t
i
h a
t !
i 1
:-': I ,..- ..
':).-
V
-J ...
4
t
If
"5
t. aU ')" i
is who v ili
Th "r JtflrVr Cents per year
ACH 'e tlwfiMe taut at one payment,
lWfifr year at Two Do,-;j
.ihu topay m: advance
rt ?Ur Hue mu" r ,
nJr,wh du'nofnay d-ui
i r . : i
li.P tW'.l U':U-
conin.c m f'ter.t
Ho
v:
r r v.
- : t.
V I 1 i. " I "
-icy V4' !:i ths U. S. tor the
or f ,:r y rt..-J"ord3 I?." '.nit con-
.i . ' -
i vi nr mat our rrcsem conaiiou
only suddenly d2rrYv?d cf-sc
expected. crc-iii-, but -called up fur pay
I menls, winch; iu t!. - ciual posture of things
- at . he
inn of f ' y
Trntv-6A. C?onr5.
fit t: be ;ttnbuted to bvcr-ictioaI;in 1 hfrcould
, iliiAiwinv- "Uoi business; an over-ac- l pressure and at tna cjpsi fruinoua,s3criu
.i tion iv i r.7, : erbap3i Its, ifirst;im pulses' .'l." t N'.' -'P"---": :. I V'i' :'': V" ,
I Trr-n anlf-rpilf-nt rflnssj "htxlt slimnlated r to b .Il iew prthese laclS, It would seem'im-
UisPt" in advanco iun-foi , r . - r . its deH.rncuvi consequences, oy" excessive .t".-wu ,'M-."U,U.- "
? - 1 -Th. 'b53.m Jiine, ! 3G, t?2- 5 At the rumnu nrraent -ortuVlVca'r' IUnM?tfie sarnetliAlnsthe most ,
lcS than 1 . S ' . . ? . ? , " i uiiumn ihi .mvuaiiuiji,ul ,.".AiJ"T"r" v's,,,-:0',urs v rjv f
,1' n'adiit jbedut5rpf.lhH.SrrMarrf the fc- nf d.Ctfarsr the fenW mtein
i? iloF Aotmilr;? dstH., nt and ofe ties frVditthe satrie
ffeft.eorch wa y roost . uu mdtanepna. Biispe.nsion oT speer ...rnV
j8dVemmeU v . pavments by the at lengtrneaHy !b8arn
iJJfnenw'btHeVdar.or six months will j time, impracticable employ
i;te ata DolUr p4r munth for eacn squa e j nnrriber.of otliers,rupoh thoprpsci iheil Vndi-
uhe;prtri!ejeiK;hi?Sin2 ,)ernifef! ijons.vrThVpccific rpgulationsfestabtisri
.Uitr A -'- ' ' ted bf Congress forthedeposite: and Vafe
keeping of the pnbli? moneys, hatip' J h'is
unexpectedly become inoperative, 1 fell it to
be my liuy loanof n you n early opportune
i-!OT.iailll be continperi unui vc,w " " ; .r , - " '" V ;:.V"HV J - . arte torty millions, and the. loans and-VOis jni cmnfuupne. , .jjiie roost materia oiner-
JWiWstop ihferaiwhere no directions liri inspect. to tn
ltfefctf , , tn k under ahe art:'ai,d::madelittuhevsarfte- ii-iii-m. .1. ' iJ 'iiJ" .fcr-r..c:.-'.K i-
inerequisup
siiter
MARKETS
.. .. r.-i
s islaxWrlb.i lSa2C cts."; Urandy, An-ty lor tne exercise 01 your supervisory pow
lrcni 45 a 50' c'tsY Cotton perVjb,J(in ers oveithe-subjecU
.(Udn ba?gtngpr; , yd; 20 55 ! -Was also led to apprehend that the snst
Ce pcr-b t4a --fl pension of specie payments; increasing the
4 Sets ; Uotton yarnrooD 100 embarrassments before existme in the ne-
idi?S a 100 cts t ratners perio; . - r ..- - -
iW.Lu!TiAi,e fis'Aft's diminish the public revenup, that ihe ai-rru-
!!S 6 Vet! V; Wt?5. K,.!:?;i0 ct8,r )ng.ceipts - into the treasury,
sevfn mijlions " 'To this "vast increase r, are tnaj ha$ opl beer, hat with us tberp,has
to Ip .added the many rojllions of credit.ac-1 aispioccnrrpd jnexiensife derangement ln
qnirPii :jby.nivans of? foreign '.loans, trpntrec-4 the 6sca affairs of tjie Federal land State Go
tnl by the Slates and 'Slate lntituiibns. and j viirniiienisoccasionied by the suspension q
above all: bv th Uvish acromraodalions px-t-sicie payments by the banks"
V kfefte; gai.'psi-dis ) aiisfperJo-sil aiu Hnioe reservea nvemi:nons,oe sutncieni 10
Bf -Ib-iaJOf cts ; Bacoiiper .lb J2i defray the expenses ol the Governmtnt, until
;Batterpr t I'U ets s; Lard per, lbtlp the usual period for the meeting of Con-
UWtpfeM1 ''A ??,,; An?W" ress:VhlIst the authority to call upon the
mW"llJ1 the sums deposited
I WilU I II GUI
t!a.4t ;do.
Yankee do, m SV rdlean; perX!b,SO
'TIloW per lb 10 J24:vits; To;linen pr yxl
I. ri .:L!: flT- U-iS..! 1 RA
MI fll. S I a i j I ? j CIS i l14la Vo W c
yt pMl i; Whiskey . P?rlgalv45 -a 50 cU
was loo rpstricted to enable tbe
Department to realize a sufficient amount
fromu thatTsource. ' These apprehensions
have ; been justified bv subsequent results,
which render it certain that this deficiency
will occur, if additional means be not pro
vtded by Uongress
IV: l lr Ullt'KAM ' t The dithcultics experienced by- tbe mer-
lf io mirtei per lt 4al S cts.; TJacoti- pl cantUe interest, in meeting their enffaire-
lh cts; llams do. dO OO cts ;'Bswax ments, induced theruj to apply to me, pre-
wft J5 iU L'i 4J4gS' 'S 'r " " vions v tfi thP actual ctunrninn of Rpri
U'Baleroj indnlcTPnre uhon their bonds
1 J - l . t. 1 L Ann 01a, hMimr duties: and all the re he authorized bv
! " J Wons or brl T 000; from stores per j law w as promptly and cheerfully granted
3.11". lrou pet wwi tua "a 1 110 ucpriiui-utD ui uic 1 rensury iipun iiieH-
vails 01 these bons, to enable it to make
nor f our country of creiiits for supplies,
greatly beyond the wants of the peop!e;the
would not ' invpstnenl of thin v-nirie and a half mil
lions o! dollars m unproductive public
lands, in the year 1835 and 1336, whilst in
the preceding year the sabs amounted to
only (our and a half millions; the creation
of debts, to in al-nost countless amount, for
real estate m existing or anticipated cities &
villages, equally unproductive, and at prices
now seen to b:ve bci n greatly dispropor
tionate to their real' value4, the expenditure
of immense sums in improvements which,
in many cases, have been found to be ruin
ously improvident, the. diversion to other
pursuits of much of the- labor that should
have been applied to agriculture, thereby
contributing to Ihe expenditure of large
tended by foreign dpaje.rs to our merchants "j The liistory of these causes and effects,
cru ri,.- . , e ; in Great BrUaiii and the United States, is
1 he consequences of this redundancy of ' . l . 'V ' ' r 7 .V: 7
credit, and oMhe spirit Of feckless rispecu- ""T1?
lation ngende,ed i y it; were a foreign debt j all "iherommercia countries.., , .
contracted bv our citizens, estimated in 1 h" P,ePnt and yistble effects. of these
March last at more than thirty millions of 1 cncumstances on the operations of the Go
dollars, the eXtis.on to traders in ihe inte- 1 vf "S?lvnd, oa the industry bf. the Ipeo-
pi,j poini out mej oDjects wuicn can lor
your Mnujediale attention.
They arp to regulate by law the safe
keeping, transfer, an'd riisbursement. of the
public moneys; to designate the funds to be
' . j - 1. 1 . 4-1 .
receivea ann paio Dy me uuvernmei ; xo
enable the Treasury
demand upon it; to
indulgence and the mode of settlement to
n collecting from indi
bat has accrued, as in
withdrawing it fiob former depositories,
and to devise and adopt such further mea
sures, wfthin th3 constitutional competency
of Congress. a will be best calculated to
revive the enterprise and to
prosperity of the country.
For th deposite,) transfer, and disburse
meiit, of the revenue. National and
banks have always,! with temporary and I
Med exceptions, bebn heretofore em
' various irar.-'-c.is hH h.,tt
..-.sticexcharrrj.dir-V t--tnly l thtlr
serais . .j utility. Oe class - cf
.1 consuls of ! 111, f ir :ar ;e, drawn for the
.rjcl trans.crrinj ancil capital :rom one
rt.wFthecuuatry toan .ir.er, or tor'-amicipte
prix-eeds of property anoally trarsmitttU.-
..3 of thi3 descriptiiin are hi hlv u.ef.il in iih.
jvementa of trade; - and wl e'eerva all be
cooragsmenl wl.rch 'can ri2hthilly ha triten'to
era- Another clr. 19 nn !e up" of bdll of -ane,
not drawn jotiarix.fcr aetuil capiial, W"
f the credit nf proper tv iransmitU4i.-h.il t r:
ate fictiUousca pi ial par taking V at" WeK'of .Ttfii
binkji -ilea in circolaiion. ar.8J-K'14
of paper credits to a vast extent :rin iheni
jitOTaWauoerSThw
T '- ..- "r? a 'ai sh. p,t'jH,l'i0't oiyitai
ajteftnjjb
"ft frying; asthe aieans f su rioVs profit; arid
eunsli luting t he'm.jst nri safe and, preci ri'w ' pai
V?TJTMumfru sie3f lramcjh
stead of beiog npheld iught SloSe disefluiiien
locedbyihe; G;eromenaoaJJ;the.;i
In transferrins its funds fromDlacel to'-olaee
verheJm-H'h
pnae cmen, ana may resort to. tie same legal
m'eanaT 1 1 may r W l h roo tf t hV "f. media nvul
bills dra n by itself, or purchased frwna others j
and in thp'ratibnslrmavin.a manner 00
doabtedly coivstiiutionaf andf ItWitimateL iaciU-
late 1 arid assist eichanges of indi vidQajsfoonded
on real ifanaetionVuf traJe."ifThe extent la
win -.u mis may oeuone, and the best means of ef-
leeiing it, are entitled to he! fullesl'cimsidra
rightful supremacy of ste Vpoj it'-r ?ill ;
injure thet;haracter and climiaisb the. ri
tluencc of;our poJittCLl system ; and brhjj
once raoref inta existence - acnce5itraUd
moneyed odweri hostile: iothesDtrit snd
pi teat? ni n g the per m a nc acy , of, oar ky bp ah :
"I "I
V-
tion;
be adopted, as well
viduals the revenue
to meet promptly every
prescribe the terms of
'the '"Secretary
of the Treasury, and nislriews wilVbesubnutiVd
to von in Kia rinnrt
-" But; if wanot les12ned bvi the - Constitathn
that the' Govern aient should assume theinanaoe
ment of domestic 61 :fufeign? excha oge 1 1 Ts pii
deed authorized t61rojulate byrlaw '-ihecwn
merce belli een the Slates and toprovide a genl
eral sundard of, value, or inediuai of exehaiire.
in gold and silver : bul tt is not its "province lo
oiu. uiui Yiuuaia in ine iransier 01 . ineir tonus, Or
therwise.thanlhfoughthe?1aciliiies
the ' PustOfficI1 Department .TAs justl jTmlzh't
11 uj vaueu uupiu proviue tor ne -iranspuriauon
uf their merchandi
trade. They ouhi tj be conduct edbv ' thus
who are interested in iliem,in the same mariner
that the incidental difficulties of Uiher puisuits
; local ban ks b a v e bee n em plo veli fori h c
deppsUfthd'disinbutioh'Vfnhe reveViuV', at
jui times narwauv v anu, on mree cuht . I
occasions, cxciusiFtly ; firsUanteiior to
the esiablishmtht of: the' first, B ink of Use ?
ir -i;, ;.r heuyeeii tKe riication of tfhtt-iitnticr; .
iTlheCcharier.;of -hif
y. during the, limitct' perird. which
mo abruptJvJ closed. ,The'e-tii exicT
tlinjr repeatedly attempted; proved uaW
icuifr 011 eacu successive. x;rina. t.-.r:
!?!S'-lh;vfi'0"s " mcaui. ri whir r--
Were adopted to facalitate or ensuV- ::s sin .
cess Pnthe:last;occa9ibiu in the. vear "
1 833, the employment oft the State' batiks
wasguanled esrVecially a every way
wuicn experience aim caution would, stig- -gesuf
Perspnallsecurity - waVeooifedi5r
the safekeeping and prompt payment- of '
the moneys to be received, and foil returns i -
of their condition were, from time to time.
" wPiaV5"J u,e oepesiiories. -ltt; lie .
?t!r?lagtfen "roeasuiewas emuicntly
successful,nbtwitK3t3itlinr the violcct on-
poui uiiiie ijanikoi tne uniieu olnies,
a mHhe" unceasing effvirts; macle to', over
throwitVpThesV selected bants nerlcrin- .
ed witK fiteliiyand 'wuhdQtany eml r-' .
Ji1'61" eve8" ,,r 10 commututyi
llieir ep ;
the s vsteih pro rimed "to , be ' nermane n U v v
usefuj t ' Butwhen it. beime nces:u-v
umlerliie act bfTjune 1830, tu withdraw
finV ifiem the public money ,-for the pur-
pose of placing It in additional insiitutiuu,
4ir of;tmisferjrjngitto jtiie) States.! they
foundit;ltv many cases, inconvenient to emu
piy.vini iuo uciudiius in yic i re8.iry,aau ,
ntimeious and 11 pressing applications wtre
!liiwsrfer gal 4Q 50 CSS Nails cat assort-
Hmmi i a9 ctaV , Wfougnt uoper 10.
f- Pnrt W"lb -sia 9 ; llice per1 100 lba S4
ti(; isurarper lb. 00 l12 a cts; Salt pr
'MtiiSiia; Saltpet -osneiip i . i; cisjpieei a
I F A V ETlE V 1 Lllv
the. deposiles . with the States required by
law, led me in the .outset to limit thjs in-
drilgence to the first of September, but it has
since . been extended to the first of Oeto-
lhiia IK ta- Tallnw
!:12tei4Tpa Imperial peir bil 25 aU 371 cts; h,eh" lal lne miUef might be submitted
;.'fci).4i.-pr ib$fal lSxps'Tubaccu manu- to your further direction.
iireiiper InlQ a ilcts.tK ff 1 H,estions wtre also expected to arise in
Bniidj, peach 7$ a 80; j Po3ppl, 60 a 70 ra
aatwM 1 ' liTa'' 00;. Ctittdn prlU61 t-ts" tei
-kprwada f3JS; iFloiti bbf. 0$6a, ,7
jt:3 .'"AX -r.t4i.L' l.--l.- k .
j the recess in respect to the October mstal-
S 60 a 270 roentof those deposites, requiring the in
terposttion of. Congress. t .
A ptovision of another act, passed abonr
time, and intended to secure a
ompliancewilh the obligation of
;iia ipr.on yuya v r jcaiuers pr w , Jlije same
' 6f ntiau 1 IUI fl 1)11 Imr -nrlli n n K ln- 1 : r i
7T& thni,ed alldemands up-
i2 $ 3; Wheat pt bush-M 1 1 5;f i Whiskey othenuin specie or its equivalent, prohibi
61)63 Beeswax i0 k 00AitXfi led t,ie oBe? pf anyi bank note, not con-
,, V-f.l l'-. . 1- - . V. It - -'- I
- . r-- -l'- - "
are encountered by ovher'classe relief, As thaiiw - i-.
Such aid lias not been deemed neeessarv in Vlhr roolmoVraiVrili.i."Ko l
countries. 1 hroui?hout!EuroDe.the domestic as I A1!KoTi - ,V" -
well as
, was. in the first two quarter hut, although advocates of each system are " '7 -
year, increased to more tfun stilliU. beffound, it is app.irent that the e- L suhiecl h;ihg Af.l..'. itl r; '
of doll rs; and, finally, without vents of the I tst fpw months have greatly pery belongs.4 A system founded on private jh-lgreat magnitude? inherent, inJticry. na"
other miutious results, the ra- auffinented the desire, lon? exist inff amom? tereitt. enternrictA and .'mmnAtiiinnVwiikiint'tiiA 1 r -!i-..-f-.v---- - ' . - - '
o precautions can-
r
sums in the importation of grain Irom Eu
rope an expendiluie which, amounting in
1834 to about two hundred and fifty thou
sand dollars
of the present
two millions
enuinei iting
pirr growth among all classes, and especial
ly in o.ir great commercial towns, of luxu-
L.i-. r . in. 1
nous u imi, lounuua too oueu on merely
fancied wealth, and detrimental aliUe to the
industry, the resources, and the morals of
our people. !
It was so impossible that stich n state of
things could long continue, that the pros
pect f revulsion was present to the mind of
considerate men before It actually came
None, however, had cor reedy anticipated
Us severity, A concurrence of ciroum
stances inadequate bf themselves to pro
duce such wi ie-spread and calamitous em
barrassments, tended! so greatly to aggra
vate them, that tjiey cannot be over-
looked in considering iheir, history. A'uong
private houses, often, tr not- genera y. without v f- .,' : V. , . -
ihe aMitanM h,nti vt their.;, r
promote the ihrmigbourdistinct sovereignties'and far;exWed ueoisnSJle?3lul
r in amount the real exchanges of he U
There is no reason whv on r own aiavnot be thelrevulsTon inwhich," Mlenffthk thev. in
conducted in ihe same malbner, with Miiaf
State j ness and 6aiety Certainly his might be'iac- J ittvrve(l.r.':v 'i 'V ' ' r -; .
im. eoioplished.Hf u were favored by. ' "ibose most-1 " ri . ; .
I 1 i . .-s , - -- -,.:-.. 1 1 1 liner t heap iiriMimi-jni7 it hnnArr-n .
uloved oeepiy inieresieu ; ana lew can aoooi inav tneir f-r "7V 7 " ' yy..,.- ..v ,
em flre 4,wft interfiSf a8 we,l jh?! generaf wbetheri'thrre
vertible on tbe spot into gold or silvei at
the will of-the holder; and the ability of
the Government, with millions on deposite,! these may bo mentioned, as "most promtnent.
ijiMEiRTijy i4lR? HLRXAN- to meet Us engagements in the manner thus
fDERljCate of Korifi Owidiria) Atjorneys at required by law, was rendered very doubt-
" ' Tk P rir trVuJ -e ines iul by the event to which I Iwve ieferrt;d.
" 1C flft Jhe Sopreme Court Sensible that adrouate provisions for
.Tsa.and the Cire'bit Court of the U lU' i TirB
Sit-in the city of NnwOrleans. lhT unexpected exigencies
J4!ji9brl837 '62 if 1 ' made by Congress; eon vi net
the great loss of capital sustained by our
commercial emporium in the fire of Decem
ber. 1835 a loss, t lie cff -rls tf which wre
underrated at the lime, because postponed
kWOTXCBfc
inced that some of
them would be indispensably necessary to
could only be for a season- by the -'great f ilities
, i r , j. : . . . ; , - . v " '' rT'T"!'" -r, lore, anu against wuicn n
the people or the grilled States, to separate aid of legislative grants or regulations : by law. j effectually ehard'T r
the I fiscal operations of the Government would rapidly prosper i-itwduld be free from lhe: J-?
from those of individual or corporations. -ft.ience uf political agitation, r and extend the Ilbreseen in. the organization -..of ahe
A-jain to create ti national bank, as a fis put an V
cal agent,s would be to disregard the popu- tiahty,
lar will, twice solemnly and unequivocally unavoidable
policy 13 tnere stronger evtuence tnat tbe - r: - r:7V - ""V7" - ininVvistenr n n natinn in ad.it , fr4
-.' ;..r,ii -if ior ;r;, ' i IK ,,,e,', o carry us legislaiion; in llus respect fur-f JP? ?x,sien,c" ? ndl'on lr f0"; Jilf.
se. ilMiinnti of a Urge majority are deliber lher Uan s dighedbylhe ConstiiutfonV burdens of rthernewoverroxieut, v,k
ately hxe ; and I cannot concur with those :.. ' , KaXAMA?n.&i ,,m0,l all iK0 Ur,r. hT.i ;.nfh!'.'I f
who think, tjiey see, in recent events
that these I sentimputs are, or a leason
they should be changed.
, - -
"'r ' i5 iocii (n uuiir i vJi'vcrijiiiciJV, auu iticcu --uii 1 ine, icd' tiry . r- . -
rugusfice,- and :'.pprJSsionriwhich are the.JiAvinff-hanV.ufV i. iih -frnm -Iftf '
results of inierference a- rtr 0n'x, , '
.. ; j ; , j rf I IS" t - v u nil. ttsuib ui. i in' ibiHf v ' ,
in tnose ,iaWp in ' thVf dd'prvedji6jiiria assumed all lhe'largebut hbnorableload of, 2 -,
, a proof ed oiily tiromvince th debrwhich' was 'the price of our Uoerlv V
son that more and inure;; of ibeicertain blend. . but we hesitated id wei'glf dowh tne" i r tw "
r'-, ,:""'"t' "i,f'-"-'"'r.M inunstrv'Ot-tne rountrv ov yr'-:rf"i . -
n'business ; and there is no reason ,; t-snpt)ose . ?Z.&UiXZi'e r. . ;
u -.-r '.1.- :; v--''u ij adequate taxation lor the; ne,?,.v r -t-u-
hat a repeUilou of hem now wouldbe more sue-' t;rr'r r ! '
.-1.4 ? ;, ? ;wv.w;v.--- nue. ;iThe facilities di.banki!wr.i;ti:ii! ltr -1
Event.jsimihr in their origin and char
acter have .heretofore" frequently occurred,
'Without producing any such change; and
the lessons of experience must We forgotten.
if nie suppose that the present overthrow of
credit would hive ieen nrevented by the I other
existence 4fr a national . bunk i Pronenessi bin
to ec sFtve;is-iues has ever been the v ice I fluence, .are y iio "doubt a iBiricere e ur.l their
of y our meeting; and desirous also to ena
then -existing; the ilisturbing t lf'jcts, in our
cotiunercial cities, of the transfers of the
this subject in direct opposition to each mvmoY l rf?81,r u ,i .
er. ,A large portiori of themcombiir- continuance of. a nktionaLUr-i, .L ,
g greaij.itell.genc;. aciiviiy. -atidLin- lhe inlervemnir dtlHculttes; of -if r
,ro n!;;t,v :o;ri0.r;," i,flu "war.lhe connection was continued t"-i 1
wtptmed j f (hp ,MIlkin Mn. a nee as prominent .belief that .the operations of -trade ougbt lo Jives of convenience; but these cn u ;
,. ' "im Natomalas in Siatrf' institulions. This ,be;assisted hl sueh-a connexion ;'lhey re- ' P"? s,c P away. t;,Vt. .!.-.., ;,t ;
the public service, before the regular period public monevs required by the deposite law
ot June, 1830; and the measures adopted
, Die you to exercise, at the -earliest: moment, by the foreign creditors of our merchants to
. 1 Tour full constitutional oowera (or the relief : reduce" iheir-debtsJ Hini in ivitlulr.iw (mm
the , United State a laige portion ol onrspe-
" Jj of the country, 1 rould not. with propriety,
avoidsubiecting you to the inconvenience
T'HRii "J.'; ilVrir'r H'ng as earlier day as the state4
I kriA'iir-'" lV -u. r-T V; : v D V : I- v l,,B popular repi esentation won id permit.
I il'IfD the niihir; that llir Ata Ii3nrr n 1 . 1 v 1 - -rs- . ."i- . -r-
WUfc4ibift;oUfliLrirsr.K. l am sure that 1 have d
ejf Dress nurnoset of . nlinr hAlWiv
-asii? r.Klo.t! r k- -.i f venience will be cheerful v enrnnnf erml. in ;
-jvu.uroiiiuaiiu . w wi iicyPi con I . . , "J - . --4 .-'. 7". , iT I
etc.-
However unwilling' iny o our citrzens
may heretofore have been toiissign to these
causes the chief iusiriiinentity -Hi" pn diK
J cing the present slate of'thjngsthevdtvel
rtbe horror rendering your neet, c a. WhlP aud,the.ct-
Nalirwiihieasei4 navlgafethefWa 3uciye totbe gooH5of the Country. . 1 a,on,on PK9?r wnecoMTicS
M Se orihe riter," Xilerchants and, -. ; t r r v " : r :
mafrheoDDeredunTiryjwillfi stages' of the' revul:
iriLl: . - . j ! i ... I .U I.l.l-. I i . . : -t .
t
f
I
f
r
4t
hftTft'truMC ifff1!nd nrlneA Knf SlOr1hrOlli.h Xwhlch WB hlVe illSti nasapd;
-tt is channel, ais thej freights wilfbe'rea-. : much i acrimonious discussion arose arid?
v'" a kcase watyrl will any addition! greatliversity of opinion existedlas to its!
efnade:ij)r.Hsh1'efase; nor any exerl real ransips: THW not citrnrliinT
. Jt.? wanting ti ensure rfirtilarity and nnPtVnnM .f rAliS;'Ai-.'.rAA-
!Wt2 S'. .. bt i-fluence, W affect them -V,
r Mibt lha W-:-.i.:i ! .i. ir..r - t ' OUSJailG olten SO subtle, that even immiti.
Jtl doubt. (Doiri buat9 rwitl be' 'able r.An well-informed persons are seldom found
' C?f ."og" I'iably beinff W agree iurespect to theraTd . inherent 1
j- r -ft won ine laaies ana ?enuemeos aimcuiues wereaiso aaaeu oiner tendencies.
. :iad separate; K - - .V which . were" by no. means favorable to the
discovery ot tru!h?- It - was hardly to be
expecicofiaai inose woo aisapproved.lbe
policy of the GovVrnmentih!feIatLon4dsthe
currency, 4 wjjiildin;theexciledV
ptiuiic leenng.produceu Dy jhe occasionjail
ttVaiTribute that. poiicyny extensive Jerri
barrassment in. the tnoneiaryatTairi of the
country . - The. matter thus become connec
ted with the passions and conflicts of party;
'lr 1 . 1 t! w.- x v- ip,,,,4,"s were more or less auecteo oy,. po-
f ' l lhe intPftded lpmnv-l.hfnn nf HiULI .....l-ii a ' j:'-Y.ft 'L . 1
: - . t j . a . . v j jyi-m vuit-uvi-iiuu, (iiiu uiuti elites- wae
' i.! . !!"! W.1 . of ,bf olher !-de- prolonged which cufi otherwise have been
" K., rACIU"1,., lt,e dUtleS Ol Hplmlp;t l,u nr. .
RlNJ. GASS
it"! I r- Atrent!Nf.vB S 11. Cnm Lin v.
oo?--2in51 . - '
ES r AB LISI1 M EN
1 M OUJRX A L .OFFICE
:pR.S!a!LE.:
propensity jis as subservient to the "advance
ineitt of private inlerrjits fn'the '.one as in
the other, and 'those who direct lfiernboh', '
bemn pnnipally guided by, the same.vie ws,
iind influenc id by. he same. motives, wlllbe
equally really to stimulateexlravagancesof
enterprise bv unprovtdence-of 'credits j)Uow
sttikinly i this conclusion susfa'ined byx-x.
! penence." The Ba'nk of the U' States,4itK "the
vast power conieijen on it oy iiigressuiu
Hot or rould'not prevent former and similar
em!a rf assmjen Is; lyir; has t the 4 still greater
sireniiib it has. been said (to possess, unucr its
must; as it seems 10 me, dispel all ' remain-
uig doubts upon the subject, h li has .since
appeared that evils similar tt those su tTer-
ed by oursefvesi have4 been. experienced in
Great Britain, on lhecoiitineii.J aiid.iUdeed,'
througbouf'ths cbmmejcfairld ; and'thar
in 6tber"couhtries,!as: well
iirb hy.an
undueolargement
trade, prompted, asi with us, by unpreceden
ted expansions of tlie systeras")f 'credit , A
reference to- the amount of .banki hg capi la I,
and the issueoff put- iV circus
lation in .GreaV;Britairrby banksjahdln'oib ;
erways during the Veajs
1 83 6,; w i llj shoiva n a ugmeht at ton of ' t hepa-
present chajter, Enabled .it;-id the exiting e
nergency,vto ichefck- other institutions, or
evendo save! itself ilti Great Bfilainrwhcrelt
Hhaa jbeen seen," the sarne causes have been
attended Aw1tb the Wine effects, a ; national
bank possessing powers.lar greater thanare
asked Tor by the warmest' ad vocates;of.such
a input u fi on here j h a s a Iso proved 'unable'
do; jirevenl ah1-'" uivddeVexpanston ' of.Vcrediti1
and tiie'e . ils a hat flow from" it. TNor an 1 1
j find; rlnytenpble ground for the re-establish.:
! r it on) irtf nVlinriul 4 h a n 1 'A- in r I lip ilpra nT.''
IUVIII U ,.. " " 7
meniralledeedTat present to exist in the do-
:M cndeismned ..ffi. fr 7 I .U tenmned Uy.an appeal ol facts, by the ex-
l -Atot th M.Jik P!'.. i:. T . i nr
'vre U well found in Job.'i hewspa-
n
,i
J the No,th Carolina Journal Of-! etce of reason, or by niutpal concession.
it is, nowever, a ciieering rf iitcnon, mat
circumstances of this naturecan not .prevent
a community so intelligent as ours "from" ulti
matelv arriving at correct conclusions En
couiaaed by the Htm bt i f of this truth, J
proceed to state my tews. o lar as u-at be
i .iket'hfcruvnv.thir ,v,.t,r..i0t.i t necessary- to a'; clear, underslandins iotlie
i :-"huo,e t' iuru. . ; 1 - ' ; i remedies-1-feel it my duty to propose, and
'il'ii oj1131 STKAMGE: j of the re-sons by which I have bech led io
, , iay ijJ7, . 1 recommend th.a. v . ' '
.ii, ' vj pe tne 4 1 i oi subscr rs is
Ia3?'!,dlhey doubt; not michi be oreai.
ff a hiNexefiien-. Tifany perj
WP,r ''Irg" iit the bustuesVit oflVrs 1
' ticflt -J''''1 ,;,f ll a nin:this'St'te; but
.ita:JrJ ,l";er ln, y knoyvil noinVt-stmpnil
ed to tbe real wants of trade as in the. Uni
ted Slates. . Wilhi this redund'ancy of - the
pp currency tte
alsoa'ispjiit of ad y enturous jspecu 1 at ion,
embraci ng"t he w hole range jbf ihu ma n eii
terpreV ; AidJs
jectedjmproye
were made in fore ig n stock s an d 1 o a ns; 'cf e d -its
for goods were, granted "with unbounded
mestic exchlih2e3 'of; lhe country, or the
facilities.!. nayv,oe capaute oi auoruing
tb rnf A I hi ii g htljdvanlagesiwf-tbisrsirt
Iwerejanticipatedjw
UniteU.Stalel'; was created Jtheywere regar
d ed as a h ' i be i d e ri f 1 1 a ceo ram od ation ;'ri b t
one -which the Federal Government was
bounds or cbiild be called upon, to furntsbi
1 1 iiiuv,v.vjuJtiiuuanou is .uuwriiiuccu, aivci
tl jap!ot not riany yM
gard airational.bank-aVneeessaryfor this emergencies mai make nanKs jjeei t.rv .
Vurpoa.id ilieJ5redisi,rciined io. every M wants of ihe J ressury ;
measure thai' fines no fiend, sooner or later1, ? rt,dJ)f national debt lo provide t-v-
drerastafdisiiment-of such aiustitutioii: ' n actual depos.tesa larCe' : r:
.fi Up oih'er'f.and inAinritv of .iIia ipo'. No pulic intereis,ihf refore, now ril
Oration brpowef dangemus liViheir gamxalion.tif ; our Goyermuent,;the w
its f and maov of Thern regard itlsTa dance of our re.ources4 : tligenerjl-i:
ifm or.the CoVisiU"tttiofi:Tl.is ,col!is monywhicli prevails between the diffci
. I i.ni;...;,;,i'i.; i. i-v.,?..--ii-ti.-- . the renewal or a 'connection; mat cr
lC.aiV .UVil IC H CU' .lt'lC. I I TT,.lt.l y I7I,IJ3 1 . , . -. . -i , " '-i j - ' , ..- ... ' "
kedMh thalMneaaure ; they consider .'such - a "lances nave iiissruveu. . rue compu
conceuirauon
liberties'
violation
ion tf opinion" has; doubtless, caused much
idVtbe ehibajrassineiit; to 'whicli' t
yinercialtran8actions'0f;theco
: lately. been e'xiosedV" Hanking 'has become
a po I ill cal ton c o f ; ll ie h i gh es t ' i n te res t , a n d
IfaUe' hassutTered TnJh'e conflict of parties
speedytefminationqf. ibis state 5f.things
li owe ve rl des t rabl ef"i s" sea rce I y to . be expec
ted.'nWe have seen for- nearlvj Iial4i..'ceu
lliuyr-ihat.thpse-wlida'dvocateianati5nal
baukvJuy? whatever motive u:ey-may ue in-1
i . . .1 n n . ! ?. ma.Iiaa ntv Ai, W A 5 I
in ii n i iy ;tbo n um e rou s; to 'al lo v u s to h o pe
for. air early, abandonment of their Ifayorite
plahi " : On the other hand, "they must in
deed fiom an erroneous estimate of the in
telligence ,-and temper" of the American
people,, who suppose that they have cou-
tinned, "on slight drinsuflicient' grounds,'
their perse veriu opposition to such an i nsli
tution ; or that they can be induced by. pe
cuniary pressure or by anyoiherconibina-,
tiori of circumstauces, to surrender priciples
they have so long atid so inflexibly ;iiain-
tained.
irom::ii as arnong us urst duties; an u ' omis- changed. ;: i hey Jiave Deen repciieiiiy.amj
sipnto aid jandruIatejcommr
change, 13 tfcaied bi;grountl orjo
and seriou3 ' cbmplaint.'f fSu'cb reuitsi only i conferred upoume thelliyo .highest oCiccs
bf, the" Governments iOn the last of tlieae
eigii countries; . serve: to exemplify 'the constant desire, !
g and ernplov-J among some "of ouf-'piifzensY.tb e'nlafge.'tfie .occasions,''. ITelt it due to the people to ap-'
liberality to merthants in foreigb countries;
and all the means of acquinn
ing credit were pul in "ective operation, and i powers of the Government, and extend its i pr;ze.them;disiincjly, lliaf, in the event of
extended their effects to every tipp.rtment) cbntrbl to 's'ubj.c wjth which it hculd not ! melection, 1 would not be able to co-ope-of:
business, V,aud to every quarter of the ! interfere. Tiiey c.n' never justify tho ere-: rate in the re-eslablishinent of a national
globe.-The' reaction was proportioned in atioif Lf an iriititutio i to pro.note such ob-; bank, these sea'trnenls, I have no.rV
its violence to- the extraordinary character jectsl j On' tliVcontrarv, HiVy justly excite j only tvadd the exprt- ?ion of an increased
cf the events.-' tvhieh - preceded it The Nrabng the cbinmunuy:a iniuE; difigenf in'-f' conviction, that. the re-esiablishment of
co!miKrci-t cohm.unity.W Great the i character' of .'those operations ; such a bank, m anyforrn, wliiist it would
j -v-re subjected to the -gieateVt ilifliculties, 'of' trat'e, to . rds v.ht"?i it is desired to'ex- j not accomplish the beneficial purpcuj pro
and thvir debtors in! this couotrf rm . uot lend v" ,h cculr r hirers; -" ' " -raised by its r iv. :tes, " r :?;! ' ;: It Uvz
JSiates, and with foreign Powers,' alfenabtnr
us now to select the system moat" roffi:--tenl
with the Onnstitutinn,. and inot e
diiciveto the' public, welfare Should v"
tiietiV" connect - the- TreasnryC for -a.f- ai'i
time with the local. banks, it-, ran conly; bl
under V conviction that past failureshave
ansen from 'accidentals not inherent, idc .
fects; - - : 4 .
A, danger, difficult, if noi?impbssible,;to
be avpjdediii such an.arranperhpnt,i made
strikingly evident in- the .very -event by
.Which it has no v been defeated - A suddenl
act of; the band's intrusted with thr fiVnds of ,
the people; 'deprives -t!e Tre;i!.ury,wfihcut
fault or agency of ' the Govrnuncnto. the
.ability to pay. its creditor."., in the .currency
theyfiaye by law a right Jo demand. T'-is
f circunistance no fluctuation ol conurn'rcft
could have produced, if the public r renof
had been collected in t'ie Icral ninc.-'-'v,
and kept to that fona by the oflicer. '-f .o't u
Treasury. The citizen vloe ino ' ;
in bank receive. it btu-k, sine the tu$j'K'
sToTuat asirifice in ii ainoirii; vihdsi i.3
vlu kept it iu the legal currency of it-.
country, and m hi. own p )s-e-ion, pur
sues, without los, t'le.currert cf his
business. :The Goivnimt-nt placed in the
situation of the formed is inv. Ived in fn ; .
birrassments it could not hair njf.Vred I
ii'pursoeJithe; 'course. of-thc hucr. .Th'
embarrassments are. moreover, ' 1. 1 ;
by those salutary and jnst hirs w'r i :
bid it "tat'se'a "depreciated currci. , , . , J,
by so dotnT take frm the Gov s ..i
the ability which individuals hav? r "
cpmmodating their -trausactions to swej. . v.
cattrophq.. " " '
, -iiich C i :i, in Ti -tin r- J'"",.
A' yt:
i .
i
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