Whole JVY. 853. Tarhnroiigh, (Edgecombe County, JV. C.J tiaturduy, July U, lb43 Vol XV Hi JYo. 27. The Tarboroitgh A9rcss, BY GEORGE HOWARD, Is published weekly at Two Dollars and Fft!l Cents per year, if paid in advance or Three Dollars ? the expiration of the subscription year. For anj period less than a year, Tiutnt if-fwe Cents per month. Subscribers are at liberty to discontinue at anytime, on giving notice thereof and paying arrears those residing at a distance, must invariably pay in advance, or give a respon sible reference in this vicinity. Advertisements not exceeding a square will be inserted at One Dollar the first insertion, and '35 cents for every continuance. Longer advertise ments in like proportion. Court Orders and Jia- rl i i n 1 advertisements 25 ner cent, higher. Ad vertisements must be marked the number of in sertions required, or they will be continued until otherwise ordered and charged accordingly. Letters addressed to the Kditor must be post paid or they may not be attended to. a 1, r.- 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.

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