Newspapers / The Greensboro Patriot (Greensboro, … / Sept. 28, 1838, edition 1 / Page 1
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' : ';v;Ml NEW SERIES. GRNSflORpUGij, JC.; FRIDAY MOIIXING, SEPTEMBER 28, 1838. VOL. II NO. 24. Froii Ac Rrgisltr. fllc-frs. Ei'itors In reading uu old number !' the "United Stutes Telegraph," I found an excellent piece of Foetry, w Inch , I Subjoin, with' an earnest request that J on will give it a place, in your column. " Yours, J. JOHNSON'S SUKE17--7W, 'y'lVii.' Johnson's wile ot ol.l Kentucky, Johnson's wile of old Kentucky; . There never was in nil the laud A blacker daiue tliuu Johnson's Sukey, The sun dotu glisten on her face, fake star-beams on tin: midnight water. While snowy smiles and sooty griico I'roclaiiuher Airic'o own In e (Lugi.tc-r. Johnson's w ife of old Kentucky, Johnson's wile of old Kentucky, There never was. m atl the lund A blacker ilauiu than Johnson's Sukey. The wave that heaven ly Congo's nhore, licav'es not so hijlii nor darkly wide, A.- Suk''y in her midnight enure, , Close by Tecunisuh Johnson's Bide. Johnson's wile of old Kentucky, Jotmon'i w ife of old Kentucky, Tiiere never walked on Congo's stream A fairer duie tiuu Johnson's Sukey. Ah '. sobn you'll free in courtly hall The aspiring, young, and gallant, hoary, " Full prostrate ".orv ine cetern orb: lhspeusiug Ibitli i-dijitiuig glory. Johnson's wife of old Kentucky, Johnson's w lie ol n.il Kentucky, There never wa i.i .iu the land So buck a duinc, unit yet so lucky. Anu uoiTe u.iuia the couiuiy .thioiig r rt Tower bow tndu.-ky .ukcy, I nau lie, thti lifilo-clii'-f if ail,. OurHiagic knight, U'id Kiiidernooky. Jolmsbii'is wit1 of old iv-ntuciy, JohnsjuVNs-de of ola K';ilucky ; Sh'ell bask'li.rc'cr 111 torttiuc't aiiules, 'J'Jie ina.c Bilges of Kiudciliouky. A!i;'"l i' nymphs aX;;ulde nti it ii. .-ula the slmlu oi ghsen li.uiitioo, A:ui Miulile oil" the Juo:i Hj'p, T Jau.ic cracii ail J ii-iff, too. JaIwmi'i, wili." of old -Kentuf-jv -Juiiurorfs wile ol old Kentucky lu. never m Anjcola'c jn'ovc) Lianced fairtr iiiujih luun Johnson's Sukey. The lions roar ou (jumbu s sand, And monkeys iiuuoo round I'tmbuctoo ; Jut', joy rekouiKis llirough negro land, - 'lu itaii Uo tme ol" duaky Sotv,. -J;)linsoirs wife of oiu Kentucky, Ju!irisoii' wiie of old Kentucky, J.-vv. j"V rf wo xis liiroiii;li iii'jrn land, To hail llio rieoi Jo.tiiM'ii's All key. Et iaia m the ,-irijn prolimir.-. Aivl huils her iuvcu eiuui Mi lucky ; The lunar mountains ri.-e in mnj;-, Aaa iXU'J bai l. th.V. a inie ."i-m v. J ihll-n's w ..' iv ";iU:(v. J.,h!-u;i'.- .1 .'i- iVIllle i.wv J "" A 1 1 : fe y:tr ltl-;e.-fi.i. And -Cini- ii. i iui'' io u.v. Kii.i. ' iiv. 0'.r."': irrief h f 'r'tMff, on ;Tf-;om - iwui, Aii , id, ..I Lin U J -U.l S ' r. KV, .i n) ' i. ...oil nii.i y .' il .! ,i I I flj 1 He'1 A.i.. '7 4j.1'5. .tlfai.i-i-', .UiltJil VS iill. liA.VK ai M li liii-.v-l KV. Mai toil, i'.rrj Couituj, -lu. ..- C.. I 1...... I.. (,I'.L..I. llll) ..l.ll j-u M,r-- b "ui mucli speculation picvuns, 111 loiauu.i iu mor 1.1. noons concerning H'e suO-Jr;asu- 1 - ry, US It IS COUIUIOIUy eaiuo, may 1 aa i , jour kindness,, bcloro. your dejurture, lo j Ciiabk uicloltiwriiim. puniic coriecil; vvuai re your vilhs on thai aoujeei ! V 1111 an ; defer cucw lor your bcllci jUUiiioli'j sliouni you think otlierwise, il wouid seem io 1110 1 that you owe it to oiir inends uiul uic j puulic also having an m4 been ui Uie "Serv ie.e of both lo spcait oul. J no Uls orucred state ol llic cm leiicv , aim 1110 u,n--. , J(j ,Jccomo a d.ingorous ii.stitu vtrsal desire for the adoption ol some aid- . . j of Vderal Kx.-cutive. blc and wise plan it tlio -c.ieclio.iwTu.c B(k o( LVitgallSiates scrupu dlsbfirsen.eril of me puoiltf rcVcndo, hs , k aj)s!;lm,M ,0I pohtics until forced converted ttUiioal evciy MdujMe TrtMcnocto ab-iidon 111 sotn- degree iiniuuum9sAtleuteUye financiei, is nf,ulr:, positi'ou.1 regirdc-l this as nd, as, the most of us ha.vb only lignt - f f iu rtat ,ncrits,Bu what would liouoli io make ''darkness VlslLn U(l ! o r know what ivc bclieV j inoro as a maiur -of forth tlwii ol liiJ:, .vaiu Ciumol: lj surprised to learn that 1 hear your name frequently used as authority oolh to de rjoUnco and sustain tlio ' suh-rrcaduiy (Scheme. My friends knowing me to iiave once been ouo of your constituents auor umioriiily, in my liumnle way, your polit ical fm ud and suppouer, fr qenlly tcter the moot uuesUoii to my ilecuion, a um 1 leel nil let that 1 cannot solve their doubts; Khouid it compori with your conception "''j'statcd as a reason for supporting llio exist dutv to yourself loetiable me to do so, you will, Vir doubtless, much oblige the publ ic, asalsu. tho writer, who has the lionor to subscribe himself, most respoclfully, Your ob'l servant, . x v S. A- TOW'NES. Ccs. Gko. McIJT ma. (lurry Mil, July 25th, 1833. My Dear Sir-r-1 have received your friendly letter, expressing a desire 10 know my opinion on the question which now ag itates the country, telutivc to the custody of the public money of iho United States, and regulation of the general currencj , &. exchanges. As I never had a political o pinion winch I was unwilling lo dis'doscu I -!liLLJA licsit tUumn auAWuriiig yottin- rjuirics. I liavo regretted to perceive, what you state, that contradictory versions of my opinions, have prevailed in dtli'. r. nt quarters, wving I presume to ihe fact thai 1 do noj concur tiitirely w nli cither of the 'poltticat partfes, rccehil, orgnnzed upon (he basis of these (tiestto.i.s. )t is deeply to be regretted, indeed, Hint these ues tiona have heen inado tin; foundation of a political organization 0f the ,'reat political parties contending for the I'icsidcncv, tlio1 1 admit that the result could bcart-ely bo I avoided. fSueli an organisation is xr.ee ! dmgly iinrdpitioiis to llio c iusojf truth, and ttJmo.st entirely precludes tlio possibi lity of a discriminating judgment. Ycu must take the whole or reject the whole, by the practical canons of party disci pline, A most unfortunate change- has bupn the cn.sciueiicc of the whole subject oi oanKing, anil ol the cojiiicctiuii of, Uov emincut with tho bunksi. You aro no doubt aware that during a(U the struggles of the late Bank of tho United States, against the warfare urged against it by the Federal Executive, 1 steadily sustained that institution oa the grounds both of its extensive usefulness and its constitutional ity, and" I will add that hero, is no part o my public Jifo to which I look back with. j more satisfaction than this. I still believe J a Bank of the I uited States to be consti ! tutioual, and am as confident as reason and experience can make me on any similar , iiestion, that it is thu best practicable inenn ol maintaining a umtoritt-currency and a low and uuifuriu ulo of exchanges, over th wh4o Cinti- Suu, i . Ion g. a paper maney cwistttutea the large portion of our actual currency. But I a in constrained to sty that in the extraordinary disj mntion a:id conjunction f liiie,it parties which have recently ta ken pi ii.v, ( am Lft almost as '"solitary and j alone," on the suhj -ciol' a Bink of the I'. 'States, as .Mr. Benton was when lie put his ; celr hralcd ball in' fnotiuu. I always sup (ported such an institution as on anlagonist power to the State Banks, and as a means of restraining their extravagant issue.". Its utility consists almost entirely, in my opin ion, in the exercise of this salutary control oyer mich State Banks as were inclined to run, into excess. Sucu.wero then the opiu ions of thoso with whom 1 acted. But now theta!e of opi; non is entirely changed j Bank performed" its duty, its entire op; ra as well as the relations ol ilie II inks. The j tion lit first, would he to increase the prusi'itt a-dvobatos of a It.u.k of the t inted f pressure upon (lie Stale Banks, and tiiivie li rM.id s naiiilain pre lKMlly il not in .term J those distrcssp of thr pi'oplo. th itas Bank credit is the most potent oi ' j Nothing his surprised mo inoro th :n all the agents for 'roducing wealth, the ! that the State Banks should in some q'i .r : .more wo have of i.l the hclMT ; and tluvy. icrs of the .Union look' to a National Bank seem lo regard him as an old fashioned po- j as a means ol relieving them. On the jlilieal economist who should sdou!it n. .1 j eoii.rary so far a.-i they arc concerned, the 'the issue of every addition-!! huhdri .iju;j-N iti..);iai B ink. would be. worse than an inT I iionsof Bank paper, aJded just lait m ich dep udeut Tre.tury, with the specie fea- ,.ft'.c.;t.ilU lo .mc, co unlrr. in taut, the nar.tv.l iiOkV urging llio establiiluiient of a Bank Ot I . S. are tin; open apologists and i ts oi me pel ikiiik system, amen uu'v coueiii n d with mo in daio.ino.iiig, as a .no-i fearful and stupeudoii i system of cor- ruption and of despite; power in tin. hands j , i uu. u u i.u eecu;ive. I waspeiiecny I sNncere when I said that it would be easier 1 to resist a President at the held of olUHMI i ' regular troops, than. one who wielded such i a eonfedciacy of Banks. Yet after this system has utterly failed, thoso who do- . . . . I 1 . I ... . I nouneeii it w lieu it was 4 mure experiment d a Bank of the 1 nitcd States, with a capital ot i,ilUil,(l:HI, lo be located in the citv of Now Yolk! 1 confess th-at with niv opinions I wholly unchanged on the general subject, I should regain" X "baik established under j sue.'i auspices, ihus. Jixvte'l and with such: a capital, as an institution imiinuoutly d in-gcro-H to t he I rue m rs of t frr ctTiinrry .' I will not disguise my opinion, .that a. Bank of tin; United Stales established under the most lavorablc circ'uiiistances, hoTvevcr 1 i...Ki.it uja r.rui,;imr ni n rnrrnnrv. ivi 1 1- ; i ..I.. 1... ,1... nt kH.(t Al' II I. Cess.l 1 1 'y )i- timioi-in vi uunw-wili,, 50 millions established in Now York,tm blur ttitrrsnit-:circumstane--tf tlK-e;- trv f. Bink or no bank is ckarly and dis tinctly the issue which is to u cido the next Pesidential election, and to be decid ed by it. Such a Bmk would bo unavoid ably a me fas engine in the hamls of the as ci .i'd int party, a tremendous instrument of iiower and mischief,, this created and thus wicld.Mi. Von nny recollect that in 1 t j..,,.,., on ihc tlaimsitc (ltiestio.i, 1 111.: IHIIK III a l lis o)ciiiiii'u woaiu prouueu precisely suolf a state of anarchy as w now, lufve in the currency and exchanges ; that to extricate themselves from sach a condition, the people would fly intftho arms even of a Government Bank, upon the principle that men will seeJf refuge from anarchy even in th - worst finrt of des potism. I feaf my-prediction has bpon ve ry nearly fulfilled. For tho chances arc that any bank established under the prevai ling auspices would ha in fact a Govern in ;nt Bink, whitevcr it might be in form. And here I am reminded of tho extraordi i.arv spuocli of Mr. Clay, in which he main tain's thai the proposed organization of the Troasury, unking il in lepjiident "f Binks is in fact a ::.)v.iriiTni,tl bink." w li Hcvcr other objections may bo urged against this treasury ociemer it j certainly free from mis. n lias none ol the attributes of a hank It would neither discount notes nor issue hills. It would have no favors. to confer upon any body, unless the payment of a just debt may be so regarded. If the fact of drawing upon its own funds to pay its debts will make tho Treasury a bank, every man is a banker. But to return to the subject of a Bank of the United States. When I found tho late Hank of the United Stales abandoiied to Us fate by ail parties, I came to the con clusion that the wisest course that could he pursued on the subject would be to lot every other expedient he fully and fairly tried before any attempt should be m ide to ircorpontc another, t'uli Hie oub- lic mind can be brought, as in Knglan l, to regard such a bank as a national iiiititu- tion, suppoited by all parties alite, it will always he. -a parly engine. A party con test for t hp renewal of the charier at the end of every 10 or '-ii) years)' would ' In al most equal to a disputed succession in a monarchy. The most painful of all pro cesses is the fclor.ni of the currency, Uv the agency of a National Rank,. after sev eral years of unrestrained ami excessive bank issues. Such. w. is the case in 1-il'J. JO and such would be more decidedly the case now. Such dreadful remedies are not to he used every day. And I can scarcely, sec with patimicc many of those who co-operated with (Jen. Jackson, in. de stroying the late Bank when it is unpopu lr, now uouU'udiug for tlw establishment oi auouier, wuon (listless nas turned tile public opinion in favor of a National Bauk, underdid v a 1,1 1 and delusive cxpcctalion that it will relieve them from their pecu nmry embarrassments. Nothing could prove mine conclusively that distress is a bad reasoner, than tint people who are in debt should expect to be relieved !v such an Institution. Its very first ollice would, be ti correct a" redundant currency. Let us see how this would be performed. . A bank of fifty millions would probably is sup at least thirty millions of its own bills. This would hicreasc the existing rcdun dai;ev, and of course render if ucctssarv for the State Banks tt curtail their issues so much the more. In fact, if a National tar-.v as it i c-ilHi. , I he pnWic monieii .would b of coiirso deoosited in tlio N advo-Hionil Bink. Now we kiinw.th.il ai,,'ioii!;!i i iU i-,i it ,, l. .a ii,,. i ... , ... i i ... . ,, t:is I Ho Bank ol very iibcr il in ils B inks, they were ea!ins with the State constantly eouiidaiuiiio that when their bills were deposit, d by t ie Ire isiirer i thi banii, it halnlu rly d" ui.iud'.'.d ihe i'iie for them or drills upon distant punts thai wore equivalent lo spe cie. Tins ir. w out id' the common usages of Banks, and, the obligation of the Bank to place-thc funds of the Government where they might be vv'antcd. For example, the Government coliects h;Uf a miflio:i of rev enue in Charleston, in the loal - bHI, and doposiles tliem in lito Branch of the IVited Slates Bank. Tin se funds are winledtt Norfolk,- and as S. C. bills will not ausvv ;l (hero, llio nr.tncli demands spi cio or 'it Ir.dl on Norlolk whi Il is perhaps as cost- ly to the local Banks " Upon the vvIioTe, then, though I believe a well regulated and well constructed Ii ink of the United States the best moans of se curing a" pound and uniform bank paper 11 rrfM ' v . Ustroilld rcg.ard ' tho establish". nient pi a National ISink under ihe exist ing auspices, as highly dangerous, and cal culatcd to increase. iiitea.il dl di unuisln ug tjie pecuniary euibarrasstnciils of tlio coun try. 1 As to the Independent Treasury System,, so far as ii proposes lo withhold the public depjsites from the Banks, I entirely ap- niovT&IGf ifiKTbus far it is simply an abnn Idonmeflt oftf&P,ist Bank System which all parties have conIcnim:d, and our fatal experieiico has confirmcTtlJeBcnleiice. Thc obicction that it increases thepturon- arc and -influence of the Government, "ftw wholly without foundation. I bcli'-'e on the contrary, that the power of the execu tive to select favored banks at discretion, to recei.e the Government funds on gener al deposito, would give it, speaking with in bounds,, one hundred times as much pa tronage and influence as thTj -appointment of any probable number of official deosi tories would confer. As to the requirement that all dues to Government slialt be paid in speo.c exciu sivcly, I have been opposed to it from the beginning, believing that it. would increase the pressure of the times, and render it more difficult for tho Banks to resume spe cie payments. As far as ifsoes, it would tend to diminish both their means apd thcii motives to resume, though I believe it erfects both for good and for evil, have been excessively over' estimated. .Mr. Calhoun contend tint the bills of the Banks derive their principal credit irorn j ili.tir liriio'.r r.- f-1 l V ill I bv the Government, ! and M Webster and other., seizing upo'1 j (Ins idea, drew the inference that if the Government withdraws this endorsement, Bank credit will be entirely annihilated! Now, I think both the premises of Mr. Cal houn, and the conclusion of hn opponents, extravagant. A practical view of the operations of tlio Treasury will make this plain. Though the annual revenue should be thirty millions, (and it ought not to he more than half that sum,) there would not he at one time in tho Treasury, or in the hands of collecting and disbursing Ollicerj) more limn live orsix millions of dollars. t f course tivc or six millions of money, whether of i .ctal or p;wer, would perlortn the fiscal operationsof ihe Treasury. Sup pose fust, that the Cov eminent receive this sum in barih no cs c in it be corieem-u; that ihe Government, by receiving six millions of (ho paper of the hanks, located where tho (iovertmient revenue is collected, can operate as ao endorsement giving credit to ihe one hundred and fifty millions of bank paper of the various banks throughout the United Stares or on" the other hand, that the withdrawal of this endorsement by re fuaiii'? to receive lK-v ";" millions of bank paper, will destroy the credit of one hun dred amliUiy millions of that i.iper, w hich under rid circumstances, would ever reach the Treasury ? Undoubtedly tho banks located where the revenue is collected are really henefi tied by the receipt of their bills by the (overniueiit. The exaction of seeiem pavrnrnt of this revenue, would withdraw tlnj benefit hut I cannot per ceive that a corresponding benefit would accrue to jjijv loilv else. To the objection th.it the r ,--it of bank bills violates that clause of the conttiiuiion which implies 1 'tut the re Miiue shall be collected inn uni form currency, 1 will only say that if spe cie' is a uniform currency so are bills that can be at any moment converted into f-pc-cie. To Ii- . ure il is not aj safe, but the ( ioverniiiei.t rnay deni and specie.. 8t..ailV moment w lieu it has cause to apprehend danger. Bu' though I am rppesed to ex acting specie exclusively, I have been ve ry anxious to sen Treasury bills, or certi ficates bearing iv interest, substituted entirely in th" place of both specie arid bank bills. To accomplish this result, a would bo r.ccesary tf provide that 'nothing, shall be received in payment of dues to the (ioveriiiuetil but this Treasury paper or siireie. T'le r. -!.' would evident !y he i Ii -it very li: do would in fact be- paid but Tre.'Mirv p.ipir. only power exercised by the government This would he a very .groat improvement j would be the agreement to rticuivu -the pa in the lit mi operations of the Government, per. Its whole value would be derived and I fee re that Mr. Calhoun did not j from this. lis receipt by the public ofii m ike it a part of his plan, instead of mere-icers and creditors will be voluntary, and !v suggesting it. It would have entirely i d course no objection can be made to it, removed .every .rational .ohjiuliou to .the ;!' those who have clamored so much a- speeu lenl'iro ol Ins sen. ni II lias liceil i wholU miiirMdieridtd hr Mr. -VS cl5fprt ii alii fl .1 tins function. I have heretofore said. the present revenue of the United States would not probably require' more than six millions of currency to perform all the offi ces connected with It, from the moment of its collection to 111. it of its disbursement. Congn s . hould, lher fore, authorize the issiie ol tins sum, and no more, and it ', Uould he UiUile reissunble indefinitely. j The value ol this p iper would bo derived, , not from its irredi.enulnhty, as bank paper notes, hut from its nccivability by the Treasury, mid from tho amount being lirti itrsd to what Vnll be actually absorlied in receipts and piytrients of the Govi ruient. Nothing "can be more, simply, anil safe and r;ono:i)i'vii. lu the hrst place it would ; be equivalent to tne cromion ol six minions of specie, w inch would cost the cou.11i.rv i . - . ... ... 1 noihinif, and-.yot an-wer I he-pViHwc-i f Tioas.in, I ihirik, bi tter thaii sWcue, hiiiI and Ills ass-ocl lies. asm nrlievc I was Hie j consisicni, lei Hum i.iko iiioso 1 reasury first person in the United Stales to sug- j rags, if they choose; bank paper is too cyst it, I will now briefly 1 xplain my view 1 gpod for them." The objection that these of it. It is not designed to furnish agon- hire bills of credit, and therefore, uncoii eral ciirrenoy, but merely a currency for I stirritronal, is without cvem pausiliility. tho lise,. operations of the Government. j.Thc States only are prohibited from issti This is its essential ch.iraeti r, and il re-j mg lulls of credit ; obviously because it suits from it thai no more of this paper would interfere with the power of Cou ou'ht i ver to be issued than will inn form ! gross to regulate the currency. The phrase niiioh b iler llian bank p iper. j ciously, thi v ill soon return to their an If the GoviTiiincnt were to use spHie, : propriato sphere of circulation. In a siu be sides costing the country just six niK- ff'e word, Ihe power to borrow money, ei- lioti instead of nothing, it would create aher upon stock certificates or 'Treasury i nressiire on tho banks, and would no a inc. I a me. I dmnvnifleb more affected irr the "umformi ly oi its valuo by the state of the foreign J exchanges than this Treasury paper. 'Ine rise- A; fill of forci-W exchanges would not afl'ect this pajx r at all, a it can circulate in ; tui,couniry only. 1111s would be .1 great mcrity giving it in tnis respect a de cided prriferettcc over specie. or bank bills. If ihe (lovernmeut were to use bank bills, besides bing precisely as costly a medium . 1 m - ii. as specie, it woulu expose the government and fvo'iic to the hazard of bank insolv- . ' cneyor bank suspension. Moreover flic 1 . - tr iiwiiissioii ot funds from one point io a- ssion of funds from one noint io a- noth r, which is very embarrassing to the banks and disturbing to the exchanges, where the Government uses bank bills, I 1 1 1 n . . 1 m would produce no such effects, where Trew. sury paper is used. The truth is, then, tliat the pitstion comes to this, shall the peo ple of the United States use their own cre- dit. which cosls them notlnn 's or that of tlie Banks, which costs as much r.s specie, merit, when it is obvious that it will supcr as the mcdiuiii of the fiscal operatious of cede ihe use ofpecic at the Treasury al-the- com non Troas-urv ftthis bo .the que-.-' most entirely 1 U ii because it w&uldal. tion.'lw I think it is.no patriot can hesi-' so snpciccd'o the use of bank bills in the late ilrre -culing it. Jo all tins lrr.aury nit.:r continental .mnniv or I'rencli assian- ants, tvould be justly regarded as' an ubsur dity, if it had. not been done by a. man o; Sit. Webster's character. If the (ioveru inent were to attempt to make this paper a substituto for revenue, instead of mere mod nun of collecting, by making it llio means of i fleeting a permanent loan even of JO or iJO, millions, il would necessarily depreciate, as it will carry no interest and would bo justly liable to the above odious comparison in a degree proportioned to its excess. Ihe lreasury bills issued at the extra HfiRMirtn. noUvillislahdinir nil tlie ' nn. patriotic eflorts of the banks ami of mere party politicians to depreciate them, per formed .'Lie functions of a Treasury Curren cy pcifectlv well. These 'notes were paid out in the first instance to the publio credi tors, passed into the hands of those who" had lo pay money to the government and tin rice back inlo the Treasury. AVnut six mil lions of them, I think, performed the whole operation of collecting and disbursing the revenue. Since the attempt of the Now England federalists to destroy the credit of the country by denouncing as immoral mid irreligious those who would lend motley to the Covcrnment, I have never witnessed any thing in the conduct of any party more revolting lo 'my of patriotism, thait the efforts systematically mJilu 16 (It'JTfd ate the credit of the Treasury notes issued at tho extra scssian. What shall we think of the patriotism of man w ho could public- I ly express their exultation that the irrc. d "cmaLlo paper of hanks was nboveillie jar ol govt r. unci t paper ' l oIiticiatiJ who have placed (he hope of advancement upon tin; combined influence of tim banks, or liavw invested their private funds in ihem, Reetii to regard the interest ol the people at l'arg ii t as oi small consequence wlien It comes in eonliiet with that of tho banks; and the real ground of the opposition to Treasury p.ip r is, lhat it supercedes pro lunto the use ofhaiik paper, and thus limits the field for hank circulation.. I eoiisiifer thu (-'yH-jlilutioiiul objection to this Treasury paper as unfounded. Surely tlio government can receive any thing it choosesj in payment of its debts, even if it were brick bats, provided they are of uniform valrfc, and this paper will bo much more Uniform than bank paper, mid I think, thaii t.jM'cic itself. It tier tainly does not become those who main tain that the government should receive bank paper in discharge of Us dues, to de ny its right to reei ne its own paper. The gaiusi juiv nig uiesc gcivcriimcni lavurnes -Pie ' lHy fhouW rather say; - to be- - . al I.. .1 ...... " bills of credit" too convevs a technical idea w hich can only be understood by re ferring to our revolutionary history. It nieaut precisely the bills of credit of that day, mid nothing ds. Our Supreme t'ourt in (his Slate have accordingly de cided ihat'the bills of our State bank, art not bills of credit, though they are based intiiely on thu credit of tie; Slate, ami constitute a large portion of its eunenoy. But ihe government of the United Stales docs not propose to make these Treasury notes a general currency. It only propos es to receive thein 111 discharge of its own dues, and to pay. them to lis own custom ers with their consent. If they go out ui this uarrmV circle, it will be by 'the agency' of the parties concerned, and because they . wy happen . to answer better than am ris-pthmg el-v to- transmit funds to a distance. 1 But if the amount i.ssucd is limited judi- ndii. or ill any other lliia2lliable mode, is ! rioii:. or in any oilier iiuasihablu mode, is ! iforrarWiM-y gTsntH-to'Corigress, and though I ... 1 ' H . Treasury - notes were largely issued during our last warwiiu rnigiaml, even Hie .New Knglaud fediTalists, wlo denied the pow er of Cougressto call the uuliiia iut tho armies of thd country, never (jneibtioiitd its power to issue' these notes. The nolion that the issue ol'llu se Treas ury n. ile would e.niivi rt iho '1'reasurv into X . a. 1 . 1 - a bank, is purely chum rical. 1 here is not ' . 1 . i r 1 . I . l.l tne seinniance 01 reainy in 11. 11 wouiu neither receive dcposites nor giant loans on discounted notes-.. To the Imjiltd 06B44,tde exposure to tlie sun as pussible, and care ... 1 . , : a I 1 . ill..... t. i lii hjI.hI.v .v.. . ol its issues, it would be more appropriate to call it a mini, as it would create, lo lhat extent, what would answer the purposes of tho public Treasury n -1.1 . . . . t better than coin, the people. Now, opnosiiioii to this Wttlioutany cost lo wny such vi lieinetit Treasury paper on the part ot ihflSe vvho 1 . 1. .1 . r arc so, mucli oppose a to- 1111; c?.aciion o specie in payment of.dues to the govern operations or th lreasury : Can u-be possible that any patriotic, citizen would prefer the interest of afew favored banks to that of the United Status, andtherefore, compel the government t use the credit of the Banks instead of its own in collecting and disbursing its own revenues!. lam aware that many members of Congress at the North tiavc their private- inteicst so deeply involved in the banks, that it is with them a question between self-inter est and patriotism. Indeed the great con. Iiolling momed interest of tho North, ex- isting in the shape of bank stocks, which ! iilliviKnil Cm lk siillieienlly accounts for tho vehemence with which Mr. V cosier denounces the proposed Treasury paper as continental money, when plain common sense dictates that if the Government were bankrupt to ihe amount of a thousand millions, the so Treasury certificates would forevcr.remain at par, as long as the government should continue to collect annually an nmount of revenue Buflioient to absorb them. Tho sole foundation of their credit is that tho Government will receive them, and that their amount docs not exceed tho sum an nually required lo collect and disburse tho public revenue. Now when it is known that tho continental money exceeded this proportion home hundred fold, the absurdi ty of the suggested analogy must be ap parent to those who have not a very strong, interest ill r.pt pere(nvjjj(gMri&lA l-rff 1 close abruptly. l aTlTon tho evo of setting out for Europe, and regret that I have on. ly had time to writo this hasty scrawl 011 so important a subject. , Very sincerely, yours, CUO. McDUFFIfi. Svm'i. A. Tovv-rci, Rsq. ' FARMERS' DEPARTMENT. FAKMJuR'S SONG. No glory I covet, no riches I want, Ambition is nothing to me ; ... The one thing I beg of kind heaven to grant,, Is u. mind, independent and free - - - Why passions unruffled, untainted with pride, By reason, my life lot me square ; The wants of my nature are cheaply supplied, And the rost is but folly and care. The blessings wdiiult proyuieuc ftecly Ua lent, - . I'll justly and gratefully prize : While Kweet meditation and cheerful content. Shall make mc both healthful and wise. In the pleasures the great man's posscusious display, I'tienvit'd I'll challenge my part, For ev'ry tliir object my eyes can survey Contributes to gladden my heart. How vainly, through ignorant struggle and strife, . " ifie iiiaiiy", tfiel f Titters" erhpfby T' Since all that is truly delightful in life, Is what all, if they will, may enjoy. FA K Ml' US' WORK FOR OCTOBER. This is u mouth, tis every good tinnier know?, in which nit our energies should bo put forth4 lor besides saving that which we have already made, much niuel he dune to lay the ground work ot next year's crops ; and with a view ot lirmmng its nppropnate labors to the notice of our leaders, we wdl endeavor briefly to detail Litem. l ull I'loufjkifMfiA opportunity presciita i' tseit; all still; clayoy grounds intended lor spriii'T tulitiro, e hould b plouglnl up this and, the en iniig month. Uy plou rliuig 7 inches deep aihl tukui ' luirows y inches wiuo, tho furrows will bo I on at an angle ol" abotil 45 derceu, the best possible jHjMinm ut which ground can be laid to receive the gi'c atei-tuiuuiuit of beiielil from tho itili.iug clfects of winter troats and snows.- liroiiiids tlms trouteil iiro nlways infinitely bet ter suited to the purposes of spring culture than if left untouched. Bur besides the' "advantages aniug iiom tlio following etleuts of lho( wealh or, mucli reus work will have to bo tiotld in tlio fjwmg, when tune is invaluable .UatttcriHg f Lorn. If your corn is 6flffici eiitlj'hardeiioiT, it should be got in tin; latter end of iliis jiioiiili ; by so doing you save much from the-lavages of eo ws and those animals, that jirey -ttHt-theeora and in wMMorrtn tfiiirjoif' are enabled to turn your slock into your corn IipMx at a tunc before vegetation is destroy ci?, ami thus by the time winter comes on they'ara put 111 pooil coiylitiou to enter upon the rigors of ' that 1:11 -lenient mm pinching season ot tne year, a lining lhat every husbandman, should have urj ee to ; tor it at tne coiiimeiieeinent ot tllC loU. eve V m edf'nm' K.l.iu .a' li...,r r,.vl. nor , 1 t irninrh thnt rr. Il eal uud trying period wdl bo infinitely greater. Uiiiht ring awl turiHg i-MUUtr una lop. No lime should be lost 111 gathering you bludes au.1 tops uiiu recollect tliat M kkju as they are ry tiii-y should, bo' brought lit from tlie rielti and pUi e.l out 01 the weather. Uy protecting them lroufraiivyou add greatly to their inthusic vat ue as provender, besides rendering them muclii .....r.i In. lu t IiIh til v , -. ' . ir an'd mlatiihle to votirslouMot all kuiils. no:i as your ixitiiioeS are lit tor digging, take t heui u; and be sure lo put them away with as snuim w hu-u u.u. u.. vv.v o sible. Ti-rnrp. -By stirring the earth aronnd your turccps taily this month, you will add inuoii to their growth and increase their product. Iff if, Parsnip Cafrofs.-s-.These roots should all It taken up and put away this mouth. l'umphMS.&a your. pumpkins tipen, gather tlieni ami put tlvcm away m a dry warmroorrr. It is iniportanKhot they be housed before being exposed to tiie frost of tlie -field. Huvkmheal. As you cut yourbuck wheat put it iuto sheavcis these must be eut up in tlie field, and aller a day or two bring tlinin iand thresh thcirl out iin iie iiAtoly."' Thu" ooiier rms latter work i done liielxHler, as the grain UJ . tftfesh otfrnnch eiisier and wrtti a dt:ai tesa'; loss.' Aiter j-our straw is tlireii4-U jj';."pfS 1 1 ..-: V-f - i .s-'t
The Greensboro Patriot (Greensboro, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Sept. 28, 1838, edition 1
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