" 1 ' - - - . . . - ? "1 . . - t- V
v; - ----- - ' 11 - '"i . . , i), - ;
ftrrryr rr Vn A min i TT T7f? rnTnnrv , ff -Tt i rrv
for
wilt
the whole sura ai one pjurc...,
Hhe paper for on year at Two Doi -f
nd the me class; shall
llL Jnay in adranca f thaom ;of
-,A!f mfTereancr, be bad
KiflT Cents per year. ,C
jOoli. w sabscribers who
CUr! ihc w;holearo at one payment,
'Pr riU be charged as cthersabscri-
'Wt who dlwt pay daiingr tSe year
t SthTee Dullart in all cm, .v .
HJf'f ill he discnotWoed hot at the op-
OTe Editor, unless 11
arreargea" are paid
W to- L--.-.-i-.:;iii lice fr Wf
iiirertfnt .will oe
SOse wiH ho contiooed ontil orders
vjr.rueTn a -hr no directions
wobitefl w'P "r--- -
;.h. ;r .r.ix month -ill
ofchangrtnj me on r.t.
utef.
- 4
eoows
nit icniTDV .
perl 18 bct9V.Brandry-.Ap-45
a 50 ciVl Cotton per lb. (in
epS-v UWfn nor Vfi in 25
l'..K.J rwf 111. 1 U : u w a
. . . . ..it..n o.rn (rnm nn. ti 1(1 l O
K 11 a - l JIILLUU lalflt " w " " "
- II 13 M if I -
17. nrbl. 46 00; Wheat or bush 1 $1 CO
r' ft A P.nrn nr hnah
fi5 .ta:
rSjLvd.'a cts; Iad per lb, 8 a lOcts i
)-.' net trt. 621 cts t Nails per lb 9 a 10
n r Ik A
-i oei pi v - "
jlBdtter per lb 12
lb per bushel ft 2!
glister, per lb. 10
a u cia i u aeon per id r.i
12i cts ; Lard per Jb 15
25 1 50 cts; Steel. Amen
cts ; English do. per lb
Cl . - . ' r . . - v
Jb. J21 S 10 CIS ; tiara Jamaica Fci Bn-
. r.ntM di. tl : Wool clean) per lb 30
'.n n ik in 191 i.tc'"rriw-linpn' nr vd.
n riJlow ici iv w --. , - 4.
V. . 1 rt T : T- i.....l ;tl ! RA'
artngal do. fl j 50 a oo;
Urtl.ll 3 a 1 75 cts; Malaga, awee,;
V ftX.fl I ivniSKej pergai.'-ij vy ,
I CHERAWi
Btff in nfirVet per lb 4 a 9 cts.; Bicoa per
1 12 14 ct: Htms do; 00 00 cts : Beeswax
Uft 18 t 20 ets ; Bagging per yard 18 a a&
j Bile rote per lb 10 00 cts ; UolJe pr.
ill 1 15 ctfiCotton per 100 lbs $6 9 00 r
0 00: Corn per-bashelll 000 a ets Floor
w xma per brl $8 i uuu, from stores per
il0t l21 ttron per I0U lofr $5 bi a u;
. jfr srl 40 50a ctsj Naih cat assort
t psrfb 81 2a 9 cts ; Wrought do. perlb, 20
mPort'pti lbh$8l9vRiee per 100 lbs $4
i L1TC&FORD OLIVER. '
jr art arm? m "mwm : rn a w iaf F c
5 doors south of Wilharns & Uaywood'a
; ! Drug Store," "V
FATXTTiTitiE Street, Rileigh, N. C.
L R G E S U P T LT ,Fi
, C OJVZS TLXG OF EVER Y THING
EITHER DESIRABLE OR ;
-r . I FASmOJVBLE :
PffJTHICrl ihy mpnelfoll request , thpir
r -T frietiHsi customers, and the poblic; jreneral-
Jy 14 call Sim! examine before pnrchasing else
where, as phf sre determined no to be, outdone
either in Eellingr G juds or : making r Clothes.. Their
Goods consist of the followins article's: r
. do
-do:
do
do
fdn
14-f
VViiol jyed
CLOTHS.
Wooi. Dted
. Casimcbcs :
SnioLB,8tpotr-
BLE MILLED
J
1
J
VESTINGS.
SMs -.'rperlh 10I2!-2 a ct: Salt nr
MlHS;lt jj.r ir,flh 974 rotSSteel
f lilc!r,Tea liqpemrper lb fl 25 a 1 374 cts;
!rM pr lb' $1 a l 25 cts ; Tobacco manu
Sturet per ; IblO a 15 cts.'
FAYETTEVILLE ,
I Brtady.peaclt' 85 a 90. Do. Apple, 80a 00
SmprlblO 11 a 00; Cotton pr lb 8 i 91 els
m ft to 1215 a 13 ; t lour bb)J6i 8
iiseedpr bh75 $1 a ; leathers pr lb 00 a 40
aproostr 0 70 11.75 Iron prlb 5i a 6; Mo-
)m pr gal 30 35 00; Nails cut 7 i ;Satt
m 55 a 90; Sugar pr lb 7 all; Tobacco;
i i t 3; Wheat pr bush. 41 1 : Whiskev
tpl657:0; Beeswax 22a 00
JSvpcr Blue and Black 1
oo uouie ureeo I
Apple Olive ;
Brdwn do
Lnd'n Brwn .
Natvileuo Violel
Dahtia J
Super Ble & Black (Plaid)
do Drib,
do Greene
d i Dove - ' '.
do Jb-a Plaid - :
do Striped, and
do Corded -
Super Plato Silk Velret v
do Cot and Figured do .
do Crimped Silk
do FigTd & Plain Satins
do Bulf Cashmerett
do idoJValentia v
doMohair
TOGETHER WITH A GENERAL,
ASSORTMENT OF
FASHIONABLE BEADY-HADE
! - CliOTniNG, .
ennaht8 Celebrated StaeltSy
(SUITED TO ALL NECKS,)
Suspenders, Hosfcin Gloves,
Satin Bosoms Linnm Plain and Ruf
fled Shirt Collarsirovnd end v round top;
1 And in JoaU every thittg ihat can be
called for in our lint of business to suit
old or young.
Allo( which will he made op to order, at
short notice i in the most fashionable style. Our
workmen t are the best that can possibly b
piocnred at the Norlh, and p tltink that, addfi
to 4'nir nwn experience." will instrre a due sharp
of niiblie baironage." All orders from a distanc
will m-ff' wMb prompt attention. C tot ties tear 41
raided toft. - ., ' : 1 '
afVgfiivVef rOlf'gr return tFittr
ihanki for former support and will endea
vor to merit its continuance.
L1TCHFORU $ OLIVER
. P. Persons furnishing their men ma
terials can rely upon havin g their Clothes
fls well made as though we furnished the
articles, i
' - " ' . ' L. ty o.
-Raleigh, Ocff20, 1837- 4wl5
OJTczal Valuatic:
';1834 ; . 1825,.- J 1836 ,
69,633,855 73,495.535 77,932,616
Increase official ialae," 5. 9 r .
" Declared Valuation , 7
1834 - v r 1835 Jt ?
2,305,512 . . 41,280,594 1
1838 1837 - V
41,437,123 46.796,937 f J
Increase declared Talue, 12 9.' w
-By the abofepffictal lable, Mr ICatd
it would d early - i nooar I ha t the national
cf ctir fcrci-3 idcBt la l.lsich last tt thirty
faiUioc of dollars. Tho President could
bare( bzi, co no worthy object in this under
cstlrn&tt; bat. cull it is a oiitake, and one
thatihcild be noticed and corrcrtsd. If
the estiratfi of the President wera correct,
the debt had evidently been paid, arid over
paid. 13 had seen an estimate tnoro than
two taoajba ago,' which Kerned reasonable,
and probible tn all its detaih. which esti
mated tbo liquidation of oar foreign debt
sinct lis suspension of specie payments it
6Sa?.fjoa;000- We iiad been remittinff
j cic and exchange, and shipping cotton ever
nstus.
begin
wealth and industry had greatly increasetJ, 1 inpet and he hart nnt ifittf.kt4f ik.t
whUst Vie currency had Temamedabout pair and liquidated in diflVrent
tlatwnaryfos previously ts
rv. ttiougnt oe naa oow juiiy etatiiisnea tnd iperbips fity; millions jbf dollars : and
mat me currency 01 luogiana nao nqi oeen yet we find tboexcbanes beatily agai
equally expanded with our own, but, on thft He honed, thei. ourhrnk- .Auld f.m
inu uH cn.iuaLj jioexpana, an our people to overtrade, on
irtcrw yf money.', - J the pretumptPQ that Europe was iarcSed
1 he seconGi proposition ! (Mr K.. 8auljJ 0US j .; v . : ;
scarcely needed proof from its close con- j Mr K. saiJ no one coold pretend to ac
nexion with the first. He "would put thej r,lracv a9 (A the amount of foreign debt in
roatler at rest, however by the production March last, but he tbouffht he could satisfr
of jevi.lence that otight to be satisfactory to j the SenaU tbit if every species of obligation
aii ; i nis
Ida tmr - K4 a I ' .
iirbeara vcconsidaable fore2n ,debt
e-amst cs, without tfTecting the exchanges
, Mr l. said be hoped he had proven to
tbe saicfactioo of the Senate, that the caus
es of the present distress were' not common
to other commercial countries, which, id fact,
had suffered only by their connexion with
us. r They bad not overtraded, over-isiued.
nor had any speculative rise m prices similar
lo our own The causes, then, must be
located in odr 'own" country;: aiTd Mr K
said he would endeavor to expljia when,
how,5r by what agency they originated here.
nllelhen went back to the removal of the
depomes in-1833 h measure thai ha had
frequently spoken of before, as having been
productive of "much mischief and no coun
terbalancing good. He had briefly noticed
i U agency in bfi ngrn g the c m ntry " into i is
then present condition at the last s&ssior. ;
and every prediction then .made': had be
come true, and each cause had operated in
the manner there stated, so far as ther had
been since developed. He would-only now
s evidence was the perfect agree- j were un mlo account, it was nearer one
this point, of MrUorsley -Palmer h hundred and thirty than thirty 1 millions of
ment, on
Mr Knowles in their conlroversy concern
ing the action of the joint stock banks and
the conduct of the bank of 1 England. ! Mr
thirty than thirty
dollars ' X' v
S r K. then proceeded to furnish the Sen
ate wKh such evidence as he bad tootfei on
Palivier, in apologizing for the , contraction J this subject lo the first place he took the
of the bank, and alluding to the causcs.&e. ; coiaeral balance alone for the year 1836,
says: 'it is necessary lo state these, asJheyrHsrfpune6 by the Secretary of the Trcasu
serm, in no degree, to have arisen from . tJ tt opwaids of sixty millions, It seem-
t
r TAILomG; !
RiLllS a& JAMES.
!0RM their friends and the public that
bare lately removed their Tailoring
iWiabroeii! to the house recently bcii-
ed b Thomas Dickson as a Tailor shop.
doors iouth of DrV Mitchell shop, &
1 opposite the Salisbury Hotel.
aire tutf received from the Nortli
M ;TjBSt-l OST APPROVED
0in)OIT5Pja.SHIOETS
FOR THE
AVWINTER OF
VMM.. i . " 1 v
ruogio which they
vmw ucsirea snow
H.Fett confidence
are ready to make
prices. They
Li,r" CODdence m their ability -to 1
xAb, ,:,VL WV,IUX o Jane the garment
L 'ii1 lh7 succeed. Cutting will be
f. frpmptly. and in ahe a besi f mode;
t faithfully executed,
illy despatched. X Oer iQ all
7fQtly attended to. . j
r; rroduce br vrr;n.,. tj. i.:n iTa.
fVHint lor work.
Kit.-. y I " I '
; SPEECH
V.IT of
illt. XL1SG OP GEORGIA,
ON THE BILL IMPOSING ADDITION.
: AL DUTIES, AS DEPOSITARIES, IN
CERTAIN CASES,
ON PUBLIC OFFICERS.
Delivered in. the Senate of the United
States, September 23, 1837.
(Continued.)
Mr K. further sustained his proposition,
and strengthened his . evidence upon this
point by: introducing official' tables from
England of some of the principal articles
of raw produce for English manufactures,
Sic. entered for home consumption, and the
official and declared valuation of exports ;
both embracing the period in question, ex
cept the official valuation for 1837, .which
he had not been able to obtain.
The following are the tables produced &
read by Mr King:
Quantities of several principal articles of
-raw produxe of manufactures, tyc. enter-
ed tor home conaunipfoQ in the years
ending-Jaouary 5, respectively-, withthe
absolute and proportional increase from
1834 to 1837. i -. -
overtrading or anu undue speculative ad
vance in commercial prices.' I Mr Knowles,
however, is not satisfied with ibis admission,
but, wishing the fact established beyond
doubt, he asserts the same thing and re-
fers lo thejitrofifs Mr Knowles after pro
ving that thejlrgitimate demand for curren
cy had been !m creased by trie increase of
national wealth, says: A table of prices,
had I time to prepare one. would prove be
yond Question that to far from a rise" in
mm a ir j . , r
prices generally in many cases there has
been a fall even with decreasing stock ; a
fact quite incompatible with an. over-issue
anu liepreciMion of the currency. While,
aghin. where i rise In prices has taken
place it is distinctly referable to causes
prospectively affecting to the market as to
8Ujfpty fcouit ductuations were dnublless
Cihiiuted io tlir manufacturing districts m
particular articles, and specially m articles
for American consumption, which, from the
henvy increased demand lor: them, could
not bv readily s'upplied by existing estab
!iiinient9 This however! 4is distinctly re
(errable to causes affecting the miket as to
supply,' and was no evidence of a , rediiu--dancy
of 'lhi circulation. The distinction
rnioht always he w Xf(t hv an observation of
the flloring rules: that whenever there is a
gr?'t fliictua'ion m ib value 'of a particular
article or commotf.v,w?4ta the vxluvw Vie
property of the country generally remains
unaffected we rri.iy tike il lor granied that
i lie hVjctualion is owing to a changu in the
relation between tbe demand and supply.
r or instance, if there be a short crop rf
corn the supply will fall -'short of the de
maud, and the price of corn will rise, whilst
oil other commodities", stand firm. This
rise is occasionea ny me cnange in the re
ation between the supplv anddcinano but
f we7fiud the price of every commodity
raised to n unusual elevation, (a-t lately in
he United States,) we may tike it lot gran
ted thai the price is owing to the change in
the relation between curr ncv: and conunod
Hits; in other words, that curiency or cred
it. or both, has been greitly . incrc-4sod and
coiifi-quentl v depreciated. This oartial ahd
ocal fluctuation, then, where Uexislk4. V
tnountcd to nothing, as it was 'trilling nmi
pailial, and attributed to a fiuctnltiion be
ween supply and demand a fiuctdation
lo be louriii to some extent to all countries
and at all times. Don bttoss some addition
al activity.. 'w a occasioned by - our artificial
and credit demand tor manufactures, atten
ded also' with an increase of mannfacturiuff
measure could be free from objection, this
was certainly; ihe wisest that could have
been adopted in reference to the en J propo-
sedjr.lt depleted the Treaaurr, anf check- '
ed over-issues, by a public taw, iriih full
nohce9 tasy terms and ample time for its : -txecuiion.
The President was, unforta-'
nately, opposed to it, and seemed dele rraia- .
ed, rot only to osa everjr means tq prevent ?
its efficiency, but to prevent its operation U;
on the Western- and vSuthtveateni depo
iie hankswhich in fact, mostneeded its
operation.i With this r view, hoa adopted -the
famous specif eireulat , sorof Ortlei .
n ConnciI--ihous;haihe identic jl oaeaaure ;
had beert a fe vs days tefore'proptrted as a
legislative T measure, and, with almost per- "
feet unanimity, rej en ed hy.the Senate.
?The prifici pal, perhaps only object of
mi lucwuic H4i m save irom explosion -
some of the kottertng deposite banks in the
West and ! South west, when theV hould v;
be called on to comply with the .deposite
ajrof it whatall admitedrthatJt prcMuc- law, and surrender the public monerllIis
cu.pauu: wmcn greauy acpreciaieu every object could not have been to prevent over,
article of home consumotiaa in the alter iJL. , zJ i y
ed, by the repot t furnished at this ' session
by the Secretary, that be estimated the com
mercial balance w bich remained as a for
eign debt-at over thirty millions; and per
haps this statement misled the; President,
who took the Secretary's commercial bal
ance of one year . for the entire balance at
the period referred to. He thought how
ever, that the Secretary was mistaken even
as to this commercial balance ; for 1836.
He seemed to have deducted thirtf -millions
from the sixty (as Mr K. supposed,) for our
share of the profits of trade; Mr K. thoH
not a cent should be deducted. We had il
from English accounts, and had too much
reason to believe the fact, thai the principal
articles of American exports declined from
ort'iA o o-L. u... nM r..1.. t oo c ,A
April, 18J7 ne believed, itnen, we nao
lodt on our exports the full amount of pro
fit, and perhaps more; and that the gross a-
inoont or halaotre might safely he estimated
as a foreign debt against us for they ear 1836
alooe. ' 1
Mr K. then proceeded to show the a-
mount of mpoey we had borrowed in Eu
roie i ihn fiitace of one vear endin?in the
fall of 1836. As Europe owed ms nothing new banks, the whole continuing to expand
part of 1834, whilst the price of ourex
poru was not'atTected.bjr' themeasur in
the foreign market.. The immediate effect
was a rise in our foreign exchanges, aud 12
or 14 millions of specie poured in upon us.
This effect waa not anticipated by the Presi
de t,as we could see by an exposition of his
views when the measure was adopted. Ue
had no more idea of briuging specie, than
he had bringing London to America by the
removal of the depositee. Yet the friends
of the measure immediately boasted of it,
as one of the happy reaulisof that .wise
measure, from which many and countless
blessings were to flow in npon the country.
Well, sir, the currency was already full, if
not redundant ; and that this, specie, thus
suddenly forced in upon us
striking down the value of home comsump
tion, would displace an equai'amount of pa
pet circulating in good credit, was one of
those strange experimental notions by
which people unacquainted with the sub
ject have, been deluded, and bur finances
ruined. Paper must first be expelled, and
then specie will fill the vacuum, by a law
of currency. Expulsion must precede, and
cannot, under such circumstances, be" ex
pected io' follow, the introduction of spe
cie, which, instead of eTp- Hi'ig paper, will
become the basis ot farther issues by hanks
if they be left uncontrolled by any-festric-
ting or regulating power. Accordingly.
iueh of this specie went into banks, or
was co.1 1 ec led together in the formation of
on an exchange of commodities, of course
the amount of specie (beyond thit inclu
ded in the statement of imports) which we
obtwined fr ra them, must have been obtain ed
on credit, in some form or other. Il was
impossible to get at any thin? like correct
Articles. ' 1834
FIRST KATE
i '
Cotton : lbs.
Silk, raw f
thrown
Wool I
1835
308,602.601
! 3,3 46.751
v - 165 768
'v
fl
Hf BSCKIBEiHoFPr?npnii
i I? .'. - 1 . -
fin, t le " oo. the Yadkia River Articles.
)0R
296.497,167
3,838.795
268,367
39,153;46S 41,113,449
Absolute increase;
Colton lbs. 72,348.168
Bilk, raw: 1,025,747
thrown " 129,166
Wool
19,611,346;
I 1836
I
1837
70(11)
i,,Mni Charlea'lWrence.
t tM t re w fur proportjuo bf wood
Cotton
Silk; raw
thrown
Wool,
lbs.
.
ON LaT " 10 Bd fanning condition The
,t 18 "e ferule, a good deal cf it
4i r. - -
tJ.1" 'easonable. and made lo
. temenc of purchasers. i
VpnN I. SUAVR.
? 14th, 1837-U1S '-l
333,043,464
4,151.008
' 254,578 I
43.1 19,993
Increase per cent
2020 nearly
30. Vdo .
50. do
.50. do . V
370,950,569
"4,372,493
294.934
60,724,794
official information on this subject, As
there was no duty or prohibition either on
exports or imports of specie, there was but
little attention paid to it at custom houses
either in Europe or America. Large bank
ers, whose business gives them an interest,
as well ha knowledge of the loans and spe
and produce a speculative rise in prices,
which, by a reciprocating operation, pro
duced, slill farther expansions, by a well
known "law of finance.. This, of -course,
produced speculation at home and heavy
imjmrtauous from abroad, which at last
even extended to the necessaries of life. Our
people 7 ?ing intoxicated ? by this delusive
prosperity,, every species of property was
embraced in tlie wide range of speculation,
which .speedily reached the public lands.
Lvery one seemed to thmk.it much easier
to get rich by speculating in land than by
cie shipments, were the' only class! from cultivating it ; and by large land sales, aid
which much information could be obtained.
and tiiev rarcTj. knew of any except large
and notorious transactions; A statement
made by Mr Fuyott, of Pans, a man of
great research and many opportunities, he
believed as much to be relied on as any oth
er Tnis staiemnit was made in the latter
iif he mistook not) of 1836, and purported
a. ! v a . m '
lo iw an estimate ot the , specie snippeo
fitmc Europe to America- during the year
preceding the statement. This statement
Mr K,. red. as i follows:
Statement from Frederick Fayott's essay.
published in Pari in 1836, of the amount
of specie shipped Irom Europe to Amer--ica
in one year previous to the date of
the essay.
stock. It was very likely, also, some local England, from documentary-
overaction in the joint-stock banks was oc
casioned by the large profits . they ". derived
irom the discount of American securities
and credits to supply our credit demand for
money; for uuder our preposterous system
adoptedin 1834, of impoiting iorrowed
money to multiply credits upon we have
been willing lb take all their cashes well as
all theircommodities.and give more than any
body else for them, if they would only let
us have them on ciedit. These partial fluc
tuations, were uncertain and unimportant,
and, so far as they did exist, 'if at all, are
easily accounted for, and principally, if not
entirely, to be attributed to a -connexion
with us.; In oo view of the subiect could
they be used as evidence of a national re
dundthcy of currency or credit, or of a na
tional overtrading, neither of which, as we
have seen, bad taken place. - .
Mr K, said the fatter part of the second
proposition, -and the whole of tbe" third,
seemed to be established by inference from
the positions already established, and tbe
proofs already adduced. The only further
proof that could be deemed ; necessary von
these points was to establish the fact that at
evidence, sjv
fjolland, two loansUormtng
together 2.500. 000, pne
balf shrp;eoT in spe:ie.
In France; the. indemnity 18
000 000 fr. and Hottin
gtier loau 14,000,000, together
6,041,666
1,250,000
1 .333 333
. 8,624.999
If the above statement be correct, (and it
was certainlv 'more likely to be under than
over he true amount.) we i had imported
near forty millions of dollars in one year,
besides the indemnity, which if the laws of
trade had i been allowed a free operation,
would nave been more profitably drawn lor
than imported Adding the above sqm to
tbe commercial balance of 60,000,000, and
we had evidence of about 100,000,000, less
only -the specie included in imports. ' In ad
dition to this, it was well- known.' he said.
thai we had been issomz credits to a great-
Ur or less'fcXlent ever since the commence
ment of 1834, and tbe entire foreign debt
might safely! be put down at much more
than 100,000,000 in Match last Tbe debt
the very time we were importing large sums being established, it fellows that the state
oi specie under tne encouragement of the I of our foreign . exchanges ' have been falsa
wise poucy oi ice txecuuve, as it was call-1 and delusive, and, having been effected by
Table of the produce .and manufactures cf
Great Britain exported to foreign parts,
calculated at the odaal and declared
"rate of valuation, " ;;''' '
j ed, we were enormously indebted not only
on a& commercial balance, but also for, mo
ney bcrrovced in the very face of this com
mercial balance against us.
. Mr K. said, it here again became bis an
pleasant duty to prove that the President
was mistaken in'his estimate of the amount
of our- foreign debt It was .Important to
notice this mistake with another viewiV We
would not act in refereace lo our true; tit
u an on as aeniors, u we believed we owed
nothing.
V
The President gives tha esucjita
the use of credit, have been not indication
oi the true balance of trade on a fair ex
change of commodities; credit: having the
same effect oo the exchanges as the expor
tation of an eQ'ial alue in commodities
Mr K; however, concluded this ' branch of
the subject by adding that it would not be
necessary to pay the jhoIe debt befbre ex
changes would be equalized; s very large por
tionof it having assumed the form of invest
ments, on hich we should only have to
py tha intt rest; end, corecrreT, the nature of
ed to heavy importations, soon produced an
enormous surplus iu the Treasury, which
was distributed in a great number of banks.
Tnere was a great anxiety to recommend
Slate deposites to the People and recon
cile them to the loss of the United States
Bank, by providing that insulation to be
unnecessary, cj accord inglyihey were, stint
nlaied to accommodate the community by
the use of the public funds. In this way
banks were multiplied, papers issues were
multiplied, speculations were stimulated,
and produced that bloated and diseased
condition which began to manifest itself
in the summer of 1836. - ,
it m ay be necessary in this connexion
more particularly to notice the meaus by
which .we were enabled so long to keep up
this forcing process, and prevent an earlier
reaction by the operation of our foreign
debt . This was plain enough, when, the
fads we're known, thought it had continu
ed long to puzzle tbe best financiers of Eu
rope. , The natural effect of general spec
ulative rise of prices here, from a redun
dancy of our currency and ciedit, was to
depreciate our foreign exchanges, and pro
duce a call for the balance ol our foreign
debt. Yet we prevented this, by sending
them bonds, bank shares. State stocks, and
credits of various descriptions, to a great
er amount than' we owed them. By these
means we-raised our own exchanges and
depreciated theits, which ' drained them of
their bullion, : (as before ; intimated,) by
means of the credits they extended to us
These speculations at home had : produced
almost an unlimited i demand for money,
and we would uke all their cash, as, well
as all their commodities, (arid overbid tXvr
own capitalist to get Meet, provided we
could make the operation on credit. Thus
we continued inverting the laws oi trade.
and utterly confounding the bank directors
and capitalists of England,nntil the summer
nf 1836. We find that the bank directors
then made the discovery that the Uniied.
States bad been draining them' of their
sold on credit. and they. took steps to pre?
vent ii. or lncreasiiiK uo vo vi ihkicsm
in June.to 4, and in Angus t to 5 per cent.
et as now rstorn to the" United States
In June, 1838 the rained threatened by so
large an accumulation of tbecpobtte mon-
cy, and the uses tba were made oi iu. anu
the antound state of the currency general
ly, was so manifest that all parties united
In the opinion tbatsomethingmust bWoue
with iL After-full discission and great
deliberation. Congtess, whh.txncocuaon
issues, such an object beinff laconsistent
wiih his opposition to the deposits 'bill,
which was certainty, of all others, Che best
conceived for that purpce, Whatever -might
have been the motive, the measuro
was sn unwise and unfortunate one deran v
ging the whole internal commerce: of the
country, producing panie, breaking! ap ex
changes, and destroying credit, at the very -time,
of all others, when the country should -'
have been permitted tb make! the best
of iu resources, without violence or aur-
prise. 9: - T w. f :4 : x i - -
Mr. K. said he was sorrr to see his
friends who had voted against this Execu
tive measure throughout, now comiag for
ward sanctifying an Executive triumph o -
specie, tnus ver the legislati ve authority, bv scknowl
by violently edging their error. His worthy t friend, '
ne coma iimn- t r ?i .l.-. j.
iruu. vuniiccwcut uau aaic .nai inongn ne -
had voted uniformly against it yet that it -'might
have done some good in saving the
banks.' This confusion of his friend was
perhaps, a -harmless offering to Executive
power; but as he did not approve of such
gratuitiou benevolence at the cost of con
sistency, in a matter of such importance to
the country, he must say to his friend that
he entirely disagreed, with him, and must
call ipori him for some of the beneficial
effects of ibis wise and salutary measure.
The Senatur- himself told be" in thie nex
breath that the deposite banks, and nlL oth
er banks are broken, and that the t public
money, both specie and paper, have become
unavailable, in their yahlts. , The patient is'
dead, and yet the treatment is lauded. If
a quack, in defiance of all remonstrances,
continues his treatment, and the patient.
dies, we may conjecture that he would have
done no b titer with a different treatment, or
without treatment ; bnt how he could havfi .
done worse, it is somewhat difficult to con v
eeive. This measure, then, condemned by -the
Senate, condemned by the Cabinet,con
demned by the People, after full trial, con- ,
demued by the strong evidences of the
mischief it has produced, is still persever
ed in by the Executive, lauded for its 'sal-
ntary efTects, and was referred to bygone
Senator (looking at Mr. Benton) as 'the
lorious specie circular. Mr, Bcnton
Yes, the ever-glorious specie circular.'!
Mr. K with great animation ; Ah, yes, it
is all glory and no good. Where are the
evidences of your glory? Is there any
hing glorious in the present, unhappy con
dition of the country ? Your Government -
insolvent and disgraced. Onr people bran- -ded
by foreigners as a nation of fraudulent
bankrupt and swindlers ; your merchants
bankrupt; your manufacturers languishing'
in idleness, and distress ; your planters
ruined, and two-thirds of the laboring pop
ulation of the United States- threatened
with actual starvation. These are the ev
idences of 'salutary' effects of the roeatures v
we are called on to glorify. ' Why, sir,
the Senator must have forgotten .that glory
has depreciated in the market Like pa
per currency, it has been redundant, and is
now almost as much below par, as rag mo
ney.; very much for the same reason, too.
On examination, we find that neither has
had a very solid basis to rest upon, j .
So moeh (taid Mr. King) for the tory of
this order. I now propose to take a more dis
passionate, and bettei reasofied View of it as
finaoeul measure.
The plain objection to the circular as a finao- .
cjal meaeoreis.that it did violence to alj the
laws of imde and eiailnerce by the forcible inter
ference of the, Government. The easing opera
tions of the exchanges, so oselol and necessary
in adjosung' ascertained balances bet wees differ
ent sections of ihe country, were suddenly sod
violently interrupted. ; The oseful admonition
of an unfavorable balance, as iodieated y tbe
exchanges, was not only disregarded i but that
balance forcibly increased " The destrueuve
tendency of ancn interference ty uovernmeci in
Ike 4immeTcetthecuaBiry has tee ackoow
ledged by ibe.&nator frn North Carofioa (Mr
Strange.) Uwiogb I thPght the iieeiple might
bavebnen better appUed by aim. bach mear
sures produced the same efleeu in the same
way, w bene ver anJ here ver a pphed in - free
commercial couniry ; always taking the People
by surprise, and breaking sp the establwhed er
der of .things Tb business of the twioiry fs
as eflWtoally deranged and disorganized by soch
violence as is the hamao system by the destroc
Uen 4ifihebart. , - ' ;
Commerce has it laws. The People stody
them, and by stody, observation, and experieocs,
kaMun imta in ted with them, to a very; arrest
extent, abd make their calculations and rfgolate
9 .
.I'l.
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sr.-
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i i.
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their bcstnesraccordiBgly. Tbey always most
greatly sfler;when,torciby deprived ef these
advantages ; sad ptrticolarly if the wrceb? ap
plied to a paper or mixed .cerreocy. ; Doaotiess
tbe evils of a paper tneney (thoogh it has tome
sdvanuges) are very great: I do not trww.'n
many respedt, that tbey st f""
the Senator frotCMiirUJ hope be. buwevef
afu;r the most aJ peTtence.totka .country.