North Carolina Newspapers

' ' Ml -II I. II ' ' HI I I ' I II I 11 I II II I i l.m I - I .,.,i. .. .,wr-i..-. i'n,.. Tp- J- ","' . H 7' ..,.,,-,..,, ... , 1 , .1 . - ,1 . T 1 1. j, , y .UU-..- --;r?yai EV SERIES. GREEXSBOIIOUGH, N. C, F1UD A V MORNING, APRIL 27, 1838. VOL. II NO 10. JIL'HIAL OF THE SUU-TKKASUItY BILL. - ; l-ctii.r Iran a LocotlxS.. in Wushiiigtun tu-h'w j political friend. 44 Nut a drum was heard, nor a funeral note. " Ai fvcr t!it- ramparts tie hurried' I'ot a word wassuul, nut a speech v:i- made, A the l!.l! through the llutue was hurried. IVo kindly Coiiserwttive came to our aid, A' uur tavonte measure was buried. The (uo-i.oii was taken in fifeuce and tears, Or only disturbel by our sobbing, iiile tvrrrfiie doubts and awful tears In the h jar to of tlie faithful were throbbing. 2Xo useless .imeiidi.i' nt cue umbered t!ie I'.il, Xo previi.-;!Si,'e.-io.:i nvu it, Tiis laid -L th ; ,.e oeserted cad btill ; i'reciscly as't it came from the Senate. Sadly we counted the "nays" tu the last, And the absent ones strove to remember : Wc said not a word of elections just passed, l'ut vc bitterly tliought of Xovt mbcr. Ve said imI a word indjtcilce of it, there, We were not 'to tell the truth) able : Il.it v. e fo-i'rota our .-eats in silent despair, . And ieit it alone on the table. .1 lie iiiontii 111. wlt.e.'i tu Coii-re-u.nal i l..ctiou t:.U place. iWnim-t Journut, 'i bl'hl'k'll UF :.iR. STKANUK, t)F .N. (.'.., : Vi-Uii rutin I In .. nalr of the V. S. March ", i l-.'.o.i ihr .Sub-Tnusury Hill. I .Mr. S I KA.MjM addressed the Senate ' n.y lollowi ; j W ne ri, at an extra session, I had the ho- 1 nor ot submitting to the Senate, in as con-' d used a manner as possible, my new sou j the subjuet now under cyu&idcratioiir I did j not suppose that, under the pressure of I Vii.it high responsibility which . rest upon t w ry member of this distinguished body1!, 1 lta and engage anew in tht in'oirjerttbus ttrife. 1 did belu've that such a direction would b gireti ;o the subject as to lull in- t o,rr7iorrrflw'e-t'-rrK-rrfi' el "thsrord-TrJiTcrr' have hi cn ao long uu'.viiug through the po 1 neal atmosphere. 1 did not anticip ft tn.tt the political patient would be foienl to In- tot mi.i(hs in ignorance ol his die-as .tiiil wiinotil the application ofanv rente. ly lint, in hit anxiety, and dislr s, his Jiojies .tod his (ears might be appealed to, tu wring lit'im him concession. Hut su''h 1: ts b ' u tlie ic-iiilt, a. id lb subject is a j' lin before us. and, notw ithstaiiuing the j.neat ability with which it has been diseus- d, I let I ti un il nt , avoiding as much as 1 it.ibii grounds heretofore 'oc'cli'pi'edTiv" in. ate to oil I' aoilli slioiiS to the cn- In doing so, 1 shall probably repent inuch that has Ineu .-aid by others; and U mor proinptetl. Loth r h'-r in igie ton Ii it I should st ( in tedious to the Senate, my a- I h is grow n up into a vast uiountain, desliii t) i!ogv must !.' loiuul in the magnitude oiled to belch forth its volcanic lava in evetv the stilij ft. It isoT thc s:dv 1 )rop'S' to ad ocate, so full of topics that tin; ililli e.uky is not to find something to say, but 1 JoQk to the subsLantial argument brought to select Jioai tlio va.-t masdol matter which j against this measure, I f.-el the same e.ul c.rowds upon tie- mind. In this respect, i tat ion which filled my soul wlieu I read in perhaps, the gentlemen in tne opposition jn iv seem to have some advantage over us, lor the little that can be urged ou that side j Congrt ss. Then I felt proud of my coun of tlie ..ipitiation may be thrown upon . tbeify, of my principles, and of the inau who the- muni in all tin: loree ot concentration, while ' fvi ours the i H'eet of each is dissipa ted i. t ie variety of considerations which claim addition. I i the remarks which I Jrhall thake, I beg h ave in the oulsi t to dis claim any person allusions. Personalities in debate are, in my judgment, wrong in tilery point of view. They viol tie the dc- coruiii which becomes these halls. They -d around it, lam oppressed with gloomy .jro breeches oi,hat J'sm'i.ilT. ..fe,jtjduC3d.' forebodings,' .and my hcs.;'-sk'tw the which ViuwKI ciiar.ictenze the intercoiir-a; j anticipated miseries of my. country. Oh ! of inenibers of -the sime body. They in- that it were inine to wield a magic wand; t rft re with the faithful disc uarge'of ",luty j by which I might, brush awiy trros-; clouds, tu our constituent?. They are incohsit&rit jpf prejudice, and lay bare the subject in all Willi" our own self respect, and tb-tracKits simplicity. But the wish is vaiiand from our proprieTy s" 'gentlemen. In any I mwst essay wlut.I caur however limtfed things thert:iore, which' 1 may say, I war ! my hopes of success. upon parties, not persons : upon principles, The first and most natural mode resorted JioUnen. it might seem. invidious to.e-, to by rhe. cncnucof an ludepondeut J'rea- bet ajiy one from among those who- have pueceded mc in the advocacy of what I con ceive to be the cause of truth, as a peculiar hubject of reioark: but. when it is rcmcm beretl that the Senator from Ohio is a native ol the Stale which 1 have the honor in part to ii pn st nt, that he hath been transplant ed from in v own sunnv clime to the' cold legion iot tlie Jakes, and liatli yet put tortli ! ry iiiiug o.ingerous ami oetesiaoie- i o i;or in unabated vigor, and is withal one of the row a iigtire from the Senator ol South Ca- i 1 : vtiungest members of this body, both in j - and s'...t,on. I mav be excused, for ten- !t niig hiin itiv th inks as' one oi the Doui er.iey ot the (-ountry, anil, so far as my ieelile unco 1 1 4 iv serve, cheering hi in on in tht r ice he has so nobly won. In tile fuilher progress of my rcin irks, I i ill tn at tht origin il bill reported bv the vuitfee of Finance, and the propo-' I ' - ;:tut ol the Sen ate- liyui irgmia", to . -. , foi. Ii P.': ... ih's dream, the sub- mattt r ol any con.sequetic; to tlie creafute ' " is oho, auiaough prescntedjiii a two' charged whether it is true or not. This . jiwww.r,..-A 4-riK-fiwelUlwM t ! wwiHrtM1--ha lHmn htwh tbt f1 ier inijiort.int particular'; for, if the tub- lloor in a torn; of voice, and with an empha tit.ute -hould mcvail over the oriiriu.il billu sis which might have disturbed the sleep lit vtrll I... .:...........u;..f .tlu- wvtt ! V'l'and good tars f corn bv the seven ..ti,i.n, 5.'reJil, and -blasted bv the east -v i.i.l: the destruction of the seven fat-! J -fi t"a::d-f.lUf vtr.ul,' stidi were nu- A' r seen in tl land uf F,rvt for o i.l-' This t has b' t ii msth prcyv - equally important is likely to engage the attention of Congress thiough the lapse of years. Its importance i evinced by the 'nature ol the opposition it has been doom led to encounter. The press has made it and j its advocates, lor months past, the themes I of ridicti'o, insult, and vituperation. An 'opposition ill.' most talented, compact, and I powt rl'ul ever known in this country, has met it on both lours of Congress ; and ev en some of those, to whose bosoms the principles are dear with it is intended to support, arid ho would pour out the blood of those bosoms in their defence, uuder (they will excuse me for saying,) "u strange a pacing strange delation, are found warring against it ; arid shputd Ill s bill fail, had ;t a voice to speak, it might x r:i;ui in i s nying iicccnts, "Tu quwfue Bru te" with tlie first man in Rome when he fell beneath the daggers of his friends. This reminds me that the Senator from N. York, Mr. Tullmadge, bade the friends of the Administration 44 beware the ides of November." 1, for one, receive the warn ing in the spirit in which it was givci, al bert i muy not proiit by it ; and in the kin dest manner I tike leave to i inuul t:tvr ienalor in i iuiii, ill .t it w;jS qI Hi'- ides ol Lauodur .iJonili tint U-saf was warned, not buy a misguided friend, but by his faithful Auo,ir purina; and vvUciithe saenbee was co4nple4ed, and Casar was slam, the chief of those concerned in his dca.truction were forced to acknowledge that they had acted 11 H'vr a w 'hi d bision, and Jwd "Struck the foremost m in ol all this world but for aupporling robbers ;" and all that they ban g tilled was the pooi privileg.-of ha ing the 1 .suiting proposal made to them, 41 to sell the mighty space of their large iionors,'lor so much trash a might be grasped thus." Uut formidable as has been the opposition of the press, and that noon both lloors ol LWigr., ou sull-utore puwcrfui i waging against fins bill. I he banks' the banks ! oiTee tUe Tew and modest agents of com mercial e.Nchrnges, have been, multiplied by hundreds, and converted into one great political machine, vv ielding . its Urmrian rrmsrirrTTCrY- slew the dragon', it was dead forever, and from its s.nvn teeth only sprung forth arm 'e l ineu, Hut when the mother monster of buiks was blaui, it revived in its own per son, and fro. ii souk- jiorlion of this xuvia. sprang forth a legrtm more terrible in tins controversy, than an army with banners. Tins measure -in im jiidguuuit another maj:ia e!i:u i. i another Declaration of the Independence of the people, has been gro K traduced and mir- pi jented. 1 111.11r111.1- Hon las gathered around it dark and sh-i- lowy forln'si olVseurHig Tts stature ;iiid pro portions, and then deehrcd it, Iike.Ihui tets cloud.'an ouel or a (Mini 1, as the hu- direction, overwhelming tins fur laud in ruin ami desolation. Mr. i'i'-.deut, w li 'ii thishall that abide ami iuiniuous loeuinent which first brought it to the attention' of I liad borne, an humble part in rendering the lionorablc'iiistrmiK nt, (or, if gentle.Mcu think either our morals, our taste, or our language, is to be "improved by applying low terms to digniti 'd subjects) the honor a! too in bringing them' into action. Uut when I look 1 0 the clouds of prejudice. winch, in thick, heavy masses Jiave gather sjry to prejudice the public mind against if, is pouring upon it, iiV advance, the most violent and bittejrjdC'J'inciation. Odious names arc applied to, iv-and its friends, la? co I'ocoism, Agrariaism, Spoils Party, and a host of other tyalch words, having no vc definite meaning, and thereby leaving to imagination to fill up the blanks with eve- . I . . I - .. I . '1-1 rolma, now in Ins seat, Mr. Preston, they are used as a bell ty ring together a rabble ol itle is. I, very one knows the ellt.ct of like .crv ofund-dog upon the unfortunate a- iituKil against whom it is directed. Kv the most staid and prudent in "n aw ro i;ed from their propriet), and join, i.i '.'i. pur suit of li tlooined wretcii ; and ihe impii rv w:i ineror nlSt the charge is well groun ded is setdoin made until it ceases to be a nt' rvnrv candle in this wide-Spread citv. as worse than the alien and sedition law. There is, in 'my judgment, a.vast ditT-renec. between tho two measures. Th-one -has alr.ad. .b..-'-it. :':ideui:i.l bth; A.u.ric...u peiiv'-"v-"ii I spurned s an at, m-u to tet- itx tln-ir lii)t rty .via.uina iiicm in aiavcry soaring caglci But there is no disputing about taste. The devil, it is said, prefers blasphemy to prayer. But what the Sen ator who made this ('enunciation can find in the alien and sedition Jaw preferable to an Independent Treasury, I leave him to point out. The next circa instance seized upon to prepossess the public mind against an In dependent Treasury is, that it was recom mended by the President of the United States ; and the Senate has been taunted with being coniosed of a parcel of servile minion of power, assembling only to reg ister the rescripts of a tyrant. Sir, I would ask, was our Constitution founded in wis dom or in folly ? s any here so bold as to declare the latter ? If any, let him seak out plainly. None ! Then it is ac knowledged to be founded in wisdom ; and if so, for what purpose was the third sec tion of the second article inserted? which declares, 41 he (the President) shall, from lime to time, give to the Congress infor mation of the Mate of the I'iiioii, atid nc oii.uk ml to their consideration such mens iires ,:i4,,lie shall, judge necessary and cx p ii nt." W as it merely to test whether ,ihc President would yield obedience to the behests of the Coo'-lilutiwn ? w hethMCou gn.3'vou"hl be so turn? and suli.iiisxi iw as t.j pay tin: slightest respect to ll) sugges tions made s under the .injunction of the. Constitution or whether any President would have, the audacity to assail the jus ilirinum recently transferred from kings to nrporaiions ? The Jan itor from Mass, i eiiiisetis Mr. Webster was wrong in call ing the message which .corntnended the Independent Treasury the .IToli in cave. The figure would hae bet n much more apt if, in speaking of it in connection with ihe paprr si stem, he had compart d ijto the inverted spear which the poet repr sent? as baring been -stricken into thr hol low tnotuitaiu, otlUatJaujuched byLaocjuoii against the side of ihe Wooden horse. The effect was not, as I think, that men tioned by ihe Senator : y 1, 1 ; uia 1 lOTUjuejV'otu cellis Alnctiset vato volvunt nd liltora fluetus. " All the winds rushing out in fiercer htorm-s together, . ... And rolling the ?re;tt waves- to the shore."' Uut it was, in my opinion, another de scription of the poet, rteroijuc rccti-o, Insomiero c.ivie, geiiiituiiMiue dedere ritvern'e, i i . Iu.-eiji.itur cl,inioriue virmn. Toe ,.oni!j benig simttPii, its- hull e,v eavern sounded, and a groan. The clamor of liicn tol- l.HVtvl. The next mode of prepossessing 1 1 1 peo ple against an Independent Tit .imih , i eiillmg it a war upon "the banks, and throuL'h them upon the poopfe. Vja there ever a more gratuitous assumption .' W h it are the facts .' Does Congress propose l pass any law regulating the banks, abridg ing theirv privilegt s, or modifying their charters? Noes it propose to tax thrill, or in any otheKway to legislate of, or con cerning lliein .' lta not the friends of this measure expressly disclaim all right so to do ! Mio, then, is the -assailant ? CVjii gress proposes to piss a Kfw declaring how the revenues of the (overtinii nt, raised exclusively for the uses of the government, siialhn future be received, kcptNmd dis- Imrsed, and the banks, through iheirigents, break in upon the calmness olCougr sional deliberation, and deinaml that the w hole business shall be committed to thetn We alone, say they, ate entitled to its pos-session- - fvo .orfreWtiitA;. tfwtt'Ht'P jiMfty" to be 1 1 listed with it. Besides, the posses sion of it is profitable to us J- and we can not,, surrender the ailvantagi.'S We derive lioin'it ; and what is more, we say thai the peophfdr rived advantages from our pos sessing it ; and we will so cenvitice the pefyii' ; and tvo will stir them up to "aid us in tjiiis. demand and we declare that your ctlbrtXto. commit ihe. revenues.- to other keeping than ours, w ar upon us, and th.roughtus upon the people. This artifice of the banks in bringing forward the name of the people in their acnipt lo siczc up. on the public treasure, lernitids nc of an ingenious Jut cruel device in ancient war fare, Vhcn two pities or natioils lx ing war, the one, by Some accident, got into its possession a number of tho wives and children of the other ; these the former placed in front of them, and so advanced upon their adversaries, upon whom they could with effect disc hare their arrows and hurl their javelins, while the latter were restrained by the fear of wounding their own kindred".' The bank , know that .we are tne kindred of the people, ourselves a portion of them; and if we could be persua ded that in resisting their attempts we were wounding tlie people, we should yield the contest. .But what is'tlir- con nection between the banks and the peo ple" I Drrthr; -p-rtiprr to irt rvt thf ;ton k sy or the banks the people I There can be but one answer to these questions. It is our niastrrsmastcrs, then, and not bur mas ters them selves, who drmand the-public treasure ; am tf wc do not surrender it., ?h-d! if be mid that we are making war iwiw boih ! Wc, make ao war .upon .the banks : it is the banks w ho have made war upon us. As thciincicnjmb dih "Itoniian territorv, llliev have orrrV"i otr itof, the orily remaining fortress, and no help is left to us, but like Manlius Toiqua tus, to hurl the intruders from ite walls. Another mode of exciting prejudice a gainst the Independent Treasury system, is speaking of it s a separation between the people and the Government. No charge was ever mure absurd than this. Those who use it, but betray their own habitual mode of thinking. They are wont to con sider the Government as thf property of tho few, contrived for. their special comfort and accommodation, while the people, an ignoble herd, are totally unfit to govern themselves, or to have any part in tho gov eminent of others. They aro.acu9'oim d to view mankind in classea, regularly gradu ated, at the head of which graduation stand those who administer the Government; while the friends of the Independent Treas ury look upon Government as a mere in stitution, set up by tlie people for their own use and purposes, managed bv a por tion of themselves, appointed as .igenta of the w hole (o that cud. I hat it has no incarnate, separate existence, like monar chal or aristocratic Governments, and can have no rights or interests but those which it holds in trust for the people. Distinct from theirs, except so far as is necessary for the discharge of its fiduciary olhccy it has. no existence. But tho most formidable f all the pre judices excited against the Independent Treasury system, is that caused by consid ering it as a part -of a great svsteni devised bv the lute Administration, which has thus fir in its progress, brought ruin und dis tress upon t-hc country. It is asserted that the nation is in the very depths of pecuni ary distress, and that all this has been brought about by the unwise or malicious deeds of the past, Administration continued bv the present. The ghost of the late Ad- iihnistratton is made to stalk acro?s this hall-an obpet of4?f rtr as-wel tfs-tf'dtm ration, and men are thereby frightened from their propriety. This w-as the prin ciple fhenrfc of the very uble address to whicli..K-c--Uind - ffn-4htr''4Vwtrrr frtitrf Kentucky,' (Mr. Cj-AV,) on Monday week, ind I think he sticevccdeil very effectually in showing that In itheMhe past nor present incumbent of the Presidential chair was very favorable to banks as tne fiscal agents of the Government. But that he ever reached the li K I) of his argtfwieiit, to wit : that thai' hostility h.nl wrought, any ill to the country, I utterly denv. Il nev er has ami never can be prov d that i( caused the present commercial distress so loudlv complained of; but, on the contra ry, it is perfectly mauifest, and the expe i.ence of every day renders it more so, that this -distress is tho result of over-tra-ditig and excessive bank issues. This slate of ovi i-trading and ovcr-isuing, pre sented a deceitful show of great prosperitv, most L'hnviuelv described by the Senator from Kentucky, who last addressed you, ( Mr. Ckitti.nio,) ami to convey some ad equate idea of it, he borrowed from the If autiful soliloquy of Cardinal Wolscy : " We were like little wanton buys who swim on bldilih i s These many summers, on a nca of glory ; and the senator might have continued the quotation, and found in il the cause of the sad reverse : " Uut far beyond our depth : our full-blown pride Burst under us. And l(lt ii- to tln: rude mercy of a.jtrcni, Which threatens to o'erwhelui u." Yes : this sea of glory in which wc have I t . i . men swimming arm mining, is inai in which wc are lndangcr of being drowned. fclori '.ftr-m t6tv 4rtei fy: intded - tR h e prm f ions l iken by Hie 1 resident, and maintainou by his friends at the extra session, that the paper system had been expanded in ling land as wi II -as inHhis country, and that the commercial distress complained of in this country-w as to a greKJer or less extent prciaTcii't in all the tradingHations. This very morning, before I cauie bKlhe House, a fncud read from a. late new-spapsr in my hearing-, that the trade of Canton w-asHicar-jy suspended. Was the suspension of"rhe trade of Canton attributable to the Specie . -I I 1 fall l orucr oi i resident Jackson? i i Hie re moval of the deposites or the suppression of the United Mates Bank ? No, one, I suppose, would pretend that it1 was. In addition to the proofs of commercial dis tress in Mnglanil cited at the last session, listen-to a few sentences from the Ildin- burg Review, No. 1 3'1 : - " The cofBmcrcial and prruniarv history of Great Britain during the last twelve months, deserve, to be carefully studied and meditated. In January, trade and industry were generally believed to he in the most satisfactory condition. The country was perfectly tranquil, mercantile and moneyed men had the greatest confi dence in each other, the foreign demand for our manufactures wa3 beyond all for- lncf rc('ctlc,.1,'. al1 port3 of borers, had I full "cmplovmeiif, prices were moderate. and the bank of Mngland seren millions of coin and bullion in her coffers. Now, as rrrry amir ""knows, ho poTitical convulsion h is taken pi iee in the interval, the pub lic tri'iquility has neVer been for a mo ment disturb d, the home and foreign de mand for., manufactures, continued, till re. ccntly, to be as g"reat'as ever ; ihe gloomy .'""iLMtoln;. JVf.tG..at.flnc-.Cim(2 ..cu't..r tajik'd With esfHei to -tire- late . harvest tant public worku have been undertaken in the course of the past year. Fu ll be ing tho case, a person unacquainted with tho circumstances would naturally con clude that thcro must now bo more confi dence than ever; that the extraordinary extension qf manufactures and trade must, by making, most foreign countries our debtors, have determined the balance of payments in our favor to such an extent as to. render the accumulation of bullion in cofltenicnt to the bank; But how 'reason able soever these conclusions may appear to be, not one of them, we are grieved to say, would be consistent with the fact. Instead ol increasing, confidence has been well nigh destroyed ; a great derangement has taken place yi commercial .specula, tions, and, instead of being increased, the stock of bullion in the bank has been re duced from sevn.ionot more than three a.ida half millions, and that establishment has been placed in the greatest jeopardy ! Such are soma of the anomalous results wc have lately, w itnessed." . . Ia there no pecuniary distress depicted hero 1 It is well remembered by the Sen ate, that early in this season, Birmingham papers were disturbed among the members of this body, containing a memorial of the citizens of that manufacturing town in llngland to Lord Melbom. It struck me at the time that that memorial was full of useful instruction to us, ajid had fullv in tended to preserve with care tlie copv which fell to me, but 1 have, by soin accident, mislaid it. It fortunately happened that some extracts have been taken from it in that article in the I'ldinburg II :vicwn which I have jut referred, ami I beg lcavc to call tin- attention of the Senate to some of those extracts, together with some few other sentences of the .Irticle itself. 44 The lollowing memorial may be rcjjpT; red to in proof of litis, Birmingham not be-itig-tiffcctt'd-trj fcnf rwtictitartltTlf. It '"was presented to Lord Melbornc in March last, andwas signed by all the prin etpal' meridian, mannfacturcers, qnd tra- it communi cates arc in no degree exaggerated, and are equally strikcing and instructive : 4"My Lord: We the undersigned, mer chants, manufacturers, ami other inhibi Iajjlsof the town of Birmingham, beg leave respectfully to represent to vour lordship the following facts: 44 1st. During the last two or three years a very great improvement has taken place in the trade and commerce of the town and neighborhood. The workmen have gener ally been placed in a condition of full em ploy miHit and good wages, producing a general s1at"e of satisfaction and content ment among them. Their employers have also enjoyed a Condition of'.ease and secu rity, w hich might be called afllu -nee when compared with the losses, difficulties, and anxieties which they endured for several years before. No stock of goods was ac cumulated ; no ovcr-tradifig of any kind existed ; the product of one mauX indus trv were readily exchanged for'those of an other; and all the products of industry in every trade were carried off into the ab solute consumption of the people quite as fast as the") could be produced. - 44 "Jd. Suddenly, within tlie last three months, w ith all the elements of general prosperity remaining unimpaired, this grat. if) ing state of things has. disappeared, and has been succeeded by a general state of dilhctilty and embarrassment, threatening the most alarming consequences to allclas ses of the community. Orders for goods are countermanded and discontinued, lioth for forcigo,Md..hoxuia.tu.'uleT- The. pr-itee- 61 goods arc falling, So as in many cases to occasion a loss instead of a profit on their production. The process of produc tion is thus obstructed, the workmen are beginning to be discharged, or be placed upon sboit employment, and wc arc con fident, that unless remedial measures be immediately applied, a large proportion of our population will shortly be thrown, en tirely "but of employ men t."- llere, then, ''lire pictures of pecuniary distress equal to any which cjn be drawn v American fancy. And does any one suppose that they have been drawn bv the wfiteKof this urticle, and tho men of Birmingham, just to gratify Presidoiit Van Huron, arnVHo sustain his theories ? No one I presume wilhsp imagine. And to what do the people of England attribute their distresss ? Is it to their government Tor to ours, or its measures ? -To the Specie Cir cular, the removal of the deposites, or the non-charter of the U. S. Bank ? Let them speak for themselves : 4 It is not necessary, in order to get a sufficiently, distinct view of the circum stances which occasioned the late and pres ent di flic ult ioiy-to go farther back than January, lKMi. At that epoch the ex change was either at par, or slightly in obr favor, showing, consequently, that tlie cur- rencywasuV its jsropet-ajnountr-aiMi (hat it ought ncitlicrto be increased nor dimin ished otherwise than through the influx. or fifllux of-bullteft. But, while HjatTers are in thj situation, a peculiar combination of circumstances conspired to set on fool and inflamo a wild and dangerous spirit of spec ulation. The favorite object to which the public attention was directed, weTe the for mation of companies for tho construction-of rail wa-vs Trnd-thcf rcstablrsbrnen t "of "joint stock "banks. The ruin of f host)' eonccrni d formation of crude schemes of the former, description, or from the undertaking ol works that could not reasonably be expec ted to yield profitable rettlrn. But it waa quite otherwise with the rage for banks. Had they been only banks of depo3itc,their multiplication, how little soever it might have been required, could not have been productive of any considerable inconveni ence. Unfortunately, however, they wen; not so restricted i and, besides undertaking the care of other people's money, they al most all set about issuing money of their ow n. The extent to which paper mints of this description were multiplied, during the early part of tht last year, would hard ly be believed by any one t:ot conversant w ith the facts. From when the act authorizing the formation of joint stock banks in England and Wales passed, down l-tetjie 31st of December, 1835, being a pe riod of ten years, sixty joint stock banks had been established in England and Wales, giving an average of six banks a year. But in 1830, a new era began a mania for joint stock banks suddenly grew up and' such was its violence, that between th 1st of January and the "26th ol Nou niber, 1 tG, no fewer than forty-two o these establish ments had been organized and brought in to competition, with those previously ex isting ! In point of-fact, however, the number of banks created during the past year was vastly greater thmf appears from this state ment. 'Wo believe that, at an average, each of the forty-two new banks had from four to six branches and as these branch es transact all sorts of banking business. and enjoy the same credit as the parent establishment, from which they are fre quently at a great distance, they are, to all intents and purposes,' so many new banks ; so that, instead of fbity-tWT3, it -tiiay be safeK joint stock banks were opened in Englaud. and M ales in 1H36t'- 'And yet, in the face of all this, it Ayas the last session, that there was no uuduo expansion 'of the paper system in England, . anil no general commercial distress. Tho truth is, the same spirit of speculation, r.ige for banks, rail roads and joint stock companies, and land moioK)!y, sprang up in this country and England about the same time, and one encouraged the other in its excess. Those in-this-country -who ilhl not cast their eyes beyond the Atlan tic to sec what was going on there; attrib uted the increase -of banks to the with drawal of the checking influence of the United Stales"" Bank, aiid" adopting the quack's inaxun, post hoc propter hoc, con eluded that because this state of things was very nearly simultaneous with the re fusal to rechai ter the bank, and tho remov al of the deposites, the one was cause, and the other effect. Tne total inefficiency of the Bank of England to restrain this evil there, ought lo convince one, it would seenij bow Mwerress a United States Buiifc would have been for the same purpose, had one been rcchartered here. The cause of the revulsion is plain enough. Our gold b i IT, British investments in American stocks and American loans, caused the golden tide to set rapidly towards this country, aneP tho specie in the Bank of England was ina very short time reduced ' from between ten and eleven millions to about three and a half. , This sudden col lapse of the money bags on which she had fixed her imperial throne, jostled the Juno Moneta, calhxl by the moderns confidence. and threw her from her seat. f X'Wi Bunk.-.. 'I2h'liD',,afarfrtcFr 'and" in her: haste to regain her necessary supply ofv goldspread dismay in every direction. , Her efforts naturally threw exchanges greatly against this country, and produc. ed all th4t sudden prostration about Which wise men alloc t to make a mj&tery. Sho has succeeded in regaining the quantity of . specie" which it seeins has loug been deem ed necessary to her -safety "and cofnfdrt, aiid which, by the last accounts coining under my observation, had risen to bctweexclev en and twelve millions. We" already feel its effects. Exchanges are again in our-, favor ; the 'commercial tide is beginning to movc, and, in spite of panic makers, traife is beginning to flourish ; and it will continue to flourish, without any adventi tious stimulants, as long as our soil re mains fertile, is tilled by our industrious fellow -citizens, and the blessi ng of Ileav erf descends upon their labor. Again : we are represented as acting in direct opposition to the known will of tho people, and arc charged with want of feal ty to our constitqents. Wc profess, the utmost respect fqrthc voice of the people ; and if-we understand it aright, are, noU w ithstanding the delusion under which wo fear a large portion are acting, but obey ing the will of a decided majority. Tho Opposition have their feasts, raie a noiso and clamor,- maktrijold, anil "glVaggtrtrig " " speeches, and put forth splendid .newspar per puffs and descriptions and as this 44 rubble' out," as one of tiieir orators has termed it, passes by them, mingle their shouts with h' irs, and pronounce it the united voice of the ptoplc. 44 The ox know cth bis owner,' and as yet tUii. peoply iiro in the"ascendaiit, aid no public Mi.i tt thres to fjst ion their 5Upn m;iicj.i;iiiU if no ciiecK is pui ioinu.. present progress oL . t,vJf,ft 0,'rgr 1,art KiJis.icst.wiI vl" 111.. I, vl ..'-ai Ur, . . i . . - " , -t ' ---- .. n . ,. . .u .. : t.ii .-.it 1.:..t. r 4wi ; iioul&sti--1 1? ai ized,.-"; and, ul'ai . .... f . .- ..-,f7iv-jt",r,.TtTV--T 'V'ffrr'T-""""' " tMtGr. -teas-.! yr " -w ,.l'S"r'-"'"