Newspapers / Newbern Sentinel (New Bern, … / May 9, 1832, edition 1 / Page 3
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v3 )j032 U Xts MBfiR'Y, 7H -.o.vsrin T? THE SENTINEL. NEWBERN: WED X ES I A V, MA Y 9, 1H.12. The Sentinel will in future be i&Wd on Friday. This change in our day of. publication, is rendered necessary by the existing arrangement of t he mails. 7rhe Banlc Report The Report made by the majority of the Committee of Investigation, is pub lished in the Washington papers. This portion of the Committee consists of Messrs. Clayton, of Geo'., Johnson, of Ky., Thomas, of Md. and Cambrelingj of New York. Two counter reports are to follow one from Ex-President Adams, and another from Mr. McDuffie, of S. C. and Mr. Watmough, of Pa. The Report dud accompanying pjanera being too voluminous for insertion this week, Vc have made the annexed extract, to which we invite the attention ofJ our readers. It wdl be seen that some, if not all of the charges, which have been pronounced malicious and unfounded, are fully sustained kind that loans to the amount of One Hundred and Ten Thousand Del for fifteen hundred dollars each with the interest ad ded on as they respectively became due, which was on the 1st of April and October, of the years 1832, '33, '34, '35, '36, no amounted fvith the interest thus added, to $ 17,975. At the time thev were en tered on the books of the bank, on the second of January last, the resident received the money for taem. These notes were placed on the bocks of the uu-un. Hi i,iijef ume, ana it -win be seen on tne zu oj March they were withdrawn, as will appear here after. On the 9th of August last, after the foregoing transaction had taken place, J. W. Webb and M. M. Noah made an application to the bank for a loan of 20,000 accompanied by a letter from a gentle man formerly a director of the bank of the U States, to the president of the bank, tn the following words: 44 1 cheerfully forward the euclosed as requested. I seo no reason against this application being treated as a air business transaction." This was accom panied by sundry letters of Webb and Noah, and the depositions of persons in their service as to solvency and ability to pay the loan requested, all of which will be found marked No. 9. This loan, at six months, was granted, with no other security but that which is just mentioned, the largest loan made on that day. On the 16th December following, ano ther application was made, by .the same parties, for a loan of $ 15,000, which was granted, for six months, by the exchange committee,, without any additional security or recommendation. At this time, there was a considerable pressure in the money market, and many notes of the citizens of Philadelphia were rejec ted. It was one among the largest loans of the day. These loans, together with the loan made in Alarch lare, have been made to five favorite1 Editors of news-! lo Burrows, amounted to the sum of 52,975, which papers, a. large portion' of which was obtained on J consisted of notes drawn and endorsed by the editors . - , . a ! r r 1 - Hi J m r '" The committee will now submit tne facts in rela- .afcucient security. "The committee proceed to mention the 5th case, which is making donations for roads, canals, and other objects, the amount of which 'is, 4,620,00, as will appear by document No. 7 Two of the largest of tin-He items, amounting to three thousand dollars, ..re for. turnpike roads made, too, after the General (.Government had declined to make appropriations for similar object?. j "A question would naturally i arise, whether the public 'funds in the bank, for that institution is ex prcssly founded upon the principle that it is neccs ' .airy to, and constitutes a . part of ,tje Treasury of the 'United States, enn he appropriated to objects indirectly :.by- the officers of that, institution, when ihn Government directly refuses to expend its re venues on the very tine objects. The committee have looked in vain fur any authority in the char ter to give away the money of the stockholders. If the charter contains the powers by Kyhich the bank is to act, and they are to be strictly pursued, there is no t!":nt to make gratuities for any object whatever. '' h consequenees?o"the exercise of such a right, mif-Iii" tie fraught with very great injury to the stock holder; cejtainly 'of dangerous interference in the rival trade of difterenf sections of the1 country, and of pernicious influence upon the operations of Govern in at- ; j 1 1 m i a i i ' 1 i, . l-i i iie committee approueu tne laei; groum . wrurn trie building houses to rent or sHf, an-i erecting tion to the manner in which this loan has been dis posed of, first premising that the resolution for in quiring into the affairs of the bank was introduced into the House on or about the 17th of February. The loan of August was reduced to $ 2,000 atjts maturity, on the 10th of February last. On the 2d of' March last, Mr. Silas E- Burrows obtained from the exchange committee discounts to the amount of thirty-two thousanu four hundred and forty-six dol lars, being the largest sum loaned on that day, and while many notes of citizens of Philadelphia were re jected. That the notes for 17,975 payable in 1832, '33, 34, '35, ana '3.6, were paid and withdrawn by him on the 2d of March, without the knowledge of Webb an.l Noah, as they state. On tiie 14th of the same month, burrows obtained another discount from the bank of $14:1;0, aud on the 15th ot the same month the note of Webb and Noah, for $ 15,000, loaned them on the 16th of December previously, and not due till June next, wus paid off by two drafts from Wet.b, obtained at the United States Branch Bank at New -Vurk, accompanied with the following re marks, c6niineu ui a letter to the President.of the bank, dated Yew York, March 11th, 1832, and found in No. 9, viz : " Akhougti the loans to us by the Bank of the Untiieu States are purely of a business charac ter, and marie upon statements showing the necessity of the accommodation to our establishment, and of our ability to meet our payments, there can be no doubt papers, and officers of the General Government, and the terms of such loans. "2. And the names and amounts of payments to members of Congress, in an ticipation of their pay as members before the passage oi the general appropriation bill." "3d. And the amouut of money due the United States, and on depo site in the bank, after deducting therefrom the sum tiius ad vanced to those to whom the United States are indebted, " And lastly, a statement in detail of the amounts paid to those who are now, or have been members of Congress or officers of Government, since 1816, for services rendered to the hank stating the natureof the service. For the information sought by these inquiries, see papers marked C. Besidestiiese, there were furnished statements of loans made to fry; editors or publishers of newspapers, by which it will appear, that the accommodations to those five editors were upwards of 110,000 previous to the institution of this inquiry. " The various reports which have, for a long period past, charged the bank with too frequent intercourse with brokers, and also of undue favoritism to certain individuals, as well as the large transaction which exhibited themselves upon many documents called for by the committee, induced them to examine par ticularly the accounts of the firms of which Mr. Tho mas biddle was mnd is the chief partner with the bank as a broker. "Four subjects of investigation presented themselves in relation to their transactions with the bank. " 1st. The allowing and paying interest to them on deposites. 2d. Relates to certain loans upon the pledge of stock, and the discounting of notes made to T. Biddle by the president or others, without the knowledge of the board, and on part of them, the pledge of stock, v ithout interest. The committee would refer for the particulars of these two charged to the papers marked No. 13. 11 , " The third subject is theamount of discounts made T. Biddle, and the rate of interest. The document marked No. 14 will show the amount on the loth of each month from the 15th day of September, 1S30, to the J5th of February, 1832. By this it appears, that on the 15th of October, 1830, he had discounted upwards of 1,120,000, and has at no time since been less than $400,000. The committee doubt the policy of such large accommodations' to individuals or firms at any time, as it deprives the. bank of the power of fulfilling one of thcr great objects of its institution, which is to facilitate trade by loans, in time of pres sure, and it may be proper to add, that these large loans, at a low rate of interest, in times when money is plenty, are usually followed by overtrading, which produces pecuniary embarrassment and general die tress. " By a statement entitled " Remittances to Europe," marked No. 10, it appears that the following purcha ses of foreign bills were made of Thomas Biddle & Co. drawn by them, viz: 1831. Oct. 14, 1 bill 60 days sight, and at a premium of 10? percent. $32,399 68: Oct. 14, 3 bills at 75 to 90 and 105 days, ana at a premium of 10r per cent. 115,411 11 I Oct. 22, 13 bills at 40 to 125 days, and at premnwn ot 11 per cent, impressed with a belief that if theduty on sugar was ens' with black; has been raised against thetW one and a half cents per lb, instead of 3 cen, that, ! dent because upon the expimtionofaS : Brato. while the revenue would be increased by the greater j ridge's term qf office, another has been Sntoointed in consumption of the foreign articles, the dem&d for ! histtead. For this, the Ex-Judge hasrenddMm our i agricultural procucts, such as floor, beef, pork,&c. self ridiculous by "an angry appeal to the public in. and many manufactures, would be nearly doubled in whichhe introduces two letters, written several years the increased trade which that reduction of duty ! ago by the President, in which the federal editors would give rise to, in the enlarged market afforded j have sagaciously discovered, that gevcral i's are not for tne productions of Cuba and other West India I dotted, &c. &c. The President, on this ocdasion,hu. maniiestea nis accustomed superiority over an per- , , . j - rr, ii : t j "'"-j iiiv. """ ! u in t.i:in.fi oi ii per cent. other structures m aid of that ohject. They will , but that the enemies of the bank, as also our political Dec. 10, 9 bills at 40 to 110 days, and at .-n. I- n i-on 1 1 1 t in irr nnn flir1 Imi.' .jrlif (vivo mn 1 ... - -n 1 i . 1 " . J 592,000 00 'uerelv-present the ftct and the law. and leave the ILnisp ta place their own construction upon the case. "Bv an extract Irom the minutes of the board of directors communicated'' to the Senate on the 12th dav of March last, the following facte appear, viae : The committee on the offices, to whom was. this , referfeil a letter to tl;e president Jop.epL'ag'in. datnd May 23 ie' bank-the construction .of two eiinal basins, and a premium of 10 per cent. 1832. 506,250 00 opponents, wdf en :eavor to give a falb? coloring to the whore transaction. The loan, though strictly de tenstole, is a large one, and the amount may give i peb. 14, 14 bills at 40 to 105 days, and at rite to the charge of indiscretion on life part of the di- f a premium of lOf per cent. 400,000 00 reciors. i ms, it lsflot oniv our nutv. out our aesire. (1 recommeni.mji to prevent, if possihhe; an;i, tiieretbre, with some little have made arrange- $15,000 in the course ol a ivch, we he erection of warehouses around oi.e of them, ac- tf rr t cm - re c ..-in v.i ; inconvenience to ouist ments to p.-y the note ot lew days. " The evidence oi't.hf. r.ri-:l.nt ofihr.Knnk p.xnlai ns ordingto the plan-Bubmitted by him. recommend to I thc character of these vArious loans, and Hie circum stances which. induced him io he-.sittisfird with the se curity, -and to make these advances; which, together with all the testimony and correspondence on this sunject, will be lound m the papers marked iNo. 9 Feb. 14, 3 bills at 50 to 70 days, and at a premium of 11 per cent. 148,000 00 :ic boa . i rd tne adoption oi tne ioiiowing resciu.ion : Hfsu!i-c' .That the board approve of the lo'ima- ion of two canal basins at Cincinnati, proposed bv Mr. JdWf.; one ol them to be o:i square number fif- $1,794,060 79! "By the foregoing statement, it appears that the bank purchased, between th 14th of Octoter, 1831, ! and the 14th February, 1832. -T. Ri-hlH & Co: fo- ! re'fn bills to the amount of $1.9. ,T0 79. ? With regard to these Urge lo mr-'. thn committee i re for to the stat ment marked No. 19 fy. winch it ap- ! ; pears that, on the 9th of Aprtl, lQ32, the total amount !y-frve; (5d,) and the other to be on square of ground a jn that evu!ne It i t:,fP.. hv thn tPRlirnnnv of It' A;n,.nn ?, i,ai. j ... ui, : di,;i - -iTT i i i t7' a ' i i ri 1 i .- - j -j Ktl i;;rn,w i auu txnu iiu dt iiitr t'C'iin. ill x mi utvucrii 1..U.1UI. c..-- . iv tp.. ' 'i ' eon anu ioaii, that they knew nothing oi tne : defo St. Clair on Court streets y and that he he author- phia. was $7,939,679 52. Of that sum more than iiibe lij.inni t.an mane in t..r nrpui, . nr ni i ie. nanK , . .. L.nr... .;..,- ,.;., ... ... . . , t : . . ,., - tt 7 j . , . . . v. . - - ... i vv ii! Lin ,v.;i'. luantu lu mill 'lv-iiiuc uriN'iir, t ji, ised to erect forthwith, rehouses oif the n.arg.n ol i. to Burrows; that Burrows made them believe the ! $5.434, 1 1 1 . Mre than $3,000,00:) w-re in the hands .last named basin, not. esceemngj six m number, $ 15j000 were ioaned to Noah bv his lather, and tha t ; of wentv-seven individuals; an 1 nearly the seven cif ier in one Wock or separately, a he may deem 1 he hail hia father present to carrv on that transac- ' tnth in fh. hr,n..tc nfn rrn l! 11 1 1 1 -m,-r 1 . 1 1 -W r V 1 ' 1 uon, ana ior wmcn loan loah allowed juurrows per cent., and did not receive it all for some months 1 Islands. Not only are our citizens compelled to pay their portion of this tax, but our best customers, the West Indians, are unable to buy our produce, because we tax them so high as to keep it out of the market. This is a sample ot that System which Henry Clay is struggling not only to sustain, but aggravate ; and yet, he, even he, recreant as he is to all feelings of . ' ... . , 1 patriotism opposed as he is to tne nest interests oi the country, is lauded even here, by. the infatuated men who woul.l elevate hun to the Presidency ! Since writiunr the ahovp. we have received the Report of the Secretary of the Treasurv on the sub ject of the Tariff. We copy from the Globe the fol lowing synopsis of the bill which accompanied the Report. It embraces all the modifications of the Tariff proiosed by the Secretary. The act of I9th May, 1828, to be repealed af er the 3d of March, 1S33; ait- r that lime, the duties to be as fol lows : On woo. unmanufacture.l, not costing more than 10 cents a pound, 5 per cnt. ad valorem, Vn-t costing more tha; 10 cents a pound. 20 per cent, ad valorem. On manufactures of wool, or of which wool is a com-ponf-nt part not otherwise specified, costing not more than 50 cents a square yard, 10 per cent, ad valorem. On mi'fs, gloves, blankets, hosiery, caipets, and car peime. 25 pr cnt. and valorem. On flannels, baizes, and all other manufactures of wool, 30 pei cent, ad valorem. On 111. 1 nil fa c' 11 res oi cottoa of ail kinds, or of which cot ton is a component prt, 25 per cent, ad valorem those printed, di--d, colored or stained, to be valued at 35 cents a square yard and white cottons, to be valued at 30 'aO a square yard; on nankeens imported diiect from China, 20 per cent, ad valorem On Iron, and the manufactures of iron, the same duties as were pnid in 1824, with oine unimportant exceptions ; and checks proHded ag.iinst evasions of t lie duties. On Sugar brown, and syrup for making sugar 2 cents per pound. On Sugar white, clayed or powdered j f!j cents per pound. On sa t, 5 cents a bushel of of) pounds On tea of all kinds, direct from China, and in vessels of the United States, 1 cent a pound ; other ie, 10 cents a pound, On coffee, cent a pound. On hemp, manufactured, 60 dollars per ton. On ail-dut k, 10 cents a square yard. On cotton hapgin. 3i cents a square yard. On floor-cloths, stamped, painted or printed, 43 cents a square yaid ; other oil-cloths, of all kinds, and floor mailing, SO pe- cent, ad valorer . On slates of alt kinds. 25 per cent, ad valorem. On glass, the. same dutiesas were paid in 1824 On oiiv oil. in casks 124 cents a ea Ion. On French wines red, in casks, 6 cants per gallon; white do 10 do: all kinds in bottties, 22 cents d-. ) On barley, fcrass or straw baskets; compost- tion, wax or amber b-ads ; all kinds of beads, j not othei wise enumerated ; lampblack, shell ur J paper boxes, hair bracelets, hair not made up 1 for head dresses, bricks, navinsr tiles, brooms of f hair, or palm leaf, cashmere ol thibct, down of 11 kinds, f. ather for beds, and plin-leaf or palm tfo hats. Ml other articles not enumerated as being either fret or liable to a different rate nCdnty, and which,r according to existing law? are liable to a higher ad valorem duty of 15 per cent afier the said 3rd day of March, 1833. The following to be added to the list of articles exemp ted fro duty by the existing laws : Cocoa almonds, currants- prunes, figi, raisins of all kinds, black pepper, ginger, mace, nutmegs, cinnamon, cassia, cloves, pimento, camphor, corks, crude saltpetre, side arms, flax unmanufactured; quicksilver, opium, quills prepared, tin in plates an-' shee's. brass in plates, marble, hair cloth and ea'ings h n-- vitriol, argol, gum arabic, gum Senegal, epaulets i f sold and, gilve-, lac dye, mstdder. madder root, nuts and berries used in dying, sumac, saf fron, turmeric- woad or pastel, aloes, ambergris, Burgun dv pit i-s. . b irk Peruvian, cochineal, capes, calomel, chairt- momile flc ers, coriander seed, cantharides, castanos, Accord ing to Treaty. A 3) E 3 Tftood, says the Fame, extract, that several other j aftcr giving hie notes ; that the notes were discounted ! Pt : 'ies have been buht by the agent at Cincinnati ; j by the bank, in their names, without their knowledge, " It is obvi ;t,fas they were erected in part by contributions 111 ! a!1j payeti off in the g;inje t Wlll apr,ear by., the correepoi m-t expedient for the interest of the bank." "These nix warehouee were builtl It ie alpo un- ho b;t,ias they were erected in part by contributions ni 1 aI1(j payed off in the fi.lme t Wlll appear by. .ahor and materials, hy oeotorB iO toe oanK wno nan j tjie testimony of Mr. Webb, that the paper of which 1 -public debt no otner means 01 payment, ana in; part, oy uireei hc 13 lhc editor ma(Je Uvo publications in the. latter Governme dighurecments, no accurate etateniciu ot either tiieirpart Df 1829, favorable to th numncr or cct is on nte. 1 iie ;'r -rted return. s ! oppoped to it ; and that, on or about the 18th of April, 4;In reference to the foregoing the committee e-j 1831,. it changed its course in favor of the bank. Con Iicve if enough merely to quote, th following pro- nected with this tact, is an admission on the part of one v:!ion of the charter, lo wit: "The land, tenements, of the editore. that before the first loan was negotiated unu hereditament which it ehall be lawful for the jie held a coiwersation with a gentleman, thro' whom ud corporation to hold, shall be only euch as ehall tlQ. ioan tjien neotitiatino-', (who thecommitt.ee be requisite- for Us immediate accommodation, in I now t0 be Burrows,) in which he. Burrows, urged re;ati(i; to the convenient transaction 01 ns nu&meFs ; the editors, one of whom, Webb, had expressed him- Hid sum as snaii nave in. en uunu jtuc niu, t Bell in lavor ol a mod ifie 1 charter, to advocate 'to it, by way of security or conveyed to it m satis- unconditional renewal, "but expressed great satisfi taction of debts previously contracted m the course tion at learning that Tone"! was in favor of a char ot isttailu;rs,,or purchased at sales upon judgments ( un(er any circumstances." rrhich shalbhave been obtained for such debts" - The committee will st It h,v been repeatedly alleged that the bank had j obtain the testi 1 ca sup. c' alk, coculus incticus, corai, corrosive suHiiiunie, The following is the closing paragraph of the RC-I "Iherts Gltering stones franki,,9cen8e grapes gam- " oi j j-oge, hemlock, henbane, hones, hornj dates for lantherns, other horns and tips. ndia rubber, ipecacuana,1 ex !iorns. ioup, from the statements submitted, and i ivory unmanufactured, ivory biack, juniper berries, mac idence with the treasury concerning the t caom, miu .tone.. niusn. nuts ot an Kinos, ouves, on 0 , and the fluctuations of the revenue. f. j"per, pa.ntmg. ana oraw.ngs, .auans u..mM. u.-cuco, ' ... ..- ., n-n .... Co ni ....H . rlmi-or!- rnltii.lnnp fi.niarii.ria nt, that these have hitherto essentially at-, c ;T"I r-";" ' ' ts. hair pencils, Brazi .1 ,lt 1 a i--i 1 -,.j . ; . . r n.f PRian hiiiiipiii. ui i.iif irtMiti;ii c c ui.iiujii ctiiu u h; iiliuiips vi uuc , . , . i. e age-ht has been in- branches : that shorl.lv afW it rnmmp.nr.pd its oonosi-' Bank of the United States. It wotild. therefore, seem I ' ... ....'.i v.i ... j .. . . . , 1n ' j w . .....v. -rI - , . I rt 1 l I nunc, vrgrumrp iu to f pccity these r,eta:js, in order to complete j tjon to the bank, and was, for sixteen months warmly 1 to your committee to be most judicious not to act upon jv:n- a;i(t comol;nr dves i the question oi re-charterillg that ;nstltution, or tt ; principally for dying, coming under the luty of 12 pr j ! oKortnni- rrir ri Vi. t. nnfinnol Ko n Ir .lT-til tllO r11 Kl ie i .... oil . 1 1 . A ti t . rr itrlinl anil malPrlStla for COranOsillfr t v iicxi lui uii; (iiv vi.iiv.i .u.iiiujjiii ui.im, uiitr i i-i'-i-tvnii. T 1 1 wun i u,iti v v. t ...... t --0 r. - . . ... 1 t. ... : debt shall have been paid off, and the pup lie revenue . dyes, and all articles not enumerated in mis aci 01 exis shall have been adjusted to the measure of our federal j ting laws d now liable to ad valorem duty of 15 per expenditures." The Ta.v on Sugar. As a wimple of the injus-1 tice and oppression of the American System, we will j charter, to advocate an show to our readers the taxes which are imposed on stac- i the citizens ot this country, on the article ol &ugar ter ! alone The annual consumption ot foreign sugar, on an average, for the last four years ending in state thev were anxious to 1 1829, was o3,5o0,o89 lbs. The amount ol domestic j 1 ' ' sonal considerations. Judffe Brackenridge was rep resented to have been, while on the bench, both ce!; and partial a man of strong prejudices, and alto gether unsatisfactory to the people of Florida. Under these circumstances, what course ought thePresideut to hjyre taken ? The very one which he has pursued. The extracts 'on our first page, in relation to this sub ject, confirm us ia.this opinion. CORRESPONDENCE. Washington, May 1st, lii&I. Dear Sir, Before this comes to hand, you wi have received the Report of the Secretary of the Treasurv in relation to the Tariff. By reference to "the billta:- companying this report, it will be seen that whites, it by no means abandons the principles of protection, ii tends greatly to redress the grievances of the South The Secretary estimates the amount of revenue ne cessary for the supportofgovernment,at $ 15,000,000. The bill provides fora reven ue of abottt $ 12,000,000, 1 e a v i ngthe su m of $ 3,000,000 to be derived from th sales of the public lands. I will not conceal the fact, that to my mind, there are objectionable features in the bill; and were it let? to me to digest a permanent tapff for the future sup port of the government, I should base it on principles somewhat different from those of the Secretary, pur when we reflect on the peculiar situation in which he is placed bound, as the agent of the government, to protect all the interests of the country I do not know.; if upon the whole, his views are not consistent with the conflicting claims of the people. It should be re collected, that we are not now called upon, for life, first time, to impose a tariff of duties, but on the con trary, to modify one already in operation, and which was adopted without regard to the particular interestf of the country . When I say this, I mean lo be tinder-stood as asserting that the tariff of '28 was the re sult of bargain and intrigue, in which the great inter ests of the yeomanry of, the country, .were sacrificed for the benefit of the aristocracy. That aristocracy exists in the South as well as in the North, though not to so great an extent, Why do we hear some in the South cry out in support of this abominable system of plunder ? Is it because it enables them to get more for their Cotton, Rice or Tobacco, than they tormerly did ? I apprehend not It proceeds rather from the fact, that owing to a fortuitous train of events, the, have become proprietors of a large amount of capital which it is desirable to invest in real estate or slaves : and as they know the tariff depresses the. prices oi these two species of property, they support it ot; the ground of pecuniary gain. For, no maxim in politi cal economy is more universally admitted than this, that the price of the staple produce of every couuUy regulates the value of real property. Let the poor oppressed farmers and working men ef the South look around them, and see who it is that preaches up to them the blessings of this damnable systemof pro- . lection, and they will see the truth of my position,. But we are about to modify the Tariff. What, then, is the correct course'? Shall. we of the South, con tend for an entire abandonment of the protective poli cy, and thereby jeopard the Union by getting nothluff or shall we meet the manufacturers in the spirit of concession and compromise ? It seems to me, tflal: from all sober and reflecting minds, there can be but. one response, and that is meet the North on half way ground, and bury -the tomahawk. This is the object of the Secretary. The bill which he hassi.b mitt.v ! has regard to all interests. It would not be just in Congress to suddenly withdraw their , protect tion from the manufacturers. This would produce a scene of devastation among them? equally as horrible as to pass a law to liberate our Slaves, or sell our land for the benefit of the northern men. I believe ixia utter abhorrence of the Tariff is too well known for any who knows me to even suspect me of duplicity in relation to it. But whatever may be my abhorrencc tothe system, nd to those who have fastened it on us, I rgard the Union as of too sacred a nature to be hazfcarded by contending about a small amount of duty. While, therefore, I disagree with the Sec retary in a few particulars, I am willing to adopt his plan as the best possible means of settling this per plexing question. I look upon some of the Soutnej-n politicians as- being more responsible for this system, of protection than those of the North. No roan in the U itited States has gone farther in his ultra tanfi doctrines than Mr. Calhoun ; and now, he advocates a policy to get rid of it, which if carried out, amounts to a virtual dissolution of the Union. No man can deny he right of revolution. It 'm an unalienable, oiv inherent nrrht. But tor a State to nullity an act 01 cent, to ;e Jree. The additional 10 or 20 per cent, (as the case may be) now chat-fed on the value of the merchandise, before the duties arv calculated, to be taken off; all charges for in- Congress, and remain inthe Union, is to me a polilj land transportation, coran.issions? drayage, whartage, &te. caJ paraox. With regard to the doctrine of nullilir in the forei-n country, to be considered as constituting, a . catio j have either too much sense to be imposed part of the cost ur value of the goods, and jnuur-nce j q h , . on v from the tofreien port of exportation to the United i f ' . . , . Sia.es, to be excepted. P I 1 have always when sneaking on this subject. Credit ou duties, reduced one half to be payable in (either in or out of Congress) used strong language ; frnp-nyed its tunes lor the purpose ol subsidizing . to do it. A subpeena was issued for him and sent to the pre, and the charge was reiterated during the ; New York, to which marshal returned he was debate upon the resolution authorizing this inquiry. !not ta be found. It was then sent lo Washington The attention of your committee was particularly C!tVj and the Sergeant-at-Arms made the same re drawn to this subject, at an earl vi period ot their ;r.irn Th marshal nf Pf.nn-vlr-r.nia ra riiiwt.l I mi , 9 .mj Jm. m .'iint '' JL villi J I 1 f lillHl . -J Vi. 1 by the chairman, to make and continue a search for oxammation. by a communication from an editor h New York paper, who had been accused to !the Tres;-'ient ot i 1 ... !-. cir m n r K cr f hn n.i ry li yi fi rT lOrfTOl tT . WIT r i j-m-v i' x'irifA. m An r n c - n nnu n.i i i in Kim 1111111 1 n ( . 1111 li i i r . wv . j w & fcv i. l.a a. i 111 v v. 11 v. 1111 w a w v.u - - v . u mwi. wi uuiiuvYP, "Ui uimuio w-.. i.w..v.v., w. u t . ' - ; , , , .-. . -ir i -lfmm r w 1 . . . , 1 1 4- 1-.,. o d,..n.nror. 7n nrm ex fn ti ,v .tr , l :mnnrtp Ql1 nunureu uoiiar to ne nam in can- io. . uun nut umy i uuiuuci uuiauiDuun-iuou m . r r ' to be pain in ca.h, or the woollens may oe storeu ior a and 6 months, upon payment of interest. Auction duty af 1 per cent, on foreign woollen raanu- factu.es. sold at public auction; in places wnere ...eie .s 1 0r.nm; nfnn lixrinrr. anA mnr mrt rn no such woollens to be sola at , , . . . , P.' . T 'ittK jiany, vviit-n ii im iK.riit; ill uuuu, uiat jl am ijuild oi. raised so in the back woofs. nicmbcr of the committee, through 'iie bank. The evidence . relating io this ease will be found in papers marked 8 and 9 and in which are presented the following facts: j-On the 2oth of March. 1831, a Mr. Silas E. Burrows applied to the president of the bank, andlnformed him, to use the anuQore ol the president, ; that " jie was desirous of befriending Mr. Noah, and assisting him in i'ie purchase of a share in a newspaper; and he iisked if the bank would discount tlie notes of these parties, adding that, although as a merchant he did not wish to appear as a borrower or to put his name on paper not mercantile, yet he would, a any time do soj whenever it might be ncessay to secure the bank. I do not recollect (says the witness) whether he then mentioned the time! which the notes would have to run. The committee being authorised" to discount any paper the security! of which thev might approve agreed to do them. !As Mr. Borrows was going out of town, I (the president and witness) avc iiim . no muuc uui ui my tunas, ana tne notes vere afterwards put into my possesion. They re mained with me a long time, as I had no occasion to use the funds, nor was it tilf the close of the year that rny attention was called to them by jthe circumstance that a new board of directors and a new committee fC .' m A V. . . ...yi.l.t I -- r ----t . 4 n Jl t ti-vcuuiic uum i". ujjjuuiitu ; me same com mittee which made the loan should consummate it I ha-! seen, also, in thepubhc prints,'manv reproaches agaiat the bank for lending moneirto printers and litors, and I was unwilling that any loan made by lie Dank should seem to De a private loan lrom one 01 its officers. Having no use for the monev. would have been perfectly convenient to let the'laan 'cpnain as it was, but I thought it right that every thing done by the bank should always be distinctly Known and avowed, and, therefore, gave the notes to "e chairman of the committee,- Mr. Thomas P. ope, who entered tbem on the books." This is the account given by the president himself of the tran9- u'.11;11 mits ori?m. The money, $ 15,000, wa, Wanted on the 26fh of March, the notes bear date ?n the 1st of Aoril thfirpAfifr- and icpfp ton in nnmlipr the witness in Philadelphia, having heard of his ex pected arrival in that place ; that the marshal repor ted to the chairman that he ascertained that the witness had arrived in that place, on Thursday the 5th mutant ; but he was not able to serve the process because he could not be found. " To an inquiry whether there were any other in stances of notes bvng discounted for the accommo dation of any merchant and trader, at 1, 2, 3,' 4, and 5 year's credit, unless to secure a debt in jeopardy, there was presented to the committee lour ot her cases. " On the 3d ot April the committee, by resolution, palled for the following statements to assist them in the elucidation of certain facts which had appeared in other documents, viz : " 1st. A tabular statement showing the aggregate amount of notes discounted and still due the bank, drawn and endorsed by non-residents ol Philadelphia; which will rje found marked A. "2d. Tfie aggregate amount of good notes ottered for discbunt and rejected by the board ; drawn and - 1 ii ,i . rT-fcli1 l1l-, .- -V. eiiuorsea dv tne residents oi rnuaueipiiia, un me lowing days respectively : 9th ol August ; loth De cember, 1831 ; 2d January f 10th February ; 2d and 14th ot March, 1832; 24th September, and 10th October, ; 1830. That statement marked B., will show the amount of notes discounted ; but the officers of the bank state their inability to discriminate be tween those that are good or otherwise. "3d. The aggregate amount of notes discounted on iersonal security, and made payable more than six months alter date, which appear to be only four in number, besides the case of J. W. Webb and M. M. Noah. ' A 4lh 1,Theaegregate of notes now due the flank, dis counted for a firm or the partners of a firm, without t he name of some person not belonging to the firm, as drawer or endorser, distine-uishini? in each of the apove statements the amount loaned to members of ongmss editors ot newspapers, or persons holding offices under the General Government. To this last resolution were added the following amendments, ' 1st? A statement of the loans made bv the hank viz: ViiV. y v . 1SW A statement ol the loans made hv the hank sm 1 Apnl .hereafter, and were ten m number) itsbran-he., , membecs acL XorsoSew.! 75.000.01 Kilns. The dutv raid on tne unporte;! su gar, estimating it at 55,000,OO01bs. is & 1.650,000, which sum goes into the Treasury of the United States. On the domestic sugar, there is a tax -paid of three cents per pound, amounting to $ 2,250,000 ; " because the consumers are compelled to pay tuisj increase of" price in consequence of the duty, which prevents their bartering the.rproduce for the cheaper foreign sugar." The whole protecting dutv on su gar, theRis 3,900,000 dollars, of which I, "650,000, (the duty collected on the foreign, article.) g;s into the Treasury, as revenue, nnd 2,250,000 dollars is paid to a few wealthy planters of Louisiana, as pro tection. It is estimate:! that there are net exceeding 450 planters who divide this enormous bounty. Thus, then, we see, that this article of the first necessity, is unreasonably taxed for the sole purpose of protec ting a favored but inconsiderable class of citizens. Every farmer and citizen who swfeetens his coffee with a pound of brown sugar, pays three cents for the privilege of doing so, that Louisiana may be pampered, and her votes held in requisition to keep up the duties on woollens, iron, &c. But there is another view in which this siigar duty injures North .Carolina more Derhans, than the taxes which she pays for its support. There is no trade so natural to our State, and of so much consequence t5 a large portion of our citizens, especially in the eastern and northern sections of it, as the West India lumber trade. Ii is evident, that were the duty lessened to one cent, or one and a half cents per pound, the in crease-1 consumption would be very great, ana lrom fb. mer experience in such matters, it is presumable the revenue to the government from the low rates of duty, would be fully equal to what it now is. Our citizens would not only' be benefitted by the increased consumption of the sugar, which the low rate of duty would occasion, but there would be a consequent increased demand for the staple articles of our country. The lumber trade would improve, and a new impulse be given to our shipping inter ests. On this point, we have the testimony, of Mr. Carey, one of the most zealous supporters of the American System. He says " the duties on sucrar operate most ruinously on the merchants engaged in the West India trade, in which that article forms a chief item of remittance, and is always, or, at least almost always, a losing concern." This view of He consequences, is also taken by Mr. Niles, another ... , JBUt tile 3 i charge came, from men wTiosp. onnosition never fails; to be of service to those against wndtn it is levelled. 1 believe that I can boast of having the most uniform c i t I b an officer of the Customs .. . : 1 .. . , . iKZ . i. ... t .. .. -.!...:-:.,. .,i:i ..c.. liumbie individual. J COi'SHUTHllOU Ol ttlf u:mi iiiijju-.u iui.i-- .1 ' i in constructing and ntt:n-ships and vessels, a drawback j without any of those refinements of education which to be allowed under cr f in regulations, on first taking characterize the generality ol public men out papers, of two dol'ars a ton m Registered vesse one dollar Htid twentv fiv- cents (n Enrolled and Lice sed : and fifty cents a ton vn steam boats. Woollen and cotton goods of similar kind but different quality, contained in the same pRckage, are only to he clu'gt- according to the vtdue o: the best article, when charged in the invoice at an averaf erice Wooden or cotton good. , found in a package, and not conu'n.ed in the entry, to be forfeited. This and the pre ceding provision, are the sn.ne as in the bill reported by the Committee ou .Manufactures in the llousa of Rcpre We have placed on the preceding page, a few extracts from the Speech of our Senator, the Hon. Willie P. Mangom. He has showily in a clear and masterly manner, the unequal bearing bf that System of plunder, which has been enriching the North, and preying upon the substance ot the South. It is grati fying to have in the Senate so able and eloquent -a defender of our interests. Those who say that the TarifTdoes not injure the South, must be either de mented or dishonest. Mr. Mansrum shows, most conclusively, that our people are plundered by tliis bill of abominations. Judge Brackenridge. It ia amusing to notice the eacerness with which .hp. rliaanoointed partizans of the late administration seek every occasion to traduce our present able, honest and high-muiucu President. Their ebullitions of malignity, difPy the feelings they bear to the overwhelming majcmiy ; of the people, who they know are determined ..to re Pi.Mn0nJiT,Wn Thp.v know that eighteen ; av vAviici i&L ; uvncuiit J , 0ri TCC ' twentieths of the people oi the etoattamSta , Mr. Clay and h. prnicipira . - s ; that during my career in Congress, not one single an n- j of mine has met their approbation, except my y.-jre against the repeal of the 25th section oi tne juaiuai; Act, as it was termed. Now, although I gave u;a; vote under as thorough i conviction of its corrects as any I ever gave, yet, when I went home and fount: that it met the approbation of certain character, J really began geriously to question the propnety.o. my ioue, and was ready, iththe Psalmist to m ouW Lord, whathave I done that tho wicked should praise me ! But pardon thrs digression, t rom what praise me : . jl u P eCretarv is by no mcaiis i caniearu ' "(5 v and his high -toned tariff tolMr S nullifyers. -.Wc " S'eSid from them in adjustittg . , ,,4.-fl v L I ! 1. 1 i 1 i T W DlfcU-i W stw I)' Slrffi&tlvffto carry the oint, I. 7lly mS bt. I pray God we may, and in suet manner as to give satisfaction to all our people. Respecnuii : X SPEIGHT. s pHup .r f vears. that in their up hiDt - -r em is me a finn .veronal round oi niutu all that is left them is - , i i j h m vo, in the hour of his country s aanger, Dra 111111 vv 11 ' . ,nnnimrais pnrmv. Let the cannon qf a Their missiles will fall fall harmless tnem snwi . - - u u champion of the System. He says, " We are really I at his feet. A nueana cry MARRIED, On Core Creek, in this County, on the 2Vth oi ti uril, bv the Rev. Jesae Heath, BURTON CAUM AN. gsq. to Miss TERESEY HEATH. - , PORT OT 1J3JWBEIIIX. ARRIVED, Schr. Rebecca Hyer, Brookfield, Schr. Lima, Jones, Schr. Rebecca, Jones, CLEARED, Schr. Ann Maria, Schr. Fanny, Schr. Macyy Osgood, Mason, rlirirlwirV. Philadelphia Baltimore. New York Martin "-nuadaloupe-
Newbern Sentinel (New Bern, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
May 9, 1832, edition 1
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