Indianapolis Indiana Journal in Indianapolis, Indiana
4 Mar 1837

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Indianapolis Indiana Journal in Indianapolis, Indiana
4 Mar 1837

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Indianapolis Indiana Journal (Newspaper) - March 4, 1837, Indianapolis, Indiana Vol. , saturday March 4, 1837. No. 769. by dougi.4ss amp Joel. Terms.�?$2 so or annul m Iid Vance for 52 numbers�?$3 of at 6 mofiths�?$3 50 it the end of the volume. Non per will be discontinue in unless at the option of the publisher until arrearage Are a nil. Paics for lines or less three insertion 00 for cach additional Iii Sertin n,25 cents. Longer charged in proportion. A Liberal hip count made to those who advertise by the year. Chancery notices and Peli Loiis for divorce will be inserted the requisite number of times for $2 00 and to insure their Pii Licari Quot i the Troney Tami accompany the notices. Complaints of insolvency $3 00. All orders for advertising from a distance must be accompanied by the Money or they will not receive attention. The postage must be paid on All letters to the publishers or Thev will not be taken out of the Post office. From the now York Mirror. The Oak. Words by Geo. P. Morris music by Henry Russell. I. Woodman spare that tree touch not a single Bough in youth it sheltered me and i la protect it now. Twas my forefather s hand that placed it near his cot there Woodman let it stand the axe shall harm it not that old familiar tree whose glory and renown Are spread o or land and sea and wouldst Khoii Hack it Down Woodman forbear thy stroke Cut not its Earth bound lies of spare Itiat aged Oak now towering to the skies Iii. When but an Idle boy i sought its grateful Shade in All to Weir gushing Joy Here too my Sisters played. My Mother kiss d me Here my father press d my hand forgive this foolish tear but let that old Oak stand. In. My heart strings round thee cling close As thy bark old Friend Here shall the wild Bird sing. And still thy branches Bend. Old tree the storm still Brave and Woodman leave the spot while i be a Hantl to save. Thy axe shall harm it not. To obtain the instruction of books now through tie Agency of printing our Means of acquiring knowledge is unlimited and its dissemination is Universal. The consequence is that a greater number labor to unravel and make useful the secrets of nature and Tjie Progress of Mankind to perfection is a thousand times More rapid. The Printer As an individual comes directly under the constant influence of the instructive and Liberal Art he professes. The Printer reads More and possesses More varied and general information than the theologian or lawyer or avowed philosopher. It is the Printer s Trade to read constantly Day after Day during his whole life he earns his daily bread by Reading Aye and by Reading slowly and carefully for he must follow and put the words into Type letter by letter he must dwell awhile upon every sentence. Does the merchant know the prices of Cotton and other goods in Distant countries the intelligence is penned by a Printer before the merchant touches it. Does the politician discuss the affairs of nations he owes his in it let age to the Printer who is always ahead of him in Point of information. Does the physician study the works of some profound Aesculapius let him look at the title Page and he will see that he owes the work to a Printer who has read it Over and Over to see that not i letter is wanting not a comma out of place. Tiie same May be said of the lawyer the minister Ami Ilie scientific Mechanic. The Printer stands at the door of All their learning and holds the keys which open it. The Printer is a great traveller. There Are few printers in the United states who have not visited every slate in tie Union. They Are sure of finding a printing of Lico in every Village and consequently do not hesitate to travel wherever their fancy May Lead client sure of finding in their brother log rapiers friends to assist them i Ive them work or of Tain a situation for them. The Printer is consequently Thorou girly acquainted with his country in general Antl in detail noise can know it better or speak of it More correctly. Sometimes he crosses the Atlantic and while he prints geographies and books of travels he takes occasion to View with his own eyes every part of the old and new world. The Printer is always a Good grammarian and in frequently happens that men whose protium cimons Are esteemed by the Public owe it l a the Printer that they Are not written Down asses. Often very often Liat manuscript put into the hands of the Type setter full of Quot Gross grammatical errors sentences void of sense and without a single Point of punctuation or capital letter. When this has passed through his hands the errors Are corrected the punctuation and capitals Are All set in their proper places. The conceited author finds himself All at once a grammatical and logical writer and basks in the Sun of popularity which he owes to some uti obtrusive son of gut Lemburg. He takes care not to give credit to the proper person but on the contrary should some of his blunders remain uncorrected he is sure to Lay them All to the charge of tie Quot i ignorant took up some of our fellow citizens and without it necessary to do so it would be easy to show any previous desire or Especial Elbrt of their own from All of them so far us they relate to this sub bore them on to Fortune. The quiet and Nam eject of currency president Jackson bilious proprietors of soil which formerly had commenced his administration by recommending been of trifling Worth by the rapid spread of the population of some sudden turn of business became instantly the possessors of abundant wealth. Others witnessing their rapid promotion naturally longed to keep even Pace with it and soon began to task their ingenuity to invent and Compass Means of similar Elevation there is something so extremely fascinating in the gathering up a sudden Harvest of Gold there is something so exciting in the dream of going to sleep a beggar and awaking a Prince Liat it is a hardly a matter of Surprise if a few instances of such rare Good Fortune in a Community should turn the Heads of half of its members. The author anticipates an objection that might be started against his doctrine by some of those who made haste to be Rich and answers it in the following manner a the doctrine that i would advocate is no foe to honest Industry it is its firmest supporters its truest Friend. We Are encouraged to strive in every lawful Way zealously persevering by for the bettering of our earthly condition. Industry Economy order the freest exertion of i a mixed currency yet that he gradually departed More and More from that ground until in the message of 1835, referred to by the senator from Vir Ginia he Speaks of getting Back to the Quot constitutional evidently alluding to an exclusive specie circulation. You will therefore agree that the uncertainty of which i have spoken is not feigned but real and i entreat the two divisions of the friends of the administration speedily to Settle Between themselves the controverted question what the policy to be pursued actually is and fort Levith Testate it to the contrary so that All our business men May have an Eye to it and regulate themselves accordingly in their moneyed transactions. The senator from Virginia tells us that he is in favor of an enlargement of the Metalic foundation of the currency. And who is not is the id a a new one to the senator from Virginia did it not originate or was it not at least first pressed by my friends Vivio were endeavouring to guard the currency of the country from the dangers which beset it was not the principle of restricting is the faculties of tie mind and body Temperance j sues of Bank notes below prescribed denominations Justice and Manly Independence All these hang i first introduce to by the senator fron Massa Ehu mainly upon an honest ail Well regulated Pursuit of wealth. And herein consists the Only real Worth of that for which All the world is Labouring that by furnishing the chief excitement to the natural propensity for gain it develops and holds in steady action Alt the moral influences which proceed from the lawful exercise of Titis principle. There is noilting valuable or Worllie in the Mere possessions of proper tvs hut every setts who sits near me or. Weisler As one provision in tie renewed Cli Arler of tie Bank of the United states in 1832? and while i am very sure that the senator from Virginia did not take from the speech of Quot my Frinc on Liat occasion the anecdote which he introduced into his own of the message Cut by or. Hut k to or. Pitt warning him that if he Parmi Ted the Issue of one Pound notes he would never again see a a Guinea in thing in the effect of a prudent rational steady England yet it does so Lapp rim thai hat very an and just Pursuit of it. Sudden wealth is Al just certain ruin. Inherited wealth is pregnant with dangers. Jut the gradual Advance to it by tie Way of Economy and Industry this is happiness Haltli and virtue. Such to discourses As this Oug lit to product Good. And if All preachers used equal plainness of speech alien Aih pressing their Cong i Galion on Sulci a Siil inject they would produce Pood. J his discourse should be pit sued As a tract for Universal distribution. Speech of Mil. Clay of Kentucky 0/1 the sp2cie circular. , Jan. 11, 1837. Tie Senate having again proceed led to the order of the Day which i was the consider nation of the Resolution Herat it lore moved by or. Ewing of of Iii concerning the Treasury circular with the Suliasi tute tie refer proposed by or. Kivesh or. Clay said Tliatha took Groat pleasure in tei ulring to the Senate his respectful thanks for the ii fulgence a licit had yesterday been accorded to Liim at the instance of the senator from North Carolina. And to should esteem Lii itself most Happy if on tie present occasion he should be so from Lis new Orleans times. The invisible gentleman. Unseen he sits at your fireside pursues you closely in your daily walks and a Vii Nice ear keen new and acl pc mind. Observes and solves your every a a Quot re and act front time to time he Rou ulily scribbles these for his memento and it or your comment. The Printer there he stands at his Case his eyes Are fix Elt a on his copy while his fingers obedient to his r collect the letters from their various boxes and place them together so As to form words sentences Complete articles of news politics or literature. The musician at the piano can hardly compete with the Printer in rapidity and precision of his digital motion like the pianist who plays with his music Box and instrument before him the Printer sees and comprehends at a glance the Ever varying results his fingers must produce and does not hesitate a moment to perform the necessary action with the rapidity of lightning. Like notes from the instrument every letter every pause every Stop is called Forth in its proper place till a Complete ensemble is formed which i the memory can treasure up and which a the mind can conceive Anil digest. But How Dif Ferent Are the final effects produced in these two instances. The musician creates a series of melodious and harmonious sounds which please the ear for a moment and die away. The feelings Gay or sad Despi ending or enthusiastic mild or violent Are excited for a moment but the Charm soon ceases and leaves nothing but the recollection of the past pleasure or pain upon the mind. Bui the Printer s labor bears an everlasting fruit he spreads before Mankind the Arcana of knowledge and works with the sages the Laboratory of reason he sends messengers to every one of the human family he invokes All men to behold the beauties of truth and seeks to make the mass of Manki Iid conscious of those immutable rights with which Man is invested at his birth by nature and by nature s god. The Printer has been since the fifteenth Century the faithful and most Active auxiliary of learning. The Day the Printer first struck off a Sheet from a rough Block of types from that Day we Date the Universal spread of knowledge and the disfranchisement of Mankind from the Bonds of ignorance superstition and oppression. From that Day has Man gradually advanced to the general enjoyment of free enlightened and Republican institutions from that Day Royalty and its concomitants began to decay and fair Liberty to grow in their place. I might continue to show in detail the correctness of the general outline i have drawn but the immense benefits which the Art of printing has conferred upon Mankind have been described by Abler and More eloquent pens than mine. Let me present a single hypothesis suppose that the great protect Ress and teacher of All arts and sciences suppose that the Art of printing had never been discovered at what stage of Progress would we now find natural philosophy astronomy mechanics navigation Many arts which Conduce so effectually to the comfor tand preservation of Man kid where now would be these liberties we hold so dear yet in the Wom it of futurity. The discoveries of Newton would have been the treasure of an exclusive few. Watts and Fulton would perhaps have never Learned the principles and Franklin might perhaps have never read a Book or published a single principle fending to the Independence of his country. Among the ancients of Greece and Rome there a were certainly some great and Wise men but beyond the Circle in which these Learned men moved How few received a glimpse of science How few Ever Learned to read and How difficult it Wae successful As to say what so uld occasion no regret printers Quot Sulci is the false and Uii just phrase in j a a it a my fur having conferred Puii him that i mull no rant writers frequently use. No Trade class or profession except those of Law and physic has Hir Nisliet a greater Jar poor Tion of Learned a us Distinti wished men Tolian the Printer s Craft. From the Day of Franklin to the present time our legislative Halls our places of Honor have been ornamented by talented and eloquent printers. J he bar is of eur inde Teil of thu printing office for some of its Ablest members in this City we have living and prominent examples of this fact. The printers whenever they can unite a sufficient Force generally form tie selves into a society for their Mutual Protection and for the purpose of assisting each other in Case of need. These societies ii the rates of Waires the hours of work and provide for t be sick Aivil unfortunate. They bind themselves by die strictest and most honorable rules to preserve the dignity of their Art and defend each other against the injustice of employers. If a should Dishonour his Trade or work under wages he is immediately stigmatized and disowned. It is very rare that a Printer can be induced to Dishonour the pledges he has Given to his fellow workmen. The Printer is essentially a democrats that is to say opposed to the aristocracy of riches and though so far above the generality of citizens in knowledge and Talent yet he is proud of being called he frequently boasts that his subsistence is earned by the sweat of his brow. Yes be proud nabobs who Roll in your carriages and who would disdain to touch the hard hand of a Mechanic learn that there Are mechanics who Are by far your superiors in every thing which elevates Mankind. I know Many graduates of colleges who might be made to Blush for their ignorance by the mechanics they seem to despise. But the boasts of the aristocrat must Fdl beneath the Power of tie press and when the Labouring classes of Europe and America shall claim their appropriate Lank in society and Call for the enjoyment of equal rights their spokesman will be a print eur. Gence. In the stale said or. A of which i am a citizen i had lately occasion to express my of Inion in regard to that Leasuy Ortler which i it is proposed ill the ros Ohirion Olfe Reil by my Friend from Olio or. Ewing to rescind. That i said on that occasion a Peare l in the prints of the Day and a degree of Une Pei led no Lorii to has since been Given to it during the present session. Vital i tiered i sin Condy Bidie Veu. 1 believed in then i believe it now and i re affirm it Wiki All sincerity Here in my place As my settled opinion. To fore to Vever i proceed to stale the grounds on which it rests i shall take some notice of the Able speech with which we were favored by the honorable senator from Virginia. Or. Ivies j Lough that speech was any Buta Justilio cation of the legality of the order it was ingenious plausible often eloquent. Tiie speech throughout its whole Tenor was indeed directly Adverse to the Ortler. Tiie i Treasury order proceeds on the principle of requiring specie Only in payment for one of the Luiis important branches of the Public Revenue but the senator from Virginia is in favor of receiving in payment a mixed currency. The order proceeds on the principle of exhibiting partially toward certain particular classes in their payment of the Public duos the senator of Virginia is for a Rule which shall operate alike and equally on All and shall extend to every la Anch of the up Quot lie Revenue. In a great Deal indeed in most of what was so Well said by it is remarkable Wii i respect to Maine As he had that senator i entirely concur. Their Are How-1 understood that Alicr the restriction was imposed Mcdole was related by Sonau Quot from Massa Cli setts in his Speerli before the Senate in 1832, and was used by him expressly in support of the idea of increasing and strengthening tha Metalic basis of our paper currency. But whilst but i gentlemen concur in the propriety of imposing some Lim Lalion f n our a Aper circulation y to there is a wide Timir Cronce l Elween to lick As to the Mode in Lii tar thai Ole Oli acct is to l c Efti Clell the senator from Virginia would rely on tie voluntary action of a thousand Banks and of Twenty six state Sovereign ties operating on those Banks. Be Ollie a a a position on the contrary thought it to rely on a remedy within our own Power to Trust to our own Laws and to look to that which we could effect by our own energies and the exertion of our own constitutional authority. We considered this a practical and efficacious Means. The senator from Virginia relies on what i consider wholly inefficient. His Reliance it seems is on the enlightened patriotism of the states and of the Banks the enlightened patriotism of nine bundled to Tousand Baridis created for the sole purpose of making Money but sir have we no lessons from experience in our own past history As to the degree of Reliance which Ray safely be placed on the Mere voluntary action of any , however Enli glistened and patriotic it May lie what was the stale of things during our revolution when we were Conten Iling in the most glorious cause that Ever animated the hearts or nerved the arms of men the Reliance was then on the voluntary payment of the quotas not of Twenty six but of thirteen states in distr Isal be to the Success of that cause an a to our sold ii a who in find and unc lad were ii Inrig every suffering to which i Huin Anity can be exposed. Let me ask the Honora Jle senator in View of what then took place whether Reliance on the patriotism even of enlightened slates much less that of l banking corporations is Safe and secure. It is now four i it a five years since tie policy was first announced on our Side and Vas afterwards taken up by a portion of the friends of the administration to Widen the Metalic foundation of the currency by a prohibition of Small Bank notes and has been the result How Many states has enlightened patriotism induced to adopt the policy the from Virginia mentioned Virginia Pennsylvania and Mary Lanil to which he might have addled Kentucky and possibly one or two others As having imposed the desired restriction l it they did it either prior to or without any sort of reference to the annunciation of the policy of Washington. Of All the Twenty six slates he believed new York and Maine Only had confirmed their legislation to the recommendation sent Forth from this City. And v. / Pebble against the tide a this is the modest title of a Sermon just published preached to the second Church in Boston a few weeks since by its minister the Rev. Chandler Robbins. It has for a text Quot sleekest thou great things for thyself seek them not?.&Quot and its object is to expose the Folly i vanity and die wickedness of the All prevail Ludness of the times desire of getting Rich by speculation rather than by the old and longer Road to properly by the Way of strict Economy and patient Industry. There is truth in the following extract thousand airy schemes bubbles coloured by the excited fancy with Rainbow hues Are hatched from Busy brains and skilfully held up before the attracted gaze of the multitude while the ignorant Are entrapped the credulous deluded the avaricious caught with the false Hope that that which is essentially Emty can fill the coffers of them All and that which i is Uncertain As the wind cannot fail to return them for their mite a Hundred fold. The slate of our country with the general character of our people invites tempts urges our citizens to leave their old business and Homes and especially to desert the quiet pursuits of agriculture and the toilsome labors of the workshop to engage in various speculations to venture their All upon the fluctuating tide of the stocks and to roam the Earth Over in search of some philosopher s Stone. And this condition of things is easily accounted for. The very flood of our Prosperity at first Ever some Points of difference which i shall Jire gently notice. I regret that while the country generally while the senator himself and while we Are All so deeply interested in knowing Walfis to be the real policy of tie on tie question of the currency we Are left As much in the dark As Ever. On one Side of the Senate by one Friend of the administration it is said that the precious metals alone arc to form the currency and Liat All paper is to be driven out of use gradually indeed but surely. The senator from Virginia on this Side says that the policy about to prevail seeks to Estal Ilish a mixed currency consisting in part of specie and in part of the notes of specie paying Banks. Which of these friends of the administration Are we to credit i must confess that so far As past experience is to be looked to on such a subject it seems to favor a Metalic system More than a mixed Cui Rency. At the last session of Congress a Jiro position j was introduced into the Senate requiring the pay ment of specie in All cases by the Puri lasers of Secund circulation the notes our Public lands. That pro posit Osi was Howe would pm Iii a Safe medium or put Down by an almost in Uii Mous Vole. For although no Call was made for the yeas and nays i think i am fully authorized in saying Llinat had such a Call Bee n made there would not have been More than one or two votes in favor of the measure. Yet on the 11th of july almost immediately on the rising of Congress we find this very proposition embodied in a Treasury order which requires the payment Quot of specie in regard to our most important Branch of the Public Revenue. This fact would seem to indicate that the policy of a mixed currency for which the senator from Virginia has contended was not then the policy of the administration and that not his but another s a was predominant in the Cabinet. In the preamble to this order in which the reasons for it Are set Forth we find that not Only specie is rest tired from All purchasers of the Public land but that that other element of the currency which the senator would retain is denounced As Quot paper Money and even in regard to the messages of the Piv silent himself did time permit and were a Supply of the item notes below five dollars was sent for to Massachusetts for Small change in the transaction of business. No sir no Man has a Hii her opinion of the patriotism of the country than i have. There is no one who entertains a higher opinion r f the Patri holism of the states or is More disc sed to place a due and proper Tiereo of Reliance upon it but i consider it mind Jio Licy not exclusively to depend upon it but to add to that Security the salutary vigor of the Law. Hence we supposed that it had been Demoris rated by All cup Crince ii Liis country that a National Bank created by and under the proper control of this of cry a nent was a fit and Neces Surv instrument to guard thai paper system of the country against its t ind nay to run into excessive issues and intimately into utter disorder thai Sudi a Hank would at least retard that deplorable state of , and that if it could not finally prevent it when tie notes of the local Banks had lost All Conr Donco and to be a of the in torrid Bank in Whit i the Revenue of the country could be collected and disbursed. From the Momiu Liat the Bank of the United states ceased to exist you gave up the rudder of the National currency and 1 greatly fear that it will get into such a stitch of confusion that we shall see it go on from worse to worse until All shall unite in totally withdrawing from i t the Public Confidence. But if it were even possible that you Codd succeed by appeals to the states and to the Banks in Law to that effect remains still on the statute Book and that fee Bills of some Public officers Are yet made out at the rate of so Many pounds of tobacco Foi each item. If altered the Law has not been very Long changed. The necessity of a circulating medium of Sot find is indispensable. Society cannot exist but it. It cannot revert to the primitive state of barter. The representative of property must be had even if it be in the form of Pelties tobacco uncoiled bars paper Money or Small Bank notes. And this great social want is Paramount to All Law. But the plan of the honorable senator to effect a restriction on Bank issues does not consist exclusively in a Reli Atice on the patriotism of the Banks or the states. He would Appeal to the interest of the Banks and would hold Over them the threat that unless they cease the Issue of Small notes the Public deposits shall be withdrawn from their custody in Oiler words it is by employing the Revenue of the United states Liat he would effect the restriction he seeks. Now sir what is the amount of this Revenue Twenty five or thirty millions per annul. And what did he Tell us from very High authority he told us that the Money transactions in one single City the City of new York were estimated several years ago and that by a Man than whom none is better acquainted with All such matters at 1,.500 millions annually and at this Day the a mount is probably double that. Now if in one single City the course of business requires the employment of 1,500 millions of dollars annually what must i the aggregate amount of the str Cusac tons in All tie other cities and parts of the Union the amount baffles All human calculation and do you suppose that by wielding a Revenue of Only thirty millions you can overage coerce and control Banks whose business am omits perhaps to a thousand times As much what proportion does the number of your Deposit Banks Bear to that of the whole number of Banks of the Union before the passage of Tylik Deposit act they amounted if i remember to less than forty they Are now perhaps eighty and we Are told by a secret authority which seems to be High and controlling that their number alien the Deposit act is executed is again to be reduced Down to forty but say it eighty and then by your operation on these eighty Banks you Are to bring about an effect so info rant As to deprive the remaining nine Hun tired and Twenty Banks of that which in Many instances constitutes the most important part of their circulate m. Can we not see that the thing is perfectly chimerical suppose you prevail with one Bank to give up the Issue of its Small notes. What is the immediate effect the vacuum produced by the withdrawal of the Small notes of that Bank is instantly filled by the Small notes of other Banks and oven if you could go a step ii ruler and Jiro Hibit your Deposit Banks from receiving in Deposit the no is of any Bank which issues Bills below five dollars what would be the further a Fleck j Here would be an instant collision ii tween the Deposit Banks and the other Banks of the Cou Witry and As the other Banks Are so much More numerous the necessary result would be tie utter destruction of the Deposit Banks themselves. We have already seen some of tie effects resulting from these re Quiri Munts. Be passed Aii a Tat the last session Troh Biling the use of notes below to in the disbursements of the United Stales. Well sir we have a disbursing Bank in this City and How was the Rule observed All the senators who hear me Are personal witnesses to its violation in payment to themselves of their daily allowance. I do not mention this to complain of it it is possible if to i had Orvle red the officers of the Senate to receive either Specic or notes Over $10, it would have been complied with. But the Bank still goes on and it would still continue its course notwithstanding any voluntary restriction which your Wisdom May suggest. It is not too much to expect that when you to whom the task belongs have abandoned the care of the currency of the country the states or the Banks shall take upon themselves the duty of remedying the defects of the neglect of your legislation the parties will take care of themselves and will look no further. They will leave to the whole to provide for the interests of the whole. What interest have the Banks in Maine for example so to shape their course As to suit the exigencies of the Community in Louisiana we on the contrary contended for one currency which should be general throughout the Union consisting of the notes of the Bank of the general government and for a local currency consisting of the Bills of local institutions so that there might be a general currency to be employed in purposes of a general nature while the local currency would subset t c All local purposes. Our wish was t have the general currency every where receivable in payment of the Public dues while we relied on the local Banks for the medium of local circulation. Dut you have Given up a Bank whose credit was co Etc drive with the commercial world which supplied a currency never surpassed and regulated exchanges with an Economy unexampled in this or any other country. And do you expect these local institutions can be an adequate substitute do you cherish the vain expectation that the states will Como to your Relief and rectify your incompetency no sir no. I Ach state will say it is not our affair to provide a general currency for the United states we must leave that to be managed by the general government. And does not All experience demonstrate that while local governments constitute the safest depository of local interests the general government alone can provide for the welfare of the whole what is the present actual condition of the banking capital of the country we told you that the moment you destroyed a Bank of the United states there would immediately Spring up innumerable local Banks that banking capital would thus be Greasy extended and that the change might Lead to the destruction of All Confidence in the Quot a Quot ii culling paper medium. And Are not these predictions in a rapid Progress of fulfilment arc informed by the Secretary of the Treasury that the amount of Bank capital has increase to since the veto on the Bank charter from 300 Mil Brin Rinn about the restoration of a sound Curren Lions to 300 millions an increase of fifty per Quot Quot has in Cream de in the same ratio Viz from 80 millions to 120 Mil Lions. By How Long would it last supposing a Gener cent Ai pressure to be produced by the withdraw Al of specie from the country would not the Hanks instantly be prompted by the states themselves to Supply the wants of the Community by furnishing the desired medium Trace Back your Quot own history look to that period which preceded the revolution when the colonics were compelled to resort to Bills of credit and even to tobacco As a circulating medium. I Loueve that in Virginia the i concur with Iho senator from Virginia in the position that no state of things is More calamitous than that which accompanies a decline in the circulating medium of a country and the degree of distress is in proportion to the rapidity of such decree while Oti the Othet Lhand the pros Perii of a country in Nevei at Leaai Apparis Triy greater than a lib be the amount of its currency is of the increase list does any Man suppose that this can continue can any reflect Iii Nian per Suade himself that Twenty six distinct and in de pendent state looking each one to its wort s6>a-rate interest will exercise such Forby Iiri Nch a a not to add Bank to Bank and increase the paper circulation within its limits till the country will be involved in danger of some great Calar Allty a greatly fear it. When or How it shall come a a of one can exactly foresee but we can All imagine that if there should occur a great failure or a great reduction in the Price of the Southern Staple or what is now actually threatened a general re turn of Ara rican stocks which have been sent to Europe on a foreign demand from any cause of a Large amount of the specie in the United states the necessary consequence would be such a run upon the Banks As May cause a general suspension of specie payments if not the bankruptcy of Many of the Banks. What is their present condition they Are without concert co opera Fin or Mutual Confidence. The moment there is a great and sudden demand to meet a corresponding demand abroad there must ensue a general panic throughout the country. Each Bank being necessarily unable to measure the exact extent of the demand will of course Call on its own debtors and the same thing for a similar reason a a taking place in All the other Banks there will probably be a general stoppage of payments and Universal bankruptcy. Was not All this foreseen was it not foretold were Gendemeh not Var red again and again not to destroy the Only Means on which we could with safety rely Between the system of the gentleman from Virginia and the hard Money system i am far from being sure that latter is not a More efficacious remedy than any voluntary action of the state and of the Banks. The hard Money system proposes that in All collections and disbursements of the revenues of the government specie alone shall be received Anil ail paper of every description entirely excluded. The object of both systems is to retain a certain amount of specie within the nation by the creation of a necessity for its use and thus to prevent its exportation for if the government Shodd decide to receive nothing but specie in payment of its dues the consequence would be the necessity of retaining a sufficient a mount of the hard metals for the collection and disbursement of the Revenue. It might not., in deed be necessary to retain the whole amount of 30 millions assuming that to be the annual Revenue since one Dollar in specie might be made to pay two dollars in Revenue. But a certain mount bearing a consider flu prop Offton Tref Revenue would be retained in the country. The of getting at such a result is of necessity extremely difficult and would create much practical inconvenience if specie should become very scarce the Collet tors of the Revenue nig re from necessity Bei iced to receive a Porton of the Revenue in notes of Good i Anks but if you receive this Revenue in specie Only you immediately and unavoidably elevate the relative value of specie above Oliet parts of the currency Beca ise while hard Money would perform All the offices of other Media of circulation it would then discharge one other office which they could not. The result must be to create a demand for specie and thereby Render if a marketable commodity. A Man would not then As now be As ready to receive a debt in Good notes As in specie. He will always want the specie b3causc it would command a Premium. Does not the senator perceive that Gold and Silver must cease to be a circulating medium a d be conv Efi into ? it would be sold Ai an and Ance and would be hoarded for that end. Yeti am far from being certain if the object in View Belo retain a certain amount of hard Money Ini the country that die remedy which suggests the exclusive use of specie has not a certainty of Suo a Cess which cannot be produced by relying on the patriotism or the voluntary action of a thousand Anks and Twenty six Independent state Sovereign ties. My word for it. In fifteen or Twenty years after the system of the senator from Virginia shall have gone into effect although the some identical Banks May not continue to Issue notes of a Small denomination yet the aggregate amount of such notes in actual Cir idalion will hot be less than it was at the commencement of the Experiment. But we were told by the honorable senator that great Britain and several other countries of Europe having become enlightened by the example of America Are disposed to imitate it. He told us farther that the people of great Britain Are becoming sensible of the i policy of Monopoles and opposed to the continuance of the Bank of England and that the present policy of that government Aims at the establishment of joint lock companies in addition to the la age number of private Bankers and by Dies Means Ulii lately to get rid of the Bank of England altogether. On that subject All i can say is that such is not the state of my information. I know indeed that they have lately passed a Law for the creation under certain restrictions of joint a wife companies but what is the stale of Public Opinio in ref Gate those local banking institutions which so closely As the senator thinks resemble our own it is distrust uncertainly and fear. We afe All pc to re that a committee of the House of comninos at the head of which is the Chancellor of the exchequer was required to examine the condition of these local Banks. I Havck before me d report of that committee rendered As late As August last. The joint Stock compares in Liat country Are established by what they denominate deeds of set element which specify the conditions under which they Are erected. After presenting an anal Yso a a of a variety of these deeds of settlement the com Miviene enumerate thirteen different defective pro visions in the Laws which May require the inter position of parliament and they conclude by urging the necessity of the greatest possible prudence and caution in the management of of Robt Banks. While the language of to c report shows very clearly that there is great apprehension Felt As w the safety and solidity of these institutions yet it is so constructed As prudently to avoid the exciter mint of unnecessary alarm Quot. A it to be True that in a government constitute a a if Gie it Britain it were possible to dispenser National Bank and to rely on local joint a tick companies and on private Banks let me Al the honorable senator if the condition i of i and and America is not Tot Fly life rent Yogi the Crew a a Power a served for per lament half Goa a nil la for the future awol Stisis a ing in uti Obb. Have we any tur

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