Vol. 19.-
PRINTED, WEEKLY, BY ALEX. LUCAS.
Ttrns of su'inripiion V-ThicJ QtAUti per yeaijone jLlf to be
pa.rf in aJi'anr. " N paperco becbntin d lAi.Rertl.an three
months a ir ( yeai ub-cinptioA become due and notice
the eofliall have Uen jiwai. ; I . '
kk -rl'S'inents, not exceeding 14 lines, are inierted thrice fr
O.l' u ilia:, aijy.iuf iwci'iino vcuiaTflvu juw-'i ii.-j-
non f and in like proportion where tliereU a greater ourt.ber
1,1 Imei th.w f luiteen. . r-
Congress.
SPEKCH OF THE HOtf. MR. PEARSON,
Onthe23t0O00OQjLoanJiilL
jtK. CHAIRMAN, ,t'V ,..'. V '
The extent and Variety of this discussion may
perhaps, teud to iurpair the real importance,
oti.l intrinsic solemnity of til subject, i mined i-
" . i ; ' V . . .. i. ... .
woohi s the wealth of Europe at-J l ame
time it,,c.iJf. purchased in any oo ;lMp) for
'llw; eqat f printi'igDtr paper. ; The. mm Inch
eoold be raised - from the ciclyive. al f it
jvrwi)t bw.p.nagiahle pr,pQrtJ.oQ to its in
trinsic tralue -so aiso musfte the ;resMt of all
calculations, for jinaueial pnfppses, onfthose
wild lauds, and a,yast jrcportioa of undisposa
hie eapitaJ in this arid every other coaatry. ".
Th ganilemati MrEpf 6,8), has also favbr
cd u with an estimate of the annual income
arising fri his asutneJ- eapital-To this the
same, ceucral objection JviW equally apply?
the preAiijjiiien5 assumed, the conclusions
are Hceessarily 'iiiconelu&iw. The result of
this .eetimate-gives, to-hs an annual, income of
.g35,34?,fU(k .Theftrst remark wjue-h occurs
to roe the: vry extraordinary eircumstancp. of
tlie gentlojiian liaving.oaiittcd to dintninate
between tho Mt and go. inooiue, arming from
anjs j;tvcH,object, f ate therefore totally at a
ls to knovhether t eonsidelbU resttlt as
iitome aritng
hrtwaver, if w mixture of both, and Uierefore
nftiinl a Infkinl for coHiecture. (oo broad to
l Dfesputed to our consicJeratira.r It isJeaflrWhuditiciheiMtt.or.erosftiiK
howerer, so infiiriately conneetwHVitli tffefffom Ui.caijitdl of ih country. 1 presume,
charactcrisuc puncy utijrtio m
ad ainisiration, as to render their separation, a!
most impracticable, and may 'well justifj , if not
positively demand, some enquiry fa totji at poli
cy and those objects. By the hilt on' yoirf tahle
toother w itirt he issue of paper, called TifCaau
ryNotes, for five millions of dollars, it is pro
posed to obtain thirty, million's of dollars, on the
credit of the governraent, to be applied exclu
tivrly to the military and naval service, of the
current year.--.ihe whole receipts Afnart fcaxes
and other sources of revenue, not amounting to
more than the payment of interest on former
ans t.hestipulatei reiralmrsemeut of part of
(dianj resting1 on a speeie capital f not more
thaaf twenty millions, will not, with afetyd
miiTssuesi t o a greater amount.
, Already has the government borrowed with
in ine lasst two years, near forly millions of dol
lars, wont of whieh has been ontained from the"
larksyancl from indiriduals who make the bank
the instruments of enabling them to', comply
rt ilh their .engagements., The fair and honest
ahiUtyufthe banks .to lend, does not exist to a
much greater extent, unless the stock of the go
vcramciit is considered a safe fund on which
they may issue their own paper to any amount.
If this ho the case, it is evident, the w hole
system is a tottering i'abrick of credit ; the
government relying on the credit of the banks,
and ths banks resting on the credit ofthego-errimcijt.-lf
this confidence does exist, and is
likely Jo contu)u, I would ask, why not Tssue
goverent,, paper, at Once, and save the thor-
the h'!tn'e of depreciation, insteAidir
art'rtf.eJi girt?;; a. ftitUiri
thor pxnur, wliieh may depreciate epually soon.
I mean no to, advocate a project of this sort,
ray oojcci ioniy to snew, llial llie present sys
citizens of our eodntry;! will he 'allowed to e:
press a, f'isnj-tl)at the power of -g6vlnmpfHvft ;
fairly to borrow mijwtpehd ou ;t jtft.abilijj .of'
nit icopic-jaii ij vj Fyu. . . mb uuiiit., may us; ,i;i
judged of by. eaeh , geatlcman estioiating; the
proportion wiiicT his ponstiUienls .wftulihae "J-'V
to contributes in the constitutional mode oftaii,1
ation findreoresentatiou. Bt this mode of cal- " 15
dilation one of the'eouhties which 1 hAfe'Uie:'
honor to represent, (Uowan) would haye f to
contribute 1 about ninety thousand doUars--hr;
proportibjv of the preseuC three- njrtliofi direct
tax being about niao thousand dollars, conge
quently her proportion of hirty mU,li6nsjw vujjd
be ten times that amouot. Although this ist
fertile and populous county, its inhabitants ae,
unable to contribute such a sum in this or anv
other year, without a sacrifj.ee of the.ir wrm
aqd the ordinary comforts of subsistence THo
am rrrnnrlc wilt Hitnfv with. tinal farce t the
fisounties eonttiitnttin i- Uift' : 4isfrKt4'.'fepeiajLl j '
-fll. pTJwps ijirinRjl lorceio every uimu.
J.eaviiiF this view of tho aubie$, ftrbichjcrfay
rbe eOns'iderod ia ereat-measttre speeulativeiJ"
arrive at the truth, Itrrrannot -"be nett:- ineome,1 teni is hottftned on credit alone, and therefore
because f.he amount cxceeds twclve pe? cnt. onjaiay fail; , .
the given capital j a result which thct motfSau71. Th,e present unfortunate sitnation of the
giiiiie cannot admit. It cannot b.e gross income, eountry adds much, in my judgment, to thc
because it is well;know the annual produce force of those remarks. If we had a flonnsh
froui agriculture exceeds gt9,840,6,0-wis ; is, ing commerce iftliere existed a free reoipro
uiftieientl.y proved by thp oiheial reports of an- caJintercoire between the several slates if
uual domestioexports-which in be) tfrr tiniest a there were perfect, community of interests,
mounted to nearly fifty jhilliohs of dollars, and J and: a united confidence between the various scc
wuld now exeped that amount were it not forftions of the tountry,and especially between the
lb - war: anjd that deadly tincitias,; the embargo, moeied menand the mooted institutions in" ad
1 1
.V'i:,v
which presses to death the i. resources and ac-
the old debt and expences ofthe civil list. The jtiyity of the country. The sum allowed for
eoiiinvfre.ialtipftOiMe nay remain as a rule lor
other times, at present we have no commerce,
and consequently no income from that source.
Without examining all the items of this ac
count of the hon.' Chairman, I canitot avoid no
ticing the last, though not least, Article on the
list. - It is the product of other occupations, in
eludiug inanufaetures, as stated in the last cen
sus, amounting to Slotfto'oo.- This, I pre
some, taust be intended as the ross product
and indeed it. is so gross, as not to be susceptible
of application by the govcrnmentj to any purj
po?csof finance. X admit, witli great satisfac
tion, th? ijitrinsicrvarue of our domestic manu-fWoSlrs-i-TOur
people, of a lmost every descrip
tioi,,p3,i:ticulaiJyrtim. JaUorioift class, areototh
ed.vi(h. Uie fabrics made, for tire, most part, in
ibliwji ramilies., This is a6 it ought to. be,
ami isfar preicrablc tt those hoil-bed manufac
turing establishments, whkb sprang up in times
of national, depress io, and can onW Uo'urish.iwi
the ruins of agriculture and commerce, parti -
,f ulrly in the soul Lru and middle states, where
our dispersed population, our fertile fields and
extensive sea'coasiall point.io the plough and
the ship, as 'the instruments of .their wealth
ana prosperity as tne means most conaucive
to national good and individual virtue.
I would seriously ask genJemen, what i&e
nu'i: they eon Id expect to derive from a tax on
the domestic manufactures of the southern, mid
dle, or eveii weiieru states ? Were this at-
rat ntiestionVhicn Dresent-i itetl, is Uus an
the administration borrow on terms which they
ought to accept, the immense siiin now propos
ed ? I profess not, sir, any peculiar skill in ii
nance, and but a limited knowledge of the fiscal
concerns of this country. I will, therefore, not
hazard a. positive opinion as to the practicaMri
ty of obtaining the proposjd loan, though 1
h'ave no fiesitation in believing, that it-will not
he obtained w ith the: facility imagined by some
f entlcmen, and that the practical resources of
he eountry," in its present, situation, have been
greatly over-rated,-v, -
The hoii, ehairjtaaft of th.it committee of. ways
and means, (Mr. Kppes) in a manner perhaps
refjinred t insure success to his measures, ex
hibited a very flattering prospect, of the aggrev
gave, value of our couutry-.lue unu,uu pi oh is
oS' industry j and the probable amount of ,uecers
Bary and nnessdr circulating mediuin---I ob
jeel not to the effort 'of that gentleman, to eon
vince us of the ahiiitv of the WunJrv. and the
interest of the money letifdef o jlead, f h&4
object is to borrowv In private" life, when a
propositi ob is made, or a- favor asked, the ap
peal i made to our abiiity or our interest lfoiir
charity is. applied to, the excellence of that car
dinal virtue 3 not only pourtrayed by the suc
tjessful mendicant, but his claim becomes irre
iistibttlie "moment he persuades us that virtue
U eminently our own..
JVlLstimates ot the cnaracter or those xvhicii
Uie gentleman lias iurnisneu, niuit in tneir na
ture be-uneeftain,b?c&use t heir great basis-rests
"principally on cotijecituTe. WeteTtsked Tose t
a price on the soil; my 'country, "tviiich would
eoinpematefits'present possessors for the aban
donment of if, and obligt; them to seek existence
in other. climes, I would indignantly say Not
; the accumulated wealth, of the world could for
a moment tempt us to part with the land of our
fathers our inestimable inheritance. In this
find other objections ffli thje'hiU f rowding opi(ie . f .
wit h a force not to be resisted. It is sufflcteft ' " t
-for me to know thattbirttTOillion.s of additiof - -
aldebt . are about to be; saddled o myrcountrj . f ,
for the faiilitarv' operations of this single year. j
It i3 enough for me to know that the expend
ture of the government from January, 184
to January, 1810, will have ,exceedct niner.
millions of dollar, exclusive of many million
of out standing 'claims ami that. the public
debt will, at the close of the present rear ex
ceed oup hundred and five millions of dilarf.
This brings me again to reflect, what, is the,pr
portion wnicn ray consutueftta. win nave virpay
i
and commerce.
tempted, it might notTilcrallv take the bread ;
out of the mouth of the laborer j but it ; would ring dcmanijs which have lately been, made froi
striHmn of tho garmentsTiy- wore it would ' Boston, On Vlie banks"of Ncw-Vork, and whic
bear most heajy on the poorer class of citizens,
and in. proportion to the number of women and
children in a family, in that proportion w ould
such a tax operate on them. Jn the states which
1 have mentioned we have no surplus manufac
turesand from all (he states the exnortsjFrom
m:ahufaT;to
the states, the prospect would be jrrcatlv chansr
ed. . lh those eveiits credit micht be relied on
to almost any imaginable extent -But, sir, this,'agcable to the constitutional ..mode oftiaxa;lioiii
umortunately is not our Jot. blocked up as and unless you restore peace ami commj-ree, no
wo are by.lhe enemy's squadron on our coast ; i other mode eanbe adopted-for the sake kf
corked up by our still more unmerciful embar-j brevity, I .'will take one county, (Itowail) as bc
go aud norMinportation laws, calculated, as it fore -her proportion of three millions being
were, to fill up the chasm of ills, which the ene-j nine thousand, (1 speak iu round nuaibersHhe
my alone -could not innict ; the entiFC coasting
trade destroyed and even the pittance of inter
course "from ; one port to another in the eame
state - prohibited the planters of the southern
and middle .Mates, finding no market for their
.predicts at home, are driv.trtothe alternative
'of Waggoning it hundreds of miles in search
ot a precarious market in the Northern and
Easter I states, or permitting it to rot on their
saujdji. f . Many of those articles which aW, tfr
have beciate by habit, ueces.sary.for their com--
forif are procured at the most extravaganttpri-
. a a - v a v ' i ... a
a-,c nuui oincr ieeuflus ot ine union, i in? a- naua r -'i oeueve ,.inia;u. -.uc, ,jjf,vM. i v
lance-of trade, if trade it mar be called. Jom without stonnin's to eakiuat'e-' the iLMneeg. of
these and other causes beinar so entirely atdngt success, which are elobmy iodood it'Ve mit
the southern, and middle' states '; thewhofc of judge from what has passed, fcc-iiUfe not U
aupecie is fast travelling to the -Northland aay, H is an unprofitable contest nworhjr qw
Eat jour bank paper irth'rown hack oponuhe efforts, & which will ill reqiiite ou-iiniJIs.' &ti'tnf
institutions from which it we, issued, and as, airigle-self, I would not glVe- ajjrafi-oo tfce falfig
the war expenditures are proportionablv iueon- en Bonaparte for my share of spoliations which
lie has committed on our commerce for an t lie
advantages which, in my judgment, will result
from the acquisition of Canada, - - , ...
. Gentlemen, however,, tell us,. their ulterior
object is free trade and sailor's" rights," Are
those objects to be attained by the conquest of
Canada r Do you expect to barter the fancied'
amount of debt at the close of the presect year
being one hundred and five millions, the pror.
portion of this onacounty-will be three huu$
dred ai.d fifteen thousand dollars,' the -janul
inlerestof which, at 7 pjr cent, will be twen
ty-two thousand and five dollars. Thi; Rirjj
more than the surplus pi-oduct of their iudu-itr j,
and more than they are able to pay. ; ; - .
For what then, it may be naturally inquired, '
is,this mass of debt created, those- mighty saeri
ficfes to be made B Is it to prosecute a, war of
coimuest against the British possession in Ca
nauar -ji oeucve ,.ini;. i,ue., iujtf,. f i
"ft
A
"pornttTirrwtlic cstnnaleirtiecapiTailirThe: more than Iialf a million of dollars. The ex
country at SjSOT'jiS.OtOOO. is far below its in- ports from those sources"did not, the last year,
trinsic value. If ou the contrary, the i(L-a is exceed ab' ut three hundred thousand dollars,
intended to be conveyed that this sum'consti-1 From, thi course of reasoning, I ani warranted
tutesa disposable capital ora fund "rom which, in concluding that,for government use, or finan
is derived a profit in any considerable degree cial purposes, this immense, sum, of- S 172,000,
pial to the ordinary interest of money, such ajooo, dwindles down to about half a million of
-supposition is top illusory h) require refutation, dollars, and that more cannot be, made out of it,
Without examiuiing tho several items which , unless w c are doomed to go naked,
are assumed u constituting this general aggic-j The hon. Chairman having fixud the capital
sjate of our wealth, I will content myself with and productive income of the country , proceeds
tfxamining one only j an! should it appear to , to ascertain, by a process I profess not I uudcr
lm've been over-rated nearly 07ic h undred oW, ; stand, the amount both of necessary and uime
the elaborate ' supeptructur? of the hon. c!iuii.-- jce9sary circulating medium. The necessary
man must necessarily be s!iakcn,and the whoU'leireuUting medium he. estimates at about S7j
fabric left for it3 upport on little more than! ooOjOOO, and he surplus at 833,000,000! mak
vague conjecture and visionary speculation, j ing in the w hole 100 millions of dollars, of
The item J allude to is 300,000,000, the est'T- which he conceives 53 millions may her loaned
mated value of our wild unappropriated lauds, to the goverjunenr. Permit me here to remark !
ni iu. tc lo-inia uiajr uu ui ui avuv i cmui esuiui i ii is caicu laiiou appears to ine f.o lie at war
to come, I pretend not to say but it is a welltwithull those ; correct 'principles -which' govern
known fact, that the average proceeds Jroai ihr'the-transactions 'of; moiiicd capitalists.- It
saie oi uiem lor me msi o or.a years, nas noi would ne periect lolly lor them (o put into cir
exceeded Sfi'00,000, and as this seems Jo be the . eolation more 'medium than is necessary for the
era for conquest, and further extension of ourdemands of commeiceaiid the ordinary -gradu.
territorial limit, I doubt whether we can, forfal improvement of the eouiitry if they attemp-
Inahy years to come, calculate on iHcreased ted it, the surplus would return upoir them, or
sales of unappropriated hinds. Taking then j the rale, of .interest would be reduced in propor
8600,000 as the annual value of this fund, it is tio'n to the execsTof paper set afioaj. Thjg pr?
evident .disposable capital of -ten millions! Sent hish rate of int-rest. f.f..ifilrit;1.i0 it,,. ;-iL
would yield an equal income. 1 he conciisicn of the- existence of such a superabundance of
uitsisittvm, uiai inn csuiiiuc. u cujuuu ijeircuiauiig meuium-.. ; Vie actual specie in the
800,000,000 employejMnhj'm vvhich j IT. State's dols.'..nbi exceed t cnty.ive mUlir.n
ji j, auu proua.nj as u migm 10 ue, is onij e- or uoiiary litis is generally lieltl by the banks,
qual to ten millious of specie, or oihe-r aciive and their paper literally constitutes the circu-
I...: -i. i : -' i at . .....
apWlJ.mora mefJium, and not a-.dollar can be 6btaiu-
poseg, lue esumaien yatne ni . iiiose laiias is I ed Jroia the hanksj
glity fold beyond their -real dispo'abl value.
Sir, we might as well hoasFof therV.Hlu- of "the
air We breathe, or of onr pelifcieal; iiistitutitjuns,
as to talk of a fund which cannot be broughTtA
ToJietion'jjOr in any way converted to riiest the
pecuniary exigencies of the giiVerrtment. .The
comparison, 1 think, for the purposes of the ar
gumeuf, a fair one. This little book phe ccn
tftitatii) . worth to my onuatry more taau
atjess interest Ulan about
whatever ni ay be the' lromiiiaS amount of bank
capital, they tannot keep in. circulation more
than the amoant hecessary for the oly'cets, which
I Lave stated, which -the gentjennui admits" to
be' forty-seven luiliiofis dilHrs. . 1 am iiie lined,
i iierefure., to think the actual ci i en lating me
d:um,in times of ordinary pro-perity does i:oi
8ittiJ fifty aiUtoms at d'iilars t his paps r)ie-
siderable in the southern and" middle states
where the loans have been principally obtain
ed ; the bills of .those banks arc dajdy return
ing, and their vaults drained of their specie to
be locked up in the Western and Eastern states
never to return, hut with the return of peace
The extraordinary' and alarni-
from
h
I understand are progressing to the South, prove
these remarks not to be the mere effect of fancy.
But, sir admitting for the argument, that the
bank cafiiliil js as great as has been supposed,
and their notes, which constitute the circulat
ing medium, ire in amount equal to the de
mtfnd m f go v e r'ltine n t j does i t follow that this
medium js so regulated, as to be safely obtained
from the banks, and effectually ' applied to the
wants of the government. If gentlemen sup
pose the real circulating medium is increased
in proportion to the number of banks establish
ed in every seetjou of the countryj they are
greatly deceived. Bank paper" being the rc-
presentativT.of specie, the respective spheres of
bank notes will be circumscribed, in proportion
to the greater number of banks by which they
have hacniissued ; because it is the policy aiid
interestof banks, in order to save their, coin,
not to receive in payment, or give circulation
to notes of distant banks. If such notes are
"received, lit , is for -the purpose of redeeming
their own, or: demanding the specie, and there
fore cannot be considered an eligible, or indeed,
a circulating medium at all, except to a limited
Cxteut, often confined to a particular county or
state. In ordinary 'times Ibis inconvenjiencc
may not "be! severely felt ; an' active commeice
and. free exchange of commodities between the
different -states would .lessen the evil. But,
sir, im'times of commotion and of unusual ex
penditure, when the govcrniheut cannot adapt
its local expenditures to its local receipts, when
the ' ordinary routine of business is broken up,
hunk paper will not be receivable beyond the
neighborhood of its own institution, or w ill be
immediately throw n back upon it. , Those in
stitutions must necessarily become more limit
ed, and'inorc guarded in their operations, or a
i(4xiiAxiiuift.LjuuLn e c o d geq up u c e.-, a t f
conquered territories for free trade acd fear
lor's rights ?" Whatever opinionsTntghtjaTo
Originally been entertained on this qtifstion ..
they exist no longer, Canada; once taktii, yu -cannot
get clear of it without givingup the .
western states at the same time. No, sir , it
will he fixed on you, although 4 free trade and
sailor's rights should never be heard of more
The little' fleeting success which followed I ho
afchievmenton4ake-Erie last fll, brought ,
forth the real, though till then latant sentiments
of the western status. Their language was un
equivocal -Canada must not,'ihairiibt be given '
up. . The present administration would not
and perhaps could not resist this w estern tor
rent. Canada .once .taken, even Were w e dis
posed to surrender it, I deubt whether it would
be a valuable' article of trathc'in our hands jX-V
doubt whether jGreatBritain would desire the
repossession ofd precarious a tenure. These
provinces would forevet aftcr.beat ojirm
ance of the government on that kind of cireulat
in 5 medium m.ut be precarious. Suppose some
of the pri.icsipal banks were to contract for the
greater 'jartlof thepjnpbsedJutttif-fltidJssn
even, and a rpiaiter per ceiit-iM)n7equei:t7yrJe1rt
created, these bills not finding general circula
tions, .'of ( a shock given to the institutions, ei
ther by accident or mismanagement, w hat would
lie the situation' of government ? Their finan
ces would bederanged,their creditimpaired
-enriched with a Jctf,but their coffers empty.
Without ventniiag an express opinion wheth
er the proposed" loan can be obtained front the
mand : the inhabitants w ould be ouf tenants at
will, and subject to our good pleasure. To re
tain possession might be attended with vast ex
pense and danger to our "country. GrtafBri
tniu micht desire to recover by force what was
lost by force, but in no otter, way could the pos
session Ut either vaJuaLle or serine. Admit
ting Canada 'to he taken, ( and that we have
the-physienl force to take it I do not dvnyX
demand V)f the advocates of this, vur, to k. w
what is then to be done. Do they moan to p:au$
their standardon the walls of Quebec, h por
tion out the landiWthe'e6nqu'.'rors, atid siiig a
requiem to f free trade and ailors right f"
These4jueslioiis never have been samiactoruy
answered. It. iilime the people Should know
and understand them. My hiimble opinion is,
if any legitimata object , exists fur the proscco?
tian of this war, that object is not tp be obtain'..
ed by the conquest of Canada ;,I therefore atl-'
vise the abandonment of this pliaijtom, et least
i?uine:the pendancy offhe pietut negociation.
Husband the rtoure'es of ue countrydo w at
you can for commerce and thAiiavvuiLaLova
alLthiugs pre iibreMtulejencuv
-Vi
netcnt ?roteclion to vour-bleedinsf ironlit rs anu
ised si'i
- m-z . 13-
ex poseo; sia coastr Utrx itese tmn gn-w mau--,
ifest a 'sincere love of peuce, a guai'diau?rcar
for your suffering and exposed citizens -ia a
word give a nativtwme-bred character to your
war, nd should peace not be the rcsuIt,jou
will not be.forsaktn, ut least by nie, in the loujc
of peril. '" ' ' ' ' "... :
. Ucntlemcu in the majority, tIi thiisting fcr
.- ;.
- - '. -.
- -v