Newspapers / The North-Carolina Star (Raleigh, … / Nov. 15, 1837, edition 1 / Page 1
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' . . . j -;.,-:-' -' . r, am -' ' '''""'.--. - ' 1 ' . ' ' ' ", I -If - . -" - - 4, ' I nALEIGH, N. O, WEDNESDAY, NO VEI&BEIl 15, 1037 VOL XXVIII. NO 47. I TnonAS J. LEMAT, AiTQiTljniymoytBT' out tehiyis- ,v,catrTtnr, Hue dollar per annum one liatf ta advaivee. r-peron retiring with Hit the State will he "Teqdtfeit 19 pay the i mount of llis Jfer'i --euUserinrina in 'lvne. , UiTK4 OK AIIVERTISIXO. For every )4re (not eseeedinf 16 line this i type) Brit insertion, one dolUrj each ub ,winrnt insertion, twenty -lire eenls. try Vbe ailvenjv-ment of Clerk and Sheriff, will be eh "Ted 4 J er cent, higheri and a de duction of 3 ! J per cunt will be m-.de front the regular price tor vdvertisers by the jrenr. Letter to the E fitor mntt be pott-psid. Slate Bank of IVrth-CnrollH. I'artuant la resolution, adopted by the Stock bolter of, this Hitnk ilii, day, notice it hereby ' given that a Jtwo'dkhlend of the capital (lock tad rffee'a ol the Dank will be paid to llie Mock koldera or to their lowlul repreirntativei, at the lt.nl. ol il.e.Sjite of Ninth Carolina, In thi Ci. ir. on and after the In 'Monday in December aeit. on stirrendi-riiig the certificate of atock id. I by them. Untie further hervbv in, that the note. Tthit Ra .k and branches (il tli. re he any oul- "-wsadiaty reiteerneO at Hie ol the (ate A North Ornlina in thii city nly, anlil Wkinat. hwlutirc, and ivol"ii;i-. anihronler ol the Sloekkilder .. -. VM. I'K.VCE, IV1. HaleigK. Not. 5. I 3T, 4 3 Krgier and Standard till lit Dec. BANK STOCK FOR SALE. 100 Sliarrt of the Stock of tlie Hank of the Sute of Noriti Carolina, nr to many ol them he neoeaaaiT fir the niarmeut of the ilebt - ar w Wch they hedf4 ) -M ienld a- the door or the aaid Hank, on me l .iimia in iw.hmt' htr CASH in hrta of ten j,,-,. C. UEWKV. Cuhr. Kaleigh, Oet.SO, 11.17. "COM M UX I CAT I OX. fTtir- the Star. J TO AN "OLD BACHELOR No. 7." 'To the nuptial bower, Ikd her blushing like.llio m rn; all Hcaveu And happy constellations on that hour tilted their selected! influence; the earth Cave signs of gralulntion, and each hill; Juvous the birds, fresh gales and gentle airs AvVwper'd tl ta the woods, and from their wings Flung rose, flung odours from the spicy shrub, Disporting till the amorous bird of night tSung spousnl, and hid haste the evening star , On his bill top to light the bridal lamp " Tljo sang the Celestial Minstrel with "po- Vayiii.liuephrji)y -rolling-glancing lrm t t i ir-"!T. l.L i. iTum if Heaven lo ranu mm ituiii mm w un? i And who, gentle reader, do you think, wouU presume Z question Milto..'. judgment- 'T" : V' ,. i .,.,. u. r.t -.!.! -i.K i a better half of no extrnor .inary excellence or. ani.. ..y. 'rP?Wri"r.'g.iimmrtodtoo many worthy young gentlemen, spoasa for the .mmortaU-h.s merely to gratify some peculiar whim or pleas. ,ared eloquently tn favor otprtmeval nu,Mml rtCoUr,wUUonrDai I wlTTnoT at pr. I.I..S. Just so. But "n'wU' 'f-ent enomemte their faulu-the, know them ferewoe? Fir wjwnnn 1 "Ush,n?:u f" K My object is simply to defend them tli morn" to the bridal altar tba 'joyous birds, . i : .. j. fresh gales, and gentle airs yet whisper to the waJ" in n.iaa ..l.l mama ail rm lltst tfilt RlaMninsT " i , -r mgled measure the wft meaning lie wh.ch hind, two wA-w tus, . evening .... ; may not "light the n bis biU top" lorevcr for immor-, of that silken tie V WWUS f I II I II IVS w srv. w and if Milton' birdal lamp on bis bill top lals, still,, . f !rfj dtrnnM in clouds of rosy hue. "" Flings from tier o1Mini7ii "tptt1tew7 Aad Kih-joni mw ltet glimmef r. Sacred eve, ami' walk of tender joy. ! W iluM are mrtoln riinseouentinl. self-diff- ailiedTT'"if oldj'acheloia," (I like the term term it is tiHtnltirlu appropriate,) whom the ' gentle feelings of love have censed to exercise a j way, gentlemen in die full vigaur of old age, who estimate happiness not by the "long list ( nf admirers whom they have discarded" but by the many cold repulses they have been doom ed to bear who have so long and wishfully Uthed at and essayed in vain to gather the lus cious grapes, that, like the hbled fox, lliey have concluded, with the most admirable ingenuity, that they uro and pocketed their lot with what pleasure they coutdt Verily, this is hap' lines with vcugeance! To them I would at jtive of taking an ordinary one, or remaining in present fashion a true, but civil and well-mean-1 tingle blenejnet: JuU so with the old bach iag discourse. What? True and yet civil ror, and when he taunts the old maid verily it id wett-mraning- Yerrkj 9i H wiil-'ts-lia'mand' eut tihtwmd,'lTreft that hei exhibit, if for the sake of nothing more thari the more vulnerable. His armor of Irolic and fun. contrast, a philosophy vastly different from or assumed "hapjtineti" ia thin, and will affor I theirs. They have either slumbered on, Rip him but a partial protection. Van Winkle-like, for vrars,' awaking ontr to look around, rub their eyca and go 10 sleep a- rain or, mayhap have been wide awake and full of fun and still 6dated on the stream of life, from the murmuring music of the pebbled brook to the laughing' cascade nr sunny lake, gathering flowers from eilbe bank ibai wither, ed in the grasp, or anon sporting amid the bright whirl of waters but constantly neglect. Ing to guthor the golJon sand ht gliiu-red a round, or take from the over-hanging rock dia monds that might have burnished into brighter glory forever. The they ehosa rather to In hale for a moment the odour of ''flowers" th'l floated in "wasted fragrance on the desert air" to admire for a moment some 'gem of purest Tey aerenehraurve (welled into the consequence 01 muddy creeks and bubbling rivers that "rtar yoa as gently as any sucking dove." It waa enre their privilege to kneel at beauty' ahrine to pour forth the eloquent strain of impassioned affection or in one languid glance of the still more eloquent ye to convey volumes to the maiden' soul; and own, "Willi rapture-smitten frame, The p.iwor of grace the magic of a Haste. But how have they acted? How many maid u's have they wooed and won? Or rather, bow many did their manly beauty ' in aunhf youth cause) to love with the sly and silent af factioa of delicate female? Recollect, I do not bbune them for being kandtame that would be an arraignment of "the (tamp of fate the auction of th Gods." But I do blame them for the many lirighteye that have grown dim . for the many Wy cheek that have grown pale for tlie snasiy lovely forms that have faded away into thej tomb, through thtir cold neglect. True, the towers of each eaoeeeding spring bloom with the same balmy freshness but those who would enjoy them sbmihl remember that feels beauties are evanescent that they are riat4 with lightning-pinions wither soon pes together to the dim land of dreams. It i the lot of woman to be wooed and won. Ctotleroeu must know, frtm txperience, that eret affection exist in the human heart for. d a the tide of life. Thi untold love, espe ru'ly In the female, i peculiarly blighting ' Iry sorrow drinks bar blood and though all railianc that health, and beauty, and inteP ran oisw, may cluster upon, her brow in veoth, U U slimmed by the failure of a recipro eal affdction. or perhaps forever quenched.' And Wwj-rTTWToftatnbugM OT tier peerless ana Urt ciouueu beauty may atterwards stir the wave o toft rrpote, 'tii only to Who of on -foir fljwftf th- win u hm truth! im a ia ih. aroomi.- Witb.ffeiaa.tft.tbia bopekM Iota rsaara.. I... I....:t..lt.. . tu .1. a, .tu - J will clatp iu wingt la ita aide, and coer arid conceal the eorrow that ia preying upon ita vi tala, ao it ia the nature of woman to hide from the world the pang of wounded affection." Baeheliri! da yoa realize the immense re aponibility of your txart position? I aay ex act or to uae more polished term from Major Djwini, you are "ciactly" tvm with the world, irijs-i uw unuwuiiT ramiriffui "Aiiuf auia eiccpt tbn y.iu are alwaya a leetle ahead. Now, you ah.nilj not paddle your own canoe o ut 'a'lrjd or the mrTry waler-nympha and demure nld maiJa, merely because you are tin- gU-h,iniUJ, or aveme to .compiny, Depend upon it, you will strike npin a broad, full sea too soon fur your own consolation. When the gathering clouds and roaring winds minjlo in one ra itus of aW(m upon the boim of the eter nal deep, an I the sun of Jife shall faintly quiv er and ainV beneath ita shoreleas wave, who shall pillow upon the fjnd breast of reciprocal affection the langui I brow, or sojth in angrl tnne the fluttering of the departing spirit? An -Old Uachelor No. 7," appears et tremely eolicilous that every body should know aomelliing of h!s ''benevolent" disposition. Jit can "appropriate his Utile fortune to the promo liin of some 'bcnevnlcnt' entornrisc. and still deprive no one of his right." A eiige ronclu ion, truly. But il he docs this, he will stand like Sanator Benton, when he put one of hia balls in motion, "ttUlari and alone." Think fJfaltUtfitay.Piltl "AaroM-aartieloTrta-.-king pleasure in giving! Aa well mieht we e- peel an iceberg to melt beneath the-eotd ffght-tif an Aurjra bjrcalis, a that Bachelor heart should yield to the moving of benevolence or pity; fir ita fairy light may gleam, but its effect 1 will prove poarerlma u the .mantling, blush up on the cheek of woman, (like some far-wandering ray of the setting sun interlacing with golden-penciled light some snow-white cloud in the cerulean vault above.) which reflected so long and beautifully upjn bis insensitive heart. Air 'Old Dachclor,' notwithstanding all his stuJied phrase of self-justification hi sophis try and honied word, is a very "Jfanttrum htrrendnm, informe igcm cut lumen ad unfit' urn" A one-eyed monster, who pokes hi head from hie e'tcll only to scan matter and thing who one eye, and trumpet to the world the wretchedness of old maids and married life, and his own happy escapes and puro benevolence. He will do well to remain hereafter p rpetually encased fr if be shows his head aain f ahaH . .i l . i i t it " P"c u ""J"'-"' "'J' iiim 'tOTrcw thc neaiitic "if thfl rfirrfc aide of the t . "houlJ raoUoet that "whom the aod f'1 d7 rrt '"J profit 'T t' reflection. .f Dat the Old Maidar little to blame. They have probably rejected, too many good offers ucceiwru, jn Uen compelled to .how . . - . ' that successfully. I have ieen compelled to show fc wJMt , Btt:heIor-No. 7," . not whll, he ih()u,j or ,cndj Uul folowin, .necdote! which I recollect to ' . , . . . .,, . , have see .7 somewhere, the old bachelor and old maid must for snce be coupled together: "A little man, asking how it happened that mrinvbsViliYiiI ladies took tin hut' with iildif- matty Dffcrs, war thu Ipttv knsweredriy a niouilBuirTnaiden; A young friend of her, during a walk, requested her to go into a delightful cane-brake, and tliefe get him the handsomest reed; she mdt get it in roina- once ihrousH without turning. She Wont, and coming out brought him quite a mean reed; when he asked her if that was the handsomest she saw? "Oh, no, replied she, I saw many finer aa I went along, but I kept on in hopes of much belter, until I had gotten nearly through, and then I was obliged to ae . lect, 4be best lhat.waa.left." : - Thus it will be perceived that the disappoint ment is mutual. The nld maid rejects in youth many a gfod offer, in hopes of getting a bettor, until finally she is reduced to the bitter alterna- h to conclusion. 1 would tecommend every one -olJ bachelors and old maids, to reconcile with what grace they may their unhappy differences, and give an earnest of good will by a mutual pledge, to hare and to hold each other from this day forward, for better for wtite," at the bridal altar. It i never too late to do a good ac tion; and if an "Old Bachelor No. 7," ia to be credited, it cannot be done too soon on his part, aa A is .''comfortable" and the old maids "de pendent." Are you there old tru-femngt In Matrimony alone can any grade in life from the young, bright and beautiful to even the de cripid in years, find substantial and permanent happiness. Matnniony immortalized by poets, and honored "by even the allegiance of cold phitosophyf - Campbell ha painted; 4t4-'a-th treanured picture of a thousand dreams." The intellectual happiness of man is vastly height ened by it and even if he hath not wealth and bodilv comfort be can point to hi lovely wife and darling children, and exclaim triumphant ly, as did the noble Roman matron. " Inksc Aa Mf'iwat'" C CELEBS. SPEECH OF Mil. THOMPSON, Of South-Carolina, the BiU to pooipon the payment to the State 0 the fourth in ointment of the Surplui ReMiWte, delivered im Me ., Rep't Sept. 3, 1 837. The bill to postpone the payment of the fourth instalment of&tta -aurpW revenue being under consideration Mr. -Thompson, of Sonth Carolina, addressed the House as follows: ' M. Speakers I ahall vote for the amehdment 'of my colleague, aa it make the bill more acceptable; but 1 shall vote against the bill, even if thus amended. "Time and reflection have onlr served to confirm my first ins nressiona of the wisdom and policy of the law depositing- with the States the surplus in the 'treasury. The chiel recommendation of that iaw, , to me, waa not the money which it gave to the States that was a small matter; but it was that a fund was provided to meet the future exigencies of the govern- jCiintrJuwhich "by each partiilar Slate in ita own el w7. w't jot regard to the difter- ment f nt nteresti of afch State which couM bent bear txtion. and not br the ma jritj Interests pf the General Gorern-is&me i a. at intnir. aiiKt itriinriifir anil rfK pi. 11 past experience hai proverr it to be, of ine interest ang circumstances ol the respective States. It there were now a deficiencr of resources. I should feel constraint, by the principles upon which 1 supported that kill, by plight' el faith, and the peculiar interests of those I represent, not only (ogive back this fourth instalment, but all that we hue received. No such case exists. I have examined the statement of the resources of the Government presented by the gentleman from Tennessee, (Mr. RellJ and have made the calcu lation in various tortus; and, sir, I am satisfied that he has demonstrated (for it is a matter of figures that there is no deficiency of funds. Charging the Government with all the demands op on if, including the fund of 837,000,- 089 set npirt to be distributed am on 2 the States, the unexpended appropria tions of last year and. the appropria tion of this vear, and vou have an a- negate of 885,009,000. Of this sum the Secretary informs you that 81 5, tW.OOOniiorTrre i pe n tied during tne year, reducing the amount to 870, 000,000. " Tlie payments T made, and the admitted resources of the Treasu- rr, amount to 64,000,000; to which 'J.d POOjOOO. Jn the ..handsof jlis-1 bursing oaicers, and vou have G9, 000,000. In this estfmate, the accru- inj revenue of the last half of the pres unt vedr is taken, on the statement of the Secretary of the Treasury, at 7 000,000; whereas it has been proven to mr entire satisfaction that it will ex ceed 89,000,000. So that, instcaiTof a deficiency, there will be a. surplus, even if vou do not withhold from the States this fourth instalment. I am unahle to perceive why money in the hands of disbursing officers of the gov ernment is not as much the money of the government as if it were in the Treasury. It is only one step hearer being piii l out -that is all. lite Uov ernment can order these officers to pay it back info The Treasury, only to be raid again to tlie disbursing officers, f, then, sir, you withhold this fourth instalment, you leave in the hands or the government 89,000,000 to which add the 812,000.000 of Treasury notes, and you have a surplus of 21,000,000 of dollars notio meet the wants of the government, but to be deposited in your sub-treasuries. 1 have another and an insuperable objection to. this bill. The States will receive the fund in the bills of the State banks. The General Government wil I not, and anot-reeive U but in gpeciei -The officers of the government will bo con strained by law to demand it in specie. I hey will be constrained by that which, with them, is stronger than laws or constitutions by party obligations and an irresistible necessity to play out the desperae game they have com menced. I will uot arm them with this terrible power over the deposite batiks in their nttd ami ferocious pe- rimentof a metallic currency. 1 would sooner see the whole amount of the fund sunk in the ocean, than the widc- wssting ruin which a demand on these banks tor 812,000,000 in specie will produce. At 'th you are askctl to adopt a measure which must lead to tins pressure on the deposite banki snd LiUe'it debtors, ilQtXlmMe.nddiarther to indulge the merchants on their bonds. Wlijf this discrimination? If you press the deposite banks, is not a corresponding pressure upon their debtors inevitable? Why, I ask, are they to be pressed, when the tnirehanta are to be indulged on their bonds? I would at this lime presa neither. RTheae considerations bring up at once the sub-treasury scheme and the metallic currency. They are all cognate branches of the same system . of measures, and one of them-etmnot be properly considered dhKonect(rd wTfti the others;-- r As to this new expedient of sub treasuries, I am opposed to it in any and every form in which it can be pre sented. "This new expedient! yes, air, the old word experiment is somewhat odious; I have not heard it from the mouth of an administration man for some tmwth Nf-VirT4t-i-n ogl v word: IT.-ar that if the present regime is to continue, one tfalf of the words of our language wjll become equally od 1- ous. I like this new word better. It is singularly appropriate. It is one errdenCe of a better alate of thins that the Jack. Cade banner, which has been for eight long yeara floating over us, with the motto "hang all the school master, has been' Towered. The meaning; of thia word "e ipedient" is "means employed in an exigency. If our whole language had been searched, a word more singularly , significant could not have been found. But I con not conaent, by this dangerous ex pedient, to relieve our rulers rout an exigency intpwhich they have been led by confident fo'ly and reckless ig- norance. I have been too long de nouncing thia scheme of sub-treasuries as a tremendous engine ol power and corruption to support it now, although by another name. Br giving to a evUed nacoh.laa 'b'armfeas name, I wilt not be indacrd tdrjar my Jay my 1 I sr. . jf nrau upon it. it i taid that this is not a sub-treasury sy.tem. Indeed t , will gfnite Tl ? V . .. . r5"CBl" iw what has a " . " . ...... a eioiore osen understood by a sub- true, sir? Will anv man rise in his Ve".u7 7J,em' v he give some place, and aay that "he would fear to definition tf sacb a "ysttjin which does deposite his own money, jewels, or not describe that which ia proptraed t0 plate, in a bank, or that lie would have ds? It h the very system which was the slightest doubt of having them re first suggested by a Very tvorthy gen- ued to him on application? But the ftem in -wttfl a very savage name, Mr. jJtnVha,e .mppod payment: ther are Gouge,) with the exception that it does therefor, broken. Is an inabili'ty to not specially direct the sliding shelves' pay spacie equivalent to insolveiicy? and hvdrostatic biUnces. In every i Between man and man is it so reird important particular, in ery point of ed? 1) is he wholds the note uf his poliiicat danger, in surrendering to' neighbor for on hundred dollars, who the Pi-esident the unlimited control of j is worth one hundred llmusau I, regard the public purse, it is the precise sys- his debtor as insolvent, or his debt in- tern winch, a few short nun tin since, was so generally and justly denounc ed, it is, sir. a sub treasury system: I go farther it is not only the embryo, it is the living form aud shape end substance of a government bank, and thjt in its nifMt dangerous form. Sir, it is one of the most melancholy sign of the times. The sword of the gov ernment was absolutely surrendered t the late President, the present in cuntbent.not being exactly the man to wield ih ft, a word ,uAcuUI,. -as-4f 4n the very wantonness of a surrender of every J5if ant joLpublic.libertyT it u now proposed tt surrender to liitn an instrument, more compatible, but nut less ptiweriui the pur of ihe coun- IrX nJ. patriot wif i ng pn tbe eve of a warmly contested eleciion, (in the a f i vr ...1. e ' r . . 1 city 01 new 1 oik for example,; upon which the destiny ol the republic mty depend, to trust five millions of the public money, with the power and the temptation to us; it, in the hands of one man and that one man the ap poiuteee of the President, whose verv bread may depend upon the result of that election, as it may turn in favor or ag.tinst the administration? Sup pose a wicked and ambitious man fill ing the Presidential chair, fand these are things to be looked to and guarded against, for confidence is not a repub lican virtue7)wi head of these treasuries his own cor rupt minions and parasites? Are you witling to place in his hands "twenty millions, to corrupt your people and perpetuate his power? I said, sir, that it was in fact a bank. . I care not by what name you may designate it. U is admitted to have that character, as a place of deposite. ; W ill the system not also necessarily involve the busi ness of discount on exchange? . How are your funds to be- transferred from places where they are redundant, to places where there are none? By haul ing money from New York lay to Pittabars:?;;. y. sic, but .byr draftsor Oiils. - Tlese-b'rthi with be bought at a premium, when above par; at less, when below par. What power of spec ulation ami fraud do you not thus place in the haqds of your agents? How ma ny losses shall we not suffer, from bills thus purchased and not paid? Who is to lose, in such cases the govern ment or the agent? We shall .have hundreds of applications to release our agents tiom nrclt liabitiOesYoi tne same character as the famous Purviance claim. Bat it may bavaaid that trans fer will be made py drawing drafts on those places where the funds most ac cumulate. Does not every one see, by whatever name-you may call it, that this will make of the agent y In "New York a great central power, around which tli e whole system must revolve , dependent upon it for light, heat, and motT6W?Trieir5s tol88ue".Tstirii6T proposed that tlie drafts of these agen cies, and the Treasury notes about to be issued, shall be the currencyf It will then be aliank of issue, deposite and discount, and in ita worst form, with greater ioeocority, greater power and temptation to speculation and dis honesty, and greater facility of using the government funds for corrupt elec tioneering; purposes, titan with a bank at Wiialiiiijjton, wit 1 branches distrib uted all over (he country; as the secu rity against all 4hse is greater wilh an institution with twelve men to manage it than with one. , . Why, sir, (hall We be driven into this dangerous and untried expedient, when, to say nothing of other plans, that of special denosites with the banks is better in . every possible point of view? ; Iri Spain, where a system of sub-treasuries exists, it is estimated that not more than one fourth of-the revenue received ever finds its way in to the public treasury. In France, not more than half. I he banks will be more cheap dejoatories, all will ad mil; more secure, a the responsibility of ihe banks.will be greater jhanthaf, which can be secured from avprivate imlividual. The facilities of transfers of the publie funds will be greater, and the risk and the patronage less. Let tne state a case; and stating it, fur nishes the answer. Two millions are deposited with a aub-treasurer, who is the appointee of the President, of the same political party, and - dependent for hi support upon his salary say 83,000; and "for that upon the Presi dent. , .The same amount is deposited with a bank of a million capital, re ceiving ,the same compensation, to be divided amongst a thousand stockhold- era': i tome apecial Id the greatest Dower? Would special deposites with the banks in-1 . crease their power? I cannot, for the lif. f m. 1....- u... .1.. i..t,. wa VTT JLf U l 1117 UBIIB.I, is said, are not td be tf ttatedV"! thia secure, because he has not the hundred dollars in specie? The promise of a bank tn pay is no more than that of an individual. It is a promise which pla ces it in the power of the creditor, in both cases, to exact specie, or to sacri- nci the property ol the debtor if he fails to pay it; with 'this decided ad- vantase on the ptrt of the bank, that the creditor is fu ljy jnformetijf Jtlie condition uf the bank, and well knows that the bank has more notet out than it-lm-specie; " and" Wore thaTn iir" times of panic and apprehension can. by any piiibiHty, btf conimantl;dThe cretl- tt is not given on the Taith of the b.mk having specie, but that it has pr.iperty. or, what is the same thinz, Ucus upmi the property -of its debtor, t teet its engigvmnts; that property, be'ttti measure of the vafuc f which cousii- tutes the great value of s.jecie. an I (0 buy Svitrclrrspecie is alone wanted. 1 uke as an exam;) e the condition of the deposite banks in the State of New York. They had, at the date of ur last annual Treasury report, gt,08r.- 678 in specie, to meet demands upon them of 44,737,475; and yet ; knowing this, the Secretary made his deposites, and gave to Congress the most confi dent assurances that the publie-money was sale, no it was, ir not because the bank could pay all their obtigi- ttons in specie, but becau.se. they could pay, and have paid, nearly the whole amount in that which alone was ex pected. ,..;,.;" J--w-iit-. .1. .... The banks not only acted wisely and honestly in stopping at the .time they did, but they would not have acted thus if they had continued to pay until their last doll r was exhausted, If would have given a preference to nome bill -holders and depositors over others that very preference which it ia the object or a bankrupt system to pre vent; and might, besides, have put it out of their power to pay their other debtors any thing. No, sir, the banks arc not nnlyjtmtUliid tatheapprobatiuJi, but to the gratitude of the cmntry; and that they have received both, is conclusively shown by the fact that every-where the people have abstained Irom the exercise of their power to co erce payments in specie. They have stood nobly have they stood be twecn the people and general bankrupt cy. .They -have done more: Ihey have enabled our merchants To save their owrliigh "characfeFahd "that "of" the' country from the infamy of paying their ttebtt by wilful and fraudulent bank ruptcy a course recommended . to them by those, and tho organs of those, in high places. JBuk frontery o?" these charges upon the banks mu it excite a just indignation, when it is teen that.,e very ,ingi act imputed by the Government to the baTikTaiTl' "ciiineaTbeeflTemmifted by that very , Oovcrnment, not only without earuse, but with aggravated enormity." The Government has stop, petl paying specie, when it is unques tionably in its power to do it, . It may at any day raise funds in specif by loan; the banks cannot. The Govern, ment, whilst it refuses to pay its debts n specie, demands specie ol its debt ors; the banks only demand the same currency that they pay. lake the, conduct of the Government io the mat tCLof the French indemnity; that in demnity, rather than delay which for three months, until the meeting of the French Chambers, we were well nigh being involved in war. After it was obtained, instead of allowing the claim ants to draw for it, and have the pre mium of a foreign bill on their own money, it is delaved for a year, that it may oe orougni noine in specie, at me loss of the premium, the delay, and the expense of transportation.- When il arrives, is it paid in specie to the claim ants by the Government, their mere agent? Oil no, sir, but in paprr; and the very next day the man who was refused his own specific money, if he owes to the Government, fyesterdav his debtor and" refusing to pay specie, is forcetl to pay his own debt to the Government in specie. If the banks had been gui ty of conduct so flagrant and flagitious, what shouts of indigns tion should we not have heard from one end of the Union to the other? But the banks have shipped specie to Eng. land chare. I believe, wholly- with out evidence; but, if true, has not the Government done th very same thing? Has it not very latejy paid a debt to tho Barinz in specie? t those odiooa Barings, who have been guilty of the voune- and vigorous countrv. with ita immense energies : undeveloped, that capttf I which we needed, and giving v me soie control 01 it to American citu iens. But, "at worst, it is ; but a dia " crimination between creditors; and a charge for it cornea with an ill erace from a Government which paya us, who hold the rod over them, in gold, whilst they pay to the time-worn veterana of the Revolution, and to the soldiers ta yoar Florida campaigns, bank rags. Sir, impudence aud effrontery can go no lartner. I am, if possible, still more opposed to the other untried expedient, of de- mantling the' due of the Government " 111 specie. I will not venture on th experiment in the pretenl condition of the country, how gradual soever the prove may be. I will not take any more drug from quacks who have re duced me, in their recklessness and ig . nuraiiee, from a state of health to one of almost desperate disease. I will not venture on another and a violent and dangerous remedy in any state of the system, and especially io the pre sent condition 0! feebUsneaaVaud inani- tion. I will not now, by the sliehtest " uiovenient.s'uke public confiJc4e.t ii time when I regard it the first duty of a statesman torestoreit.-Enecia t ly will 1 not venture, upon a measure w iicli t believe .to be absolutely im practicable, and undesirable if practi ce If we were in a state o nature. nd bMit for 4he first time to enter im to social relations, and form a Govern ment; or if we could,.. by a univer-al agrarien law, divide every thins cquil Ijr in'iney-& property abolish debts. audio bfiriii J'e novo'. I s'lould even then doubt about this metallic curren cy. Hut, taking the world aa we find it, the thing is impracticable; or, if practicaple, only to be attained by that u a i versu I change" Tn the' personal cir cumstances of men, that wide-wasting ruin which no people can or will bear. It is an old saying, that it is easy for bystanders to make observations. It may be, thai those who owe no debts. - or those who, havinz debts. are reckless of the moral obligation to pty, or be yond the reach of legvl coercion, can look with complacency epen the seen of universal suffering and misery which will result from a return to a specie currency.- "I regard a deprctating or diminishing currency one of the ' very greatest scourges or man. Peti- ence has its horrors, but they are tem porary: war has its tod, and its suf ferings, but it has its glories and its tri umphs too. But the miserv Drodueed by sweeping whole classes 01 society from ease and affluence, to a eondition of poverty, helplessrtess.and despair, is oeep. witieixnx, x permanent.- tt t:es seeinlhat philosophy ha been teaching by example to little purpuso. .In eve ry similar crisis in oilier countries, tne conduct ot Government has not been like that proposed to us the cold, seitish, and heartless policy or the Srceily miser sternly exacting his own ues, and careless of the universal suf fering of others. No, sir, it has been kind, parental, wise, and efficient taking their full share of tha suffering I I . i r il ..!. I aiiu einuarraBsiueuia 01 uieir people, .rejoicing. when Uiey rejoice sorrowing ' when Ihey sorrow. 'On the bursting of the Mississippi bubble in France, when the indebted- value ol the whole property of the kingdom a time of dismay and despair an l restored confidence and busine-tv and give repose and happiness to its. Eie.iple.. ine same was the course of -England on the blowing tip of the Mis- , sisstppi scheme. . . A more striking instance perhaps than either was the memorable year, in England, of 1793 a period of unpre cedented embarrassment and difficul ty. The Government came forward, ' not as a grinding creditor, but to re lieve the general distress, by the issue of five millions ot exchequer bills. . The fiat of Oinnjptitence could not have? been more instafiiafibus than the ef fects of this order -Before one cent was issued, confidence was restored. and not' more than half the sum ever was drawn- So would it be here. Our Government has it in its power. by the simplest means, to re-establish ' confidence, and restore business to its accustomed channels. ' But it cannot -' do this by expressing its own distrust, . by the demand of specie. Our whole , disease has ben more a disease of v credit tban of currency. It is th fashion to say that our currency is te'-" - dundant. ' Will gentlemen, before they talk of redundancy, tell -me what is Ineir measure of the proper amount of currency what 'proportion to tha value of-property, to importations, or- internal commerce? . When they shall have fixed upon this standard they t ' will have done what the ablest writers on political economy have hitherto fail-1 ed to do. I venture the " proposition, , that, accordit.ilia.lljhe established t iudicia of redundancy, our currency ; never baa been redundant. . .Will you take aa a! standard; .the currency of France? : By the last account 1 hsv seen, the specie alone of France was , . 120,000,000, or about 9600,000,000i . if to this you add a million of paper, - - 1 r 4;
The North-Carolina Star (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Nov. 15, 1837, edition 1
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