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t) itnure is Wealth. —In our inter
,r.>c nil 1 some n! I he the farmers
residing’ within forty <>r fifty miles < ’
New Vork, on long Island, we have
been surprised at the instances re
lated to os of the profitableness of
funning. Some farmers, known to’
have labored anti toiled hard, have
continued yearly to full in arrears
until they have commenced buying
manure. Fifty-six cents are given
per carmen load at the landing, for
tiro apparently worthless dirt swept
from the street. This applied at
the rate of twenty loads produces
wealth. The very farmers who
could not obtain a living by using
only manure made on their farms,
have in a very few years, not only
freed their farms from incumbran
ces, but purchased others in addi
tion, and are now, from the yearly
profits of their farm, putting money
out at interest. If then it is found
so profitable to buy manure, and be
at tire various expenses attending
the carting, how very important is
it to give special attention to increas
ing the quantity and improving the
quality of that made oa the farm.
There is no question but that almost
every farmer can double the quanti
ty of his domestic or yard manure,
without scarcely any additional ex
pense. It is thought too, that at
least fifty per cent, of the nutritive
properties of yard manure are lost
by drenching of rains, excessive fer
mentations, and injurious applica
tion to soil. The more we consider
this subject the greater floes it be
come in importance, and justly re
garded as the primary object m
farming.— N. V. Farmer.
As there are none so weak that
we may venture to injure them with
impunity, so there are none so low
that they may not at sometime, be
able to repay an obligation. There
fore, what benevolence would dic
tate, prudence Would confirm. For
lie that is cuiuiotso of iunultiu- tlic
weakest, and not above obliging the
lowest, will have attained such hab
its of forbearance and complacency,
as will secure him the good will of
all that are beneath him, and teach
him how to avoid the enrnitv ofall
that are above him.— Colton.
The idle levy a very heavy lax
upon the industrious, when by frivol
ous visitations they rob them of their
time. Such persons beg their daily
happiness from door to door, as beg
gars their daily bread, and like them
sometimes meet with a rebuff. A
mere gossip ought not to wonder if
we evince rigns that we are tired of
him, seeing that we are indebted to
the honor of bis visit, solely to the
circumstance of his being tired of
himseit. He sits at home until he
lias accumulated an insupportable
load of ennui, and he sallies forth to
distribute it amongst all his acquain
tance. —Southern Universal Ist.
A CURIOUS FACT.
The statement of Mr. Wise, the
BP mailt, B he a fact, is a curious
one. It is well known that almost
every one on looking flown from a
gi eat height feels effected hy verti
go—giddiness of the head—and a
sensation ot sickness and inse
curity. But he aveis, from re
peated experience, that this only
occurs when the individual is sitting
or standing upon something connect
ed with the ny ound, even it it he on
ly hy a rope, or any other slight
communication with the earth
Bat that entirely isolated from the
jeatth, no such feeling or sensation
can he experienced.
CURIOUS LAW CASE.
A case was tried recently at New
Orleans, as we learn from the
American, involving the question of
the ownership of six geese. So
contradictory was the evidence, that
the venerable judge, in order to set
tle the question, ordered the geese
to be turned into the street, and
appointed two officers of the Court
to watch their motions. If the geese
went to the house of plaintiff’lie was
to be considered the owner; if to
the defendant, then the case was to
he decided in defendant’s favor.
The geese, on being let out, made
their way to a neighboring mud
puddlc where they regaled them
selves all day, and the last intelli
gence was, that they had not reach
ed the domicile of eilhei party.
Ah, Mr. Baldwin, you are too
Democratic for \uur parly. If yoll
continue to act upon the principle
that you “owe a higher allegiance
to truth than to party,vou will
soon find that the modern Whig
party have no (arther use tor you.
Age of Sheep. —The age of sheep
may he known l>\ examining their
front teeth. They arceight in num
ber ami appear during the first year
all of a small size, la the second
year, the two middle ones fall out,
and their place is supplied b\ two
new teeth, which are easily distin
guished by being of a larger size,
in tiie third year, two other small
teeth, one on each side, drop our and
are replaced by two larger ones; so
that there are now four large teeth
in 111 e middle, and two pointed ones
ou .each side. In the fourth year,
the large teeth are six in number,
and only t\yo small ones remain, oue
nt. each end of lire range. In the
fifth year, the .remaining small teeth
are lost, and the whole front teeth i
are large. In the sixth year, the!
; whole begin to he worn, and in the
sever * h, sometimes sooner, some fall 1
out or are broken. — Southern Uni- 1
versa! tst.
h, - m the Cheerie ion Covri-r.
SPEECH OF COL FANUIL : ■
Os Cnarktston, South Carolnia, (Jt r-- die ’
inqucsL cf the Democratic itep. •• • ;• fo’
eral Committee, at -c- Muss M ••. -.g'-Afo ’
Mechanics an-'. - Weiring 1 ISt v. _
iti reply to * •: ; i-..-- oi Vy :
oa J;c Cm -wx > xn . .. r ; .■■
I V.llow Cmm *>*•• I ir-.-s* ifeu! m addr
vr audiere :e lo which \am w-Bonal-v strau- !
per, 1 snailo; be th. xgm ■; wtrmfe Tioc vm* |
patience. 1 -itil .o': {•c'iO’.v.fiiiy-.ei!, ‘
interested wi’ a. you m th. great and event!ui i
contest which now agitates tin - whole country, I
and 1 snail confine my remarks to those topics j
in vnich we have a common interest. To ad
dress so vast a multitude of iree American 1
citizen assembled to deliberate on the most
momentous question which has agitated tins
repur-iic, is an honor which I duly appreciate.
Tfie time hos arrived when the people of these !
rlilted States, are to decide the vital question,
whether ;he government is to be administered !
by the democracy which fr lined it, or the aris- j
tocracy which has uniformly opposed it. The
democratic character of the constitution of the
United States the strict enumeration of what
powers the people of the seveial states were
satiefied to confide in the general government,
the cautious reservation oi all power not grant
ed ■ o the “states i espe.ctiveiy or to the people,”
the popular tone given to the electors of the
chief magistrate, all emanated from the demo
cracy tin- had struggled through toil and blood
to shake off the trammels of a transatlantic
monarchy, and erect on these western shores
a proud democracy, based upon the eternal
truth that the people possessed the ability for
self-government, and that equality of right
would always enable honest industry to reap a
sure reward. The United States government
was established chiellv to check the a cases of
an irredeemable paper currency, and to estab
lish a general power, capable of uniting the
streng th and resources of the whole Union, to
secure peace at home, to resist aggression from
a bread, and to manage these general matters
which equally affected all the states—carefully
reserving all internal concerns to the -states
and the people of the states, believing that the
least control over the actions of the citizen,
consistent with equal rights to ali, is best cal
culated to secure life, liberty, and the pursuit
of happiness. The antagonist party contend
ed for a general consolidated government sim
ilar to the monarchies of Europe, and the per
fect subordination of the states to the federal
head. This constituted the original distinction
between the two great parties which first divi
ded cur country, and continue to form their
distinguishing characteristics. And the time
has now arrived which is to decide whether
the deputies of this country are to be directed
by the one party or the other; whether the
struggles of the involution are to secure to us
and our posterity the missings of a democracy,
or are to end at last in the subserviency of the
laboring - and industrious classes to a moneyed
aristocracy, whose roots reach in ali probability,
beyond the Atlantic. The same party which
in the convention urged the adoption of a con
solidated national government, armed with all
(he attributes of monarchy, after suiferinj a
mortifying defeat there, struggled to accomplish
in the construction and administration of the
constitution, what they had failed to engraft
upon its provisions. The indebtedness which
arose out of the revolutionary war gave coun
tenance and excuse for tiie adoption efthe
funding system, and ultimately the creation of
a. National Bank; and from that period to the
final payment of the public debt, the govern
ment has been compelled to submit to that ex
pedient, although it never met the cordial ap
probation of the republican party, and received
a reluctant and hesitating consent to its con
stitutionality. When the democracy of the
country placed in the chair of state that man,
who as a gallant and skilful soldier, had rolled
back the impending wave of foreign invasion,
and protected the canital of the valley of the
Mississippi from the tender mercies of a ruth
less foe, and elevated the name and flag of his
country to the proud height wh ‘re I trust 1 hey
will ever remacn, he perceived at once the dan
ger to the independence of this government,
from a vast moneyed institution deeply i oter
esfetl in accumulating wealth for is stockhol
ders at every hazard to the public weal. His
sterling integrity, even his enemies have not
dared to question; his sagacity in discovering
the coming fate of the United States Bank, is
now the theme of eulogy with every candid
statesman. The very nature of such an insti
tution is to demand a perpetual renewal oi its
priviliges, and enforce that demand by placing
the communay in its power by arbitrary expan
sions of its issues, and, once securing them as
debtors, to work upon their tears and wants by
contractions equally arbitrary. His firm re
solve, his honest purpose and confidence of his
fellow-citizens in the purity of iiis motives, en
abled him to shake off this incubus from tiie
national treasury, and leave the people free n>
organize their financial affairs unawed and un
trammelled. Its president boasted that a bet
ter charter was procured, and but a hon tun?
since left its management, and de. lared to
be in the full tide of successful ope •••, i•? !
you now behold it reeling and staggering m j
the very agonies of dissolut ion. The present
democratic administration, after an unsuccess- i
ful effort to indulge the strong predileet-o .-of’
a portion of the people, by comm ttmg the pub- i
lie revenue to banks b) the st t<
and permitting me n to discount noon it, toumi j
that many of these banks refused to redeem
their paper, or restore the pub ic tends. Mo
alternative was left but for the government to
retail.’ the public money in the national treasu
ry, untu il was paid away to the public credit
ors. The meedem mom deb’, the reduction of
the revenue 1° the wants oi government, ail
combined to afim.d the acceptable opportunity
to return to the shng'liony and safety contem
plated by the framers oi the constitution, to
raise no more money from the peopie than the
public necessities require, a."d to disburse it
directly to th ,-e for whom it was designed and
appropriated.
The present president, who succeeded Gen.
Jackson, and was reared in the school o’ de
mocracy, accordingly began his administration
by recommending to congress the establish
ment oi a public revenue, and, after a full dis
cussion bell.re the people, that measure has
been adopted; snd on the 4th of July, 1340, if
became rhe lav of the land. And for this the
Wh g party, the nucleus of which is that party
winch, from the foundation oi tire government,
has struggled to involve the administration in
all the meshes of finance, banking, and siock
j jobbing—swelled by allies of every hue, and
j malcontents of every shade, have declared a
i war of extermination against the auniinistra
j t on, and have waged it with every weapon
j winch savage or civilized warn are has offered
to hem. The conflict has mow reached its ul
timate point. The crack of the sharp-shooters
h s cessed—-the rattling of the musketry is
over—anu even s he roar of the deep mouthed
cannon is hushed, and the victory n. v awaits
a general charge along the whole line. The .
enemy is led on bv its renowned champion,
full oi fame and lull of hope. He has selected
thi-? beautiful ci y, the commerck 1 emporium of
the western world, as his last field. If you,
the unterrified democracy of the* land will
stand by me in the conflict, so strong do J feel.
in the truth and justice odour cause, that we
will stand the onslaught, and believe me, my
friends, this Goliah of the V*. bigs sinii not es- ;
cape us Already his voice i • resounding j
among ins followers, and is echoed by the pal
aces o. wealth, in another ouarter oi vour ci
v- * ‘ i
I shall address myself to your understand
ings, not your feelings. I appeal to your judg
ment, no: your passions, ana shfoi do my best
to ueiend -fie pruieipi and me-.cures of the
democratic . o lru . n in reiai-icn to the
three gram. too; on .inch the Whig* i-..:y to I
destroj - t . eopie in
he reorgaaW.ion -V |
-'■ - ‘ -
; is\ a- \vn the following propositions touch- j
i ng the cciff ney.
■-• “ • ;.i under the co.u-fo ..... ,he ? - - :
ited Etwes, - on .re- -and the ..dmu-n-i ■■■<•.. |
j have no c- ntrol o ‘c the cuimev L*ey; ad the !
! ‘c:X; na* V&iit Oi ]>OV*. t V UOiii liiO.i'.t*V tc. ivJ I
j regaiati t value thereof an* hat Ihe Uni
!'od t-o ’ * r-not bound nil n.: autnorit.vi to j
1 .ifliru or recogwze any other currency.
2d. i'hai mere me nut ihree modes c; d.s
p< nu ■ tic-re, from its cffilec
tic : o its ffisbu; ,-emcnt 1 deposite it in a
Bank of the United States-—to deposite in the
• oaiiks incorporated by the states—or to retain
> it in the treasury of the Union, under the cus
| tody of officers responsible to the laws of the
Union. And in neither is it strictly in accord
ance with the nature and provisions of the con
stitution to lend the public money to private
persons, without any specific appropriation by
j congress
j fid. That of the three modes stated, a Uni
j ted States Bank is at least of questionable con-
I stitutionality, and at this time would be impoli
tic, and ruinous to the state banks and disas
trous to commerce; that the second expedient
is abandoned by both parties; and ihit the In
dependent Treasury thus becomes a matter oi
indispensable necessity, and will, in its effects
and operations, give stability to commerce, the
currency, and exchanges, and maintain and
promote the inteiest of all the industrious clas
ses of the community.
I hold it unnecessary to distract your atten
tion with those collateral issues which party
excitement raises to inflame the passions and
mislead the judgment. The present difficul
ties which press upon ail classes cf the com
munity, can be fairly referred to obvious caus
es unconnected with government, and tracea
ble to these infatuations which periodically lead
astray the public mind. Our chief business is
With the future. The policy w liich the demo
cratic administration has prescribed, is openly
and plainly avowed. Whatever has been the
course of events heretofore, now the adminis
tration proposes to collect the revenue in the
constitutional currency, and to pay it away un
der appropriations by act of congress in the
same currency; and m the mean time to keep
it m the public treasury under officers respon
sible to the laws of the Union, and to have no
connection with banking or any other branch
of money-making, but leave that solely to the
people. Such is the financial policy of the ad
immstration. The Whigs, closely as they
, have endeavored to keep their designs with a
view to preserve harmony in their ranks until
. they have displaced their adversaries, have
these alternatives only:—lst To deposite the
. revenue in state banks, to be banked upon; 2d,
to maintain liie Independent Treasury; or,
lastly, to create at cnee anew Bank of the
United States, and there place the revenue to
be banked upon. The first scheme they have
reviled so much that they have not the face to
adopt it. The second is the very test question
of the present administration; and if that is
their object, there is not the least need of any
change. So that the last is in truth and in fact
the true and only aim of ali this vast and
migh’y movement; to disguise it is folly: to
say that General Harrison is not pledged to it,
i,, weakness: it is his destiny; he could not
avoid A if he would; and just so sure as he is
elected, h D party must either be guilty of the
excessive meanness of adopting the rejected
and reviled measui'?s of democratic adminis
tration, or they must boffiN enter upon an ex
periment which will do more to convulse the
trade and business of the country, if. an ail and
every change which has come over ns. v£ r Y
state bank would be prostrated, merchant,.’
would be pressed, capital withdrawn to the
amount of filly millions, to be loaned cut .o
oilier individuals, and the dawning prosperity
of our country, which is now rising higher and
higher to the perfect day, will be clouded with
misfortune, rent with such a conflict of e'e
ments as will leave behind devastation and
ruin. The people have been misled by being
told that the policy of the country has prostra
ted trade, reduced the price of labor, and the
productions of agriculture. 1 will firsi. prove
that there are other causes enough to account
for all the derangements winch exist, and show
the true cause of the present price of agricultu
ral productions.
The banks south of New York, especially
the great United States Bank, are in a state of
suspension; and the excess of our importa
tions, from 1632 to 18-36, was one hundred
and forty-iour millions of dollars. Since
1821, the States have created stocks, some
judiciously, but many wastefully invested, to
the amount of one hundred and seventy-four
millions. Most of these find their way to
Europe, and with the exception of about fifty
live millions in specie, this vast amount, has
been brought over in British manufactures,
glutting our markets and prostrating our ma
nufactures. This vast importation war not
wanted, but tin- peopb- were induced to h
be .• use they were offered on credit. The
importing merchant sold c:> extensive maid.,
and on his books was ge: t. ug \h: hr accor
dingly moved up town, got • piendid furniture,
and fared sumptuously. ’I he country rim.-,
ch tni had eight and twelve months credit,
I took his goods home to his village or settle
! meiit, and finding an excellent opportunity to
. make a fortune by his born .wed means, in
jsi'on sold out at reduced prices, and urged
his goods upon tii? consumers by every
j temptation; thus he became possessed of
! hum a. to operate upon. Madness ruled the
iiour. Instead of the sturdy husbandmen with
ins axe, the surveyor anu platter went into the
wilderness; at every confluence of two
streams, a city was iithrographed, laid out in
streets and squares, ready for sale. Lots were
rising every day, and the proceeds of the
merchant’s goods were hazarded on the spe
culation. At last, like all popular delusions,
the veil suddenly was lifted up, and these i
fairy fortunes vanished. The country mer- !
chant iiad only 7 town lots in the woods, to pay
the town merchant; these would not pay his j
engagements, and suspension and ruin fol !
lowed, riieir customers could not pay them;!
and the banks too suspended From that
I time forward, men have been collecting to
gether tiie scattered fragments of then’ for-
I tunes, and endeavoring to retrace their steps
l ack to the old and time honored walks oi’
sober business. Whoever is to blame for this,
one thing is certain—that had the revenue
continued in the United States Bank, it would
|have been loaded out; the deposit instate
j banks only changed the board of directors. It
; was a common ima. uation, and instead of
mutual recriminations, good souse teaches us
to look to the future. I have brought this
manor to your view merely to show that at
least it was not the Independent Treasury
which caused the mischief. Let us turn, then,
to the present question. I contend that from
; its very nature, bank paper is not ana cannot
be c urrency. It is only a substitute for it.
Mr. NX easier says that the Government is
bound io furnish the country with a sound
currency. Our constitution has done so; and !
now i claim of that gentleman, who is a law
yer, and a great oue 100, to adhere to the issue.
1 wish to pm him to tiie question—what is
; currency l I take r that currency, from its
very nature, n.qs be * .at species of merchan
dize, that iieing itseli intrinsically valuable,
: nas been adopted by universal consent as tiie
measure of all other property ; and I call on
| merchants, practical merchants, to follow me
. through tiie arga nent. Fhey have been my
associates through life. My walks have been
“on the riaito” where merchants congregate
; —men who are in the habit of calculating
voyages, and planning exchanges ; and to |
them { s&\, that as regards foreign commerce,
prices here are regulated by prices m the
market; bm o: e currency ir known—hat of
.a. : .H is. ver, and ;or -j.o pia.neot reason —
lit ;.- ~*■ ypi p* : • i;s property and die
; - I c.;i in” i o\ery quarter of 1
hat which can al ae in
|; m- oa; -> U; p a ba Dob; is usually
j ! : ■ .” • ‘• ■’ o proper yi ■
- - •••..- ; ■ e ;)• .-me? die Ucitfof. me
|.- t: i • v ; 1 • .ie debtor oi our.-c
; ;■■•n .-{■ ■ ‘-•■ . But dm is not payment
i ;‘or ’iron- •: •. 1 .. : !.. e ‘orued; if .-.a. .
. ‘ •!, - b. jiv. .mu gold and•-- ci
; s i perty. I has if a merchant in ‘ew
:■ k r .-be iifijj dour to France and
•tiib'l-xad, -re die ffiiusuis ot Ins calv-n
----: r io a l He i.-ceru ns the price there i
goid and sii or; for whatever may be tno
local currencv, the merchant reduces it to
com as the only safe criterion. He then de
cides on die probability of tlic price continu
ing ; the freight, insurance, expenses of ship
ment, &c.; and then he ascertains just how
much specie he can afford to give the farmer
for his flour, so as to leave the merchan’ a
fair profit on bis adventure. If he- pays the
farmer in specie he pays the exact sum; but
ir he pays him paper oi n suspended bank, he
nays so much more as tv ill enable the farmer
to realize the exact amount of specie. These
calculations are subject of course to tns dis
turbing influences which affect trade, but
substantially they are the basis of all foreign
trade. Gold and silver then being the money
of the world, or the currency oi the world,
and all foreign commerce being regulated by
if, let us examine its practical effect upon the
price of flou” as an example. At present flour
is low, and the Whigs lay it all to the govern
ment, as though the government, the demo
cratic government, is responsible for that good
Providence which has blessed the labors of
the husbandman not only in our own smiling
land, but both in England and on the conti
nent of Europe. If flour was worth ten dol
lars a barrel in England, do you believe it
would be dull of sale here at five ? would not
the merchant at once buy it up 1 and compe
tition would soon fix the price of flour at its
just value in proportion to its specie price in
the market of the world; but the great Whig
expounder said to the good people of Pat
chogue, “ You send the surplus of your pro
duce lo market. Remember, o ily the sur
plus. If prices are high, that affects only the
surplus. If prices are low, sail it is only the
surplus that is affected. And if prices are
down one-half, only the surplus feels that fall.
“But it is not so with the cotton of the
south. The planter can’t eat if, nor he can’t
drink it, nor he can’t smoke it. He has to
self the whole of it; and if prices fall, the fall
runs through the whole. And he has to buy
nil that he wants for his own use out of tlie
diminished sum which his produce yields him.”
Now if this means anything—if it be not
an experiment upon the sagacity of that au
dience, it means 1 1iat Mr. Webster charges
the low prices of flour and cotton on the ad
ministration, and that if he and his party get
into power, the price of flour and cotton will
be higher. A. fallacy so bold, if it is the besl
argument of the Whigs, leaves the democra
cy nothing to fear. Flour, like every other
article that is sold in market, depends on the
relative supply and demand. If Ihe supply in
Europe is large, and our own small, we shall
import wheat; if tire reverse takes place, we
shaiJ export it. It there is an abundance eve
ry where, there will be no buyers, and neces
sarily there can be no sellers, and the ardcle
will be dull. What is the fact now. 1 Food
is every where abundant, and by the unaltera
ble laws of trade, of course cheap. Mr Web
ster has brought his wares to the wrong mark
et when he attempts to palm off such doctrines
as he avowed at Long Island on the enlight
ened planters oi the South. They are too
well educated; some of them have met him
in liie highest councils of the nation. They
know full well that the price of cotton ill
G.'‘"'Heston depends not upon banks o? bank
papei hi America, but on its specie value in
the mar in. of the world; and that again dc
pends on the demand and supply. A short
crop lessens the c'mplv, and prosperity and
peace increase the c<_ , a' l unpticn. Thus dur
ing the year that Englm and was compelled to
export six millions of specie to buy bread lor
her i.eople, they had little lnoiiDy so buy cloth
ing. The stomach is clamorous, ‘idmust be
served first: hence the diminished demand
for the manufactured article, and the co. se
quent fall in the price of raw cotton. Why
do buyers watch with such anxiety the arri
val ol the packets, but to ascertain the prices
in Europe, 10 regulate the prices here* The
enlightened planter knows what his cotton is
worth in specie here, by its value in Europe,
and if lie is paid in depieciated bank paper,
lie knows enough of arithmetic to calculate
the discount, i have thus refuted the un
founded charge that the low price of flour and
all exportable commodities is chargeable upon
the administration, and now to proceed to show
tha the projected National Bank, or any other
means oi infusing paper into the currency, 1
cannot have any effect on our foreign exchang
es. Ali merchants must agree the balances j
of trade due to foreign countries urns- be li
quidated in spec.e. What then is a bib
e.vcfinuge? i*. is simply an order by winch a
pa-'y w no bus iimth al road appropriates .Lem
i. .tfie c.Jer oi use of one who, hating his
mea ,s .here, desires to exchange; and the
! m “ins on which the transfer is made, cot!
! tutes tit< rate ol exchange. When ihe bid
ant trad i qua!, this ami nuts to-tffi ex
;pc use of transmitting the money. Bui all
| exchanges are calculated to be paid in com.
What won hi an English merchant, having a
bill of exchange on this country, say lo a pro
posal lo pay it m depreciated bank paper, or
any paper which could not at a word be con
vened into money? When balances are due >
to England, she in not paid in bills of the Bank j
of France; and when England wishes to buy i
corn on the continent, the bills of the Bark old
England were not used; she exported her 1
gold.
Let us then see whether, as regards domes
tic exchanges the same thing is not true. Mr.
i Webster illustrates his doctrines thus—
“ How is commerce and the exchanges now? i
i Devoid of all regulation. If you are in New •
j York, and happened to have some Philadelphia •
| money with you, you can only get 95 cents on
| iee dollar for it. Why, it is a thing beiore un
heard of, that the rate of exchange should be
5 per cent between two cities, not 1(H) miles
apart, and only six hours’ ‘ravel distant.
What should you think c 1 ’ it if we were to
hear the rate of exchange between Liverpool
and Manchester cr London, was 5 per cent?”
Would it not have been ingenuous to have
added that the administration and its support
ers denounce fiie true cause—the fact that the
Pennsylvania banks refuse to perform theif
solemn promises by redeeming their currency.
Lei the Philadelphia banks resume and s!ay
so; and exchange will fall to the mere expense
of transporting tiie specie.
The exchange with Charleston and New
York is now as low as it can be under any
system. If the balance of trade is equal, the
transportation of specie is the exchange, sim
ply because Lank paper and specie are of
equal value, and are convertible. Let all
banks pay specie, and the exchanges will be
soon regulated by the intelligence and sagaci
ty of the people. Let us now see how these
tilings worked in times past. Exchange strict
ly implies that the parties have funds m differ
ent places, which they are willing to exchange
on terms of perfect equality. But it may well
be said, “God created man, but he found out
many devices.” Instead of regular exchange,
a man In New York wanting to raise mouev,
of which he had none, draws a bill on his
friend ia New Orleans, who is in just the
same predicament. He sells his bill, and is
thus put in funds. The hill is accepted by his
N -v Or ban? friend with honor, and when
pay day comes, lie, too, (Laws a bill on his (
friend ui New York, gets ’hat discounted, and
wuii the proceeds lakes up tue first bid; and
this is called ihtcredit system! liaising money ‘
out oi nothing: i neats male ng “cm embers 1
! out or in, i o i.—li. ,ie “ frees viot every lair
rncr.'brvo ■- ■ ; a.. Uaiiugs gave.
• i -id iipvrtor : *.•••• ■ those means :
■which regular <s. le-s.- men , . r.-b-d, led to !
’ e 0,.t” ••u-, usu“v. fi.ia'ly enda-.i
ihcui unis
i>.t v ‘in ( -.Jed ;>*. ; .’>e pay
■ - .i in';, ii iw cor . ‘f; Let o.s wi,-.-
l uze a bank. ix.-mu. and • >.. -.impies f ele
-1 ■: ‘v. m:.! set w!.e;t ‘ireci,. -u , ofM*. Wt>
ster, vil, line ?tic.*gov&> .men o- bounti
inrui;i, .s n truth, . rot is called sii.~-
pecie payment. A number oi men
• a- orpuralion, and subscribe, say, tor
exan ; , o ;o hundred thousand dollars, which
;a o :'. a p.de paid in specie. Their first ope
ration is to print or engrave promissory notes,
payable on demand, to the amount of three
times their capital. They are then ready for
business, and open their books for discount; 1
and they receive merchants’ notes to the a- 1
mount of 1 liree hundred thousand dollars, and
give them that amount of their own promissory i
notes less one per cent for say sixty days.
Thus the bank gets six per cent in advance i
ion three hundred thousand, and only lays out
ot the interest on the specie, of one hundred,
thousand, for nothing but swapping one pro- j
mise-to-pay for another. Let us now bring j
on the catastrophe at once. At the end of sixty j
days, the merchants are unable to pay their j
notes; consequently, the bank, although do- I
mg a good business, begins to be uneasy; the i
holders ot their prom.ses call for payment;
the teller, with a heavy heart, counts out to j
the last dollar ot the capital, and can do no
more. Still the bill holders come in. A con
sultation is held in the bank parlor, and thev
cooly resolve to get over the whole difficulty
by just saying to the bill-holders, “We have
suspended specie payments—that’s all!” as
it any other payment could be suspended or
made. The bank goes on, makes more bills,
discounts more paper, and the pubfic are de- 1
luded. The laborer lias been paid in their!
bills; the poor widow has laid a few by T in her
drawer against a rainy day; they are spread !
abroad among those who have exchanged for i
them the sweat of their faces, until, at last, !
the secret is no longer worth keeping; the
bank is broken up, the president and cashier
ride home; or, if there should be an ullage
box of real money, he carries it off. The
stockaolders are not liable. Not so you or F.
it your note for a hundred dollars is not paid,
your creditor will not be satisfied by being
told you have suspended specie payment; he
sues you; sells your house, your furniture, and
all you have, for coin—gold and silver.
I have supposed the bank honest, and to
have issued only three times the amount of
promises they were sure of redeeming, but
who is to know but. what their circulation is
ten times as large. See what was done by
the United States Bank a short time since.
She sent on swarms of pot notes, thick as
the. locusts oi Egypt, and sucked up the spe
cie m Boston and New York by millions,
when the directors must have known that
they had no certain resources to meet these
engagements; and when they come due, this
bank, “cairn as a summer’s day,” reposing in
its marble palace, very gently replies, “1 ha*e
suspended specie payments.” She continues
her business, discounts notes, and actually
loaned the state five millions of its new prom
ises. Here then, we see what a bank must
be. Its security is based on the ability of its
debtors, and not on capital; and what right
has the United States to hazard the money of
the people, by receiving the revenue in these
precious promises? Jt appears then, that a
promise, although made by a bank, i3 to be
redeemed by its customers. Mr. Webster
says—
“ The people can’t make a currency-—it’s
the government's business to do that—-mid it j
won’t do any thing of the kind for the people.. 1
How very democratic that is !”
1 challenge this great constitutional lawyer \
\to point out that clause of the constitution !
|y. inch authorizes the government to create j
| any other currency than gold and silver. It !
| is not in the power to regulate commerce be- j
j tween the states, fur it would be an ultra fede- j
I rat action for such a disciple of Jeffersonian!
i democracy to imply a power to make money
from that citp.se. 1 put it to him to say if he
means to create a national bank, and make its
paper a tender in payment of debts? If not, it
cannot be currency? None but a despot can
make any currency but gold and silver, or
compel a man to receive a promise in dis
charge* of a debt, lie is entitled io property,
to value; and what sort of a currency is that!
which is not a tender? The whale doctrine |
of the wings is a fallacy; they mistake for
currency that winch is but, a title to it. fro :
the whigs propose a bank liable to suspend j
specie payment, and that the revenue shall!
Ibe collected in their bills? They will not say j
go. Bills of exchange, promissory notes, and
bank bills and ak, what are they t ailed bat i
evidences oi uebl? And so I'm iroiu the ;:d
----uimisirai on waging war on banks, they have
retired from the field, and fed it clear for those
wno choose to ,*: upv u. And so far from
i: :i..::g a/v, liobiihtv to wck-reguiated, specie •
p-iv .•;> tanks, govr rimmnt ha;, no more pow
ei to irueibvc with them than any other de
vice or v'chewt: to the bit ate basin i ss. So
long i’ ‘hey keep their promises, they de
serve eublic confidence, and the banks ot
tilir city have set an honorable example in j
keeping meir faith, when so strong an effort
was made to draw them into the whirlpool
made by he sinking cl the overgrown hulk at
.it I'lidadeiphia. Ail hat is now wanting is
in permanent resumption of specie payments,
and iidustry, conomy, and good crops will
gradual y restore a safe and healthy action to
the business of the country. There cannot
be anew national bank Where is the capi
tal sufficient to regulate all the other banks ;
to come from! There is, say eighty-five mil
lions of money in the country, and $33,105,-
155,in the banks. Where are we *o get fifty
millions, unless the .deposits are withdrawn ■
from the present banks, and their circulation
brought in, to raise this new bank! There is ,
now more bank capital than is wanted, if all.
were in a sound state. The attempt to regu-:
late, then, would be to swallow up the old !
banks just on the sve of their resumption,
produce a panic, and ruin thousands. It it is !
postponed, then, the whigs must cither con
tinue the sub-treasury or adopt the pet-bank
system. How ruinous, then, would be the j
success of the whigs! They wcuia oppress
and ruin all the state banks, withdraw their
deposits, and send in their circulation at once, ‘
or forfeit ail their promises ol reform. The
delusion which an election has excited would
be awful. A temporary and sickly prosperity ,
would take the piace of the present slow re
turn of sobriety. And, of all others, the hold
ers of state slocks would suffer most. Anew
spirit of borrowing would be excited, new
stocks be issued, and the market again glut-
ted, and another and another mortgage be add
ed to the re? mrces of the states. Anew
United States Bank like the old one, might
bring back the scenes of lb 19 and 1620, when
fts capital was impaired, and its dividends cut
off; and a.ter it was finally restored by the
energy and stubborn integrity of Langdon
Cheves, it was handed over to the most reck
less financial quackery, ending in ruin, or, at
least, inextricable embarrassment. Anew
United States Bank, the unavoidable effect
ot Harrison’s election, would compel the old
one to go into liquidation. AH its available
assets would first go to redeem its deposits
and circulation, and the stockholders would
divide railroad stock, bank shares, and notes of
insolvents, which, at the end of fifteen or
twentv years, might yield th?m a fourth of
their subscription. I call on all those who
would thus perish in the wide-spread ruin of
Hus fatal experiment, to pauce before it is too
late-. The very agitation of a national bank
will cause a run on all those in existence, and
specie will be hoarded to speculate in the new
I scrip. Will Georgia simscribe to another
inational bank! Will Virginia! Vet I have
proved it one of the first fruits of Gen. Harr:-
; son’s elecnon.
iiavme proved that the independen treasu
ry is ihr oixy mode o: Keeping he public mo
ney, let us say a woru as to the specie clause.
Li .s <„ iii'ti.K.'J tiiHi the bills of specie-paying
Lev-hs are as good as specie, and i admit it, as
! long ■ -. .e banks continue to pay specie; bu 1 ,
iiimi. bite, ihere is generally most paper m
ic.retention just on the eve ot a suspension.
\ :i, by receiving nothing but specie, the
government avoid aii chance of has mg to tax
tile people twice to make (ip for unavailable
funds. Auu it is t.i hardship, for if the banks
readily pay specie, it. only requires the clerk
I of the merchant to call at the bank, exchange
! ins bills for specie, and pay the duties; and yet
| this is the matter about which such a hue and
cry has been made. If bills are as good as
specie, they are not better; and it is a mere
question whether the collector’s clerk or the
merchant’s shall goto the bank. The law
requires that the same money received shall
be disbursed. Is this one currency for ilie
people, and one for the governmenti The
! officers of the government are but a portion.
The soldier who marches from the northern
| frontier to the Aland an villages, or wastes ins
j health among the swamps ol Florida, is he not
i entitle to something he can pass any where!
i The sailor who bears his country’s flag be
; lieath the iine, or amid the storms of the poles,
j must he, too, run the risk of a bank suspen
sion? The shipwrights, blacksmiths, and ar
! morers, they are creditors; and it is fitting the
United blates should tender in payment of
their debts what the States cannot? Or would
it be well that our ambassadors should hawk
about the bills of a suspended bank in the
| marts of Europe? A bank is good today and
! suspends tomorrow, and the specie clause at
least protects the people’s money from such
| casualties, and prevents the necessity of
i double taxation.
The advocates of a bank admit tiiot the Re
gulator itself must be elected. New, tills is
impracticable. Every dollar of the circulation
over and above the money on hand, has no
other security than the notes of the borrowers
of the bank, and that is too precarious for cur
rency. It, does well enough for business—for
all trade is hazardous; a bill of exchange,, a
merchant’s note—ail are hazardous, but indis
ponsible to business. Currency must be un
doubted, and it is admitted the paper of the
best regulated United States Bank only ap
proximates to certainty. You are told, a sound
currency \\ ill reduce the prices of labor. The
Whigs offer you a National Debt and a Na
tional Bank. Let us then look to the exam
ples, not in the States of Italy but in England.
England owes a debt of eight hundred millions
of pounds—enough in all conscience, to fry
the beneficial effect of a public debt, bffie, too,
lias a National Bank, whose whole capital is
borrowed by the government; and yet Mr.
Webster says he saw the agricultural laborer
wandering through the country unable to get
Is. 6d. a day. lie should have gone into :lie
workshops of her manufactories, and seen the
wretches reduced by the experiment hov.
much human labor could be got out of a man
with the least possibe food, she father and
mother and child, toiling all day and part of
ilie night, and sleeping in unwholesome cel
lars; to see the poor child worn down with
work —ll 9 recreation, no play-fellow, no sport
of childhood, but roused and goaded to work
for food: these are the blessings of a national
debt, a National Bank, an aristocracy, a hierar
chy, and unequal corn laws and monopolies.
But here, in a land of liberty, labor is in de
mand. A man may work for himself, if ano
ther does not offer him enough. Ife is tree to
make his bargain, as a boundless and virgin
soil invites him to manly toil, where in the no-,
j blest, as it. wag the first employment of man,
! he may collect around him tiie deiiglrs of an
! independent home- Nothing but monopolies
and unequal lav. scan degrade labor; aim; your
own suffrages can avoid them. The coffee-
Ition of the revenue in money is nothing new;
j the act of 1789 expressly provided for it. And
i do the worku;gmen believe that Mr. Yen Bu
i ren, who has been raised to {lie firs office in
the world by their support, would resort to
measures injurious to them? His enemies
have vituperated him enough, but they never
called him fool.
If, under the administrat ion of Washington,
no currency but specie was received, you have
his sanction fresh from the convention which
formed the constitution, and i invoke his name
as the advocate of a sound currency, and col
lection of the revenue in gold and silver. .
j To prove that if the banks resume it Krill
! not affect the price of property, i quote the iol
j lowing text:
! Adam Smith, in his “Wealth of Nations,”
! says—“A paper money, consisting of barfk
I notes issued by people of undoubted credit,
i payable upon demand, without any condition,
I and, in fact, always readily paid as soon as pre
! senteu, is, in every respect, equal in value to
gold and silver money, since gold ands iver
money can a. any time be bad for it. Whate
ver is either bought cr soldier such paper,
must necessarily be bough; or sold as cheap as
it could have been for gold or silver.
“The increase of paper money, it. has been
said, by augmenting tiro quantity and conse
quent./ diminishing the value of the whole ;
(! r>-eney, necessarily augments the money j
■-3 of commodities. But as the quantity of
;ld ami silver which is taken from the curren-1
cy is always equai to the quantity of paper
which is added to it, pajier merrily dors, riot, ne
cessarily increase the quantity of llie whole cur
rency.
“From the beginning of the last century to
the present time, provisions never were cheap
er than in 1759; though, from the circulation
of ten and five shilling hank notes, there was
more money in the country than at present
YV heat, upon most occasions, is fully as cheap
i in England as in France, though there is a
good deal of paper money in England, and
j scarcely any in France.”
Unless, then, the issues of a National Bank
are excessive, and of course unsafe, they will
not facilitate commerce or affect prices.
The greatest objection to a United States i
! Bank is, that if not subscribed for by ruining !
ail our banks, England would add another debt,
dram the dividends, and thus bind us still fur-1
: ther in her meshes. Os all alliances that of
debtor is ihe most degrading to a nation.
, 1 thus have proved that there is no allerna
! tree utii an Independent Treasury and anew
National Bank. The one is now in full ope
ration, and we know the worth of it. The
other is a dangerous experiment, and based on
the unconstitutional assumption that congress
has power to make paper a tender in payment !
ol debts, and a constituent of the currency, al
tnough only secured in part by specie,
the rest by notes of individuals; and that the
specie clause is at worst harmless.
It the stock ot the United States Bank is
subserbed in England, no precaution as to the
names of the stockholders can prevent the di
rect influence oi British capitalists in coni rol
ling the Regulator of the currency of the Uni
ted States. Americans, old Virginians, gal
iant Georgians, mark that- Mr. Webster ad
mils that a paper currency will be subject to J
ruinous contractions and expansions, unices
based upon specie. Docs lie mean converti
ble always, under all circumstances! He will
not venture to tell the merchants otherwise.
Let us then test the doctrine. The increase
of banks from 1430 to In 10, w 345; and .Mr.
Webster savs that “bank cat dal was added to
the amount of 204 millions.” Now the largest
amount of specie at anv one time in the coun- j
try, was never more than 40 to 90 millions; so
that if each bank issued twice its capital, say j
five hundred and thirty-six millions, we have
that currency based on abon 35,000,000 of
specie, the rr idee being in c:rcn'a‘ ion. If but
half the banks created h i ,a 0 , HKland 1840,
and able to stand, say i7 ! i 1 those from
IbJD io 18*30, say 21, and ~■! m existence pri
or to that period—vml tli w* are more banks
thin would require double n.i! quadruple the
whole specie in the country it is a misno
mer to call any tiling /;. ■\ipitai but specie.
Add to ah those now m e\„< once, Air. Web
ster’s regulator, with is .Yysooooo, and it is
ciear that the regulator ill will want more
specie than all the present banks contain. If
the stock is taken in E igiaad, it will come
out in the form of merchandize, and again un
dersell and prostrate our manufactures. But
who is to keep the paper of the regulator down
to tiie true standard—a hoard ot directors?
Wo know how far they are to be trusted. A
commit* ee of congress, or the Executive! The
regu niter would L e to the present banks, what,
King Stork was to the Frogs—and they would
hardly serve as a meal for him. it would, if
its circulation was based on specie, require
more than all the banks now have; if not so
based, it would be a mere paper machine. The
election of Gen, Harrison, then, must bring
ruin on every merchant, stockholder, and
tradesman. What is called a mixed currency,
it is admitted demands the supervision of a
regulator, and the regulator requires„a!so su
pervision, and so on to the end of the chapter;
and t Fie Fast supervisor is absolute monarch of
(he currency. Mr. Webster’s bank theory,
then, ends in despotism—money despotism;
and the despot has his throne in Thread-Nee
dle-street. When the necessities of a bank
press, making more paper, gives such instant
relief, that human infirmity cannot resist it, it,
is like the thirst 01 a dropsical patient—ha
drinks till he dies. The withdrawal of gov
ernment from banking, leaving it to the states
and the people, anu keeping the true nature of
currency before the people, by collecting the
revenue in money, is in perfect keeping with
o.ur democratic institutions.
The absurdity ot Mr. Wedster*s doctrine,
that the bills of a sjiecie paying bank can ab
solutely increase the currency, may be illus
trated by applying the same reasoning to any
other article of merchandize. Take cotton, for
instance. Suppose a cotton bank should sub
scribe and ge’ a large quantity in proportion to
the whole—say a third, or 500,(Xi0 bales, and,
issue cotton cirtificates of ten bales each, to
1,500,000, would the stock of cotton be thereby
increased? And yet, bank bills are but gold
and silver cirtificates. Mr. Webster’s United
States Bank currency, based upon specie,
would be like budding the New York Ex
change on a single pfflar, liable to totter and
tall at the first gale. Bills of exchange and
promissory notes are used in place of currency,
hut, no merchant or sound financier ever mis
took them toy currency itself. A mixed cur
rency is an absurdity in t&ngs. Gold and sil
ver cannot mix witli paper. Our cotton bank,
too, would ne liable to suspension. Suppose a
run. The first certificates being redeemed, the
holders of the others would be told, “ve have
suspended cotton payments, owing to the pres
sure; but as soon as our customers pay us, we
shall resume.” England is the only example
of a nation not in a state of revolut ion, legaliz
ing a suspension of a bank, and she then made
Bank of England paper atender in payment of
debts. No human laws can restrain bank di
rectors from abusing the confidence of the com
munity.
We will next proceed to the question of the
Militia Bill.
MLUITIA.
Mr. Van Buren has been charged with am
bj’ixi—a desire to unite the purse and the
sword in the executive. This is the most idle
of ail charges; those who make it do not seem,
to understand what the union of the purse and,
sword, means. 1 \v,ii tell you. The power of
the purse means the power to impose taxes
without the consent oi tire people; and the pow
er of the sword is the employing the money so
arised; to keep up a standing army oi hirelings
to protect the tyrant in his exactions. But. the
mere disbursing of taxes voluntarily imposed
bv the people on themselves, under appropria-
made by law,, was never dreamed of as
dangerous, mif.il whiggery suggested it. The*
Enipcyor Nicholar in. y direct his officers to
collect a cpr,fr.bikion from Ills people without
their consent, —that is ■ tiie power of the sword:
and ho can ee-ach ngu yum all the ties of do
mestic life, iimr? ‘hem to martial life, and then
make them die means ot carpetuating Ins pow
er. Bu* ‘lnna number ofyoung men, dr.lied
ten days in tiie year, and then returning to
their tamil es, emu.! i>e dangr rous, under their
own officers, too, why it is one of those insults
to tiie integrity of freemen deserving rebuke.”
The bill is eminently democratic and just.—
The militia consists of 1,500,000 men now ka
li eto do duty twelve days in the yeor. Their
day’s work is worth one dollar each; tins is,
in ti e year, $18,000,000, drawn from the p<‘ch
efs of the people lor a useless pageant. Mr.
i’oiimett proposes to excuse all but 200,000,
and to drill them ten days, which wool i be, at
•41 ea ;i, $1,500,000* leaving a clear saving of
$.17,800,000 to the people. This had Ihe
sanction oi Wasfiii\g‘oii, Jefferson* and, what
must be conclusive with the whigs* General
Harrison him-elf recommended it; and more,
t o, be recon-mniiiiod that the young men so
called out should be subjected to the ah ides of
war, and if they did not join their companies,
sliouid he heated as deserters, liable to be shot
dead by sentence of court-martial. 1 speak
from the book. 1 lere is the project of Genera I
Harrison, “seed), hi!! presented to Congress in
* 818.” After this 1 hope the good people of
Patchogue will get over thorn “shuddering and
; murmurs.” Mr. Poinsett and the President
j have been most outrageously slandered, and
that, too, by the advocates of General Harrison,
i who went a great deal farther than the present
j proposal. “Pen days’ militia men!” spread
: from Maine to Missouri, dangerous to public
! liberty! A militia oi ten days, a standing ar
-1 my! militia officers, and all! Why, thef are
jto prevent a standing army. But the spirit in
v. Inch this i.-;. urged is reprehensible. We are
i asked, why this proposition in peace! Wash
ington told us, in peace to prepare for war.—
Pile Spartans taught their youth martial exer
cise. and kept thorn under martial law, too, to
protect their liberties. Numbers, without dis
cipline, are liable to be cut down and destroyed.
We are told, “here is no danger.” 1 wish niv
j voice could reach every cabin in Maine which
; will yet join the great rally of nemocracy at
the coining elec ion, and Would paint out to
them all Canada bristling with arms; Cold
, stream guards and negro regiments, ready to
hum their habitations, ravage their farms, and,
i peradventure, re-enact the scenes of Ilavre-
Je-Grace and Hamilton; and yet the whigs
i say, “Why discipline your young men, and
| learn them skill with courage!” It reminds
; ino of the fable of the wolves and the sheep,
i who begged them to send away those ugly
dogs which destroyed all sociability. They
‘did so; and the wolves devoured their prey.
: Never let it be said that the youth of America
’ cannot afford time to learn to use arms in de
fence of their homes, or submit to discipline.
Every father wffien he sends his son out into
the woild, should present him with a muskqt
and a bible, —the one to teach him his duty to
his country, the other his duty to his God.
The only part of the bill objectionable is the
Call by the president for mere drill; the presi
dent thinks this not provided lor under the
; constitution. It is not material and is not
i urged. The general spirit ahd tendency of
1 the bill is patriotic, and well worthy of a” de
mocratic administration, by relieving the peo
ple from a useless burden of millions; and, at
least, General Harrison’s friends having noth
ing to say against his own favorite scheme.
FLORIDA WAR.
I will detain you a few moments on this
topic. Pis well said 4 “He jests at scars who
neve* felt a wound.” Mr. Webstep, at his
own chimney corner, may well censure a gal
laiu army, winch has wasted its strength in
tain in their efforts to accomplish one of the
most difficult tasks, that of hunting say .ages
iroin t he;r lurking place?, among swamps and
c r .iccot.iblc to regular trooj