Newspapers / The People’s Press and … / May 14, 1840, edition 1 / Page 1
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. . . s I- i . . - , . - - : I . ' . ' ' j - -" - a - T 1 ' ' - - -v ---- .' UILL, Editor and Proprietor, " BE JVSTWI FE.Ht JmOT. Wilmington, Xoith Carolina. VOL. V. JVO THURSDAY, MAY 14, 18 10 WHOLE NO. 225. I ; s 17. .' :' v! - i 1 j PUBLISHED lE VER Y TiJUUSDA Y MORNING : : ADVERTISEMENT! -Not erccedinjj a Square, inserted at ONE DOL--LAR thf first, and TWENTY-FIVE CENTS l"dr each subsequent insertion. Legal Advertisements wUl be charged 25 per tent higher. , . -No Subscribers taken for less thau one year ittd all who permit their subscription to run over A jear, without giving notice, are considered bound for the second year, and so on for all succeeding , No paper discontinued until all arrearages are frid, Unless at the option of the Editor. Letters to the Editor on business must be TR VVSPORTATION OFFICE, V, :" ' December 13 li, 1338. TTO article will le reeivcl for iransiKtrts'i'-n LM at ih DmhiI at vVibnii.tfton tiutii h f .-ilu M bn paid Nor will nny a licW- wh rh tien bi-ou;ht on th. railroat he deliver il. uimp the freight hs be n p..id. . , L L II. SMTvnFR?. 153 tf Agent Transportation. Ofilce Wilmington & Italef h R.n.Co ; ; Decmber 17 1839. V fpilE ii't-ntion ot the gliorkhobl. rs f : the W ilhiiuslon and Raleigh R il Road r. is requevtfd to he -nin x d lesoiuiu n .f h t tfmri of Direjor. viz: Itesolv d, hat th- Trfasmrpr give notice ti fl- lnqueiit Siockbld.-?r. ha lunlrss ihv tv ' diis iu.n llieir Si'oek by ih b of Jiin'y rexi sCiit will instiiui'd ng iiisi tiictii on the dav following " : JAMES S. GREEN, Fcc'r. D-r 20 IRW 05 'f THE MAIL and PAS SENGER Train leaves the. depot every day at 8 A. M.. u riles delayed lV the non-iarJ rival df the boat from Charleston. Wh. n so de layed; it leaves as soon after the arrival of the boat ts possible. April 2, 1540; v 209-tf. th. ((dbiwinor pUces, viz: U KI.D M 2 1' .VI UOLD B iKOt'CH ft 4 W armaw. at ti A M A M DAILY ioi thf HiM'mnth'-i'ior: it ih- Sttek old US h ive hint jr l"ii nl. l In l. frited 1) i rt it-ii Jit fn lh ivfh 111 Ui irnnyioM on ib- Apn l? is libjK'd ..1 bat ibV fcio klMl(l rs Wiljl a I rtuiW' ii coivt nin t 10 nUfnd :hr tii f itifiT. March 26. 1840 118 NO T ICK. . fis'ouS hnii'jf rijiims aiiaiiK I LL n it Vsitile of Weliingii'V IVvtidell. ct d. u i. pUWca"0"1' B. Bik lcL-q,"' ilmu.i: N C., and have the sante scitie.l ; he b in my MgeliU JOILN SWANN, AJm'r. March b'h, 1810 '215 if 51) Casks Lime. Just whW sO Casks Frest. Thomas I fir h LIME. fc t N HAN a1 A lot of t-'i ar.d 3 4 meb 1'oplnr Lumber, A lot ofdt-ar n I mercBiiit.il'le W'b.te Pine , A ot f AV in low SMslies, gUz d & unluz 1. " Black Lead" mc.bles. Cmm u and fair Lamp Od, by lb ; Barrel, Nails. l! sizes, by reu.il mul kt g. . - -" , A; ALSO '"' A general Hs r'nienV'' PAISTS OIL, GLA1S A Xl P V TT Y V U. FANNING March 13th, 116-11.. For Sal. H A A BAKIU. bS FLOUR. JLUU .. if H,!. I ut fc Wi.ei ti.slf Hr'K. b l ur, Firkin Buiitr BarnU inleiist feab,- . I orli : , "7 n , K? Tobacco. Box k kshis, j ii.. o.i i'. .eiic am: n ' BHEW'STF.n p,i.V Th, 1 i m ' u i a si' I ' h'. ii 1 1 F P AK1JS, A1N D CEMENT. A BU1.HELS of fresh Stone 7 100 Casks of Pl.nT n, 100 ' Hydraulic Cement, . The subber'bavin? midr arran- mnts with, tjje Miuiutacturers, will contract to : J Ioant of thabo articles upon the most favor fcble lenni. Orders left at Messrs. Brou & De will b, nd :soRRIS. . ?i (ML 104A r . . Jrebted to the Subscriber inueow-u w , J,:'" 'tf 'r & A XL those who are A t... nftid of account SJover Mr. H: BURR'S Store, and pay up, on. orbefore the first of June next, a 1 acwunts re Junsetaed atlbat .time, will be placed m Jehands of n Attoney7pr wllecUon. "f0 -YoaH :r - 217-tf. . Marco t w II iiUe M uie 'J umber VhfhM. Feet I inch BOARDS, tCJUJ r Jitstr received and for sale by r: v i BARRV & BRXANT. I LAW OFFICE. IH AVE lak ell an Oilier- li i - - - i . the brick"' 1)111 I.I tg wnirh stands on the rot iit of From ind P. iiiCfcjt birt-;i. and iif.r;v oinx.sin- ih Bank ol ilic staieEi.ldiire On 1 riu. pss irt 1 W. A. n KlGH r. Jan. '21 1810 ' - -p" ; 7REQUENT settlerhents beinor abso'ute- iy necessary .to a saf and well conducted business I hereby, respectfully, but earnest- ly ask all. who are indebted to me, to call and settle their accounts. I , W. A. WILLIAMS. March 23, 1840. I . 222-tf. T A' T the -Court of Pleas and Quarter Sessions of New Hanover Countv. March IVr n. 1840, the last VViil and Testament of Peter Ro was - admitted to probate, and the undersigned qualified thereto ; all persons j indebted to said en tate are requested to com forward and jnake im nwNlinte tnent. and " those who have claiuiH against said estate will present thern within the; time required by law, otherwise they will be barred 01 recovery. UH AS. ..NIXON. Ex r. Iarch Utb, 1840. 217-if. NOTICE j HE undersigned tt the, Court of Pleas and - Quarter Sessions of New Hanover Cnnnrv. A'arih J er.ii. 1840, ohtaini d Lett rs of AdminiV tratipn, with the Will annexed, on the estate of M sa Elizabeth Swans, dee'd. All person- in dt lted to said estate are requited to make imme diate payment, and thoss who have claims against said estate will preiit thera within he time re quired by law, otherwise they will be barred of re covery. ' I B. F. MITCHELL. Adm'r, . with the' Will annexed. March 17th, 1840. j. 218-lSt. PUill'ONA L. For i?sqinara Periodic? 1 in; the City of Raleigh, which will b exclusively devo ed to polite Litera ture and Science, entitled THE EMERALD, and to be edited by Hush, McQ jeks It has b.-en n -m.rked by an eminent man, whose enlightened and spirited labors for the welfare anil gjorv of North Carolina will form an interesting portion of her future history, "that the ' character of a country Wis .principally indebted for its elevation and lustre to the reputation of her public men." And per haps the voice of calm and .impartial reasm n.ay sati ly pronounce the decision that it would be a vain and impraeti able attetaipt to aim at making known the characters of th -; meritorious cfeizens of ". any community without havina first imparted to j the world a p r-picuous and tangible revelation of.1 Us resources of Literature and Science. It is a mournful faet. in. .connection with the hitery.of this State, th.it she has suHbred imniPnse privations of character and fame from the want of some faith ful gnJ accessible organ, through which her devot ed sons inihl communicate to the world tho-e l i pgraphical incidents and historical ami literary fi"anr I mi iik.- hi ii unvc iit-rji nuriit-reu up in HIP AH- t-Hiv s o private afTertioh. and which are so close ly associated with the glory of our peoj 1. In this resi)ecr, we are far in the rear of other S:at s u the Confederacy, which can pnftjr no just claim to a superior rank over North' Carolina on hecount of the vaster extent of their moral, intellectual, or phy sical resources. And we cannot surrender the en dearing conviction that this tate- presents -an at mosphere suIIh icntly genial' and a soilsufnt iently grateful to sustain, in vigorous proiritya j ur nal purely devotnd to Literature and Science, until the experiment r-hall have ben fairly made 'a. d have proved unsuccessful. j The most prominent fsatures bv which the Erne raid w ill be distinguished, shall le a persevering ef- lort to rescue trom oblivion the numerous facts which would Ih so pecuhaily yUalifitd lo give solid ity and extension to the web of our history as a State, and which have leen rapidly passing beyond our reach, owing to the waiting influence w hirh i exerted by time over loth tie . written and tradi tional memorials of men ; to ;refresh t 'e recollect lions of the people in relation !to the talent, virtues and services of those paii'tii !men who acrjuitled themselves as faithful guardians of the mot pre cious rights and interests of the JStatc. in the period of her infant weakness; to deliver to the world an accurate knowledge of those w ho have heightened and adorned her character in more, recent times ; to eliciteand circulate the fruits of vigoreus and culti vated intellect, through the! medium of articles which wiil le prepared for hef Emerald on subjects of primary interest, both in ihe circle of ihe more severe sciences, and in the u.ilder walks of polite literature ; and to advance theanteresis of popular education, by unifoimly persevering, in vii'w of those facts, sul-jects and examples which will be best calculated to exert a salutary influence over the public mind. .-'-- i : For the purpose of placing the literary., resources of the Emerald upon a secure, and permanent basis of interest and of usefulness, th? aid of intelligent and gifted S' ntlemen has been solicit d in advance of its publication ; and ihe assurances which have Iveff Teceive d upon this point are surh as to justiiy the anticipation that the enterprise w ill lie sustain- Jjed by some of the inost luminous and popular pens of which the Mate may toast, j it is also fxpected that each number oftho Emerahl w ill receive a j considerable accession to its interest in presenting a sketch ol seyme eminent citizen of Korth Carolina. And these. sketches will oe UHUscnmina'riy applied to the characters of both the living and the dead. i jt w i one of the i hi f olj cts of the Et'.itcr to regulate the si-lections w hic h may be made for the papr. bv such approved maxims as to render it a vehicle of u-eful instruction, and to secure some degree of graU.ication, to every class of read ers. "A cons ant eflort will be made to guard against that lengthened species of graity whih may approach the limits of monotony, whilst at the same time the sprightliness of its matter shall not . abound iu'such culpable profusion as to acquire the stamp of levity. The hope is cherished, too, that 1 this periodii-al will prove equally, acceptable to both of the politic al parties which now divide the popu lation of the I'nion. inasmuch as distinguished in dividuals warmly 'devoted to each of these classes i of men have promisc-d.us contributions from thir pens; and as every topic u Inch may lje evrnfaint tincturid With the party politic of the times li. infl1bly e.c.uded from ,h nt- es, u columns of the Emernld. TERMS. The Emerald will be published semi monthly, in quarto form of eight pages, on an impe rial sheet of fine p per and handsome ty'e.' att four dollars per annum. Pains w ill be taken to nmka it equal, in point of metbanical executior, to any i Simuar itUDUCauon in iue uiuuu, nuu uisimiicim olated. in a short time to issue it weeK.iv, snouiu n be found p acticable to do so with saf-ty to our own interests.and the entertainment afforded to our reaelers ; in which event, the subscription will be increased to five dollars. Raleigh, January, 1840. SPEECH OF MR. DAVIS, Or MASSACHUSETTS, ON THE iSUU-titfiASLTRY BILL. In Senate January 23. The Sub-Treasury bi.l beino; undnr ccrisid erut.oii, aud the .Senate hiving evinced a de- tenuiiiutiou not to adjourn wit.iout tkini t e ' question upon tae nail passacre of t.ie bill J Mr. DA V li s-xiJ I rise, Mr. President, ' witn rre4t reluctance, at Inis Ute hour, to ad- dftss t.ie .-berut, fatigued aS it is with an un usually lonpf session, and exhausted by t.ie debate ; but, .painful as it is, I must entreat their in Juigeuce, while I lQdke a brief rvply to the new coctrines which have been now, 5 for the lirst time, publisacd here, and come to . us tlirpugh caauues th t leave no doubt of their being tad dec'tnnes of the Administration. Taey inyoive, ani h :vj drawn into this de bate grct and niomoni 'us considerations, af ', Lcting the most cherished interests of the peopue 1 represent, as wAi as of n3 rly the ; whole country. With the exception of a few "incidental remarks made by me a day or two ago, no ony iron tae North and Last has ad dressed you during this discussion ; ani as some part of the debits hs been pointed in its character, and directed to me personally, as if the position assuaied were incapable of refutation, I Ijei urged by an irresistible sense ! of duty iny, 1 cannot reconcile myself tQ foibear lVoiu making some rep:y. L 'iie senator froui Mississippi, (Mr. Walk : er) with his usual acknowledged abirty, and .the distinguished Senator from Pennsylva nia, (Air.. liuchuiian) following in hi$ track, have advanced the propositions that the em b .rrassmnts and ' distress with which the ceunt.y have been grievously afflicted for se veral years past, ani which now paralyze all its energies, are imputable l the pernicious inline nee cf bank pper ; that this bill con tains the necessary corrective, as it will cluck i Aipoxteticns cf foreign goods, suppress what tiky call the credit system, and, by restoring a specie currency, reuuee the w.ifres of the la borer, t;nce the v.-lue cf property. 1 ms ii the character given to the measure by its Iriends: and, alarming us the doctrines! are, I am gratified that they are frankly avow ed. 1 have been anticipated, to a considera ble extent, by the Senator from Mississippi, (Mr. Henderson.) In what 1 have to Say, I ; snail however, confine myself chiefly to the i speech cf the Senator from Pennsy vania, j wno has gone more in detail into this subject, ; fcr we all tcknowelge his ability cn this floor, ! and his capacity to do ample justice to the ' subj cts which he discusses. . t I 1 do net propose to follow him through a ' very large poition of his elaborate argument to prove that Executive power hus of 1 te been shunned, instead cfieing sought ifter, or that the present nd the old Bulk, of the United States .re identical, ani both national banks. ' Enough has been sid cn thps? points, i He ; ed ail the- arguments which we have before used againsfthe Sub-Traasury, because the progress tf events has proved them unsound. Nt so ; f rfoui it! With others, I entered into that debate" which is before the public, and the rirgumcnts unrcfuted stand as firm as ever; but it would be a profitless task to reit- er. te them here, and tins is tae reason wny the y are p sscd ever in the discussion. Lut, sir, I wi.l net dwell upon any of these matters, but qo to tht in handi Tae Senator says we lubor under distressing embarrass ments, and so we do; no one will have the hardihood to deny it; fcr all the country in sorrow bears t stuncny to it. We have, it is true, seen an occasional gleam cf light, but it has been soon obscured, and we have been shrouded in a gloomy uncertainty. He says further, that the cause is excessive issues of bank paper, speculation, and a bio. ted (I use his own words) credit system. He lodges , tfte guiit cn the-ehculders tf the banks alone. It is neither just nor fair to held them alone responsible, and II will make it manifest, by shewing that they were seduced into their er rcrs by the Administration j i Before the late President (Jackson) seized the public nimty and tock it into liis own custedy, in lb32, there was no complaint i cuuui uw cunti cj , an me pccpic rw. w..o, "it- nil r-.vt . tha Hiecllll Tit llliiSP,! In CI1 flf n.. aw, v,.u w.v " his mebsaffis, united in declaring', in SUD - stence, it was sound, and equal to that of any n-atien cn earth. There Was no complaint, no ii.cenvinicr.ee, no emb. rrassment, from this source, in doing business ; but content ment end satisfaction every where. About this there could be no misuke, nor will any c ne here uttenipt to refute, the ' well known YuCts. . ; ' Lut'from that act of the President, which was the first movement to reform the curren cy, to this dv.y, there h-s been whut the Sen fcte.ris ole.scd to call expansion. conUvc- tan. and cxdicsicu" in rapid and lean ui sue- cetsicn ; crisis upon crises, pressure upon pressure, Denic even panic, nave succeeded, j till we have reached a state of suspicion and alarm, that has deranged and almost suspend- ed business, ine siorin in us lury nasi . r a i - M. . . l swept ever the country, ence and again up rooting the stateliest and firmest trees, and leaving in its track a drtaiy, desoLte waste. Its mJiks are ko deeply tngraven, too dis tinct, too well defined to leave any. thing un certain my thiifg cquivccal. it feil upen us with sucu withtang cu rgy as to leave no doubt, when, where u.d hew it begtn. ) Gentlemen may tax, their ingenuity, they may Usk th.ir iuvciitiobs, to discover other causes' cf distress they may belabor nd hold up to scorn and exe oration the banks as long S they pleases they cannot change the facts, fcr they cannot tbriter.te history. ! Things were well, tnd evtiv bt dy kntws it,tili lbJ. The n len n the bank reform by the removal ci the aepe sites and then began this rapid series'tf "expunsicn, contraction, and txpu sicn then toi lowed crisis aiier crisis vaeu came the derangement cf exchanges, aud then the embarrassments which have overwneimed the country then came, too, the nine hunarcu hanks of which the fcenatorspe .Ks, vuougn n. has probably swelled tae nmuuer neyoua nis- tonc-1 truth. The Senator admits what cannot be ..de nied, that the Administraticn proposed and carded iuto efftct the State bank deposite sys tem. It was in this place and by thm that J t te bar.ks were taken into favor, petted, and boastinely held cut to the country as afford mr a better and safer currency. Into them was me revenue pui in enonnoas sum- an thay wre direct3d to loin freely upin it by the Presidint for the accomodation ofti J-people, anJ it was his prida and pleisure to mxkj known to u3 t.i ,t tae nujiic m n.w r.a taus eaipioyeJ, instead of biin' uied . . i j up ; t si.-ikiu;cj a njunry upn ti3 Dfsent nln of vau.ts adi sales, Mr. President. Th3 Senitor admit? that t ri w is :he poli cy of th Aimiuistration, and thu the disis trous conseuvneas preiictai by th. j opposi tion have haen verifiid. He might hive crone further; for it is t.tith equally unl-niable, that this policy sowed the seed of nearly or quits 6n3-hajf of t!i3 whole nuaVr of bmks between eight arid nine hundred ni of more than one-half of the. c ipittl ; th jt it wis the parent of the paper expinsion, con tracticn ani explosion," of wliich he his spoken iat?rm3 of just severity ; thu it is aiike the parent of the bloated creidit sys-' tern, whicji he adirms has made us all gun blers t and that the mid speculation which rages over the country, ani lis furnished the theme for declamation and denunciation in thesa halls for three years pist, was begotton by it. Such are the fict3, and on tha project ors of this project let the responsibility rest.! We had had no ."expansions, contractions, or explosions" for a long period that dii not fairly belong to the. vibrations of trade; none th.texcitei alarm or seriously disturbed pub lic confilence,' till we came to the reforming policy ; biit since then the public mini h is sc uxely been tranxuilizei. In 1331 ci.n3 the first fell swop jich overturned an I b .nk- In 'aoVtime the great era of bank-making and trading upon the' public monyjthen ac cumul.ited to sixty or seventy rai.lions ; as nearly as I remember, which t irew the coun- try into a tevensh excitem mt, and even firm, i well-balanced minds out of their adjustment.' ! There vv .s a rage for fortune-m ikin-r and for-j tune-huntin-Jf, such as h d never been witness ed. ani which nothing but this policy was ca pable ot generalizing. The Senator raia-ht I svat t mA ,ia o u i n j ic. .u . '! 'j biers to this period, and left the offspring to stand beside its parent as a proof of the dis asters of this policy, and of the fulfilment of the predictions of the opposition ; for go to gether they must, and live together they will in history; and.no' sophist -y, no ingenuity can ever separate them. Wnile the Sen itor admits this policy -to belong exclusively to the Administration, and to have been strenu ous'y opposed by.f us, end its melancholy con Sequences predicted, he now repudiates it as erroneous; and. we must allow to. him' and his friends what ver credit belongs to an abandon ment of it after it had iiteralfy exploded, and the mischief was accomplished. Byitj sir, he and they must be reminded, that I could, if I would, read from the messages of the Presi nent, and from 1 tho successive imports of the nz in the entire success of the taticn, taumphin r in the entire success of the policy, bo istmg that the currency w s oh a better Noting th n ever, that fie exch -nges were freatiy improved, and that too, at the; very moment wnn toe bioited credit wjs most expan led, and speculation was the most rife ani rank. Such was the delusion that the madness which h :d seized mu titudes was trumpeted forth as evidence cf succt ss and general prosperity. The Senator cleiarly rea- sons from false premises when he makes the b ;nks the orio in of our emb arrassments, for they were only instruments in the bands of 't.hnftilift nmi.td mnsiirfta that have made thein;what they are. But the Senator errs further, and traces the - .el i . . j u' u , it" i J ( CVi:s Ul UJlUik.3 dim oautV pipci IUIU JUUgianu, ani alleges, without qualification, that from this cause business there is as badly paralyzed as it is here; and I am not about to Inake an issue upon that point, for I must hurjry on to ther matters. He makes an inference, how ever, which I must notice. He says that to this circumstance alone we owe our ability to manufacture goods. If England was a hard money country, our mills and hammers would all be silent; but the paper system $o raises the price of wasres, and consequently the price of Drodnetim. th it she c m not send fp;ta her ff. . rt(,. n as she otherwise cou d, or so s ... chp n as thfw arA rrnrie in hard monfy coun- ' A ..-.-' , owe our snecpss to this follv 1 Do we stand iries, wnere waffes are lower. And do we on such a slipp ry bisis, h iving no octhold but uprn an error of policy, stupidly persisted in ? I desire to be informed how the hard money countries, as they are cilleel Itily, Spain, Holland, Fr nee, and Genua nyrfor they j have all been putintothatel ss, though ntjt with , strict historical accuracy st- nd the tompeti t?on of EnMand with her bio ted credits? j Yes, HowSir, do they figure in the Competi Kiori ? Who has"suppli?fl our markets and the markets of the world? If metillic Currency! . m a-p nmdiieticns cheaper U it snves van- tige ground to a country in the general round ! oftMrle- how is it that thes? nations have not; i 0Q(T nn England out of our market with j cheaper goods ? How is it that we drawj anmi allv tom En?rland two-fold more of im ports thapfrora all the residue of Europe? Why is tt that thy, especially France, shut tUir fti nwainst most kinds of Enj ish had a len full, ?-nd faithful tnai ana. we knew the' result; England; without any ad- vantatres-Wer them in cut ports, lias overJ wrhtim them with her competition; ana so it is wherever trade is open io u uu ino- of equality with them. j is it new . - r ---o , that the Senators hJ fnS t nir Prpsirirnt a sururwinn iaw subject have se :ec -rvn T c ra nereiai nauons ' 1 extraordinary enterprise, and their unsurpass-, ed knowledge of business, have earned their trade to thet remotest parts of the earth, and excelled all ether in the accumulation of wealth and the enjoyrar nts.it brings with ns highly cit iized, and stendmg among the most .nStcnWi in the Globe-as the P1 SO UraUHIW f -j. nt their 1 rWnaiSmp borthnugh the unseen ana lucu v iiifluencebankpa Theteis.no denying taat tney n all othe 11 -.1 ! ..rnATlIV WU11C 111 i A-.Mitv wniie in uie ians. i pt arcordinff to tne mcyij , bjj- j ii nnitr o-ocds to'nrotect their own ra nufactures? suspending our laborers from employment and gOCQS, W-prOlCCi. , . r .... k, Wo (..imnro 1 Why is the same policy pursuiu ciwhch;:, iimu wu m-iu wiry . . ! i.. ,;, t Kird inmev scheme has! thin we s?ll. leavinsr a balance cf many mil- the mo3t dppre33tve policy, blmtih ani property, while it his bsea the hippy lot of other countries to liv ualer thsi anipicioui infla 'net? ofhir.taaon3y. . Spiin. iUly, Francs, Ho land, Genniny, on the other hanl, hire beco.n 3 pattern n itbns, distinguished for thsir wisjom, ani also for tha happy con lition of tlisir liborers, who, doubtless, fiilinT to rea lize their cinlition, escipj, whenover thy can, to t lis country, or some other part of this continent. : Bat, sir, I must leave tHU topic and go to another, Th? Senator assures us thatthis piper brings with it this alarming attribute as it expands and contracts, so property and w lges rise an! fill ; thns- miking it the vital principle of the bodyo1itic, giving to it pul sation.: Jn speaking of pipr, I once and for all, wish alwiys to be understood as-meining the paper of sound speci-vpayini banks, re deem !ble at sight, nntess I otherwise specify. Is thjs a sound axiom of the Spmtir? VTa bank paper the solr or chief reorulator of the valuci or wages and property 1. If so, r whenever there is a common currency there shiruld be a uniform price. Li us See bow thenosition is sustain ed in the United States, where, in all parts of the country, we have banks. The Senator from Mississippi (Mr. Henderson) stUed that the services of an ordinary laborer, which: wouldxost fifteen dollars jn bis part of the country he had ascertained could be had at Pittsburg' for a quarter, or less, of that sum, ani in "Niw-Enirhd, as I understood him, for about half. Every body knnws th vast difference in the exDMwe oflivincr betwepn Boston and New Orleans, and between New Yrork and any remote country town. But how is it with hard money countries? Expenses of all sorts are unquestionably fourfold great er in Havana than in Florence ;,and Imight go on multiplying examples, for" it is much more difficult to find two places tht correspond than two that are at variance. t)oes it not follow that currency, while it nndoisbtedly has an in fluence, is not even the principal cause of this aiversity But, sir, I cannot dwll uon this. The Sen itor contended," by an in unions argument, that a reduction of wages wpuld be bneficil to the laborer, because property would neces sarily fUl in the same r-tio, and, in the fervor of debate, .addressing New England through mahe appeals to her to embrace this alterna tive as a resource to rescue tier mariufacttirps from the ruin which lays ih prospect. Em brace whfiV Mr. President 1 How will a cor responding fall of wages and property aid the laborer?- How is his condition to beinproved by it 1 The most th t cm He said is, (hat his relative condition is.unchanlred. But can he embrace the degraded, condition of by Tar the larger cl ss of laborers in England and Ireland, where the alms-houses are filled with paupers and those who support themselves struggle fpr life! C 4h he descend a orade; lower, to hard mo- ; nPJ ItilyV where, as the authoritv r j Pve, butlwi'l not stop Uhid it. read by the j Pve, out I wi l not stop t-if nd it, wages are mreepencea aay jsitanmyitatirntoananaon t!l9 physical, moral, and intellectual comfprts j and enjoyments which surround the industri- i uuo ,uau uc, mu ursernu w mc u -piuiauw condition of those who fly. from their country to this as a place of refuge for the poor, the n ked, and the hungry 1 , " B,lt sir 33 1 have more tp siy of this in a more appropriate connexion,I shall poss it for the-present, with a single remark if such are the ad vantages of ther countries, why do the Poor emigrate hither, and why do not our citi- zen-s emifrraie tottner ! I will now notice the effects upon the pub lic policy which are imputed o this bill.' We have always ben told that it was a simple proposition to divorce the fjovernment from the banks, so as to enable it to hold its own mo ney, and, therefore, harmless in its character, as it would affect nothing ejse. But, sir, the Senator from Pennsylvania, while he declares that, he isnt for an exclu sive hard money currency, ojvin other words. is not hostile to well-r!sru'atld St te banks, if they cn be well-reruTted, as ,he expresses i himself, argues this bia willdiminish- imnor- j tatioris, suppress credit, and stop sp"culatton by modifyinT tho currency io far as to work j out thesa extraordinary endsi I am by no mens satis Seld 4.hn it is capa-, ui" "i pi'juuiiiu'j an i t cnsu'nci's. out, as snch a power is imputed to it bv its warm est friends, and those who are in the councils and confidence of the Adnfinistrattn, who j bring: it forward, and no doiiHtbrin ? it forward with this view and expect 'tiori. I shall, in this rp'y. conftn myself to th ppsitions assumed. That it will do the country no good 1 have nver douMd; but I have allowed myself to believe thit it can exrt tVt Influence upon its affairs which is ascribed to it. . If it will diminish importations in the right way, so far it has my most hearty concurrence, for they have run into an injurious excess.- This, asrain, is the resnH of a false policy, net irriput dle to pper, as the fen3tor supposes,' even as a principal cause, iiccraes oi mcour aoiner foreiooa labor insteaa of our own 0f stimulating' this trade under the persuasion that it is more beneficial to the country than to strengthen rnd foster our own -industry, until it has reached a point of injurious excess uons now aue in curc p-, wjiucu is w puu c ut of the. resource s tf tiae jPeopIe ; and it is time to retrace cur steps. The President, : wno-nas oen a promci-r m una pcJt vyiu plains in bis m?ssaee oi this excess as asen rious evil, and I rejoice at ijt; but he fails to ! indicate the remedv. He talks vaguely of nomJt but is silent upon 6ur great interests of the Korth and East. Wi must, sir, stand by dur own laborers,and not suffer them to be 1 u Kv tHU and then aoDeal to them to lower their wages. Our duty is Dlain. and we must pursue it with manly firm ness. The workshoDS of Europe must not be allowed to supersede burs. 1 This is the reme-. dy. But the bill will suppress ereefi sup bio td credit! WhaUsir, is credit! One would think it some new inyenticn to defraud the Public, by the m nner jn wmcn ins spo- I lfAfl Ofi but it IS C and wherever there is or J&sbeen business, j there credit has always existed, and has been, comprehend how i?ommerce tx trade kn ot: nui li is co-eiistenv- wim uuow, ; a . can be carried on success without it! w I . r. . ,7. , uI w th- i Ahniifiti creaiu ana ior wuav? . for : . false policy of the Administration of 183S-33 stimalat it to excess ! Beciase, .like the freedom of speech and of the press, it may b abused! I know of no other period .against which any I ganjral and jutt charge can bs brought. Vhat would be the condition of the country if mn were denied credit t Nothing mwdeplorable. The young man born to no inharit ince now goes into .the, world with his chiract2r for honesty and integrity , this is hU great and' only reacourcs, and by the faith placed in this he com nands the funds necea s try to go forward in business.- And; Mr. Pe3i Jent, it is one of the glorious characteris t:c4 ofour institutions that this path is open, to enterprise, and the way to wealth, as well as to honor and f ime, U clear of obstructions for the most phscure and humble individual. Shall we deny to strch the enly chance they have of saccess? Shall we trample on them, and grind them to dust with the iron heed of power ! f No, -sir I will espousd no iuch tntl republican doctrines I Will vote for ho law that declares to the ' poor that theff shall re- miin in hopeless poverty, and to the rich thit . that th y alone 1 shall bave the cnioymeut df property." ; t . : - But speculation is to be put down. If the Senator means by speculation,' unwise and hazardous affic, it has always existed, and always will exist, where enterprize exists, uri- , Less he can uproot the desiro l the human mind for th sudden acquisition oT realtW--He might as well undertake to: stop the emo tions and passions of the human heart. .The only way to make men prudent and sagacious in business and it is very desirable iKey should be so is to make them see far enough into the future to avoid ruinous hazards; but; tha rash, who often have a passion for wealth, .will indulge illusive hopes and make tuiuous bargains, unless the Senator can e&arge their understandings and increase their saga city. ' j . . . ' - . There is-but one process by which cedit and speculation can be Suppressed, xsnd . that is, by denying the means and facilities of bu siness, not to speculators alcne, but to all; snd that is. ex .ctly what the argument of the Senator tends tc; He proposes to dimmish the circulation, declaring that there is an infla tion, when we are crippled dowrby the scar city of m:nsy. He would diminish to a vast extent the resources and ability of lenders, wtien t.ie rublic is iri despair for want of cir culation. He assumes that diminishing the currency will diminish wages and the value of property, and so it may be; hut the .first great and abiiing resu t will.be. a- diminution . of business. His theory abolishes credit, and lea. es nothing but a reduced currency to do" business with, and no one c.n deny that a re duction .of business must follow. Is the coun try prepared for this? Do We grow too fastt Is our enterprise too great? Do We labor tod much 1 Have we too mudh to cat, drink, of wear ? Are our comforts and enjervments so lTn d ilm w iiwilpWr iwMii 'thir - should be curt iled ? W hat response will the People give, to the3e inquiries ? Let him who is willing to be pared down first stand forth and proclaim it. Warresare to be diminish ed by curtailing thedemind for them ; for that is the effect of reducing business. The Senator, in his argument, seemed to forget that the evils of a contracting and con tracted currency bear as oppressi vely upon the public, and more so, than those of expansion. The difference. j3 this : in expansion, the weight of loss falls on the creditor p'ortion ' in contraction, upon the debtor portion : but in either case it is a grievous calamity. He cannot reduce the currency below what is ne cessary, without even more suffering than arises from too much. . V The Senator from Mississippi (Mr Walker) goes for the abolition of paper. The quantity of specie in the country is not supposed to ex ceed about 880,000,000; the President puts It at $ 83,000,000. This he argues would in sure a great reduction of wages and of the va lue t)f property, which : he insists would ' be beneficial. I The Senator from Missouri fMr. Bentou) is also for metal alone; and these gentlemen have bestowed the highest enebmi- urns upon the policy of the hard-money ccun- tries. The latter is enchanted with the fact that the Hollanders have grown rich and be- come great lenders of money, while wo are borrowers : and 'I will solve for him this enigma upon his twn principles, lie iiri- putes u to gold, and inters mat we snouid do lenders if we had a metallic currency only Who, 31 r. .President, are the lenders of Hol land 1 Those' individuals who have amassed millions ; who at oae time owned most of this cityi and who ( can bay up empires, with their boundless wealth, having profit ed by a state of things which made the fnivi.eged few rich" while the many are' eft poor-i-while the laborer, as I can prove, gets but his 3f. and 4J, a dar. "' This is the last policy we desire; the last that would be in hanncny with the genius of our people or in unison wrh their true interests. It is dif fusive wealth that we desire ; . a general pros-1 perity among all ; property scattered every where, attainable by all t.rat deserve it; and thus invigobting a successful business, in' which all raiy partici.ate, instead of amas sing it in the pockets of a few. We are bor- rowers De iiio. n is Deiier lnnnixeiy Det- ter, to borrow,',andthus diffuse capital to x ' cite industry end enterprise, than to amass it in neap ajad rx-corse lenders vo nations, wiia a nation of paoperstt home. But, sir, I fear leave dwelt too leng cn these matters, and fill hasten to notice that for "which I chiefli rose. Much . has . been said of labor, and Viat Is it 1 I may say, without offence, it iia commodity bought and, sold, like merchandoe in the market, i A man; has his skill and settee to sell to whomsoe-. ver will buy them, so bis amicus desire is to obtain the mostlibral remuneration. The Senator says the vala of it is regulated by bank paper. Not so Mr. President; not so; but t hi fly by the ariVint in mrket,'nd the; demand which txistj for jt,, curreiicy ir iy, however, at times hqe its influenci?. If the supply is great, and le . demand small, then" wages are necessaxiyow ; but if the supply, be small and the demid greattbey are hich.. When business U flishing. the demand is. urgent, and wages risV wben it is depressed, Hene.. too. in coautFs depselj pcpulated. demand aiminis 'r , the supply is neeess&lygreaten prcpor- . tion to fiie business, tin m cctmmes Jnir peopled. J Thus we sJ wby; wages
The People’s Press and Wilmington Advertiser (Wilmington, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
May 14, 1840, edition 1
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