Farmers' gazette, and Cheraw advertiser. (Cheraw, S.C.) 1839-1843, August 16, 1841, Page 154, Image 2
?
ervations on the cases under treatment.
'Hiis daiiy visiting of the patents is of
vast importance to the students.
All medical students attending lectures
ih thcci[y of New York are admitted to
tha privileges which an attendance on
the wards of the Hospital bestow on the
payment of.the fee of $0; and they are
permitted to witness gr-atuitoady the J
treatment of the patients of the New j
York Eye and Ear Infirmary. In this
institution, on an average, more than one
t ousand patients are operated and pre.
scribed for annually.
vSl'kgical ClINQUK imstitutk3 by the
Medical Faculty of the University
of New-York.
The Faculty with the view of availing
themselves of the advantages which the
city of New-York affords For teaching
Surgery, have established, in connection
with the Medical Department of the University,
a Surgical Clim|iie for the performance
of operation, and for4he treatment
of surgical affections, and the discases
of the Eyeaod Ear. The various
operations which have been lately introduced
for the- cure of Club-foot, Strabismus,
and Strainmering, will be performed
by the Professors of Surgery and Anatomy
in the presence of the class. The
Faculty believe that this will open a field
to the medical student of the University
for the observation and study of Surgery,
more extensive than any other in this
country. An immense population of our
city, whose circumstances will prevent
them from paying for professional attendence,
vet who may require surgical aid,
will resort to the Dispensary of the University,
where they can be relieved by
operation.
Tt is impossib'e in the limits of this an- .
nouncement to give a detu led account of
the arrangements of this Chniqiie. The <
following is a brief sketch of the plan : ,
1st. Patients affected with surgical t
diseases, including the diseases of the i
Eye aud Ear, are invited to attend at the j
College, Broadway, every Saturday I
throughout the year, between the hours of (
12 M. and 2 o'clock P. M. Dr. Valentine, i
Mott, and Dr. Granville Sharp Pattison I
111 ' ' ? rl 11 r i nir I t
wuioe reguiariy m aucuuum.^ uu....&
tho.se hoars, to give advice on cases of J
surgical disease, and to perform all the necessary
operations which may be requir- J
ed for their relief. ?
t 2d. After the operations have been j
performed, and the patients removed to j
their own homes, they will he attended f
there, under the direction of the Professor i
of Surgery and Anatomy, by the senior j
students of the Institution, who will be c
arranged in classes for the performance t
of this duty, and will be required to make t
regular reports of the progress of the cases r
under treatment, to the Professors and 1
to their fellow-students. When necessary,
either the Professor of Surgery or jj
of Anotomy will visit the patients at their
houses with the students.
. With the view of still further promot- tj
ing the improvement of the students of
the Medical Department of the Universi- 0
tv, and securing for them facilities for
nmotiVfll observation, the Professor of o
I .
Midwifery will have it in his power to h
Miipply cases of accouckments to the ad- p
vanced students. The students will be
divided into smali classes for waiting on n
these females during labour, and, they f
will at all times have the power to call j *
on the obstetric Professor for his advice ^
and assistance.VI.
.VUS KIM.
The Meusum will, even at the com- j
mencemcnt of the First Session, he rich j
in specimens of the choicest character il- j v
lustrative of the subjects of the several j v
-courses of lectures. It will be made up j
of the following collections : j r
First. The Museum of the Psofessor ofI ci
Surgery. It may be said to embody a , t
history of all his opera tons, and it will j g
furnish him, therefore, with the most am- t
pie means fo: the illustration of his lec- j ^
tures. Dr. Mott has brought from Eu- j1
r I '
rope every instrument or machine or vai- j
ue which has of late been introduced into J
! g
the practice of Surgery. It is unnecessary
to particularize these. Their number
and extent may be estimated by the fact, j
that the instruments and apparatus for illustrating
the new operations inOrthepe- ]
die Surgery cost, in Paris, three thousand ]
francs. 1
Second. The collections ol preparations i I
belonging to Dr. Bedford, which has for : 1
the last two )cars been disposited in the I
Museum of the medical College, at Alba-; 1
\
ny, will form part of the Museum of the j '
tnedical Department of the University.? j
As illustrative of the department which j
the Professor teaches, this collection is
known to be extensive and rich in valuable
specimens.
Third. As a large part of the Museum
of the Jefferson Medical College, of Philadelphia,
belongs to the professor of Anatomy,
and the Practice of Physic, who \
iiave been translated from the school to
ihe corresponding chairs in the Medical
department of the Uni ersity of New i J
York, this will come to i in a valuable 1
addition to the A/usemn of the institution.
The Museum of the Medical Department of
dheJJniversitv of New-York will in fact he
w
formed of three Museums; and as daily
.additions are being made to it, so far as
preparations can illustrate lectures these
will be ubunndantly provided by the Faculty.*
.
The Cabiuet of Materia Medica will
V * Fafctfltv will feel thankful to their Professional
Bifthren for anv specimens which they
r
?m?mmrnaammmmmmmmrnrnrnmimm
be well provided with specimens to illustrate
the lectures of the Professor of that
department. And the Chemical apparatus
will be extensive and calculated to
exhibit brilliant and striking experiments
and interest to the lectures 4>f the Professor
of Chemistry.
VII. Practical Axatoyy.
It is unnecessary for the Faculty to say
one word on the importance of the cultivation
of Practical An ltomy. It i9 admitted
to be the foundation of a sound
medical education. Impressed with the
truth of this fact, every effort has been
made by the Professors to afford to their
students the best facilities for dissections;
and they hazard nothing in saying that
they are unequalled in this country. Wo
city in the Union furnishes the same supr
ply of the material for the study of Practical
Anatomy, as the city of New-YorkIndeed,
it is a fact of notoriety, that a
considerable part of the supply required
in the dissecting-rooms of Philadelphia
has heretofore been obtained from NewYork
; and a number of the other medical
schools in the country are mainly dependent
on her, even for those subjects required
for the illustration of their enatom
ieal lectures. The dissecting-room of
the Medical College of the University is
is a Hall seventy.five by forty, with an
elevation of ceiling of twenty feel, furnished
with every comfort and convenience
for making dissections.
The Department of Practical Anatomy
is under the control and direction of the
Professor of Anatomy ; who has secured
the assistance of able demonstrators.
VIII. Regulations for the terms of
Lectures, &c. Requisites for Graduation,
&c.
The Lectures of the Medical Department
of the University of New.
York commence on the last
Monday of October, and are continued
until the last day of February following.
The Faculty have been induced to fix
the commencement of their lectures, on
:he suggestion of some gentlemen from
he South, one week before the Medical
Lectures commence in Philadelphia. It
ias been thought, that it would b6* very
1 L'- - o/Mitkom chirlnntil fn haVfi
lesiraoie iur me snuuibi OVx.x.w...~ _
t in their power to attend the Introducory
Lecturers delivered in New-York and
hose in Philadelphia. By commencing
he lectures in New-York one week beore
they begin in Philadelphia, this op>ortunity
will be afforded them, and they
the Faculty) believe that a large maority
of the gentlemen of the South, who
iropose visting Philadelphia, will leave
ionic a week earlier than they would othrwise
have done, and come on to Newfork
to be present at the introductory
ectures. A visit to the great Metropolis
>f their country, independently of the inerest
they may take in comparing the
wo schools, will most certainly much
lore than repay for the trouble of visiing
New-York.
The examinations for degrees will
ommence on the first of March, and will
e continued daily, ufctil all the candidates
hall have been examined.
Tho following are the requisitions for
ic Diploma :
1st. The Candidate must be 21 years
f agc2d.
He must have attended two courses
f Medical Lectures ; one of which must
ave been delivered in the Medical Deartment
of the University of New-York.
3d. The candidate mu-t have studied
tedicine for three years,) the terms of
ttending Lectures being included .in
hesc,) nnder the direction of a respcctale
Medical Practitioner.
4th. He must write a Medical Thesis,
ifher in the English, Latin, or French
w
mguage.
Two Commencements take place aniua!ly
in the University, at either of
rhich Candidates who have complied
^ith the above requisitions may graduate.
The first takes place early in the month
f March, and the other about the midle
of the month of July. The great
ody of the candidates will no doubt,
;raduate at the Spring Commencement;
ut those who wish to postpone it will
iave the opportunity of coming forward in
' uly.
IX. Fees, &c. &c.
The Fees for a full course of Lectures
imount to $105. The student can at1
? ? f nntlfcAO nil! hO
ena one or more ui mo ?.uU.o?,o,
nay be disposed, and pay only for the
ectures for which he enters.
The Fee for the Diploma is $30. The
^ee for admission to the Dissectinglooms
and Demonstration is 85. Alhough
an attendance on the Dissectinglooms
is considered by the Faculty to
>e most desirable, it is not obligatory.
By a resolution of the Faculty, the
nembers of the professon from every part
>f the country, who are GradvaU's of
Medicine, and who have been established
n the Practice of their Profession for
three years will, on presenting their Diploma
to the Secretary, be admitted gratuitously
to all tbe Lectures of the Institution.
Erroneous opinions being entertained
by gentlemen residing at a distance as to
the expenses which a student must necessarily
incur by attending Lectures in
New-York, and it being known that many
have been deterred from availing them
selves of the advantages wincn mis cny
offers foi the cultivation of Medical
Science, the Faculty consider it their
duty, to promulgate the following facts.
In the Annual Announcement of the
Medical Faculty of the University of
Transylvania, the expense of board and
lodging for medical students in Lexington,
Kentucky, is stated to be "from
83 00 to $3 50 per week." Three ('ollaiSj
may betaken as a fair average of the
price usually paid for board and lodging
by medical students, in the small towns
where Medical Schools are situated.
Now, although the impression has gone
abroad that a student cannot obtain hoard
bhii i \m MmmmmmmMtrnmrnrnmim
-jSjf . * *
and lodging, in the city of New.York for
twice that sum, the fact; is, that very few
of the students in attendancaon lectures
, in New-Yerk pay more than 63 00 per
, week fdr their Board end Lodging.* Indeed,
. a considerable number of gentlemen
from distant parts of the country,
attending the Lectures delivered by the
Faculty of Arts and Science in the University,
are lodged and boarded at $2 50
per week.
So far, therefore, as the expenses incurred
by the medical student for his
board and lodging during the term of his
attendance on Lectures are concerned, it
is demonstrated that these are not greater
in New-York than in small towns.As
it may be interesting for a student
, residing at a distance to bo informed of the
different items of expense: which he must
incur, should be determine to visit New
York, and attend a full course of Lectures
j J in the A/edical Department of the Univer
| sity, wo subjoin the following table :
Fees for the six courses of Leetures
. ; $105 00
Dissecting Ticket, 5 00
Martricuiation Fee, 5 00
Board and lodging for sixteen
' weeks, >' ' - J 4S 00
>' $108 00
It has been urged, that the present
state of the exchanges will have d tendency
to induce the Southern students to
give a Medical School situated in one of
the states where there is a suspension of
specie payments a preference to New.
York. All the payments for Tickets are
, received by the professors in the current
notes of the solvent Banks of the States,
where the students respectively reside,
and consequently the only money on
which the students from the South will
lose by the exchanges, is the money expended
in the payment of their Board,
&c. Allowing that in addition to his Leeture
Tickets, a student should expend
$200 ; as the exchange between Pennsylvania,
Maryland, Virginia and New-York
varies from 3 to 4 per cent discount, his
loss, at the utmost, will not exceed Eight
Dollars.
It has been the object of the Medical
Faculty of the University of New.York
to emhody in this their First' Annual
Announcement," &c. as much information
as the limits of the publication would
permit. With confidence they addiress
themselves to the members of the profession,
and solicit their patronage and sup.
port. It is true that the A/odical School
of which they are members has just come
into existence. Yet it comes before the
public not without name and reputation,
hut as one of the departments of a flourishing
University. And its Professors,
although they now for the first time address
themselves to their medical brethren j
as Professors in the Uhiversity of Newo
nnoal U l Knmi<M K+rqTirrpfs:
1 Ulftj uu UUb Up|/VU| tl|l- MIVUI 1M-T ? 1
on the contrary, having beert" for many
years engaged as medical teachers in other
institutions, they have the gratifying as.surance
that ma.jy, into whose hands
this announcement will pass, hare -been
their old pupils, and are still Jheir sincere
friends. Bv order of tnc F'aeulty*
THEODORE FRELIN6HUYSBN.
JOHN W. DRAPER, Secretary.
P. S. As the Surgical Clinique
of the .Medical Department of the University
had not gone into operation when
this announcemens was prepared for the
press, the Faculty could only in adverting
to it, express their belief that it would "open
a field to the medical student of the
University, for the observation and study
of surgery, more extensive than any other
in this country." Although this; Dispensary
has only been open for three Saturdays,
the number of surgical cases which
have resorted to it for advice and operation,
has more than realized their most
sanguine anticipations, and warrant them
in asserting that a more interesting and
valuable school for the Clinical Observation
and Study of Surgery, does not exist
in this or any other country. The limited
space left in this circular will not
allow of the publication of all the cases
which have been prescribed for, and operated
on, since the Institution was estab- [
tablished three weeks since ; hu>: that the
student residing at a distance may form ,
some idea of the extent of practice he
will witness by an attendance on this Surgical
Clinique, we publish below a list of
the cases examined, prescribed for, ex-,
plained, and operated on, by. the Professors
of Surgery and Anatomy on the last
dnv of their attendance at the Dispensary, j
Saturday the 24th inst.
Two cases of ulceration of cornea, and
inflammation of the eyes. Four cases of
stammering; on three of these Ihe operation
of dividing the genio-hyo-g'osssi was
performed?on the other, as there was
great elongation of the uvula ; Yearsley's
operation was executed. One case of
fracture of the radius in a child. One
ease of caries of temporal bone, with a
large fungus growth from the meatus audilorius
cxtemus. One case of polypus
from the bottom of meatus auditorius ex
tenuis. To be operated on next Saturday.
Two cases of syphilis. One case of congenitafphytnosis,
with ulceration orglands.
One case of Egyptian ophthalmia. A
case of club foot4 on which the operation
o<"dividing the tendons was performed. A
A ooen /.f u/hitp Kwollinir nn which
ruijr uuu vi ? ?i?v w" w?? tint
flap operation of amputation of the
thigh was performed. A ease of the contraction
of the fingers from a severe burn.
With the view of presenting, if possible,
contraction from the operation, after the
skin was removed from the palm of the
hand, a corresponding portion of unitegment
was taken from the fore arm, and
1 fitted in accordance with the principles of
Rhinoplastic Surgery to the wound on the
palin. There were, innddition to fhese cases,
about twenty others, which were, from
want of time, postponed until the following
Saturday.
3 '*
GOJG1ESSIOIVAJL.
Washington, August 5.
The Senate was occupied the whole
day with the fortification bill, from the
Houef. Numerous amendments . were
made to the hill, which have clogged it
so much that it may be rejected by the
House* The amendment appropriating
75,000 dollars for the selection and purchase
of a site, under the direction of the
President, for the erection of a national
armory somewhere in the Western, Northwestern,
or Southwestern States, was, after
an earnest discussion, agreed to, 28 to
11. The amendment was advocated on
the ground that an armory was necessary
for the defence of the West, and to avoid
the expense and delay of the transportstion
of arms from Springfield and Harper's
Ferry. Mr. Clay opposed it, for
' i L , J
the reasons that, though tne sunjeci naa
been talked of in Congress for 20 years,
it had never been "acted on, and that it
was less proper to act upon it now, at the
heel of an extra session, and when the financial
condition of the country would
not warrant the expense; that the two
armories now in operation could manufacture
24,000 stand of arms a year,, which
was adequate to the wants of the country;
and that rail road and canal transportation
to the West, from Springfield and
Harper's Ferrjr, was now cheap and easy,
and would soon become more so, in the
progress of improvements.
Mr. Benton, said the West was to be
burdened with a national debt, and with
a tea tax, salt tax, coffee tax, sugar tax,
ike., for the government, and if they
bore all the burdens, they were entitled to
some of the benefits of the government.
Amendments were also made for defensive
works at Fort Smith, in Arkansas,
and at Detroit.
The exposed situation of the lake frontier
was also the subject of discussion, and
an amendment was carried, authorizing
the President to expend 100,0n0 dollars
towards the defence of the Northwestern
lakss. by armed steamers, with a proviso
that the treaty stipulations in regard to
the naval force kept by each party on
those lakes, shall not be violated. The
bill, as amended, was ordered to be engrossed.
Mr. Botts made a strong argument in
support of the doctrine that a national
hank was constitutional, and that the
question had been settled. He broached
the idea, also, that the President, under
such circumstances, had no right to exercise
the veto power.
Mr. Proffit made rather an eccentric
speech, advocating a bank, and Mr.
Clay's bank?but fiercely opposing the
compromise amendment to the bill which,
he said, was attributed to the gentleman
from Virginia, Mr. Botts; He defended
the right of the President to exercise the
veto power, in this case, if he thought
proper, and maintained that it was his
duty to ido it, if he believed it to be unconstitutional.
The whig party had not
come into power on the bank question,
or any other question, hut by keeping all
question* out of view except the single
one of displacing a corrupt administration.
If the President saw fit to veto the
bank bill, it would not break up the whig
party.
Messrs. A V Brown of Tenn., and
Gamble of Ga., spoke in support of the
bill. Messrs. Weller, McKeon, Hubbard
and M Brown, in opposition to it.
Washington, August 6.
The Fiscal Bank bill was discussed
fmm .lovan nVlnrk. A. M.. to eleven
I I VIM V?V*VI? V Vtwraj ?,
o'clock, P. M. Much interest was given
to the debate by the vigorous assaults
which some of ithe friends of a Bank?
Messrs. Marshall, of Ky., Adams, Under,
wood, and others made upon the 16th
| fundamental rule, respecting the assent
and dissent of the States, and which is
known as the compromise. Mr. Marshall
confined his remarks to this provision of
the bill, and exhibited its absurdity in so
J strong a point of view as to make a deep
impression upon the House. He had
been anxious, he said, to support this meas.
| ure, as tie had supported every measure
I which his friends brought forward, but he
could not violate his conscience and his j
duty to the country, by voting for the bill
with this provision. He shewed that it I
- i - 1 I
was clearly unconstitutional, masmuuu
it allowed a State to withhold her assent
from the placing of a branch within her
limits, and then provided for the repeal
of the State law thus made. There was
no power to repieal a State.law legally
and constitutionally made. The provis.
ion also conceded powers belonging to
the general government, long exercised
by it and acquiesced in by the States;
and he contended that it was not in the
power of the general government either
to diminish or add to its constitutional
powers. The clause combined the two
extremes of consolidation and nullifica.
tion; for, while it asserted power to abolish
a State law, it authorized a State to limit
the powers of the general government.?
He protested against provoking ajid inviting
a collision between the powers of the
general government and of the States,
j Let this bill be passed, and it will open a
I thousand questions, now happily at rest.
It will next be required that the assent of
-the States shall be asked to Revenue bills,
to treaties, dtc. The general government
will lose not only the banking power, but
the revenue power, the war power, and the
power to regulate commerce. lie was
for a bank?but he wanted a Bank of the
United States?for the whole United
States?not for a part. It was admitted
that half a dozen or more States would
refuse assent to the law; and the law
would, therefore, operate, not generally,
not coextensively with the Union, but
partially and locally.
Mr. Adams was also very powerful in
his opposition to this part of the hill. He
also indicated his objections to various
other of its details, and moved amendments
accordingly. He moved to strike
out that ?art of the bill which prohibits
aliens frorti holding or subscribing to the i
stock of the Bank. I
Mr. Wish was in favor of a bank, and <
had no scruples as to its constitutionality; |
but he could not vote for this bill, on ac- |
count of its objectionable details. He i
thanked Mr. Marshall for having saved |
him the trouble of arguing the compromise
question. Mr M., he said, had raked
that question, fore and aft, leaving not a 1
spar standing. He defended the veto
power, and claimed for Mr. Tyler full 1
right to exert it in this case, if he thought
the law unconstitutional. The argument 1
that he must yield his judgment to the
opinion of his predecessors, or that he
was bound by the decision of the Supremo
Court, he considered as absurd and uncon- ;
stitutional.
Mr. Underwood opposed the comprotn- ;
ise, and said he felt pity for the men wlfo
could vote for the bill, vrith this compromise,
and not for the bill without it.
The Senate passed the Fortification
bill, with amendments enough to destroy
it. The bill extending the Charters of
the District Banks was also passed. The
Navy Pension bill was discussed.
Mr. Clay reported the Revenue bill,
with amendments*
FISCAL BANK.?August 6.
On motion of Mr. Sergeant, the House
resolved itself fnto committee of the
Whole on the State of the Union (Mr.
John C Clark, of New York, in the chair)
on the bill to incorporate the subscribers
to a Fiscal Bank of the United States.
The pending question being on the (re*
newed) motion of Mr. Dean, to strike out
the enacting clause of the bill.
Mr. Roosevelt, after some remarks in
relation to New York city politics, proceeded
to remark on the selection, at Harrisburg,
of General Harrison as a candidate
for the Presidency, which he ascribed
to a persuasion that, from former
expressions of his opinions at different
times, he might be considered as for a
bank and no bank, tariff and no tariff
abolition and no abolition?all things to
all men, as circumstances might render
expedient. He represented the present
Chief Magistrate as exhibiting a perfect
contrast in this respect; in support of
which he referred to his printed speeches,
delivered seven years ago, since which
nothing had occurred to lead to any
change in his sentiments. The United
States Bank had fallen from the height
and pinnacle of virtue and perfection into
such a depth of infamy that its " odor of
nationality" had become a stench in the
nostrils of all men.
He next commented on the result of
the late election, which he attributed not
so much to any political sentiment as to a
general desire for a change. The people
had heard of "Jackson and Van Buren" 1
so long, that they wanted a new tune.?
Yfr. R exoresscd a ffood-natured acquies- ,
? * ~ " o , ' } I
cence in the change, under the general i
maxim that in a republic it was not good j (
for power to remain too long a time in the .
same hands. ,
He then went off into some laudatory
strains on the Sub-Treasury* insisting that t
it had worked well, and that the objections j
to it applied with equal justice to the employment
of a bank as a fiscal agent of {
the government. Certificates of deposite
would answer all purposes of circulation j
and exchange, and would avoid the evils '
of expansion and contraction.
Mr. R then went into the constitu.
tional argument, in reply to the remarks
of Mr. Botts, whose inference froin the
coining clause would, if followed out,
prove all State banks to be unconstttu.
tional. He also contended that the ap-1,
pointment of a portion of the directors j
was inconsis'ent with the clause of the \
Constitution which relerred to the ap.
pointment of Government officers.
Some explanations passed between Mr.
R and Mr. Sergeant, touching the extent
nf thp. nnwpr conferred on the Secretary !
of the Treasury to purchase the residue
of stock not subscribed. The reply of
Mr. S was inaudible to the Reporter; and,
soon after, the hour expired. ,
Mr. King wished the opportunity ofj|
offering a few remarks in explanation of11
his vote for this bill, inasmuch as he had, i
at an early period of his public life, been i
strongly opposed to a National Bank. 1
The sul)stance of his remarks may
briefly be stated as follows: {
1 Experience had fully satisfied him ?
that, in a country like ours, it was impos. (
sible to carry on the vast mass of trade
and business with a metallic currency.
In confirmation of this position he referred
especially to the experiment once
made by the city of Hamburg, and its j
result in banishing all specie from circu- r
lation, and the substituting for it of a t
currency of paper exclusively.' The i
fr? mpp? nf tSiA (Innstitution had had in t
their eye a specie currency; but the ne- c
cessities of the country had superseded c
such a scheme, and had introduced a I
universal circulation of paper money.
Owing to the issues of banks incorpor- ?
ated by States independent of each other,
it had become impossible to collect the ?
taxes in a uniform manner throughout
the Union ; for the depreciation of bank
issues in different degrees in different ,
parts of the country prevented the cur- (
rency from being uniform. The States
had no concert of action, and could not, f
if they should attempt it, effect a uniform, r
ity; but their interest lay the other way, \
because they made money out of the ex- t
pansions and contractions incidental to (
the existing state of the currency. Being *
the sole dealers in exchange, they profited
by all fluctuations in it. Hence he argued
the necessity of a national institution as
a regulator of the currency. J
If he we e accused of sanctioning a
principle which would authorize a protec- v
tive tariff, and works of internal improve- s
? J gssqweagw
ment by the general government, his re*
ply was, that the establishment of a bank
waft a necessary incident to the money
power, which required that duties and
taxes should l>e uniform throughout the
Union: whereas a protective tariff and in*
ternal improvement were not incidental
to any one of the granted powers in the
Constitution.
To illustrate the regulating influence
of a central institution, Mr* K. quoted
the effect of the arrangement made by
the country banks in Massachusetts witk
the Suffolk Bank in Boston to redeem
their paper, which was, to keep their ps*
per at par. And Mr. K had once sup*
posed that the same thing might be ef.
fected by central State banks in each
State; but he found it was impossible,.
because many parts of the country traded
with more markets than one, and could*
not make depositee in each to meet and
redeem their notes, which consequently
suffered depreciation. But a national
bank would extend this same principle
to the banks of the whole Union, and
would keep the paper of solveut Statebanks
always at par, or nearly so.
Mr. K next noticed the question wbifih
hnd been raised whether bills of exchange
did-or did not constitute a portion of the
currency in every commercial country.
The late examinations by the Bank of
England had put that question at rest by
deciding it in the affirmative. Bills did!
constitute a part of the currency* and rep.
resented all exportable and transferablecommodities.
Of six hundred millions
in bills, more than five hundred millions
were based on the products of the countrytie
then went into some statistical statements
showing the amount of bills and'
bank notes afloat in England and Wales1 ^
during the year 1839, which he comparedl
with the amount for the same year in thi?
country. He stated us the result of the
whole that, while the total average circulation
of the United States for the last
three years of the existence of the national
Bank had been over six hundred and
tifteen millions, that of the U. S. Bank
1
had been but eighteen millions; this certainly
had not been of itself sufficient to>
make the currency uniform; and he therefore
inferred that its comparative uni.
formity must have been the result of the
influence of that bank in regulating domestic
exchanges.
He compared with this condition- of
the exchanges and currency that ebao*
tic, floating sea of our fiscal affaire which*
had succeeded the destruction oftheBavikWhat
must he the condition of t(rart country
whose circulating medium wm one
year 103 millions, the following year MO*
millions, then 149 millions, tbei? lift mill
ions, then 135 millions, and then 10ft
millions??thus increasing, ami then mid*
denly decreasing, by a dilFefence of over
30 millions in a single year* What con?>
munity on earth could long stand such m
state of things? Mr. K estimated the an*
nual amount of bills of exdtange at fiver
hundred millions; and, reckoning frve
per cent, premium on them, would shop
an annuat loss to the peopfe of the United
States of 25 millions of dollars; making,
in the six years since the destruction of
the bank, 150 millions; add to this the losses
on the currency, and the total amount
which the suh.Treasury scheme had coat
this nation might be set down at not less
than 250 millions.
'Mr. K. admitted that a National Bank
could not wholly prevent, though it would
greatly diminish, the fluctuations in our
foreign exchange The revulsions abroad
were, for the mast part, the result of short
crops, though in some cases they were
certainly the result of over-trading: (but
this latter cause had operated only since
the fall of the Bank.) A National Bank
was a great palliative of losses from the
first cause, and exerted a powerful res.
traint in preventing those from the latter.
It was impossible that its place in this
respect could be supplied by any State
n 1. ?vr 1 1
nuiiKS. vv nen excnanges were uutum*
tin;?, i eople had not sufficient confidence
n State Bank issues; hence their notes
eturned upon them, and all the specie
rvas drawn from their vaults.
Mr. K. thought the People had suffered
enough and long enough ; nor would they
luffer much longer for any man or set of
>f men. A sound and uniform currency
they would have, if to have it was withiq
the compass of human power ; and what*
;ver class of politicians withstood thai
>urpose, would find that they had run against
a rock, on which they would be utterly
wrecked, and cast, in disjointed frag*
nents, on the tide of time- He believed
hat by the present Administration?or if
t failed, then by some other which would
ake its curreucy as they had in the halcy*
in days of their commercial prosperity
mce enjoyed, could and would be accomplished
: without it we could never prosper;
or it was as necessary to a great commer:ial
People as was the circulation of the
ilood to the natural frame.
Mr. W. Cost Johnson obtained the
lour about six minutes before the hour for
lebate was to expire.
[Mr. Dawson, across. "Now Johnson,
five them an evidence of the power of
concentration!"]
Mr. Johnson said that as it wanted but
ive minutes of the time by the minute
land of the clock when the committeo
rould be forced to rise and vote upon the
till, he hoped that his friend from North
Carolina would allow him to a say a few
rords.
Mr. Stanly consenting?
Mr. Johnson proceeded, by saying
hat his principal reason for desiring to
peak was occasioned from the fact that
le had been on the Currency Committee,
tnd had consented that it should report the
till which it did, without committing hue.
iclf upon the details to the Houae. At.