P'oik sat I, the time was, and not very remotely, when
it was cont tided here that a bank, and only one bank, could
act successfuliy as an agent of th* ir-usury; but. now when
it was ascertained that other agents had succeeded ’iri dis
charging I he sain - duties, it was, lor the first ;inie, ase. rtaiu-
cd ami asserted that no bank was necessary.
Mr. Allan hero remark 'd that ha had nit contended that
no :>ank was neccss.-Trj As in !hot ft had giv-m no o.iin-
’on. lie ban -aid ;uat i; was contended by some that no
bank agency was necessary.
Air .Polk resumed. lie would state, precisely, what wn.
the information on it.:-- p< . it,furnisl« .1 rn ib rejort. Th >n
was n passage io l.i- ! ;, t * »rt which responded di: r iiy . tie*
inquiry embraced in the resolution. He would read it, oa
follows:
“After th ’ charter shall xpir», do di fiicultv is anticipated
in having any ot these dm i s, which may then remain, dis
charged bv State hanks. But if arty should occur, it will be
come necessary to devolve these dull -s on sons*’ responsible
receiver or collector already in office, or on some safe ag at
not now in office, as lias b cri the practice for years in tiiis
country in paying pensions at convenient places, n.-tr which
th- r>- was no State bank or branch of the Unit- d States’
Bank, and as has long been the usage in some countries of
Europe 1 , by having th- public revenue in certain districts
chiefly received, kept, and transmitted through private agents
and brokers. 1 his kind of p T-onnl agency, however, is, m
tic opinion of the undersign d, to be avoided, in aii practi
cable and safe rases, under our present system of selected
banks; because it would render the system le»s convenient,
less secure, and more complex, if not more exp nstve.--
Heru-e it has not yet b cn resorted to.
“But it was considered proper to mention this contingency',
in order that its iff els, if ever anticipated, may h’ibr hand
be duly W"ighed in tho examination of th - w hol» subject;
and to add, that if this coming -ncy lie extended to the whole
•stablisliment of State hanks, os well as ofthe United States’
Bank, on the possibility that th"v may all cease to oxbt, or
may refuse to rec ivennd manage Ih > public d posites, (hovv-
•v *r improbable tIv* occurrence ot such an event may be.)
the fiscal operations of th - government could undoubtedly
sidi proceed, through tic p rsona! ageitct s b fore rn -nlion-
d. It is admitted, however, tiiat it would be a‘ sonic in-
eunveiicriee, and some increase of expense, unless remedied
in a manner that may hereafter be developed, and would not,
in the opinion of this department,'and in liie present condi
tion of things*, be so eligible a system us the present one.—
Because banks, though exposed to some dangers and evils,
uni though m>« believed lone necessary lor the fiscal pur-
poscs of any governm nt, and much less of one in th.; pre-
' 111 happy financial siluation of ours, arc frankly acknow-
i dged to be, in many resp a-ts, a class of agents, economi
cal, convenient, and useful ”
Here th it was a lull answer to th" inquiry whether the
public money could not he kept and disbursed without banks.
1 he secretary says it is practicable, but that, in the present
state ot tilings, ii is not advisable. In the bill reported on
tins subject, iron) the committee of wavs and means, there
yva.i a provision in respect to ih ■ manner and place ol keep
ing the public money, in cast: the dtqiosjiorieschosen should
< ease to exist. J o pass the resolution would not onlv be un
necessary, but improper. We call in it lbr a plan which the
secretary has noticed, hut not recommended, lie would
not now enter into the controversy as lu tic- emplovni nt of
corporations instead of persons. Hut he would say that it
did not involve theqncstion of the power of the government
o itlcot'poj'.iio a bank Instead ot - mploving collectors or
■ommissioners, the tre asury could employ incorporated com
panies. lie was not th" advocate of hanks of any kind; but
looking at tilings as they exist, it was apparent that they
were eonv 'nient agents. 3 our finances, lie would under
take to say, were as well managed by the agents now em
ployed as they ever wer"; and when the time came, as soon it
would, In would prove it. We were now about to act on
th sgr-’at subject; for. in tiie ordinary course of business, ;t
oust soon come before us. This call would have the t fleet
to delay our action. When the subject earn" up, any tnt in-
migltt present his vi ws and his propositions in regard t<»
mod ■ of keeping and disbursing the public money. Th >
condition ol th 1 local banks, and tiieir competency to act as
ms, would then lie b- fore us. lie did not rise now, cor
did h > y-’storduy, to oppose the resolution, but :o < all th - nl-
tention ol th • house to th" document containing the inlbr
mation called for, and which, lie supposed, might, amidst the
lumber covering our tables, have been overlooked.
Mr. S Jones regretted that th“ resolution had been
rought forward at this lime, and hoped his eolleague would
withdraw it. It would I’a ! to no beneficial results, and
was calculated to ienew the discussion ol a question which
had been mooted for months during the last session. Tho
information sought could l> of no service, and if it could, it
would lie found substantially in the supplemental report of
the secretary of the Treasury.
But lie rose, not so much to oppose the resolution, as to
notice sum ■ observations which had been made by those
supporting it. His colleague seemed to suppose, that if we
could employ the tHale banks as fiscal agents, we necessarily
had thc right to crsal'.: a bank for that ptirpo.se. He could
not conceive by what process of reasoning his colleague had
brought himself to that conclusion. The State banks had
been created by the laws ofthe different States, ill the exer
cise of their rightful and constitutional powers. Congress
had nothing to do with, and could not judge of, the constitu
tionality of thos a institutions. Wn find them in existence,
and the only question ibr us to determine in regard to them
object c it be
Mr. Clayton of Georgia, said he wished to pr -s nt to the
those who were conversant with the history ofthe times, ! consideration of the house, one or two views in favor of his
that ih 1 expediency of such a measure had been seriously ! coli ague’s resolution, which, in his opinion, seemed not only
considcreu in Ihe councils ofthe United .States. The selee- i to justify, but to call loudly tor its passage.
lion between tic-two belligerents, by which another nation 1 ft will bs recollected that we of the South are opposed to .
became th<*enemy at that lime, arose not from any ins nsj- | the bank upon constitutional grounds, and, indeed, it must , ! i ’ "h-'tlter we will use them as fiscal agents tor the collec-
bility lo tit” injiii ic.s received from France, but from consul- I not be forgotten that a renewed charter has already met with : l lo V an< ( h ; 'bursemc‘iit of the revenue of the United States,
eratious a( a different nature. Restrained hy prudential i executive rejection upon thai ground. Our principal argil- J J 1 distinct from ine qu.-stion, uhethor we will create »
considerations from th n making war upon France, the II- j menl is, that this government has no right to grant charters ! hank to act as a fiscal Jigeiit, ana is entirely unconnected
nited States had yet revolv 'd never to acquiesce in lit" | of incorporation, lbr any purpose. Now, we contend that j ? vlt *' a ‘ ia '‘'dependent ol it- 1 he secretary of tho Treasury
wrong aiid injustice done to them. but. to persovt re in the d"- j congress lias no right to do that indirectly, which it has not ' IS ,aP fi s< ' a * officer ot tiie l niteu ^ tales, and with lutn rests
maud of indemnity until it should be obts '
1312, one of our most distinguished citize
ter to France, was instructed to demand reparation for these created bv another distinct government IU r,u„ ... . , , -. „ ....
object. Let me illustrate the idea We say, and so save the i t f! ms arul contUHunn; but in the absence of all law upon
executive, yotl cannot establish a bank in Philadelphia, or 1 lw subject, the secretary o( the I reusury must exercise his
any w’
wrongs and the demand had been persisted in, by every Ad
ministration, from that day down to the conclusion of the
Treaty of 1831
The report then goes on to say, that of ilirs:' claims the a-
rnotint had not previously to the Treaty been fully ascertained
nnd could not he exactly known until they were finally ad
judicated; hut the committee concur entirely with the Pres
ident iu the opinion that the am rant awarded by the treaty,
by way ofind-'iiitiily, (alls far short of the just claims of our
citizens, including damages. Tho treaty had n vrrtheleas
been received in this country with geifral salislaction, tor
several reasons, hut more than all, for I he reason, that the
people of the United States saw in it the removal ofthe only
obstacle t<> perfect harmony between tiiis country and a na
tion, the remembrance of whose ancient friendship was al
ways dear to them. It had not been lbr a moment supjrased
iierscvc re m m<> d“- I congress lias no right to do that indirectly, winch it has not ; , ’’ . “ , .. 7. , "• p 11 *
lamed. As early as j the power to do directly. If it cannot incorporate a bank for 1 |h'discretion and respousi nitty of placing the puhhr money
;ens, appointed Min- i a given purpose, it cannot, by law, us.: a similar corporation j ‘J! " “ :,t depository he pleases. Congress has the power to
reparation for these created bv another distinct government for the identical same u| reet ,n "hat places it sliall be deposited, and upon what
. Let me illustrate the idea We say, and so savs the I tprm8 arul comlilMim.; but in the absence of all law upon
ivc, yod cannot establish a hank in Philadelphia, or lhw subject, the secretary ot the Treasury must exercise hm
here else, lbr the purpose of collecting and disbursing j «' vn dtscret.on, and act upon his ow n responsibility. And
evenue. Why ? B cause, by the constitution, you ! h< ! w ,°. ul(l . a f ur( '. h.s colleague, that he would at any tune
to riglii to rreate charters of incorporation. But here ■ J°! n * ,,ra *. n limuing tiie discretion ol that officer, in passing
your r.
have no right to create charters of incorporation. ^ ,. - , —
we part with the executive, and find it on the other side of j J a * " l . u ? ^bajl pxunt >iut where ^.he public^ money shalt
theqncstion maintaining, that, hy law, you may lake a bank
already incorporated to your hands, hy the independent nu
thorny of Pennsylvania, for the purpose of collecting mid
disbursing your revenue. Now, how can this be reconciled?
Is not this accomplishing, hy indirection, that which it is
acknowledged cannot be done by direct legislation? The
law which enacts that the charter of a State bank, already
cut and prepared, shall tie held and taken as the authority of
liie federal government for the performance of certain acts,
or more properly spenking, for executing some of its con-
that a treaty between the two coutries. being on the face of i stiuitional i'ovv. rs, cannot possibly, in principle, differ from
it a perfect obligation, w ould he violated hy the failure of j a law that should create a charter of its own. The people
either party to perform the stipulations on its side, &c.—and j of this country surely do not so lack discernment as to be
so little did oougress apprehend such a slate of things; that j made to believe there is any difference. Let the collectors
thev passed several acts founded ..upon the treaty, one of
which was to provide for the investment ofthe money to be
received under the treaty in some productive fund for the
benefit of the claimants, until the adjudication ofthe claims
should be completed. In consequence of ibis last provision
when Ihe first instalment became due, a draft was drawn
for the amount, I It" protest of vv hioh was the first notice of
the non-execution of tit • treaty To the mannner in which
this draft was drawn, perhaps on the score of formality or
etiquette sonic exception miuht be taken; but the committee
a re unanimously of the opinion thaithe mode adopted, of draw
ing for the money, was fully justified by the terras of the
treaty. It is with profound regret, says the report, that the
committee have learnt the failure ofthe rqpsonable expect
ations of the executive uud of the country, as to the execu
tion of the tr< aty.
The report goes on to say, as the president in Itis message
justly remarks, that the idea of acquiescence in the refusal to
execute the treaty, can never be fora moment entertained.—
The United Stales can never abandon their rights under it.
When negotiation for procuring ihe execution of the treaty
shall be exhausted, it will then be for the United Stales to
*f the revenue depositethe public money where they please,
holding them responsible for it, arid, perhaps, as agents, the
Shale hanks may effectually answer the purpose; but do not
l«t the governm. nt so fold its arms around them as to make
them political mai hin s. But, sir, wo are told, and, indeed,
we are in th" midst of the very fact, that the United Suit’ s’
Bank and its twenty-four branches, are incompetent to the
fiscal operations of ihe government. Not from inability,
either m ratal or pecuniary, for experience, the best of w it
nesses, gives a flat contradiction to that idea, but because its
great moneyed power is dangerous lo ‘ho liberti-s of the
country. Now, although this is not u sound argument against
its capacity to perform the fiscal functions of the treasury,
yet it will be admitted to be a very sound argument against
connecting it with th- government, and applies with as much
force against one bank as another, against forty little mon
sters, the present number in use, as one big one with twenty-
four whelps.
The object of my colleague’s resolution is to inquire, and
merely to inquire, whether there is no plan hy which we
may escape from th clutches of either. Whether it is not
possible to divorce th- treasury department from all cunnec-
consider what other measures are necessary to prucitre their j tion with the banking system; that system that controls tln-
riglits to lie respected. In the opinion of the president, that j great moneyed power of this vast country, and w hich is said
period has already arrived, and he lias recomtn- tided to con- i to have so dangerous an influence over the liberties of tin
gressto authorise reprisals in l he event of a failure of France country. And, sir, tiiis inquiry becomes a matter of still
deeper interest when it is remembered that one of the main
reasons for r moving the public deposited was the discover)
that the United States’ Bank was opposed to the “govern
ment," and had actually interfered in ils elections. Now, ad
tail tiiis, is there no danger from a similar interference on
the part of this great moneyed influence, though wielded in
another form? Grant that it may not be opposed to I he gov
ernment. (I use the word in its modern signification) may it
not be in favor of the government, and ! put it to the candor
promptly to make payment, Ac. The president however
does notpn sent the cours" of reprisals as the only one open
to congress, but by the admission of the alternative of wai
ting a further time for ilte ration of liie French chambers,
leaves to the choice of congress the two courses, of further
negotiation or a contingent measure, which in its consequence
inny possibly lead to w ar. As to the latter course, if the
habits, inclinations, and interests of this people are opposed
to war, when not unavoidable, with what* added force do
• . a i a A \'\ uinituiuauiv, »»»" "„ no* w ui ut me i l)Ul II IO liie CHIUlUr
lhose tvho nave Deen accustomed to mark the not all these objectionsapply.to a worwithan ancient ally,to of gentlemen to say, which is the most dangerous of thc
be deposited, and the t rms and conditions on which the
deposites shall be made. And, sir, both ill" g ratlemen (3Ir.
Clayton and 3Ir. Ewing) seem to have fallen into another
mistake: they contend, that by the establishment of State
banks, an attempt has been made by ihe Stales lo regulate
the currency; and we arc told that this belongs to Congress
and not to the States. Never was there a greater error.
Congressdias the right to coin money, and regulate the va
lue thereof. So far then from the banks regulating the cur
rency, thc value and currency of bank notes are regulated
by th" valu * ofthe coin. For, if any hank d.iesraol pay its
notes in sjierie, they must necessarily depreciate, and may
become entirely valueless. The State banks then cannot
regulate the currency; nor can the secretary of the Trea
sury, in selecting any of them as depositories of the public
money, regulate the currency; nor ran l ongress, by any law.
in regard lo it, regulate the currency.
This government is, anil ought to be, a hard-inonry go
vernm rat.. It was so until Congress, in chartering the hank
of th” Unit -d States, authorized the payment of debts lo the
United States, io be paid in its bills, and it will be so again
so soon as ilia? charter expires. Congress may make such
provision in favor of the State banks, but never with his
consent. No, sir, let the dues to this government be pay
able m gold and silver. I was opposed to any law which
shall authorize the bills of any bonk to be receivable in pay
ment of debts to the government. Congress may go further,
and say that no bill of any bank shall be received in pay
ment; but Ibis would he useless. None w ill bp taken unless
it can be redeemed in gold and silver; and while a bank is
able and willing io redeem ils bills in gold and silver, you
may prevent their payment to the government, but you can
not by any law prevent the people from taking them.
Nay. more. Though you may require your collectors to
demand gold and silver in payment, you cannot prevent tho
people from calling on those very banka for th. gold and
silver, into which it will be again deposited by the collector,
so soon as it is received. And to save all this trouble, the
importer will deposite the bills iri the bank, for which it is
bound to pay him specie, and he will take to the collector
a certificate ofthe cashier that his check will be paid in gold
and silver.
You may aLo prevent th? State banks from bsing made '
the depositories of the public money. But tin’s, so far from
proving a benefit, will prove au expense, useless and nnne-
eessary. You mast erect buildings suitable for such deposit
ories, and you must employ guards to protect them.’ All
his expense may be saved by the employment of State
banks. If they will answer all the purposes of the govern
ment as fiscal agents, there will be no necessity for a bank