Newspapers / Newbern Sentinel (New Bern, … / July 22, 1837, edition 1 / Page 2
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A BEAUTIFUL SSJETTCII i at Back About four days before lus death, be was partially cotried to - the house-enjoying, hotrever.' with hi dsual flaw of smriU. the "friends who visited fcia daily, and' watched J vriih anxious' and . distressful solicitude every r symptom "which threatened .-. to snatch from thera ;thetr dearest and best friend . apd be- rofxtiM ... mTtr vw1 mlwmwrkA lira anilla.ml , t- "tie to the Jast-hia nversatioa: was cheer- - lul hi raioa tranquil ana .composed aui the scenes of. life ! closed" trooo him. fa this of great C4itisolauoa to hxs namerotxs friends and relative that he died in npe old . age, ;and . WHiiovt- pais mutt orasseu, -it, rs iwpca, wtui : HTe"br?ghtest claims to the 'rich: rewards ; of r a trnly jvirtaonsasd :emiueat1y useful life. . i tlr. filacon' Was-one ofthe tew ifatnots of rthe Ataerlcai1 tteVolniios : ; ho 'rwed.'to 'ration, t a 4he memorable vear IT75. tffen not ,13 years aid, arid while a st&dentstFnnceton y fired by holy, enthusiasm in the canse of public performed a short toor of daty in a compa- ny oi roiameers ; . inns, in &is yontn eTiacing an attachment to those principles which In , , - after-life he - sapported .nth so cnuch firm- nM. skill tfir ' trinA i 3 n r! iri i n ar ' mintitlmm'' After bis reiqm from If. Jersey, hearing of - i-n,M" " r- in uie sarin w ei 1780, he joined the militia troops of his native I v State as a eoramott soldier.' and conlinaed wiih , unem ua ine provisional articles of perce were f t . - - a. . j--"" ote -touring uhs eveoAiui : ; erio'd,; he fvproofe of that indifiereoce for office and emolument, and that unaffected de- . voteaness to nis country's good, which his fa tare history so consptcuouslv illustrated. He served in the ranks as acomsionsoldier&nd though command and places of trust and cos . naenee, as wen as ol relative -ease and security, were often tendered him, . ire invariably de- clined them-desirfng only to occupy the Sta- iu aiio.i v -v uarusnips ana pe ,s common to the greatest portion of Ikis feffow A soldiers-and although in very aumble circum- rsunces? as to prope:;y he nerer wou1d charge or conse, to receive oue cent for auch services. lie gavev his heart and soul ; to the cause in which he had embarked He 'Joyed his countrr-1 and lilri uiifnl nnn her in time of weed "'twas all he had" his ' personal services. And nhw tht th onnn. 'try smiles' with prosperity, and has, with a 1 munificeriee . deserving alt praise, made liberal ; provisions for the soldiers of the Revolution, . still did he decline llie proffered bounty. Ot ten has'be been heard to say, (disclaiming all imputation upon others,) that no state of for 'tuneosuld induce htm to accept it. In those " times, too were develobcd ih nnV1 t Koman character which attracted to him the confidence and esteem of his countrymen. 'He became generally known throughout theState, and vron for himself a popularity to which his "country.is indebted for his long ind useful and illustrious services in the public councils. ' His countrymen elected him, while yet in the arl -my, ana scarcely twenty-four years of age, a member oi the State Legislature1 without his solicitation or even knowledge -and, reluctant to part with his comrades in arms, he was in- duced only by the persuasions of his comman ding officers to accept the station.; After ser ving in this capacity many years, he was cho sen at the age of thirty-two a member of Gon gresyin ihe House of Representatives and took his seat at tho 1st session of th 2d Con gress, in;i791, which he filled uninterruptedly tunder successive elections, till ' the-winter of 1814 when be was chosen by the Legislature a Senator in Congress without his solicitation uuu muuc sense againsi ms wisn : ior nis max im was, frequent elections and, accountabili ty at short intervals.,' In Janoary, 1816, being .UX.U a Tiuuiugiuu in iue uiscugrge oi uis uu ties as member of the House of Represerrta tivea he resigned his seat in that body and as suiueu ms new station as senator, un that occasion he declined and rejected double pay -for travelling, although abundant 'precedents -entitled hfm to it. 'VThe Legislature continued to- hifp this honorable distinction-and hiffh - trust till Nbvemberi 1828, when -diewas indu- cea oy .va sense of-dutr, springing out Off his .u,vu nice auu lUHnuiiiea.t - id -rPHirnra age and infirmities. to resirnrA.t signing at tho same time the offices of Justice ; of the Peace and Trustee of the University of a. Carolina, ootn oi which he filled for many years, liunng nis congressional career, he was chosen in 1801, at the 1st session"' of - the 7tn tongress, bpeaker of the House" of Kep i i . . .... J5scue9,, auu, coniinuea to preside l over the .deliberations of that body till the 10th -. mMC uuues ui luo lynsir were uis charged by him withdistinguished abilities,and an impartiality which secured the esteem and anection ot nis political friends and won the continence and admiration" of his political .ad versaries. Not-being able from severe' indispo sition 10 auena at tne commencement of - the lUih Jbongress, a new incumbent was elected to the Chair. He was several time elected . President prf rem. of the Senate, and the last time chosen to that station, he declined bis ac ceptance. The office of Postmaster-General was twice ofiredim ilu t office, however iuoniuicin.jiHre jep greai naur no charm for himt His engagement was always to his constitqerifs; and that he was determined to fulfil to the letter No lure could tempt him tp lay it down, nis was the ambition that pr .ropted only to virtuous deeds. He sought . with great earnestness and untiring lindustrv ,the path of dulyarid fearlessly pursued it 'obliging no'chefrdm favor or afiection and yieldin j nothing to the, saggestions bf resenf- mept or enmiiy;. - -xqaeea mere was Hb vpas-T siorj he would J. we xpenseof; duly . lb. 1835. his fellow-cliizms again -called him frora Lis cherished retirement, by electing. Juej S a tcember of the conveaUon,'charcecJwUa 4 President and Vice President-oa .""the Repnb- Ucan Ticket and at the proper time repaired to the seat of Government and performed the duty required of him.' TJhis was closing; act of Mr.l;lacons public' fife ! ' . . : Of bis poUUcal creed "it is scarcety necessary to speak. 'r His unechequere fwnsiste,ncy- the franKand eoaniy avowal oThts opinions on a3 J rroper occasions the protainent Vnd Es- tingtaisbed part it was his lol to act in" support oferery Uepublican administration, sufficient IvTjrociaiCi ItT Suice It to sav. be was a Re- noblicaa of the . eld school- and '. possessed without qualification of abatement, the afieo Hon and confidence of a JeSTerson, a - Madison, a' Monroe, land a Jac3tsoi and of the whole host of distinguished statesmen with whoth he Was a co-laborer in the ; cause .of democracy and free rerotnent. . princi- Dles'wexe deeD-rootedHe becarac attached toPthethfrom early examination, and was con firmed in their correctness from mature reason andlonff lelterience. Thev were the princi ples of genuine Ttepublicanism--;and to : them through life lie gave a hearty consistent, and available snnporu With them he never com promised f and the eatter the pressure, J the mdfe pertinaciously lie stood by them. Adop tihgvto the tallest extent; the doctrine wmch awoweo logman me capacity anu jire vSu w elfHsroveriimenV be'was a strict construction ist of the Constitution of the United; states and never would consent; however; strongly the law of clrcurnstances-the common' plea of tvrants mieht demandlUto exercise doubt fa! powers Jealous of Federal authority, "his most viffilant efforts were directed towards re straining it within due Kmlife - AlempcTatby Balarc well as education, -Tie was persuaded that on tbe popular part of every go vernmen deDends its real force its welfare ts securi tyits permanence its adaptation to the hap piness oT the people; ' . ' Though so long honored and so many years the depositary of public confidence and public trusts, he had the rare merit of never having solicited any one to vole for mm or even inti mated a wish that he should ; and. though no one one ever shared more fully the confidence ana esteem of a larffe, circle of warm and influential friends his is the praise never having solicited the slightest interest (oi his own prcferement Bulit was in private life, the rare excellen cies of this great and good man shone bright est h"To be and not to seem," was his max im. Disdaining the- pride of power despis ing hypocrisy-asthe lowest and meanest device with an honest simplicity and Romaw frank ness of manners, - he gave to intercourse . an ease and freedom -which Jmade his society and conversation sought after - by all who knew him. Industry, economy and temperance distinguished the character of Mr." Macon, during every portion of his long life; and he was always truly exemplary in rtheidUcharge of every social and. domestic duty. His loye of justice and truth and his intergrity of heart, commanded universal confidence, esteem - and respect-.- Jn ' hia drees hi manners his hab itsjand mode : of- life-,- he indulged no fond ness for - superfluities yet he never denied himself the use of what was necessary and convenient. The vainness of ostentation and I the littleness of pride, were : alike disgustng to mm. ins neighbors, : even the numoiest, visited him' without ceremony and in all their difficulties applied to him for advice and com-'j lort, which he never failed to afford in a manner the most acceptable. : The society of his: neighborhood; . embracing an unusually Large circle, seemed, as it were, to constitute but one family,; of which- he was the the head and the guide and the rich stores of his mind were common property." ' Such was the moral influence which he exerted around him, that his. example and his precept were allowed the force oflaw.- His heart was the seat Of be nevolent affections; and that he enjoyed while living the happiness which attends their con stant exercise was sufficiently attested by the many of all ages and both sexes who attended his interment, with tears and. deepest sorrow. And that'he was not wanting in the offices of humanity, was proven by the Jieart-rending scene exhibited by' .the moans and lamenta ti6ns of his numerous black family, when, they were permitted to view for the, last time his mortal remains. They , indeed had cause for sorrow Neyerhad slaves a kinder master. In eyery i thing connected with their-health and comfort lie made the most liberal and am ple, proyigions-r-in food, raiment,' bedding and aweiungsi ,in sickness.his attentions to them were those of a kind master knd friend, nor. did he neglect: their moral instruction and disjpi pJine. ; ; r ' ,r.;"' . : - - -v- -- - . He. was, tond' .,of reading,- but:- his: favorite study 7was Man.lTov this" predilec6on?'did he owerthat consummate knowUdgoNof ther hqma4-character, and r those practical lessons of; wisdom, !.of; so much' consequence tor the conduc-V of; life, which gave him rank among :twitndybesi3? vj t-: ' r. . - Such was Nathaniel Maconjof N orth Caroli nathe Aind .njaighbor the- warm-hearted friend the, affectionate relative-the fearless advocate of public liberty the enlightened statesman just man. lie has sunk to rest, but his memory Jwill live i n . the hearts and affections of his cnunirymen and in the recor ded pages of his country's history. V? The writer of this imperfect sketch knew him weft), and is painfully sensible how inadet quataly it poiirtrays his public services . bx pri- vate virtues; t He onTers it. ho wever! as the fumble tribute hi gratefuT affection to themera. ory of one whom he both loved and .admired. Svvr 8th, 1837 " ' ' -Communicated 'for the Pennylvantan, : - UMi':m- TEXAS.-NO.;lII." r'" 'l'h -r-... - , , . Julv . 1837. IXy Bear . , . : : : ;- ," Urn portwm of what was the Mexican territory. t is seoarated from die United Stales only; by; the narrow Sahi&e and a georapblct line, noyei weu cenne,j .tuiersecuug and Arkansas rivers, nod bearing t to the vast terra, incognito, of the t Iwcky:J.lonUias. Its western and north-western boundaries have not (of course) been yet xed, and Ahey must form; te subject of atare negotiation with was the' boandary between.Texas'and Tam-i aslipas, previous ?to . th vevolution, but the ; LUo Bravo del : IMorte, or as it is generally caUed, the Rio Grande, ii tow generally con cbnsidered. as the natural and probable future boundary between Texas , and Mexico. The source of this river, its i courses -and magni tude, all indicate that it is the only; proper national boandaryeast of thegreat isthmusdivi dinff North from South America. The opin ion is -entertained by many who have bestowed some attention on the subject, that this was the boundary ..between . France and Spain, as the proprietors of Louisiana -and Mexico, and of cojurseafter the cession oi lousiama, between the United States and Mexico. I have heard that on some old maps of Louisiana, atParis, this river-was marked as tbe bounda ry. The Sabine. is certainly a most magm ficent stream, compared with the Kio Vvrande, or Bravo del Norte. - The lime may not be distant, when the circumstances and subjects of the Florida treaty will again demand public attention. The opinion prevails in lexas, that the whole of the country now known by . ...... ' " 4 . mai name, was a pari oi oouisiana , u remains to be seen what it will bo. J''::r? Without an accurate definition of its boun daries, the ttent.oCTtexas connot be conjee lured with'any , probaXdetaecuracy .Coahiiila and Texasjare estimated in the last maps of Mexico, as containing only one hundred and ninety-three thousand six hundred miles. I am satisfied that Texas alone is much more extensive. Mr. IMorfit," the Agent of the U. States, wjio. visited Texas, estimated its area (I think) at-thvee or four times the size of Vir ginia. This opinion, I . should iacline to think, i much nearer the truth. It is impossi ble, however, to judge accurately of the extent of a country, much of which is yet so little known, or "'f its population, . which is now gaining daily accessions from numerous emi grant?. . ' ' . ' i Tfcere is probably no country on earth, ofthe same extent, containing as may 'fine streams, tjle'itbjB .SuIjToaSrlexicbTCcelv'es' (besides ifidse strems) the Rio Nueces, the Mission; the San Antonio, the Guadalupe, the La Baca, the Colorado the San Bernare, the Brazris, the San Jacinto, the Trinity, and. the Neches Rivers ; besides Buffalo Bayou, Chocolate Creek, Oyster. Creek, Cf rancaway Creek, and a Jiumber of. other Creeks and Bayous, 'some of which are navigable for a considerable dis tance". - Some - of these streams admit vessels of one hundred and -fifty , tons burthen,; for fif ty or sixty miles; and steamboats of onefliun- cked and seventy tons,-for three to fou hun dred miles. For a Considerable distance' from the coast, the current of these streams is very gentle; the country between them has the. ap pearance of an alluvial formation, but the pro cess has been so slow i v gramTOir-"-" inhabitants "are exempt from many of the in conveniences f such couatres. . There are few goodspringspn the cpuntry.boxdering along.the coast. - Live oak forests abound in this region. The interior, as you leave, the gulf, becomes more and more broken until it terminates in high mountains, at the distance of two hundred miles from the coast, : Good , spring water is aboundant after.youjeave the coast. A large portion of Texas (perhaps two-thirds) is Jn prairie. C There are gome parts of its eastern territory where timber is abundant, but in the beautiful romantic regions of the San Jacinto and Guadalupe it is scarce. . ' ' The principal timber of Texas are red and white oak, live oaki post oak, cotton wood, ash, elm; hickory, pecan, red. cedar, pine and cyp ress. The magnolia is very abundant, , attains great size, and enriches the forest scenery of Texas by its unrivalled beauties. The Mes quiti or Mutqset tree also abounds, and is pe culiar to the regions , of the far west. It is useful for fuel and. many other purposes, and seems to have been adapted , by nature to sup plyfthenecesities ofthe pioneer settler on the prairie The forest or fruit trees of Texas, with very little pains, well grow rapidly on the prairies, so that orchards or groves may be had hy; those, who desire thera : in a few years. Indeed, if the theory be . true, that prairies are ; produced and preserved by; the savage hunters Ifiring the. autumnal grass, forest trees will, soon spring up when ? the country becomesjsufficientlysetiled and -cul-irated, to put an end4oithis cuslom.y The prairies ,o( Texas are interspersed with small groves pf.trees,jQrjas theyare called, "islan ds riTwSer." ? Without;any undergrowth, these gto yes. present a beautifully picturesque appearance, as the. approach of the travellers Startles the herds of deer from their shelter adapted to the purposes ot navtgatioa or RSanu faeturing. v From the Hie Grande to the Sa mwsi u ui-i'-nco t)f aooul re hundred and fif under, the treesiThey generally cover fromjshould be" defined,"; This proposition, how oneto tenor; twenty acres: of ground, and fre quently serve valuable purpose as land marks in traversing the prairies- Travelling pairies often v bivouack for the- night,' or cook their .rough repast in these "islands of timber." land there are few who have -been to Texas who. will not' remember the joy they have felt in meeting .unexpectedly with some friend 'from.'the- Statesfv at these ooints of rendez. V0US? ; : , j - ,--Cft v-- 1 1 f : 1- Vt ,The forest land of Texas is generally heavy timbered, and the labor of clearing it is very great. The settlers erect their ca.hin nn thm edge ofthe timber, clearing only as much of it as will suffice to enclose that portion of the prairie, which is designed for cultivation. Hous esj are,-built there without j much regard to architectural effect. The mildness pf the cli mate requires but . little, artificial shelter for man : at anv season, and some nertnn m. habit tents throughout the: year. The cabin or jog nouse is ; the most common: dwelling; it is built of he wn logs, with an onen nxiKr between two rooms, la chimney or large jam at each end, and a "loft", above there the traveller will generally, find' genuine hospi- tality: sometimes Imeetin with refinement r-r that is not "surpassed anv where, and. If he brings news from the Old States," (as Arkansas and - Michigan araongthev xestf effalready styled,) he is greeted withv enthdsidsm by the entire- family. There are' few pnbliebuildings of any; sort in the country,a nea't 1 fete House is on the blocks at Houston, but the "Gov ernment" while at Columbia; on: the Brazos, were quatered without w much pomp, - in a small cabin, fifteen! or twenty -feet square, with a slab roof and the bare , bosom v of mother earth uncorrunted. for a floor, v Its walls save token of the times, by the rich militiary trophies with which they decorated, but besides this, there was no ornament or ostentation in the " WhiteHb'nsV'.'of' the m- The prairies are cohered by a luxuriant growth of green-grass and .immense, herds of cattle are seen in all, seasons grazing up on them."; The cattle of Texas are very fine, and keep I fat winter and summer, without any other food than the prairie grass Below la titude 31, what is called the . "red grass' abounds, and is remarkable forjhe superior quality of-its hay; above, that latitude there is a yery, fine silkrlike grass, called by Mexi cans the Mesquiti of which stock are very fond. It grows abundantly in the most arid parts of the country, and ; when apparently parched by the sun, is still preferred to other grases that look more inviting. On the hot torn . lands there is a grass resembling rye verv much, and is called the .J'wud rye, The wet or rainy seasons , of J,his country are generally in. winier and spring,7 In the south-western part of Texas,' the climate is very dry, but very litle rain falling sometimes for a period of several; months. y The., dews are copious, though " the Mexicans yyere-? in the habit here, as . indeed, every where else, of irrigating the lands they cultivated. I have been informed by one who has resided many years in Texas, that he. has only seen the ground once thinly covered with' snow, in the region of the" Brazos, though he has several times seen what is called v a ' f ' ' ' n jt ' " spit- img oisnow. ' , ihc neat otsummer is never violent; the sea breeze keeps up a delight ful temperature along the cost, aud in the in tenor until you come to tne-.elevated . or mountainous reigion, , where the atmosphere, is tempered by other causes". ; s The lands of Texas - are admirably adap ted to the production of sugar, cotton, corn, oats and wheat. The latter grows best in the interior or hilly country. - Owing to the expen sive fixtures necessrv to prepare it for market, little sugar has yet been cultivated in Texas, though it has oeen ascertameu, dcv ond doubt, that the cane succeeds very well there. The climate renders it a sore crop ; and it is said jior to require annual plantings. I have also understood, that m the best situa tions, it sweetens or" matures several joints higher than' in less .cenial climates. The lands of Texas are very productive in cotton yielding more to the acre, and ol superior quality, to most lands that have been tested 1 have heard some astonishing accounts o their eroDs. from persons who had raised cot- tori in several of the Stales, bat lest I should r90rftie. I will not" venture to stale, the tjwliilwr J'ww informed by a very inteMi gent 'merchant ot new. uneans, mat some crops of cotton from Texas, had brought several cents more in the pound - than any o ther then in market. Inconsequence of the disturbed state of - the country, the; agricul tural resources . erf Texas have been:very inadequatelyrtesied, : fine crop of cotton and corn is now rawing, find the prepara tions which have been made and are making . m m.f ' - V " i for the next year,' will increase the produc tions of the country. , ; - . t ' 'Indigo grows spontaneously in Texas, hut iio experiments have: bei-n made lo warrant an estimate of its value, i heard of its being manufactured in famiv 's for their own use. - '' ' The fig, the lemon, every" rariety . of the melon, grapes, d&c, mature abtuna 'tntly, and with exceflent flavor in Texas.' 1 herapple has not succeeded well there, ' ihou gh it the country for the peach; the tree anJ the fruit attain to an unusual size.there. There are few nuts in the countrv besides the - ncca. a" hickory nut; I did not see or hear of a ehes nut tree. I am yours, d&t. " TEXAS. ;', We have received the "Houston Telegraphy of 4the 8th Jane. It reports the Proceedings of Congress, down to the 1st. . They were organizing their Government id its various branehes. They were passing a new Zand ($ift. They werO framing a Revenue fiffl, which fixes the tariff on coffee at one cent per lb. salt, 3 cents jewelry, 33 1-3 per cent., ad vaUrem, c." They had some difficulty in organizing the Red Rivef Collection District a motion being made to postpone . its oper- tion "until the boundary line (with the U. a.) ever, was rejected, and the title of the District was altered to that of St. Angustine. They Iwere also . organizing their Diplomatic De partmenta bill having , passed ( the Senate,, "for appointing 4 Betretaries) of , Legation to England and Francs, with salaries of $3,000 each, and the appointment ofthe present Com missioner to England as Minister Plenipoten tiary and the appointment of a Commissioner toFrancewith plenaiy powers' ; GSJMcr Intosh has been appointed Secretary of Lega-? tion to Iiiglaud.r. The President of the Re public bad refusedto sanction the joint Reso lution, requesting a flag of truqe to. be sent to Mexico, i In acting on the resolution original ly, Mr. Horton, warned Senators how they passed it; that it fmight end in the destruction of their navy; and in the worse tretmlnt of those unfortunate citizens of -Texas no wrsup posed to be prisoners atMatamoras. He stal ed, that a neutral vessel with a flag of truce would be a mnch safer -in'helteinode tio cajc ry out the : intention of the resolution; that their enemy was a demi savage race,' uncivil ized unenlightened, who had already proved thjeir regard for . flags of truce apd negociations. by their conduct with this Republic on former occaslQts--And another; resolntion was im mediately Adopted, ad vising rthe President to suspend the release of the Mexican prisoners how in-the Republic, ntt nhe fate of ihm Texian Prisoners (Wharton knd others) was asceriaincu. - ? r :, :,. , -.; The .Teleffraph: states the arrival of th TomToby at Galveston with a "very vahr- aoie prize oia large? nnevprig, strongly built and capable of being' fifled oyt as a man of wari ueariiig guus Heavier uiau any now jn the Mexican Squadron.V-She was captured Ion the coast of Campeachyv haying 200 tons of salt on board. The Tom Toby was left in hot pursuit of twoMexican SchOners. Many of the soldier's on furlough we're daily arriving at- Houston "by fifties" and the Telegraph compliments in the highest terms their orderly and peacefurdepdftmenfJr: "T - : THE REMEDY. A - There have been so many projects brought, before the public as remedies for Our present distress, that the mind of the, community .is . rather bewildered than - enlirhtn nn i,. r i q v m v? subject. Every lhiog within the whole range of legislation has been suggested. With one set of projectors,government is expected to do every thing with another set it can do noth ing.' We are rather more inclined to hwith the latter than the former.' We conceive that it is in the power'of Government to do at '" least very little. The people roust in '. a great measure work out' their wn cure. The scheme of a National Bank, whether it be a- new Institution or one engrafted, on the pres ent I'ennsvrvania uank. whatever nav hft' hoUSfht. in shorL of theeffieapv f snrti on oc. tablishment, to preserve specie payments after their restoration, it can do nothing, under pre- sent circumstances, i0 eilect the-rssioration ii- Bniii,Tvhile the balance of payments is against tne country, must terminate in an aggravation of present evils. All the effortsof Mrv Dallas to. restore specie payments when he so ably presided over the Treasary Department, Were rendered unavailing by thesinglecircnmstahce that the Foreign Exchanges-acre against the United Slates, and when Mr.' Jones imported; I specie as the basis of its operations, it left the . country nearly as rapidly as it was introdu ced. It was not until after a struggle of three- years, and ..being on the verge of banki uptey that it was able.to place itself in a condition- ot safety It had by Us forced im portation of silver during an unfavorable ex- cnange aco iis large issues on a narrow basis of the precious metals, aggravated the evils it attemptod to cure. And when it did go into successful operation it was not before thev for eign exchanges, were in. that statethat allo wed spewe to remain - in . the -countri The pro cess washbwever a" painful one. There was a great prostration of the credit of local banks i . t. . " : : til j i i ana me eurrency was rigniea ana puriueu in 'this manner, and by this only''- This process must be undergone again, if a National Bank is- at all established on sound principles ine loreign exenansres must oe in that state which will allow specie to remaiw in the, United States, Any- attempt to je fleet Uhv object r be rare the Unfavourable exchange s rod ressed, would be premature and in aggra-: vation of present illst because it would be in obvious counteraction pf the laws of trade. Painful as.tlve truth isv'a large'number of the Sta re in slit uli on s n u s t be destr oy ed b efo re i h e etui can be accomplished .of a restoration, nt specie payments.: Jt is the only conceivable' mode-of. purifying the cuirency.. This was the process My which the Natiohaj Bank utider Mr Chaves.' administration, not under that ot. Mr., Jones, .worked to advantage. It" was when the current of specie was setting in and not when- it was going out, that the schema," being in liarraohy with the. laws of commerce, became useful ; but then the wrency hatl been extensively curtailed. There is one mode and only one mode, un der existing circumstances, - by which, the at tempt to. institute a. National Bank has anv prospeetofi success, and that is bv the aid of fvneign capitak. If a bank with a large capi tal should be established and its stock should be taken principally in Europe, it would ope rate to- aiceYtain extent, on the foreign exchan ges. 1 That portion of . its capital which consis-; ted tof specie,, would of course then be inlrodu ipA tram abroad bv. the action of the fhreifL' exchanges; but any atterapt to establish a ba&lc of any kiud vnd&r present cirumtances,iTOxi domestic xetWurcesnust in the naluro otthings prove a failure r , 't ." " ; ? The utmost that the Government can do, i by the ifisae of Treasury notes to- supply, so far as such issue may be absolutely necessary for the Govcjrnmeint expenditure, "the wants of merchants' for Uie . means of domestic remit tance. To the extent, and no more, of any de ficiency in tho nevenue an issue of Treasury notes may take lace, not only without depre ciation; bu't comntanding a premium in. the market. The discredit into which this, saecie of government emission fell during the last war . ., . VJ Ii. .-.t.. M1mwwmwrtwrit were extended, soasotfx exceed what would be required in payments Jo the Government, this er any other kind oi" government aper, could not. under bresent circumstances, nn-i dergo depreciation The nation that such ant issue would require a specie' basis, as we have heard suggestedi is erroneous; provided it is limited in the manner we 'have stated, The convertibility of paper oTany kintJ iato specie, is not an absolute condition for the preserva-: ( tion of its value."? It is the 'limitation amount, so that no more can fill the channel, of circulation than if the precious metals were employed, which would effect all the purposes of convertibility. . But an issue:; of Treasury ; notes to. this extent would form a very inade quate amount for purposes of domestic ex change. Yet the Government might 1 not be warranted in going beyond the limits of its ac tual wants, lathe creation of government .pa per -, ! ',- -r-. . v i- -Charleston Pott. ' was owing to tne aiscvcun oi inc uueiw6u tsejf. The case is now quite differeilt.i f the issue is Hmitr.linimviint. and ii M even 'IS' 4
Newbern Sentinel (New Bern, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
July 22, 1837, edition 1
2
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