Historical Newspapers of South Carolina

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confidence on this ^oPmSajJc e . b e reduction of st as insufficient a guar- i *#*t a? atj^dant revenue and large UH$te, treasury?^) r should these be ...? J?|MBipb rtUfc&aHy large expenditures, as tfeety probably wifl ? agaiusthigh arfcrage balances ou hand. Kverv body knows, that low duties Increase consumption, and conse quently revenue, aaa!l should not be at ail . surprised to see ours Immensely augmeuted ^-ina fen years. Shot fid i? prove so, and should snrplusses of thirty or forty miiiions accumu late in the treasury, as in 1*3(5. the derange ment of our whole business, both by the ef fect of the withdrawal of so much specie from circulation, and the fall uf prices at home and abroad,. Mould he frightful. But even: without any such extraordinary accumula tion* and supposing fnrur-e appropriations al ways equal to the revenue raised ? still the etTeciS-of this scheme of hoarding are likely to be quite bad enough. It must be remem bered* that it is not merely what wili be lying iu the "Land Offices. a?d the Custom Houses, and the hands of disbursing Officers, that would be abstracted from circulation. The merchants and purchasers of lands would be compelled to demand of the banks ao a iftouot oT specie suHnieur to :iteet current "pisb^rsemeuts?aud this amount, whatever J?i*were, wouki be just as completely lost to of! currency, as if lucked up in oue 'r the sa(es described in the bill. , The Quantity of gold and silver which ' * aula b e required by this change of policy, j 1 would be much greater here than in England, , for instance, where almost all payments are j "?ultimately made in London. The vast extent : - of our country; rhc,j*Ktependeut existence j and organizational the State institutions ; j the great disproportion between the revenue 1 -.raised, ajK^he disbursements made by- the J Govenripeut at different points of collection ; j ?Consequent necessity of frequent transfers ; the public money, from one part -of the | Union to anotherv would expose us, in a very ; peculiar mauuer, to derangements of business j and circulation frotn such ar system. As to > the inequalityof expenditures, it has been, as you know, & theme of eloquent complaint . and denunciation to your Representatives ' here, for years past. -One of my colleagues | iu the House (Mr. Thompson) has in a very | -able and argumentative speech at this very j session, treated'that topic so fully as1 to su- 1 yprse&Ci tite necessity of my saying any thing ; more of itbere. .Itis sufficient to mention; ? |[eaferai result dtilyv which is,- that there Is even 5iio w, t bat o*ir import tradeis far less j^.ltas l^en^aqfes likely, T trust, soon i a large balance annually paid; ..over by South Carolina: into the coffers of ] v^the~ nation, which - returns no more?and this | balance,' under the new policy, is to be re- j mittea.ia g^dand s&er. A perpetual drain J isHobe made upon aifr iittle stock of those ' 'metals, foi the behejir of the very parts of j . tJie co?iuti-y already so much favored .by the | aerations of the jG^o*erncSeot^'^u addition ( t o their present advantages, they are to use j us"to gather specie for them. We are not; "ug9jj^O pay'muoifmpre than we shall re- i -*1^: i ? ? . ... ^ &>h>lk?rtitanc t. "X ? r~-zrr.*- - ' ' ... ~ silver. >1 cOofesfe, sir, I do not exactly com- 1 ^rfcheml this ; Init if the result be not to make i JfewrYorfc, more tiran ever, the centre- of ail i eorum-rciai and mouied operations, to make j her thegieat repository of the precious me- 1 - tats, and tdgcveher all the advantages which ; possession ol them can bestow, I shall | _t? ii^st egmgwwisly disappointed. She will j t>* more and more the head quarters m bro- J kers antj^moaey jobbers, who^wjlt^xercise j oyer the banks of the rest .of the counny, es- T peeiafly the South and Souui West, the | most: tyrannical- sway. Whenever it shall j please them to drain those banks (whose notes , wHtbe ata perpetual discouut in New-York) j they will do it without impediment, and with-1 j out remorse. Banking will be rendered more j easy at that great centre of commerce, iu proportion as it will become more difficult elsewhere : its paper will be every where in demand at a premium, and its supremacy of credits be established more firmly on the sptcie basis ihaa it ever h as been oU the pa per system, it is possible^, indeed* nay, I think, ceruaui that tlie aggreate- amount of , our commerce wouid be duamisiifcd by the ; new plau. New- York woukiaot, perhaps, ! acquire the same aUsoi^tz-igra&$?\i r amfcpros- j perity under it, as she \ra^^^ttam if ( things were left to ta^th^r fta^/^^ course-- [ but ber reiatioe impo^tiTice. so. far. thwn- Being j impaired, wouidL bfe, In my opinion, greatly iacroase<L^MPre at the gro wthvof ; &a$re. | What is feeome of the commerce, once so l consi4eahieT of jBtordeux, Nadirs* Xj' Orient, | Roeh^Te,' f Why v%-if;r'all gone >tq a ] city of yesterday t and- that too in .a countrv j where couHUerce is so jitti<fcunderst<wd, that ?j its metallic currenev al one- amounts to .600 ' mill ions of do^aw v tiuW* fourths of which are absolutely thrunm away? yWby has" the *4 bard money^ -system^ of fence had ^not the least effect iu ^ ^preventing tfiis-ceatraiiza tio? of ail the f^reigft fcrade of that grf at: na tion, with its divexs^ectiaterests of northaod I south 1 And if it has^not prereuted itthere, why should it do sa here J - ; $ I. re peat it : the absolute pfospenty of New- r -York may be impaired, by the Sub-Treasury j , - O' - Xrom the uses of commerce,, the,, depostfe.of | ^public money levieied co^merce^ diminish | , the aggregate trade.^ th^0UH.iry jsome'fil- I ? teeu 1> ir twenty . trii^tQcts a year, % ? [ fhat ia^2T qnesi:is>n w^c,5 i?thete mu^' saKj ^swer; ? I am tot*ily ^uua^Jbe! _ta- ^^do "sor? fe Jf [ I dosot know wb^^s to gain, ? think it very ^jelear-wkf is* tfl>,i^,J^r;.i^ *-^ou for ^gortcn. sir>how vicc, or ratae? you and your .-poltpftal friends ia .'South Carolina, reasoned ^about -the ef^ec-t s^Tu^th^ ^ari;f,.^to . sb o w that 'merely, : y e cp^^the^hple- a 5H*6?tttj^the_ duties; 5ri jt6e;^om modi fier se^iLthet'by toreign^rs iu .exchange fosr par croffa ? '"X^ytan jcheci, r. jsaTd you,). ^and i^^copartioa you, check,, iiuportat|pns^ exportation ; * |w^9fierest: i^toand the [.freest and most ex i^nded commerce ; the principal- jTrndUct of can. be:'g"rown, in araost unftmited q uantities, over a vast portion, of the earth's sarface^jihd osly ehance of raa.intainmg pri ces, as production increases'so eQormwisly\ is to remove all impediments in the way of ircmsumption. &c.^ I though T theUj and think" * ' ~*Wk*4" nri n 20Wr. ^ ^ ^ _ subject to great -exaggeration, but thlt there was some tratk m them is indisputable. But, how I would ask, was the argument better then, than it is now? If taxing imports to the amount of forty or forty-five per cent was so oppressive to oar agriculture, when you helped commerce by lending to it the very revenue levied upon it, why should not average duties of from twenty to thirty per cent do at least as much harm, when iu addi tion to direct loss by the tax as beiore, you vtrc to lose all the trade, formerly carried on, *"-m] the Government deposits, to the wlio>e r V . extent of the average of those deposits, to?! | the bank accommodations founded upoft \ them, amounting probably to as much more, t We complained bitterly at one time, o t e I pavtnent of duties in cash , or rather pio es ! ted vehemeantlv -gainst it, as an aggravation i of the protective principle. W hy is payment ! i-ot oulv in cash, but in specie (which, pace I tanti viri. Mr. Wright must not expect w* to confound because he does) less a hardship DOw ' You will remark that the withdrawal of this larue amount of capital from a coin ! merce which the producers ot such an arti I cle as cotton have every motive to extend as ! much as possible, must not be confounded : with the evils of a contraction In the currency | iu England, or a d&angni cur evcy ot home, ! another probable effect, as we have seen, ol I this dangerous policy. They are pet tec \ j distinct, and k~c shall suffer from both. ! be* vou to reflect, with the seriousness k i deserves, on tins important view of the c: se. and then to sav whether any advantage which i can possibly accrue to the South from the I withdrawal of the Government credits, is at j all likely to compensate for a positive dimihu j tion of its commerce to such an amount, ao I companied with a disordered or stinted cur t rency. How, then, is the projected system to bring I about that commercial emancipation ot the I South, which has been so confidently pro \ mised us as one of its fruits ? W ill it repeal j the navigation act? Will it equalize the I burdens and disbursements ofthe federal Gov 1 ernment ! Will it give to the merchant re siding in Charleston any facility for impor ^tiJfT which he- does a?t now possess T W lit it take away from the merchant residing at i New-York," his ri?ht, as a citizen of the | United States, to establish a house iu any 5 part of the southern country, - for the pur i poses of commerce, with all the advantages of 3 native of that country ? Will it prevent i that system of absenteeism , so fatal to all pur suits "of industry or accumulation of capital among us, except in agriculture? an alsen 1 teeism, not, as in Ireland of the rich and the profligate, but (a much worse) that ol the Iaborfng and economical classes . l ou know that it has been more and amore growing into and establised system, that tradesman of all sorts, visit us periodically, during the winter and spring, in quest of employment, without auv intentiou of speuding upon our soil the wealth which thav ultimately draw from it. The South has "belli, for mauy years past, ue votm* its whole labor and capital exclusively to agriculture, and has been compelled to buy of strangers almost every commodity but raw produce, paying for what she bought in ner area t staple commodities only. The middle classes of society ? those classes which con stitute its bulk and body, its strength and its activitv in other countries? have been gradu ally disappearing. That this was a natural effect of the division of labor under a system of free trade in a country like this, united under the same Government, I dd not deny ; nor do I doubt that the same causes will, to a certain exieot, continue to produce the same effect hereafter, unless by some viola tion of the principles that govern the distri bution of capital and labor when left to take their own course, protection be given to do mestic industry among us. Were Charleston the seat of an independent Government? 'vere preference given to merchants residing there, and to ships sailing from her port were all the money drawn from the south by taxation, returned to it in expenditures tor us defence and government, we should immedi ately see that citv a flourishing commercial emporium. The planter, it is probable, ^would o d ltte '^o n which h 1 s income would be expended, but be would be compensated for this inequality of taxation by the geaeral prosperity ofthe country. But nothing short of a disunion of the states, will prevent New York from engrossing the tar greater gart oy the import trade of the whole. citv is in some sort $e creattxefTOe u,nion ; with all her iuimet^aattrral advantages, she could not havft absorbed, as ^hejhafc > done, the business not-only Charleston, but of Boston, and other :*ties, but that she thus grew into the commercial em porium o?ir nndmded people. I do not mean fchri-Xjdyerament patrpnage, in any shape, ^^^^roment ci-edi^ orais bursement^, have": done all this for ber' " ) ao Aneans.' ^he natioual bank was at- Phitaf delnhia? there^feav^iJeeu navy yards, (orun catfons, custdi^MfS^^1^ a? .the objects of federal expendttufes ^t .'other ? cities? the. weight of piAlK^trtMWge was; for a long course of ^ea^^eeidedjty agmtfst herf^u^ - in spite of this, her progress has been unin terrupted, ^^t%ataral causes, which alone can^^t^#^unercial Capital,' ancK to the operatiattof wbtehffee seo^e was( af forded by thetieton of the states have given her an- undisputed asceudant.^They who hna^ine that afceif :*a extraordinary pheno menon as the growth of. that .mighty- city, within the last twenty yearVcan be accoun ted for by a few -millions- more or less of fed-, jgral expenditures, have ' reflected but tery superficially, upon the immeusev magnitude of the object. - It-is, ^repeat it, -not the -ad - ministration, but the existence ofthe federal Government ; not this or that policy, but the 'mere fact of the-wim, that has grad ual accuinulatioa of busmessv-^fnat singu larly favored spfct;and nothing short ot a dissolution??? the- union will effectually, obvi ate this tendency? That i sa remedy for which Irfor oue, am not yet prepared, and which * 4-ihalf aot be easily brought to entertain, at least is a mere financial measure. That Charleston has great natural.advau ta^es,4 need not infor m you, who take so lively an interest in every thing that concerns* her welfare, and to whom she is so signally? indebted for a recent service. It is a suoject, too, of deep congratulation for botU.&i usv that our people are at length awake to a con sciousness of those advantages, fl. have a humble confidence that even the dread ml visiitatioa under which- it Iws please* the Al mighty to- be w down>;he.r headtAvil!r jim maWv'^ork" out,' for >r advantage, "the, great ends of i merciful >>ondenee. 1 re Tdice to hear that the Spirit :<rfmy tellow citi, J&S is uhbro^f thnt; thr^:vonr wise f and" patriotic counsels, the btate has coine ; ! to thSr EeVp, oltniaiv; that- .even ^b^;^^tyt^^mi^ , have been . brought, bythis calimrtV,-Jo Te fleet upon the incalculable Ttnportaocej to ine - -whole' South, of. su-engtheamg; -and improving that attire iudustrj which will.be calted fottb , i restoring- her from her rmo?, WKI ?p on_t? build her up in greoier beauty awd opulence , | the new impulse, concurring with the ca U3?s i which, made her, at the moment of if ^2 I lamity, more tlourishing than sbe. had;eW I been before, will carry her far b^ond the. limits of the immdiate occasion.. J ^he S|>m5 i of improveme it is visibly excite^?p9 .? ! U-. It has aleadv brought forth important; I and precious fruits. One ol these which i particularlv struck me ou my hist return Borne, was the springing up of a taste for com- 1 tnercial pursuits, once so much the object of aversion among our young men. It we seize this favorable occason to cultivate this taste when the whole South seems disposed to co-operate in our plans of direct importa tion ; and if we add to it a little more econo my in oui expenditures, we shall soon^ffifd ourselves in possession of all the capital ne cessary to accomplish our purposes, by means i of limited partnerships. These latter are, J j think, destined, every where, to supersede J chartered companies with exclusive privi j leges. They will become one oft lie might | iest instruments of free trade, and will be en I tirely exempt from all the declamatory ob ijectious now so rife against those companies | which are, in most cases absurdly enough, j denounced as monopolies. 4 i It I am right in the preceding views, no ! benefit either to the nation, or to our partic ular "section" ot it is to be expected from j the adoption ot the specie clause: on the j contrary, ot all parts of the, country, the I South has most to dread from the probable eil'eets ot that measure in deranging the cur j reucy, and diminishing die resources oftiade. i 1 confess, as 1 have said on former occasions, : j that this clause being omitted, my- objections i aie not so strong to a .plan of restricted or ' special deposites with the banks, although 1 | have, as yet seen none that appeared to me calculated to wotk well iu practice. With a' I i proper undarstauding ? such as should al- 1 j ways exist in this great commercial country, ; | between its government and its tnonied insti- I j tutions? between the Secretary of thc'Trea- j tsury and the banks, the details of a system 1 might perhaps, be so arranged as to operate i as a salutary check upon the latter, without 1 j breaking iu upon all their established habits j | of business. ' JSu innovations are more to be j dreaded than those in the currency. It is : not the banks, as is vainly alleged by the ad- j vocaies of this scheme, that 1 am desirous of; benefitting, by thus extending to them all j possible indulgence. It is the commerce and j ike people of the country, which are indissolu- i bly connected with banking operations. It i is thus that their interests are become identi- j fied with ours; and it is nothing short of! i puerile to talk of them as " antagonistical." { j Bankers are in the money trade and the oper- j [ ations of credit, precisely what merchauts are j I in other branches of commerce ? the visible : and prominent representatives of an interest i extending to all classes of society, and to at tack whom is really to make war upon the whole community. Especially is it so in ! this country. The great mass of our circu lation is, aud is likely to continue, as we have seen it ever has been paper of some kind or other, private or public, of individuals or of partnerships and companies. It is our na tural condition? our fundamental law ? our unchangeable destiny. 1 venture to affirm, that every effort to counteract it will be ut terly abortive, aud will only produce disorder aud confusion worse confounded. I am not atraid, to add, that goveroment qua talis has , iu my opiuion no more right to enterfere ij/ the trade of banking, than in any other branch of trade. I agree with a clever En glish writer, that " there are the same pro pensities ot human nature at work to regulate the tri.de in money which regulate the trade in hardware or calico ; aud in regard to the issuing ot promissory notes, which ha^ been treated as a sort of usurpation functions of government, constitutia^^Pbe cessity and .warrant lor iuterpositioh^ it is in truth av natural growth ofcimimeteel not to be s u pptessed bjuttHMflTmrb u t de.^Ti > t ><> vio OWi'fssari 1 y kept witfajri'Que bounds, ^vhere there is tree scope foe competition, by the operation of the vert^prtncipies to whicn it owes it rise." Thj$fe a part of that grand and beneficent scheme of freedom of com merce and u^agtry, so pregnant with impor tant moral results of all sorts,; which 1 aui JmnJ^fiersuaded, is destined, and that at no ?jiirry. distant day, to prevail universally among civilized nations. But be that . as it may, (for* Kcan do no ciore thaa throw out the idea helre) 1 deprecate eyer^ attempt oo the part of our. G.oyejcinuent, directly or indirectly, to regulaL&r-hy , coining., inquej of a proper standard and by -a prudenj^-use okits own 1^1 nds as. .^customer? the issuing of assigna ble paper-? to. limit it^ quantity7 arbitrarily without reTerence tOstae.^emagds -of com- \ mer^? to s^y^lS^proportkms .of it shall hear to tbevsp^^r^ew^lo^edfeeav^t andr ?the like. rJ sayV4frectl>A)r|iin^ir?c%, for. air though the nanf; system has ji specious air-of. independenceand Ltissez faire . about: itf'it 1 jyould really be a positive (and"*mbst peruici-". o.us interference with 'the eu*rejicv of the country ?. as \I think I have: satisfactorily - shown; lt? an '.efiort. to force Into circuia- ; tion,-to the amouDt of the whole share which ' the Government has iu the import trade that istofrom 20 to 30 per cent. ofits.aggre7' gate value to dutiable commodities? a quan tity of gold and silver, not at all called, lor by v the circumstances of the country or theL-usui al demands of its commerce. 'This is the "necessary effect of the -system,, and, indeed, its avowed object; fgjr it has been pressed upon the country, with pious zeal, as a great Xefor/n?h has been preached/ in a fanatical spirit of propagaudisui, .as the end of the a bouiinations of a fraudulent paper'syste.u. A specif, currency or anything- approach ing to, it being fo'r so many reasons, totally, out of the question here, ttoe banking sys tem of the country has been treated by all our leading statesmen/ as- a fact quite inde pendeotof the" will of man, and as much to be assumed in our policy, as anything else in the order of nature, as the vicissitudes of the seasons,- or the -ebb and flow of the tides.'; r Spartam nactus e$-~hanc txorna, has been their sage maxim. They have with the .caution arid the * modesty characteristic of tru el-practical wisdon^,; made. the most of the ^actual- condition of tilings, instead of aflfeci ^iihg to'alter it, fundamentally, ia the meddling, ' presumptuous spirit of theoretieal innovation. | They saw how impossible it was to dispense ! with the use of bankpaijer, and while bv the statute of 1759 they insured on enforcing lie constitutional or specie .standar d, their uni form ,o n in t e rr u p,t ed, unquestionable practice, which was to consider' convertible paper as gold and.sik.eri demonstrates :hat they, aimed at nothing /no re. thau maintaining that' stand ard.,- All attempts to- show that they meant anyrhing but this, ;they had the remotest idea of receiving, nothiug at the Treasury but the precious metals, are irreconcileable with .their .whole1 conduct, from that day to this, and so I utterly absurd and groundless. It was,doubt less, tfifrsame regard for the public interests, thu^jnseparable from the credit system, as it exists, in this country, that led them to do : what is now, .for the first time, discovered to ;be a monstrous violation ' of the laws qT the handrvizrto aDovrtbe banks entrusted ; to deal with ifrenvit's with the* d'eposits of their other cus tome rs v T hey saw no reason why so large an amount as th? average balances of "the . Government, levied as it was upon commerce, should be withdrawn "from the uses of com merce and hoarded in vaults and safes, in- 1 stead of being made the aliment of industry I aud u means of improvement, in the hands of enterprising men. I have shown what the ; whole community, what our Southern com- ! merce especially, would lose by the denial of this privilege to our depositaries. We should ! diminish trade by some twenty millions of dollars a year, without, so far as I can see, ! the least advantage to the country at large, j or to any part of it. or to any body in it. The j subject I have had occasion to treat somewhat 1 at length elsewhere and I shall now content j | myself with barely touching upon it. If our ! | people seriously believe that to withdraw so ! j large an amount of capital from the common j j fund ofour commerce is to benefit the Sou: h, j j (especially as Charleston* will, in conse- ! j ijuence of it, lose in bank facilities propor- | ; tionally as much as New York.) be assured j ; they greatly en. But should this common i | error at length grow into law, 1 should at j I least endeavor to mitigate, as far as Possible, ; its evil consequences, by reduting iie new : demand for specie within the narrowest pos- I \ sible bounds. j It was my intention when I first thought of j writing this letter, to discuss, vorv much at j large the strange constitutional objections, 1 both as te the receipt of bank paper for the I | public dues, and the allowing the use of the i deposites to the banks, which have been re ! eejitly put forth here with as much confi ! deuce, as il, instead of startling paradoxes ; shocking the common sense and settled opin ions ol the whole country, they were mere self-evident truths. But these points, as well as some others of still greater importance, must be reserved for some future occasion. 1 will only remark as to the second of these objections, that, i( I be not grossly deceived as to the tendency of the measure, its effect in practice would be to produce the very evil, which the maxim of constitutional law, cited to justify or rather compcl its adoption, was intended to obviate. 1 have said on former occasions, and I repeal here, that the sub treasury scheme, whatever- might be the views of its advocates, or however it might operate at first, would infallibly degenerate into a government bank. I compared it with what the Mint once was in England ? a great centre of comufekial operat:6tii|ifed remit tances from place tVfilace. This consequence would be, to a cerlainjdegree, inevitable. In this vast country, with a people so much habituated to the use of paper, a large portion of the public creditors would prefer drafts upon the treasury to specie. These drafts would circulate like the receipts of the i^nlt of Amsterdam, while the precious raetaiS' they were supposed to represent, WG^ eith^ er be hoarded in enormous q uan^SRTpf what I must confess ^ippeais more probable, would" be fraudulently put into circi^ationf, as is well-5 known to have been the.jdtee -with the treaty sure of the institution i jtret mentioned. At;, any rate, the control y$fifch-the.system*woiil.ctj give to the execuui^rdepartment of the gov-" ?rnment over t fa enseal condi f ion of the couji - : ry ? would be^jjfnmeanse..._I said the other day in the ;House, in reply to ' Mr. Cambjre leng's ofc^emtion, that the ocrly trrie issuers, betweeo^fe system and a Bank of the Ufli tedj&afo" --that^he had notstaterd that iss%e> w]?isufficient precision ; that the altern^tnhei^ was ter between a Bank of the Unite^St^!^' ; aod;something of a very diffiypNil'SSrSpIerr but between a c^^wwfTOjfand a political Bank of the United States, berweeri -a banfc governed by a company of .merchants excfu^l sivejy with a view to the interests of its stack-' holers and the wants of commerce, aud. a 1 bank matfaged by the secretary of the trea sury, for purposes, certainly not commercial. Now, it is rerrrarkable that one of. the grounds upou which we are urged to confide to the executive departmeut of the govern ment, this most dangerous control over the whole treasury of the country and to increase, withal, its alreadylenorraous patronage and influence," is that very .clause of the constitji t ion: of which the'object was to limit, as niueh ac possible, the discretion of that department ip This particular, and to place it completely ^t tiie^Tnercy ofthe legislature for all its sup plier. "The clause referred to is, that "no money shaft ^be drawn from, the treasury but in conse quence of appropriations made by law , and a xegii ^statement and account ot the receipts aiittexpepditures \of public money shall be; puhiished from time to time." Kvery body' ivherfeinows in what school our fathers were eduated, ;that their, political, philospohy is as clearly ta be traced to Locke and Hoadly, as t)ia,t af the Coostiuiant. Assembly of France ~t 3 j4, ^.ousse.aa^d the Contrat. Social j* ;v!ll at o'n^Tecegnize in this, one ofthe lead ? Jiol.tnaV rif fVlA rOM nl n f i n n of/1 fi?8. - heads op expend ita^e, introduced at-an ;ear Ii6r"'^iodv-;tfc^gi^fcODtrn^Iy'* violated itj practice, has been i n va r i a blyad he r e d to since the famous settlement of the reyenue under William III. The lords of the freasufy, by a chtuse annually repeated in^tfie appropria tion act 'of* every session, are-forbidden, u brier severe penalties, to order, by their, warrant, any moneys in the exchequeVso appropriated to be issued for any other servicey and the offi cers of the exchequer to" obey any such war rant. This, as the" historian remarks, ? has ; given the House of Commons so effectual a control over the executive power; or more truly speaking, has rendered itsucha partici- I pator iu that power, that no administration 1 can possibly subsist without its concurience. The only deviation from this strict rule of ap propriation is the not unusual one iu time of'l var or" under circumstances likely to lead ' Jo it, o/gi'auting considerable sums on a vote of credit, which the crown is thus enabled to supply, at its discretion, during the recess of parliament. . ... ; I;* You perceive how strange a perversion of ^ihis-precep tof our fundamental law is implied 'in this great, discovery of our own day that its object is not to limit*. the power of the Execu tive, in the expenditure ofthe public money, aud render it completely accountable to the representa ives .of the people, but to restrain the legislature itself in the custody of it. It was, it seems, no high theory of government worthy of such iiifnds, no care about keeping separate its different departments, uone of the sensitive jealousy so universal air 'thai time, and I will add, so well founded, "with regard to the Executive, it was simply a gr&ss, material ! concern ? thejackdrfw instinct alluded to by i Burke ? about the preservation of the money ' i i self, from loss 6r destruction. Provided it yyere putin a fire propHjuilding, with baisand bolts and vaults and safes. ? turn stridor ferri tracUeque. catena ? though the key were after all put iu the hands of a thief or traitor, all were well!- There is something ?o ludrce rously little, as well as so glaring absurd; in this idea, that ! am jit a loss hovy to treat it. * Let it be remembered that our direct imports have greatly increased ol late years and ore still on ibe increase ? and that every increase of them, \yould it the banks discounted on Government deposits, be just so much added to our available means. ' ^Hallara, C, H. of England. / ' '-vv . r-t ? 5?.- T". , ' > : jgT-.' ? . ~i ?" ! You see that eveu as to the mere custody of the ! money, far from giving greater security, all this array of rude physical strength comes to j nothing without confidence in the character ! of somebody ? the towers and battlements, the moat and drawbridge of the financial Bas tile would oppose no sort of obstacle to the 4 golden ass" of Philip of Macedon, though | it might resist Permenio at the head of his I phalanx. In short, this, project brings ns j | back a century nod a half to the exploded j ' system of the gold smiths in England. But j | omitting that topic, of which so much, has ? j been said, observe if you please, the incon- [ | sistency alluded to above. The apppoint I m?nt of all these treasurers, with untold hoards of. gold and silver continually under j their control, is vested in the Executive; with i absolute" power to displace them at his will; 1 that every Executive which the clause ofthe constitution, vouched to authorize such a j system, was written with a view to restrain, i and with no other under heaven ! This is | the logic of innovation. It will strike you I | j dare say, still more forcibly when you come : I to learn that no one has ever dreamed of j putting upon the anoljious words in the an [ nual English appropriation acts, this singular construction. I give it to yonjon the author ity of Sir H. Parnell, that all public moneys' in England are received and paid by the bank;* it is a mere fiction that they go into the exr j chequer at all.* I have throughout confined' myself toT Lting my objections to the systerii^prb I have not ventured to bring forward anyplau of ray own, and for this plain reason, tba?tjr<?l . execution of it woul3, underourprdctfcei he. confided to the hands of its enemies". \ You J Uoi) w that in England, and indeed /every' wtojre in Europe; under the constitutional re giw, the moment a -.minister finds himself unable to command a majority in the popular braftch of the Legislature, for any measure;; of cjft*linal importance, he retires as.a tiiatter: of couise, and a successor is furnished -froralj the number of those who have defeated hi?.1? This casts the resi^nsUHUy\tLrap^-K^^a)^ where iffiught to; resfr, upon" th^eadsof parliato^fery supporters, and gives it every chance" fcf. a successful operation^ Resides participateln the Executive power b Y;* i rt iu>L tuogHto Tninister^. \Veord^thi?gs^ J^^;>^othTng, b lit tlxg frtH;of?}he j ) tv'cafa. displaces mipi&^^a*k??*? i thertt'efjeave tjie . afoirs 'of .the .. w h'atlhey to assume the, responsibility *??cf ~ - > 3u res, .-of,- w h icb the; exec ujtloji&s ;tP$tire coo fid ed to t has e\m ot&'Hrt erested^tU them./ I do not cdmpJafn of thiS^Xacq^ in what is co aside redas the established prsfcr^ jg offered would i ng t& 'th e te rms.a nd inthetruespiri t o f t h e. p scrijDtion. I am stilf of opiniouf'thttt'.?' adequate skiU&hd .perfect rving it o u tKt fife State^fiajp k j*>si ti?;S y 1 iWtf^Tgpod ra&bageme,tf(^3 ijfc --recollected that we. j&vi&mr' 0]ir whole existence as a untied'] accustomed to a Nati(^t^itlk> be expected that-ajay counter d i ffic u 1 ti e s.a t fi r?t , f &r^ese.,are piat-' ters of experiment, an dTafa i ! tire^^ubt^^t^ by such a state of things as w a srpr o iTgh tfbn by the war and by thei;xte extraordnfoi^ ibriri s s, proves nothing at all against thergeceral! feasibility ofa measure. ? - - * ? r . 3?^ >** ? In conclusion,- 1 have only to say that X have never bestowed more deliberate Radeon*" scientious reflection upon any su^^whani| have given to thjs i tn po r t a ftf -qu^t ion.^B feel t all -ip* difficulties, tkndjv^ eapeciaBjv how much depends upon the good conduct/ ? of our banking iustilututions, absence of a genera! i,regulatof,t.'ares jfi to adopt "some sueb ptah as has beeu recron)-? - mended to us. this f Should, re^aid^ -of \ course^ as a ^great misfortune, aod^oothing but aq/hrgeUt- necessity would reconcile ??&? to it. E very consideration of~duty ^d poficy1 .seems to me toreqUire>That ,w.ershoul4;;dtiv whatever-we can, cousistebtly- with the c^irt? siitutioif l^d. the high interests, of J&e <jOp nj try,"to prevent such a resulti ^.jndeed, ,ja^ strong reason for opposing the present adbp5: tion of the bill, was that the resumption -of, j specie- payments by the banks \vouW>ha1^ beeu rendered more difficult, pierhJips itfiprdsg j .$ible' :by it. Tjiose instiiutions. woiilcf iiaye! beemcoinpelled to furnish, for im mediate d>s^; bursements to the Government, "solus 'stflarge; as uttetly to, exhaust their stock ^r^sj^^e, without referrence to the ordipiar^ clrc^^ tion. A . I need not assure you that to", differ so many gentjemfu, in our own state, -rfot whom I entertain the most profound respect, as well as sincere personal regard, is^nibst; painful to hie. ; own :?onstiUi?nts*^avret not -thought prosper to embarrass- me l^y^pny expressi^n of opinio^. I thank thejEp^r It wopfd have 'blade myi sita?rt1on^J tfie' majority had proveti [ ^tp ^me jr infinitely more disagreeable, without chabg 1 ing my course. ^Jf>. they disapproye what II hare done; and think irreoders me umvorthy of their confidence, the' time is now at-harfd when they 'will hi ve an opportunity ofshpw-. ing their displeasure. I ^o^^that had their , interest always -at -heart thit>^ have exerted my poor abilities to the^Utriioji' in their'service ; have neitherdone nororhritted to do auy. thing, but from a sense of dutyj:<g^ the^n and to the .country/ <Tho place I ; oc cupy as their representative, freely ejected, because <1 enjoyed their 'confidence . and es teem* is on e o fe x al ledlionor ? b ut I sltiq u I ^ scorn myself if I could seek . it on any -Other termsu- ^havje le3toed/to rsay oftny politi.^ Nor love thy life, nor bate but what thou liv'st Live well, how long or short, to heaven commit. It is true that }' ear3. devoted to Study , and meditation, -with' a view> principally -to i the ] public service,- may -have inspired" me with f some hope of being^s^l to ray country; b\?t ' those studies' wo uid' nbth^y e jb ro u gh _ forth ! their best fruit, had they nptljwigsiuce taught me bear, with tiauquility* the reverses of all sorts, which are the inevitable lot of man. '? >? I have the honor to be, -~.s - ^ With high consideration and esteem. Dear sir, your devoted humble servant. HUGH SWINTON LEG ARE." " *Oa Financial Reform, 323,4* On thisiubjeet of the custody \of money, the writer of an excellent ar ticle in.t.he Qnurterfy Review^ sometime ago, meo^ jions joint stock com panies as a great desideratum for that purpose ; the distress brought on the frugaTpoor, by failures of attorneys and other deposixwica being <?;- .V > v;. - %; ^ (SeTttmlifn relfsroue. SATURDAY, AUGUST 4. Many citizens of Richland district, ;op-^ posed to the .caucus-bom proceedings ^ the extra session ? opposed to proscription and denunciation for opinion's sake? opposed to the union of the. purse and the "sword in the hands of Martin Van Buren? opposed to the Sub-Treasury as the worst of all possible National Banks ? and opposed to the State's joining in the presidental contest, either for Clay or Van Buren ? will support the fol lowing ticket at the next election. For Representatives. ?{ - Christian Bookter, J. H- Adams, W. Hampton, * B. E..^atlor. + v There hoglatefy been -published an <l At^ * dress to the people of the.- XJmt?d States, signed, onT>ehalf of a meeting of the RepuJ* ^ Jicad members of Congress, by REBE&/ < ' WILLIAMS, of ; GARRfifT D.. ^Mi^lJ&vJereey r WILUm&&?l ^EN,'ii?pWej WJLUAM &. IV WON?? : ryland ; ?F.'W.JOVES, ofVirginia ; IS A AO* TODCET. Vif rptfneiticuf ; J. J. M'KAY,. of North Carolina ; W\ W. POTTER, of v ftgftWjffir JOHN P. RICHARD'SON, - of S. -Carol ina f AMASA J. PARKER, of ^ , New Jg an; . ARCH HJ ALT) YELLs* of 'Arkansas. A. jQivthe'sul^ct of the 9jib ry i tjis co^r * i /poSed- cbiefl)N)f ibe common -^Ggtof*tWj3 J5uren;p5rt>-^caDf that fs worn out/iai^ $0 00 vpjMiQQVy-* other * -AV.wvfeyfc w*. ?? ? "%? ? n.Jo.VLro.VcA^h . - s of j^riyaie^Taims fisij - - :rr.vv; T?rV ' the stagnation^of ^ratle. Mr. Adaiwfe&aft;-' turned" out ofjor*^ ^ - he e^endeci;i!^fZcQ?;maiions, in a season of high national prosperity^ V . V/r^JC ?> _.' ^ Bu i ring ^55^^ expenaitui^ > - of-th^iDoifexVr^w^aclj good Jysjt jdorne r ^ ^tr^o^ti^^^s^^twelve m^fSS^of it w^f&frijrn tfii^ifhps of Flof ^ J *' , vin^roraftbfeir miserable- htfmes a few^mfte^, cLief.pah of thfe re- " W;Wgorte^fa,.tbe Jjgfli _ 7W" P^JBbS Rls^^ntati^y oi t^^uTeidK^^i^^l^S^ ^ .iog tfre army; be gave the following. items.as ; tbe< .expenses ofld^rps- of- Alabama 3 ift the'^rYke of- the United States. O&r be diverted at seeing the Jik dians attacked wi^Harabfia Segars, Cbam pagntrV.and Cologue Water. " ^".i.bWkeX of feh^paighe^Wiae, S28 00 < , |Si boxes Cjbarnpaigtie Cider, at S6, 24 00 keg Newark Cider/ . -10l)0 . x i bbl Cognac Brandy,40 gallons, at S2?rand /*..>.*' . 8176 * i L bbl Malaga Wibe,^ 32 gall's, at " >?:?. ' 40 oa . ;h- B ar boxes best Segars, at S6, * 36 00, ,? ' - 'lr2 box hdney dew Tobacca, 64 lbs. , 1 ; -: '64 00, - ^120.bottie3 -of Porter, at 40 cents, 48 Ofr: ; .-'1-bbH^Jlaret Wine, l-2^dozen Cologne Water, 38 0ft 3oe; '". .There is news from England, per steam "ship, to the 5th July. The Coronation of* Queen Victoria took place as appointed on the 28th July: Thirty-six columns of the ' London Morning Chronicle are filled with the details of the. gorgeous ceremony. The/ efforts made byjhe foreign embassies to out shine eacb other in ihe .aisplay of magnifi cent paraphernalia, and the .attendance of raqk-aird wealth . from alt parts, pf Europe, made it ^^^;mbst j^|eiidid spectacle of th^ kind ever wiluessed in England. Mr* S.te venson, tbe ^mwean- Ambassador, figurc4|f i n tha.prpccEBsial^ QoC Webb' represente^i^ | the editorial bppps 4a Westminster A6bey ; Roy al jxiakter,^ W th^jWasbiDgton^CW&ni^: ' 3e us^>6,c^rthe^ ^Pi^identy Ifasfii^ ^tR -&:y^ -< ? ?? >