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Bloomington Post: Friday, June 15, 1838 - Page 1

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   Bloomington Post (Newspaper) - June 15, 1838, Bloomington, Indiana                                 'WBi  : iroTBnrci vnaox most áv  TOIi. 3.  BLOOnilVClTOIV, FBIDÜY JUrVE Iff, IS38.  10.  EDIT ED AND PUBLISHED EVEIiY FRIDAY  BY M. U DEAL.  orrics ON main cross street, fiest door west or (WAJ. HiGirr's.  TliRMS.  Two dollar« in advance, two fifty in six mouths and three at the end of the year.  No paper will bo discontinued until all arrearages arc I aid up.  (f^AvEKTisEMENTM o( ten IiHi-s Or lees, will bo published three weeks for one dollar, and 25 cents lor each additional insertion.  All advertisenieius must bo marked with the number of insertions, or they will be inserted till Ibrbid and charged accordingly.  The CASH must invariably accompany advertise-nients from a distance or they wiil not receive atten-lioni  All letters and communications addressed to the editor must be free of postagp. No variation whatever ntifd be e.xj)ected from thpse terms.  LIST OF AGENTS.  The following gcni!(men arc requested and authorized 10 act as agcnfp; to rrceive Subscriptions, Job Work, \ilverüöiug iVc. and receipt for the same.  Thomas C. Johnson, y|)oiiccri ia.  H. Hi TiiKOor, Mill Grove, ia.  Samuki. li. Smyth, LJowliuggreen, la.  JoHX Parr, Freiloiiia, Indiana.  Wm. IIehod, Esq. dolumbus, la.  E- G. Way.max, Mai tiiit biirg, la.  D. A. Rawlinos, Now Albany, la.  J. S. liiuiN, Louisvillo, Kvi  Gkokge May, Parkcisbiirg, Montgomery Co. Ia.  Wm. S. llor.ERTs, Esq., Kafliville, la.  Dr. 1. 1;'. Maxwkm,, Fraiiktbi t, la.  John J-atteutox, (irtvncni'iie, la.  Geuk(;e G. Dcnn, Eh^q. L't'ilford, Indiana.  PLAN Ob' A NATIONAL DANK.  Mr. ('lay, of Kotiiucky, rose, ¡uid stated that he wished lo picscni ;i peliiicm conlided to his care, signed by ii mimbor of poisons, praying for Ihees-tublishinent of a I'aiik of the I'uiiitod Stiites. It WHS ■similar to fcvijial (itlier pciitions which hud been to the Senair, or tu ihu MiHiso, during the present session, piuyiii}^ i'ur tliesuini; object. They afford evidence ofu deep und returning conviction, among the people, ofilie utility of such an institution.  Whilst I am up (con'.iiiucd Mr. Clay,) with the pormission of the Sciniti.', 1 lx3g leavo to submit a few obs;rviitio!is u|)un this subject. There is roasoii to believe that iiuicli honest misconception « and much misropicieniaiiun prevuil in regard to it, %vhich 1 wish to correct. It had been supposed that those who arc desirous of seeing a Hank of the United States esttbiished are aiixiuus fhut a charter should ho granted to an existing Stale institution, which has an emiueni individual at its head, and •'.»ill thin was the sole olijoct of all their exertions.  - Now 1 wish for one, to .say, that 1 have no such purpo.so in view. 1 ciiicn.niii for that gentleman ^voty high respccl. 1 beliovu liini uncommonly a-ble, profoundly tkillcd in linuiicc, und truly patriotic. 'i'iiorc is but one oilier jicrson, connected with the bankmg institutions ol 'lio country, in whose ail-ininisiration ofu IJank of tlio United States, I should have ecpiai ciiiiiuli iicu wiih Mr. IJiddle, and that is AllHM t liallatin, w bo, I am glad to learn, at an advanced age, retains, in full vigor, the faculties of lii-s e.Ytiaoidinury mind. There may be other ciliy-ens ecinally coiii|it-lcnt uuh those two gentlemen, but I do not know them, or am not acquainted with their [larticulai- (laliliiutions.  liut it is not for any e.xisiing Slate bank, or any pttiticular individual iit iis bead, that I um contending. 1 liclieve the e.^tiiLli.-^hmcnt of a Hank of the United States is re'iniled by the common good of the w hole country ; and uliltoiigli 1 might be willing, if it were practicable, U> adojit an c.^tisting bunk aslhu basis of such an insiuutioii, under all circumstances, 1 think it most exjiedienl that a new bank, with power toestahlish branches, b(} created and charteifd under the antliuiiiy of Congress. My  friends (as far us I know their o|>miuns) and I am  not pariicnlai ly attached to this or that individual, to this or that existing bank, but to piinciples, to the thing it.sflf, to the iiistilution, to a well-organized Hank of the United States, luul. r the salutary oper-, uiion of v*hich the bnsine.-.s of the country had so gieatly proposed, and we had every reason to ho|)e would again revive and prosper.—And, presuming upon the indulgence of the S< nale, I will now take the liberty to suggest, for public consideration, some of those suitable conditions and restrictions under which it appears to me that it would bcdo»iroblo to establish a new bank.  ' I. The capital not to Iw extravagantly largo, but, at the same tim<>, amply snllicienl to cnabln it U. perforin the needful (inancial duties of tho Oov-eruiiicnt—to supply n gciu ral cnrrcucy of uniform value throughout "the Union—and to facilitate, as nigh as practicable, the c((iialization of domestic e.xchange. I suppose thai about fifty millions would answer all those jiurposos. 'J'he stock might be divided bciween the (ieiieral (iovernment, the States, according to their federal impulation, and individual subscribers. Tho portion assigned to the latter to bo distributed at auction or by u private subscrip-tion.  2. Thecorpo'-ation in tlie spirit of a resolution recently adopted by the llonerul Assembly of the State, o'lieofwhofce SeiiatiTs I have the lionor to be, to receive such an organi/ation as to blend, in fair pro[)Otlions, public und private control, and conibiiiing public and private interests.—And. in orderto exclude the possibility of the exercise of all  'foreign influem e, nonresident foreignersto bo prohibited not only from any sharo in tho adniinistra-tion of the corporation, but from holding, directly or indirectly, any portion of its stock. Although 1 do not myself think this latter restriction necessary. 1 would make it, in deferonco lo houost preiudices, ^ sincerely cntertnined, und which no practical slates-" „mn onghl ontirely to disregard. Tho bunk would »tiHS be, in its origin, and ooiitinuo, ihroughrmt i*.» wliola e.xistcnce, a genuine Amertcao institution.  3. An adequate portion of the copital to beset u|iarl in productive stocks, and iJacud in pcrman-eut bccurity, U;)tjnd the r«ach of tho cor[<orulion,  with the exception of the accruing profits on those slocks, sufficient to pay promtiy, ia any contingen cy, the amount of all such paper, under whatever form, that the bank shall put forth as a part of the general circulation. The bill or note holders, in other words, the mass of the community, ought to be protected against the possibility of the failure or the suspension of a bank —The supply of the circulating medium of a country is that faculty of a bank, the propriety of the exercise of which may be most controverted. The dealings with a bank, of those who obtain discounts, or make deposites, are voluntary and mutually advantageous, and they are comparatively few in number. But the reception of what is issued and used as a part of the circulation medium of the country is scarcely a voluntary act, and thousands take it who have no other concern whatever with the bank. The many ought to be guarded and secured by the care of the legislative authority ; the vigilance of tho few will secure them against loss. I think this provision is a desideratum in our American banking, and tlie credit of first embodying it in a legislative act is due to the Stateof New York.  4. Perfect publicity as to the state of the bank at all times, including, besides the usual heads of information, the names ofevory debtor to the bank, whether as drawer, endorser, or surety, periodically exhibited, and open to public inspection; or, il that should be found inconvenient, tha right to be .'Secured to any citizen to ascertain at the bank the nature and extent of the responsibility of any of its customers. There is no necessity to throw any veil of secrecy around tho ordinary transactions of a bank. Publicity will increase responsibility, repress favoritism, insure the negotiation of good paper, and, when individual insolvency unfortunately occurs, will deprive the bank of undue advantages now enjoyed by banks practically in the distribution of the effects of the insolvent.  5. A limitation of the dividends so as not to authorize more than—per cent, to be struck. This will check undue expansions in the circulating medium, and restrain improper extenson of business in the administration of the bank.  6. A prospective reduction in the rate of interest, so as to restrict the bank to six percent, simply, or, if practicable, to only five percent. Danks now receive at the rate of near 6 2-3 per cent, by demanding the interest in advance, and by charging for an additional day. Tho reduction may be effected by forebearing to exact any bonus, or, when the profits are likely to exceed the prescribed limit of tho dividends, by requiring that tho rate of interest shall be so lowered as that they shall not puss that limit.  7. A restriction iipon the premium demanded upon post notes and checks used for remittance, so that the maximum should not be more than, say, one and a half per cent, between any two the remotest points in the Union, .-\lihough it may not bo |)raoticable to régulât«* foreign exchange, depending as it does upon commertial causes not within the control of any one Government,! think that it is otherwi.se with regard to domestic exchange.  8. Every practicable provision against the exercise of improper inflneiice, on tho part of the Executive, upon the bank, and, on the part of the bank, upon tho elections of the country. Tho lute Dank of the United Slates has been, I believe, most un justly charged with iiUerferenco in the popular elections. '1 here is, among the public documents, eviiioiice of its having scrupulously abstained from such interference. It never did more than to e.\er-ciso the natural right ol"self-defence by publishing such reports, speeches, and d<x;umeuts as tended to place the institution and its administration in a fair point of view before the Public. Dut the People entertain a just jealousy against the danger of ony inierfercnce of a bunk with the elections of the country, and every precautiou ought to be taken strictly to guard against it.  This is u brief outline of ^uch a new Dank of the United Slates as I think, if established, would greatly conduce to tho prosperity of the country. Perhaps, on full discussion and consideration, some of the conditions which 1 have suggested might not be deemed cxj>ediont, or might require modilication, & important additional ones may be proposed by oth-  tablished, unless it were clearly called♦r by public opinion. I believe it is now desired by a majority of the Poopio of the United States, liut of that there does not exist perhaps any conclusive evidence. Let us wait until demonstrations of their will shall be clearly given; and lot us all submit, and, for one, I shall most chccrfully, to their decision, whatever it may be. Mr. C. moved that the jHJliiion be laid on the tabic.  BUi.WER'S T)RA(iON. In the second volmno of the -Two Flirts and other Talc.s," Dulwcr has a b<!autiful little allegory, in three chapters, called tho Three Sisters. The'lirst chapter on the "Dragon," so forcibly iPini'i'led us of the ".Monster," wc cannot forbear giving it to our readers. We think they will iind features in ihe Dragon's adver-saries sirikingly le.sembling the present and the past.  In the portraits of ihe second and third chapters, likewise, we think some familiar political resemblances will be rccogiiizi(I; which will make the "l/an-rroj/,"and tlie"CLAYcoLD"nota little amusing. Madisnnian. THE T EE 11 E E S ff S T V.US. translatl:i) fuom tihì: Piia:NiciAN  CllAl'TER 1.  In an age which two or three thousjnd years ago was coasidered so;;iewhat of the earliest, but which geologists have proved to have been but as ye.-5ter-day. lao-pater, reigned over those districts known to historians by the name of Phtcnicia. An honest arbitrary, good sort of a king he was; not altogether unlike our Henry, the Eighth,—only he was not quite so much ma-^ter of his own house. Her majesty led him a troublesome life—into the particulars of which we need not enter, seeing that |)Cople in this virtuous a^'o have a disinclination to scandal, and that the Grecks have made some of the best stories sufiiciently familiar in that budget of gossip which they call u Mythology. Ravaumaa nos Mou-tuns.  lao-pater had a very large foinily—sons & daughters without number. Among them, by a left-handed marriage^ were three young ladies,called, in the language of that day, Aza, Merthyne, and Insla. Respecting these princes, we tind a tale recorded in one of the manuscripts consulted by Simohouia-thon, in his work on the Serpent, which has not hitherto been published.  In the latter days of lao-pater his subjects were visited by a most terrible sjiecies of madness. Each man fancied he saw a horriblo dragon upon the back of his neighbor, and was instantly .seiix'd with a furious desire to attack the monster, 'i'hus, the moment your back was turned, half u dozen of your countryment made a rush ut you, one with u sword to hew, another with a saw, lo saw, a third with red-hot pincers, to pluck off, the creature of their iinagiiia:iuu : if no other weapon was at hand, they fastened un you with their nails und teeth. What made tiiis mai uly more singular, while their victim perished under their niutiluiioiis, they kept cong.-^at-ulating him on his approaching delivery from the dragon. The more he bellowed for mcrcy, the worse ho fared : when once attacked in this manner, his fate was scaled, and, as he gave up tho ghost, his tormentors, instead of s'j>pectii)g they had done any thing wrong, shin<;ged their shoui-ders and cried—"This comes of the dragon !"  So dreadful wei e the ravages and f iaughter resulting from this isnanity, that his uiajesiy's dominions wcie nearly depopulated, lao-pater, in a great tVight lest his ow n buck should be caught sight of, shut himself up in his palace; und all prudent persons, followed the royal example, kept themselves in doors, with their bucks screwed tight against tho wall. The soothsayers killed nine millions and foriy-two birds, and four luiiidred thousaiul sows, bnt the entrails of the victims were obstinateiy silent on the occasion, nor i-ould any remedy for the growing evil bo suggested by counsellor or priest.  rible monster that .so nppnln ymV^ So myiag, «he opened her hand, and away flew^ one of the most beautiful purple and gold butterilies that eVer ^as seen.  As tho io.<inct fluttered and circled (o and frO, the crowd stared at it with open mouths.  "DIess me," .said one of them, "and that's what •we took for a dragf)n—so it is!"  "iiolloo! you sir.", cried another, lifting up his hatchet against the last s|»eaker, who had unwittingly turned round and exp<J8ed his own back—"The dragon is on you!"  "IJoldl" exclaimed Aza, arresting the madman*« arm. «'The god Nu-No has changed all your dw-gontf into bulierllies." With ihat.she turned aside, and,unperceived by the crowd, emptied the silver net. 'i'he air was tilled with butterflies. The crowd stared again; ilrst at the insect, then at the IKincess, then at ono another. Fortunately, at that iime the god Nn-No thought it a good opportunity to thunder: the omen coni|)Ieted the cure—and the mob wokcull at oncc from their delusion.  CONGltESSlONAL.  HOUSE OF JIEPEESENTATIVES.  IFed/ie 'day, May 30, 1838.  THE MISSISSIPPI EEECTION.  Mr. GARLAND, of Louisiana, announoed that the agreeable duty had been confided to him of apprizing the iiouse that the People of MíMissippi had allirmed their decision of November last in favor of Messrs. Prentiss and VVord, as their Representatives in the twenty-fifth Congress, and that those gentlemen were now in attendance, ready to take their seats.  Tho CHAIR. "The members elect will please pre.sent themselves for qualification."  Messrs. PRlíNTISS and WORD came to the table, and the Speaker administered the usual oaths.  Mr. PRENTISS stated, in tho name of his colleague and for himself, that it was not under the more recent election, but under that of November last, that they claimed to sit in this Congress.  The Speaker said that the statement of tha member from Louisiana, that the gentlemen were the elected Representatives from MÍ88Í8.HÍppi, was suf-lieent to authorize his administration of the oath of oilicc to them; and he administered the oath to both gentlemen accordingly. THE JOINT RESOLUTION ON THE CURRENCY.  Mr. DOON roie, and expressed a wish to act upon the joint resolution received from the Senate yesterday. It was not his wi>¡h to embarrass the progress of tho Indian appropriation bill; and he should therefore move for a suspensiou of the rules for one hour, for tho purpose of taking up and considering the joint resolution of the Soaato in regard to the onrrency.  Mr. PICKENS said, that he hoped the House would not spend lime in discussing a collateral matter, at Ill's late period of the session, while a bill covering the whole subject, which has passed the Sen-lie, and is lying on the table, yet remains unacted on.  The CHAIR reminded Mr. P. that a motion to suspend tho rules was not debatable.  Mr. PICKKNS said he had risen to demand the yeas and nuys on the motion of Mr. Boon.  Tho yeas and nays were ordered; and tho House decided tho question of suspending the rules for ono hour, for tho purixjse indicated in the motion, by the following vote;—YEAS 112—NAYS—34.  So the rules wore susjKsnded.  Tho resolution was then read twice, as follows:  "/.V.w/rc(i by the Senate and House of RepretenUt' ^'tivcs, 4-c. That it shall not be lawfal for the Sec-"retary of Treasury to make, or to continue ia force, any general order which shall create any "dillorence botweon tho different brances of rerea-  At lengih, one night, A/.u'droamod a droain. Shoj"i>o. as to tho immey or medium of M/nMOt io thought that tho great deity, No-No, appeared to "which debts or dues accruing to the United 8tat«a  1 will only say a word or two on the constilulion-al power. 1 think that it ought no longer to bo regarded as an open (¡ucstion. There oughl to be some bounds to human controversy. Stability is a iiece-ssary want of society, Among those who deny the powe.-, there are many who admit the benefits of a liank of tho United Stutss. Four times, ic under tho sway of all the politicol parties, have Congress deliberately alJirmed its existence. Every Department of the Government has again and a-gain asserted it.—Forty years of acquiescence by the People;uniformity every where in tho value of the currency; facility and economy in domestic exchange, and imexumjjliid prosperity in thegeneral business of the country, with a Dank of the United States—and, without it, wild disorder in the currency, ruinous irregularity in domestic exchange, and general prostration in the commerce and business of the nation, would seem to put the question at rest, if it is not to be perpetually agitated. The power has been sustained by Washington, tha Father of his Country; by Madison, the Father of tho (.Constitution; and by Mamhall, the Father ol the Judiciary.—If preceilents are not to be blindly followed, neither ousht they to be wantonly despised. They are the evidence of truth—and the force of tho evidence is in pro|H>riion to the integrity, wisdom, and patriotism of thoM who establish them. I think that on no occasion could there be an array of grerter or higher authority. For one, 1 hope to be pardoned for yielding to it, in preference to submitting my judgement to the opinion of those who now deny tho ¡»wer, however respocuble they may bo.  But, Mr. President, strong as my oonviotioos are, I have no intention offormallypreseotin{|any proposition to eatublish a liank or the United Stataa. Composed as Congress und the Bxeoutiye now ara, it would be an unnecessary waste of time to oflkr such ti proposal. I fthould regret to MO ft bank c«-  hurand said—"Arise, go forth into the city aad ihe |>eople shall be delivered from tho curse." And Aza, tho next morning, sought lao-putor, who had crept into a hole of tho wall, so that nothing but his face was discernable. A:'.a told her dream, and implored permission tooLwy the divine command.  "Do as you like, my dear child," said the king, but don't come so close to me: and mind, wherever you go, that you proclaim it to Ix) hig/i treason to attempt to peep at my back. As tor other people's bocks—it is not my afluir."  When Aza went forth from the palace, she repaired to tho royal gardens, and amused herself with catching the mosi bcuiuiiful butterllies she could find, llaving put them into a little net of silver meshes, inconceivably line, sho took her way into the great street. Scarcely had she gone tlnee paces, when she heard a Ircmendous uproar and hallowing; and presently a yoimg man, more In an-tiful than words can descril)<^,iMiiie iMunding up ilie street, pale, breathless, and frightened oui of his wits, and full exhausted at the leet of the prin«-es-i.  •<Save me!—save me! 1" ho cried out." I am an unhappy stranger in this city, and a whole mob are at my heels, swearing I hive a dragon at my back. As long as 1 spoke to them fuce tu tuco they overwhelmed UK* with civilities. But the moment I turued!—Ah, here they are!" Aud, in fact, a score or two, of fieroe-iooking citizens, some with hatchets, some with piueers, some with long hooks—(all for the dragon)^—now thronged, hot &nd punting, to the spot.  At the sight of Aza they halted abruptly,—for there was something in her faco so serene and lovely, that even the wrttched maniacs felt the uuothing influenoe of her beauty.  friends,*^ said Aau, in a voice of sweot command, "what would you do with this young mant"  "Tha dragon!—the dragon f'^—nhouted a dozen voices, already hoarse with aeruaming "He has a dragoo OQ bis baoki wa would not harm him for tbe world*.—a mostobamiing young man!"bur the droffon, your royal b<ghiiots,->tlM dragon!"  "I have token it, oflTthu strunger*.« back," said the prioooss, mildly. here it is. Uehold tlu) ter-  "may bo paid."  And the next question in course being upon the ordering the resolution to a third reading,  Mr. DOO.N immediately moved the Prevumt Qitc^^lion, which was seconded; and the main question was then ordered to be put, without a division.  Mr. SHEROI) WILLIAMS demanded the yeas and nays upon the question of ordering the resolution to a third reading. They were ordered; and, U-ing taken, stood as follows:—YE.\S 161.--NAYS 17.  So the bill was ordered to third reading. The House then decided that the third readina should take place this day; and tho bill was read accordingly.  Mr. I)UN(^\N moved to recommit the joint resolution to the Committee on Public Lands, with the following ii).struclions:  That this joint resolution be committed to the Commitn-o on Public Land, with instructions to ra-|H)ri the following amendments, viz. Provided That no portion ofilie public domain greater than S80 nrres shall Ikj sold to any individual; nor shall any portion of ih>! public domain be sold or disposed of to any individual, or body corporate,except for tha purpose of immediate oct-opafloa."  On this motion Mr. DUNCAN osked tha ytaa and nnys.  Mr. DOON immediately moved the Previous Ijuostion, (cutting off the motion to commit,) and it was seitindud; and thu main question was then or-do red to fio put.  Mr.CH APMAN, of Alnbama, asked iheyaasaad nays on tho quostion "Shall tho joint reaolutioo liass?"  And they were ordered.  The yeas and nays thus token, stood as follows: YEAS-154.-NAYS tO.  So the joint re«<»iution was passed, and re^ffMd to the Senate, fit re<iuires only the approbattoi af iMoomea law.]  the President to  Who spends more than he should, Shall not hava to ipand when ba would.   

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