BY A. S. JOHNSTON.
NEC DEESSE, NEC SUPERESSE REIPUBLICjE
PUBLISHED WKEKLYi
VOL. 583? NO, So
COLUMBIA, S. C. JUKE 24, 183?.
$3 PER ANNUM
XHfi
30L?3?SZJL T313SCCF3
18 PUBLISHED BY
A. S. JOHNSTON,
livery Saturday Morning*,
'Jld EVERT WEDNESDAY AXD SATURDAY MORXIXG
D7RXX3 TH? SESSIOS OF THE LEGISLATURE.
TERMS :
Three dollars per annum, if paid in advance, or
Four dollars at ihe end of the year.
Advertisements conspicuously inserted at 75
lit.* per square for the first insertion, and 37i cents
t ?r every subsequent insertion. AH advertise naen ts
Intend m the inside every publication ? or inserted
Otherwise than regularly, to be charged as new for
%ttf y insertion. Advertisements not having the
torimber of insertions marked on them will be contin
ued till ordered out, and charged accordingly. All
-feecoonta ior advertising, above #25 and under $50,
$5 per cent leduction ? above $50, 40 per cent, de
Ojicr,
DR0GG1ST AND AHUTiJECARY.
^T^BESPECTFVLLY informs his friends and the
public that he has purchased from >Jr. S. Per
Xaval, his entire stock of well selected Drugs, Chera
feak, Family and Patent Medicines, Surgeons In
riinn Oils, Varnishes, Paint Brushes,
Dye StuSk, together with a great variety of articles,
usually kept in an establishment of this kind, all of
which are warranted genuine, and of the best
A regular supply will be kept up and sold at the
1 owest market prices and no effort on the part of the
subscriber shall be wanting to give general satisfac
tion. A share of that patronage heretofore so libe
raBy extended to this establishment, is most respect
fully solicited on the part of the subscriber, which
frees bis fang experience and attention to business
lie hopes to merit.
Afjply at Dr. S. Percival's old stand, Main street
opposite to Briggs' late Edgar's Hotel.
WANTED.
A youth about 15 or 16 years of age of good moral
-character, as an Apprentice to the business. Apply
*s above.
Southern Tonfc.
THE success of the Southern Tonic is unprece
dented. It has been anxiously souvht after by
nil classes in everv part of the United States, and iis
; widely extended distribution has been owing to the
?any requests received from every section of the
South and South West. Although it originated in
obscure part of the country but a few years since, it
is now found in all the principal towns and villages
i n the Union, and its virtues as a Cure for Ague and
F jver, and as a. general Tonic are appreciated by all
who have used it. Being as it professes a compound
of Southern Vegetable* , itis needless to offer the as
surance that there is no Arsenic, Mercury, nor any
thW in the least hurtful to the human constitution in
it. It wilt be found a valuable Medicine in all cases
of Dyspepsia and disorganised Stomach and Bowels,
-and t atients convalescing m?m Billious Fever, will
?dame the Most important benefits from the use of
the Southern Tonic. It may be administered to
children aflft infants of the most tender age, with
tin laoat safety. Prepared by Coster & Core at
their laboratory, at Montgomery, Alabama.
For sola by their appointed agent.
D. & J. EWaRT, & CO., Columbia, S. C.
April 22nd 16
ffOXXSRCLAL BANK ? Checks for Sale, on
Mnhfla, Alabama
Muck 4 - 9
- r ? * . 1
JLau> JYotice*
THE Subecfibers having formed a copartnership
is the Practice of LAW, under the title of
WAYNE & FAIR, wOl attend the Courts of Mont
\ asd the adjoining counties in Alabama, the
OMrtat Mobile, and the Supreme Court of
the State.
Office in the sown of Montgomery.
ISAAC W.HAYNE,
May 27 / E. Y. FAIR.
Swaim's Panacea.
few dozen of the above just received from the
t manufactory, which are warranted genuine.
Apply at the Drugstore opposite the Golden
F. W. GREEN? May 27
Training Stable.
rVIHE undersigned proposes opening a public
? TrainingStable, on the 1st day of August, at
tbeCbiambaa staee Course, where gentlemen hav
ing promising colts, will have an opportunity at a
'inhratu expense, of testing their qualities. There
is no doubt many a gem in this and nur sister States
ijpoiaod To abscurity, or perhaps to wear the Collar ,
"who by this means might be brought into public no
tice and fashionable life, and, what is more "up
into" a neat ten thousand in the pockets of its own
?er. Man! a thorough bred animal is sacrificed, from
the difficulty of ascertaining its real value, by a
?tegular training.
After a horse has received the common walking
?etecciaa, which any one can give him, for two week?;
seventy days will teU the tab, at least, so far as to
poiat out the propriety of continaing or training him
A bona for training, should b? sent in good order
m fall strength and vigour, with somt-thing to work
but not Acr/ot. The subscriber cannot be bet- i
tar understood id this particular, than by saying a
gentleman. should send his horse insuch condition as
oe would have it for travelling, sound in health, and
finsin flesh. When too low in flesh, the ho re is too
- Weak t undergo the necessary exercise.
The terms, or coat of training, will depend on cir
cumstances. With the horse there should be sent, ;
an able bodied man or boy, to rub , and a boy to rid , >
of sufficient strength to pull a horse, and of weight ;
proportioned, to the age of the animal ? for a three i
year oid 90 lbs, 4 years 102 lbs, 5 years 1 12 lbs, 6
years 121 lbs, aged 126 lbs ; for fillies and geldings j
three pounds less ; a Training Saddle, Bridle, Mar- |
tingale, Circingle, Roller, two Blankets, two Hoods, .
a sat of warm Woollen Clothing, and two sets of!
Linen or Cotton, a Curry Comb, Brush, Pick, Buck- !
et, Halter, &c. complete. All these things being ,
furnished, the subsenber will supply the provisions (
for the horse and boy, together with his personal j
an 4 the use of his stables, litter &c. at $2 a j
iay. If pfoyisvjas are furnished by the owder, the :
^sptire charge will be $50.
??'JFbe doming may be made under ray directions |
py the boys at the stable if the rough material be
/era. The entire outfit will cost in this way about
'$&, fjjd yffl fast, if taken care of, five years If j
the robber and rider are not sent, they will have
f0 be hired, probably at a higher cost than they
?Ould be furnished by the owners
Qputlemen wishing to send their horses to be
pained, will b j good enough to drop me a line when !
they will send, and how many, that their stalls may
pe putm readiness. Every possible care and at ten- !
taan will be given, but no liability incurred for aeci- :
dents. When a horse is ready to make a trial, the
wMihave notice, that he may witness* his per- ;
tcfii .qr depute some friend to do so.
? gentlemen in this State, Georgia
49$ Virgin*, bfve been kind enough to offer their
M** fences, bpth in regard to the qualifica- j
?jtd integrity of the subscriber. In South
Carolina, Cpl. Wade Hampton, B. P. Taylor, J.
McLean; in Georgia, Capt J.J Harrison, in Vir
gin ia, Cot W. R- Johnson and J. Pucket.
GEO. G. WALDEN.
Columbia S. CM June 1, 1837 . 23
Committed.
fWlO the Jail of Richland District, as a Runaway, ;
JL a Negro man, who calls bis name NED, arid
saythe belongs to Vincent Carr, a Sugar Planter,
on the Miasissippi rif er, in the State of Louisianna, j
and mjt he renaway on April last. Ned is about :
twenty five years of age, about five feet five inches
*gh, dark complexion, has lost his two upper front
teeth. Ned says he was raised in Charleston S. C., j
by John Maybonk. and apid by hiip to Harry Bow
man, and by Bowman, to his present master, Vin
cent Carr. The owner is notified to come forward,
prove his property, ^nd comply with the la"w in other ;
raapects.
JESSE DEBRUHL, S. R. D. j
March 38, 1837 J?
I
POSTPONEMENT of the Drawing of the
Splendid Scheme of the Alexandria Lottery,
Class E, (Highest Capital $75,000,) from
the 27th of May to the '23d of September,
next.
From the general embarrassment of the times, the
deraneed state of the domestic exchanges, and the
difficulties attending the disposal ofUanK Bills out of
their immediate circles of issue, we have been solici
ted by agents and Venders to postpone the drawing
of the above scheme, for a short time, until ihe pre
sent crisis m the affairs of the country shall have
passed away.
We have therefore yielded to these solicitations,
and postpone the drawing of the Alexandria Lottery ,
Class E, from the 27th of May, to the 23d day of
September next, when the drawing will positive Ly take
place.
Adventurers having purchased tickets in said class,
and who do not wish to hold them until the drawing,
can have their money returned by the agent or bro
ker from whom they purchased ? or can exchange
them for tickets in classes to be drawn at an earlier
day, as it may suit their pleasure.
The Managers have consented to this postpone
ment with extreme reluctance, as it has always been
their policy to draw every scheme at the time an
nounced. The unparalelled state of the country, is
i he only cause of this one departure from the usual
custom.
All the other schemes now before the public, will
be punctually drawn on the days annoum ed.
D. S. GREGORY & Co. Managers.
Washington City , May 13, 1837.
?75,000.
15 Drawn Numbers in each Package.
The most splendid Lottery ever drawn in the
United States.
Alexandria Lottery, Clas? E.
To be drawn at Alexandria, D. C. on the 23d of
September, 1837.
75 Number lottery ? 15 Drawn Ballots.
RICH AND SPLENDID PRIZES.
1 Grand Capital of 75,000 Dollars.
1 Splendid Prize of 25,000 Dollars.
1 do 20,000 Dollars.
1 do 10,000 Dollais.
1 do 9,000 Dollars.
1 do 8,000 Dollars.
1 do 7,500 Dollars,
1 do 7,000 Dollars.
1 do 6,000 Dollars.
$5,000 ? $4,000 ? $3,000 ? $2.732 ? $2,500 ? $2000
5 of $1,750 ? 5 of 1,500.
50 prizes of $1,000
50 do 750
50 do 600
50 do 500
50 do 400
60 prizes of $300
60 do 250
60 do 200
60 do 150
vv ^ &C.
Tickets $20^-Halves 10 ? Quarters 5 ? Eights 2 50.
Certificates of packages of 25 Whole Tickets $270
do Co 25 Half do 135
do do 25 Quarter do 67 50
do do 25 Eighth do 33 75
OCT Orders for Tickets and Shares or Certificates of
Packages in the above magnificent Scheme, will
receive the most prompt attention, and an official
account of the drawing sent immediately after it is
over to all who order from us. ? Address,
D, S. GREGORY & CO., Managers,
June 10 23 Washington City, D. C.
7,1,000 ! ! r
The most Brilliant and Richest Scheme ever drawn
IN THE UNITED STATES!!
15 Drawn Nop. in each Padtawe of 25 Tickets!
ALEXANDRIA LOTTERY,
For Internal Improvement in ihe District of
Columbia
CLASS E.
T* be drawn in the City of Alexandria D. C. Saturday,
September 23, 1837
D. S. Gregory & Co [successors to Yates & M'lntyre]
Managers.
BRILLIANT SCHEME.
1 Prize of 75,000 Dollars is 75,000 Dollars
1 Prize of 25,000 Dollars is 25,000 Dollars
1 Prize of 20,000 Dollars is 20,000 Dollars
1 Prize of 10,000 Dollars is 10,000 Dollars
1 Prize of 9,000 Dollars is 9,000 Dollars
I Prize of 8,000 Dollars is 8.000 Dollars
1 Prize of 7,500 Dollars is 7,500 Dollars
1 Prize of 7,000 Dollars is 7,000 Dollars
1 Prize of 6,000 Dollars is 6,000 Dollars
1 Prize of 5,000 Dollars is 5,000 Dollars
1 Prize of 4,000 Dollars is 4,000 Dollars
1 Prize of 3,000 Dollars is 3,000 Dollars
1 Prize of 2,732* Dollars is 2, 732i Dollars
1 Prize of 2,500 Dollars is 2,500 Dollars
1 Prize of 2,000 Dollars is 2,000 Dollars
5 Prizes of 1,75C Dollars are 8,750 Dollars
5 Prizes of 1,500 Dollars are 7,500 Dollars
50 Prizes of 1,000 Dollars are 50,000 Dollars
50 Prizes of 750 Dollars are 37,500 Dollars
50 Prizes of 600 Dollars are 30,000 Dollars
50 Prizes of 500 Dollars are 25,000 Dollars
50 Prizes of 400 Dollars are 20, (M) Dollars
Tickets $20, Shares in proportion.
To be had at Managers Office 26 Broad st. Charles
ton, S. C-, where Tickets :n all Lotteries managed
by D. S. Gregory & Co, may be had.
June 10 23
Fairfield District.
HENRY J. COLEMAN near Buck head Pos
Office, tolls before me (the subscribing Just
tice) as an estray, a bright or yellow Soirel Gelding
sixteen hands high, 5 or 6 years old, shod all round,
no brand or marks, except a few white spots on .his
back as if occasioned by the hine tree of the saddle,
appraised to one hundred and ten dollars this 2nd day
of lune, 1837.
JACOB FEASTER, JR. QM.
June 10 23 31
Regimental Orders.
,1
Head Quarters,
Columbia, D^c. 5. 1836
A COURT MARTIAL, to consist of Major Wm. |
Hopkins, President ; Captains Wade, Lyke*, j
Black, Henly, Douglass, and Lieutenant Branthwaite,
Members ; -will convene at the Town Hall, in Colum
bia, on the first Mondays of January, April July, and
October, 1837, at 10 o'clock, A. M to try Defaulters
at Company, Battalion, and Regimental Musters, as
well as- for disobedience of orders or non-perform
ance of Patrol duty.
Officers commanding Companies, will summons
their defaulters to attend the Court on the days above
specified, and will make a return to the Court ef the
persons summoned to attend.
By order of
Col. G. LIGHTNER.
June 10 23 W. B. THOMPSON, Adj't.
Notice.
THE Subscribers having been appointed the
sole Agents for the sale of the SALUDA MA
NUFACTURED YARNS and CLOTHS, would
inform the Merchants and Public, that they will at all
times be prepared to fill orders tor those goods punc
tually. All orders must be addressed to
D & J EWaRT, & CO.
On hand for sale, 16,000 lbs country cured Bacon.
D. & J. E., & CO.
May 26th 23
Clark's Hotel.
THE Subscribers feel grateful for the very libe
ral patronage that has been extended towards
them, since they opened the above Hotel, and beg
leave to inform their friends and the public that they
have reduced their prices of Board tpthe fbttovviug
rates :
For Transient Boarders.
From 1 to 60 Days (with Private Table) pr.
Day ... - $2,00
From 1 to 60 Days (at Regular Table per
Day . . . - $1,50
For Regular Boarders.
Over GO Days including Lodging) pr week - $6,00
14 60 " ^without Lodging) pr week - - $4,5!)
ROACH & THOMPSON.
May 27 21
From the New York Evening Star.
FAME.
To die, and leave behind
Naught of surviving fame ?
Of the divine, creating mind
No trace, no single name ;
To know no deed, no word,
Our memory to restore,
But that, when gone, there shall be heard
Of us no <nention more ! .
Nay, mock not that thou hear'st me sigh ;
My friend ! this is indeed to die.
But to live on, and on,
Among the great, the good,
Eternal station to have won
'Mid that high brotherhood ;
Deep in the hearts of men
Enshrin'd to be ;
To shine a beacon to the ken
Of far posteriry : ?
Who would not days for ages give ?
Who would not die, suak life to live ?
What idle words are theirs,
Who bid us bound our powers
To passing pleasures, present cares,
Brief as the fleeting hours ?
So deem'd not they, I ween,
The great of other days,
V* hose brows still wear the living green,
Whose lamps still brightly blaze ;
So deem'd not they, who struck the lyre
With Milton's truths, with Homer's fire.
No ! from a fount divine
These restless longings come ?
This hope in honor'a light to shine
Abov? the cold, dark tomb.
Oh ! when from life I part,
Let me not wholly le ;
Still with sweet song to charm the heart,
, Or raise with musings high,
Still live in the remember'd line ?
Oh ! might this glorious meed be mine.
From the Cha leston Mercury.
To Nicholas Biddle, Esq.
President of the Bank of United Slates.
Sir ? Tbe citizens of Charleston, at a pubs
lie meeting held on the 18ih May, for the
purpose of considering the expediency of the
Banks of this city suspending Specie pay
ment, consequent on the suspension in the
Northern cities, passed the following Resolu
lution ; _ , ? ,
Resolved, That the Presidents of the Banks
in this citv be requested to establish forthwith
a correspondence with the Banks of the other (
Commercial ci'ies of the Union, for the pur
pose of taking early tnjaaures for the resump
tion of Specie payments ; that when this mea- |
sure does take place, it may be simullane
ous throughout the United States, and with
the least possible disturbance to the exchan
ges of the country."
This resolution was referred to the Presi
dents of the different Banks, and an allotment
made for the correspondence of each, with the
several Institutions in the commercial cities
of the Union, and to myself was assigned the
honor of communicating with you on the
important subject which it comprehends.?
The private letter which 1 have already writ
ten you, must have prepared you for this com
municatiou. I shall make no apoogy or
addressing you directly through the public
press. The great power and extensive influ
ence ot the Bank over which you preside (to
say nothing of the prominent position you
yourself personalty occupy) would seem to
make it eminently proper, it the Banks are
to co operate in effecting an early and salu
tary return of the country to. a sound cur
rency, that in this effort your exertions,
enlightened by the experience you have had
in the finances of the United States, should
be directed to the highly important object of
combining and concentrating the action of
the other Banks in the Union, to the accom
plishment of this most desirable result
I feel, I trugt, all the diffidence which a
comparatively short experience in the practi
cal operations of banking oJght to impress
upon my mind, and I should certainly have
?referred '.hat the suggestion I am about to
make for AN EARLY AND EFFECTUAL
SeSUMTI'ION OF SPECIE PAYMENTS
on the part of the Banks, had been offered
by one who could have given his opmions that
sort of authority which results from a repute
founded as well upon the public confidence,
as on ripe experience and acknowledged ability.
But the dark crisis in which the country
is placed, in which even the evils we ar$
now suffering under, great as they are, seem
comparatively of trivial moment to those yet
in reserve, if some general and signal effort
is not made for its relief, would justify the
most humble man in the Union, however
humble his own contingent, to present it
freely as an offering for i he common and joint
service of us all. . .
I must therefore begin by premising that
it the conflict which has been going on at
least for the last six years, between the Gov
eminent and the supporters ot a Bank of the
United States, or in other words between
the credit system and the advocates of a
metallic circulation, is not comprom ia?d or
composed, it will end in the RUIN OF Tob
COUNTRY. I have been brought to this
conviction by the most painful yet unequivocal
omens. 1 have not the slightest hostility to
your bank. On the contrary, in the very
extensive intercourse which I had with it,
commencing with the purchase of your
Charleston Branch in 1835, by the Bank over
which I preside, down to the present moment
of our frequent correspondence, I have at all
t mes recognized the great liberality and pub
lic spirit of accommodation by which your
Institution seems invariably to be governed.
Whatever, therefore, may be my opinions
on the abstract question of the power of Con
gress to renew your charter (which inc:me to
the rigid school of construction J for one, 1
should have been willing under The decision
of the Supreme Court and the anterior appro
val of the Bank Bill by Mr. Madison, to
consid.-r the whole matter as res adjudicata ,
as a point definitely settled for \ he public tran
quility, if not for the interest we all feel in a
sound and stable currency.
But whatever may be your opinion, Sir, or
on whatever ground I may be willing to com
promise a public question, is a matter of very
little moment, provided it should be found in
a representative democracy like ouisvthat the
people sre arrayed on the adverse side, or an
Executive should happen to be in power
ready with his Veto to obey the sanctions ot his
own conscience, his own convictions of expedi
ency and justice, (or if you please his vindictive
prejudices) by putting an extinguisher on your
hypothesis financial and constitutional, or my
own.
How then, it may be asked, is this d fficulty \
to be met and surmounted? How is this j
perpetual warfare between the Government or j
the supporters of a metallic currency, and (he j
Bank of the United States, (a conflict whi<*h j
promises toengulph the whole country in con- j
vulsion and ruin) to be stayed and put at rest !
forever'? J answer explicitly. By the spirit
of conciliation and compromise, by. which,
nine times out of ten, public danger is to be j
averted, when force and violence prove utterly
-powprless.
Without a presumptuous confidence in my
own opinions, (for God knows the crisis is well
calculated to b.get, amidst oppaling difficul- j
ties, any thing but a too sanguine reliance on
ourselves,) 1 cannot but think if the conjunc- i
ture which will be presented to Congress on
the 1st September next, be met fey the Esfcu- i
tive and the National Legislature, by the lead
ing Statesman in both its Branches, and by
the influential Banks of the United States, 1
(more especially by your own,) in the proper
spirit and with the means and measures that j
will be in the possession of all these function
aries. public and private, Specie payments ;
may be resumed in a very short period after
the meeting of Congress, and in four months
after the commencement of its session, ? the
Constitution of the United States be so
amended that our currency will be placed on
a basis of prosperity and security which I
trust will be imperishable. Before 1 venture
to indicate with all due deference what appear
to me to be the proper means to accomplish
these desirable results, it will not be amiss to
say a word or two on those causes which
have contributed most effectually to produce
our present sufferings and embarrassments.
The primary and < fficient cause of the pre
sent embarassments of the United States, is
to be found in a want of uniformity in our
currency, which resu ts from there being no
legal or constitutional restraint on Us issues.
This is a conseqaence of our complex form
of Government, in twenty-six States each
of them assuming and exercising the sove
reign attributes of authorizing the manufac
ture of mone\-, to an unlimited extent, with
out the smallest check or control, except
what they think proper to impose on them
selves, no other effects could possibly have
been predicted, than those which have actually
occurred.
Any remedy which fajls short of gradually
arresting this evil, is absolutely worthless and
unavailing. Upon this point, I desire at the
close of litis communication to make a few
suggestions, which comprehend a possible
cure for this evil, which may, I think.be use
fu!ly employed.
These laboratories of paper money, in the
different States, more especially in the new
States of the West, were pampered into
existence, ?>r met by a gigantic spirit of pub
lie enterprise, which sprung out of the gene^
ral peace in Europe from the natural devel
opment of the vast resources of our country,
aa well as from the extraordinary discoveries !
in mechanical philosophy, by which a new
and almost miraculous impulse has been
given to public improvements throughout the
world. The means which man possesses of
increasing indefinitely his physical power by
the agency of steam, has been most emphat
ically illustrated in the last five years, both in
England and America. The rati roads and
Canals, public and private edifices and I may
say towns, built or in in the course of con
struction, in both countries, produced a d -
mand for the immediate creation of a circu
lating medium, which should be the repre.
sentative of the amount of exchangeable
value thus created, which the precious metals
could not possibly afford. Hence the demand
for paper money, and where existing Banks
could not supply this demand, Joint Stock
Companies were created in England, without
number, under the Act of George IV, and
the sovereign power of the States on this
side ol the water, was invoked to incorpo
rate new Banks, almost to an indefinite ex
tent. The stimulus thus ffiven to the cur
rency of both countries, was met by a short
crop of Cotton in 1835, which with a super
abundant issue in the circulation, carried
prices up at once to a maximum, which pre
cipitated both countries into a career of
speculation little short ot madness. Manu
factures, goods, wares, and merchandize, cot
ton, lands, slaves, and every chattel, if we
may so speak, real, personal, and mixed, rose
to a point of elevation which, many ex post
facto prophets have since predicted were dizzy
and insecure. Still the demand for more
Banks was insatiable, and not to be appeased.
According to the most authentic returns we
have seen t hat within the last * seven years,
three hundred and fifty seven new Banks have
been created in the United States, besides
one hundred and forty-six Branches, which
add^d to those previously in existence, made
a total of six hundred and sixty seven Banks.
This produced a corresponding augmentation
of the Banking capital of the country, of one
hundred and seventy nine millions, and an
increase in the circulation of paper mon> y
amounting to one hundred and twenty-five
millions.
Now, Sir, 1 consider these effects to have
been altogether beyond the control of the
General Government. That they sprung from
the contagious influence of the spirit ofspecu
lation, or if you please the genius of the age
in which we live, that they would have occurr
ed with or without the existence of the Bank
of the United States proper, or the removal of
the Depositee, or General Jackson's Treasury
Circular. In one word, they resulted from the
great demand for a circulating medium, and
the unlimited power of the States to meet this
demand, by an unlimited issue of paper money,
to which, in an era like the or.e through w-iich
we havejust passed, as salutary as may be the
check of a Bank of the United States, on in
ordinate issues in ordinary times, it would
rather have had to obey the general inpulse ;
of which I think the course of events in your
own Bank, in Philadelphia, affords the strong
est exponent.
I am sure your own magnanimity and frank
ness will induce you to tolerate this remark.
Indeed nothing can illustrate more powerfully
the extravagant spirit of speculation which in
fected the whole country, than the fact, that
the Legislature of your Stite should havegiv- J
en your bank a charter for the enormous sum j
of thirty-five millions, with the immense bank
ing capital it had previously authorised by law,
without the faculty of legalizing the circulation
of one cent beyond its own limits. Let us be
just, before we are severe in our judgment#. ?
| The whole country is to titanic by a d;r'ct ,
agency i 11 bringing a^ont u state ot things to I
| which the measures of our Government may i
1 have efficiently contributed, but which these ,
| measures could not have entirely produ ed. ;
i It indicates no masterly spirit o? philosophy
j to be harping on mere secondary causes at bos?,
when the great sources of existing evils arc |
1 fi. unexplored. The strife which id now j
j waging on whem to fix the exclusive respon> j
: sibility of great public calamities* is Unworthy j
i of the spirit of those who must approach the j
i distemperaiure in our public affairs in a Widely
! different tone. Let me, however, not be mis*%
j understood, f think Gen. Jackson CQinniitl?-d
i great and mischievous mistakes in tampering
[with the currency of the counlry? That he
I endangered its best interests Wflfe attachment
! to a futile liy pot lies is, practicaote-aione through
| a wise and gradual induction. That Us in
one of his early messages Jie waved his con
stitutional scruples in regard To the charter ot
a Bank of tbe United States, he ought to have
given his assent with salutary modifications
j to a recharter of your Bank.or afforded to Con
gress the projet of a fiscal agent by which the
public money would have been secure in de*
posit, and the circulation of the country kept
as far as practicable in a healthy condition,
a id under safe control. I moreover think
nothing could have been more injudicious,thau
his removal of the public deposites trom the
custody of your institution, nor any thing more
unwise than the Treasury Circular. The last
was in fact a premium to the speculations of
capitalists, and augmented with many conco
mitant ills, the very evil it was designed to
cure. But all these singly, or in combination,
were unable to produce the great revulsion
which has taken place in the trade, agriculture
and commerce, of both England and America.
As well might the sails of a wind mill standing
on a promontory which overlooks the ocean,
fan into exstence the tornado which upturns
its mighty bosom. England, with her Govern
ment Bank, and without a removal of tbe de
posits ofher Treasuiy, or a Treasury Circular,
is suffering from identical evils resulting from
identical causes ? overtrading, extravagant
speculation, and paper money. The crisis
does not call for, but absolutely repudiates, on
the part of tbe Government and the advocates
of a Bank of the United States, the mutual
indulgence in that spirit of reproach and re
crimination, to which both parlies have so
painfully resorted. Except to avoid the mis
takes we have committed, it is useless to look
back. Let us move forward with a deterinin.
at ion to lay aside all contests for political pow
er, all par'y strife, ana all selfish and personal
prejudices or attachments, and in one united
and immediate^ effort, to rescue the country
from impending ruin.
This, I would fain hope, can be accomplish
ed by a spirit of compromise and conccssion on
the part of the Government of the United
States, and those who rriav be called the advo
cates of the credit system, which ba? taken
such deep roif, and exercises such pervading
influence among us.
It may be assumed that our present embar
rassments have divided the country into two
parties. That they consequently offer the fol
lowing antagonist remedies.
1st. The organ of the Government indicates
a determination to divorce the government
from all connection with Banks, to have its
own sirong box, and by compelling the pay
ments of all Government dues in specie, to
bring the country back to a hard money cur
rency:
2dly. The supporters of a credit system are
sirnpiy in favor of a re charter of ihe Bank of
the United States by Congress, and believe
that bv the salutary operation ofthis insitution
on the circulation and exchanges of the coun
try, the present evils would be cured with the
least possible disturbance to the great iuterests
of the country.
The limits to which my own inclinations
and a due regard for your patience assign me.
forbid my treating the large and profoundly
interesting topics comprehended in proposi
tions, in a manner which their own importance
would seem to demand. They cannot how
ever be passed over iu silence. It must, I
think, be obvious to any man of reflection, that
if it should be desirable that coin should either
form the sole constituent, or enter more large
ly into our circulation, this end is only to be
accomplished, safely and beneficially, by a
gradual process; by which the country shall
be even insensible of the change which is
going on in the standard of value. The truth
is, this country and Great Britain have tieen
built up by the credit system, or, in other
words by, a paper circulation; if not at all times
convertible into specie, at least at HI times
having its value guaged by Gold and Silver,
if the Government had the despotic power of
annihilating every Bank in the United Stales
at a blo-v, and of burning every Bank Note by
the hand of the common hang-man, it would
onlv lead to a ruin and transfer of property,
gr> ater and far more desolating than have
signalized the footsteps of ihe most sanguinary
revolution which has occurred in the world. ?
If lli refore, Government was to attempt par^
tially the accomplishment of this end, by the
means which have been announced, it must
produce a climax in our present suffering, and
fill the whole country with convulsion and
alarm. The truth is, the institutions and
habits of a people are not to be torn up in a
day. The excessive issues of paper money
has had much to do with our present difficul
ties, but the emission of credits, in the shape of
a convertible circulation, when w II susained
and guaranteed by specie und its equivalent in
solid securities, have made England and Ame
rica what they are, whilst a hard money cur
rency has not prevented Spain and Italy from
sinking into their present condition of debase
ment and imbecility.
The mere fact of not miking paper money
a legal tender in ordinary times, is an effective
security for its solidity to the public. Mr.
Burke, in the grandeur which belonged to his
genius, 88 id forty seven years ago, in speaking
of the currency of England, as contrasted
with that of France, 4-Our paper money is
of value in commerce, because in law it is
none. It is powerful on change, tecause in
Westminster Hall, it is impotent. In pay*
ment of a debt of twenty shillings, a creditor
may refuse all the paper of the Bank of Eng?
land. Nor is there amongst us a single pub
lic security of any quality or nature whatso
ever, that is enforced by authority, (n fact
it may be easily shewn that our paper wealth,
instead of lessening the real coin, has tenden
cy to increase it. lustead of a substitute for
money, it only facilitates its entry, its exi*. and
its circula'ion; ? hat it is th<* symbol of pro?^
perity, and not * he hadg.i or' <1 i^t '* Th^r*
i.s qmie ns much of true philo-ophy and souid
sense in this passngp, as of verbal elegance. ?
The Ristorv, both of England and Amer.CA
prove it. Limit llie circulation oT paper to
its representative m coin, arid the securities of
subsfanti.il property, and a country is at once
blessed with a ctirhfttcy sound, safe and heal
thy, and competent to perform ali the transfers
.and exchanges of her trade, commerce and
agriculture. To alford however td tlic puW;c,
a security for the application of this limit, in
the difficulty. This nevertheless is a duty
and trust of every civilized government, anil
involves an obligation that can neither be com*
promised or postponed.' It is a duty which
our government must perforuu If thejr Mire
not the constitutional power* it must be coo*
ferred by an amendment of the Constitution*
it is iu vain to speak iui mediately of the .
destruction of every Bank in the country,
even if this measure Was desirable* it could
not be accomplished with safely in lesft than
thirty years, and then by a process the most
gradual and healing. The effort td establish
a hard money currency for the Government,
and at the saute time that the people Should
have one of paper for themselves^ milftt per*
petuate our present embarrassment* ana if
practicable, musten& in calamity and con
vulsion. The truth is oot to be concealed* sir,
that it the advocates of a hard money curren~
cy could succeed in carrying their favorite
hypothesis into practical operation, every man
whose liabilities amounted to one fifth part of*
liL actual property, would be ruined; I leave
anv n.an who is acquainted with the oharactcf
of our people, to de ide if they would permit
?ol. Benton lo put us like mice into bis ?raat
metallic retort lor the purpose of ascertaining
how long we could breathe in this exhausted
receiver. 1 have 110 toleration forlhebries thst
are Id place nine tenths of the country under
the parental custody of the Sheriff, or lo con
sign some of the best men among us to tho
despair which sudden ' poverty brings upon
those who have others to curse and not them
selves for their ruin. ' . *
/ v
Whilst 1 feel the utter absurdity, not to say
wickedness of precipating the country sudden*
ly into a great and alarmiug change in its
currency, I am not insensible ofthe signal evils
which are on the other hand incident to a pro*
fuse issue of paper money, which combined
with a spirit of extravagant speculation, have
brought us precisely to oor present condition,
I shall therefore now proceed with the
utmost deference, tosu^gbst what scetn to be
appropriate remedies to meet the ev hi ofthe
present crisis.
1st. 1 shall speak of those which are of a
permanent character, which I think will up*
proximate to a gradual, though effective cure
of our currency. , . - ' *.*: .
2d. Of those of a temporary character, but
by which \H&revar, the Bank* might _#t -art
early day resume specie paymoois, and from
which immediate relief might be afforded* and
the present embarrassments essentially miti'
gated, or entirely removed. > .
1st. No permanent euro can be applied to
the existing distemperalure of oor cocr*ocy#
except through a fixed provision of the Con
stitution and Laws by which the Bank capital
of the United States shall not be increased
hereafter; but on the contrary, be gradoaUy
dimishad by the falling in of tho Char eta of
existing Banks until the amount of capital
among the States shall reaeh a point to be
apportioned by some ratio among them, /that
shall be deemed safe and proper. Perhaps a
ratio that shall be compounded of population
and exports, would be the safest rule of pro
portion.
For this and the fol lowing purposes, it would
be necessary to obtain an amendment of the
Constitution ofthe United Stales. ?
1st. This amendment ought to contain
likewise the explicit gruat to Congress of the
authorjty to incorporate a Bank of the United
States, with such limitations against the abuse
of power as experience may have suggested*
This provision ought lo prohibit the govern
ment ofthe United States holding more than
one eighth of the stock of the said Barik, for
which it should be entitled to but one six
teenth of its representative' power in the elec
tion of its directors.
2d. The States should likewise solemnly
abjure the power of incorporating a Bank be*
yond the amount of capital fixed as the ratio,
and confer upon Congress the power of deter*
mining the denomination of the bills to be is
sued, in order that in this essential particular
the curency might bi* uniform throughout tho
United States.
The object of this last provision will be ob
vious. Congress might through the instru
mentality of this ppwer, gradually increase '.he
metallic circulation, by enacting, for example,
that no state should after the y ar forty issue
a note of a le?s denomination than Five dol
lars, in forty five of Ten, and in fifty of a less
denomination than Twenty dollars. A scheme
wh;ch Mr. Calhoun disclosed in his able
speech on the Currency. In this mode I con*
cieve that the banking capital of the country
might be brought down, the paper currency
diminished, and the metallic circulation gra*
dually augmented without any dangerous dis
turbance of ihe standard of value.
ft is a most fortunate circumstance that as
Congress will meet ou the 1st of September,
the. amendment might be passed by that body,
proposed to the legislatures of all the States
which will be in session in the course of the
wintrr, a :d if ratified by three fourths, becom ?
a part ofthe Constitution by the lat of March
next.
1 hope it may not be deamed unseasonable,
that 1 should offer a few reasons in favor of
amending the ConstitUttOrtj to place beyond a
doubt, the authoritv bf Congress to incorpo
rate a Bank, and if conferred, that I should of
fer a few reflections oil the expediency of re
entering your Bank tVith some modification
which may be of salutary importance.
Although you may think it mere surplusage
to amend the Constitution of the United State*
in this important particular, yet the country
has been so seriously divided on this great
question, that it becomes a matter of the high
est public concern, that the Union shoold be
no longer agitated on this exeking topic.
YdU are, moreover, well aware, that mo^t
of the objections to a Bank of the U. States,
have rather been as to the constitutional com*
petencv of Congress to create one,tbao to the
policy of this fiscal agent, of great and saluta
ry use, if under effective control andable aud
faithful management. - *