University of South Carolina Libraries
BY A. Si JOHSStOX. " , VOL. Si4^ND, 3?. ? ITEC DEESSE, NEC SUPERESSE REIPUBLlCiE. COMJftiBIA, s. C. AUGUST 4, 1838i PUBLIi 3 Pt5R ANJiUJI. the 30-i71?s:a $aa?sae?a IS PUBLISHED BY -. - A. S. JOHHSTOJT, Every Saturday Morning", ll> XYERY WBDNESD Y XX D SATURDAY M0R51NG j SESSION OF THE LEGISLATURE. ! SSSwF "^ERMS = Three. d?U&?s fjfr annura, if'paid in advance, or : oar tloilars at the end <>f the yenr^ idDhHtiS5S&JM*TS; conspicuously inserted at 75 ;riis per stjuo^efcr tfce.-first insertion, and 37$ cental t er?dry~sabsc<u:ent insertion. All a<??ertisements itlewU tit thenr^esYeix ,H?rwgFtha& Tegufctrljv to?t charged asr new- for Security, i^r^stntfs - ^ <V*P^JIt5TJANT to Ofde?. from Brigadrer ^GetieFa] ' Camey/ari-electioTrfor Colonel of the 23d Re ' jBafent.Soutb.^CaroGaa JHSSa, wiU. be behjx)a Sat urday the 25thx>f AugjastoiextC . Polls -to WopSned at 11 o'cfiS^k X 3fc, rad cldsed at 3 oVlock^P. ft. 3Fte managers will meet ^ the Town Ball in Colu ni- ' jbia,'on th?- Mondajr after _th* election at llo'^dcjt X^fi,:COunt the votes and jrepoit the reis&ir Ofe ^^^ommaodmg companies will extend this order within thefr-resaective commands. - 7 order of ; H. MaxcYt Lieut. Cor. commanding 23d Resr. W.B THOMPSON, Adjutant," : juiy 2s. - _ ?> v';" g* In Equity. ' LEXINGTON DISTRICT. Evan Prothro ') ' * ' vs. > Bill to foreclose Mortgage. Solomon Prothro. ) ? BV virtue of an order of the Court in the above case, I will expose for sale at public auction, at Lexington Court House, on the first Monday in Au-' gust next, all the interest and estate of Solomon Pro thro in the following tracts of land, to wit : ? One tract known by the name of the Ratcliff tract, situ ated in Lexington District, and containing sixteen hundred acres, (more or less.) One other tract, con taining one thousand acres, (more or Ies>,) bounded bjf lands belonging to the widow Kitching arid Jacob iKitching and others. One other tract, called the ^Swect Water Tract. ?>. I will also expose for sale, on the second Wednes day, in August next, at the residence of Solomon Protirjrb^ fourteen likely Slaves, T&Veral Horses, Mules, SteBrsvCar:s, Cattle, and Hog?. ^\V ^iTetmsoif Sale? Cash: J. A. ADI?S0N, C. E. L D. ' aSS? ;^Juty. 7t 1388 28 lm >ri ?*? In Equity; ^BXl?^prON>T)IS^RICT. John J. Sligh and wife vs. Jesse Mathiasand oth ers, heirs of John JHathiaSi IN obedience to tin the above * jytctjon, at ll? - situated us- to me puuuu. "** JL 11V VVUktwvw* . _ _ _ . %rve bond with ample security for tho Iment of cbatract,' upon-fcfaich a draft the treasurer of Hie u per- division of the State will ' ^iTSr a-ftortion of the money m advance ? ?rende.'to be made, for specifications, to the sub Scpber. ^:?'; * ? .? " v , y.. -fi, W. CHARLES, * . Clerk Board Commrs. P. B. D'. D ' - ' s ? ' \ 80 - ? _ and ^>--sq^v ^. TRUST COMPANY. " nst^ineftt of ten dotftST per share in the cap th? comfmif, is req uired to be paid ;at^he?f ofl&ee No.22. Bro^d street, on or before Wed iesday?rdie'IIiofAuguat?exti^^A.nother instalment of tea4oiIars o?or before. Saturday, the 15th ofSep ^feinfer, ah<l a final instaljfenfcof t wen fjpiJdl 1 a rs on or trefor^Mcmday, thl^S&^-Gcui^r. ?" ^-"?Neglect iUppay atfhptitees'specified , williifcur for feiffcre qi?the previous payTi^tf^Vr.. ^ > . .Jiy oraer or thV J3oa rd ofi^recipfs.:. ?; JOHN Cashier. 2*- Charleston, V ? -30 *?3 .. l. _ ? : To ; j r*?HE Ladies cf Chesteryilleand it VKanity'are >jpi; respectfully informed -thut'-RusS- Hodstin^tna Just received the first number of the Ladiesv Month-: Magazene of Fashion, - as published by JJfe&srs .-Sagu^es and Scott, 62 Liberty, Street, New Yprk? ? ?;;u Ko r?i>h^sheW at $6 Der year, Day aDlQUtUl; jjpoiij uu miv ^ ^ 'l)er;'feventy five cents for tdn^e nntiOTW- Ndspb-* scription taken for a a horter time than six months. The firat Bomber co n ta im.t wo; :Une engraved plates the first plate" contains two Ladies in : miniature- s$z*v "re^o^niin^ th^^^ashidjpis as pab rfahe^i&^Qa for the, monl^^Ma^;383S ; the Second- has" " different, subjects, su ch* . as ~ Vo! lars, ^eaddresseS, "ftecklace^^c. <&c * Ladles ^wishing Jo ?tmscribe'fbr rhisLperio^icuV v^please^rward their -jtaineand residence, eithef to Rush HudsCa, Cfrest^Hr;. .C J^C^orthe- pubHsbere,. ^eni^i.Qg^a remit tance; t>& taree doilara,' -which w3l receive. ^ie attention. V - ? joty ^i ^ mg. . & & 'V Company Order*. " _ ? Co'ilJiisuy'Juijr 16tli r_ , purstance of o^en ifroni Lt Cdt. MiixcT, an : JL etecfiph will b,eheld^nP?a6irdayi the 25th w Au gust next,fetr ^nlAneL'of tfe^^Srd Reeiinent. The, poll for the Richland y-oitinteer .^Qe Company will be open, at the Market, at llo clock A. M. and closed 'ttrns . 'ZJ TV X + -^UUkV??u?n' T. Bi BAKER, Orderly Bergent. ? V^. - rriuuug . v. Resolution, of the Legislature, t:emb^ i837, Prop0sals will ? v ^^ac^ibor,7p'iftiI the^firstwf^No- , t member next* for .executing lhe~printing of the. next: | Le^slata^ev-in whieh-proposals shall be specified the : [ price jper printed foolscap page at whtcnlhe w^rk- j will be done.^ ^ T ' r : ' " : - ? ' - BfiNJAMlNftART, Librarni^^ July 21-, - ; v- .v.--. - ? - <- -v - .1 ^ ? Stolen. . rfeff r - uesdaV hig^i last ; f#dttr my stial3le, on the; Stateburg road, -IS miles beloW Columbia, W$ll gaited. . Any iftformatiori concirtiing ^iitt'WilL he thankfully received, and ajreasoaabfesuHi paidftHM the horse or the thief,-- ?> x ;^?ir - - ^ ; - -- ^jessereese. : . July 8, 183& j, f ^ ~ Sit?ationWantcd. A GENTLEMAN well c^ualifietl, by experience, education and ^as a disciplinarian, to. prepare students for entering? any of our Colleges,- is -desirous of obtaining & situation at the South, either ias a private Tutor of Teacher of a select school. He has. satisfactory -testimonials from the Trustees pf a highly respectable Institution in Virginia, of which he has been principal for the last three years, as well as from other genuemen/wefl known in South Caro ; lina. _ r. j - - -r ;:,r Those mterestod or who may desire further infor matfoh- can address. " . .? L.T" . v ' ' " ' JOSEPH BOYDEN. . [ Charleston, Jefferson County Virginia. ,? - [ ; July 21. 30 Verses written in an old Church and Burial-ground. We passed the low stohe wall, anil 'stboll Beside the heedless dead, That lay 'unknowing and unknown' Erich in his narrow bed ? O'er which the mellow summer sun Its ev'ning glories shed. And on the sleek and verdant sod. A lengthened shadow threw ; ) Where o'er an unpretencftng stone Or hillock rose to view ; 'frophies that ffrbved death's kingly ciaim, Beyond all pleading, true. And there, the church yard path beside, fltood, to show '^Jf6w,lfeetcrthan the light-wing'd widn's, minutes come and go, And certain and unceasiug change Await on all below. We gazed upon its tarnished face, Just as the solemn chime Rocked the grey tow'r whose sun-lit walls Kose on our gaze sublime ? And to the well-tun'd heart, it seem'd To say ? V Redeem the time." We sat within its quiet shade, A'hd on the sunny scene, More lovely by the contrast made, And pleasingly serene, Gaz'd with a joy we scarce had known, Since life was young and green, Ere been linked to pain ? Vnd sUfburselves the while, 1 Why man should " toil so hard to gain. A monumental pile," Thaf, whilst ? t craves the stranger's tear, Provokes the scorner's smile. the grey old oaken cloor ig open to the touch, ?and down the breezy aislo 3d, and pondered much, ! of mortal ipan, were such, that here $W.eU wing.-1 _lad ^afefahose n we shared; .. , . , :Z\ I..? ' ' Tray " >>/J .. ?' ?*.. c . * "S.- fc' ; . ? - *, , .. anifwni&it?;^1h And feared on tfie goodlySrieW . * Wliifch opened JtQ:odr tight, * ?*?- In aM the gteenneg* of tHe spring, : ' j Ari<?summer'? glbry cfiglfe. ? ^ J" ? ... . - . . . . ? v,._ l ? jc- : ... -N- . - ? ? ? ? And on the still church yard beneath? Vt . - . -v-$3k?e soft and grassy sod^% 1 So purely brigljt^it seemed that there . No. Jxnman foot had trod?c- * : Wksi^'^ed With, ^'heceilfj of those . Whose soles had gone to God ? ... > - , <x r - ' \jn *>?'.'* * And there wo breathed ifwisli to lie " ^ Remote from fell y'? nwse^-'f " >? v -?; It seemM^ofita re^ing^pkee. Between the caiVtlikVcIdys ? In siich a hollow world as this v ?' ^ And HeavVs>nSurmgjpys ! " Oh Death of Death I through whom alone All perfect gifts descend, : j Give us that stedfast faith ibjThee ; ' ' J? - . Which brings a peaceful' end? *" ^ '?* And whereso'er ouf^bodiearrt^ V7*" T ' Our helpTes soula^oftienjl-! ^ v Letter frm^ttie iN * Ike. pirobdble ejjfects oftM^b^rfd^p^^^ x ley with ike sjik^ie ~ >r V: r - v'v^;'^ 7^;, I sg to 26^ l$38: %-r .. : - '^^ojrcirbEof '"' . ' .' I njafS Ji^r^pns|^^^^6csU9l>^^ W^teraaJ^^t,' inre^ wbicfrth e^pro jecte^jrefxjrnr kio u^xUr^nc^islik elytohave o n met?te thfpughqutthc wh ple7co m rae^ciaL world. ~I \vi|it now tp IqoK ^:it;iJX-anotber -poiQt .or .view, in reference^ tO^our own circu Iatkin ex-" clusively. I tbink U :ViriH, be apparent- that here," too, we '^e^Wt-pnly attempting tP sterna strong and, settled ^current of practrce. and,opiDioir,4)ut are paging a war fruitless of ^Turse,>as"sucH a war* raiist ilivays be -with tb? nat? re-cO f^ing&/,%^ ; -i,". * ', -? - Z Tbece as X qnestip? which I have often propounded to the^advocates o_T a. trteddlic cirt^Iatic^arid ? which,. I. #otild > be glad ? to have aQSrv%red^ ? Satisfactory manner. pp^ies it,. t3|^at^ib pefipd^of our bistwrj^ps^ this country had a supply of gold aifoEVriver1 at 'all adequate to th^ j^aot^^ the>efemum-. ty, even/or the jBS^^jSKfer {iS6St crcc alatfon-? though rno^unplaiisible, is by" no iineaus a su&qient one, viz. ; that fall the channel pfi circulatiop; having been.- kept - perpetually choked up with paperrjthere vpas^.no^place" fox* a metallic currency, . which:;was-thas>ex^ pelled-, t^e;ppuntryv -jgjiu it ^ i^v/the' first glace, obvious .to observe, that> even: were this y^^dmitted, Jit w'pu]d"^be itself an ^ectt&:b? accounted fdr, and the. di^uity would Only . i>e 'removed \ ouerstep ^further. How'.coraes - it, would uquiiy, that pa per should j in e vSry^ r|^p? this cpuiitry, and at afi havet circcilated so mu^fi^mpre ei^sivelyj thaft'je^eepting a fe^ejy. rar^va u d extraordi^ry-occasiPns, it has evsr been^nownto doelsewhere ? To what pec^liaritj of character or condition, is th is to be ascribed; " ' <Wr ^ sr . But in thenext place, it is not historically true that the precious metals have been al ways kept tsut of circulationJn^the United States by paper..,. It can be shown clearly, on the contrary, thatat certain periods of our history, there h^ Ke^n.a pr^iiig aQ(i ? niversal want of circulating n^inm ; and yet contrary to the general: priucipte ttiat. gold ani silver, will, like other commodities, go wherever there is a demand for them; they Bave not madtirheirappearance among us. I /?"^vv 'X'**, ; ^ : ' ? cited, on a former occasion, the Washing ton Papers, to show that during ihat period ef our history when we were more nearly re duced than at any other to a metallic curren cy from '84, to '39, 90, there were perpetual complaints of a want of money for the most ordinary business ol life. The dollar was not unfrequently cut up into five parts, ekch pas sing for a quarter. Taxes were paid in what j were called 44 commutables." Many of the! domestic exchanges were carried on by bar ter, as in the earliest stages of society. Gen eral Hamilton in his report on the Bank in 1790, says the same thing. There was a loud cry, from all quarters, for an issue of paper riioney by {he States, and it required all the wisdom aud firmness ofYfie great rfien bfthat day, schooled as they had been by a severe experience to resist the demand. Here, as well as everywhere else iu our early history, we w^e deeply indebted to the sage and ad mirable" conduct of the common-wealth of^ Virginia. New England was in a state of frightful anarchy ? thousands of ber young meu ? the most vigorous, active and enter prising part of her population ? openly revolt ed against the laws, which by refusing them an adequate supply of the means of exchange , denied them, as they cenceived, those of la boring and livfftg "by their labor. Mr. Galla tin is another witness iff the then state of things, and he happens to have faVfrtfed txs with a very exact account of it, as she saw and felt it in the State of Pennsylvania. " We may aver," said he, "from our know ledge, that the Western counties of Pennsyl vania, had not, during rfiore than twenty years after their first settleirre;rrt, the specie necessary for their owfcirtfernM trade and "Vi sual transactions. The iv&nt tff rotfimunica-. tion, and the great bulk of their usual pro ducts, reduced their exports to a most incon siderable amount. The two indispensable articles of iron and salt, and a few others al most equally necessary consumed all their I resources. The principle, almost univ'Tsall 'ft\ true , that each country will be naturally sup plied with the -precious metals , according to its wants, did not apply to their situation. House hold manufactures supplied the inhabitants with their ordinary clothing, hnd the internal trade and exchanges were almost exclusively carried on by barter. This effectually check ed any advance even in the most necessary manufactures. Every speciesof business re quired the utmost caution, as any failure in the performance of engagements in the way of barter, became under the general law of the land, an obligation to pay money and ipight involve the party in complete ruin. ? Uuder these crrcu?tetaftcfe3, even a paper cur reucy, kept within proper bounds, might have useful."* * 1fe>e?; leave, in passing, just fdcall your at tention (o this vivid, though simple, picture of the even of the most industrious people, straigli te ant of sufficient 'circulation. <j^Tou see *? ? ri ? i*r paraly sed ; alllabor arrested ; all the springs-' and principles ofsacial improvement weaken ed and relaxed, bylAp want of the means of fexchartgiog the products ojf labor, as soon as rthey are produced, aud in the manner most convenient to the producer, ^liere is no greater mistake, as has been wen fwfcarked by; a sensible- writer, than to consider a cfc^y ~$in ?aa&tity;.of capital and a certain number qf laborers, ts^roduative instruments of uni forni power,: or ^operating with a certain ~uni :foxxn: -JQl^Bpsityj by quiickeoipg'ther activity with which thay are * applied/ may adSrrinmensely to the results .'^ec^.%t!^ra'/v:^mong1h^(<^t^*'p6'ope : t^i^h<^i^^or4r-.pKdniinent ' thanfan abun-' Jaot^nd ^pecialiy ii progressive curi*ency. ~8ten i^^onlyvto sell %comc net-- de ptW&thefo ke ? JttSp&i^siafc' into apatUy"and jdle^s^: ma?c-"t5^ir^fket, dull, r dha^s ji tfie x hance o fs<e xt^ngii^Hfce pro - ji^i^t^pf-$n dust r?; $n d y o Ad i sc 6ttrage poru^flably. <vHence all business is at a gtand ?jsiiH 3ss<io n asa wa quo f money to ^irguJate ^commodities is fdtV'and by diminish!^ grad ually thejcur^cnCy ^yOM' wouldreduce; socie \iiyppaxi 'p<?^:^lndoielice^poy^fy ah&toar batosm 4^i^this greatly -progressive co u ntry, above 'fro-' effects of a de io^olcleifc&uhtries would ensue, ^thoxigh Jess-^ Wasfrpus,: 1n appearance, be cause of the^counteraptin^' inffuences of our ryputh and vi?or, * But to refurn td our. immediate topic.? Herethen, we have .-a state of facts entirely pecicili'ar,- wiiich She general principle, as. Jo the - certainty: of procuring all the specie wanted in ajjo't?ntry/for the purposes' of cir-. culation, ev i ^eo 1 1 J. d oe? h o t a ppl y. ' It is 'due .of the phenomena, w h i ch a -philosophical in quirer will.be mtiSt anxiotis to explain to his ow^ satisfaction. - 1 call your attention to it, aud"that cfcthe advocates o f thtsvineasuref who seem to fcbink they have, nothiqte ^fo ido but to^brcak^down banks aud exploo^their l^ape^ju^ ord^tq-ffood the countiy . with; the Jvgrecious metals. ^% appeal t6- ourwn expe-: #ience to show tile' dangerous 'character of their projects. I cite ; ifact , to btj accounted for on Athe principles of a sober, ^inductive: philosophy^ not by metapysical. abstractions and theories, 1 i prign, -The. modern, world * Has abondoned that sort dfthing, and itis pot: asking .too: roufch of our great men, I hope, to expect tharthey will tread in the. footseps of Bacon and GaiQe^ ^Jt is a fact theriv that; during long periods, . this eountry, .and every "part ofit, ha^e beeamthe greatest eni harass ment for jifeitit dfcijccvlaimg raediufa;,abd^et gold arid istfver, to a taiv share in the common stock of, which we were clearly entitled, -woiild not comer to our relief, ?V*Ov\ic?\-; .* .-Aj*v Thisapparerit anomaly must^o doubt, ?e 'ascribedin a* good degree, to the peculiarity of our-condition as a youug and growing-' coun&yi-hy far the greatest amount of whose: veiy inadequate capital and labor- has <been laid Ouf in^cultivating a yirgin soil, and cov- - eringit with improvements of all sorts. "We have been borrowers from the begtriingy bnt our great profits have enabled us to pay our c debts, and to' grow rich by them, without any.: other inconvenience than this very" scarcity - ?* Thoughts on Currency and Bdnkihg jn the Um- : ted States, p. 63 - y V . - ? . t A fidl, and even a rodundantcilttfencj', whatever disorders migbt accompany it, haa seldom failed to produce some good. Law s scheme; the most disei trous instance ?fan excess in this way, anywhere to be metwth, was attended with ptrnianent benefit to France. ? See Thornton. .' .. ' ?? -;.y - of the precious metals, created by a standing balance of payments against us, and that has been practically n6ne, because their place has bet'to amply supplied by the use o( pa- , per.* . j But something, or T should rather say a j great deal, is also dtfe.fo our way of thinking on these subjects. Whether it be owing to | our peculiar situation, which has accustomed J us to the paper system, or whether it be that . our people, in this as in so many other re- J forms, haveant'icipated the conclusions ofj philosophers and the progress of society, cer- j tain it is, that they have greater confidence iu bank paper, and have accomplished iriove by means of it, than any other nation if) the world. Thi3 confidence, as has been well remarked bj a very sensible French writer, who lately travelled through the United States, and whose information struck me at the time (for his letters were pubfTshccl in rhc newspapers at Paris) as, in geueral^:?g marfcably exner, is not a blind "cunflTdeneJ? is the result of reflection and experience.* It ft, in my judgment a most striking aind hoa-f I orable trait of our people, aiidn is amide x of some of the highest excellencies of the na1 tional character, as well as of the singular happiness of our condition. - 1 have listened with astonishment to the false and superficial declamation, so much in vogue, upon this subject. To hear soine.v persons talk you would take us for a hatio&'of sharpers, and suppose that the whole history 6fofo citnren-1 cy and banking was one issoe of &oft,6Vigbl knavery and imposture. _ These gentlemen, totally misapprehend the case, or I am sure they would not do so much injastice to their, countr^ as to turn what rightly .understood, 'is her glory , into hershame* .-Why, sir, you perceive that as the foreigner just quoted, has observed? regard to the comparatively slight shock to crecfit, oc'casr6'n'ed by the "conflagra^ tion at New 1f6rk, we hkve been 'tradiog,.^: effect, upon " a moral capital, which ifre' could not cousume." ,No, nor moth or tftst, corrupt, or theives break in and stea^ is that sort of artificial capital, the' object of so much absurd denunciation her^and ase where, a capital made up of skill,; ca pacity, perseverance, integrity, enterprise. Political economists have always appeared to me to be guilty of one great cardinal error which was precisely this, of. taching by any'toean* sufficient to m oral causes , cousideVed as productive .jm-\ ers merely. The first heads in every well formed table of statistics ought to be the na tional character? the constitution and la wsot a people? the liberty they enjoy? tne^e to which they belong? the educationally receive ? their conduct, pursuift ^ pies. In comparison of these, the tures of the geography, physical and naftuial, of a country ? its soil, climate, situation, ittv erS, harbors/ &c. are really unimportant.? Had s6me other tfetople. be?n planted oo the ;rockV shores of New England, they might f >unk into the condition of obsctrretisn ermeoj iTllcUi'-acfVage^ci^y^ptogL instead of inheriting as they have done, in their gigantic increase, directly or indirectly, half of this fair continent. " The mjgnt which slumbers in a peasant's arm," in one countrv is awakened, revealed, broughtjdOt into mighty and efficient exeVrrbo, undefcthe ata coVers the soil it c?UTvl$feVit& lasting monuments of its power. It is thii olorality an4.in telligeuceyr'animafk,d,..;wittf the spirit ptoveraent, protected by equal laws, ?confidence in a feutrrre, *hi?fc thepecnnar circurtl Stances 6f our most- happy sitflftttou, could notfail to iifake betteT thmAe^a^r; it; is thi^high privileges, that have:constUn(edHbe^c4^rf: of a pebple that had l^ly any:othet^W other, words, have enabled them toanligj|ra% by means of credit, the aba^anHfrrite?p& few years of well d|r^te&^p#r^ I upon the resources ofct^rtfonrowy because,* [ they are stire>to be b e ttejthaftthQS ojof This under whqph a ng^J^ "fertile countty starts up*almost lnstant^^ntp life.and heauty . ^Failui^ are notCin dur vocabi^ai^ -^^ tJftjU go^ge^ sometimes occur,; they are comparativisliy^ rare .amidst the da^0ng' su^$ses, .oi the great majority of. adventurers, i n o ur Wonder ful career ofUxipi ove Ment^ asto be taagpuft vvbrth^itakrni into^hs account^- One of the iMst extraordinary examples ofthe confidence _ which. all these circumstances have enabled an! disposedus^toreposein each other* ^ as hasr heenrremarked;by one- of our?we*s,fr ihe credit of l^or 18 rhonths habitually given by merchants iu the Atlantic cities to4ho?e. of the "interior; it a distant or 12'orpPW "rniles, whortl.they do not expect to sec Mfore the expiration of that long period, on spclr easy terms as are the best evidence of the . genei^-punciuality and int^gi^ty of thier.cus^ domei^ "This temper may lead to occaWQffc atecesse^ and yet I confess1, there is some thing in this mutual confidence, thus'pfewad ing all classes :of society and all; parts. of tbcjf countiy, so full of a high morality, of a refin ed hU nianity , of a brotherly un ion, ot> sense j of all our happy privileges as^a people, that effects me extremely itf contemplating it.? And the more so wTxenl come ^compare it "with the habits and condition of,other nations* in ^rt^articular4^^ak^J^n<^ pie; <wUte;a ?ff|re^ception, tw ?4st S* nownei oT- rrioderosfiites; and,m some iioinW a witness w^ose, testimony WWJW 44 A long time> must; elapse, says M^Chev-, alier, before: w^ tem of credtfa^ extensive aa that which^ex isis in England and the United^tates. ;We ' Ariericani hav*tlie ptnHwlttjth ih paper "money,, It is ? <*"* blind conMence, fyif wjg had -our fl$s&nates. they haveJiad their money iand it would not be neceajary.te trace th?T> history tario find their banks foiling, en a confidenee..fbunded upon reaaon-a- courage, tba. result of refiection/'UChevaher. t- U-, 1 v+C4r?y. Cr?4iijy^'em of France?;i3l*ll- Britain arid t^e United" States. v $-Hefe it a beautiful illxutration of what is etaiea m the teit.? ChevaHer t. II.. 112. . , " Sociely aays to the poor man m ^.njenca, iaoor . if Dutiness should b'e dgiVnst you, ana y?u should fait you ?peedily raise a^ajn, for bfW (*jja r A ia^fongider?d as a wound received in battle, it will not cause you- to lobse esteem or confidence ; provided yon have olwavs been temperate*nd regu lar, a good Christian and a faithful husbands I are ih 4hTs respect in a state of haibarism." He gives many instances wliicti fully jistify this strbp? language- Hie picture he p re seutV&Y'tjfre nnlvdrsaj.waut of confidence., i A pecuuiary matters, ari6 t"he Vnannet iu which it embarrasses and retards all sorts of busi ness, is a perfect contrast to. the happy con dition of 6a V own "country. -For instance, after statrug the metaftrc currency of France at 3606,005f'6d6, he goes oy to ay that ** a pirtW this immense capital is out of circu lation, and rests burfpd io\the' coffers. in^ dividuals or hoarded f>y the poor,' tmwillmg to confide to any one rheir little Sayings*" And he remarks elsewhere, that 4*if ,\jrf|^ad 000) half in paper and half Tn coin, frould suffice far our transactions. ,JMlq1Wruig for our commercial inferiority, let us adbnit (tin (8300,000, -000) would t^eje <jnired, and- tliHi it should be composed oi two thirds metals, and one third paper, fa follows that we might usefully dispose of 2,000.000,000, or at least ..1,500,000,000 ftrtrncs) now unproductive in form ojf. coin, adding nothing fo our corfi^Sisf, ^ joyments, or to our productive power.^^he mora) effects of this want of confidence frv fully as disastrous as the economical ; es' beciallv in regard to the pooterjfcffofses, jvhose said, fb deiiosits and fCbave Jay?h( ciently accounlsfOr ihe grei our - bank in g-- sy ste njt^ small fffopoftibn of;;ji circulation, r^his lis ed to the half pf whi cessi^ii t^feev'^r^cji^^ro i derJ-cdfi&tJw-^thaa jtr'. never ^ai. i^ my Opinion, iftiSt circulation iu an#- cut$piry> .. Act Mr. "Gallatin's -estimate of jt/it s <s* * 9 Deposits," ' ;; ^^' 0^,^00, Specie in c jrculaVfoo, - 10, 000,000 Su^oo? . ; the banks, > ? ? ?fe; . jr^r You see that the basis of 1$ issues and credjttv -in*. phlj l J23L,, 'AoteV y& .It Is ? ji^l currency answering all itsjegitfmate ,$nd$. more perfectly, and J?t every respect more safe and manifest that.every dollar added to The of gold and silver theiMm haa^^Ja^T?| of banks would bave been -Just ^ so ir de?<3 foSSlrd the t Opjtn esid es try. And here I t^ill takfe notice "6 f ano ther fallacy veVy general here. It is to sup pose that the proportion of one to threl maintained, or rather aimed at (fo* it is sel dom effected) by the Batik of ]?ugi4n$, M j a fundamental,- universal role of #6und bank ing. Not V t all. What this pfcoportiott ought to be; M'Yhere matter of, ta#e*ij?ri tment, and cintidt jtre wtrted ^ priori, " j this country the experience '6f half,* Wtt tury has established beyond donbt, thatuo *^*ng approaching to a third is required? ixth, <fr less, J?a$ been abundantly : snffi" vivDt. Our peculiar sitdatitin, our habit* .Of business* and the eharifcter of thepeopl* fiave liad^lt fa England, WerJ it nbt that the Bank is obliged ; to keep on hand ? specie >en o ug b to support not only Us owtf ' Uon, but that of the country, and ca?B^<if' & ? recourse to h) < j ^J^igScotcht Uvop^lhero.lh I 4% lAco nvAHArtinrl ^fmSbm CVX. a , r. ?"r_? &S I his ex He* ctivey and ji ? "*V *&*"?. ? W- ?,?Afl?inn c-tA. K<? ' ?Ptf M Sv ftl , state .^S^P^^owghrhr it as applicahie'd" jSS^iWSaB'i oc^^:?u^of calling pnk iibrattention ^ the South to a volume, wjft# J ts ^tateul^ts ^ou!^ 6e found tp fcffitft?'' accurate, this whole lab a s?t?M?iWdrviioi0| rifcfrifeirf tern ?i" mil ritit L 1U& should hi itedS ye. WrtrfH w* vibftl..^ _ iibns oflhifigs^J 3S&B& ir^imenlely, pre dooP seqj exfcfusi ft' V*4 v? JandsVwhi wmtl&i _ , in^mwtinj^^ustime^ to any ^^SS^our pK?e; merely teir^Mtthj ?uhf thln^bui as^Hbhg as has Been thought. Tb#y will pj|$; Awaj as though they had never been, in tiie course of &ie3 years, if thef Government tfiil onlf (as I now think it shows a dispositibn to dol ivied em ?Thoughts on corroney tmd binkfag, J&JJ. + Mitiutes of evidence, ?Td. 90: t . - ^Credit system of Frano?, Enjfiiidi an J thS ;d Statei, bj' .Mi. CarS>< ^