Whole JVY. 853.
Tarhnroiigh, (Edgecombe County, JV. C.J tiaturduy, July U, lb43
Vol XV Hi JYo. 27.
The Tarboroitgh A9rcss,
BY GEORGE HOWARD,
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TV
From the Salisbury Carolinian.
AN ADDRESS
Of the Democratic Convention, when met
at Salisbury on the 20th day of May,
1S42 to the People of North Carolina:
Fellow Citirexs: That our country is
at present in a most deplorable condition,
no man of intelligence, and candor will de
ny. The People, everywhere are greatly
in debt, while the means of paying every
day become more difficult. The prices of
produce, within the last fifteen months,
have rapidly declined, the wages of labor
have decreased, & the farmers, & laboring
classes generally, now experience in an ex
traordinary degree, the reality of "hard
times."
Nor, is it any better with the Govern
ment. The greatest embarrassments exist
in every branch of it. The expenditures
are increasing, and the revenues falling off;
the Public Treasury is Bankrupt, and
Government cannot even borrow money
except on usurious terms. Never before
since the adoption of the Constitution has
the credit of the Government been lower,
or the people more generally distressed.
Why is this so? This state of things could
not have come upon us by chance, there
must be adequate causes for it. What
are they? We cannot blame Providence,
for we have been blessed with usual
health, and more than usual crops. We
must therefore look somewhere else for the
causes of ihe evils that now afflict the coun
try. Where are they to be found? This
is a most important question, and, we pro
pose now to answer it.
THE CAUSE OF THE HARDNESS
OF THE TIMES.
We need only look to well established
facts to be convinced that all the embar
rassments of the Government and distress
of thecountry have arisen wholly from a
course of measures, in the General, and
State Governments always advocated by
the Federal or Whig party, and as uni
formly opposed by the Democratic Repub
licans; or, in other words, the ascendancy
at present in the Councils of the General,
and for some time past in the State Govern
ments of Whig Policy, has produced all
the ills that the country now endures. We
say, Whig Policy, for Whig, and Feder
al policy are the same. There never have
been, since the formation of our Govern
ment, but twopartics in the country,
and, these parties still exist. Occasional
ly, it is true, schisms have taken place in
these parties growing out of difference of
views on temporary questions, but when
ever it became necessary to recur to funda
mental principles, all these differences
would vanish, and the members of each
party would rally again under their respec
tive banners.
These parties took their rise in the Con
vention which framed the Constitution;
one being in favor of establishing a Gov
ernment not very dissimilar to that of Eng
land; and the other being for a Republican
form, such as was finally adopted. It uas
not however until during the administra
tion of the Elder Adams, that they arrayed
themselves under distinctive names. All
who advocated the Administration of Mr.
Adams, and supported his measures, such
as the Alien and Sedition law the fund
ing system National Dank, &c, took
the name of Federalists; while, all oppo
sed to Mr. Adams, and his measures, were
called Republicans or Democrats. It
does not alter the case, that one of these
parties has often since its origin changed
its name, and as often attempted to give
new names to its opponents. Whenever
its leaders have, been defeated nnder one
name, and that name became unpopular,
thp7 WOllId imiTlfr15:trli7- tlirnur it -Kiirto
and assume another. Thus, at the start
they designated themselves Federalists',
then, during the last war, when the name
Justine u'uuus 10 me people in conse
quence of the conduct of the leaders, manv
of whom took sides against their own Go
vernment, th-y took the name of Federal
hcpublicfins; afterwards, when Adams
and Clay were in power, and they were
lorcing on the country Protective Tariffs.
and wild schemes of Intern d Improvement,
tnev change. 1 to National liejiublicnns
Defeited again under this name, they seiz
es on, and have appropriated to them
selves, the once venerated name of Whig,
a name; sacred in the glorious recollections
ofihe Revolutionary War, but now prosti
tuted to party purpose.
Rut though this p arty has often changed
its name, it never has changed its princi
pal the Federalists , of 179S, are the
Whigs of SVZ. Neither has the Republi
can paily changed its principles: the Re
publieansof 1798, arc the Democrats of the
present day. These two parties now, as
formerly, diffrer widely in their views of
uuvcrnmeni policy. we nave already
stated that the present distress of thecoun
try is owing mainly to the prevalence of
Whig policy in ih councils of the General,
and State Guvernments. If we show this,
then it must necessarily follow that general
prosperity can never be restored to the
country until a changeof measures shall take!
place, and this cannot be done until the!
men in power are changed turned out, j
and others put in.
That the people may not be deceived in
the great contest before us, and may full
understand the principles at stake, we will
proceed to state the great issues now pend
ing between the two parties the Whigs
and the Democrats; and further, to show
that Whig policy is the cause of all the
distress now oppressing the country.
THE ISSUES, OR POINTS IN DIS
PUTE BETWEEN THE TWO
PARTIES.
The IVhigs are in favor of a "National
Bank," and of the Banking system as it
now exists in the country; while the Dem
ocrats are opposed alike to a National
Bank, and the Banking system as now
practised in the United States.
The fFhigsnre in favor of a Protective
Tariff that is, they are in favor of taxing
all other classes of the people for the pur
pose of enabling the manufacturers to sell
their fabricks at a greater profit. The
Democrats are opposed to all such Tariffs,
and contend that it is unjust to tax the peo
ple for any other purpose than to support
the Government in a frugal and economi
cal manner.
The Whigs are in favor of increasing the
expenditures of the Government, so as to
consume the revenues to be brought in by
a high Protective 'Tariff; while, the Dem
ocrats are for bringing down the expendi
tures to a low standard of taxation.
The Whigs are in favor of creating a
large National Debt, it having been a
maxim of their predecessors of the old Fed
eral party, that a National Debt, is a na
tional blessing; the Democrats are now,
and always have been opposed to National
debts, except in times of war, when there
may be a necessity for them; they believe
that a National Debt is a national evil, al
ways leading to high taxes, and heavy bur
thens on ihe people.
The Whigs are in favor of the Bankrupt
aW; the Democrats are now, and al
ways have been utterly opposed to it.
I he nigs arc in tavor 01 iur. uiay s
proposition to change our Government, by
abolishing one of the greatest safeguards in
it against Congressional usurpations; that
is, the right of the President to arrest by
his veto an unconstitutional or an unwise
law. The Democrats are for preserving
the Constitution pure, and undefilcd as it
came from the hands of Wasnington, and
the other great men who framed it.
The Whigs passed a law at the Extra
Session, to distribute and give away the
proceeds of the Public Lands. The Dem
ocrats are opposed to this, because they be
lieve Congress has no constitutional right
to do it, and because if the proceeds of the
lands are given away, the vacancy must be
supplied bv taxes on the people.
'The Whigs passed a law giving to Mrs.
Harrison a present of S25,000. The Dem
ocrats are opposed this, not so much on
account of the money as of the precedent
introduced by it: it is an entering wedge
to introduce the British pension system
into this country, and as such ought to be
resisted bjr all who do not desire to see the
many taxed for the support of a favorite
few.
Besides these, there are still other points
on which the two parties differ, some of
them of vital importance. The limits of
thlj address however will not admit of
their full discussion here. We can only
allude to them.
THE BANKING SYSTEM AND A
NATIONAL BANK.
Of all the causes that have conspired to
bring about the evil times now so univer
sally felt, the Banking system has done
most. That this scheme of making money
without work, is the offspring of Federal
or Whig policy, no candid man will deny.
1 .1 : . ii. 1
It does not alter the case that in former
years a few of the opposite party, may have
favored Banks; this is a mere exception.
As a general truth it is bevond dispute.
that the federal or Whig party have al
ways been the advocates of the Banking
svstem, while the Democratic party have
as uniformly been onnosed to it. 'That
this is now the case, every candid reader
may soon ascertain for himself: let him
but look around the circle of his acquaint
ance, and see who own the Banks! who
have the management of them! who are
the Directors and cashiers! he will find
that ninety-nine out of every hundred are
Whigs. Let him look at another fact:
who have encouraged the Banks in their
lawless course for the past five years and
who have been striving to bring them to a
sense of their duty ! 'The Legislature in
every State in the Union where the Dem
ocrats have had the majority, has passed
laws compelling the Banks to resume spe
cie payments, and comply with their obli
gations, while this has not been done by a
single Legislature where the Whigs had
control. Everywhere the Democrats have
been in favor of compelling the Banks to
have regard to the obligations of their
charters, and, everywhere, the Whigs
have been in favor of permitting them to
do as they pleased. Is it wrong then to
say, that the banks are the offspring, amJ
favorites of Whig policy that they are
mostly owned, and generally managed by
Whigs? Let the people answer.
But before we expose further the effects
of the Banking system on the country let
us inquire what is a Bank?
When a farmer or mechanit by hard
work saves a little more money than he im
mediately needs, and wishes to put it out
at interest, the law forbids his taking more
than six per cent, for the use of it. If he
takes more, it is usury, and he forfeits his
money, besides being subject to a severe
penalty. It is not so with the Banks. A
few knowing men have money to lend, but
they arc not willing to take six per cent,
interest; what do they do? Why, they
go to the Legislature or to Congress, and
procure a charter for a Bank. This char
ter authorizes them to make three paper
dollars for every specie dollar they put in
to the Banks, or pretend to put in, and
then they loan out these paper dollars, ta
king the interest in advance, making near
ly twenty-one per cent, on their money.
Thus, the farmers' money brings in six per
cent.. while the Bankers' money draws
nearly twenty-one per cent. It may be
objected to this, that the Bankers do not
realize twenty-one per cent., that they
do not put that much into their pockets.
'This may be so, but it does not alter the
case. It matters not who puts the money
into their pockets whether Stockholders,
Directors, or Cashiers it is enough to
know that it comes out of the pockets of
the people.
Another advantage that the banker has
over the farmer is this: if the Bank holds
the farmer's note, all the farmer's property
is bound for the debt; but when the farm
er holds the note of the Bank, no part of
the stockholder's property is bound for it;
he may be rich, and the Bank insolvent.
There are many instances where Banks
have failed, and the people have lost thous
ands by them, while the stockholders with
plenty of money, and abundance of proper
ty, were not liable for a cent of the Bank's
lebts. We have a striking example of
this in the United States Bank. That cor
rupt institution has failed for millions;
many poor widows and orphans have lost
their all by it, and are now reduced to
wretchedness and want, while Nicholas
Biddleand his partners, abound in wealth,
and revel in luxury. This is banking: it
is a privilege granted to the few, and de
nied to the many: it is a contrivance by
which the tew who do not work, manage
to convert to their own use the profits of
the labor of those who do work. Is this
equal rights
I he W higs say, that we cannot get on
without Banks. How did our forefathers
do without them? They fought through
the revolutionary war, they drove the
British from the country, and achieved
their Independence all, without the help
of a single Bank. Ihe first Bank ever
established in the country was the Bank
of North America, in Philadelphia, which
went into operation in the. year 172,
with a capital of only about 5300,000.
This Bank, like all its successors, soon
made itself to be felt in the community
where it did business. An able writer
describes its effects in the following words:
He says, "In the year 17S4, the Bank
did a very extensive business; and by the
beginning of 17S5, the effects of its opera
tions began to be very apparent. They
were such as Banking has always produ
ced a plentiness of money, followed by
great scarcity, usury, ruin to the many,
riches to the few." The effects of this
single Bank were "so severely felt, that the
Legislature at the following Session re
pealed the Act of Incorporation. But the
moneyed interest even at that early day
was too strong to be put down; the Bunk
men had tasted the sweets of the system
ivy had made irreat mollis without the
trouble, or risk of commerce or agriculture,
and they were determined not to give up
mis easy way ot making money. 1 hey
accordingl v went to work, they combined
all their efforts anil in two ye r after, pro
cured a re-incorporation. The Bank In
terest having now secured a more sure
footing in the country, began rapidly to
increase; first one Bank, and then anoth
er was established, until at. the beginning
f the war in IS 12, there were no fewer
than 120 Banks in the United States, with
a capital of 77 millions of dollars.'
Tne war gave an impulse to the system,
and it continued to spread out its wings,
ami talons. Who that is old enough will
not recollect the deplorable effects of the
Banks on the country at the close of the
war, and for several years afterwards! Mr.
Crawford, the Secretary of the Treasury, in
an able report made to Congress, states that
in 1815 the Banks had notes in circulation
to the amount of one hundred ten ?nil
lions "f dollars; and that in 1S1U, they had
called iia all to about forty Jive millions
that is, in about three years time they had1
withdrawn from circulation sixty fi ve
millions of dollars. The effects of this rapid
contraction on the country, were awful;
bankruptcy, and ruin spread over the land
every where, all suffered except the mon
ied few. V u I tu res fatten when the murrain
rages; so usurers, and note-shavers grow
rich whenditress prevails among the peo
pie. 'The iank system would now
have gone down under the storm of public
indignation, but for the United States
B nk, and the Protective Taiiff, that came
to its rescue. Even as it was, it received a
serious check which kept it within bound.
for several years. But it is not in the
nature of the s) stem long to keep within
bounds.
The Protective Tariff of 1S28, and
1S32, the operations of the United States
Bank in 1S34-5, and 5C, and the general
example of that corrupt Institution; the
inilux of money occasioned by Stale loans
in Lurope, all united to remove every res
traint from the local Banks. The system
took a new start; Banks sprung up every
where, they rose up on the face of the
country like bubbles on troubled water,
they spread over the land like the Locusts
of Egypt, and with the same effect on its
prosperity. Until in 1837, there were no
fewer than 901 Banks in the United States,
with a nominal capital of 400 millions of
dollars. But the system had now swollen to
its utmost, and the crisis for its explosion
was at hand. In 1S37, all the Banks from
one end of the Union to the other stopped
payments, discontinued discounts, and set
about calling in their notes. There were at
the time millions on millions of their notes
in circulation, all of which at once depre
ciated in the hands of the people, some
ten, some fifty per cent. while large
amounts became as worthless trash to those
who held them.
But few of the honest-workinc men of
the country have any idea of what
American community has lost bv
Ranking system. We will now call the
attention of the people to these losses.
LOSSES OF THE PEOPLE BY THE
BANKS.
On the 7th of January, lS41,the Senate
of the United Slates directed the Secretary
of the 'Treasury to report, to Congress from
the best information, what had been the
losses of the People, and of ihe Govern
ment by the use of Banks. On the 11th of
the following month, February, the Secre
tary laid before Congress his retort, in
answer to the call of the Senate.
From this able Document, it appears,
that the people of the United Slates, be
tween the years 179S, and 1S40, had lost
by the use of Banks more than three hun
dred and sixty Jive millions of do liar s
The Secretary shows all this in the most
satisfactory manner from facts and docu
ments that are beyond dispute. The limits
of this address will not allow them to be
spread out here, but the following "Sum
mary," taken from the Report, will show
in what manner these loses took place.
Summary of losses by Banks.
Lossesby Bank failure, S10S,SS5,721
Losses by suspension of
specie payments by
banks, and consequentde
preciation on their notes
Losses by destruction of
bank notes by accident
Losses by counterfeit
95,000,000
7,121,332
4,444,444
3.
4.
bank notes, beyond losses
by coin
5. Losses by fluctuations in
bank currency affecting
prices, extravagance in
living, sacrifices of pro
pel ty, and by only a part
of ihe other incidents to
the Banking system not
computed above, at least 150,000,000
Aggregate, computed $365,451,497
PROFITS OF THE BANKS.
W'e have already seen what the people
of the United States have lost by the use of
Banks; now let us see what the Banks have
made out of the people.
Fr am Public Documents, it appears
That in 1S40, there were 901 Banks in
the United Sta es.
That these Banks had a nominal capital
of about 400 millions of dollar.
That thev held the bonds of the people
for abjut 500 m ll.onsof dollars.
And that ihe aggregate of specie in the
vaults was only 33 millions of dollars.
It is certainly not unreasonable to esti
mate that the Banks on an average make
a profit of ten per cent, on their capital.
This would make their income 40 millions
of dollars per vear. or. seven millions
more than all the specie in their vaults in
1840.
During the two last years of Mr. Van
Buren's administration, Ihe tax paid by
the people to the Federal Government, did
noi 01a an average exceed J5l 50 per head;
while, ihe tax paid to the Bank system
during the same period, was more than S4
per head.
It is questionable, whether the whole
cotton crop of 1S41, at the present reduced
prices, will bring into the country as much
money as the people pay the Banks; the
IJanks without work, make more than alt
ihe cotton raisers in ihe United Slates by
all their toil and labor.
At the head and front of this Banking
system may be placed the late United States
Bank. Its stock mostly owned by for
eigners, who had no sympathies in com
mon with our people, or love for our Go
vernment. 'The bank itself was managed
by ys corrupt a set of Financiers as ever
existed. Afier this Institution had for
years waged war against ihe Government,
after having taken a lead in the political
contests of the day, bribing presses and
buying up politicians,. it became bankrupt,
and failed for millions. Every dollar of
the stock has been lost, and millions of its
notes have fallen dead in the hands of the
people. It would fill a book to write the
history of this corrupt Institution. We
cannot enter on the task here, but recom
mend to all who may wish to see the con
duct of this Bank painted in its true colors,
to read the letter of the Hon. Louis D.
Henry on accepting the nomination as
Democratic candidate for next Governor.
If there be any of the freemen of North
Carolina who have notyetread this clear,
comprehensive, and able letter, we say to
such, rest not until you can procure it, and
then set down and read it thoroughly.
From the history of Banks already pre
sented, all may see how much they have
contributed to produce the difficulties that
now oppress the country Banks first
make money plenty by the facilities they
afford, people run in debt, enter into spec
ulations, and become extravagant; then
comes the reverse. 'The Banks begin to
contract, call in their notes, and money be
comes scarce; sueing begins, note shavers,
thelaiad usurers, st to work; sheriffs and con
tra 'sfabl ate turned loose: and ruin and dis
tress fill the country.
These are the Iruits of the Banking sys
tem, and this system is the offspiing of
Whig policy to Whig policy then may
he justly attributed the troubles of the
times.
From what we have seen, and felt of the
effects of a United States Bank, is it wise
to establish another in this country? The
Whigs say it is, the Democrats say not,
and, the people must decide.
THE NEW TARIFF MORE TAXES.
When the Whig leaders were seeking
power in 1S40, they promi.-ed, if elected,
to reduce the burthens on'the people; but
on getting into power, one of their first
acts at the Extra Session, was to increase
these burthens; and they are not even
satisfied with this, but have again brought
before the present Session of Congress a
nother Tariff Bill to raise the taxes still
higher. This new Tariff Bill not only vi
olates the Compromise Act of 1833, in the
most shameful manner, but proposes to
bring back on the people the abominable
protective policy of 1U32, and to lay taxes
not for support of Government, to fill the
pockets of the great manufacturers.
Th;s Bill as reported by the Whig Com
miaee, proposes the following import du
ties, thai is, to make the people pay the
following taxes, to wit: on iron, twenty
five dollars per ton; on cut nails, three
cents per pound; on wrought nails, four
cents per pound; on salt, ten cents per
bushel; on lead, two and-a-half cents per
pound; on brown sugar, two cents per
pound; on lump and (oaf sugar, six cents
per pound; on common cotton shirting-,
such as now sells at 8 to 12 cents per yard,
the tax is to be six cents per square yard;
on coarse calicoes or prints, seven and a
ha If cents per yard; on window glass 8 by
10, per hundred quare foot, two dollars
md fortv cents; on ivoollen cloths, of the
quality generally used by the common peo
ple, forty per cent, that is forty cents iQ the
dollar.