Newspapers / The North-Carolina Star (Raleigh, … / May 22, 1839, edition 1 / Page 1
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VOL. XXX. i THOS.r. LEMAT, (DTUU AXU PR0PKIET0B. TiiBrns Seatr.eirrto, three dollare perannem tu half 10 advance. wim.ut ihe State will he reuuire.l to pay the amount ol the year', -aowWti 3WeeVrB.w.ct.r.. treatment, fram which he began to find nu ll vrci or . AUVBRTTSISR. meiiiate rtM;"aid m alia wVeka aa per For ry ,qore eseeedim. l Ime. thi. fet -ise typejarst insertion, onednt Isr; each tab.' ri;ntmriion rwentv-ltyTTOnU. ! C.ISJ5 OF rC DOLOREUX. - Vfcft. advertisements of Clerks and Shermt ...,, t . . "i, !?. MdSS,. nr. cnt.hiKh.r;. nd.de-' Mr,. J. B j.ihnn. w.fe otC.pt. Joseph Jlc'ron ofSltperLi.t will be ros.le from -h. Juhi.son. ortLynn, Mas, was severely afflicted regular priees tor advenier by the year. , lor ten J ear. w itli I IC Doloreu. violent pain Leitert la the Editor mm be non-paid. ( in her head, and vomiting, with burning heat - in the aiomach. and unable to leave her room. Vr? UlIli'U.Y IM'POHrWT CADriOlM She could find no rchrf from the ad. tee of TO THE PUKLlfi. ''Cave me . several phyiciana. nor from medicine i ol any DOCTOR RVAN9, 10J Chatham Street. 'J after the had commenced lining asks the preaent opportunity, of tendering Ida Vr f1""' """dieme. of 100 Chatham atreet mmt unfeigned acknowledgements to thei.e- nl from that time .lie began to amend, and meroiii patrons (afflicted ilb ihe vario.it ' satisfied if he continues the medicine form, ordiaea.e incident to h.tmanitv) who day longer; will be perfectly Cored. -nmm'.K.ri il.-m.-i., in hU care, and Hefeerncc can be had a. to the truth of the he h. the satisfaction of knowing from many .1- - . u i f'.J . liiing evidttw: lieved ttu nllc within tlielXf .111 ..liinff lu I ncca, iiim lie on ix-hiu.u wi m- j-espective maladies, a, far a. lies ifMrpaM nl human mean,, now .iisiressincr Uc annicteo la UTTKrKIA or INDIGESTION ! poisoning all me sourcesof i enjuvment, and leading in mny. instances to the miseries of nypocnndriacisin. Long as it ia been tbe- ahjtf -loqiwrf by rutdies) aiilliort, it remain, involved it much obscurity IV. Jundice, Diarrlicri, Clyilera and Cholic, alio perform a highly connpiciioua part of the drama f moibid affectione. Ur. EVANS liu been aingiilarljr iicceafiil in tbe treatment if i lie above complaint., b remedies drawn nm retrarche. of the most eminent pit) si ci.n, in Europe. lie ha also had vast eiperivnee and success througliout the a hole lannly of delioK diea ies, all of which are for the mo part nggra. vaieil bv or rooted in the coiiititution by the Co:V'PIUAClE.1 -of MKItCUKIl. MO R DKItEHS, UN P UlN CI P LK O. - U S E D t'C A TED AND CNPKACT1CEU in any ait save that of attempting to lead the credulocs on the road to rum. Dr. Evan's office is supplied wi'h choicest remedies from foreign markets, and enmponn jled on the mnt scientiiicpriticiple. ""A'irtijrsltjarj it iWayt W' lllenaaTict.lih'a:at thnsrwtrncomff therein the hour of need eo L)r Wm. Evan,' Medical Office. lOOCIiat- ham street, New York. (IT1 MOHE CONCLUSIVE PROOFS the extraordinary efficacy nf Dr. WM. J VXN-g celehriied" CtttOMtl fi and alleviating afflicted mankind. Mr, Kohcrt XmejajnlJl;vjy;y.Oi;ase.Xlu entery, or JJtoudy Flux Symptoms: unuatual flatulency in (lie bowel severe crripinjr. frequent indication to ro.to nausea, vom frequei! MiaVwith. au in tulc ruble txajrHwe -dowit of te f parte, nr. Cameron is enjoying" perfect hraltli, and returns lus sincere thanks for the extraordinary benefit lie had received. ' a rERFErrr core op asthma, fifty KOUK. YEAIIS STAXUING. ' V.ffctied by the treatment of l)r. Wm. Evans., This it to eertily that I w.a aitstked with the i Atlanta in the ninth year of my age, and from Ihat nmeanid the prejent year, a ieriod of filly four yean, I tne btea tubjeet lo that ilitette. For the iatt nv yeart, I have had it almost in retniiily; not being eeniit Irons, it more thsn laeniy-ft.ur fioui-a at auy one time. -I hail ton suited i he mort tkiltol phj iiaiam anil tried many reoiedie willioul any relief. In Jime latl 1 com menced uting lir. VVio Evans " t-tetble meili cine, nut wuii the espeetatinn of fft:ctiir a cure, lor I believed my eaie liopelntt and my itiwolu linanear, but wilh tbe dope ofobtatntng moment try relict. Kelore I hail uted two package! I was entirely relieved, and 1 have not been at tacked wiiii it abrce. 1 can now say Ihat 1 am perfectly cured of tbe diwate, anil confidently recommend it to all who may be afflicted with that dittretting complaint SARAH SIMMONS. August 16.UJS ; &ASTl!MA, THREE TEARS' ST.ltf VI.YV. . -.; ; Mr. Itobert Monroe. Echuykill. afljicted with the above distressing malady. , Symp tom.; Great lauour, nlulency, disturbed re rt, tiervon tieadache', ' di ffienfty " of 1rea--rime--tirtittiss and stnclnreaotowtlie breaat dizziness, nervouiw'.Jjitability and restlessness, could not lie m a $?.rznntal position, without in am ai7iiritiiiui nnw.tiiftis un nnm the tentation of imtb-adinff infibcati'on. p..' tiiiaiinn of the hea eJertii Usiooi, tenesmus, loss of uppeu e, king, frequency of pise, and. -ahtMpe of ; tecKaly firttiT tivenets, pain ol the stomach, drowsiness, i to uenerai jacKson nas ueen made lst debllity,nAtlefideTicxoflhe nervous Chief Justice of the United States, eherjy. Mr.TtTTiionroe gaye up eveV Woodbury, the Secretary of the houirht nf recovery, and dire despair sat on , i ,i: 1Qj, the countenance of every ern interested J, -"r7' . -Te,4r OP'" In hi. existence or happiness, till by atxident. Tederahst and elected as such by the he hotice'J in sTpiiE tie paper aome ectrei effee." Fetleral party to the Governor's ehair ted by I) it. wm. EVAsv MEUictNE m n.t complaint, which imiuceti mm tourchase a package f the FtHs, which resulleil mcom. - pMely.rS -vet7 ,.ympt., his motive tor this dtelaration is, that tliose affiicted with the nuMM H-aytotfihM-4t3NeHrem which he ia happily restored, may likewise .eceive he same ines timable benefit. ' ,, ,.. browne; wife ot jneph prbwne, North at., Williamsburgh, afllicted the last ten years w'' ,nerC"raP1impletelyelotedl Henry Hubbard, another Senator fva."- tmnwTC".1 f r v"" - "" ' the llartfoVd . Conventioit .VAs; Symptoms: Habitual cnnstipalinn i -l ' of the bowela, tolal . loss of sppelita, it XcrWn,tu"n? .? " cisrtnft pain of the epi(strro region, great de-' " I arret D, It all, another Senator preMion of spirits, languor,, and other aymp- Blue light Federalist. , ;nm. ol esireme . debility, tlUturbed sleep. am?i Cushman. member of Con inon mate flow of the menses, .pain lit- the press ie r.. ....... i . i i ' . l 1 -:.t- ,Jaa it. i... un .1.1. i,i.i Pre,B. ' rePrted to have said, "he out an aggravation of the pain, urine high ,?P - t,od tn every American ol Wr4rwiU n" msrehed into Canada (during great derangement la the functions of Fso he late war would leave his " bones ver. ti- : there.' - -sW tWwe warsrttendert eythteeef 'it'Pren(iWfttitf-'xi first physicians, but received but little relief s Democracy was a pestilence that feonitWif rnete.tdl Mr- IPcure,l flyerlie ioUnWw-V some of Dr, Wm. Evans, invaluable prepara- r . ,? , .. V . i -tlona. which eireciually relieved hetr of Ae a. perOiCiOU-blast that Wllhert -every bave dislres.iiife symptoms who otli rs, which thing it tQltcheS.' ' - -'..'juai r H is not to ersenfialw Intimite.- j JOrfiard TfttvA. lafly"Tan 'BurenV j i City and County ot New-Y ork. es. , ' JosenH TJrown,sJV'illiamj.biireh, Lanr Is- ww -r''u.'r'Amwat:or. m federal timik aetnalle i.i t..:.-. aa aZm ',;;th.at,:ih ; eni, to wlich'he''ha"iMihc'rihe'3"'hS Sttj-tst and true, , JOSEPH .BKOVVNE, -H iiuh.nrt M th. Min 'fl.nn.h Hrftwnb.. wniN, before me. this 4tU day of January, 1838' '4t. xi-,ii'i Xaurjf Curt, performed by Dr. pr.rp.w viKrtTWF.T: nam: r n(t.- . Wm Evans", oT TOO -Chatham street, N-Y Mr. W. W.W.oM03 Eldridjre street, was laboring under disrate, which was by many physicians considered incurable, and could finil no relict from any aource whatever, un- til he made application to Dr. Kv.na, and placed himself under succesful course or sbove, by calling at Mrs. Johnson's daughter.' Store. 289nrund atreet. K. Y. Blore 383 Grand street, N. Y- PARLYTI0 EHEU MATISr-A perfect eure fl'eeted by tbe treatment of A)r. W. KV NV Mr. John Gibson, of North Fourth it Wd'i.iotburgh, alflielcd with ihs above com. plaint liir three years and aloe nionlh. duriu( whiob time ha had lo Ma amlabaa His euict T"iirtom "wCTB-eaenreiaimn jtam -la atl teirjoimr but especially in I lie l.ip, tliuuluer' anee. and anklet, an agrav.tiaQ of the p.mt towards n'tlh't snd fur the niott part all limes Irom eitcmal ben, an obtiuus ihkkenioK of the fuscia and !; menu, with a complete lots of muK-olsr Kw rr. For the benefit of those aflluiled in a similar manner, Mr. Cdiwm coneeivet it meet In say Ihat th the pa.nt have entirely seated, and thai ) piniun on a Subject which I COUsider t have completely recovered their natural ' e , . , . , ,.0J he leil. at to re.m. his ordinary , f vital importance, and tvhich lias ttl -eta. i read v ensured so much of the atten- jninl hone, bn'inens. MUs. AVNE F. KENNY. No. 115 Lotiit l0Il 0f ur mit diatitlsruished states tlreet, between 1 l.nton and Houston tit alHicled, , ..rinciidsM uiiutl lor Itn yea. t with the following ditueuin tyinp-, mu UP0U ' gr,S!1 P' "Cipiea Upon mint: Acid eruciationt daily tpatnioOiu pains j which that subject inUSt . be .ettleUa..! in the head, lots' ol appetite, palpn.iion nt her aee wt yourself and Mr. RlVeS. I heart, eid'lmett and ilimnett ol sight, could not ' i .t - n i .i i . Ionher aide.diorb.d re.., .itea i.bd.tyf consider what is called the suu-treasu- ciipanmg in any thing Ihat demanded vior or ry Scheme, as fraught Willi the most for- euorasje, snmcttmes a sUionary i,le f " midable evils. I consider it most de- vatinn of her disease, a whimsical aversiuotot . , ., . . . . . . . c p,Hicil;peo,.d;i. giunndie.. .ppre-, ci'ledl j at war with the . civtli.ation.of fienwH of psrtonaf danger and poverty, an irktae age itt wJlkltv we-irte- Ba " tltreat" I snineoeta and weaiinets ol life, diMonlenied die-j gnietUile od every tlighl octatlon. - thetoneeiveor - . ; ","i;"'7J.,u'T .Tf L' ;..e could neidier die nor live, sTie" wept l.-,B-,T-wmt-rhtr-nr1 ted, desponded, and thought the led a most mis- characterizing features of the nine- erable lite, never watany one to bad, with Ire-' teeBtll Century. It seem, to nie to be ,HMrKrnXdthel:w,e n. several eminent moat decided movement backwards to nhtsicians, and had recourse to numaront men- wards the ages of bai bill lStll. 1 look icinrt, but eniitd aorobtslw tisiiiaieniy s-iiHrt-ouetliob with the more olici- vMtwn o hermrestihir " ttSte. ttit' heT burnmd - , r V i '' iu . ' .i ' f persuaded her to make trial ol my mode oHi-eat-. ,u,,e pcauae I know that the people. hhe is mi quite rfiieveii, and tiniit ner-; self arft only eaintble ol aitetnlinr In her domes- oml ofher - (io affiles, but avows that the enjoy t as health at present as the did st any period Wm, SI. Mason, & Cb. Raleigh; 8. Hall, Kewberni . M tfedmoad, Tarberoeghi - It. I) Mecben, Wasliiiietoni , ... . F. S. Marshall, llalifas, . .. " bpotswond tc Kohertlon, Petersburg. C Hall, Norfolk; A. Dnvid, Uiehmnnili Lewis Jolinou. VV.sliinon, D. Cj " Mertimer 3j .Mawbray, Btllimore. l'.1'- k-iJ ,w;.n.i. a.. ,.n iKif, . pearances, a I I hi . t L ... ! irteitr - -;ikC r" . . ml. u...ri iumu i. riiv rriirviwiti.T Vnmmj,.., niii. u-iiri.i' 1 1 j 1 1 w nun 4 nivii mri aiiin. can tBM5s?iJwaiaisn .. , JLITCRAIsV JMOTICE. , iconmiercial-revulsionst which ever aSs" the most profound distress. Forest Colle-e, ee the 80th June, l3g. " t "ese revulsions. no matter how Mtjl, IM9. si i rare, strike the imaginations of 'men, n """ "r ui (and are regarded by the unreflecting 77ie I an Buret Democrat ic pari y u the multitude as the characteri.ing pheno ,r Federal parly. j Inana .f ti,e item. Whenever they Van Buren opposed our own Madi. take place, the people will, alway. son durina; the warm 1812 voted for. lk exclusively to the prominent parts the tariflTin 1828, and for the erection .of that syatetn, and charge the whole of toll gates on the Cumberland road, 'calamity upon them, although these II- a-. I a I . I . s ' J . r O lle auppor.eu me proclamation anu lorce bill winch even Mr. Ilulleman 1- I T II sayt areeaerai. ao mucn lor the chier of the 'Democrats." Bv the bve. it is jsaid the little gentleman blushes at the name vi Kcraiirr.i. oi now iook at some of its leaders, and see who and what they were befere they turned TJ.I l!--- l ii. . i . i r -1 reneraiisoi, aim was .me leaner oi me . . .- ln M7lnU "' " the late sin of every commercial revursion of New-Hampshire. ' ; jamn Uuchanan. ; Senator frnm Ai, sn u 4 t - V- , i 1 """" Juein.e;t, ill loii. -iiiai . ii he had a drop of Democratic' blood in -aiw heuldeTTJuf. w This ! J for ;m : I n.,.i iri- J.' e. r flueltrauams, Senator from Maine. M.r ldison in eulgy during the late War.'l .l ; mounted the black cockade, ; ; ' i i '.i ' - r i ' '.. "r ' ' V'',,l"r';' r ' vital rf. tnaertou tan isuren can viiut rf. tnaertou van isuren Revolution had be been old .enough,?' All the foregtiin, charactert.' are the prewntleadefsof the Demoerstrc-par-lconomy. ty, and are jreatlv loved and admu'ed . .t I I I . I by the faithful" in this District .Mr, Jrfl'erion. who knew tliene men well, predicteil that they would creep Unto power in the real character of Feder alists, under the stolen disguise of a ftlse name." Look fur instance, at Jte.Tc.kera U. S, Ban.k and in ternal impruveinent man, presiding as the President of the Van Buren Hum- bun; Convention at Richuiond. So it is plain enough that the Van Buren par ty is Federal, whether you luok tri its mensiiret or it its lenders. -JMorloik Whig MJrt. From the Alabama Sue Intelligencer. THE SUU-iUHAiUltV. We have been politel.v pertiiittil. in compliance wiih our tiniest solicila tiiiiisi, to grace our columns witli tile following very able letter from one of the inoit profound ami ilimiguilieil political ecoimmUu in the Snutli, to a member of tire legislature of one of the Southern States, on the subject of the Sub-treasury: The letter, we deem it proper to say, vvjs not written Willi the remotest vouuf in- publieatiuuv . I t is dated" ' ' ' " """ :" " Fubrnard, Dear Sir, Yors of the 4th ins'ant, was duljr received, 1 ieel highly tutter by the terms in wnicn you nave asueu my o ni,nr th,. overthrow of that ffreat SVS wiinsft voles win uitiiiiaifiy tiecitie tne matter, are peculiarly liable vto take wrong yiews of the whole subject; the great mass of manktnd-juttge-. by'-ap- ntl the sagacious remark ant, in wtvidi first jsjipearaTices afe of tener false, than in political econ omy. It will be a long time be forfe the people will be familiarly ac quainted with the great subject ol cred it; and uhtil they are, the will - be li able to marty abuses. The ' system of credit, with its manifold advantages, is liahle nevertheless lo nrrakinnal may be the mri exponents and not .., ... .... the eause. Hence, during the middle ages, whenever commercial distress .e.w il. nnJ.e u,nr. tt, great'money dealers of Europe, were gure g0 lo I he w ill. n London,,- till banks were established, Lombard fatreet. the great monipd street, was remionaible. To the hard money 1. ' . . . . . I the La ettes. and the Tor an as the iRreat private bankers, who have to bear ...... in countries like bngiaml and our own, where the proirress of civiliz.a- tion has reared that great engine of im provement, the credit system, and sus tained and developed it by the opera tion nf bank companies, the banks must of necessity, become the most promi nent parts of the system; hence we are not to, woniler that wuh- us -an- ttadi. criminating tribunal should charge the wiioJ e e v U-of comme rcial i r ev olsmn s upon the 'la 0 f pay their debts, they are very apt to charge their ruin upon their creditors. IVi-m banking country, banks will of course be thUrgestcreditorg.and there fore, will be charged with most of the sin. The popular c amor in our coun try against all banks since the. late pressure, serins tome to be a peilect illustration of this general remark. A few years ag. when the credit st tem was streched to its extreme limits, and the country seemed to be enjoying unparslelled prosperity, , there were thpfe who c"ouJd look on and stimulate the banks to yeTgfiafer expansions,and the moment they had thus overstrained the system, till the whole . superstruc ture. ws . overthrown, . could . then come forward and calmly recommend a total disconnection oi the govern ment, witli. iliembeciaseJuf tlhe jnis-, - r , . , ".: j cmei wincit tne latter were anppuaru toTtireprndoorowhe that the rtge ff sprculatiorl almost al ways precedes that for ban kins. : The effect is mistaken for thf ease It4 k' -'M.i rMf-iA'-- :-10.);-"i:s -:.if-'Sa''"'"- v uw-'!S-'lV!-'t-' rue, uowever, inat tiia. ellect in time becomes a pnwerfullyepefatiag cause, Tooke, ia hi treat work on as. ia irtiuenuy ine case m poimrai e ll 'L i f t 1 . nign anu iow prices, nas shown moil conclusively, that in almost every case, of what is called overtrading, the great propelling cause in the first instance, has been ectirelv txlraneout to the banking systemj'the operation of the latter being exerted secondarily antf derivatively. I do not pretend to de-j nr. but that the hanks mav often car- ry the spirit of spec u latum farther than j it would otherwise sro: but to eharire '. them with the whole evil is most un-lply fair. One of the most terrible revul sions in trade, which has orcurrrd for the last fifty years, took place in Ham burg, in 1T99, where tliere was not a single bank of circulation, nor a single bank note pausing from hand to hand. Wherever the credit system i erect ed, and the tra le is great, anil a part f it hazardous, there yoti will hav-orca-sinnal revulsions, banks or no banks. Wherever the trade - is be! ween the merchant and the farmer, with little or none of that hurtardous branch which may realise millions to-day and sink them to-morrow, there you will have but few revulsions in trade, whether jou have4ks. r ; .:ilj-.l,.-Jtle!s not ueen a smgie luiture in our nine village, it is nut because we have no bank, but berause we are engaged in a trade "alfoicter between "fariierahd "alfojcter between "fariive merchant. Scotland ha had more banks than any country in Europe, in proportion to its population anil wealth; and yet, where in the world shall, you find greater stability in the whole mo netary system? -Anti why? Simply because the trade of Scotland is alto gether iflt iradt trade m a limited si-ale. The 'whole of Scotland exports only tine hl'lhof what isexptiried frpui the single city of Liverpool. You have revulsions in London, Liverpool, and New-York, not because of the banks. bat because: of the greatand. JB ustnating; trade. ::whiclt they iare-itarrying .on When ihvrkrts-atrytvu-mttat ten - counter irreater hazards. When you When are playing for great prizes in the lot. tery, you must expect to tlra sxca sional blanks. You have, it is ' true, fe mrx t ei-uljuojin in France,.Spai u, lt, ly. the hard money eountrie,ha vuu iutvein England ami the United States; but is not the difference owing t the fact, that Rngland and America have-atr faf lJe4 aU4heiivco tors in the great ttragle lor the inter- trsde of London, Liverpool and New York into Havre, Cadiz and Ven ice, you would soon have occasional o vertrading and revulsions,, but I 'una jrine those cities would thankfully re. ceive the boom, wrtlv ell its attendant evils. U.-:t-. ' '"i. I have made these general., remarks on banking, because it is impossible) to disguise the fact, that ihiw sub-treasury scheme is nothing more than a tlecla ration of war on the . banking system The cry now is, for a divorce of the government from banks. Such a di vorce cannot take place without mis chief. To put ilowa the-banks is im possible, unless tome scheme is devised to rnin them all,, .That being the case, we are bound to act in a manner which will best secure the interest and har mony of all. The sub-treasury scheme will, not answer the purpose First, because it would, as has been conclu sively shewn, make specie a merchan table commodity, by giving it a premi um, and thus forever prevent the : re sumption of specie payments, r. keep the banks in continual insecuritjjil they should ever again pay specie: Second iyT because I believe thJ sub-treasury system would produce much greater fluctuations in the currency than the bank,Jep(iMtftjjstera.oJ4C.aa.lhe despote of (he General government op- .iLl LiQr jptt4ttc,f,KrJ uctuations, ft T must arise irom tne stimulus given to to the banks to expand the currency. What is there to correct this tenden cy?.. Evideuly, the great check which is the only true aod sate regulator ot the bunking system, the unfavorable influence tW'ihe -exchangee through the' operations of a depreciated, currency. This produces a - demand : for-tpeeier ahd lhardemahd warW sn overissue, and of the necessity of curtailment. Hence you cannot infer! that the.expansion will -always -; be in ! proportion to the magnitude of the de posits, because the moment the banks over issue, the unfavorable exchange will produces demand for specie; and that will immediately correct the evil by forcing a contraction. . If then you have a small revenue, the deposites in the banks will ' not stimulate an ex- pansion;-Firstf because, of the small nesa of the deposites; and, secondly, because of the short time they remain w'in tnffbanKir"ir"1hrt!epntitee :re great, then they will atimolate to ex pansion, but under the restraint above designated. . Now, let .ut look; ft ino- ment at the Operation ot the nub treasury scheme. If the revenue be smaJ! -r and ulisbjiried regijlarl TsiJhe. miscmei oi tne system win, ot course;, belatt2nllItttrfZESEi i .. a ' state of thinss, the extra demand for gold, and j! silver? will, keep lha scsjr .rencrin. -fllj.viiJs. But let us iuppqse. for a moment, that the sub-treasury . scheme shall ever be tested by what hat already happened to the banks, that is by an enormous surplus revenue for a time unappro 1 priateil. Imagination can acarcely onceive of the calamity that would 4nVifnstee Ourwhole circulating medium, I mean the money,, both pa- Pr and specie, dcies tint at this time much exceed gl20.000.000. .Kuw, if there sh'iuU bejijurplus revenue of B-10.000.GOO. vu would suddenly ab-; sti act one-thirJ of the whole from cir-1 tulation. Lpon the pnnrtpte t sup and deinaml, prices would latl te- third. But when we 4ke mt Con sideration the shock that would be given to confidence, the cotiquent tjitrust and stagnation in trade, and the hoarding that would take place! t'uouhout the country, the conse quence would be awful. There would be a reva uiion in the country, surpas sirrg anv-thtng which the aaR;erated fables of the East have ascribed to Aladdin's lamp. . A debt of some thousands might bring the millionaire to bankruptcy; and the fortunate few, who were in possession of the liens-' the mortgages and dt etlsof trust, or a liitle ready rash, .would immediately bjcotntheWU, the.aacextdin'Ll In the meantime, mis very" drpcesTioir wuuld turn the tide of the metals into the country, as we lately saw after tltc removal of the "depoMts; tliis wouid Kill op, I be vacuum; and then should there come an order from government to dis burse (lie hoarded treasure, you would have g40,000.000 poured suddenly in to the circulation.; which would instant ly blow Up the.dubble of speculation by a sudden rise of prices, to be . fol lowed again by another revulsion, ' . -. Mr.' Calhoun, in f peeclt on the sub-tr easury bill, aflirmrd that the re- establ'ahnieut ot the United Slates bank would produce a demand for $20,000,- f00 in specie; which would probably break: the:Wfte& bjtnkiHg:. ysteui lite United States, - It is astonishing ihat jhe - dHH !w po w- erlully that assertion must militate a gainst the sub-treasury scheme. Du ring the late crisis, if the tub treasury had been in operation, there would have nee ti ft demand furlrty mil lions -l dol lars to be hoarded in the shape f spe ciet it requires no ssT:e to leiMiow completely t4ie banking -ay.ttem would have been prostrated by such a demand. ry few of the sub-treasury advocatesllhatW bSTikmgfTrcnU- the ad ministration plan U to guard ' gainst a surplus! Then may we tjot tax them with most tinfatr dealing in their argument, -when they -ro - gainst the whole state bank deposit sys tem, because of the failure of what is called the pet bank system, although under circumstances of ntana;ement which . make it a J very unsatisfac tory trpf rimTt: and - utwirT" the Irt fluence of an enormous Surplus reven ue, which I have no hesitat.on in sabr ing would, with the sub-treasury in full operation, have inflicted a wound on the body politic, which it would have required more titan the wisdom fan other generation to heal.' But' the ad vocates of this scheme tannot expect al ways' a revenue exacMy proportioned to the exigencies of government. Ev ery revenue derivable from the cus toms and sales of public lands, must fiuctua'e, and that too between widely srparated limits. Just look t the his tory of our revenue for the last two or three years. We have seen it rise, antJ our coTers filled to plethora then a vastly reduced revenue then comes a revulsion in commerce, "the sources oLourteeiJue:ftfe:iuddejljOjlried up, - and even the t accumulated revenue : itself teems, like the. ball Underthe. iufislec's unu-hwve disappeared as by enchantment, and exchequer bill m u 'if be TlMuel To 7li s charge the pubiiciluei.AVitli these trementluus fluctuations in the reven ue, I can conceive of no scheme so well calculated to keep the currency of the country in an eternal. ite-$au at the sub-trasurr plan , It will become. a sort or hocut poetti ivuem which will produce endless revolutions in the condition and ownership of the-propertT : of ibe-'it'oujiir'rrrrTrr I hive tome idea of writing on this tubject, and of trying to shew the ef fe ct hieh the boarding f specie in the ancient world, and during the feudal aget of Europe," hat produc ed. '.- 1 .': . !-- I have no question but the strong box system kst been one tause of the . fre quency of wars among ; the. ancients, and among half civilized nations.. For hoarding in time of peace, on the prin. ciple I have just explained, would pre duct a i most intolerable ' pressure, which war would relieve by, it rapid disbttrsemefi tsof the-heerded treasure. The effect produced during wars, by spending boarded treasure and b bor rowing money Jo pay troops end .'. pro cure all the instruments of war, gener, ates a deceitful ' kind ' of prosperity, which msket war appear to be benficial ana peace uisastrous. oir .win, tern 1is cuntf tin trd -pf Hot- - . at-rr'.t , - -- - -sV 1 Tantrrin the IStli cenlpry. "baa deicrili ed, in a drar and comprehensive maji- nrr the eeneiai stHgnst ion in 1 he- mer- cah0l.wor1d,vhich iihmediately rfof-1 toweu me peace oj Westphaluu, . A similar fall of prices took ; place, Rafter the peace ef Utrecht, tiJ 1 7 1 fc-Vfbe tame thing wat observed ip Europe alter the general pactncation in .WV3f , , consequent on the termination of ir i rvolutinary war., . In the same roin. ner, during the continental wars against f the French Republic, and afterwards ( against Bonapane suh an inflated proe- ..- vl penty, in the midat of the heayiest ex- , . pemiiture tiiai had ever oeea Known, was observed In Kngtaml. that even the clear head of Arthur Youpe was de ceived by it. In his writings, he bossted that war had made bngUiiu the empo rium of the woild, and that ' lui h j scene of wealth and . prosperity filled ' every .eye, as the sun before hail never shone upon.'1- Tilt saw (he . delusive character of the prosperity and fore. told that awful reaction which did en- x sue at the termination of hostilities; a reaction which lasted more than twenty years? and brought down prices to such" an extent as, in many instances, to lewen the-jmcqmes and .property of whole classes of soc'uty more. than one-, half. I intend, in a few days, willing to Henry Italian), author of the '"Mid dle Aces," and "Constitutional Ilis. inrjf.of EntU'idloj!tk4tjiBme.jni foinratiofl oivThrptiiar to' wttfclt; I ifav5 It is one of the most 1 curious connected with the history, of natTnhsrand tine unfortunately whirls it rrnuiresdeen penetration to devrlope clearly.- Few of the cotempnrary hit tonana of past ages have known any thine of noliticul economy, and con. sequmtly have have not. been enabled to trace out the cHects uowtng from this svstemv- Noavv we ran only trace out the. connection between . cause ami ' effect, by an accurate nbservation of air facta vtbiCll have tome tlowft to ot, hovf. ever scanty they may te- r , It is said by sme, that tint scheme of collecting he revenue in apecief will have tfttUBiicv to, thck-, 4he and consrquiraly will preventhtitely' - thn.n variifalinnsiaJjjtni-HJJcn wiij ... give ut a reiluntlnnt revenue one Tear, and a Uficinit one he next. and that this effect will flow from the artificial demand cheated for specie. To .this .Ljms.wer..fu'trMt-lJ.bc the banking system would be in a state of constant insecurity, which would eUher- b rea k I heTn1is,-vr pre v enTltrm trohT attaining the treat ends ut their estab lishment.- For we must never forget, - IOOK 7MvWftJn'evy ruiun" nuiii j uuiMKiiis, perishes. Jleiice- tore of t ilt)ert resulting from the' irgisUtion f f lialf eniigiueneu men, in regaru to tnia sua- - jec- ey -r.u" WM f ery i can ,iwii, f.vi j ft.,-,,.....wiiivii ... nu . lie. devised,, shoulil be thrown uponrthe banks; not reflecting, that when . they are thut tied , down and trammelled, they cease to produce, good. ?uf.in t lie e con d p lo c e suppose -4 he- ban k t -could" staniljijainst tlie . cpration f the ub-trpasoryTiChe!nerihr"lrT ut" 'tee.how..ther .would ,be sfllctcd. . ,1a, times ofliigh prosperity .when ConfiJenre was great., guvcrnmtnt would cullei.t in specie, iliia specie would bo deposited -with the sub-trt'iifurers. r be exchang ed fornotef by those ttlBcets, ; agentt, et. among whom it, Wat. ditbured. Now, the moment there thculd , come A revuUiotv in tiede, and cnnfiderce 'should be destroyed, the stream would con 1 1 ivu e to bow jrum the - ca n k s, but vfould not return. 1 bus suppose the revenue g20.CC0.0C0. f In t inri .pi in. flated priispeiit ; when " the system (lUtU ;l possible, j check -the. banks, they would be but little afl'ecfed, be cause "or fhe7 c lxtnij miwn ui 1-ilti'IJiartniild be pnuretl out.i and twenty ,, millions nf dollars would return. But let a irei- ureutoineiud.4u.eJVly.wllW-ttoul4. be'poured tiut,.nnt to return until can titl enre-wa rrstnred."A lidr y hii C I c t " me 4tsrMMiI4 be the chance il a. re. storation of ronndeure. with so awful a drain on h system?, Thut ' you see ' that this system would a fleet the banks Teist when the f spirit : " nf speeulfltioit - .- wfth anjrresistable gravity , when ,' the . K houlr. of pressure came . ; Every man , wlW knows any thing t.tbanking,must "", know" that thia result it greatly to be deprerated. t ; ' You may ask, whether I do nut eon- ; sider that all these-tvis would not flow from, the ;jeci"a dtpotite lyiiem? I ' . answer, that I do not know ', that I , ' r ' rightly comprehend that plan.' If (he ' deposite it to be made in the notes of specie paying banks, and the .identical T notes ire again to be paid out then. I - V ssy that, although the system would be " ' , greatly preferable to the , tub-treasury,' ' yet that it must be fraught with mis- chief. It would be better , than the ' otlier system, becau-e you ' dispense - wjttt.ib.e Darraent.ta. jnectr. which form I the lesser portion of the cireulat ing medium," at the same iime that 1t .it the, basis on which the value, of the -other portion it established. jlut then -the tcneme jftiuld labor, under this disadvantageIt would produce all (ha mischief of tfi'e hoarding scheuitv With. large, jqr.pl us revenue,it wouMpro--; dace the mpst tremetul (tus ttsciTlatione--in, lite currency! end IT think ' would .eiidaC2.cJke. yjwle .lankins M'stetn, Sapposc tmj "thnnld hate tach i sufptus'" as we lately had, fund I insist nnr test, irtg every scheme t by that state oi tlungt,. which hat thrown to. mui h odia um en the ttat bank system) this forty 'i i rat -I,"' f -4 c- i x J 1 ' 1 '''.4, ' my., 4 " - M I -1 - h :;&.-'
The North-Carolina Star (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
May 22, 1839, edition 1
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