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The National Republican And Ohio Political Register (Newspaper) - January 7, 1823, Cincinnati, OhioThe National republicans. It and =3=Ohio political Register vol. I. Cincinnati tuesday january from the National Gazette. Thoughts on banking i. There is probably to country a if the world in which a banking system founded on Jast principles and properly conducted would be attended with More productive and beneficial results than in the United an Active and increasing population and a wide Field of Enterprise before us an increased capital can be advantageously employed and when we find these institutions instead of producing the benefits expected from them have in Many instances occasioned the greatest evils we must conclude that the principles of banking Are not generally the injudicious location of Many state Banks nothing but ruin could be expected but it is indeed extraordinary that the most signal instance of mismanagement should be f found in the conduct of our great National Bank. With an enormous capital far too Large for the necessary purposes of banking aided by the Deposit of the Revenue of the u. States its notes made equal to Gold and Stiver in All payments of Public dues and with ample Means if judiciously applied to make the circulation of its paper commensurate with the u. States it was in a very Short period brought to the verge of ruin and in its endeavours to sustain itself involved Many in the greatest Dis Tresis and inflicted a blow on the country which was Felt throughout the United am not disposed to attribute this misconduct to improper intentions on the part of the directors of that institution. That India Idun is May have endeavoured to direct the operations of the Bank to i a the promotion of their own views is probable i but 1 believe the evil arose from an inattention to or ignorance of those general and fundamental principles which Are essential to the Prosperity of a banking these remarks i Al Lude to the Early manage men t of the Bank because though under its present administration the benefits which the Community has derived from its operations have been extremely limited it would be unjust to censure the act a i directors for the consequences of existing evils which May have been entailed upon them by their predecessors. An attempt to Point out and establish Correct principles by which the Economy of this great National institution May be regulated must be laudable whether it be successful or not and this conviction has originated the present View of the subject supported by the Hope that if the arguments Are too feeble to convince they May at least be the Means of calling the attention of others More competent to it pursue this interesting enquiry. The present seems to be a period when it May be entered into Wuh Peculiar propriety. The Atlas on whose shoulders this great machine has been borne through a very perplexing and Stormy season has become 0 dreary of its weight. The successor to the mighty labour if yet unknown but it will in a great measure depend upon Bis policy whether it is to move in its proper ? orbit or again with eccentric velocity de Range the financial system of the Community. A the subject of banking has been wide 1 in investigated and As it regards those general principles which Are fundamental 1 and unalterable under any circumstances Little More is to be taught it is from an inattention to those principles or uns Wilfulness in adapting them to local circumstances and situations that the evils of which so Many justly complain have Arisen. An acquaintance with the policy and regulations of the banking establishments in England will afford but Little instruction. They to resell controlled and regulated by the Only incorporated Bank in that country and that Bank derives a great part of its profits from the management of the financial business of the state but it is eminently useful to the whole Community not Only by its Loans to individuals but also by furnishing a paper circulation of uniform value throughout the nation and by the Means it possesses Hof restraining the numerous banking establishments of the country within profile Bounds. But the most important Dif Ference Between the Banks of great Bri Tain and this country is that the surplus capitals created by banking operations in the two countries follow a direction essentially different from each other. The Jno Nied capital of great Britain is and Lor a considerable period has been More than sufficient to Supply the internal demand hence every increase of that Ca vital by banking operations necessarily Lay Jug in the extraction of the specie con Ritting the excess for employment in other is not intended to joint out this necessary consequence As in evil to the Community because it would lot be sent abroad for any but beneficial purposes but this course of things Neces pm an i y restricts the operations of the ban is in that country within very narrow Bounds tas every excess in their circulation compels them from the rapid return of their notes to import or what is the same thing m Purchase a Supply of Gold equal to it the 1 a out of which absorbs All the profits that in May have accrued from an Over Issue of i is when applied to this country the sub feet assumes features entirely different a Kex an mar ased capital May be Adlanta As an increased capita May run aft employed at operations May therefore be extended with More safety and profit Here than in England provided the increased circulation be gradual and adapted to the increasing wants naturally arising from the growing population and Industry of the if however a Bank impelled by the Hope of profit attempts to Force a circulation the measure will inevitably be attended with consequences prejudicial to itself and extensively ruinous to individuals. This was one of the great and fundamental errors of the Bank of the United states at the commencement of its operations. Without the Means of forming an estimate of the probable amount of its permanent deposits or circuit tip a it discounted with Little discrimination in regard to the time of payment ail the notes that were offered. The Market was flooded with its paper and the mercantile Community were encouraged to push Forward in the path of speculation to an unbounded extent. The operations of Bur importing merchants were formerly confined to Semi annual importations from great Britain As it was necessary to take into consideration the Long credit at which their merchandise was sold and consult the Date of its expiration but they now found the Means of converting their goods immediately into available funds which were without delay remitted to Purchase a much More extensive Supply for the duties owing to the customary credit formed under these circumstances a most important additional capital to the importer. A it was not difficult to anticipate the consequences which speedily followed this excess of demands on the Bank became so alarming As to compel them to decrease their discounts with a rapidity which spread ruin around them. The merchants struggling to maintain their credit were enabled for a time by the most enormous sacrifices to liquidate their engagements with the Bank but the continued pressure at length became irresistible and Many of them were compelled to Stop payment. Nor was the ruin of our merchants the Only evil that followed the impolitic proceedings of the Bank administration. Straining every nerve to support the credit which the curtailment of discounts had shaken they filled our auction rooms with British goods sacrificing them at Tali their Cost and eventually involving in their destruction the infant manufactures of our country. In addition to these onerous Means of maintaining their credit the Bank also attempted to replenish its vaults by a arge import of specie from Europe a measure upon which some remarks will be offered in my next essay. A citizen. 7, 1823, a or it cos no. 8. Ghent Nego pm tors. To the editors of the National intelligencer. Lexington nov. 16,1822. Gentlemen i Nave witnessed with very great regret the unhappy controversy which has Arisen Between two of my late colleagues at Ghent. In the course of the several publications of which it has been the occasion and particularly in the appendix Toa pamphlet which has been recently published by the honourable John q. Adams i think there Are some errors no doubt unintentional both As to matters of fact and matters of opinion in regard to the transactions at Ghent relating to the navigation of the Mississippi and certain liberties claimed by the United states in the fisheries and to the part which i bore in these transactions. These important interests Are now Well secured and As it respects that of the navigation of the Mississippi left As it ought to be on the same firm footing with the navigation of All the other Rivers of the confederacy the Hope May be confidently cherished that it will never hereafter Bride erred even a fit subject of negotiation with any foreign Power. An account therefore of what occurred in the negotiations at Ghent on these two subjects is not perhaps necessary to the present or Furfare Security of any of the rights of the nation and a Only interesting As appertaining to its past history. With these impressions and being extremely unwilling to present myself at any time before the Public i had almost resolved to remain silent and thus expose myself to the inference of an acquiescence in the correctness of All the statements made by both my colleagues Bat i have on More reflection thought that it May be expected of me and be considered As a duty on my part to contribute All in my Power towards a full and faithful understanding of the transactions referred to. Under this conviction i will at some time More propitious than the present to dispassionate consideration and when there can be no misinterpretation of motives Lay before the Public a narrative of those transactions As i understood them i will not at this time be even provoked it would at any time be inexpressibly painful to me to find it necessary to enter the Field of disputation with either of Myx late colleagues. As to that part of the official correspondence at Ghent which had not been communicated to the Public by the president of the United states prior to the last session of Congress i certainly knew of no Public considerations requiring it to be withheld from general inspection. But i had no knowledge of the intention of the honorable or. Floyd to Call Lor it nor of the Call itself through the House of representatives until i saw it announced in the Public prints. Nor had i any knowledge of the subsequent Call which was made for the letter of the honorable or. Russell or the intention to make it until i derived it through the same Channel. I will thank you to publish this note in the National intelligencer and to accept assurances of the High respect of your obedient servant h. Clay. D certain Liber a states in the which he bore in play in the regret to the editor of the National intelligencer. Gentlemen in your paper of yesterday i observed a note from or. Henry Clay which requires some notice from me. After expressing the regret of the writer at the unhappy controversy which has Arisen Between two of his late colleagues at Ghent it proceeds to a that in the course of the several publications of which it has been the occasion and particularly in the appendix Ftp the pamphlets recently published by Ine be thinks there Are some errors pm doubt unintentional both As to matters of fact and matters of opinion in a Gard to the transactions at Ghent relating to the navigation of the Mississippi ties claimed by the u fisheries and to the those concurring with or that the controversy shit old Ever have Ari sen 1 have Only to find Consolation in the reflection that from the seed time of 1814, to the Harvest of 1829, the contest was never of my seeking Hod that since i have teen drawn into Al whatever i have said written or done Erfft has been in the face of Day and under the responsibility of my name. Had or. Clay thou rid it advisable now to specify any error of fact or of imputed opinion which he thinks is contained in the appendix to my pamphlet or in any other part of my share in the publication it would have Given me great pleasure to rectify by candid acknowledgement any such error of which by the Light that he would have shed on the subject i should have been convinced. At whatever period hereafter he shall deem i accepted time has come to publish his promised narrative i shall if yet living be ready with equal cheerfulness to acknowledge indicated error and to vindicate contested truth. But As by the adjournment of that publication to a period a a More propitious than the present to Calm and dispassionate consideration and when there can be no misinterpretation of motives9 it May Chance to be postponed until both of us shall have been summoned to account for All our errors before a higher tribunal than that of our country i feel myself now called upon to say that let the appropriate dispositions when and How they will expose the open Day and secret night of the transactions at Ghent the statements both of fact and opinion in the papers which i have written and published in relation to the controversy will in every particular essential or important to the interest of the nation or to the character of or. Clay be found to abide unshaken the test of human scrutiny of talents and of time. John Quincy Adams. Washington 18th dec. 1822. Political Register. National i legislature. Seventeenth Congress.�. Second session. Monday december 9, 1822. In Senate. Or. Southard of new Jersey appeared this Day and took his seat. On motion of or. Pleasants the Senate proceeded by ballot to the election of a chaplain and on counting the ballots or. James Mulvaine was declared elected. A the Senate then according to the order of the Day proceeded by ballot to the appointment of the following standing committees to Rit on foreign relations a messes. Barbour Brown of Lou. Macon King of n. Y. Elliott on . Lowrie Holmes of me. Van Buren Eaton Macon. On Commerce and . Dickerson buggies do Wolf Findlay Lanman. On Mif Karg . Williams of team. Chandler Taylor Johnson of by. Elliot. On the . Noble Seymour Stokes Lanman Chandler. On naval . Pleasants Williams of miss. Parrott Ware Lloyd of mass. On the Public . Van Dyke Thomas Lowrie Baton Benton. On Imit an . Johnson of Lou. Johnson of by. Holmes of miss. King of lab. Benton. On . Buggies Van Dyke Board Man Barton Morrill. On the . Smith Southard Van Buren Holmes of Maine Brown of Ohio. On the poet office and poet . Stokes Palmer Barton Chandler King of Ala. On Pennon a messes. Noble Eaton Seymour Ware Elliott. On the District of . Bar hour Lloyd of my. Do Wolf Lanman Southard. On the contingent expenses of the messes. Macon Lowrie Lanman. A message was received from the president of the o. S. Transmitting a report from the Secretary of War relative to the Copper mines on the Southern Short of Lake Superior their number value and position the names of the Indian tribe who claim them the practicability of extinguishing their titles and the probable advantage which May result to the Republic from the acquisition and working of these mines. Or. Barbour presented a petition from the j merchants and owners of vessels of the City of Richmond in Virginia praying for the establishment there of a Marine Hospital out of the fund raised by the tax on seamen which was referred to the committee on Commerce. Messes. Lanman Benton and Holmes of me were appointed a committee on engrossed Bills. Or. Knight was appointed on the part of the Senate on the joint committee on enrolled Bills. Adjourned. House of representatives. Or. Lathrop of mass. Appeared this Day and took his seat. Twenty three petitions of a private nature were severally read and referred when on motion of or. Mullary of it it was resolved that the committee on revolutionary pensions be directed to inquire into the expediency of allowing such persons whose names May have been stricken from the pension Roll to make new application and he placed thereon on complying with the requisitions of the pension Laws of 1818 and 1820. On motion of or. My Sherry of Penn it was retained that the committee on Public lands be instructed to enquire into the expediency of extending the provisions of the act for the Relief of the purchasers of the Public lands passed the 2d of March 1821, so As to permit t All such persons to Avail themselves of its provisions As have not heretofore done so. On motion of or. Cook of Illinois it was resolved that the committee on the Public lands be instructed to inquire whether any and if any what alterations or amendments of the act entitled an act providing for the correction of errors in making entries of land at the land offices Are necessary to be made a As to afford Relief in All cases w Here such Relief May be just and proper. On motion of or. Smith of by. It was resolved that the committee on the Post office and Post roads be instructed to enquire into the expediency of establishing a Post route from Perry court House to mount pleasant Harlan county by. On motion of or. Smith of my. The Bill reported at the last session entitled a a an act supplementary to and to Amend an act entitled an act to regulate the collection of duties on imports and tonnage/1 was recommitted to the committee of ways and Means. A letter was Laid before the House from the first comptroller of the Treasury transmitting a list of balances on the books of rect its and expenditures which have been due More than three years prior to 30th of sept. Last Al a list of balances standing on the books of the Revenue unsettled by the collectors of the customs during the period before mentioned. On Mot in of or. John a of Lou. It was resolved that the petitions of sundry inhabitants of the amp a a Ariah of ouachita in the state of Louisiana owners of a tract of land called Bastrop Grant and others on their behalf presented at the last session be referred to a a elect committee. And messes. My Lsne Ingham Tat Nail Jones of ten. And Blockledge were appointed the committee. On the motion of or. Trimble the Calendar or Roll of the order of the Day As it stood at the close of the last session was ordered to be reprinted for a tie us of the member. The House went into a committee of the whole or. Taylor in the chair on the Bill reported at the last session concerning the disbursement of the Public the committee Rose without Progress and the Bill was ordered to be printed. On the Hill for disciplining the militia of the United st Atea the House after going into committee of the whole or. Cd dict in the chair ordered it to he recommitted to the committee on the militia. The House went into a committee of the whole on the Bill for clothing the militia the committee reported Progress and had leave to sit again. O a motion of if p. Sibley the House went into a committe of the whole. Or. A Coy in the chair on the Bill for the Relief of american captives during the late War. The Bill we up. Ported to the House and ordered to be engrossed and read a third time to Morrow. Messes Cocke Hobart Cassedy Burrows Van Wyck my Berry and Walker were appointed the new committee on revolutionary pensions. Adjourned. Tuesday december 10,1822. In Senate or. Mills of mass. Appeared this Day and took his seat. Or. Barton presented s petition from Sun dry citizens of Missouri praying a division of the Howard land District and the establishment of an additional land office. Severs petitions of a private nature were Alio presented. Agreeably to notice or. Johnron obtained leave to introduce a Bill to abolish imprisonment for debt by the courts of the u. States which was read twice and referred to the committee on the judiciary. A message was received from the president of the United states on the subject of the depredations committed on our seamen and Commerce by pirates in the West indies and Gulf of Mexico which was referred to the committee on naval affairs to consider and report. A message and accompanying documents was Abo received from the president of the u. S. Relative to certain Christian indians on the Muski ngum River in the state of Ohio which was ordered to be printed. A message was also received from the president of the a. S. Transmitting a report of the commissioner of the Public buildings which was read and referred to the committe Fifon the District of Columba. Adjourned. House of representatives. Twenty eight petitions on private subjects were presented and referred. Or. Ross from the committee of rental and unfinished business made a report which was ordered to lie on the table. On motion of or. Walworth it was ordered that a committee on enrolled Bills be appointed on the part of the House. On motion of or. Walworth it was resolved. That the committee on military affairs be instructed to inquire into the expediency off authorising the president off the u. States to cause to be delivered to capt. Atkins volunteers certain rifles promised them by maj. Gen. Macomb fur their service during the siege of Plattsburgh in sept. 1814-mr. Cannon submitted for consideration the following resolutions which were ordered to lie on the Tablet wit resolved that it a expedient to provide for the National defence by improving the militia of the United. States. Resolved that the committee on military affairs be instructed to inquire whether it is most expedient to improve the militia throughout the United state by Means of the military Academy or that of the Encampment of the officer by brigades or otherwise under proper regulations. Resolved that the committee on military affairs be instructed to inquire into the expediency of continuing the preference Given to the cadets educated at the Public expense in the military Academy at West Point in entering the Public service Over others of equal qualifications and Merit who May be1 educated at their own expense or that of their parents or friends at the school under the so Peri Tendance of capt Partridge in the mate of Vermont or at any other place in the United states. Resolved that the committee on mini Farraf fails be instructed to inquire into the expediency of employing the regular army or a pert thereof in the erection of fortifications during a state of peace instead of having them built by contract in the Way heretofore pursued. Resolved that the Secretary of the Navy tie directed to make a statement to this House a containing the names and Grade of the officers belonging to the naval establishment of the 7. Stales and the duties each officer a performing Al the number of officers of each different Grade necessary to command in Active service the vessels of War at this time belonging to the. Navy on motion of or. Williamson it win resolved that Tho committee on military affairs be instructed to inquire into the expediency of erecting a Battery or other fortification on the West Side Iff the Penobscot River in the town of Prospect and a tale of Maine near the head of orphan Island and opposite the Narrows in said River. On motion of or. Cook of Illinois it was resolved that so much of the several act of Congress passed for the admission of Indiana Illinois and Missouri into the Union i sets apart a portion of the Money arising from the Sale of Public lands in those states for the purpose of constructing roads and canals leading to those states respectively be referred to a select committee. Or. Condict submitted the following Resolution which was ordered to lie on the table Viz. Resolved that the committee on naval affairs be instructed to inquire and report As Early As May be what further measures Are necessary not Only for the move efficient Protection of our Commerce in the West India sets from piracy but for the extirpation of those Freebo Oters and the punishment of those who May be found to Aid and abet them. On motion of or. Johnson of by. It was resolved that the committee on naval affairs be instructed to inquire into the expediency of allowing to the widowed Mother of lieutenant w. H. Allen late Iff the United states Navy a half pay pension for five years. A message was received from the president of the United states transmitting a plan for the Navy peace establishment and Al of the Marine corps which were referred to the committee on naval affairs. The engrossed Bill supplementary to the act a a relating to the rank a of american captive in the late War was read a third time named and sent to the Senate for concurrence. A the Bill for clothing the militia of the United states was ordered to lie on the table and be printed. The Bill for granting Preemption rights to certain parcels of lands at or near the Centre of the counties to be Laid of fix. In Alabama and Arkansas for the accommodation of seats of Justice was taken up and on its passage to a third Reading was lost for it 61, against it 64. On motion of or. Hemphill the Bill reported at the last session entitled a Bill to procure the necessary surveys plans and estimates on the subject of roads and canals a was now referred to the committee of the whole House on the state of the Union. Or. Woodcock Laid on the table the following Resolution to wit resolved that the president of the United states be requested to cause to be Hud before this House a statement showing the amount of All moneys advanced by government on contracts or otherwise either o agents sub agents contractors sub contractors or to individual since the 1st Day of january 1816, which have not been accounted for on settlement and the amount of loss if any sustained in each a and whether in All cases of the advancement of Money Security has been taken and the names of the sureties. The Bill reported at the last session for the establishment of a Penitentiary in. The District j of Columbia was re committed to the commit 5 tee on the judiciary. A message was received from the president of the United states transmitting a report from the commissioner on the Public buildings which was ordered to lie on the table. The speaker Laid before the House a letter from the Secretary of War transmitting a statement of the number of clerks necessary to discharge the duties of the offices connected with that department. Adjourned. Wednesday december 1l in Senate. Or. Do Wolf from Rhode Island appeared this Day and took Bis seat. Or. Talbot submitted for consideration the following resolutions resolved that so much of the president a message is relates to the repairs preservation and superintendence of the National Road from Cumberland to Wheeling be referred to a select committee with leave to report by Bill or otherwise. Resolved that that part of the president message which recommends the adoption of an amendment to the Constitution of the u. 8. Which shall Vest in Congress Power adequate to the adoption and carrying into eff of Ray tem Iff internal improvements Toro about the Union be referred to a select Ommittee to consider and report thereon. The Resolution introduced yesterday by or. Barton relative to Fae Lead mines was agreed to. On motion of or. Lowrie the president message of the 9th inst relative to the Copper Minea on the Shore of Lake Superior together with the documents were referred to the committee on Public lands. Agreeably to notice or. Johnson of Lou. Obtained leave and introduced a Bill to enable the holders of French British and Spanish titles to lands in Louisiana which have not been acknowledged As valid by the government of the u. S. To Institute proceedings to try the Validity thereof and for other purposes was read and passed to a second read no a. The Hill relative to the lands to be granted to the state of Missouri was read a meted time and referred. Or. Lloyd of mass. Laid on the table the Fol �0/fbthat the Secretary of the Treasury be requested to Lay before the Senate a i

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