Columbia telescope. (Columbia, S.C.) 1828-1839, May 20, 1837, Image 2
* V ^ i
THE MERC&NTS' MEETING.
REPORT OF THB^COM.tlTTEE. 1
Ippointed, at the Meeting of Merchants, at Masonic
. convened
^fe>n the dav after its appoinmieut, we ascor
lajifcd i hat "a large majority of our number
?15ld not leave the city, without serious in
convenience and loss, and wo therefore a p
ported a sab- coin mitt ee of fifteen to repair to
Washingon, and present to the Executive,
the ceniujisrrance ot the Merchants of New j
York. In the in:orval between the nomina ,
tion of the Committee, and the day fixed for
ir? departure, sevenl of its members found
that the increasing difficulties by which they ;
were surrounded, made their presence at home ;
indispensable ; and accordingly only nine
were able to enter upon the duty with which
we were originally charged.
These genilemen reached the Capital on
the evening of the 2d inst. and on the follow
ing morning their Chairman addressed the
follow iug note to the President.
To Martin Van Bur ex,
President of the United State*.
Sir? I have the houor to inform you that a ,
Committee has been appointed by a meeting ;
of the -Merchants of New York, for the pur- j
j*>se of addressing the Executive upon the. j
present distressed condition of the country. j
In behalf of that Committee, I respectfully j
r*<]?est an audience at as early an hour as :
ytttrct-nve::ieiic'* Will p rmit.
With profound respect,
Your most obedient st?r?'t.
ISAAC S. HONE, Cha rman.
Gadsby's Hotei,, May 3, 9 o'clock.
The reply to this cote was as follows :
Washington, May 3, 1837
Sut ? I have received your letter informing
me that a committee had been appointed by a
meeting of the merchants of New York, for
the pa-pose of addressing me upon the pre
sent distressed condition of that city, and re- j
questing an audience at as early an hour as my !
convenience will admit.
I will receive the committee at two o'clock j
?" to day. and will, at that, or any other time I
more agreeable to them, be pleased to receive ;
any communication which they may des-.re to j
present to me. To avoid the apprehensions ;
to which oral communications are liable, and !
also is avoid the errors which, with th.> best :
intentions are sc apt to occ r, on both sides, in |
giving accounts of such interviews, I think it |
most proper thar, the representation of the
committee be made in writing. In that form,
I -shall be happy to receive it, and when so
received, it shall be resp.-ctfuily considered,
and answered in tlie same manner.
I am, sir, vry respectfully.
Your obedient servant,
. M. VAN BUREN.
To Isaac S. Hose, Esq., Cbairmau, &c.
At the appointed time they ,?~esjnted them
selves, were courteously received by the Pre
sident, with whom tiny found the Secre
taries of the State and Treasury Depar' .lents,
and read the following address :
To Martih Van Bueen,
President of the United Stales :
Sir ? We have the honor of informing you
that a very numerous meeting of the mer
chants of New York was hel-i on the 25th of
April, for the purpose of considering the
present distressed condition of the city, and
<Jeiiberating upon the means of relief, it was
called by more than three hundred firms, and
was attended by a large proportion of those
merchants who are coouected with the inter
nal trade of the country, and who have an
^special and direct interest in the state ot
Domestic Exchanges.
A Committee was appointed to repair to
Washington and remonstrate with the Execu
tive against the continuance of the Specie
?Circular, and to urge its immediate repeal ;
?.Ian to ask that instructons may be given to
prevent the commencing of suits in any of the
collection districts, upon unpaid Bonds, until
after the first day of January next ; and to ,
urge upon the Executive, the propriety of |
calling an ext-a session of Congress at as
?ariy a day as possible.
la obedience, Sir, to these instructions, we ?
present ourselves b fore you, and ask your j
deep and solemn attention to the unhappy j
condition of that city which has hitherto been
the promoter and the index of our national j
prosperity, and whose fall will include the ruin j
of thousands in every region of the territory, j
We do not tell a fictitious tale of woe, we \
have no selfish nor partizan views t" sustain, I
when we assure you that the noble city which
we represent, lies, prostrate in despair, its
credit blighted its industry paralized, and
without a hope beaming throLg]]_ the darkness
of the future, unless the government of our !
country can be mduced to relinquish the inea- j
sures to which we attribute our distress. We j
fully appreciate the respect which is due to j
our Chief Magistrate, and disclaim every j
intention inconsiateut with that feeling ; but j
we speak in behalf of a community which
trembles upon the brink of ruin, which deems !
itself an adequate judge of ail questions con- '
nected with tne trade and currency of the
country, and believes that the policy adopted
by the recent administration, and sustained by
the present, is founded fa error, and threatens
the destruction of every department of mdus
try.
Our merchants manufacturers and mechan
ics, have repeatedly predicted the fatal issue
of that policy. "What was prophecy, has
now become history and the reality far ex
ceeds our mojt gloomy apprehensions. Under
a deep impression of the propriety of confin
ing our declarations within moderate limits,
we affirm that the sal ue of our real estate has,
within the last six months, depreciated more
than forty millions; that within the last two"
months, there have been more than two hun
dred and fifty failures of houses engaged in
extensive business ; that within the same peri- |
od a decline of twenty millions of dollars has :
occurred in our local stocks, including those j
Rail Road and Canal Iucorporations, which j
though chartered in other States, depend j
chiefly upon New York for their sale ; that |
the immensi amount of merchandize in our j
ware-houses, has within the same period fallen
in value at least thirty per cent : that within
a few weeks not less than twenty thousand
individuals depending upon their daily labor
for their daily bread, have been discharged by
their employers because the means of retain- j
nig them wore exhausted ? and that a com- j
plete blight has fallen upon a community
heretofore so active, enterprising and prosper
ous ? the error of our rulers has produced a
wider desolation than, the pestilence which
depopulated our streets, or the conflagration
which laid them in ashes.
We believe that it is unjust to attribute
these evils to any excessive development of
mercantile ent rpns ?, and that they really flow
from that unwise system which aimed at the
substitution of a metallic for a paper curren
cy the system which gave the first shock to
tue fabric of our commercial prosperity by
removiog the public De posit es from the
United States Bank, which weakened every
part of the edifice by the destruction of that
aseful and efficient institution, and now threat
ens to* crumble U into a mass of ruins under
the operations of the Specie Circular, winch
withdrew the gold and silver of the country
f oai the channels in which ^ it could be pro
fitably employed. We assert that the Expe
rt ment has had a fair, a liberal trial, and a
disappointment arid mischief are visible in a
i its results ? that the promise of a regu a e
! currency and equalized exchanges hat- been
! broken, the currency totally disordered, and
I internal exchanges almost entirely discon
! tinucd. We therefore make our earnest
i appeal to the Executive, and ask whether it
is not time to interpose the paternal authority
of the Government, and abandon the policy
which is Beggaring the People.
Amid all the distress of our condition we
have been gratified by a view of the gene?.
rous and forbearing spirit which has almost
inevitably marked the conduct of the creditor
towards the debtor. A general disposition
has been manifested to indulge the debtor with
ample time for the arrangement of his business
and collection of his debts, and we would
respectfully suggest the example for the
imitation of the government ? The embar
rassment and distress of the merchants would
be materially relieved by the suspending of
suits upon unpaid' bonds, until a future day,
when the wisdom of Congress may grant
some measure of relief.
Feeling as we do that we have reached a
crisis which requires the exercise of all the
wisdom and energy of the country, to heal
the wounds which have been inflicted upon
its Commerce and Productive system, we |
would respectfully and earnestly urge upon
the Executive the propriety of calling an
! extra session of Congress to deliberate upon
[ the unprecedented and alarming embarrass
| ments in which we arv involved. The mem
bers, coming dnr &TV from their constituents,
will have the opportunity of knowing and
appreciating the extent ot the distress which
exists, and are convinced that their collected
opi lions will fully sustain those which we
have expressed ? and their testimony indicate
an amount of suffering of which we cannot
oelieve that you, Sir, have heretofore been
aware.
We persuade ourselves that the represen
tations which we have given of the actual
condition of our affairs, will induce you to
doubt the expediency of the po icy which
has been recently pursued, and we trust to
your intelligence for such a change of mea
sures as will revive the hopes and stimulate
1 the energies of the merchants of New York.
ISAAC S. HONE,
JAMES W. BRYAN,
BENJAMIN LODER,
ALEX. P. M'ALPIN,
J. A. UNDERWOOD,
THOMAS TILESTON,
MEIGS D. BENJAMIN,
E LIS HA LEWIS,
SIMEON DRAPER, Jr.
i Washington , May 3, 1837.
j After the address had been read to him, the
President in briefand emphatic terms assured
the committee of his sympathy with the dis
tresses of his fellow citizens of New York,
and of his desire to do every thing in his
power for their relief, consistent with the
views of h s efficial duty, and said that he
would answer the address in the manner indi
cated in his note.
On the afternoon of the 4th the committee
received the following reply to their address,
and deemed it ^o explicit as to leave no open
ing for any further communication.
Washington, May 4, 1837.
Gentlemen ? I have bestowed on your com
munication the a-t ntive consideration which
is due to the opinions, wishes and interests of
the respectable por. ion of my fellow citizens
io whose behalf you act
i In the correctness of the judgment which,
in tlie .cxerc'se of an undoubted right you
have in such general terms, pronounced upon
particular points in the policy of the Is* te ad*
ministration, you cannot expect me to concur.
! My opinions on those points were distinctly
| announced to the American people before my
[ election, and I have seen no reason to change
them. But however much I differ with you
upon them, as well as in respect to the causes
! of the existing evil, you may be assured of
I the warm interest 1 shall feel, in whatever
concerns the mercantile community, of m/
deep sympathy with those who are now suf
fering from the pressure of the times, and ot
my readiness to adopt any measures for
their relief, consistent witn my convictions of
duty.
The propriety of giving to the Collectors of
the Customs, instructions of the character
desired, necessarily involves inquiries into the
extent of the power of the Executive over
the subject, the present condition of the Trea
sury, and its probable receipts and expendi
tures for the remainder of the year. These
examinations have been directed, and are in
progress, and the result will be communicated
by the Secretary of the Treasury to the Col
lector at New York who will be instructed to
give it publicity. A few days will be re
quired to arrive at a safe conclusion upon some
pa-ts of the investigation, but there shall be
no unnecessary delay.
The other subjects to which you have
called my attention, are, first an immediate
repeal of the order requiring specie in pay
ment on the sales of public lands, issued by
my predecessor, for the purpose of enforcing
a strict execution ot the Act of Congress,
which forbids the allowance of credit on those
sales ; and secondly on an extra session of
Congress. I have not been able to satisfy
myself that I ought, under existing circum
stances, to interfere with the order referred to.
You must be aware of the obstacles to an
immediate convocatioo of Congress, arising
from the imperfect state of the representation
in one branch of that body. Several of the
States have not yet chosen their Representa
tives, and are not to do so for some months to
come. Independent of that consideration, I
do not see at present, sufficient reasons to
t justify me in requiring au earlier meeting,
j than that appointed by the Constitution.
I am gentlemen, very respectfully,
Your obedient servant,
M. VAN BCJREN.
The following resolutions were submitted
to the meeting : ?
Resolved , That a strict construction of the
act of 1820, the only act which could have b?en
referred to in the President's answer was un
known during the administration of Mr. Mon
roe and Mr. Adams, and to Gen. Jackson dur
ing the first 7 years of hi^ administration; that
the necessity for such construction is not as
signed in the Specie Circular as one of the
reasons for issuing it, and we consider the
distinction made by the President between the
notes of solvent Banks and specie, designating
the former as credit , to be erroneous, and at
variance with the true interests of tne coun
try. N
Resolved, That we dwell with satisfaction
upon the act mentioned by the President, that
several ot the States have not yet chosen
Representatives, and we trust that a- protect
ing Providence will direct the peoplo of those
States to the choice of representatives who
have wisdom to pcrceive, and virtue to pur
sue the best interest of the country.
Resolved, That we yield our hearty assent
to the preamble of the act incorporating the
first Bank of the United States, which declares
such an Institution to be "conductive to the
successful conducting of the national finances,
?ird productive of considerable advantages to
trade and industry m general."
"Resolved, That the interests ofihe capi
talists, merchants, manufacturers, mechanics
a.ni industrious classes, are d. pund.mt upon
tac:i other, and any measures ot the govern,
inent which prostrate the active businessmen;
of the community, will also deprive honest
indu-try ot its reward, and we call upon all
onr fellow citizens to unite with us in removing
from pow. r those who persist in a system that,
is destroying the prosperity of our country.
Resolved, That the chief causes of the
existing distress are the defeat ot Mr. Clays
Land Bill, the removal of the public deposites.
the refusal to recharterthe Bank ot the^ United
States, and the issuing ot the Specie Circular.
The Land Bill was passed by the People's
Representatives, and vetoed by the President
the bill rechartering the Bank was passed by
the People s Representatives, and vetoed by
the President. The People's Representatives
declared by a solemn resolution, that the^ pub
lic deposites w< re safe in the United States
Bauk; within a few weeks thereafter, the
President removed the public deposites. The
People's Representatives passed a bill rescin
ding the Specie Circular; the President des
tioyed it by omitting to return it within the
limited period ? and in the answer to our
address, President Van Buren declares that
the Specie Circular was issued by his pre
decessor, omitting all notice of the Secretary
of the Treasury, vho is amenable directly to
Congress, and charged by the act creating his
department with the superintendence of ihe
Finances, and who signed the order. We
therefore
Resolved, That all these circumstances
indicate an intusion of monarchical principles
into our system, which demands the prompt
and regular action of every patriot.
From the Edgefield Advertiser.
Wo have received the following most in
teresting Letter in relation to the arrival of
Mr. Defius in Hamburg, and feel assured that
our readers will rgoice with us, that the laud
able enterprize ot Mr. Shultz, to establish a
new and most important commercial inter*
course, is now about to be consummated. ?
All doubts must now be dispelled; and Mr. S.
in the accomplishment of his purpos-, has
vindicated anew that reputation tor public
spiri:, for which ho is so distinguished. We
have not taken our pen with the view of pass
ing a fulsome .eulogy upon him, or his town ;
but on an occis on so appropria e, w'e cannot
but congratulate the State on the bright pros
pects which now open before it.
<4Mr. Editor. ? Edward Delius, the bearer
of despatches from the Government of Ham
burg, Germany, to Mr. Shultz, and prelimin
ary' ?Consul of "the Government of Prussia, to
the Town of Hamburg, America, reached
Hamburg on Thursday the 4th inst. at 12
o'clock. He was met by Mr. Shultz and
other citizens at the Bridge, and by them
escorted, under the firing of Cannon from the
ramparts, and the inspiring influence of Mr.
Shultz' fine Band of Music, to his private
Mansion, where he was cheered by all that
generous hospitality, so characteristic ot the
Founder of this new Town. A large con??
course of citizens from the town and country
had collectad for the purpose of testify
in^ their consideration for the highly respec
table gentleman, who appeared before them
in a somewhat public capacity, and who was
received with great cordiality. It is proper
to remind the reader that Mr. Delius is also
one of the Directors of the "The American
and German Trading and Insurance Com
pany," appointed in the Act of Incorporation
of the Legislature of South Carolina. After
an introduction to the company, Mr. D. read
a communication of a public nature from the
Senate of Hamburg, in Europe, which
acknowledged the receiptof certain documents
forwarded by Mr. Shultz to that city in relation
to the introduction of a commercial intercourse
between the two places, and congratulated
Mr. S. upon the growing prosperity and
opening prospects of his new Town. The
communication also contained a suggestion to
Mr S. to make some prefix to the name,
"Hamburg," by which it could.be distinguished
from tian?burg, in Germany. To this sugges
tion, Mr. D. added some suitable and appro
priate remarks of his own. Mr. Shultz wishing
to give an opportunity to the citizens present
to express their opinions, proposed that the
meeting be organized by the appointment of a
Chairman and the question freely discussed.
Col. Brooks, of Edgefield, was called to the
Chair, whereupon Mr. Shultz submitted a
Resolution for the appointment ot a Commit
tee ot five, to consider and report, at some
future meeting, upon the propriety of it. The
Chair appointed Mr. Shultz, Mr. Gray, Mr.
Oliver, Mr. Sullivan, and Mr. Hubbard a
Comm'ittee, to which upon motion, was added
the Chairman and Col. Pemberton, from
Georgia. The whole ceremony of reception
was an interesting one, It was a proud day
for Mr. Shultz. A highly respectable and
intelligent gentleman had received in charge
from the Senate of the city of Hamburg, the
duly of congratulating him upon the growing
prosperity of his yet infant Town, of express
in? a flattering solicitude for the establishment
ofa commercial intercouse between the two
places as mutually beneficial to each, thus
realizing the proudest hopes of Mr. S. and the
confident promises which he had held out to
the public. This Public Agent was before
him and in the presence of the citizens of his
Town, officially performed the important duty
assigned him by bis Government, with the
(rreatest dignity and ability.
? In conclusion let me say, that not the least
interesting incident of the occasion, was the
cordial welcome given Mr. Delius and L&dy ,
by the German residents ot Hamburg And
if 1 may be pardoned for speaking thus pub
licly of a Lady, I will add, that Mrs. D. by
her very unaffected kindness, and courtesy,
made a most tavorable impression on all
present. An Eye Witness.
From the National Intelligencer.
The subjoined passage from the recent
speech of Henry A. Wise, at Norfolk, expo
ses the true character ot ihe I et Bank Sys
tem, and the origin of the Executive war
aaainst the Bank of the United States. It
was not that General Jackson entertained any
apprehension that the moneyed power of a
bank that he destroyed it, but because he want
ed the Bank, like all oilier powers, to be under
his personal control. People are beginning to
understand this, and to feel that all
Jackson's patriotism and love of th . People
commenced and ended in a very devoted
attachment to himself ! Thus has he con.
cent rated more than thrice the power ever
wedded by the Bank of the United States in
the hands of the President. The guardians
ship of the Public Moneys has been wrested
from the Representative Branch and
entrusted to the Executive. "Ihe Tories,
said Mr. Jefferson, "are for strengthening the
General and Executive Govern >ent ; the
whigs cherish the representative branch,
as the Bulwark against consolidation, Which
must ultimately generate, monarchy '* ?
These are the doctrines of the Whigs of the
present day. Cut down the Executive;
strip it of all superfluous power; remove
every cent of the People's money beyond its
reach ; forbid, by legal or constitutional en
actments. the appointment of Congress to all ;
offices of profit. No longer permit its un
bounded patronage to stifle the co.istitutional
sovereignty of the People. All this must be
reformed ? while we may reform it ? not when
we must. We copy from Mr. Wise's speech:
"Sir, will any m t n tell me what monstrous
rnorey power the Bank of the United States
had which this scheme had not? The Bank
of the United States had thirty five millions
of capital ; this scheme has a mother Bank,
with a surplus alone of twice that sum, with
some seventy or eighty branches with as much
more ; making an aggregate of capital a
mounting to at least one hundred and filly
millions ! ! The scheme for financial and
commercial purposes must be efficient or
inefficient. If efficient, it must be so united
and confederated as to possess, and be capable
of wielding all the concentrated power, and
tenfold more than ever the Bank of the United
States possessed or wielded. If inefficient to
do mischief, it is inefficient for good also, and
is worse than worthless.
"The Bank of the United States, experi
ence teaches us, was united with one Ad
ministration, that of Mr. John Q, Adams,
which Administration fell ; it was opposed to
another Administration, that of General Jack
son, and the Bank itself fell. A pretty strong
feet against the truth of its monstrous power.
But this system of General Jackson has been
in fearful combination with his administration,
been equally potential to sustain his
own popularity, and to elect his chosen sue
cessor! It is an organized Central Agen
cy, monopolized perfectly by Reuben M.
Whitney, Benton, Kendall & Co. ! That
this system u more inimical to the People
than ever was or could be the Bank of the
United States, let a comparison of the rates
of exchange two years ago with the present
moment ? let the times, big with failures and
a general prostration of credit and confidence
in trade, speak. Ah! but this is Jackson's
bank, not the bank of Congress, and therefore
this is not unconstitutional ? no money and
oolitical monster ? no monopoly. Is not
Jackson the -nemy of all such mischief? ?
There is the rub. This system is wholly un
known, inscrutable, irresponsible to the Peo
ple, because uncreated and unchecked, un
guarded by the laws of the Federal Govern
ment ! Time will teach us all things. May
the People benefit by the experience of time!"
From the Richmond Whig.
O^F-Van Buren is obliged to turn a deaf ear
to the complaints of the New York merchants,
because Benton has threatened to oppose his
re election, if he should abandon the policy of
the late Administration in reference to the
currency, Rive's bill passed by an over
whelming majority. yet the Bentonian faction
are able to rule the Executive, and set at
naught the will of Congress. Jackson repeats
his orders from the Hermitage to hold on to
the Treasury Order ? Benton threatens that
he will set up for himself, if the gold humbug
is relinquished ? and the Rives party look on
quietly, afraid to complain. Thus the ques
tion of a re-election, and the claim to the
succession, are operating to the ruin of thou?
sands, if not of the whole country.
Does not Rives see that his timidity and
lack of independence will throw him in the
rear of Benton ? Has he not already been
thrown in the shade? The Missouri bully
forced him to "stand up to the rack" on the
expunging question, much against his will,
and under an evident revulsion of feeling. ?
During the session before the last, he taunted
him and dared him to do the deed for which,
he was especially elected in place of Tyler '
and at the last, he made him swallow the pill
amidst declarations of his repugnance to the
act, and an expression of face which indica
ted an inward sense of his degradation ? yet he
now looks on in mute and cowardly listless
ness, afraid to utter a word in vindication of
his bill, backed though he was by a decided
majority in Congress.
The Enquirer, too, which for a moment
muttered its disappointment of the pocket
veto, has been silenced. The "animated, but
not angry" manner of the "old hero," silenced
its editor while at Washington, and he con
fessed that he ventured ''not one word of in
tercession" on the subject. Now he does "not
see what adequate remedy the Federal Gov
ernment can now apply to the excesssive
overdealing of the people." This, we sus
pect, is an admission not intended. We
thought all along the evils had been produced
by the "Monster," by the tricks of the "Mo
ney King." Now it seems people themselves
have brought it on by their overdealing." ?
Thus is the "little Expunger" backed. ?
Forced himself to he quiet, he is compelled to
witness the defection of the print upon which
he relied, to see its editor bluffed off, and too
much alarmed even for the work of "inter
cession,'* and not a partizan sheet in the
Union bold enough to stand by him in the
struggle between his pride and his ambition.
"Alas how hard the struggle is,
'Twixt rising hope, and craven fear."
THE SPECIE CURRENCY ERA.
We have at last reached the era of the specie
currency, when gold runs up the Mississippi,
and when the YVest has it in piles; when the
banks can discount little or nothing beyond
the specie in their vaults, and when, as to the
possession of specie, we are better off than any
natron in the world. The experiment has
about reached its end, and now is the time to
ask the People what they think of it. The
illustrious Humbug from Missouri has worked
his way at last, and now we have the fruits of
him, and of his sage forecast !
There are, it is said, 80,000,000 dol ars in
specie in this country, which is to 13,000.000
people about six dollars apiece. The specie
currency having become the circulating medi
um of the country ? for it is nonsense now to
say that bank bills are any currency at ali, the
notes of the United States Bank except ? each
of us enjoys our little share of the specie to the
heart's dontent. Men with assets of a million
are failing for 40,000 dollars or less. Men
with money enough in the banks of the South
and West are failing, for the gold and silver
cannot be carted on here in time. M?*n with
real estate enough to pay their debts twenty
times over, are failing, for the specie currency
being the order of the day, credit cannot be
created even on real estate. The fact is,
there is not money enough in circulation to
pay the tenth part of the debts of the tenth
part of the men whose solvency is as undoubt
ed as the Treasury of the United States. ?
Six dollars apiece, and we arc about reduced
to that, is not money enough to buy a house,
a bar el of flour, or even the common necessa
ries of life ; and, therefore, as men must live,
men must fail. The specie currency at last
lias reduced us to that. The Government,
by its experiments, has and is brir.ging^down
the property and the products of the country
to the gold and s lver standard of six dollars
apiecv;and ifit could have its way, tin- $90,000
000 in specie would be the representative of
tne land, the houses, the ships,the stocky the
labor of twenty-six important States, stretching
from the icy region of the river St. John to
the sunny shores of the Sabine.
Now is the time to impress upon even the
addle-headed specie blockheads some impor
tant ("acts; for no matter what a man owns, if
he owes anv large suin of money he must fail.
Nothing can save him as we come to the spe
cie currency era, for there is not enough of
specie to represent the property of the coun
try, without reducing laborers to threepence
or six-pence a day, as in the specie-currency
country of Naples, with other things in pro
portion. Again, as specie currency is now ta
king the place of banks and bank credit, we
have come to this that there are but few em
ployers, and, of course, the working men have
little or nothing to do; bank credit being the
very breath of the employer, upon which his all
depends: as that has almost ceased to exist,
he iias no need of men to be employed. The
specie currency is a thing which has no idea
of credit, and is known only in despotism,
where men are the slaves of power. The
Lazzarcmi of Naples enjoy it to their full con
tent.
As civilization advances, and as political
economy is better understood, the idea of re
ducing every thing in the world to the preci
ous metals will be exploded. The currency
of the world n >w exhibits the extraordinary
spectacle of resting on a base, such as that of
an inverted pyramid. A puff knocks it over,
for the superstructure is so much bigger than
the base. VVe have never looked upon the
suspension of specie payments as a thing so
terrible, and therefore we feel no alarm for
what we think we see ahead. The bank of
England once suspended for twenty years, and
yet we see the little island, in comincrce, in
manufactures, in every thing, th?Snder of
the world.
From the Richmond Whig , May 9.
Some of the Administration presses have
seized with great avidity upon an admission
(as they call it) of the National Intelligencer,
that the Specie Circular is noi the sole cause
of the evils under which the country now
labors ; and this admission is considered a
sufficient answer to all the complaints of the
Opposition. The Intelligencer would have
shown itself destitute of its usual good sense
if it had taken any other position ; but yet it
is not the less true that the evil has been
"precipitated'' by this unwise, illegal, and
despotic act. The origin of the evil may be
traced to the crusade upon the best currency
in the world ? to a war by which, in rearing
up a local and unsound medium of trade, the
"spirit of speculation and overtradtng'' was
encouraged and let loose upon the country in
all its recklessness.
The history of the evil is brief. When the
deposites were taken from the United States
Bank and scattered amongst the Pets, the
public funds were lent out indiscriminately to
favorites, or to those who were deemed capa
ble of political prostitution ; and extraordinary
speculations in the public lands followed as a
consequenee. The destruction of the United
States Bank having become certain, many of
the States at once expended their banking
capital to extravagant and unreasonable a
mounts. Money thus became abundant ;
every article was forced up to an unnatural and
artificial value ; and an uttor disregard of all
the ordinary rules of prudence was every
where manifested. In the midst of this
mania, came the Treasury Order, diverting
specie from the channels which the laws of
commerce had assigned ;t. and forcing it into
regions where it was not needed. There is no
inconsistency, therefore, in admitting that
this order was not the " sole cause" of the
evil ; v^t no rational man ca a doubt that
"its effect was to precipitate the present
crisis."
As a political measure, the Whigs can have
no reason to desire the repeal of this order.
The mischief being too dt ep for remedy by
the repeal alone, its failure to produce relief
would be proclaimed as a proof that it had no
agency in aggravating the distress. But the
chief cause for dissatisfaction should be, that
the measure is persevered in not only against
all authority of law, but in defiance of the
expressed will of Congress repealing it. In
what country on earth, pretending to freedom,
would such a palpable outrage of the Execu
tive head be tolerated 1
b
From ^Ae National Intelligencer.
[Editor's Correspondence.]
New Orleans, April 29.
The newspapers of this place furnish all
the news of the commercial depression, fail
ures. &c. so t.iat nothing I could communicate
on that head would be any novelty to y oU.
There is news here, however, of a di fferent
character, which the newspapers do not com
municate, and which is effectually suppressed,
for it seems to be kept from the knowledge of
our Editors. 1 refer to the movements on the
borders of Texas, and the circumstances
known at least to well informed men, which
seem to presage important military events in
that direction. It is a fact, which you may
rely upon, that the Mex'can army under
General Bravo, composed of six or eight
brigades, under as many Brigadier Generals,
well-appointed and well-provisioned, is in fuil
march for Texas. On the 10th of this month,
they were advancing towards the R?o Grande,
having sent out reconnoitering parlies which
had returned without meeting the main body
of the Texians, but having met small parties
of the Texian troops and Indians, with whom
skirmishes had taken place in one of which
ten prisoners were brought in and in another,
SALorsKY, a Polish officer in the Mexican
service, was killed. Speaking of him reminds
me to say that there are said to be a number
of officers, some of them commanding brigades,
in the Mexican army, who have served in
the armies of Europe, and are skilled in war.
Another of these European officers, whose
name I have not remembered, was also killed
on a reconnoitering party a week or two age.
Tne number of the Mexican army, ail told,
marching in bodies extending along a front
O O O.
of fifty or sixty miles, is stated, upon informa
tion said to be derived from the official returns,
at between eight and nine thousand men ; a
more formidable force than I had supposed
until I had information of the fact such as I
cannot doubt.
From the complexion of the news which
has just reached us from the seat of Govern
ment of Mexico, and the determination evin
ced, so far from relaxing their measures, to
prosecute the campaign in Texas with all the
power of the nation, I should not be surprised
to hear that by this time, or soon after this,
the two armies, or at least their advance
guards, will have met. The result cannot
but be looked for with deep interest by the
friends of the Texians ; for, although their
army is said to have no fear but that the
Mexicans will not come on, they may be over
sanguine. At all events, I shall look with
great anixety for news from that quarter from
this time, and during all the month of May.
LATEST FROM MEXICO,
Capt. Colmier, of the schr. Creole , arrived
at New Orleans on the 6th inst. in seven
days from Tampico, states that a revolution
lad broken out in St. Louis de Potosi, in favor
)f confederaiion. The conductor had been
stopped, and the schr. Levin Jones , from New
Jrleans had, in consequence, postponed hei
/oya^e. The Creole brought to New Orleans
5 137,300 m specie.
. New Orleans, May 6.
The capture of the Mexican brig of war by
the Natchez, of which we gave a statement
yesterday, is probably the commencement of
protracted and irregular hostilities with onr
cidevantally and neighbor. This interruption
to the friendly relations which formerly exist
ed br.'ween the two countries, is seriously to
be regretted at the present critical juncture,
however just the cause of offence on our part
may be. Hitherto we have relied chi. fly on
Mexico to supply the drain of specie which
was made upon us by.exportations to Europe,
and now that these exportations are likely to
become two or three fold greater than they
were before, in order to pay off the heavy
balances which have accumulated against us
during the two or three years past by oor
excessive importations, and also to refund the
large amount of specie wrested from England
in direct violation of the laws of trade by the
unwise measures of our government; the
friendship and commerce of our neighbor, is'
then more necessary to us than at any previ
ous period.
That specie will for sometimo to come slip
away from us faster than it came, we have not
the least question ; and the loss of the princK
pal source whence our deficits have always
been principally supplied, may place us in
rather a straitened condition.
Yet, however much we may be called on to
sacrifice in a pecuniary point of view by a war
w,th Mexico, the honofr and dignity of our
country urgently require that it should be
made promptly and unhesitatingly, unless full*
reparation be given for the repeated insults atK*
injuries we have sustained. 0ur lenity and'
forbearance has perhaps been too long exer
cised with a people who seem regardless of all1
the obligations which usually bind nations
after treaties of friendship and commerce
liaae been entered into, and a recourse to
harsher measures may at least teach them
that however unmindful they may be of their
own laws and civil obligations, a respect for
the rights of other nations must be observed..
The weakness of Mexico has long shielded
her from the condign punishment her wanton*
and gross violations of international faith and;
amity merited, and the security of this weak
ness seeins only to have emboldened her to*
greater aggressions. She has robbed oar
citizcns, seized our vessels, insulted oar flag,,
and apparently sought every ^possible mean a
of arousing our enmity, without once seeming
to fear that our anger could be aroused.-? -
Whether she will listen to the final appeal
which has probably been made to her before
this, for satisfaction for the numerous and oft*
repeated injuries she has done us we cannot
tell, but from the madness with which she still
continues to act, we fear that no course will
be left to us but to inflict upon her Uje severe
punishment which her offences call for. She
must be whipped into a complance with her
national engagements, and taught to remember^
that though she may oppress her own citixens,
and deprive them of all means of redress by
the destruction of her laws, the same coaise
must not be adopted towards the citizens*
of those nations among whom laws and the
principles of justice and equity are religiously
observed.
Steam Boat Charleston, )
April 12th, 1837. {
To the Editors of the Courier.
Gentlemen? As you are, no doubt, desirous
of having the latest information from tbearmy
in Florida, 1 send you the following :
Oseola has at length come in to Fort Mel
lon, with upwards of 200 warrior; these were
in the vicinity of that post, (on Lake Monroe)
on the 3d inst, upwards of two thousand five
hundred Indians, (men, women and children,)*
on their way to Tampa ; Philip's band was
among the number.
From officers there, we learn that Oseolar
abbo* not an hereditary Chief, is still a ruling'
spirit among those dissatisfied wretches, and
has acquired, by his superior intelligence and
sagacity, more influence over these disorga~
nised bands, than there legal and hereditary
Chiefs possessed.
With this mass of Indians, he had stopped
at Fort Mellon, for the purpose of selling their
cattle and ponies, and to bring in the runaway
neg oes. They were to proceed on their way
to Tampa, Bay, on the 9th. These, with those
who are already at Tampa, will make up near
ly the whole force of the Seminole nation, and
they will probably be all shipped by the 1st of
June. A few stragglers wiil probably, remain.
Oseola slept in camp, in the commanding
officer's tent, on the night of 3d or 4tb inst.
and the next day while his people were bring
ing in cattle, lie gave * ball-play for the
amusement of the Garrison.
He is somewhat gloomy and thin, with *
countenance expressive of much thought and
cunning, and although evidently sad at leaving
his hunting grounds, he now expresses anxiety
to emigrate as soon &s possible. The heredi
tary chiefs, (no doubt jealous of his influencCJ
have universally denied his power or authority
in the nation, and yet the mass of warriors
seem to be near his person, and he the last to*
come in. They are selling their ponies arid
cattle quite rapidly at Tampa also, and no'
doubt is now entertained of their sincerity,*
even by the most incredulous.
This information you may rely upon, as 1'
am just from the army.
An Officer of the U. S. Arxti
New-York, May 9.
FOUR DAYS LATER FROM EUROPE.
The packet ship United States, Capt.
Holdridge.has just arrived, bringing us London
papers to March 7th, and Liverpool to the8tb,.
both inclusive.
Letters say the Cotton market was ?d a ^d
lower.
The quarterly statement of the British rev
venuo for the quarter ending 5th April, shows
a decrease ofj?60,409 as compared with the
corresponding quarter of 1836. There wa^ a
slight decrease on the revenue from the cus
toms, excise, taxes, and post office.
T. A. Curtis, Esq. has been chosen Gover
nor of the Bank of England, in the room of
James Patteson, Esq. who retires by rotation.
Air. Stevenson, our Minister, transacted
business at the foreign office on the 4th of
April.
The House of Commons met on the 4th or
April for the first lime after the recess.
Mr. Ewart brought lorward his moiion in
Parliament on the subject of primegeniture,
but was opposed by the Attorney General.
In the House of Commons;on the 6th April,
afler the transaction of private business,
M. Philips postponed till a future day (net
fixed) his motion for the repeal of the duty.oa
raw cotton.
London, April 5? We are still without
arrival from the U. States, to th,e great incoa>\.
venience and detriment of the jfa/ies who are
expecting remittances from tkat quarter,, and
who are placed by the delay in a. very singular
position. In the the strictness of commercial
usage any failure of payment of a bill on th$