k Lfe irM lf gjl) .' ' jjl '4M ; Si '
)Vhole Jso. 015.
BY CEORGE -HOWARD,
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ViV p;ir yar Pa'lt u aJvancc or 'c
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FOR TIIF. T A It BOKO PRESS.
TIE WOl'bD-BB ICIN'G YN'D HIS FIFTY
MILLION HOBBY.
"J l.orsr, a l.orse, my kingdom for a lorse,"
Mv kiairdem for a horsj" thus cried a prince
0; yortV.'.y a poet well known,
A suiii ir cry has been uttered since
Uyonu who aspires to a throat.
Millions Its bids fr a hobby to ride,
(TiUy at least docs he proffer,)
liiusriishod over law on the throne to preside
A truly magnificent effer.
B ;t hark ye, Sir fl il, thorn's a voice you will haar,
P r'aijH while, astride of your steed;
Ii.Sju:i iia g fro.n Northern to Southern frontier,
'i'jur kibly Uclts bottom and speed."
The road which he is destined to amble,
U heavy and rugged withal.
And the stoop over which he's to scramble,
YiIl causo him to falter and fall.
A nobler '-horse" you will find on the track,
Vitii a less princely rider astride him;
Ncrbettuni, ncr speed, nor nerve will he lack,
Sc his rider in triumph will ride him.
American blood circulates in his veins .
With wind, constitution, and power;
Sufficient to keep him erect in the reins,
And Lis rider "ahead" on his tour.
Thrn away with your hobby, so frail yet so dear,
Ho'll Jefrat yocr despotic plan,
V.'ith a crown of your rag you'll be left in the rear,
Ev Kiuderhook far in the Vant
AN ANTI-B AN KITE .
REMARKS
or THE
HON. C. C. CAMBKELENG.
On the Independent Treasury Hill
Mr. CAMBUELEN'G said he would
not detain the committee long, as the Ik! I
under consi leralion was accompanied
ty a detailed report on its provisions and
principles. Indeed, any extensive argu
' intMH in support of the measure had been
rendered unnecessary by recent events.
, wtjicn had swept away almost every ma
terial obj :c liiMi hitherto urged against it.
The Sub-T'reastirv. as it is called, or
collection, keeping, and disbursement,!
ot the public revenue by our own officers, 1
was established by the suspension of the
bulks in .May, 1837. When we assem-
b!e J ia September last, it was proposed to
regulate the Treasury by particular laws
applicable to its actual condition. The
( measure was immediately and fiercely re
sisted as an alarming innovation, calcula
, led to ruin trade, destroy the banks, and
to break up the foundations of civil socie
' Such was the panic language uttered
j tare during the late extra session, and
spread throughout the land. This desola
, ting measure, the Sub-Treasury, has now
been in full operation for more than
j thirteen mouths. Trade has recovered
j from the lowest point of depression, confi-
der.ee is restored, and the banks have re-
sumed specie payments at the very places
iiere the largest portion of our revenue is
collected, and where the Treasury is most
powerful. The arguments and predictions
I f gentlemen are thus triumphantly refuted
and contradicted.
Notwithstanding these satisfactory re-
'"is, it is still attempted to excite the fears
i taose who are engaged in trade. The
roere idea of debating the question is made
a subject of alarm, the press encourages
f we most fearful apprehensions, the stock
! exchange is in commotion, and the banks,
a'ter promising resumption, are suddenly
a-rcsted. And what is the foundation for
1 this commotion and alarm? Mow can
i 11 possibly affect the trade or banks of the
"vuuiry, wnetner congress snouiu or
s'ouhl not regulate by particular laws, a
system which is already established bv a
,ew general laws, and which must in any
event be continued for years to come?
Suppose we reject this bill, and go home,
uoes the Sub-Treasury cease? No, sir, it
ust continnp. ns it is now. the law of iIip
!aiid, and will continue through 1838, '39,
TarWoi,,
'40. ami 'd I I.-, ml, rn .
. ' Hcuiaii uie lamentalions
uere or elsewhere.
rvun . .
mii-resuming banks are especially
alarmed.
1'H a Short lim tinro tl.
sage of the
hill
u.ox. I II l ua-
repealing the Specie Cir-
cular, was hailed as
a measure removing
fhe l ist difficuliy to the resumption of the
br..c,,,y. Another circular ap
peared, and they were suddenly arrested in
their progress to resumption. This circu
lar embraced nothing but the provisions
ol the laws of 1S36, ami made no change,
except what was required by the act of re
pealing the Specie Circular. The same
instructions "ere, in pursuance of that law,
given to every receiving and collecting of
ficer throughout the Union. The circular
directs, what the law req .ires, that no notes
shall be received but those which are re
deemable in specie at the place where they
are received. This has been our uniform
practice, under every system, and it is not
probable we shall ever repeal that regula
tion. It also directs, in obedience to the act
of April, IS315, that no note shall be re
ceived of a less denomination than twent)
dollars.
Iiisa matter of Iiul? moment to the
batiks whether one thousand millions of re
venue are colle ted in their noles of twenty
dollars and upwards, so long as their unlet
are receivable for public dues There is
but one provision which can affei t any ol
the banks, and that is the restriction in the
act of June, 1836, which prohibits the re
ceipt of the notes of any bank whi. h ha
issued since the 4ih of July, I S3G, any
oill or note of a less denomination than
five dollars. It happens, unloi tunate.y for
the liank of the Uuiied Slates, and most
ol the other banks acting in conceit with
that institution, that their n-.tes aie not -
eluded by this provision in the act of 1836
On the contrary, while these banks would,
if they resume, enjoy his special pt ivilege,
the notes of almost all the banks which
have already resumed cannot be received
So far, then, as the recent circular operates
at all, the Bank of the United States and
its associates have every inducement to re
sume, in order that their notes may be re
ceived in payment of public dues, while
the notes of oilier banks are excluded.
Uut, it seems, these non-resuming banks
ran do nothing till, ihey know the fate ol
this bilj. Why, sir, if all ihe complaint i.
that the law, as it stands, prohibit the re
ceipt of the notes of banks which have U
sued notes ol a less denomination than five
dollars, they should anxiously desire the
passage of the bill; for one of its provisions
effectually repeals the restriction in th
act of 1S36, and authorizes the receipt of
the notes of all spec ie paying banks imme
diately, and for a time, and chit fly in such
notes for years to come. That is the only
provision of the bill w hich can possibly al
feet the question of i esumpiiou.
The other provisions, so far as they re
late to the collection, keeping, and dis
bursement of the revenue, are substantially
now in fort e, and must remain so until we
substitute bank agents for our own i flirers, i
w hich no one now contemplates. Tin i
defeat of this bill cannot thei t fore, ff 1 1
any of the banks, except unfavorably, as
it would leave the restriction of the act ol
1836 unmodified and unrepealed. Tut
neither its passage or defeat can in any
manner affect the Hank of the United
Slates, as ihe existing rcsti iclion does not
exclude the notes of that institution, when
ever it may resume specie payments.
Whatever course, sir, the banks may
think proper to pursue, it is our duty to
supply the deficiency in our laws regula
ting our Treasury. That Department
has been left, for more than a year, acting
under the authority of a few ancient laws,
and the Secretary has been necessarily
compelled to provide by Treasury Orders
for the collection, keeping, and disburse
ment of our revenue. 1 am unwilling to
believe that a majority of either House are
disposed longer to leave so large a discre
tion to any public officer. It must be ob
vious to every gentleman that no material
modification of our existing revenue sys
tem can be anticipated, if ever, until 1842;
and it remains for us to decide whether
Congress, or the Secretary of ihe Treasu
ry, shall, for four years lo come, provide
all the regulations necessary in the opera
tions of that most important Department
of our Government.
There is no prospect, at present, of any-
material change in our existing system ol
managing our revenue. No Bank of the
United States can be chartered, if at all,
for four years to come, and the Slate bank
deposiie act has -"nullified itself. By that
act, ho bank catbe employed as a depos
ite bank which has, since Ihe 4th July,
1836, issued or paid out any .note or bill
of a less denomination than, five dollars.
What bank is there in ihe United Stales,
whether of issue or not, which has not, du
(Edgecombe County C.)' Saturday July 7, iS38
ring the suspension, "paid out" a bill or
note of a less denomination than five dol
lars? No such system can be revived un
til that restriction is repealed, and any
such proposition would certainly be reject
ed. Even if new banks are established,
it cannot be supposed thai the Secretary
of the Treasury, after what has occurred,
would feei himself authorized to employ
any bank, without requiring ample secu
rity in actual funds, immediately available
in any emergency, and equal to any amount
whi, h might at any time remain in depos
iie. Nor is it probable that he would con
sider it a faithful or just compliance w ith
the law, to re-establish a State bank dc
posite system for some Stales, while all ihe
others were under Treasury regulations,
thus giving Co the banks in one section the
profits on the use of ihe public money,
contrary to the design of the acl. N one
but a general Stale bank dpposite system,
if any can be adopted, and such would re
quire, if ever proposed, a thorough revision
ol ihe late law.
So far then, as it regards ihe question
of bank ageticy.it must be considered as
postponed, al least, till the time may arrive
when both Houses of Congress and the
Executive accord in opinion a harmony
" hu h has not often existed lor many Ad
ministrations pasl, and of which there is no
hance whatever till 1842, even if it should
then happen.
The next question relates to the receipt
ol bank notes in payment of public dues.
I trust we are not aboui, from mere opposi
inn lo this particular measure, lo n.n into
ihe opposite extreme, and, as some gentle
men propose, make permanent provisions
:;r receiving the notes of specie paying
hanks, of every denomination whatsoever.
Un this question a very large majority ol
both II ouses have hitherto adopted sound
principles they have been hard money
men; and this is certainly not a time w hen
either House should abandon on thisim
portant question any ground previously
occupied. One of the propositions which
has been repeatedly made at ihe presrnt
session in both Houses, is to repeal ihe 2d
section of ihe acl of 14di July, Apiil, 1836,
viz :
"That, hereafter, no bank note of a less
denomination than ten dollars, and that
Irom and alter the 3d daj of March, anno
Domini eighteen hundred and thirty-seven,
no bark note of a less denomination than
twenty dollars, shall be offered in payment
in any case whatsoever in which money is
to be paid by the United States or the
Pt si Office l)t p,irtment;uor shall any bank
note, of any denomination, be so offered,
unless ihe same shall be payable, and paid
on dtmatid, in gold or silver coin, at the
place whTe issued, and which shall not be
equivalent to specie at ihe place where j
hvred, and convertible into gold or silver
upon the spot, al the will of the holder, and
without delay or loss to him; Provided,
That nothing' herein contained shall be
construed to make any thing but gold or
ilver a legal tender bv any individual, or
by ihe Uuiied Slates'
From the moment the receipt of bank
notes was tolerated in payment of public
dues, this regulation should have been
adopted as a special duty of ihe Federal
Government, whatever laws the Slates and
trade might prescribe for themselves. The
Constitution has assigned to us the care of
the current coin of the country, and our
Federal revenues should never have been
made instrumental in circulating notes of a
denomination which banished that coin
from circulation. No such regulation
was ever necessary, either to trade or
banks; nor is there any reason whatever
for now repealing the section in question.
On the contrary, there are stronger rea
sons than ever for its continuance. When
it was sent to this House by the Senate in
181 6, so little was it regarded as a party
question, a gentleman of the Opposition
moved that it should go into immediate
operation. His motion was rejected, but
the gentleman was right. There was no
reason ihen for postponing it a day, nor is
there now for suspending it an hour. Re
ceive the notes of specie paying banks if
y ou please, for all your large payments
for customs and lands, but do not make
the Federal Government instrumental in
excluding the current coin from our circu
lation, by constituting it the agent of the
banks in enlarging their issues of small
notes. The section besides contains other
and important provisions, limiting the re
ceipt of bank notes to those redeemable in
specie and on the spot. I trust that it will
remain the law of the land as long as the
receipt of bank notes is tolerated as a
measure indispensable to the security of
the revenue, and essentially contributing to
the soundness of the currency. 4 ;
It is also proposed to modify or repeal
the provision in the act of June, 1836, pro
hibiting the receipt of the notes of any
I'm ii m i il ' i
bank which . has since ihe 4th July, IS36,
issued any bill or note of a less denomina
tion lhaiViive dollars. That object will be
accomplished if this bill becomes a law.
TheiOih section, together ' with , the last,
repeals this restriction. This provision
ol the bill is, however, the one most vio
lently opposed, because it proposes, at the
end ol six y ears, to dispense with the re
ceipt of bank notes altogether. No lan
guage can express Ihe abhorrence, which
some gentlemen entertain towards this
abominable and baibarous specie section.
Yet it so happens, strange as it may seem,
inal gentlemen themselves have been guiltv
ol a much more atrocious act of treason
against ihe banks than any ever attempted
by the friends of the Administration
1 here was an important provision in the
celebrated currency bill of 1S37, which
passed both Houses by overwhelming
votes, and was so great a favorite here
that the rule was suspended, the previous
question ordered, and the bill passed with
out debate. In that bill w ill be f IIiikI Imp
following' provision :
"From and after the passage of this aci
the notes of no bank which shall issue oi
circulate bills or noles of a less deuomina
lion than five dollars, shall be received oi
account of the public dues; fr rn and all
Ihe ihlnv-fiist day of December, eighfee)
hundred and thirty -nine, the notes of m
bank which shall issue or eiicnlaie bills o
notes of a less denomination than ten dol
lars, shall be so receivabh ; and from am
after ihe thirty fust day o December, eigh
teen hundred and forty -one, the like pro
hibition shall be extended 10 the iivtf s oi
all banks issuing or rii rotating bills ex
notes of a less denomination than twenty
dollars."
Gentlemen may say this was under
other ciicumstances, and before the banks
suspended specie payments. What was
wise then might be otherwise now. What
will they say when they learn that this
identical provision, word lor word and let1
ter for letter, was voted for in the Senate
of the U. S. on the third day ol October
last, during the wttra session, by every
member of the opposition, and by every
Conservative? And what was this propo
sition? Why that from and after the thir
ty first day of December,, 1841, the noles
of no bank shall be received for public
dues w hic h issued or circulated any bill or
note of a less denomination l!un twenty
dollars. In other words, the revenue was
after that dale lo be collected exclusively
in specie, or in evidences of public debt;
for such would have been ihe inevitable
result if gentlemen had succeeded in their
own efforts to establish, what they are
pleased to denominate, an exclusive metal
lic currency. There is not a bank in the
Union which would have discontinued, so
long as they were permitted lo do so. ihe
issuing and circulating bank notes of a
denomination less than twenty dollars,
merely to secure the privilege of having
their notes received in pay ment of public
dues, and redeemable in specie on ihe spot.
What, then, is ihe difference between this
proposition and that in this bill, which
has been denounced as so disastrous in its
effects? Nonesubsiautially or practically,
except lli o t the proposition of gentlemen
would have gone into full operation, atud
excluded bank noles, two years earlier
than ihe period proposed in this bill. In
deed, four years earlier; for the len dollar
provision, which was lo lake effect on the
31st of December, 1839, would have effec
lually excluded ihe notes of every bank in
the Union. 1 1 is not a lit lie singular thai
ihe most moderate measure should excite
the abhorrence and alarm of (he same gen
tlemen who twice voted for ihe other, and
denounced the late President for retaining
the bill containing this identical hard-money
provision.
We are imperitively called upon to adopt
some measure, at this lime, whether it be
permanent or merely temporary. Of the
various propositions submitted at this and
the late session, none have as yet com
manded a majority of both Houses. The
special deposite sy stem cannot obtain the
support of either party. The State bank
plan, so recently exploded, as an indepen
dent proposition, would not receive fifty
voles in this House. The only measure
w hich is now, or will be hereafter, support
ed as the antagonist of that now under
consideration, is a National Bank. Thai
has already been decided against by a
large majority of.lhis House, and has been
rejected in the Senate by a much larger
vote. The Independent Treasury, then,
though it may not be sustained by a ma
jority of this . House, is undoubtedly pre
ferred, both here and elsewhere, lo either
of the measures proposed. Are we, then,
under such circumstances, to do nolhing,
and leave our Treasury wholly .at the dis
cretion of the Secretary for four years to
come? I trust not. The bill under con-
nrawrvnn rr-,-g."-,
sideralion proposes to limit his discretion,
and define his duties, h also provides ad
ditional security fur the public revenue,
new checks upon our public officers, and
many financial regulations w hich shuttle!
have been long since adopted.' "As to the
specie section ils operation is gradual, and
will be imperceptible. Why , then, reject
this bill, and leave ihe Treasury wholly
unregulated?; Why substitute Treasury
orders for legal provisions?
Why is it that gentlemen who are so
jealous of Executive discretion; who de
nounce the late President for alleged usur
pation, and who are daily arraigning the
Secretaty of the -Treasury for his c ircu
lars why is it thai they lefuse to co-oj e
rate with us in prescribing the duties of the
Secretary, and of every other officer con
oecled with the revenue? There can be
but one answer. If this bill passes, agila
iion w ill cease; w e shall heai no moie of.
Treasury enculars; the banks most, re
gime specie pay ments; exchanges will be
.djusied, and ihe country will prosper
witnoui the agency ol a National tSauk.
h is in vain to disguise the matter. These
who honvftly believe that without stub an
o&titution this counuy never cao fl ril,
oid (hat without consolidation ilos Gov
inmeui cannot stand, coirsiuer a f years
oi embarrassment lo train- a sai;fi of
inle moment when con pared with th- se
permanent blessings which, in. their pin
ion, would follow ilu ir !i ion ph. I I f p
position o this measure is obvioi s'y pie
p.uatoty lo the great struggle in which
weaie about lo engiige. v are already
iMinished with the outline ol a national in
titution or rather plan ol Government,
more formidable th?Mi any hitherto pro
jected A baik cf filiy millions, owned
by the Federal Government, the States
and capitalists a union of seven and
twenty Executives wiih the banking inter
est of the country- the concentration and
consolidation of all political and moneyed
n
power. jo accomplish these great ends,
we must postpone this measure from ses
sion to session, and leave our Treasury
wholly unregulated. For such purpoes
are we invited to debate this question lor
two years to come, to benefit the leading
members of the stock enrhanpe and their
political associates. I trust lhata majority
of this House will not be influenced by any
such considerations. We have already
decided against every other measure; and
uhelher we reject or pass this bill, our re
venue system remains unaltered We
merely substitute the will of Congress for
Treasury discretion, and leave nothing lo
Executive power which can be regulated
by law.
f?-The Treasurer of th- Untied States
acknowledges the receipt of sixteen dollars
in bank notes, under cover of a, letter post
maiked "Lewistovvn, Pa." from a person
who wishes to be unknown. Globe.
0 John Bi Henderson, the mancharg
ed with forging ihe Treasurv nntps, bri ke
jail in Washington city, on Ti esrlny niplrt,"
nnd escaped. A reward of l000i offer
ed for his apprehension by the Marshal of
the District. ib.
Kentucky Banks The Hanks of Ken
tucky have had a meeiing and resolved to
resume specie payments on the 16d of
July, if- bpfore that day the Banks of the
Fast shall have resumed, and if the banks
of Cincinnati, Indiana and Illinois shall
agree to resume on that day.
A Secret Worth Knowing. A late Eu
rnpean scientific journalinforms os lhat a
few drops of sweet spirits of nitre will ef
fectually banish bed bugs.
It takes the Yankees - Since the passage
of the law in Boston prohibiting all per
sons from selling ardent spirits, exrept
druggists, no less than, seventeen hundred
and eighty new apothecary shops have
been started in different paris of ihe city.
A man ha nothing to do but to buy a.
bushel of Epsom salts, ajar of magnesia,
and a box of pills, and Iip can keep and re
tail as much of the "O be joyfulPas ha
pleases.
Increase of Population. We learn fmm
the Boston Morning Post, that "Miss Ma
ria Monk has presented the United States
with another citizen."
Crops We learn from the New Or
leans Bulletin, that arcounls from the
states of Mississippi and Alabama, repre
sent the leading staple of that section, in
an unpromising condition. The growih of
the colton has been much retarded by a
long spell of unfavorable and unseasonable
weather. The late frost, also, havp in
jured the.siand orcotton in many places.