North Carolina Newspapers

It-, -J - - " --v let xll the kx m m e ui vr, he or:t m's o;: envx try?:!, AXo Titrru's." S" ikxoeare. "'J! L" .!. GIUSEXSItOllOlJGII. IV. C., FRIDAY MOItXIXG, DECEMEtt 7,. IB38. VOLfH NO. 32 a - J. D. CliAXfY,-' EDITOR A X 1 T it O P li I E T O R. TIip ('.aj-.-li-n Patriot is published vcekly on ! ,r. c I'v'r.i lnij ri 'l beet at -i wo iki.i.-.ks am, t h i v imn yai!! vviliiiri'tlirco iiiomb.- o cVipt j tin' lir.st number, or Three r. I'.-rsi'ii.: ;,liHr'';' Un paper, for six cnly, c.iii have it ut Nl 7-0,' p.iy al.le in r'.ull boilis-crvitinwdlintil all nrroar-p-iii), except at t!n option !' li,,.- ub And no suli-rnh'r v. :ll ho received lur I i riixl than ) '. iiicmi lis. S i if live ieiliv u.'uals ma v have the til'- I i ! ' ' ttb i ' a -I,..-;." i'l ! i (Wiiiit.lNA P.XTHIOT i"..r truLMii ti.'il t . i. lur ...i.-t.i.--1 y.ilh li re ; j,ii:l Clubs of ten may I ; It'll copies Ibr N'JIJ mad ...vr t i (Till r r fWii ,' ... 1 ! emi-alert-i! ns a new cni.ui;. meet. h. r.'iv :ncHls. Aiiv erl, oini nts w.ll i : t 1 1 I v and correctly his, rled nt "'l the nl fills, Ullll 2) Cent:, for each MIC- t'l ri! : 'j iii.-oit:..i. A fothie!:on v.ill bo made win i: ; i' .: advertise by the-war. . f l.ri'i r i.u bu-:u"ss connected with the'oflioe du:-t i" -.'lii' tM'e of )st.i'c, otherwise they will I, ! l,e i.iki'ii out of the lUit Ollice. .T3 5: S S A U E , To thf lloiwrtiMe Tif tintt rul Arm'Hu of A. arotina : lii entering .ipou the dis-! i,,r.r, ..r il.,. ..nidi,, .i.iti'.w t,v 1 rii ifL'1 "i me ouuiic uuiies ci:joi; ( ,n -1 ' uiiou. w i- should not In: unmindful Pl .nr ;.:!,;! nit (',;: of platitude to the 1 :!,, of ..II no ul for the umiiv hi. s.-i.e - . ben. f. iitly lav i.-bed upon . our eoinjuon Co: ii (Trr. ' Jiii.ui;h the pnxlucts of .1 '.: 1 : e 1 1 1 -uual !!- t ;re may not have leaclud their 1 1 bu:i'l ui cl', ei.ougu 11.H oeen meet the wants ol' our perfple tl'Iill.'ll to and indus- ti; t:irnrieil :i its other a; nines lias been la;;!, r u irded. The laws haw lifin nduii);i.-tered with oiil eniii.il 11 nt, our rights natural, civil im! I I" !it:e i!, h:ive lieeli J'l-t'V r.-ganleu, aiol Jm '.' been bb ssed WUli alt tliiSsi' ' ii:0F"- iil and physical enjoyments, which consti tute the sum of human happiness ; oucour a'eJ by these ctmsiderations, then, let us proceed on tlic path of our tfuties, deter-' mined to d servo a contiutiaiice of His fa mr .Tint protection who rule the debtinks. of N iiio';5. . ! In laving l-eforc voir trie-' condition of the '. with s'iIi siii'Tcstion of ii.ip.-.ivc- ' la ;, ,h ij.;i,.n to me wot t by of legt.-l it :o:i , I am e.ei-.ii, d fur tlii; Luoivledi''' ot 1 : t .' 1 on 11 il li 'i. !:c , ,v lie: recoil oc.! 10:1 that you roaie bo. 11 e. 1, section of our Stale ..re 1.! uldL.d with its various inter-!- :.r - aeiu-.iuti J w uU its. waii ts.a.ul tup.ln.liU.'-S mid are as well dispos -d as pi tlili d to re in.' dv piotnptly anv oinissio;i on my pirt. -Tii" novelty and the imposing- magni tiWe ' f-i'i e ii t -e. ii: Kts," will aiinrd-' yo - nt-i t t'T lor much and serious consideration du Timr the orr ( nt session. The deranged a 1 1 creii! .lln;. medium of trade, the crunpvd, fi'.u.itibn of our i:io-u,tary institutions, and; the new sell, me lor tliu establishm -nt ol : Sail. Tre isiii h s by the (i.-ueral ( mv rnti'iit, I iili (!. in and voir -vtiMoiis ri lle;titi; lor they j an iiitnnit. iv associated with t lie iutt rests 1 of our co'i-tttuents. During a p riod o! pt.iloand peace, a-id in the midst ol uiiex- y j 1 aiiipli .1 pro. pL 1 i!y anil happiness, me co. 11- I try Ins lcen precipitated iroui her hig.i en- j J1.111.11l.-, and plunged ( A itli no natural j e.ei-es to explain it ) into the abyss ol wnlc typrnd misery "and nun. Althougu the re- 1 itivi- eie X' s of a new and rich conn lry , and of a singularly eulerprisiniT p-'opb' li ive not p'ruiitledus to!)- p r.nuieuti; (!' iu.'-sed. vet lii" le:-ons of pi-t xp'-ri tie 1' should not be lo-l' upon us. W e .Ullll ...1.1 . inve-ti"- ite and understand the causes ul tii .-e calamities, that .we .in iy Ply tly' proper ri 1 : ; . 1 1 1 s to pi e vent t hei r recurrcrice. We 'iiiu n not eo'ilinue Jo llnit tiiiouji S6;iol iiir- ri nii t xperimtuits; we 111 u -I setim up ou sonv nr icne tt ivt'fm 6r'-tS''jrv;-sxirrrerr luiiigdehiiei and w. ll under. louu, n.w 3 .. . .1 -,. , .11 1. . .11 11 etieiii,,i 0 i- in. .ni v, 1 . . . . 1. ... 1 . 1 e 1. it.-1 n. 'SS is ' retarded, and cut ernn.e d-'sdrovct 15 ir r 1 " v. ith iii.e, Ihenv win Ut, jvitljt beCnming defer i : , I .'. i:-b avor to investigate subject vl.,,.1. j.. ,.l'.i.,i - mil nerilllt 111.- . , ' I were sown in 1H10. Measures were uieu noptcil, from what motive it is not licet s. s:iry to cmpiire, wliicli have greatly cordn- biited to th m i -fori u in s of 1 iVon. The .1 . i . .. bsircsesot vy. ie r.u.v u k-ii.i m """ j t liio-e of more recent iiccurr.uiee, i xrepi ,t ik-cui tiicc, i xrept xt.'iisive and sevt re Hi: t ihey Were inol . e Had ! l-t em I .- id i i-t tin tLT' d Iroui a hat r.issing ami i tisive w ar, v. b i had rre.il ly inert an- id tjie public tb bl, h -mures of th eo-pitry ' ' .- ns i vti iiivc p -li u.ks 1. e l sii - p.- ml .1 '"'. ii n." v ami '. cli i ; itl i xb iusted tin- re , and inlln t' tl on her uuiaiv iuinrv. Tlf, r cic paviin in? tl n W. 11! ii lcrl r.,-r..d r.v.li 1,'n.v was d -stioved am en it H pirali.e.l. J -i I r s-i'-h t-i re" i m .1 en.-.-. e 11 u:l. --aie- I- fr e from the pi.ilu'ao.n ol l'i- enemy, ( 'o-i'yr. (It -id-s o-i ta-xing the i ' ..pic to'd.-.-h a.-r the publ.C il i! of llVU ljr tie.- purpo-e the tariff of du j. s et I lO was a,!j ;-! .i, and was gradually iu- .1 .... i-.-( ..lien the bill SO p'op- ' I . .1. , .,. .1 "il.,. lull ... a hoi il I na iu-v is u i-- p i.s;e,!, -i.iblihmg vet higher rati 'f il utii s, and pro-;) etivr 1 increasing it. In 'linnv i::! ances the Mx was so hi as iili'obl!, i v o j t'"ti-s prioi- tli' erel,,, ; the noil h v noiu'.nl in. :i -.-' 1 y . our done ii .e ii w i .r-' iuii rtation ot ar Tl... ir l.-il to t .;r- inn-uMc.ioxu.-s , " ...l., i-..,. . and increased mult r tlio auspices of Hie tail 11". and thith. , ,, ... .. .... ........ v " "-"" .ll.l II li) MII- cti.'iso at liiaii prices tlioso articles w.lneii :m exoiliii.-int f :triir had Vx !l d from out '-oiiiiiicnv. (fher foit'ii oditios whirli oui ntai.iif.iciorii s wcf tinablo to supjilv we -oi, tuiiit (I to import, Ikciiic of their ne ' s.-ily, ,i, t iHiiib fied wiiliii lax, which nr. Vi r, I Lt'lh Vo, Ik fore lii tlie acnats of frj.ns. 'ilion, was exacted from a frVo people. I aLe for iiistaiK-e, lh- tax of nearly two et-. in iron, : in -Ik ni on MiL'ar, p r ll., 'Jt) to ( Ills p r 1j u.-lit I on H ill, 1(1 rents per ::.iHon on molasses, and on all otln r arti- 1. ef prime in n ssiiy from yo lo Ji! p. i cciH. uhieli ceri.iinly'woiild never have he en snh untied to hut for ihc plausible appeal to tue pairiotidin'of the people to p.iv the public debt. Iorou!aip and improve thr eurrenc and ex' h.niiros, aed to furnih a sad- di po itory for the Public Treasure tht.s rapidl . ,ac ertiinir, the IJ.mk of Ihc I'nited Siat.s was eharlered. After siruylinir with tin untoward, eirrnmsiaiiees' w hich cave it b . iuir, it succeedtd at lenlh in realiii.(r tin objects of Us err atint--aHoi'ded aeurreiKM and rate of exehapfre- tpial if not sup. rioi to any ever enjoyed l thi-' or anv other country, and perfurmed its functions as fis cal niviit of the (ienera! ('oveiniie i't lo Hi -ire satisfaction of every predecessor 1 r s,'' " J-ckwwu of J:it the operations ot lln-- oppressive and ir,T'llr) . .1 1 :i con. .uu-l 10 uraw nrnm "ol" ,1m' ni"".' ,( ' :u"1 '"' ""-- Juth' r than ihc current. op. uses ef the gov. ii iiijnent, iiuiil :tt. 'l he I'tniu of th rountry was siretrh.d to in ntmor-t i teu , s to 1,1 and every mean resort-, d (o for r-lief. j The d:'stRss,"d ,,f Ik.'-' ami '-" gav, 1! ail'ul w.miiig of the coming d i;i(-r, and Hn for the wise forbearance of tile I'. S. .Jink, the crisis would have t: i u mur-h mere .calamitous. The r. lief .'dlortled b the Hank, I owe vi r, was but temporary a-id J ob iflis-i. 1 he cansi; ol riitu - H o & ' l- I ly laid, am! the draiu cohiiiitii'd to do its w 01 k fcilentlv, insidiously, hut surely. Tin merchants were stimulated to jncr. '5 their importations, spectilation was fobitr -d, aijd credit exti nded, with the delusive hop? of removing embirrnsmerits, originating in a tiadV: burdeat d and overt ied. The Hanks lent llleUl.-xh.tiO tllU 111 ld;ie-s of llO llOilf, I their circulation vv s . v ? -o, tie ir abilif. i to sustain lln lus , s d'imiui-hed, .a.'nl lie - I. s! r net 10:: o! 'the Hank of 1:ie I 'n:ti d Slat ? ' eouijil"tel the v.otk of ruin. IIuT licit r.-;i I;, A, is the p. tiod f .. i.iipOMUtr the T.I I I tl' nio-t I unpropiijous, but lie i;.du"i ;nM:' l"nr sodo- t;i'-t the pavuH-nf ol tin'- u!.i .: d. Ijl) Kiui! ; u:.:. ifif.'.''tory and ii'iV. i-;-. - We AiTe Calt I ed upon bv, no pnuei:d ' of justice, of w i- doln or of p ilri.iti hi lo di-ch.;ru-? that debt at that moment.. It vv is a debt created by our two w irs, "and tiniTef ' pv-ciil'nir' i rr'.iiii-staii'-es. We flit, red the money market a a borrower v.ni iir and with impaired cre dit. i r i'i-ti:itt;o is nrvv and untried, and their stability o!t. 11 cp.i"stiouei!. C.ipi'ali-ts availed th 'in- Iio-t of all thes. disa'dvanla- es, and into is--l upon ustli; bi'h st pr. -111111:11 tor " l li : use of thejfinds. It, was 1 ;tn 10 iii".i f " ! y ' 1 j 1 nu, ' 1 lueine li r lllil.' Iff I . 1 ''M (ill ' 1 lie one hand, and pialil on 1he other, in volving no one priitiplo ot patnoiisni or libera ity. Tin' R ports ofthe S. rietary of 'lie Trc s'trv ?iiovv lb it' tie ( ,v rn114--.1t w 1- olt n unlit 0. in iousIv th alt bv. We were th 11 ; under no .rtbliuation to the public creditor ' to anticipate his dun:uuls, and it surely : was molher wis-', patiiotic nor ju-t lor any object sh .rt of absolute n - il . , tllll-i tn il and pius- f-s an aireanv exhan-'u t. ile country. Considered in a financial point of view, we are still more at a to understand lb., amiiecessarv haste, of the C.'overiimenl 'I'lfyaTirtyTrm-rre 1 . .....l ...,,r. - -M-tl..- lime 41 via-. and inon"V,-i!ftl.;' ttuie it was p.' r et nt. -. .lir,i, ,h . f I .lir - leir.'e(l. W .IS Worlil I tie Hal .il inleiesl - - " - - -. : oi tin; .......... , . - i iin" ino.it V from ihc P. opb- untb r sueh ' " . . . .i: .. . ......... ..i- .1 ,...l.v Ir.irn I to o r CIO. I't.au- circumstances to piy to cap i of thfuu for.-ig'V. ;l !i 1'""'ial ,sI), r''- lion, the ...;.l..,i ..I which "may well he tl l.ail'Mii thus collected and disburse.l, Irotn the m i- , ib,. few.1 soon aaru'ii tciignt invest- inents in to-:ks in Factories, irt HfflC' l..r.li mis ami speculator at an interest of from 0 tot-' per r. n'. A verv small. por f , j?s U,1V 1o ,i. .iiiii. - f rest iii' New York 1 lie !(... I':... ..... , r ite III Hill r''SI HI j,, r -real natural and liclttious a.nan- i.. I am -,.r. lor trde ami co:umi' -, '" ' . .- . i. : . . .. i . ..,,. I I atlrae.lion not bo ist, Wiiieil ve oi inns 5' e...... and most of the investments concentrated at th.I P'1"-!- l 111 IV not b - utipr.ddal.le, am! it is een- airly latere .1... ......I'Mll sti: ir to ex ItillU ' lof a IIIO uein .r.i.oirit colb etctl fnm the l.eoi.le ii. I-V".:ly yirs liy the demands ,,f th Publ: 'et!et :-l ( iov nitnt nl : ay ,), .,, jn lHlti " $ii-.i,irt,cioo i lot. r.t on hail as n tluce.i to ." p r cent Siir-ilu-. ' - r .( ,d!i - 41,(K)d,(Jd 2d years support'of Covcnitiieiit at 15 millions per year ShowwilioxtraorJiiiryn'fl.U!M.lHH .l,.racted from Uo; earnm .d mdus.ry ... . ') years to pay the Ptl.ille I'eO.l anu liner ' . . .. . I est ....... . .!,,. rre-l"r:il ' "OVI TUIU -III ii.m round i . .. j I l iv e tie oi in 1 ...I. ... ..r.n.n :i si, h.-. - , i.nnibcftf. Wlthoul teg-iyi fi.iClioi.3. It" tt rcd and incrrasrJ j !)i!iici-i.ily accurate for my purport', w Inch Id HUH o exhibit the aMOtllKil.. ,. i, r . ' . 10 u - iiwii ii:.wiiu.i,-kii ics 01 inis couiitrv. TIk; ihsposuiiofi of this moilev in .v ekiiitr - Hew , viMmnfitu , ie.alln - I1 a(J,lt ,' a, l',r" l,no ilwouut by tlm varu.us ilanks, urg, -d ami si, mutated to M,.pr..vid. 1,1 expins-o:.S,ff.ve a h,u of i,u- Mi.ess, ami pro.,p. r.ly, unp .ral:. I.d 1.1 our ouniry. lint n w.ts lioilow .11.0 laiiarmu.-. 1 He t optr h rj tu ( n drain, d, weak mil ami lllipoveiisbed by taxation, and ill.-. u;e unable to withstand the r. action w Inch awaiied th. in President Jackson made a svtematic at. tack upon ih.-cieilii Mstem. II.- d,: 1I1.1I "all who trad.- 011 bono,d capital ouvlit to break heail.icked ai d pulduwu in.: I luted Stad s l5.ink ; and ci iii-m.-i and oiliiim upon the issue of all ban s. by ins circular I . ipi 1 1 1 ujj the p.iunent lor ia (Is i(i spi'Ci, . Tin?. j:iVi warnt;. I.. 111. re I'm .it.-, limbers, and caniiaiis.s. wIhk uiili i!i.- ii . siiiif:tot si If preservation, Iriui'md t!u ir . -1- - , , ... sails lo ihe coining storfu, hushai d-. d linir resources, called in liteir means, and reac tion ami rni'i Commenced! The pubjie Uea.-nre had be'tn d positi (! with a lew Incal banks, and, with tiie hope ol -li'e.a Ting the wounds which he bad iutue ii d upon the ee.muier'e and cr.-dit of the eoiinlr, the Pn s d- nt. d- t' rre'eed en Pit-swlei.t !. t. rii" ee.l ...I : !. P-.t Hank -is; uiw r ail tin ..'III. Till: II-' fUfi'ii'i'e.l s!;oi.!d' (I Ul'pos s oi I 1; l 0:, n I .e ( II lied :'.'! ,ti s, u.iall. lid d AVI til 1 1 . f; y . i - :u,d l inger-. Wjl.le the (b p'i-lt; S ei.'itl.iui l 'o aeeii.nul.ile, tli. se p. onus s y eiu .1 in iiie way mf I'nlhliii' nl, anil th.' Pi -:(. il cone 1 ,t , I ,u , tiie public 011 bis s : -c y.l tiie reaction went tei ; a v. . u 1 1 li .1! In ( 11 g I Veil lo public em 1 ti. biiee . ! i , - a I ; u 11-..ling po'.v 'i nl' 1 he PriMileut onld not reach ; pio.iue" was pit . I inln m a'.: 1, no. liR. pte .leelimdf blocks went 'low n, . . . 1 .11 1 . 1 . pi ope rn' emuii'ctl ii.onls ai reduced pn i In? banks curtailed, and in turn -wa re pr -. sed for the payment of lle ir debts ; the le posites vv re withdrawn, a furl hep euun! iiienl wii- necessafy ; no hope of r ! i f r -ui lined ; eonlidvuiee was destru. d, busi ness jT.vr diz. tl, and the uspoi,si..4) l'.,iiow-r-,l, wilii all iM train -of- baMkrupicv and i nto. Tile local Hanks, in la ir t"iu. M- r A,-- r- it d and de m ui ice,, a - tl'i .v oi I il I ' r rn . I i -lelic. ol tie iiiu, rnim Ut Ol l!" pi ople. Tin y have ti miniated a s: rn s of ill-th-g.'SU-.l and pi inieioas , xp. rii-ut nts a vaei- I It Iti pol lev of W Tl telle. I ( X ) ii I- Ills ; I ' X - mg to jt tv oil" the pubft b-!.( and to (not. l hoine m.iuut icliires; est d.b.-lol'g a IJ.o.k nl ihc I'nit tl ;l.ii(s ;:1 one leune nl, and pul ling it down as ui.eon-tilu! ioi ;:l al ibe in i; creating a. high protective; t;iTill to-d.iy.tiid de. (roving it lo-inoi i o'.v ; coiiecfing asm eus rev. u .'t: from tiie wants of !lu people ; p d . o il ziu.;, earessi nu' and t i.uu ull ng i ; to madness end lolly l!,. iiinbs ol' the Sial s, lid then lieiiouiicil! ' tin nl tor filling lo couipiish whit no rational living Co:;!.: have exp' 'led froinlheiii. Thev t ouitl not leoulale Ibe evrfianies, ami it was i qu i: lolly to e.ret:t that they- could wiliiU.,d t!i; : Im;'k, which a Hood of circiims! .iru s J.r'To .tl ihtir eonli'd drove upon th. in. I'iiey were eoiiipi lb tl to ..o.p. ed p iv lin n's, until lime placed ano'her eiuii in mark ' to remit the balances ol Y, i imp. an i I. t!:io; . and to repair io-ses at ho n . Mv eoiitiJi'iice in our local Hm'.-s is ool impaired. 'I h. y eouutry oeiu-r til; , ii ips iiujirudi nt : our cie.l t -ys'ein, nients and limit il i l ive suit ia it w i !i th. Ie n unfnrt-i.i .:e, p i Ut tlleV Ui the .mi, oi .ml V I'll I .t; IIII,iio'. -us w hieh vp -l leliee li :-. -digest', d, ihey an-i)u-rit to he sustained. elill .1 ti) us, am' Tin- H "dis of llli- Stale, from a comparative oxauiinalioit .t' ...xeswn.- i. h i, vied on Hi, co,,.,ui.km 'ilt. Uaok of the Unit. d States bavin? ol loreir iiM ichaiid..,', lus.des .ex.ra 'be. ,, p:i, .lownhvone President, and pro metmtp,,, on tfoud.s cxpelbd Iron, our no.mc, , uneo.iitut.onal hy ll.eprereut in- foteqaelrtt51 ith. r Stall s, stood at I ho p' nod ol 'ill . sus :" peoston iu 'fi ' very -TaujrdTite "pT..-jTi'r5X7 nrrd I was impressed w .th. I lit- opinion I rial th -y if anv, could have su-l lined th ir payui-';:! tliLougbout the pn -.-iire. Hut lln ir abb, nil i in r- "1 s, who knew lleir sM-i itioti b sl lieiieveti oiin rw use, a. I olln rwise, an I ihey liiitr-veil tu :ui ral example. Thev have .-Igaiii, Wjl'.ll , ,j JLiudaUtJ,',al:iCiit,v,dt'llt)ved m the resmnp-. lion, and now meet their payments iu ape- . . ... eie C.- il, o,.0n-,r.n of lhr Hinks. ' ,..wmo ni i't. tc i-'i-" ' . i. i -,i the Legrsliltutes of several Si des were con- 1 tl. ntlv mlrnst uiy perauual luuds as with veucd lo air.'strTfil,,,, lnwnw:.rd oui Huiks. course of things, ati(T.tU alldueh n-bef as jj.u il,is Suh-Ti easurv scheme must in eircuinstanct s niight dent'andT ' Uhd r su -h ,.roas,, (,,. number of olliers, and the pat r spec-table t xauiples, and at the suggest io-. ,-;,,,,. 0f the (Jeneral tb.vi rnmeiit, already of m-'.uy respecialde i-itizeus, I d-unerl it r SKO:.u beyoutl all proper limits. I have- due to th- people to sum. non Lie ouncii . 'to" of St ite to advise with in as to Im- co i.-e j which it woultl be best to pursue. A I r in wing 111" situation Ol the ij.mKs i" i ui wants of th -communit . , a convention i-f I ne, ','! (;, u. ral As- 'inolv w s not i, e;u. i o. cess irv. It was bell vn .1 that no a- s I. conld be allortb ,1 thes- instiiut-o ,s , tent With th" llgl.'s ol 111" 1" "I'l", and !!i ample prop eHon was alioid. I tn eo.ii.n nilv, by the pen d clause of tie- cb i rt lovviii" lVi l r C"ilt. Ilitert si en Pill. If to redeem their notes. The sympathy of our citiz-ns wil'i iht ...ti- ....,..'..('" tl... li j even to ,'br 11 n.tc SUll'.i l .'. !" - i - f.,. i, ...i.. ... i.. . f;. of their lib r i,- ly foibt'-ar-iiice'ind right-tnii)d"dness. De- mands were seldom, made, and of very in- cuiisiih'f thlc am -uu!s. 1 i tv wa rd l ind. S!)5o. k'!iker ta rc.;!ar- " Pi)0' ' - !: - ' for ,, ., fositior? of t he U;ink? vv.is look (I hi- w "Kinm iti(ii i i-iidii a t Mint (rn;,.MCi,i; ihe (K-al hanks havintr born de- 1 fori "'"'"! ,r;,,fr?-, nonlterri;.five,-.i- eu,i4y, i.s I ft ih Prentdetit 1at t ta- ISl. s.vo new syat. m m Hip fTsr.7.1 aacritot , .he (iew n.ment.' This h.Vs hcen.nnnounr.. ; ed t., ij public under the imposi n tit le of J.he "I,, pondent Treasury," and has heen tw ,c, t, ccoimnended toCon.rrecs and nfof." ; ti"i r. ji c;,'d by that lodv, thouirh composed of a inaj ritv of his pirtizans. Tle v Ind Hi- he- -ourci s of informal ioti and amnio opportunities to invcsiiirato the subject fill- U. Il h is certainly been verv elaborately discussed at two sessions, and rejected on. dec circumstances which would seem lode 111 Mid .cuieccnce of every republican, who ii"bls lii. doctrine that a majority oujlit to rule. Mat ;t is not suhmiHi d to; every ex eiiion has been made, and is still making by tlie iiiiiiu use in(lii nee of r.xi'cu'ive pa- Ironage, lo re vers' this twice decided pies- lion. An annual h is been made to the o.-o- , I'M, uie s'lej'Ci n.as oeen r arrieu inio loir .1. ..i:. I. .. - I . s. ale eh ctions, and the public mind vrxcl ; "nth it, from the eject:-. ns of pur constables. to that of the execiit ivcj. It has been mr.-ie 'description- Thes( oioeets (except com tlic lesi of deinocniCv iv-r'. Crave T'ona-; iiierce) were greatly. f-Jored by the var, 'or-.-u.d iainur (!.! IJ. pie. ei.t oiv. s ha ,e ta- sub-a ijuen! !v lv the larilfi aiul aitet w anis it en tin- slump at lections, at harb'tcne? ' by the nianev thrown inta circulation, by a . 1 ,, :u. 'i' tables in defence of il The . up in s bv I . ..!' r di(.r-- I, as l. . ji apoeid. d t: e.i el it. They have heen invited . eii-iniy of the Tieamrvto oroirst is own limits on the Hanks when specie fi-id. 111 firder to make thf in cjuiy"-j nt in -ni -ie ami available in the market 1 .......... ir.f ,t-..i .... iti ft... ... -. rt . I it a lueli nrrmium, to pav custom hous. -lupped our prmljets, arid icceived 111 10 I !'i. . This is no lietion, it is a fact; aad J turn, mantit .curt ti voods tj supply all our h " vei taneiiJ his been iibu-i d bv her own .lii 1 is -e a nreitv reward ef pro!:; on the I iri. - t i- v are receivm? from her bounty. '"!c o or . hie members of 'o"'-.v : v ere ( ..j-,,. ,j h ff cifeular -fih" rwriC . .r . u: !: pivnit nt of their compenntion. ith .nc'i ii dueetnerits, incenti vesantl ap peals, we would not be astonished to see ; thi. le w- device b "-onie the law of the land I : nu liiist the wisher! of the peope- , I understand " the Independent. Treasury" I to nft an, reduced, to its naked projxirions, f t ',. ,iij...:ut,nent of new Alt ids bv thV-1 be. . -.ie,. nt. w bos.- dutv it vi! be lo re-'i -v tb pub;!,-, duties fro-.i the f',ojtlc '.. .-(.,' .'. r onlv, kiep il in safes a v e.l's 1 1 ,v il out lo 111'" rt il irird ollic and o'li. i. in etui, only rep-c-l.iiif tin: list ol l i ,K. .. d i.'i.-.tories ami their notes as : a j;iud i mu .t ii.ay.mcut ivhether con vcrti b!e ' , in rjn nr ni not. .... . . : 1 In-- en i-nre l eonsioer wrong in prim i- ) pi..-. o ; lale'oov rniuent would be sustain- , ttL Ul.t:X..eJiui gjumi the, iM-mle coin oulv ux i the paviin nt ol taxi s, land sales and entri's, count nidi nlu ds be tolerated in a I - nor ' t.i: ' so odious a. ..I ii.'pr- s.ivr. he euipiov ne ui el oold ami silver only. I Ira -. Iu is bet v.-u Hie "tivruiin ut : u and p op'.e, i! pia'Tie :l,le at all, would ne i. n .aniiriit and exp-nsive. Hut the iui- iu' vi liiiliu of ecmluciing the business ot . . . . ... the eo .nlr, v, .th it s,,i cie currency only, oot tieiiu d. e iiiusf then necessarily It iv e i no : ,ii.' ti curreiicv of sp. eie a: il bank one, ;u cording to the liidepcn- I l nt To e ui v dor: i ant , lor the ( iov( riiinent i r.nd the other for lln- people: and ihey must i.omi: in conflict. Tiie refusal of the tiuv- .ini. nl in receive tin- p.oi.b 's curreiicv pr-'ciate or product a constant drain no:-: . np-i i tin liai.ks w Inch uiUit tb siroyjht ir : - l ii i'sS. tn tin Tr. asurv is ore of safelv, the Independent o in. it'liiliciilarlv objeoitonabh . I' w of us are iuuiaiit that the olh-ers, ol the I, States are appointed more Ireque-nt- lv from political considerations, 1 than ,-,juU,isV ilewrifjo 'in who are alw.iv- " j' f,;; 7io.T tVHnvaid .VitJertT tor oliiee. j Ii. di pontes I u Hie local IHIik.. niu't, from tin iriu.tiiir, be more .rcure than with such oilif.is. 'J li. y are gauranit . d ii, Ihe tap-it . I ol the bank, and the watch- . . .. . , , . , 1 1 . , . i . r,.st i i,( rn. 1 ii.il! v unon ui. I mi. ak chit llv in rt b rt ijee to the i i - i -1 , 0,, ;Mltj Ulanagenienl of. tjie Banks, , ,H!, Stati ; and from personal knowledge, I am verv c. rlain that no Sub-Treasury can be OlLUIUlZ. .1 Willi VV licll I WOlllll SO COIill- nn jnglmrrable objection to seeing the, a ,,vut!i 0f j0 (J0v ruin, nt spread over the st.-.t s, -!h t!ie ratiirol of money or power ,.f anv kind, tooperate o i our habits, min ii. i s a id I i lings, r lo inllueuce our elec iive Irmebise. We have already a Mint w-tih'.'ui c .i,u, an Arsenal without' need, : ',. I. I'tors anil hosts of Custom house ofiK rii, at all our ports of entrv,arid Post Mas- :er , b bio- th locusts, of F.gv pt. They form A mx. winch no nattiot can content-, a l-'u o! i:e w itlionrrust Honrrhcnsion. or thin in eo .isinir w ii hont dismay. vo.ne advocate the scheme, because in its o .ii d tiii, it w ill he hostile to tho "local I ., l k' and that, in theit naturos, thev are -u.lagoiiiMTo1if,"ar.d eininm rsit tosnhrr. Are we pr. -pa red for the d- .truet.on of our iijiiW, an J, w nil mem, oi our traue anu cn- rL riz:y . Ar W i willurr ta wiliK'i a re duetion i.i the value ofonr properly of one h. or more 1 De-troy our banks, and we mil witness ttns, or the humiliating nittr- native of tHjittff sustained y lor.;ipi capit d. ,Ih, poWi.r to coin money, rerulate the al AVe are told that the Independ. nt I '" '- no thereof, and of fon irn coin, and to fix siury, will r.Jieve tin- South from the sh-.ck-! st,llinrr r , .,,.5 ,..Mlarf. ." 1 ie 01 :orit.ern tram n tl.le her to otal- :U a direct intcrcoiirse with foreijfii coufi - . .. t I 1:11.. ...niiiiM 'D 1111 HRililai if-Jj"' tries h.nld up her markets, and unite the,m 1(.a&.ires furn'.s;,, bv the irovcrnment whole South in trade, interest and feelm-;. J ,,,011 f,f,v Oonh d not or.c-tenlh the sup. .Notbmjf surely was over more fallacious jcjuj th:,nit woui, bo ,0 imil it to ... .is Honnrmprojtciors oriifiua.e 11 v.i.rr oi:s view, or tio iney now susjain 11 upon such motives? Hardly, treiilh incii I'hede shackles of A'ortiK rn trade, of which we have lately heard so .much, p.o- j coed from causes not o easiiv overcoitM ilic orlh is much indebted to her natural advantage, hut she owes more to the liber al emplo mei.t of the credit system. Thi enabled her, at an early p nod, to com mence a fjenerou rivalry with llurojo.o commerce and manufactiiref:. This fur- j nisiied b r th': means of ship "building vca Ih d her I'lamifaeitjies into being, 1 proved her ik.v iatijn, and corS&iructod hi r roads and canal:;. i hose improveiuents soon reacted upon industry, jave facilities to the firmer,, encouragement to the i-se- 1 ehanic, and cniployu:e::t to labor of every jthe pavir.ent of tin- pnnli 1( It'. ur cou.s" vas viiim ('it.'eient, out ner- iies vv re dincleu to the quiet pursuit $ of : aiMieullural life. Always tearfi:! ." over- hi.uking, V. e employe, i the credit s'V -;tem for no valuable iu.pro.ei,i..-iil ; 011." trade was . .r I in 1. -1 1 I 1' . .. . " ? 1' 1 -: M. I i.rsiT.. " I r TC Wf ofiunally iiiusiiv' With t-.uroiie HTiits. (ir 'tiuail v, ho.'.e.er, our Iraoe be bau lo be transferred to the .North. Wc heiran to find that tin re we eonltl meet with gooib; ii uo.jrtetl in iio.the.n vessels and iy u-orijiern ttpitul, ivlmdi-saddcd lo tht-ir HU.'-il manufactures, of greater extent and varie . - - ty, and actually cheaper in price, than wc had been importing directly ; because they better nnderslootl the vvatiti ot our trade, had spa.e capital, and could adapt a small assortment loom convi nienee. Hence tiie Transfer : but the nrth also ejnsumes lar-'cly of our ra-.v in iteiinl, which renders lite tiaJe reriprmuillv beneficial tons. Our tnerclnids are a ealcuiating and paiiis-takingt l.t.s ; depend on il, they have m ule ih-ir calculation:: in fii; urcx, ami iiutl Jleurr lleur rtr.itit i u a t:oi I iu rn nu r ;i iiircri i'..i- roneaii Irade. or the pieseu :.l;ue oi liiingJ ' ! nt'yor '.x isietl. The C -ii y of . e w ork possesses iialurai advantages so greatly su- . . ... e . i. .1 v:. ..... . pi rior to anv omcr pori m w.e i rnvii .n.i.-- that nIic has not only the trade nl uu outh. but or neariv alb Uii - Northern uiul Easl'.rn 'States in a greater or less degree. " f To bnibl up homo markets is certainly tlesirai'le, ami o! primary impoitauce ; on. I . . . . . . . - re it cannot be - ttect-d ly Lonrmuons. i m n .-.ollecled wisdom may devise the- means, hut ihev in ist If i-uch me.-ms as have before produced the same res-ills such as have eiiablid the North to compete with lmrope. We must extend (he credit system-aU'ord the rncana tocrtct inanuf.ictefiee, to build -hips, to improve our navigation, lo open : canals and construct turnpikes ami railways, j to improve ami use our water power, ami to j work the mines of ores and minerals wi'h which our State so richly abounds. Ami vve mut do w!nt is of paramount impor- I lance, erect Seminaries of Kiiucation, to j qualify our ch lilren th" better to improvi our natur il advantage0, lo Keep the chil dren of the wealthy at home, and avoid the ixtravagant expense and the uncongenial habits which they acqnirc abroad. We must encourage "out- .own mechanics, and import tiot.hthg that we can make at home; tmr-fruall the Norih do, Slav at borne ourselves; cx- ei'pl jj.-n j)rotiro.rtin-)nres rakrRwr-abwftd i . . : I l . , . . and tease lo spend our ii. nc niiti buusuntu undleness and extravagance. We should fori.ear to cultivate sectional , , - , ,.. Tl.er.. is tlan- ger in it. It is enough to keep the line of lights and attachments between the State arid Cieneral 4tw.rnie-Ht4'paMteauiljJis. tinct. The object of our compact was trade, friendly intercourse, and strength of num bers ; ami I should learn with regret the iiicipieney of any measure that would tend to plant a bitter rivalry or angry alienation between tlu north and south. We have but one peculiar Southern interost to guard and that is sufficient to bind Us together with chains of adamant. We look with confidence to the Constitution (or protec tion there : ami when that fails, the Sotiih as one man will know how to protect herself. A circulating medium of uniform value & in suHicient amount, is the great 'desidera tum of our extensive and enterpr.zing con federacy. It is the "lifi -blood of the various hfanehe9 of our spreading industry of our agriculture, coinmerce,, 'trade, manulaetures aiid int'-riial iiiiproveinefifs of overy de- foiwlf red more -essentT.'il to our welfare, bv the extent of pur I nuvi. the variety of ojtt soil and climate, arid ol our people, differing almost as much in wants; hawts and, manwrs. this an im portant circlation, I apprehend, cannot nc supplied w ithout the credit and proiecnoii of the federal Govr.rnment,-exerted, cither directly, in the cftabtlshTncnt itf Nstiwial ,:,.,k . or imircct, uJpr rc u,,r ' tl,)!M , favor of the Banha of ihc Slate. The oooIp v-v- M,..n(V-ro.M , ;.lt j. woljli )ol !:P ..r., llnrea!K)j,nM0 tJ 1 r..sir...t i.., .,.,..fr. .!. ..t..r;i, ..i.i.. of cc: r,,J,r(Jalt.tl fol H1Q receipts and disbursement? of th- penrral govt riiioent. If it tv.u right lo do so, tho govc.nitnei't diould fei itself boiiutl to fur iii.ii suiiieient supplies both for its own anil ihc people's uses. The leading design of these grant to Co..fres.-, wa.i lo rentier what was before ir- ! reci.-iar, um.e.tairi arul deranged certain, th liner! and uniform ; 'otherwise therfcould be .io piecj: icn, no I'fiiforuiitv, and but little ju -tii.-e in the collection of faxes anil (bllie:; in the various sections of the Union. Put ti'e grant "li regn'ate coinmereo with fitreit-u j;()W('f?, trith ibe States and Iifilian tribes," intlicaies very strongly the intcn ii'.v. of the fr.aiii:-' if the constitution upon this subjer t, and their sen3e of the necessi ty :.::d propriety of regulating the currency, be it .vh.at it may. A Autioual Hank being considered un 'ouslilulion.il bv tin riesent Chief Magis- Ira'ie. V-ai.not, ol'ce'iirse, he established du n:..' I.i. i . roi c.i oi'ice, L.ilt:-3 a consliluti oud uiaje.iity can be obtained to control the veto power, r.f which I confess 1 enter tain no iiope. The necessities of the coun try hare tv.ice called such an institution uiro be'iuir-; and under ilic auspcics of our niosi- tu:ii;K'ne.l ami patriotic Satesrnen, it lully realized the .expectations of its !:it ui!s and rtipplied the vnnt3 of the coun try. L'i ill, it lias becnmade the sts'lkim; horse of ti e demagogue", anil made to bear upon all our election?, from theelevateil Uiitf Magistrate down, to the humble con-stitbk- jam! yehso impw-wtl was the ceun? try witii its utility and necessity, that, dec pite of the popularity of the late President, who v-is opc3ed to it, it was re-chartered by C'on-jress by decided majorities, and fell a victim to .the veto power. The consti tutionality of its establishment seems to bc ii tpitstton n'ever lo lie settled : and if tho scenes of its rc-chrirfcrTtrrc always to m acted over ami the public mind excited ant! disiuibetl by the misreprcsenlaiions and a ir.tations of corrtipf partizans, it may well be questioned whether the advantage of sn.'ii an m-iil ul ion. highly s I value it, arc not ei.u.- tei vailed by the improper use to vvi'tctLU3cncuuca basely.. pr?tttutc. it. . l-ndersiich circuinstanees, with no nation i! ciineiicv and our exchanges deranged, with no bone to of action bv the (Jeileral ( Jovermiien . it Im.'Coi our dutv Jo scruxii ot n sii ct i titc Ic'r tho"'Nit atibnat Bjnk. x!v preference:' are with ihc Banks of the States ; and I ask you attention to, and, vnur candid consideration of, my reasons. Tin-ir p ri.ianciicy ii an important recom mendation. The first chartered banks in the country are yet in existence and in good credit, aiul no one within my knowledge, nf respectable slatiding, hit ever been re fused a recharter when applied for. Nati onal politics havr? never entered mlo their manag' merit ; and their contractions and I expansions can never titled the business ol (he country like a .National IJ.ink ol large capital, ramifying into many States. A considerable reformation, alteration and improvement would be necessary, however, in order lo make the local Hank meet my views. They are at present lorn numerous ; I heir capitals gene rally too small ; ami the variety of their no'es so great that it is almost impossible te fix up on (he memory the character. of the signa tures and viirnetls, so ate to avoitl the dan ger oflVirgeriosr" arc inconvenient as depositories ; it will ufaltf dissatisfac tion, jealousies, ami more than all, to a de preciation of the issues of the rejected Hanks. 1 propose, then, that our State lead tho vnv in ihe reform of our Hanking s Xcm, anil respectfully recofoimend tho chartering of a Bank v i t h a capi lal of ten m id hpn sr dollars allowing the existing Banks lo sub scribe all their Capital Stock into it : tho remaining -dock lobe taken by individuals ; into the details of which it is not now, , nect ssary to e nter. . The Slate to transfer all its stock and funds lo Ihc Bank, and to offer its services to the Federal (iovermnent as a depository of its funds; the safely and forthcoming oi which in the kind of money deposited, to be riiarant'c'l by the Sjate in such a manner as ahull be satisfactory to the (ienoral Gov ernment, ami in I he- event of Ihe Hank being-unable to meet tin- payment of the de posits of thf Or m ral Government, the? Slate lo issuJf stock for the amount in favor of (he Clovcfnmeiit, bearing 5 percent, in terest until the Hank is able to resume pay ment. For these si i v iees rendered the? ficueral (lOVcmHcnt (he notes issued by tie Hank to be received in payment of all -TT7 dues, inT 'o:i a """further condition that " the other States prepare their Banks in like manner, and for like purposes, namely, That each State and Torriiofy yhall desig nato by hiw one Hank, aiid more if its tratlo and neecfsitb s require it, of,; capitals not j exceeding ten, nor less than (wo milltons-4 , . j! j Cont'tn'xd rn Vh rwifr j Ul I ...... 11. til ( I if--- , ' I i Srbm