Indianapolis Indiana Journal in Indianapolis, Indiana
4 Nov 1837

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Indianapolis Indiana Journal in Indianapolis, Indiana
4 Nov 1837

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Indianapolis Indiana Journal (Newspaper) - November 4, 1837, Indianapolis, Indiana A vol. , saturday november 4, 1837. No. 803. Published by do u o e l. Terms.�?50 Pur annul in Advance for 52 numbers�?$3 of at 6 monilis�?$3 50 at the end of the to Heine. No Papor will be discontinued unless at the option of the publishers until arrearage Are paid. space occupied by 230 Ems Zehall be a minted a Square nothing counted less than a Square All Over a Square and it is than a Square and a half shall be counted a Square and a halt. One Dollar per Square shall be Cli arged for the Host three r any less number of insertions and Twenty five cents for each . Advertisements published by the Quarter it it i longer will be charged a 3 per is inure for three months �6 for six months or a 10 per i minium. Merchants drug Isis and others advertising by the year will be Cli aged for two squares $15 50 for three squares �-20 for a Quarter of a column of loud Ems $25 for a half of a curium a $35 for three fourths of a column �50 for a column go per amid i. A a deduction of 20 per cent will be made on advertisements longer i ban a Quarter of a column when in buried by the half year or year and not altered. All advertise Mcinis authorized by statute must be paid for invariably in Advance. Advertisements coming from abroad must Beacom pained with the Cash unless Lor publication by a brother Public la r. The postage Mut be paid on All letters to the pub Fishers or Thev will not be alien oui of the Post Olifice. Debate in the s e n a i e a us a Treasury Hill. Monday september 25, 1837. I he Sentuc having resumed the consideration of the Bill imposing additional duties As depositories of the Public moneys on certain officers of the general government or. Clay Rose and addressed the Senate upwards of three ii ours. We cannot undertake to report All that he said exactly As it was said. We must Content ourselves with exhibiting a View of his argument employing generally the language in which it was expressed. He commenced by observing that feeling an anxious desire to see some Efre Tual plan presented to Correct the disorders in the currency and to restore the Prosperity of the country he had avoided precipitating himself into the debate now in Progress that he might attentively examine every remedy that should be proposed and impartially weigh every consideration urged in its support. No period had Ever existed in this country in which the future was covered by a Darker denser or More impenetrable gloom. None in which the duty was so imperative to discard All passion and prejudice All party ties and previous Bias and look exclusively to the Good of our afflicted country. In one respect and he thought it a fortunate one our present difficulties Are distinguishable from former Domestic troubles and that is their universality. They Are Felt it is True in different degrees but they Eracli every Section every state every interest almost every Man in the Union. All feel see hear know their existence. As they do not array like our former divisions one portion of the confederacy against another it is to l e hoped that common sufferings May Lead to common sympathies and common counsels and that we shall at no Distant Day be Able to see a Clear Way of deliverance. If the present state of the country were produced by the fault of the people it it proceeded from their wasteful extravagance and their indulgence of a reckless spirit of ruinous speculation if Public measures had no Agency whatever in bringing it about it would nevertheless be the duty of government to exert All its energies and to employ All its legitimate Powers to devise an efficacious remedy. But if our present deplorable condition has sprung from our rulers if it is to be clearly traced to their acts and operations that duty becomes infinitely More obligatory and government would be faithless to the highest and most solemn of human trusts should it neglect to perform it. And is it not too True that the evils which surround us Are to be ascribed to those who have had the conduct of our Public affairs in glancing at the past continued or. A Noi thing can be further from my intention than to excite angry feelings or to find grounds of reproach. It would be far More congenial to my wishes that on this occasion we should forget All former unhappy divisions and animosities. But in order to discover How to get out of our difficulties we must ascertain if we can How we got into them. Prior to that series of in for ate measures which had for its object the throw of the Bank of the United slates and the discontinuance of its fiscal Agency for the government no people upon Earth Ever enjoyed a better currency or had exchanges better regulated than the people of the United states. Our monetary system seemed to have attained As great perfection As any thing human can possibly reach. The combination of United states and local Banks presented a True image of our system of general and state governments and worked quite As Well. Not Only within the country had we a local and a general currency perfectly sound but in whatever Quarter of the Globe american Commerce had penetrated there also did the Bills of the Bank of the United states command unbounded credit and Confidence. Now we Are in danger of hav ing fixed upon us indefinitely As to time that an irredeemable paper currency which i by the Universal consent of the commercial world is regarded As the worst. How has this reverse Tome upon us can it be doubted that it is the result of those measures to which i have adverted when at the very moment of adopting them the very consequences which have happen of were foretold As inevitable is it necessary to look elsewhere for their cause. Never was prediction More distinctly made never was fulfilment More literal and exact. Let us suppose that those measures had not been adopted that the Bank of the United states had been re chartered that the Public deposits had remained undisturbed and that the Treasury order had never issued is there not every reason to believe that we should be now in tie enjoyment of a sound currency that the Public deposits would be now Safe and forthcoming and that the suspension of specie payments in May last would not have happened the president s message asserts that the suspension has proceeded from Over action Over trading the indulgence of a spirit of speculation produced by Bank and other facilities. I think this is a View of the Case entirely too superficial. It would be quite As Correct and just in the instance of a homicide perpetrated by the discharge of a gun to allege that the Leaden Ball and not the Man who levelled the piece was responsible for the your Sfeir. The True inquiry is How came that excessive Over trading and those extensive Bank facilities which the message describes were they Liot the necessary and immediate consequences of the overthrow of the Bank and the Renio vol from its custody of the Public deposits and is Noi this proven by the vast multiplication of Banks the increase of the line of their discounts and act omm ovations prompted and stimulated by Secretary Taney and the great augmentation of their circulation which ensued what occurred in the state of Kentucky in consequence of the veto of the real Garter of the Bank of the unit exl state illustrates its effects throughout the Union that state had suffered greatly by Banks. It was generally opposed to the re establishment of them. It had found tie notes of the Bank of the United states answering All the purposes of a sound currency at Home and abroad and it was perfectly contented with them. At the period of the veto it had but a single haul of limited capital and circulation. After it the state reluctant to engage in the banking system and still cherishing Hopes of the creation of a new Bank of the u. States encouraged by the support of the late president hesitated about the incorporation of new Banks. But at length despairing of the establishment of a Bank of the United states and finding itself exposed to a currency in Bank notes from adjacent states it proceeded to establish Banks of its own and since the veto since 1833, has incorporated for that single state Bank capital to the amount of ten millions of dollars a sum equal to the capital of the first Bank of the United states created for the whole Union that the local Banks to which the deposits were transferred from the Bank of the United states were urged and stimulated freely to discount upon them we live record evidence from the Treasury department. The message to reconcile us to our misfortunes and to exonerate the measures of our own government from All blame in producing the present state of things refers to the condition of Europe and especially to that of great Britain. It alleges that Quot in both countries we have witnessed the same redundancy of paper 7noney, nne other facilities of credit the same spirit of speculation the Saine partial successes the same difficulties and reverses and at length nearly the same overwhelming the very Clear and Able argument of the senator from Georgia or. Knirr relieves me from the necessity of saying Ucli upon this part of the subject. It appears that Dii Rinc the period referred to by the message of 1833-4-5, there was in fact no augmentation of the circulation of the country and that the message has totally or misconceived the actual state of things in great Britain. According to the publications to which i i have had Access the Bank of England in fact diminished its circulation comparing the first with the last of that period about two and a half millions Sterling and although the joint Stock and private Banks increased theirs the Arn Nunt of in it crease was neutralized by the amount of diminution. If the state of things were really identical or similar in the two countries it would he fair to Trace it to similarity of causes. But is that the Case in great Britain a sound currency was preserved by a recharger of the Bank of England about the same time that the recharger of the Bank of the United states was agitated Here. In the u. States we Haye not preserved a sound currency in consequence of the veto. If great Britain were near the same catastrophe the suspension of specie payments which occurred Here she nevertheless escaped it and this difference in the condition of the two countries makes All the the difference in the world. Great Britain has recovered from whatever mercantile distresses she experienced we have not Anil when shall we All is Bright and cheerful and encouraging in the prospects which lie before her and the reverse is our unfortunate situation. Great Britain has in truth experienced Only those temporary embarrassments which Are incident to commercial transactions conducted upon the scale of vast magnitude on which hers Are carried on. Prosperous and Adverse times action and reaction Are the lot of All commercial countries. But our distresses sink deeper they reach the heart which has ceased to perform its office of circulation in the great concerns of our body politic. Whatever of embarrassment Europe has recently experienced May be satisfactorily explained by its Trade and Connexions with the United states. The degree of embarrassment has been marked in the commercial countries there by the degree of their connexion with the United states. Á.11, or almost All the great failures in Europe have been of houses engaged in the american Trade. Great Britain which As the message justly observes maintains the closest relations with us has suffered most France next and so on in the order of their greater or less commercial Intercourse with us. Most truly Vas it said by the senator from Georgia Liat to Iez re cent embarrassments of Europe were the embarrassments off creditor from whom payment was withheld by the debtor and from whom the precious metals have been unnecessarily withdrawn by the policy of the same debtor. Since the intensity of suffering and the disastrous state of things in this country have far transcended any thing that has occurred in Europe we must look Here for some Peculiar and More potent causes than any which have been in operation there. They Are to be found in that series of measures to which i have already adverted. 1st. The veto of the Bank. 2d. The removal of the deposits with the urgent injunction of Secretary Taney upon the Banks to enlarge their accommodations. 3d. The Gold Bill and the demand of Gold for the foreign indemnities. 4ih. The Clumsy execution of the Deposit Law and 5th. The Treasury order of july 1836, Here or. Clay went into an examination of these measures to show that the inflated condition of Tulve country the wild speculations which had Arisen to their height when Uliey began to to checked by the preparations of the local Banks necessary to meet the Deposit Law , 1830, the final suspension of specie payments and the consequent disorders in the currency Commerce and general business of the country were All to be traced to the influence of the measures enumerated. All these causes operated immediately directly and powerfully upon u3, and their Quot effects were directly Felt in Europe the message impulse to the Deposit Law an Agency in producing the existing . This is. A charge Freiji gently made by the friends of the administration against that Law. It is True that the Banks having increased their accommodations in conformity with the orders of Secretary Taney it might not have been convenient to recall and pay them Over for Public use. It is True also that the manner in which the Law was executed by the Treasury department Transfer ring Large sums from creditor to debtor portions of the country without regard to the Commerce or business of the country might have aggravated the inconvenience. But what do Tho a who object to tie Law think ought to have been done with the surpluses which had accumulated and were daily augmenting to such an enormous a mount in the hands of the Deposit Banks were they to be incorporated with their capitals and remain there for the Benefit of the stockholders was it not proper and just that they should be applied to tie uses of the people from whom they were collected and whenever and however taken from the Deposit Banks would not inconvenience necessarily Harjien the mess Aije asserts the years 1833-4-5-6, during which the surplus was accumulating both amount to about eighty seven millions of dollars thus clearly showing that the customs Only supplied the necessary Lii eans of Public disbursement and that it was the Public Domain that produced the surplus. If the land Bill had been allowed to go into operation it would have distributed gradually and regularly among the several states the proceeds of the Public lands As they would have been received from time to time. They would have returned Back in Small streams similar to those by which Uliey had been collected animating and improving and of rectifying the Liole country. There would have been no vast surplus to Embarrass the a government no removal of deposits from Flie Bank of the United slates to the Deposit Banks to disturb the business of the country no in the Deposit of immense sums of Public Money augmented by the circuit it was Jie forming Between the land oif Wiesand the Banks and the Banks and the land offices no occasion for t a Secretary of the j Treasury to lash the Deposit Banks into the Grant of inordinate that the Bank of the uni accommodations and possibly there would have Ted states chartered by Pennsylvania has not been Able to save itself or to Check other institutions notwithstanding Quot the still greater Streno the o o o it has been said to possess under its present that Hank is now a Mere slate or local institution. Why is it referred to More than the Bank of Virginia or any other local institution. The exalted station which the president fills forbids the indulgence of the supposition that the allusion has been made to enable tiie administration to profit by the prejudices which have been excited against it. Was it the duty of that Bank More than any other state Bank to Check the local institutions was it not even under less obligation to do so than the Deposit Banks selected and fostered by the general government but How could the message venture to assert that it has greater strength than the late Bank of the United states possessed whatever May be the liberality of tiie conditions of its Charier it is impossible that any single state could Confer upon its faculties equal to those granted to the late Bank of the United states first in making it the sole depository of the Revenue of the United Stales and secondly in making ils notes receivable in the payment of All Public dues. If a Bank of the United states had existed it would have had ample i mice accumulation of Public Mont is in tie local Banks and by timely measures of precaution it co ild have prevented the speculative uses to which they were it plied. Such an institution would have been bound by its relations in their Ori to the government to observe its appropriations and financial arrangements and wants and to hold itself always ready promptly to meet them. It would have drawn together gradually but certain a very measures which previously they Lead unan by the Public moneys however dispersed. Lie i piously recommended to see whole states a possibility would have been concentrated upon abandoning their Long cherished policy and Best in Lono in cad of by info weakened or lost by in subservience to i executive Quot been no suspension of specie payments. But that Bill was suppressed by a most extraordinary and dangerous exercise of executive Power. J he cause of our present Difini cuties May to stately in an other Way. During the ale administration we have been deprived of the practical Benefit of a free government the forms it is True remained and were observed but the essence did not exist. In a free or self government the collected Wisdom the aggregate will of the whole Oral least of a majority Moulds and directs the course of Public affairs. In a despotism the will of a single individual governs. In a practically free government the nation controls the chief magistrate in an Alibi Larry government the chief magistrate controls the nation. And has not this been our situation in the period mentioned has not one Man forced his own will on tie nation have not All those disastrous measures the veto of the Bank the removal of it do posies the rejection of the Lauti Bill and the Treasury order which have led to our f resent in Fortinate Condl of experiments lion been adopted in Spile of the a iii pics of the country and in , probably to those of the dominant party Iseli our misfortune has not been the want of , but of firmness. The parly in Power would if t have governed the Cou Wilry Verv ill if it had they can with the very currency which the go their ultimate payment there were 1st, the verment recommended to them but which it now a notes of individuals supposed to be Well secured refuses itself to receive every note put out by the Bank being rep Owen the professed object of the administration is Teddy an . 2d the Undt to establish what it terms the currency of the i of the state in a prior state Bank am surfing to a a Constitution which it proposes to accomplish by j bout half a million of dollars. 3��. The proceeds restricting the Federal government in All receipts j of a Large body of waste lands belonging to the and payments to the exclusive use of specie and state. And 4th. The annual Revenue of the by refusing All Bank paper whether convertible j state and Public dues All of which were pay Lbw or not. It disclaims All purposes of crippling or Quot. Putting Down the Banks of the states but we shall better determine the design or the effect of the measures recommended by considering them together As one system. 1, the Listis the sub treasuries which Are to be made the depositories of All the specie collected and paid out for the service of the general government discrediting and refusing All the notes of the slates although payable and paid in specie. 2. A bankrupt Law for the United states levelled at All the slate Banks and authorizing the seizure of the effects of any of them that Stop payment and the of their effects under the Federal authority exclusively. 3. A particular Law for the District of Columbia by which All the corporations and a trople of the District under severe pains and penalties. In the notes of the Commonwealth Bank. this apparently solid provision for the redemption of the notes of the Bank they began to depreciate shortly after it commenced operation and in the course of a few months they sunk As Low As fifty per cent a two Dollar for one specie Dollar. I hey Conti Mied depreciated for a Long time until after Large amounts of them were called in and Burnt. _ they then Rose in value and now when there is Only some fifty or one Hundred thousand Dollar.? out they have risen to about Par. This is owing to a demand for them created by the wants of the remaining debtors to the Bank and their Recei ability in payment of taxes. The result of the exp6nmen.t is that All Houglin it is possible to sustain at about Par a purely paper medium to some amount if the legislative authority which creates it will Al Are prohibited Fern circulating sixty Days after so create a demand for it it is Imorae viable to the passage of the Law any Majier whatever not adjust the proportions of Supply. Avid demand 5,9. Convertible into specie on demand and Are made As to keep it at Par and that the tendency a it iia be to prosecution by indictment. 4, and , the Bill to suspend the payment of the fourth instalment to the Stales by the provisions of which the Deposit Banks indebted to the government arc j laced at the discretion of Secretary of the Treasury it is impossible to consider this system without perceiving that it is aimed at and if carried out must in the total of the of the state Banks is Thalia a will be All placed at keep it at Par ways to an of Issue. The result with the people of Kentucky has been a general conviction of the mischief of All Stiles of an irredeemable Pape Medit rec Quot is it practice Abs amp or the Federal government to put Down the site Banks and to introduce an exclusive metallic currency in the operations of this Gover a Ament give should Ever Bear in mind i that political Power is distributed Between it Ani the states and that while our duties Are few and tie mercy of the Federal govt Ament. It is in Early defined the great mass of legislative a vain to protest that there exists no design again.?t Thorvil y abides with the states their Banks sex Iceni. The effect of these measures cannot be is without us Independent of us and in spite of misunderstood. Us. We have no constitutional Power or right to and Why this new Experiment or untried sex j put t pm Down. Why then seek their distr us been allowed its own Way. Its fatal Errier has been to lend its Sanction and u bestow its subsequent applause and support upon executive acts Wlinich in it previously i e i crate i g7 leaned. We have been Slioch de and grieved to see whole legislative bodies and communities approving and lauding the rejection of the diffusion among some eighty or ninety local Banks dispersed throughout the country and acting without any effective concert a subordinate but not in importunate cause of the evils which at present encompass us hag been the course of tie late administration towards the Compromise act. The great principle of that act in respect to our Domestic Industry was its stability. It was intended and hoped that by withdrawing the Tarifi from those annual discussions in Congress of which it had been the fruitful topic manufactures would have a certainty for a Long period As to the measures of Protection extended to them by its provisions which would compensate any reduction in the amount contained in prior acts. For a year or two after it was adopted the late administration manifested a disposition to respect it As an arrangement which was to be inviolable. But for some time past it has been constantly threatened from that Quarter and a settled purpose has been displayed to disregard its conditions. Those who had an Agency in bringing it f Evvard and carrying it through Congress have been held up to Anima version it has been declared by members High in the Confidence of the administration in both houses to possess no obligatory Force beyond any Ordinary act of legislation and new adjustments of the Tarifi Quot have been proposed in Bot i houses in direct contravention of the principles of the Compromise anal at the last session one of them actually passed the Senate against the most Earnest entreaty and remonstrance a portion of the South has not United in these attacks upon the Compromise and i take pleasure in saying that the two senators from South Carolina especially Onva uniformly exhibited a Resolution to adhere to it with perfect Honor and Fidelity. The effect of these constant threats and attacks coming from those High in Power has been most injurious. They have shown to the manufacturing interest that no certain Reliance was to be placed upon the steadiness of the policy of the government no matter under what solemn circumstances it was adopted. That interest has taken alarm new enterprises have been arrested old ones curtailed and at this moment it is the most prostrate of All the interests in the country. One half in amount As i Piave been informed of the manufacturers throughout the country have actually suspended operations and those who have not chiefly confined themselves to working up their stocks on hand. The consequence has been that we have made too Little at Home and purchased too much abroad. This has augmented that foreign debt the existence of which so powerfully contributed to the suspension and yet forms an obstacle to the resumption of specie payments. The senator from South Carolina or. Cai Houn attributed the creation of the surplus Revenue to the Tariff policy and especially to the acts of 1824 and 1828. I do not perceive any advantage on the present occasion in reviving or alluding to the former dissensions which prevailed on the subject of Liat policy. They were All settled and quieted by the great Hei Ling measure the Compromise to which i have refer etl. By that act i have been willing and ready to abide. And 1 have desired Only that it Shedd be observed and executed in a spirit of Good Faith and Fidelity similar to that by Vitich i have been Ever actuated towards it. The act of 1828 was no measure of the friends of the manufacturers its passage was forced by a coalition Between their secret and open opponent.-?. But the system of Protection of american Industry did not cause the surplus. It proceeded from the extra Ordinary sales of the Public land. The receipts foil All Monroe other hah that of the Public kids and expenditures of pleasure and the numberless examples of Jiuu visuals have surrendered their Independence must i Lliel pain in every Patriot bosom. A single Case forces itself upon my recon Clion As an illustration to Wheeli 1 do not advert from any unkind feelings towards the gentleman to whom i refer bet Een whom and myself civil Ami courteous have Ever existed. The memorial Tif the late Bank of the us died praying for a recharger was placed in his hands and he presented it to the senal i. Lie carried the recharger through the Senate. The veto came and in two or three weeks afterwards we behold the same senator at the head of an Assembly of the people in slate House Yard in Phila thelphia applaud thing the veto and condemning the Bank condemning his own act motives lie beyond the reach of the human Eye ail it does not belong to me to say what they were which prompted this self castigation and this Praise of the destruction of his own work but it is impossible to Overlook the fact that this same Simi Ator in due Lime received from the author of the veto the gift of a splendid foreign Mission the moral Deducible from the past is that our free institutions Are Superior to All others and can be preserved in their purity and excellence Only upon the Stern condition that we shall forever hold the obligations of patriotism Paramount to All the ties of party or individual Ali Calion and that we shall never openly approve what we secretly condemn. Ill this rapid and i Hope not fatiguing review of the causes which i think have brought upon us existing embarrassments i repeat that it has been for no purpose of reproaching or a ruminating those who have had the conduct of our Public at fairs but to discover the Means by which the present crisis has been produced with a View to ascertain if possible what which is by far much More important should be done Liy Congress to Avert its injurious ii Els. And Thia brings me to consider the remedy proposed by the administration. I be great evil under which the country labors is the suspension of the Banks to pay specie the total derangement in All Domestic exchanges and the j araly is which has come Over t in whole business of the country. In regard to the currency it is not that a i Tui amount of Bank notes will not now Ccmmand As much As the same Arnout of specie would have done prior to the suspension but it is the future the Langer of an i convertible paper Money Bein indefinitely or permanently fixed us it on the Teiple that tills them with apprehensions. Our great object should be to re establish a sound currency and thereby to restore the Exir Hanges and revive the business. Of the country i he first impression which the measures bought Forward by thu administration make is that they consist of temporary expedients looking to the Ped enl the people of this country Are tired ought not the administration itself to cease with them. Ought it not to take warning from the events of recent election a Bove All should not the As it now is be the last body to lend itself to farther expert Neuls upon the business and happiness of thin great people according to the ex-pres.= Ion of Public opinion in the several Stales the Senate is no longer a True exponent of Itie will of the states or of Llic people if it were there i he thir lev Quot a a Quot a he to four a heirs to eighteen or Twenty friends of they a ministration la is desirable to banish a convertible paper medium and to sub Stille the precious metals a it the sole currency to be used in All the vast extent of varied business of this entire country i think not. The Juan Lily of precious meals in the Weikl to our Lair in live share of Vliem is wholly . A convertible paper is a great time saving and labor saving iii Dei end Dent of its Superior advantages in transfers and Remil Lanc a. A Viend no longer ago than yesler Dar informed me of a single Bank whose payments and receipts in one Day amounted to two millions of dollars. What time would not have be m necessary to count such a vast sum j he payments in the Circle of a year in the City of new York where estimated several years ago at Livleen Hundred Mill ions. How Many men and How Manv Days would be necessary to count such a sum a Young growing and enterprising people like those of the United slates quire than any other need the use of those credits which Are incident to a sound paper syst iii. Credit id the Friend of indigent Merit. Of All nations. Great Britain has most freely Ustel the credit system and of All she is the most prosperous. We must cease to be a commercial people we must separate divorce ourselves from the commercial world and throw ourselves Back for centuries if we restrict our business to the exclusive use of specie v it is objected against a convertible paper system that it is Lia old to expansions and contractions and that the consequence is the Quot Rise and fall of prices and sudden fortunes or sudden ruin. But it is the Impola Tiomi or exportation of specie which forms the basis of paper that occasions these fluctuations. If specie alone were the medium of circulation the same importation or exportation of it a Ould make it plenty or scarce and affect prices in the same manner. The nominal or apparent prices might vary in figures but the sensation upon the Community would be As great in the one Case As in the other. These Alic nations do not result therefore from the nature of the medium whether that be specie exclusively or paper convertible in a specie but from the Perull Riih of Coin Renerce. It is Commerce at last that is chargeable with and contractions and against Commerce and not its in so Rumen should of pos Iliou be directed. I have heard it urged by the senator from South Carolina or Alhout with no Lille Surprise in the course of this debate that a convertible paper would not answer for a currency but that tiie True Shu lard of value was to be found in a paper Melium not to convertible into the precious metals. If to Liege by in regard to currency one truth which the United experience of the whole commercial world had established 1 had supposed it to be that emissions of pure paper Money cons Itulid the very worst t do conceivable species of currency. The objections to it Are fir.?l, that it is impracticable to ascertain it what Aiu mint can be ii sized wit i out Der equation am secondly that there is no adequate Security and in the nature of thinus none can evil against excessive issues. The paper Money of North Carolina to which the senator refer etl according to the information Wlinich t have received dul deprecate. U was Supply of la a necessities of the i Treasury or so far As any of them possess a per Mannl character its tendency is rather to aggravate Tolian alluvial a proc., an Ai Bre Vatikun of the e authority Iuler the sufi vrints of the people none of them pro which i ii was put Fonh and it took one and poses to rectify the Dis enlers in the actual currency of the country but the people the states and their Banks Are Lefi to shift for As they May or can. The administration after having put and som Mizii y two Doharis of proc. To Purl base me in specie. But if any once desires to understand per Cecily the operation of a purely paper currency let him study the his Ory of the Liali. Intervened Between the states and their Hanks of the common weath Quot of Kentucky it was eur and taken Aen into the Fet Terai service wit lion to Tahl shed about 15 or in years ago Quot with the co the consent of the state.-? Afier having up food and sen of a a Tui people Oft Hatstat praised Theiu alter having pro ugly them or con win Dimitr ii and closing its career the Al tribute touring them into their present Situa. Most a Narmous approbation of the whole people. Tion now suddenly turns its Back upon them it had an authority to Issue and did Issue Noi leaving them to their Fate it is not Content with that it must absolutely discredit their issues. And the very eople who were told by the administration that these Banks Wohld Supply them with a better currency Are now left to Strong gab afe to the am a a i of about two millions of these notes upon their face purported tion of the Bank to pay the Holder on lend,.rhe Amo int in specie but it was Quot we Joti a that they a Ould it get by so paid a int ii for men openly or secretly dire Cuy or indirectly by a discredit aug to licit issues and by bankrupt Laws acid Bills of pains and penalties what Are these Hanks now so decided denounced intruders aliens enemies that have found their Way into the bosom of our country against Pur will Kedu Edlo their elements and the analysis shows that they consist 1st. Of stockholders 2d. Of debtors and 3d, Bill hollers and Othef creditors. In some one of these three relations a Large majority of the people of the United states stand. In making War upon the Banks therefore you vac War upon the Copie of Llie or cd Ait is not a Mere abstraction that you would kick and cuff and bankrupt and destroy but a Sensi live generous and confiding people who Are anxiously turning their eyes towards you and imploring Relief. Every blow that you inflict upon tie Liaukus readies them. Press the Banks and you Friiss them. True Vav Wisdom it a oem5 to to requires that we Shuhl not seek Afier if we could discover unattainable abstract perfection but should look to what is practicable in human Afla Ira and accommodate our legislation to the irreversible condition of things. Since the states and the people have their Banks and will have them and since we have no constitutional authority to put them Down our duly is to come to their Relief when in embarrassment and to exert All our legit it Tate Powers to sustain and enable them to perform Falbe most beneficial manner the purposes of their institution. We should embark not destroy the fertilizing Stream which sometimes threatens an inundation. We Are told thit it in necessary to separate divorce the government from the ban tvs Letus not be deluded by sounds. Senator might As Well talk of separating the government from the Stales or from the people or from the country. We Are ally people states Union Banks bound up and interwoven Toga Lher United in Foi tune and destiny and All All entitled to the protecting care of a parental government. You May As Well attempt to make the government breathe a different air drink a different water to lit and warmed by a dil Terent Sun from the people a hard Money government and a paper Money people a government a Quot official corps a the servants of the people glittering . And the people , their masters buried in ruin and surrounded with rags. No prudent or practical government will in its measures run counter to tie Long settled habits and Quot usages of the people religion language Laws the established currency and business of a whole country cannot be easily or suddenly uprooted after the Deli nomination of our Coin was changed to dollars and cents Many years elapsed before the old method of keeping accounts in pounds shillings and Pence was abandoned. And to this Day there Ari probably Soma men of the last who adhere to it. If a fundamental Diange becomes no Cess Jary it should not be sudden bit conducted by slow and caution a the per Pico the United slates have been always a paper Money people. It was paper Money that carried us through the it evolution established our liberties and made us a free and Independent people. And if the experience of the revolutionary War convinced our Ancester to we Aro convinced of the evils irredeemable paper , it was put Asid Only to give place to that paper which has so powerfully contrib need to our rapid advancement prob put Quot Rity and greatness.-. The proposed Suzsi Tulion of an exclusive metallic currency to tiie mixed medium with which we have been so Long familiar is forbidden by the principles of internal Justice. Assuming the currency of the country to consist of two thirds of paper and one of specie and ass min that the Money of a country whatever May by its component parts Regula Teir All values and pre ses the True amour ii which the debtor 4 is to pay to his creditor the Eael Yop the Ang Tupou that relation and upon the p Obj Ray of the coi try would be most ruinous. All pre Erly Touhl he reduced in value to one third of is present Noui Inal amount and even debtor Ifould ill effect have to pay three time much i Feas lie had contracted for. Fhe Crossd of our of Quot Eigio debt would to three Minim Gre Milf As it la whilst the six Hundred Milton a which ii tithe sum Row probably due to the Banks from the Pibo i pie would be multiplied Irio eight Wirt Huit Arvd Neil Litas. But there Are some More a Porifio objections toi this project of sub tres Irle a which Dira Erve be noticed. The Ira Tiv

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