- 7
-A - i
7.1
y
t ioimm-Uls rom their vaults, would
i.i;"irf,' in order t meet it, a larger
s 'ailment rttiir lians ( a compar
r, , l) small poitioa of the coiumviiitjt
V nu it wUlbo rooveuicnt for tliem to
..f2 ty iip, pr rlj pi a af e,lir. t he a ttkf In
r5?. t. The id-a has ceiled t be.nne
f Ssfifi'i1 sit r.l Convcnieme and policy
rc now drained anfikicnt L warrant
t!irjio iiibtitHtSuna in' disregarding their
'."Vnlcnin obligations Sut'U t oiidurt ;is
"i t merely an injury to individual
"i ft'ditors, but it. is a wrorgt fbe whole
omniuiiity, from whose liberality they
hoi I mt valuable privilege whose
lights they violate, whose business they
' Vinge, and. the value of whose prop.
,;X:4thry r,citd?r unstable and iuau urc.
It must be evident that this new ground
f ir dank suspensions,' in rcfrreijnj to
w bich tin ir action it not only disconnect-'
e l with, but wholly independent of that
irthe public, gives a character to their
pmsmoiimoiis more alarming than any
which they exhibited before, ahdgfei.
i ly lucre aars tbi. lin pxnpriri Jiit-itl xhx
i.ii toe uaiiMt ill luo ua.sactlona ot the
" tiovcrnnieitt;
A large -d liig;Jy respectable por.
linn oi uur uan'ttinj; int4uii9arr, it
tiffords me anf. i;te" pleasure ti state,
' exemption f- all blame on account of
tuU d linqncnry aThey haej
f tt'tir great credit, not only couth
iiri i-i imci mctr engagements, nut have
new repudiated the grounds nfjiuHiieii
mm M-restored tr-t-It iii-wnly- by
nuiu aronrae (hat the confidence and
. g M.d sill of tlic comuiutiity rati be pre.
nerved, and. in the sequel, (he best in.
teres! r the institutions themselves
Jiromoted, , ( ,
:;..-T7Mw dangers t banka ar aUo dau
I Ijr disclosed fiuin lh rxteimion f that
yati-ui or extra itgant rirdit of . hirh
they me lha pjmrsP.untteilyjujrJtjr--Hgii,ciii;u-fr
was pi-inripHlly found
f 'I h an excharjju tf roinnui liiii H, in.
- tin linihf prrrimn-RirtrtN;-ftiftt"tenvr
i in it tratHtaftiimfl hot litlle foreign
tviit, - Sr U lt tt the f asp. Aid
c;i by (he fHiililirs alTorded by1 tue
. !.mk. mere credit has become ton fim
a:!iity ihe basN nt : tradOIiny; nftbe
rlah'ks'l6r"wtrej,''itrTcontciit with
i I .. I -t . -It- ' . -4
largely atiiRutaiiii im system nmonff
ther, bin esiirped the btisinf m, htlc
Ith'X JmJiaijr Lthe Mamty
cs'iitilo community: tht-yi have become
borrowers instead of lenders) Jhey es-
'n't forrieti countries. J. it h draws the
i r. -
until the foreign market is glutted with
tliein; and unsatHliru itli tlic Igiiim
Hto Use of their own . capital ( and the
rxfrriM of their lawful privilcgrn, they
raise, by large Inana, additional means
for1 every variety; of iieculaliii:The
disasters attendaut on this ilctialion
from the former course of btisinfsa In
dus country, are now shared alike by
banks and individuals, to an extent' of
, vvliii li there is perhaps no previous cx
.... nmplc it the annuls nur.xomilryU So
long as a willingness of the fort-ign en.
lcr, and a stifHixnt export at our' pro
ilurtions l meet any . necessary partial
ay mcuts, leave the fl iw of credit ' un
disturbed, all appears t be prosperous;
but as soon as it is cbcrked by any lies,
ittttioii abroad, or by. nn inability tu
' make payiuent there in our productions,
the evils of the system are . discloscd.--
Tlie paprr cuneury which might servo
f ir domestic purposes, U usricsa to pay
the debt due in li'irojie. Cidd and sil
vrrare therefore drawn,, in exchange
for their notes, from the banks. To
keep tip their supply of coin,"- these tn
litti(ioti.s m ei.bligrd to call upon their
ort u debtors, who pay them principally
in their own notes, which are' as una
vailable1 tu them lis they are to the mcr
t bants to meet tho foreign Tt!rmand.
The calls of tho banks, therefore, in
aud emergencies, of necessity, exceed
...lliairfoinjtiiaiiil, produce o corrcspnnd
ing cuitailineutof tin ir. accomodations
ami ot the currency i at the very moment
w hen the state of tradd renders it most
iiiojonvetiicnt Jo borne.,JiVe .jntfiisWy"
of this prcssuro on the community is in
pt'upuriifijUii. the previous. Iberajty of
credit and consequent expansion of ,ihe
rupren.gr ; fon ed. sales of property arc
made M the tiiuo , when i the incnns of
p ii it basing a r u most reduced, and, the
worst calamities to inditiduals are on
ly at last arrested, by; an open viola
tion of their obligation :by ,lheJ)a.ks,
a refuial to pay -lecje:fwr tlicirnutea,
ni.il mii iiupositioii tip-in the community
otAJUcLuatiug aud depivciatcd cutren
Theie consquences are inherent in the)
present system .They are not influenc
cd by the banks being Urge or small, cre
ated by National or State Uoverniuent.
'Hier are the results of the ""Irresistible
laws of nude and credit."' In the recent
e veni w hich have so strikingly i'ttrated
ti e ceitiin eBtftta'of thene laws, we have
k - n tUtt bink of the 1argct capital ittlhe
Union, esta'o!ihed under a National
nrUr, aud lately strengthened, as we
re asthoriiativeiyi infoiuied, by ex
r'lup"X ,ll4t 'fr State, ; charter,- with
i tuoil unuul privileges hb a condi
i ... i u, as it was sjid, of entire ;sound
!; and gfeat propperiiy not merely nit.
At to resist these effeet,att..Brtitp
i i.. d to them. ;,,'.,,,; ( U";-.
S iritis to be overlooked hal there
Mil a chain of necessary dependence a
iiuiii lhrJ iaUtuto!is - which ! obliges
then, to a great extent, to fallow the
coarse of others nptwithsUodin its injus
tice to their own immediate creditors,or in
jury to the particular community in which
liter are placed, litis depend4ice ... ot a
bank, which is in proportion to the extent
of its debts for circulation and deposites,
is merely mi ethers in its ewa - vicini
ty, but on all those which connect it with
the centre of trade. Distant banks msy
fail,' without seriously , affecting thoae in
our principal commercial cities) but the
failure of the latter is felt at the extremi
ties of the Union, iTlie suspension at New
York, in 1837, was evenr where, with
very lew exceptions, lolloed,'a sood as
it was known) that recently at Philadel-jjyour
phis immediately affected tiie banka of the
South and West in a simitar manner
This cependence. of our who! banking
system' on' the initiiotionsin a few ' Urd
cities, it not found in the laws of t,eir Of
ganization, but in those of 'TaJe nJ ex
change. ihe banks at that centre to
whic,currenc 0wi, Md where it is re
JuireU in J,ayincnts for merchandise, hold
't powj, of controlling those vi . regions
whence it cornea, while.lh Utter posest
laa meant of rnttrainiugthtm)SQ that tho
value oMndividual property, and the pros
perity of trale, through the whole interior
ol tin country; art made to depend on the
teod or bl manzement of Iks banking
institutions la the great, seats ot Uads on
the nhotJi---
But this chain of dependence does not
stop here.: It does not terminate at Phil
adelphia or New Yoi k. It reaches across
th ocean, and ends in London, the cm-tra-f
the credit a? tenutrTbe same laws
or trade, which giye to the banks in our
principal cities over tho whnls
banking system of the United States, sub
ject the former, in their turn, to the mon
ey power in Great Britain. It is not de
nied iitaf me suspension ot the New York
banks ju JSJr, which was followed in
qo ck succesnion throughout the Union
was produced by an application of that
power) .and it is now all-ged, in extenu
ation of ttii preaeti 1 1 oridirioil of So -large
a portion of our banks, that their embur-reuliafeajrutnXMtmhe--sam
CNUMOr
Fr onvibU InfluettcenherrcaBHot r now
enthv-aprvfor-tt:iaritiwigtifHnlbe'
credit currencies of the two. countries) it
is strengthened by the current of trade
and- exchange which cent resin"Lbnfbni
I and is rendered atmosflrresisfibfe by 'theiiic money kept by duly appointed - public
. I I . I . ' I 4 til' ' 1 I .L . ... I.
targe debts con ti acted there by ou r-wrr
chants, our bauks and our State. It is
titus that an introduction of a new bank
into the iiJbsl distaut "of Wur villiages. placet
the -business or that village within the in
the pursuits ol our citizens its powerful in
fluence. We cannot escspe from this by
making new banks, great or small, State
or National. The same chains which bind
those now existing to the centre of this I
system or paper creuu, must equaiijr - let
ter ; every siinilsr jnstitufionrwcreter" If
is only by the extent to whK 4li-yeni
has, been pushed of. late, that we have
been made tally aware of its irresistible
tendency to subject our own banks snd
currency to a vast controlling power in a
foreign land) and it adds a new argument
to those which illustrate, their precarious
situation. Endangered in the first place
by their own . mismanagement and again
by the conduct of every institution 'which
connects them with the centre of trade in
our own country, they are yet subjected,
beyond all this, to the effect of whatever
measures pulicy.necessity, or csprice.msy
induce those who control the credits of
England to resort to. J mean not'to com
ment upon these measures present or past,
and much less to discoursge the prosecu
tion of fair commercial dealing between
the two countries, based on reciprocal ben
efits) but it having now been made , man
ifest that the power, of inflicting these and
similar injuries, is b1he resistless Isw of
a credit currency aud cif.ujltraae, equal
ly capable of extending their consequent
ces tlin urhall the ramifications of our
banking system; and by that means indi
rectly ootaining, particularly., when " our
banks are used as depositories of the pub
lic moneys, a dangerous political influence
in the United States I have deemed it my
duty to bring the subject to your notice,
and ask for it - j ae- seriosonstdcra-
it tn arjratnentteqatred beyond the ei
position of these facts, to show the iin-propriety-
of using our banking inatilutioni
as depositories ot the public nmney? Can
we venture not only to encounter the risk
of their individual and mutual mismanage
ment, but at the same time, to place our
foreigo and domestic'policy; entirely"; on
der the control of a foreign, moneyed in.
terest? To-itlo Su is to impair 7 the ;inde
pendeaceofout Government ahe.mprej:
sent credit system has already " impaired
the independence of our banks. It is to
suWnit alt itrinrportant oprationi, - whe
th r or pra e ol war, to be controlled or
thwarted at first by our own banka, and
thert by '4 jwiwcr abrosd greater than
iheinselves.' I cannot bring myself to de
pict the humiliat on la which this govern
ment and people wight be sooner or later
reduced if tho meant for defending their
rishts are t be made dependent ,-upjn
thiike who may have the most pnwuful
of motives to impair thrm.
Nor is it only in'reference tn the rfft-ct
of this state of thing op tlve independence
of our Government or our banks, tliat tie
subject presents. itself for. innsiderationi
it is to be viewed aUo in iu.rtlation to the
general trade nf.oar countryvfThe time
ii not long past w henade-ficiency of for
eign crops was thought to afford a profita-
ble market for the. surplus or our indut-.
try) but now we swat wi h feverish anx
iety the news of the Engtish harvest, not
so much from ; motires of commendable
sympathy, but fearful lest its - anticipated
lalure slioutj narrow . the held ot credit
there. Des not this spesk volumes of the
patriot? Can a system be beneficent,
wise, or just, which creates greater aniie
ty for interests dependent on foreign cred
it, lltatt for the general prosperity four
own coo'itry, and the profitable' exporta
tion of the surplus produce of our la
bor, -v . -' . . r " " -
The circsmttances to which I bate
thus adverted appeartonte to afford wiegh
ty reasons, developed by late events, to
be added to those which 1 have on form
er Occasions offered, when submitting ' to
better knowteJge and discernment
the propriety of separating the custody of
the public money from : banking institu
tion). Nor na, tBj t;n, 'occurred Lte
lessti, Vn my opiitioni the force ofWhat
has been heretofore U'ged. Th only
ground on which that castoily can be d
sired by the banks, is the profitable . use
which they may make of the money.
Such im would be regarded in, individu
als as a breach of trusty or a crime of
great magnitude, and yet it may be' rea"
sonably doubted whether, first and last,
it is not attended with more mischievous
consequences', when pei milted to the
firmer than to the latter.- The practico
of permitting the pubjic money to be need
by its keepers as here. Is believed to be
peculiar, to this - country, aud to exist
scarcely any where else. To-, procure it
here, improper influences are appealed to;
unwise connections ars established be
tween, the Government and vast numbers
of powerful State institutions; other mo
lives '.han the public good are brought to
bear both on the Executive and L gisia
tiVe departments, and srlfikh combina
tions, leading to special legislation ar
formed. It is made the interest of bank
ing institutions and their stock-holders
throughout the Union to use. their, exer
tions for the increase of taxation and the
accumulation of a surplus revenue) and
while an encase is afforded, the means
are' fUrnikhed for those excessive " issue
which lead to extravagant trading and
speculation, and are the fureruum-rs of
a vast debt abmad,- and a suspension of
the ban ks ttiromg. rr
" Impressed ,"threfore as I am,- irith the
propriety of the. funds of the Government
being withdrawn from the piiyate. use ...of
either banks or individuals, and the pub-
agents) and believing, as I d, that- such
sUo is the judgment whicb discuvsion,
reflectioft and experiettce I eavjs produced
on the public " mind, "I have the suV
ject with you. it is, at all evente.essen-
i Most of the arguments that dissuade us
from employing bunks, in the custody and
disbursement of the public'money, apply
with " equat force to the receipt of their
notes for the public dues. The difference
is only in form. - In one instance, the
Govern ment i s a creditor for it s deposi tes.
snd in the other for thejriotes it holds. -They
afford rhe pporlently fr us
ing the public moneys, and equally lead to
all the evils attendant upon it, since a
bank can st safely extern! its discounts
nn a deposite of its notes in the hands ol
a public officer, as on one made in its own
vaults.- On the other hand, it would give
to the Government no greater security,
for, in esse of failure, the claim of the,
noteholder would be no , belter than that
of a depositor.
. I am aware that the danger f incon
venience to the public, and unreasonable
pressure anon sound banks, have 4 been
urged as objections toVquiring the pay;
ment of the revenue in gold and silver.
These objections have been greatly exag
gerated. From the best estimates "we msy
safely fix the amount of specie in the coun
try at eighty-five million of dollars, and
the portion of that which would , be em
ployed at any one-time In the ! receipts
snd disbursement" "ol the " Government,
even if the proposed change were made
at once, would not, it is now sfter fuller
investigation, believed, exceed four or five
millions. If the change- were gradual,
seversl years would elapse bet ore- that
sum would be required, with ' annual op-
fiortoniiies in the mean time to alter the
aw should experience prove if to be op
pre!ve Of inconvenient.' The portions
of the Tmmqrtity on whose business the
thsnge wouid irnmtately operateii- are
Comparatively smalti nor i it belrved that
its effect would be inthe least ujst or in
juries to ihem
In the navment of duties, which con-
stito'e by far the -grester portion of the
revenue, a very large proportion is deriv
ed from foreign commission houses and
agents of foreign manofaclo"rers,Lwho sell
the giwds consigned to them, generslly,
at auction and after paying the duties out
of th svaUsr remit the rest abroad in ape
cie or its equivalent. That the amount ot
duties should, in such cases) be also re
fairte"drirfl)?C!e"rTin hardryr-be-mad
mutter ol complaint, .war own importing
merchants, bv whom the residue of the
duties is paid", are not only peculisrly in
terested in maintaining a sound currency,
which the measure in question - will espe
cially promote, but are, from the- nature of
their dealings, best able to know when
sperie w ilt be needed, and to procure it
with theTeat difJictilty or ssfrifire. Re
siding, too,' almost universally in ? places
whe re the revenue is received, and where
the drafts ucd by the Government for
its d1sbureiflfnts most conct ntrate,"-hev
have every opf.ortuniiy to obtain and cte
tnem in j-jjc or specie, should it be for
their iuteiest or convenience.' Of the
itumlirrot these drafts, and the' facilities
they imy aftiM as Well as of the rap'tditrjwith
which the public fumUarf drawn' a lid dis
bursed, an idea maybe funned from the
fact tln et nearly" twenty millions', of
dollaro paid te, collector and , receivers
during )Ue preseu't year,? ih average a
mounc in tlieirhauds at any one lime has
not exceeded a ntillioa and a half) and of
the fifteen millions received by the - col
lector of New York atone durinng the pre
sent year,; the average amount held by
him, subje'et 1o draft during eacjt week,
has been tes than half a million. .
The ease and sfty of the opirations
of the Treasury in keeping the public
money, are promoted by tho application
of its drafts ta the public dues. The ob
jection arising from having them too long
outstanding, might ue vtiviaieu, ana tney
yet made to afford "toT merchants and
banka holding them . aa evquivalettt for
specie, and i
amount actu
convenience
of specie in
ay greatly lessen the
ired. bull lets in
nd the requirement
lies' of public lands.
Such nurchaies
except, when made on
in general, but single
speculation, are,
transactions, rarelv repeated by the ssme
person) and it is a fact, that for the last
last year and a' half, during a hich the
Botes bl sound banks have been received,
more than a nuietof theie payments has
been voluntarily made in specie, being a
1arT'efroprtion-ihant4 have been
required in three years under the gradua
tion proposed. v. , -
It is moreover VJprincipleJthan which
none is better s.nled by experience thst
the supply of the precious metals wtllal
wava be found adeaua!e to the uses for
which they are required. jThey abound in
countries where no other currency js al
lowed. In our own States, wtuvt small
notes are excluded, gold and si'vsr sup
ply their place. When -rdriven to rluir
hiding places by bank suspensions, a lit
tle' firmness in the community soon restores
them in a sufficient quantity for ordinary
purposes. Postage and other public
dues have been collected in coin, without
nerious inconvenienre, even in States
where a depreciated paper currency has
existed for years, apd this, with the aid of
Treasury notes lor a part of the time, wa
wi hout interruption during the suspen
sion of 183r. At the present moment,
the receipts and - disbursement of the
Government are made in fegal currency
i n the I argest port ion of thej- U nionno
one au 5grtts a departure front this rule;
snd if 4 C can how be successfully carried
u, it will be surely attended with even
lets dilhcultj whenbank notes are again
redeemed in specie. y;- ;
Indeed I cinnot think that s serious ob
jection would any where be raised to the
receipt and pay ment o
in all public transactions, were it hot from
an appietv nnum that . a surplus in the
lh'rpu-bJieuiftC"ir&o
not, in my opinion, be difficult to prevent
such an inconvenience from occurring but
the authentic statements which I hate al
ready submitted to you ia regard to the
actual amount in the public 1 reasury at
any one time during the period embraced
iu thein ii the little probability ofa differ
ent alate of the TreasutSy for at least Some
years to come, seem to render it. unneeee
Sirv to dwell upon it. Congrest.moreoyer,
ss I have before observed, will in every
year have an opportunity to guard against
it, should the occurrence , of any circum
stances lead us to epprehend injury from
this source. Viewing the subject in all
its aspects, I can uot believe that any
period will be more auspicous than the
present for the adoption of all measures
necessary to maintain the sanctity of our
own engagements, -and to aid in securing
to the community that abundant Supply
of the precious metals which adds so
much to their prosperity) and gives such
increased stability to all their deal
ings. - - ,
In a country so commercial .as ours,
banks in some form wilt probably always
exist) but this serves only to renderjt the
more incumbent on .us, notwithstanding
the discouragements of the past, to strive
in our respective stations to mitigate the
evils they proJucerto take from them a.
rapidly as the obligations oi public faith
and a careful consideration of the imme
diate interests'of the community will per
rait, the unjust character of monopolies:
to check so far as msy be practicable by
firudent legislation, those -temptations of
nterest ami those oppwrtoniries fortheir
dangeneross indulgence, which besei them
on every side",' and to confine them strict
ly; tothe performs nee -of 'their paramount
dutynhat of "iTding" the Operations of com
merce, rather than consulting; their own
e xclvsi ad yj ntagetiJT.h esea ni other
salutary reforms may, it is believed, be
accomplished without the violation of any
of the great principles of the social com.
pact, the observance of which is indispen
sable to its existence, or interfering in
any way with the ' usefut . and profitable
employment ol real capital
InatilutMtns so framed bav existed and
stilt exist elsewhere, gUTngtTo r commer
cial intercourse all neccessarv .facilities.
fwAthout inflating or depreeia'ifig the- ew-
rency, or stimulating -speculation. 1 has
accomplishing their legitimate ends, they
have gained the surest guarantee for their
protection and encouragement in the good
will of the community. Among a people
so just as ours -(he same results could - not
fait to attend a similar course. The ' di
rect supervision, of the , banks belongs,
from the nature of our Government, to the
States who authorize them. It is to their
Legistsiures that the people must, mainly
look for action on ths subject. ' But as
the conduct ef the Federal - Government
in the managem-nt of its revenue has also
a powerful though le-s immediate influ
ence anon them, it b come our 'duly to
see that a proper direction is given to it. i
vvnue ine secpinj ni me puunc revenue
in a separate and Independent Treaourt,
and (if.coUeciing it in gold .and silver,
w)ll have a salutary influence on the sys-
fly red
ill atti
-i i. ' ".. -.i. ...I.:..L .it
are connected, and thus aid those that are
sound and well managed, U will at the
same time sensi'jly check suck as are tth
erwise, by at fiiee withholding the m -ain'
of extravagance ; afforded by the public
funds, ami tesjrainig them from excisive
issues of notes vt hicli they would be con
stsntly called upon tort-deem.
I am aware it has beet) urged that- this
control may be beit attained and exerted
by means of a National Bank, The con
stitutional (objections, whit h-1 am well
known to entertain, would prevent me in
any event Irom proposing or assenting to
that remedy) but in addition to this, I can
not, afier past experience, bring myself to
think that it can any longer be extensive
Iv regarded as effective for such a pur-
Dose. The history of the late National
Bank through ail its munitions shows .that
it was not so. On the contrary, it mar,
after a careful consideratiowof the. sub
ject, be I think, safely stated, thai! at ev
ery period of banking exb it took the
lead, and in 181 7, and 1818, in i 823, in
1831, and in 1834, its ;vast expansions,
followed by distressing contractions, .led
to those of the State institutions. It
s wel led and maddened the tidca-tXlhe
bankinz svstem.fbut seldom allayed, or
safely directed them. At a few periods
only was a salatary control exercined. but
an eager desire, op the cpnhary, exhibited
for profit in the first placefand If, arter
wards; "its" measureii 1 were severe" to wards
other institutions, it was because its own
safety compelled it to adopt (hem. It did
not differ from them in principle or in
form its measures emanated from the
same spirit of gsinpt felt the sametempt
ation to overissues! it suffered from, and
OS totally unable to avert, those inevi a-
hle Uws of trade.by wh'uh itK was itself
affected equally with hem)and at least on
one occasion, at an early day, it was sav
ed only by extraordinary exertions from
the same fate that attended the weakest
institution it proti.sed to supervise In
1837 it failed., equal.' with others, in re
deemmg its notes thougi. the two years al
lowed by its charter for thai purpose had
not expiredr-a large amount ot-wli!cb-ye-mains
-to the present time outstanding.?-;
It is true, that having -so vast a ..c.a:tt.L
and strengthened by lihe .;.uae uLlL t.e
revenues of the Government, it possessed
more power) but while it was itself, by
that circumstance, freed from the-cuolrol
which altbanks require, its paramount ob
ject aod inducemr nt were left the same-to
make' the most for its stockholders, not(to
regulate the .currencyo
Norhas.it, as far as we are advised; been
found to be greatly othevwise' elsewhere,
pP -? . . ..; .1.. I) I
ed unable to Tteep off a suspension" fit Spe
cie payments, which -lasted lor nesriy a
quarter of a century. - And why should
we except it to tie otherwise? A nation,
al institution, though deriving its charter
from a different , lource .than the Stale
banks, is yet constituted upon the same
principles) is conducted- by menequalty
exposed to- UmpUt HJU-) and is liable to the
same' disasters) with the additional dia.
advaatae that its magnitude occasions an
extent of confusion and disti ess which the
niismanagement of si mailer institutions
could not produce. - " & '
Ifcah scarcely b doubted that the re
cent suspension of the United Ststes Bank
of Pennsylvania if vhich the effects are
not in thst State alone, but ovei halt the
Union had its origin in a course of busi
ness commenced while it was a national
institution) and theie is no good reason
for supposing that the same consequences
would not have followed, had it still de
rived its powers froinlhe General Govern
ment. It is in vain, when the influences
and impulses are the same, to look for a
difference in conduct or results. By such
creations, we do t therefore but increase
the mass of paper credit and paper curren
cy, without checking their attendant evils
and fluctuations. The extent ef power
and the eHicicncy or organixtliun , which
we give, so far from being beneficial, ' are
in practice positively injurious. They
strengthen the chains of .dependence
throughout the Union, subject alt parts
more certainly to common disaster, and
bind every bank more effectually, in the
first instance, to those of our commerical
cities, and, tn the c.ndJ, to a foreign pdwer.
In l a WbrdV r cannot but be1e hat, with
the lull understandings of the. operations
of our' bank i n"g"y"t em-"wliTclTe x pe rien c e
has produced, public sentiment is not less
opposed 0 iheereation-of a-National
Bank for purposes -connected with enrren
cy and commerce, than for those connect,
ed with the fiscal operations of the Gov-
- Yet the commerce anil currency of the
country are suffering evil from the ope
rations of " the Slate bauks whiclr'cannot
ad -nought not -4 be overlooked By
their-mean ywre have -been flooded with a
depreciated paper whichTt was evidently
the design of the framers of the Constitu
tion to-prerenfrwhen-theyO'equired Con
gress to ''coin money and regulate the val
ue of foreign coins,", and when they for
bade the States "td coin money, emit bills
of credit, make any thing but gold and sil
ver tender in penmen o debts," or
"pass any law impairing the obligations of
.contract, Jfthey; -did, not : guard more
explicitly against 'the present estate ' ol
things, it was because they enuld not
have anticipated that the lew banks then
existing were to swell to an extent which
would expel to so grest a degree the. gold
and Silver, for wKich they had provided,
from the channels of circulation, sod fii
them 'with a currency that defeats the
o'ljects they., had in view. The re'medy
for this must chiefly rest with the States
friim whoe legislation it has sprung. ; No
5 ?. aceiue 10 a pai cu.arra.e,
rWe ere compelled 10 dV frrnemall portion 1
Ihe message until next weta.j
. . .. . . ....
''' f.
f .V , vfT'C
M Libtriat tl tuttale oun,"
THE STAR.
RALEIGH, JAN. 8,; I31J.
THE PEOPLE'S TICKET. ' -
Toit rHEsnE!rrt- -----
WILLIAM HENttY HARRISON.
lU invinkibk Utro of Mpptcanoeiht Inea
- rupUble Statesman 4ht inflexible Republican
the patri'4 Farmer of Ohio. - i .i
Wa VICK PRESIDENT, '' "
.' : JOHN TYLER,
.f State HighU Republican if the adW of 93, j
ont cf Firfinia's nobktt tone, and tmphatically "
one if .Imerica't moxt lagaeiout, vil luout and (
.F-""" T
17-The-broad banner of HARfUSfAW. M R- .
fcRTY and the CONSTITUTION is now flua3
to the breeze, inscribed with the ihspiring motto
ONE PR KSIDENTIA L TKRMTHE I N
TKGRrrjfvpTHfi PUBLIC SERVANTS
-THE SAFETY, OF THEPUBLIC MO.
NEY THE DIVISION OF THE PUBLIC
LANDSTHE DOWNFALL OK ABOLI
TION AND THE GENERAL GOOD OF
TH&PEOPLE.-- : v ;
Foa ooverkoh or tjorth canotisATr"
JOHN M. MOREHEAD,
OF OUlLrOKD COCNTIf,
The able ttatesmanthe tmind republican the
pure patriot the honest nian, i
THE PEOPLE' i CANDIDATE.
If there ever was an individual whose
name has been presented to the attention
of the American people as a candidate for
theit rxonfidence7wird deseTvTJ thretj
appellation whteh is prefixed to this arti
c I e,. that ,tna n is Wl LLIAM 1 1 EN RY:;
H ARRISON. Wr -cin say to the ptvs
p'fc of this country, in speaking of Gener- . .
al Harrison, as Mr Webster, in his cele-. :
bratrd speech on Foote'aResoIu lions7 said
to Mr;. II 3 j a e in re ferri n to M assa chu
setts. " '77iere fie : i) behold hith, mni.:
honest hearted, the sober-thinking, the"
grateful and Republican people, orthe JJ, , .
biatoryahTl atuBjjf ;SHe.JiiHory: M but pStZS,?:.
triot hero. Go and learn the coiuolinjr. .
yes, the thrilling lesson that the illustrious
hero of Tippet shoe is emphatically one of
yourselves that he not only sprink, ted the
soil of your country with his blood, not -
'oolywrought put saying deliverances of
the Territory, ; of the wives asd children
and aged fathers of the Republic on the .
battle field, not only conferred imperish- j
able benefits upon the Union, by his wis-'
d m, as Governor of the North Western
territory and in the councils of the nation :
but that he yet lives to illustrate what
is more refreshing to the Republican heart '
than a thousand splendid, and couctfvr pa
geants, the fact that greatness in the field ;
and in the council is not incompatible .
with the existence of simplicity & warmth -in
the private affections of life. Let the ,
farmers of North Carol in are nletlu and . '
remember, too with honest pride, thaiFtdT
candidate . presented for their import by -those
opposed 1o tyranny, corruption and
misrule in our Government, is also a fa- "' .,
mb that he is one of themselves that '
he labors, not only for the support of his
family in the Clerkship ol a court, but
that he also follows the plough, when ne
cessary .wijli as much cheerfulnesspnd alac
rity as the plainest farmer in North Caro
lina that he mingles constantly with the
plainest of his neighbors, without ihe as
sumption of any mark of superiority over. .
them tliSt hi dour is always open to his ;
poor neighbors thai his hand is ever open
to relieve . their, wants that a stranger 1
would not be able to distinguish him on
accoi
hte farming neighbors and thst he is i- '
doliaed by Ms neighbors. Such js Wl L '
LI AM HENRY IIARRISON.iLt the
people of North Carolina pause amrdwell 'I
with delight upon the picture. ...
(Jen era l 11 arrison and slave1
" . - ;" RY- .r'
It is objected to the Hero of Tippeca- V
noe, ij msnyor the" Tory presses, that he ' '
does not reside in' a slave-holding State. ,
What difference doea this mskfi when
he is not only with the South at) Ihe sub
ject of slavery, but also as ardentlyand ...
perfectly in unison with the South on the
abolition question as the most enthusias- - '
tic Southron in the confederacy. ' Mr, .
Calhoun himself, who seems (0 catch fire
and glow like a furnace whenever the sub- i
ject of slavery may be even incidentally
touched," sliould not be more acceptable to "
the Sdulh, as Cir as abolition may ' be tn- .
volved, than General Hanison. We do
not believe that Mr, Calhoun' should bex"
in as hls'i favor with the South on the sub- .
. . . ,f ,
Forif there be any difference in thejt'