Newspapers / The Durham Recorder (Durham, … / June 10, 1841, edition 1 / Page 1
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- 0 A ' 1 " , , . t . .... . f . UNION, TJIE CONSTITUTION AND THE LAWS TIIK GUARDIANS OF OUR LIBERTY.. voi; XXI. ""jSiaaafli " ' '- TIIL'IMDAY, JOE 10, 1 841.1 Xo. I07C. . . fnm iV Ba'tisaore A Merits ' 4 " xne orroinN and irs rntss. Ti t leaders f the Of f out', q rf taijug -rawed it tdvanrt c'" National BBk,J fh 1 meaner ihe, whatever t may bii.k f ,hf P'iaeiples tpe hich vjietr pfiiioa U based, tktre is bo room f jf dbl eneeer.iog the nature f the wioctj tM ihemre'vet. Tiey avow their MtMt openly of dhrtgnruing tht (lifter of such tn institution, if it stall I eatUihrd. We find declarations to iSi ttiet in ihrir leading journal; a few Iiith wt ! apteiraens. Tbt jfoAmoa Ji'iUtrt of tht lTlh iasLsays: Cat ihie cWrr f Wea to incorporated J tto.iolistt . fct considered eacrcd I j iha.f K regard it at a violation of iha feai charter of of fightt and liber.iea? tt'bsl eighi have ibt eervsatt of iht Po p! M prostata ihe tery authority snder mlieh they art erpited? What right bavt Kcpieetaties, tlecteJ but for iwo tears, to binJ iha rott for ihirtjr fivo r fifty " un,'re yara,r ai t. if ?"J r'rte ni r f'icb arc rontrailirtorf IA iba ff pawtrt liocr vhirh thty prJtf to ctr " Af iio. ia tht iai article: SboulJ acb a la fa, it will then Ut-mt tht Staie U'ft-hia Repicteniatiaea of Viriiuia. anl tht other buiet, to enter their 1'roieal 911 ihe j-umala a aitt the rharur. Tbey mjt in their Pnil, d'dart their drtf rtnimtion ta repeal the at tht tirHrrt poi It numriit, ni in tht manaer root eotnittf at "with r tht rtf at funJamrntal jriariplea that art pphcablt to auch'a ci. TLia varnirt woulJ arret at fair notirt to ihoat ho lk tht etockt and bo crHlJ not fairljr coasplai a of tht eonirqoenrea. We eovtd haa wiihrd that tht Enquir er kaj alated aiort eUarlf wttat it meant if tht UtidaramtHl nrincipler apylicahlt i.i each t eat." If iha cbarur i f a N'aiinnal Bank be nneonauiutionil. or, aa tht tnqoirr prcfera to txprrii it, a iolatio of the freat charter of oar right and liberu, Ut ha Svprewt Court to !eile it. aad Ibt Bank muil fall. But a art at loaa tti pcrctiao bow tht count ttcommended bjr ibt Eeqiirer fan It madt eonaiiieat with tht oalurt of 10 nrfaniztd Gormmfnt It lookt much lit democracy run toultraiam.aod icadj to bt precipitated iuto aaatchj. , Bat wt nato other quotauon. ,'Tbt OtNirfea'tit. iltrtury iatimatca tht eoorat wbir k tht anrerei0 f?uta of South Carolina will probably, ukt in rat a (tank it clartr red. Tht programat U aa fuUrtV;,, :f ; ".,; 1. Fir it drrlart in tht roott lolrno htm that ack charurit a violation of tht Conilitntton, and aa auch ought to bt repeated. ?" " t " . ; t. Emet that no branch-of inch an aaeonatitstionil rorporatioa ahall bt et tabliahed in Soatb Carolina, to iapoveriali her citiscna and turn ua into a colony of aome Northern rny. , s " 3. Enact that n bask chartcreJ by ihia State ahall iterive or pay out tht notci of iucIi bank, under penalty of lining thtir owapaper refused in all pay ruf n't to Oit T'1"'." If a National Bank ia chartered, ita charter fritf It frptalcd. and in that too Ssmh Carolina will doubtless take part mot cheerfu'.ty.' The Mtreury d.ra not inform oa whtllier the Constitution is thotaiut how si it was in 1816 or not. I'erhapi, how er,Mr. Calhoun hat changed hating had newjlghtf. The fo'ragoingitraeu are from ur nli from which better Jhiogt wert to bt eipffled. t Tht neit i from KtndaTM F.jpotiior, , The Democracy are udd that hejr routt rely on ihcrnielret and here are the means and model to bt resorted to in tht premises: T ; 1. ihsm use all practicable meant in prevent the passart of an act by Con 1 frets to charter a Bank of tht United te in any shape. Let them make fcaown their opinions and delei ruination it tlie event that the effort ahall be auc ceufully niai'e. "8. Let thtm wtihont toiet.in Con Crets and out, announce their unalterable resolution never to ctsst Warring upon alia ntw'inatilutioit until it ahall be de Woytd.. Congrras cannot make a v'silid ( contract, or pladge tht public faith, in vi olation of the Constitution. Let tht de ioert announce that they consider any act chartering a National Bank void from h beginning; that they will treat it as a nullity whenever tslled upon to act aa of wrs of the Sutt r Central Covernmeot, whether as legislators, judges, or juror?; h, as private citizens, they will support manfrie public atation who wil not aet with thtm; and that they will never rse their agitation and annoyance until ht charter shall be repealed." The AfC;r YorkEctmng Tort hat madt "'ciara-ion's inalooot to those we have quurd above.' The paiticular language of th paper we have not now at hand, .hut ia scntimcn's on the euhjtct will huht bo repeatod soon enough, and with ufGeient plainnea. 4'xik fr a moment at the rir fe licet under' which Hit opjrtent of tht Aflvftisirsi'maj hatt ventored apoti ilm soal of their atrapgt doctrines on d.is qarsuua. Tle eurrvnry it in a ttalt f Btoat de(.loralle ronfutinn e xcLapg W.twecB Cinrinnail at.d New York bring ten per rent. betweet Natrhet and New Ywk, from 23 to 39 per cent. Tht peiieoct of the paai atsurea na that, with sal tht controlling pooer of the CTotrrs tneet eseictfed through a National Bank of some tort, it it qano impossible to re store regularity to our financial operation. The tub-Treasury baa failed, proving it self to bt incapable of any wholesome action either for tht benefit of tht Trraa ry Department of for the general carreo ey. It is Known that every Admintatrav uon, from Waaliinrtoa a to iarkton a. icsesXaQa u to be esteemed at tlae only proper nr-t , There win fiU du within the next biter of rational differeneea. , .. " ,: j three montha treasury notea of tLe issnca , The cencna recant! taim ahowa ire- of 1840. includinz btcmt, about $2,850, 1 ' I ma r-l 1 1 ,1,. period for arrearages for tatinj the sixth census, t294,0OOi aad the estimated ex penditurea fur t'.e current ten ice are a bout 3.100.000: roakkf tlie arsregate demand npoa tlie treasury, prior to the first of September next, about $11,310, 000. 'V . ;;., , ' .-. . The wave and meant in t'.e treasury, and estimated to accrue within the above coin tnriBie. sanctioned direeir or indirectly the police of a Nation! Bank 1 be opposition of Gmertl Jacksnto the late Bank wat against some of tht features or.lv iif that institaiion; and be declared anort thai oae that a Bsls fret from constitattonal tobj'C'a conk) be tstab liahed; aad that, if were eorsulted, bt would furniah lha'riaa ol ent.v' Again Ihe jadgsnentof the. Soprcmt Court, the proper tribunal to deeidt tpoa tht ques tion of constitutionality, bat been pro nounced, affirming that, as fiscal agent of tht Government, a Bank night bt eon-! atitntionally eatablished. i In the face of these facta we behold the manifestation id a sort of wholesale nul lificationa wilful, facii'Mi, and die organising system of opposition com" menced, the end ol which, if auecevsful, ran only be confusion worst confounded a c hsos of all order in Government, and of those ptiociplra of faith which bind society together. leaving every man to act as secoeih good in liisown eyes, accord ing to the nt democratic idea of sovereign ty individualized to every body. ' But tha avowals of the Opposition rreitcs will bavt ctit talutare effect that of showirg to tht fiiends of order and the country t interests tht necessity of union, concert, and determination. With these to strengthen them, tht assaults medi tated afainit the Government will bt of no avail.,, Let tht Batk be et:ahlished; let it be constituted cautiously and wisely, ao aa to secure -tht most good la tht country that may be gained, with the fewest possible objections in the-eyea of rational men. It may then stand secure ly. Tht more furious the attacks that are tntdly madt upon it, the mort decid tdty will tht eubttaatisl interests of tht country bt tallied in its defence. Dittrtuing Accident at Qude c .We learn from the Quebec Gazette of tht 17th tit., thai a distressing accident oceurred that morning about 11 o'clock. A large mass of Cape Diamond, with the wall from the Governor' garden, to the bate of tht Citadel, gave way, and buried under mniea of atone and earth, the houiei in Champlain street, opposite tht custom bouit. About tight buildings in all art destroyed. Part of the inmates wert at woik, but it it supposed that betwreu 20 and 30 persons were in the houses. Thirteen dead bodies hat bten taken from the ruins. Some wert alive and taken to the hospital. The Montreal Courier of tht 19th adds the fell. wing-." A friend who arrived from Quebec yeatetday, hat informed us that when he left, at lulf past 5 o'clotk on Motidav e venire, 23 bodies had been recovered from the ruins. 17 or 18 of hich were dad moat of them ao much disfigured and mutilated thaHhey could scarcely be recognized from their fea-turea. pulariy progressive increase ia our popu lation. Upon the breaking out of the war of the revolution, oar numbers tcarcely equalled three million of eoult; they alreaJy exceed eeventeea millions, and I will continue to nrorej in a ratio which Prraidcnt of the tnilfd States daplkaica in a period of about twenty- . ... 1 three years. Tlie oltl eutca contain a Flat SratwM. Tweotysevcnih Ceagreaa, territory tofEcient in itself to maintain a Us'LiKf ta, joe I, I8ti, population of additional millions, and the r Ui Scaaft vi ttmu XtprttmitiUm . most populous of the new states may even . named period, consists of about $691,000 Fellow Cmzxxs : Ydu have been c refarded aa but partially settled,! of funds available on the 28th ultimo; an assembled in your respective halls of le- hilo of the new lands on this aide of the j unissued balance of treasury note autho gUlation under a proclamation bearing the Rocky Mountains, to eay nothing of the ized by the act of 1811, amounting to signature of the illustrious citizen who, immense region hich stretches from the j $1,855,000, and estimated recetpta from r n UuAv h ir-i .nflV. base of those mountains to the mouth of, all sources of $3,800,000; matin? an ag ree of the people to the discharge of the . Columbia river, about 770,000,000 gregate of about 6,450,000, and learinj important functions of their chief exoru- cres, ceueu ana unceaea, sua remain 10. pruuauw ueuui ua uic u i live officer. Upon the expiration .of a a brought into markeu We hold out to single month from the day of hia install- the people of other countries an invitation lion, he has paid the great debt of nature, come tde among us as members leaving behind Lim a name associated of our rapidly growing family; and, for with the recollection of numerous benefits the blessings which we offer them, we conferred noon the ronntrv durine- a Ion require of them to look upon our country life of patriotie devotion. With thia jmb- " their country, and to unite with us in lie bereavement are connected other con- Ul 8"" u preserving our. ansuiu siderationa which will not escape the at- tions, and thereby perpetuating our liber- tcnuon or Uongress. - The preparations . mouve exusu lor loreiga con-, necessary for hit removal to, the seat of qut w hut t5 reclaim our al- governmcnt in view of a residence of four most illimitable wildernesses, and toin- vcars must have devolved upon the late troduce into their deptha the lighu of ci- I'rMiitent liearv exnenttitures. which, if tuizsvuio. at nue we snail au uraes permitted to burden the lunitcd resour- be prepared to vindicate the national ho rea of his nrivale fortune, inaw lend ee nor, our most earnest desire will ba to rirumtv in ihfi amhari smrnt nt hia nr. maintain an Unbroken DeaCC. viving faraUyi and it is therefore re-) In presenUng the foregoing views, I snectfullv submitted to Confess whe- cannot withhold the expression of the tlier the ordinary principles of justice opinion that there exists nothing in the would not dictate the propriety of its le- extension 01 our empire over our acknow gialauve interposition By the provisions ledged possessions to excite the alarm of of the fundamental law, the powers and the patriot for the safety of our inatitu duties of Uiehiffh atation to which he was tions.,rhe Federative system,' leaving elwipd have devolved i.non me. and in tlie to each Btate the care of its domestic con- diarwutitinna nf tint rpnnx4ntativea of llifl CeniS, and devolving on the federal gov. states and of the people will be found, to ; eminent those of genend import, admits irroiit fi.nt. anlutinn nf the nroblem ia tafety of the greatest expansion, but. to which our institutions are for tht first 't the same time, I deem it proper to add time subjected. ' 1 i that there will be found to exist at all times In entering tjpou the duties of lhUof-' inperious necessity for restraining all See, I did not feel that it would be be-" mncuonaries 01 uiis governmeni wiu comintr in roe to disturb what had been th range of their respecuve powers ordered by my lamented predecessor t hatever therefore may nave been my tlicreby preserving a just balance between the powers granted to this government opinion, originally, as to die propriety of i those reserved to tlie states and to the convening Congress at so early a dayjP60"- Tht Whales are evidently loingttht:r senses, Olhey ever had any. A few weeks ago a couple of ihtrn went into Wtsipoit, near New Bedford, where they ought to have known that they would be muttmnr'as soon a they wert seen; ahd since that, two mort of tht diludcd creatures showed themselves little better than "dvboshed fih," by running into Newport harbor without one of Mr. Blunt't charts; the consequence of which may bo readily imagined. One of them struck on a rock, and threw him self nearly out of water, lit hauled off, however, and went to tea without repair. Grat apprehensions are felt al.tng the eastern coast that he was lost, with a full cargo of fifty barrels of oil on board, with out a cent of insurance. , A. J. Cour. and Enquirer. Mammoth Chideil correspondent of the Farmer's Cabinet, tells of a chicken, bred by .Mr. Wood, of Uaddonfield. N. J., a cross between tht blue and black breeds, weighing only 19J lbs. when killed and dressed. Tlie eggs weigh tlx to a pound. In raising such fowls there is both pleasure and profit, and when readr fur market there will bt 110 lack of purchasers, , .. The town of Brewster (Cspe Cml, Mass ) has voted to license one person to retail spirituous liquor, lie is toraceive twenty-five per eenl. profit on his sale, and keep an account of tvery ptrson who buys liquor, and the amount sold to him. l i he publiahed for the information I theri'izens. a rtnriJnj. from that of its late adjournment, I found a sew aad controling inducement not to interfere with the patriotic desires of the late President, in the novelty of the situ ation in which I was so unexpectedly pla ced. My first wish. under such circum stances would necessarily have been to have called to my aid in the administra tion of public affairs the combined wis dom of tlie two houses of Congress, in order to take, their counsel and advice as to the best mode of extricating the gov ernment and the country from the embar rassments weighing heavily on both. I am then most happy in finding myself so soon after my accession to tlie Presidency surrounded by the immediate representa tives of the states and the people. . No important changes having taken frfacc in our foreign relations 'since-the ast session pf Congress, it is not deemed necessary on this occasion to go into a detailed statement in regard to them. I am happy to say that I see nothing to de stroy the hope of being able to preserve peace. - The ratification of the treaty with Por tugal has been duly exchanged between the two governments. This covernment has not been inattentive to the interests of i those of our citizens who have claims on the government of Spain founded on ex press treaty stipulations, and a hope is indulged that tho representations which have been made to that covcrnment on this subject may lead ere long to bcnchV cial results. A correspondence has taken place be tween the Secretary of State and the Mi nister of Her Britannic Majesty accredit ed to this government on tlie subject of Alexander M'Leod's indictment and im prisonment, copics-of which are herewith communicated to Congress. In addition to what appears from these papers, it may be proper to state that Al-1 exandcr M'Lcod has been ncara oy me Supreme Court of the state of New York on his motion io be discharged from im prisonment, and that the decision of that Court has not as yet been pronounced. The Secretary of State has addressed to mo a paper upon two subjects, inter esting to the commerce of tlie Country, which will receive my consideration, and which I have the honor ta communicate to Congress. . r So far as depends on the course of this government, our relations of good-will and friendship will be sedulously 'cultiva ted with all nations. The true American policy will be found to consist in tho ex ercise of a spirit of justice, to be manifest ed in the discharge of all our international obligations, to the weakest of the family of nations as well as to the most powerful. Occasional conflicts of opinion may arise, but when the discussions incident to them are conducted in the language "oF truth and with a strict regard to justice the scourge of war will for the most part be avoided. The time ought to be regarded as having gone by when a resort to arms ber next of $1,815,000. Ia order to tor-ply tht wsntt of tie Government, an intelligent constituency, ia view of their best interest, wdl, with out hesitation, aubmit to all neeeisary burdene. But it it nevertheless impor tant to avoid defeating the just expecta tions of tht country, growing out of pre existing laws. 1 nt ariol iiitza aiarcn. 833, commonly railed the compromise act, should not be altered except under urrrntntettsiiiet. which art nut believed at litis lima to ex tat. One year only rt miina toeomt letttht series of reductions provided for by thai law, at which lime nrovisioot madt by the same law, aud which then will bt brought actively in aid of the manufacturing interests of tht Union, will not Uil to produce tht most beneficial results. Urder a system of discriminating duties imposed for pnrpot es of itenue. in unison with the provi siont of existing laws, it is to bt hop ed that our policy will, in tht future, bt fixed and permanent, to as to avoid Ihott eonstsnt fluctuations which defeat tht vt- ry oojfcts tnty nave in view. ire ansu thus best maintain a position which, while it will enable ut tht mort readily to meet tht advances nf other rouatriet calculated to promote our trade and commerce, will at tha stmt time leave in our own handa the meant of retaliating with greater effect unjust regulations. , In intimate connexion with tut ques tion f revenue it that which tnake pro vision for a suitable fieal agent capablt of adding increased facilities in tht collection and disbursement of tha publie revenues, rendering more tccurt their custody, and consulting a trut economy in tht great multiplied and delicate operations of tht Treasury Department. Upon tuch an arent depends, in an eminent degree, tht establishment of a currency of uniform value, which it of to great importance to all the essential interests of tociety; and on tht wisdom to be manifested in ita creation much depends So intimately interwoven art its operations, not only with the interests ol individuals, but with ihoat of the States, that it may be. re gsrded in a great degree aa controlling both. If psper be ued at ihe chici rut diurn of circulation, and the power bt vest ed in the Government of issuing it at pleasure, either in tht form of Treasury drafts or any other, or il banks bt ued aa tht public depositories, with liberty tore gard all aurplusses from day to day as s much added to their active capital, prices art txpoted to constant fluctuations, and industry to severe tuffcring. in int one case, political considerations, directed to t ;l DsrtT nurDosrs, may control, wmietxces V . a .1.- -.1 tivt cupidity may prevail in in timer. The public i thus constantly iistue to imposition, expansions and contractions mav follow each other in rapia sue ces.inn. the ont engendering a reckless spirit of adventure and speculation, which embraces States as well ae individual; ihe other causing a fall io prices, and ac complishing an entire change in tht as naei of affairs. Stocks of all kinds rapid ly decline individuals are ruined, and States emhsrrassed even in their efforts to meet with punctuality the interest on their debts.- Such, unhapptiy.it me tiaie 01 things now existing in tat United Msiee. These elhcts may readily be iraeed to the causes above referred tu. Tho pub lic revenues, 00 being removed from the then Bank of the United States, under an order of a late President, were plaetd in selected State, banks, which, actuated by the doublt motivt of conciliating the Rrament and aufmeniinf their profile to the greatest possible extent, enlarged , . IVUI M.V .Vr&. V. HIV -rrV. VM.1 J V. MIV Treasury, yon will perceive that the fis cal means present and accruing are insuf ficient to supply the wants of the zovern- ment for the current year. The balance in the treasrjry on the fourthday of March last, not covered by outstanding dratts, exclusive of trust funds, is estimated at (809,000. This includes the sum $215,000 deposited in the Mint and its branches to procure metal for coining and in process of coinage, and which cotdd not be withdrawn without inconvenience; thus leaving subject to draft in the van ous depositories the sum of $645,000. By virtue of two several acts of Congress, the Secretary ol the 1 reasury was author. rued to issue, on and after the fourth day of March last, treasury notes to the amount of $5,413,000, making an aggregate avail able fund of $6,058,000 on hand. - But this fund was chargeable with out standing treasury notes redeemable in the current year, and interest thereon, to the estimated amount of five millions two hundred and eighty thousand dollars. There is also thrown upon the treasury the payment of a large amount of demands accrued in whole or in part m former ... . . -sat1 years, which will exhaust tne avaiiaote means of the Treasury, and leave the ac- cruine revenue, reduced as it is in amount, burdened . widi debt and charged with the current expenses tf the government." Tlie aggregate amount of outstanding ap propriations on theTourth day of March last was $33,429,616 50, of which $24, 210,000 will be required during the cur rent year; and there will also be required for the use of-the War Department addi tional appropriations to the amount of two million five hundred and eleven thousand on" hundred ahd thirtv-two dollars and ninety-eight cents, the special object ofi which will be seen by retcrence to the report of the Secretary of War. TIia nnticinatcd means of the treasury are greatly inadequate to this demand. The receipts from customs for the last year, and the first quarter of the present year, amounted to ix,iuu,uuu; tne re- KMnii ihr lands lor .the same time to ' . . I .1- .1:. f.ly J?;n. .hnit-innr an nvprncrp revrniio' eviravac ami v writ uinuumx from both sources of $1,236,870 periling all other existing banks to do tht month. A! gradual .expansion of trade same, irge iviuenua w. .v..... j 1 1 1 . . .iniii 1 1 w nm nil ji- rnicn, siiiiiuiiiii'g i""v thus ensb- ists. caused a rush lobe made in the Icg tures of the respecuve Matet lor ei growing out of a restoration of confidence, together with a reduction in the expenses of collecting, and punctuality on the part il of collecting officers, may cause? an addi tion to the monthly receipts from the cus toms. They are estimated for the resi due of the year from the fourth of March ot ftio flflfl nnn the riwtntit I mm th public lands for t'.e same time are esti- paper, prouucea a ui -.-.... mated at $2,500,000; and from miscella- An illustration, derived from the land ito nnn. mv;n Cle of tht oeriod alluded l, will sent aggregate of available fund within the o show iht efftel of tht whole tytttm. year of $14,670,000; which will leave a The aversgt taltt of tht public lands, for probable deficit of $11,409,132 98. To 'a period n( len years prior 4o 1834, bad meet this, some temporary provision is not much exceeded $2,000,000 per an nntoeeirv . until thf nmniiat fn hp ah- num. ; In 1834 they attained, in round sorhed by the excess of revenues which jaumVrs. to the amount ol $6,000,000. In are anticipated to accrue at no distant day, J the succeeding year, of 1835, hey reach- ed $18,000,000. Aad the next year, of -1833. tl'j niHJOted to the enoisnoa skin of $25,000,000. Tine crtawdieg im ' th short tpaee of three years apesrds o ' twenty three year pucchaae tl ti.t ah. - lie domain, ba spparentBsu become li t aeeessity of arresting tbw eoare of things. tha the Executive department attameil the bighlt queatiofltllt power of diteiimi. natiog isa tht funds to bt tsed ia pay meat by'd.ffereai classes of pullit debt ort a discrimination which wit doabt lest drs'gaed to correct tbtt'soost rate. . -ous ttaat of things by tht exaction of tpeeit ia all'payineoti krthtpvbticlaotUv bat which cto!d not at ones arrest ibt : lidt w hich had to strong ty eel ia. Hence tht drmtnda Cw specie became aseeaaing, ' and corresptfndtg prottratioa rapidly ts toed tniler the aeeestiiiet crested with iht bankt It curtail their ireoeaU.' ta J then by 10 redact ihtir circulation. I rt- cor to ttete things with no disposition it censure prt existing administration! of ' tht Government, but sioiply ia vxsmpli- fieatioa ol tht troth of the petition which I bavt tsitaaed. K, ihen. any fiscal seent which may be created ahall bt pla ced, without dot restrictions, either in tht bands of ihe adminiatratort of iba -Gevrroottnt. or those u( prtvait individo- - ale, the temptation to abuse will prove to bt resistless. Objects of political tg gradisemsnt may seduce the first, and tha promptings ol a boundless cupidity will assail tht last 'Aided by tht tiperienct of tht past. It ill bt Iht pleaaort of Con gress so to guard tad fortify tht publta interesu, to the ertatioa of any. at w arent, as to plact them, so far aa human w taunts eaa aceouipuen it, on a looting 01 perfect security.. WUbio a few ytsrt past, three differeat'schemci have beet before tht country. Tht charter of tha Bank tf tht United States expired by its own limitationt in 1838., Aa effort wat madt lo rentw it, which reeeivtd tlie sanction of tha two Houses of Congress, ' but iba then President of tht United States exercised hit vote power, end tht ; measure was defeated. A regard la truth requires me ta say thai iht President was fully sustained In the coorst he bad taken by tha popular voict. Hit successor in Iht Chair ol Statt unqualifiedly - pro notmeed bit opposition to any ntw char ter of aaimilar institution; and aotooly Iht popular eleeima which brought hiea into power, but the elections ibrtogh much of his term, seemed clearly It indicate a concurrence with him in sentiment tn the pail of the people. After the publie mo neyt wrrt withdrawn from tht United Slates flank, they were placed in depo- . titt wuh tht State banks, and Ibt result of that policy hat been before tht eoon try. To tay nothing at to the question whtther that experiment wal -made un der propiiiout or tdveise circumstances, it may safely be asserted that it did re ceive Iht unqualified condemnation of moat ol itt tarly advocates, and it is belie ved wat alao condemned by the popular sentiment. Tht txietiog tub Treasury, system docs not seem to stand in higher favor with tht people, bat hst recently , been condemned in a manner too plainly; indicated lo admit of a doubt. Tbua. in the short period of eight years, the popu-: lar voice may be regarded a having suc cessively condemned each of tht threw, echemea of finance 10 which I have d-; erted. At to tht first, it was introduc ed al a lime (1818) when tht State banks. then comparatively lew in number, bad been forced 10 suspend specie payments, by reason of iht war which bad previous-, ly prevailed with Great Britain. Wheth- r. if tha United S'tatea Bank charter which expired in 1811 had been renew ed in due ttaaon, it would have been enabled to continue specie payments dur ing the war and tht disastrous period la the commerce of iht country which isa mediaiely succeeded, it. to tay tht leaat. ; problematical:' and whether the Uei'ed Slates Dank of 1818 produced a restora tion of specie payments, or the lamt wat tccomplished through the instrumen tality of other means, wat a matter of, some difficulty at that lima to determine. Crrisin it it, that, for the first years of. tht operation of that bank, its course was s as disastrous as fur iha greater part of. itt tubsequent career it became eminent ly auccessful. At to the second, tht ex-. perimenl wat tried with a redundant Treasury, which continued to increase, until it seemed to be tht pari. of wisdom , to distribute the autplua revenue amonr . tht States; which, operating at tht same , timt with tht tpeeit circular, and tht causes before advrred to, caused themtu , suspended specie payments, and involved , the country in the grea'est embartas-, menu And. at to iht third, if carried, through 111 the atages of itt traniBMHation, t from paper tad tpeeit lo nothing but ibt precious metals, to tay svoUuog ol iht, rnilar sett of incorporation, wnicn, oy mar of tht States, under a temporary tn- r wmmA'A irr.ntait. ..it ihna laiuaiiuii, wo ic.u,. f-.... -" : : , ... - . he augmentation or tht circulating mt j "r,ty of tht pable mooeyt. it. in-, dinm. consisting almost exclo.ively of Jout efftctt bavt beea aiuicp.ud by lion. ',.vWhat ia now to bt regarded aa tht, judgment of tht American people oa thie . whole subject, I bavt to accurate meant, of determining, bulby appptating to their more immediate representatives. Tht late contest which terminated in the cite-' lion of Gen. Harrison to tht Presidency, wat decided on principles well known" and openly declared: aud, while tht tub- ,4
The Durham Recorder (Durham, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
June 10, 1841, edition 1
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