Page 1 of 26 Sep 1834 Issue of Connersville Watchman in Connersville, Indiana

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Connersville Watchman (Newspaper) - September 26, 1834, Connersville, Indiana Warn Waw a in ii a act Veri one ill Fin i h try e til sat it co i tin cd 1 my. C n i th.-, no o i Ivi tin in it 5 the r he if b so 1 Dow d till n in i am Titan a Tea Noti Looi Tom hav. Over in a r it Fth with Ailor i Leer soon it or Mut pc Van Frk matter. Publishers. Ossien kit it. S. W. L a Kelt it a d. Van a Kkt. Editors. A a Nii. can a wkly. With Tori. Who know to Mir in or Ano knowing dash maintain a jury reran. �term9. Per annul in Advance it 2.80 a within to e y f. A r / 3,00 after the year expires. Void i. Indiana , 26, 103-1. No. 18. The watchman. R a cokhksiv1lld Friday september 20. 1834. Dublin j2th sept. 1134. Meun. Editor�.�?1 enclose a Tittle fugitive piece for insertion such a i am al was re fond to meet with and perhaps other of Jour Patron May Hare the name kind of Latte. Respectfully 8 3- Daniel Webster. The person of or. Webster is Singu Lar and commanding his height is a Ranee of what was fit to be done in so City or How far each individual ought to suppress disown wishes in favour of origin of newspapers a after the defeat of the Spanish Armada intended by Philip the 2d of spam for the invasion of England great interest ked which gives Bis features Etta a beg excited among every Conss of peo Parance of sternness but the Gener ple gave Rise to a very important invention that of newspaper. Previous to this period All articles of intelligence bad been circulated in manuscript and All political remark which the govern found itself interested us a flank of the United states to certain i Hove the Ordinary size but he cannot i a those with whom he associates for ��2t a mrs. ,. A 1 the former examination of the affairs of be called tall he is Broad across the theoretically no Man understood the that Bank in 1832, have been selected from Chest and stoutly and firmly built hut rules of Good Breeding better than a the voluminous document soon after pub there is nothing of clumsiness either Johnson or could act More exactly in a shed and renewed in the a new York in his form or gait. His head is very conformity with them when the High Ouri Crane enquirer Large his forehead High with Good rank of those with whom he was in j 14 or. Banks were shaped temples. He has a Large company for the time required that he restricted to dealing and lending Cap Black solemn looking Eye that chm should do so. But during the greater us an 7�?T or tie representative of bits strength and steadfastness and part of his life he had been it stranger an a a Ting capital and were not per which sometimes Burns but Seldom to the higher society in which much Muey manufacture and lend the rep his hair is of a Raven Black restraint became necessary and it i it flu Halle no so in ,. ,. ,. Power How could Banks Ever injure the May be fairly presumed that the Indus. A or c in Renov Genic of a variety of Little Sepe Jayr a a fear i do not compre Cul rarities which it is the object of i Hend All this. Our Banks have or think Good Breeding to suppress Becar e thus they have a substantial capital and 1 familiar to him. The Conse i Encis i doubt whether it is True that they Are of his own mental superiority ii most merely engaged in a manufacturing the companies which he fire quintet con representative of nothing but legislative tribute to his dogmatism and when he had attained his Eminence As i die 15.-mr. C. If Banks were restricted Matorin literature like other Jotun ,0 their legitimate and primary object of borrowing and lending the capitals actually existing in the Community might they not go on annually regulating their facilities and their profits in a rate corresponding with the annual savings of la banking circulation 4ic. On Deposit test and yet the 760 millions the following an were of the president of j have not shown themselves. Sparkles. And both thick and Short without the Mark of a Grey hair. His eyebrows Are of the ame color and strongly mar al expression of his face after it is properly examined is rather mild and amiable than otherwise. His movements in the House and in the Street Are slow and dignified there is nope ment found itself interested in addres-., Iti sing to the people had issued in the form Cut car a wetness m his voice his tones j tates he was not averse to a display of of pamphlets. But the Peculiar Conven arc father harsh than musical still j his authority resembling in this parti Leneat such a juncture of uniting these there is a great variety m them and Cular Swift and one or two othe r men two objects in a periodical publication some of them catch the ear and Chain a of Genius who have had the Bai taste becoming obvious to the ministry there it Down to the closest attention lie to imagine that their talents elevated or Quot and accumulations of capital and appeared some time in the month of a bears traits of great mental labor but j them above Observance of the common w a thou detriment to Trade or currency ? pril 1588, the first number of the eng j no Marks of age in fact his age is More rules of society. It must also be relish Mercury a paper resembling the imposing now in his forty eighth year marked that in Johnson a time the lit j present English Gazette which must than it was at thirty. A Ferary society of London was much have come out daily no. 50, the earliest there Are men who say that or. More confined than at present and a a a a a it re. Webster Lias been Over rated this is that he sat the Jupiter Ofa Little Circle a i in Soto be Ani i Otic coi Versoi e inti Ime 1 be fori to is Mon poc a or. H i on a Post Ori a own sept. A duri in t con Fere i r of thou Dato c. R the pay Ted july 23d of the same year. This interesting article is preserved in the Brij Tish museum. By this statement it appears that it i now 246 years since the first newspaper was published in England. This was in the reigh of we tender our sincere thanks to our respected Friend of Dublin for this Little fragment. It is Well Worth preserving As it a a gives a pretty Good clue to the bringing a bout of newspaper. We believe there is not an intelligent Man to be found in America who docs not admit the necessity and a utter importance of periodicals of this kind and yet Itow Many do we see who do not kid in supporting them How Many arc there who set Down contented and unconcerned As to Thea Fairson their own government affair which Are deeply and vitally connected with their own immediate interest and the interest of posterity a too Many too Many entirely for their own Good the Good of the country and the Good of the Printer in particular. In Days gone by people thought it necessary to have some More expeditious Mode of circulating intelligence than by Mere not True sonic of his Over weaning prompt on the slightest contradiction friends have at times for want of Dis a Cemment spoke of his Ordinary efforts at the bar and other places As won Darful productions comparing them with his highest efforts. The greatest minds arc sometimes common place i and Many of his speeches should have passed away As other common place f matters have done. It is equally wrong to look to his orations on great Occa a Sions for Bis proudest productions of intellect. These productions Are no to launch the thunders of rebuke and sarcasm. He was in a word despotic and despotism will occasionally Lead the Best dispositions into unbecoming abuse of Power. It is not Likely that any one will again enjoy or have an Opportunity of abusing the singular or. i should think that the legitimate and primary object of Banks it to lend and not to Borsare 16.�?if the Bank of the United states and its branches were compelled to allow an interest on All deposits Public and private would it not draw into actual use millions of capital now dormant and compel every state Bank in the Union to adopt the same plan of banking i think it would do neither. 17. Would not such a measure effectually Check any other issues by compelling the Banks to loan the Large amount degree of submission which was Ren-0f capital upon which they were obliged dered to Johnson by All around him. J a pay interest before they could be the unreserved communication of 1 tempted to manufacture a Bank note Cap friends rather than the spleen of ene j ital for uses of Trade Mies have occasioned his character Hie compositions powerful discussions j being exposed in All its shadows As of the subject in hand abounding in Well As its lights. But those when deep strength pertinent remark and summed and counted amount Only to the question seems to answer itself for so far from checking Over issues it would be the Best contrivance to Render them inevitable. By ase stands thus in. Cox when it is lend but there it an objection to the change of system which seems to me. Final and fatal. At present a Bank discounts on its own capital if deposits Are added they Are Welcome but they Are not paid for and the Bank does business in proportion to its capital which being unchanged the business partakes of this uniformity. But if As is now proposed the Bank should have no capital of its own but do business on capital which it borrowed from others and on which it pays interest two things seem inevitable a first that the Bank must do a much greater amount of business in order to make an equal profit and that it will be perpetually goaded into excessive business in order to pay for the use of its borrowed capital. And secondly that the business of such a Bank must be in a far greater state of uncertainty and fluctuation than that of other Banks because when there is a great demand far Money whenever a greater interest can be made out of doors than by leaving the Money in the Bank these deposited will of course be withdrawn and the Bank just at the moment when it might be use a Ful in sustaining Trade would find its whole borrowed capital melting away j under it. 21 were we to adopt that system would not Trade safely regulate itself and keep Pace with annual accumulations a of capital and would not capital increase More rapidly than it now does under a banking system which substitutes a paper representative of Power and exp eludes from the Active uses of Trade a much larger amount of the real wealth of the country Trade contrives now to regulate itself Well without the proposed improvement which i should think not calculated to hasten the increase of capital. 22. Were All the Banks of the Union compelled at once to become borrowers of and to cease manufacturing capital could not the change be effected without any derangement of Trade or currency ? or. Gallatin estimated that in january 1c30, there were three Hundred and thirty Banks having a capital of 146, he cannot lash himself into passion in the closet he requires excitement that he cannot find there he must he roused by some spirit of emulation rivalry or resentment he must be awakened by the cry that the philistines Are up on him before the strength of Hissev-1 in locks Are Felt. It is before a court and jury or in a manuscripts which would Only inform a few deliberative Assembly that the full extent of his Powers can be understood and even there it depends much on who his opponents May be whether he shall be great or not. Ilis manner at the bar and in the deliberative Assembly Are Peculiar. He begins to state his Points in a Low voice and in a slow Cool cautious and a John Fust or Faust a Goldsmith of philosophic manner he goes on Ham favored individuals of what was transpiring or what plot was in Vogue to forge Fetters and bind Down in oppression an unsuspecting and virtuous people. It is yet necessary. If you would have Power have knowledge. For the edification of our friends. And others we sub join the following free and sound violence and sole isms j1?". In manners which left his talents to 1 f 6 Epostle because rals and Benevolence alike tin inn it a Walter Scott s Prewara tory memoirs to novelist s Library. Outcry on Jcj mesday �1 a Arm East swing said d in a lying Orch Ento one stall s and at Orv d the n the s. 3. Fearn Ianu Mentz was one of the three artists considered As the inventors of printing it is Dot certain that he did More than Supply the Money for carrying on the concern. In 1462, Faust carried a number of bibles to Paris which be and his partner Schoeffer had printed and disposed of them As manuscripts at this time the covery of the Art was not known a i Ance. At first he sold them at the High Price of 500 or 600 crowns the sum annually obtained by the scribes he afterwards lowered his Price to sixty which created Universal astonishment but when he produced them recording to the demand and even reduced the Price to thirty All Paris became agitated. The uniformity of the copies increased their wonder the parisians considering it a task beyond human invention information were Given to the police against him As a magician his lodgings were searched a great number of bibles were found and seized the red Ink with which they were embellished was said to be his blood it was seriously adjudged that he was in league with the Devil whereupon he was cast into prison and would most probably have shared the Fate of such whom ignorant and superstitious judges condemned in those Days for witchcraft. He now found it necessary in order to gain his Liberty to make known the discovery of the Art. This circumstance gave Rise to the tradition of a the Devil and doctor faustus a which is handed Down to the present time. It is Uncertain when Faust died he was at Paris in 14�6, and it is strongly conjectured that be fell a victim to the plague which then raged in that Mering out link by link his Chain of argument with ponderous blows and while thus at labor you rather see the a sinews of the Arm than the skill of the artist. It is in reply that he comes out in the majesty of intellectual grandeur and lavishes about him the opulence of intellectual wealth. It is when the darts of his enemy have hit him that he is All might and soul it is then that he showers Down words of weight and fire. Hear him Aud you will say that his eloquence is founded on no Model ancient or modern that he never read the works of a master for information All is his own excellencies and defects. His voice has an extraordinary Compass a for he fills the largest rooms without great Effort. His emphasis belongs to himself alone it is founded on no Rule a nor can it be reduced to Herald. Or. Johnson. When we consider the rank which or. Johnson held not Only in literature but in society we cannot help figuring him to ourselves As the benevolent giant of some fairy talc whose kindness and courtesies Are still mingled with a part of the rugged ferocity imputed to the fabulous sorts of Anak or rather perhaps like a roman dictator fetched from his farm whose Wisdom and heroism still relished of his rustic occupation. And there were times when with All his Wisdom and All his wit this rudeness of disposition and the sacrifices and submissions he among the last acts of Congress is one it do were a a even or of appropriating 4181,000 to rebuild the the Rale wems of length to have thought frigate Congress another appropriating Honor of being Johnson s hos $50,000 to procure a live Oak Frame for Tess was almost counterbalanced by the a frigate to be called the Paul Jones tax which he exacted on her time and also $10,000 for building a naval store patience ship Aud $70,000 for building two brigs the causes of those deficiencies in or schooners of War. Temper and manners was no Igno the Star of the convention of new Hampshire was silting in this town Concord in the year 1778, to deliberate on the adoption of the present Constitution Cne of the members a country Farmer made this speech just As the vote was bout to be Given a a emr. President i have heart reasons which appear to be weight Yin favor of the constitutions and 1 have heard some reasons which being an unlearned Man 1 am hardly Able to answer against it. I must Trust something to the judgement of others and i see to the Constitution the name of George Washington. Through seven campaigns for Independence 1 followed that name verily trusting that Providence had designed it for our leading Star. 1 was not disappointed. Our Independence is established but we Are still without Good government i we have a Constitution which i approve so far As 1 am a judge and to which i see the some name. I shall vote for it for i see it is to he our Bond of Union. 1 Hope it will be adopted. I shall always support and defend it against its enemies and i shall teach my children that it is no false Light which Here bears the name of Washington but our True Star of a Man id Salem Washington county Ohio engaged in hewing out a Mill Stone having broke off the upper Edge of the Stone three inches and a half discovered several holes in a straight line across the Stone having every appearance of being drilled for the purpose of setting wedges to break the Stone. In Ope of the holes was part of a wedge. Two thin plates of Iron had first been put into the Hole and the wedge a driven in Between them and was broken off. The plates and the wedge were in a perfect state of preservation having rusted but Little. These holes and the wedge were 3 inches and a half from the surface the Stone apparently having grown Over them. The Stone was perfectly solid excepting these holes and the upper surface was of the same nature and hardness with the other part of the Stone. The Stone was covered by two or three feet of Earth probably washed from the Hill a Bovic. The Mcadam Turnpike Road from Maysville to Lexington Kentucky it is stated in the Eagle will be completed in the ensuing month of october. 1 a a Banks to allow interest on then they will be a compelled to loan the Large amount of capital upon which they were obliged to pay interest before they would be tempted to manufacture a Bank that is to say before they come to the profitable part of their business they must lend a Large amount in order to cover the interest they have to pay. Such a plan i should think a constant stimulus to lend too much. When a Bank pays no interest on deposits the temptation to excessive issues can scarcely be As Strong As when it is goaded into lending in order not to lose by the interest it must pay on deposits. 18. Would it be practicable for Banks to sustain any extraordinary amount in circulation when their notes would re turn upon them As fast As they were issued because the holders would lose the interest upon them while they retained them it would depend entirely on the circumstances whether the Holder of the notes could make More by the use of them than by returning them. 19. Is that not a fallacious plan of banking the object of which seems to be to save interest on five times that amount composed of Bank deposits and dormant capital 20. If we were to change our banking system and Call into Active use All the savings of labor the profits of Trade and the annual accumulations of income by compelling All our Banks to allow an interest of four per cent on All deposits is it not probable that a capital would be draw from those sources for the uses of Trade five times greater than any a mount of paper Money which All the Banks in the Union could possibly sustain in circulation i see no fallacy in the present plan amp no advantage in the proposed change of it. Undoubtedly the substitution of paper for Coin saves interest on the Coin which it replaces quite equal i should think to the capital which would be Ren dered Active by the suppression of the paper. In addition to their present circulation the Banks might a possibly sustain an amount which would make file whole one Hundred and fifty millions. Five times one Hundred and fifty millions make seven Hundred and fifty millions and it is said that the offer of four per cent interest would Rouse into commercial activity these seven Hundred and fifty millions. I somewhat doubt this. Interest in the United states varies from five to six seven and eight and even ten per cent. If this dormant capital has resisted these rates i fear it would not be awakened by four per cent. 1 doubt the More because in Many cities of the United states there already exist Banks or saving funds or some institutions of Charity or Trade which have for years no err a try plan giving interest rowers such a transition would be a highly interesting movement but i am inclined to think that a Trade and currency would be a Little deranged before tha process subsided. 23. When Bankers lend their own Money or the Money of others upon which they pay interest have you Ever noticed that extraordinary hut imaginary deficiency of capital which we hear of periodically in every country where Banks Are permitted to lend without restriction or any self regulating principal a currency manufactured by themselves i have never noticed any periodical deficiency of capital which was at once a extraordinary but imaginary a and As far Ai i am acquainted with the Banks of this country they Are not permitted to lend without restriction or any self regulating principle. What i have noticed is this that the Bankers of England a blend their Money or the Money of others on which they pay interest a and that for ten years past the failure among these English Bankers have been More numerous in the proportion of six or seven. And probably ten to one than the failures of american Banks. 24. May not a Bank note currency be safely tolerated where the mass of your capital for the Active uses of Trade it drawn from other legitimate sources and where your paper circulations must necessarily Bear but a Small proportion to the amount of your deposits As in Scotland 25. In Scotland the Bank deposits in 1826, amounted to about Twenty four millions Sterling say in our Money one Hundred and thirty Millious of dollars More than half of which amount was composed of deposits in sums under one thousand dollars and drawn from the Labouring classes its circulation which had been gradually enlarging for More than one Hundred and thirty years was about three and one third millions Sterling equal in our Money to about sixteen millions of dollars. Suppose the Bank deposits of Scotland now to be one Hundred and fifty millions and its circulation eighteen millions can the Trade of Scotland Ever Sutler from reactions while it is sustained by so Large an aggregate of real and Active banking capital or its currency Ever be agitated while the amount of notes in circulation scarcely exceeds one tenth of the amount of Bank deposits 26. If the Trade of Scotland depended As ours does not upon the accumulations of a capital which never diminishes but on a capital manufactured by five Hundred Banks and which diminishes with every reaction Aud May almost vanish with a panic would not Scotland suffer As we do and As they frequently have done in England from every convulsion in the Money Market 27. Suppose our Trade was sustained by if a a its in ratio to those a i Scot

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