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>< ^