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f . ^ ^ ^ v^ ^ ^ ^ ^ ^ ^ ^ m.'macmdan, Enrtbtf&teopRipTOB.' ' . CIIERAW, S; C., WEDNESDAY, SEPTEMBER 13,-1837. # 1 . vgrr>VTT -n--'.-v*^v-^nr.^.,..rv^.-T- i-ay .'V. ' 'AF-Llg.* VJU*-Ui -l?W^ mW^'JBCTCTBBaWBMWMMBjj^g . T5?I?1T';. It paid \vithin three months, . . . 3. 00 !t paid within three months after the doseol the year,. 3. ;>0 If paid within twelve months after lite close of the year, -' - - - -- 4. 00 . !r not paid within that time, ?../>. 00 A company of .ten persons lading the paper a til? sipio Post Office, shall be ontit! d to it at ?25, p;ovided the nuu"s l>cforwarded* together, not oimpaified fry t!;c money. Xo paper to be discoutinubut. n^he o ptlcm of the Editor till arrearages are paid. Advertisements inserted for 75 cents pors<]?.:re o: l^sS the first time, and 37^ for each subsjtjneninsertion. . Persons sending in advertisements err r:<piir. * ed to specify, the number cf tinn's thyv are to h-> i' setrd; otherwise tiiry will he continued fill ordered out. and charged accordingly. !HT"' Ihie Postage must bcpuidoii-i.il comihu nidations " iawwi> w wj> j-/?.?! y.-i? rr-<ri->t-ir-?^ T '''? AGTvICoLTLP.AL. From the Silk Grower's Guide, jiisjeiri' OF TITS SILV WORM. The silk worm or Bom1>yz 7,10:1, is a eaterpillar, it^bo'ly formed, of numerous or,cmbrnnofis muscles* or rings on Tift? Inst of which is a s!iarr> spine. The head has a1 horny eonvering ;the jaws strpng and sharply indented I ke a sew : nMar tise jaws, tw ducts convey thc'silkc;? fluid ; these unirin one, form the silken thread of frcrn 400 t 1200 feet in length : the eggs are of a dark * lilac or slate color. The silk worms are at * first b^ack and extremely small ;.ast:icy'ad "vance in age and size, ?.W cast thei-r outer covering or skin, nstnllv tour iitnos at did O , . erent periods. .These successive changes are called moukings : an-i the times interveiling tire termed ages. In a colder torn "peraturo, the duration of those several period's arc'prolonged; but in a wc.rpi cdimnte, ?!?o period or season of iho f.rst moultittg, which terminates the first age. itsui'iy occurs on the fourth or fifth day of its existence ; fie second on the or fourtlitocnth day ; and iho Itist o:>;he22 day. At each of'thesc critical periods^ the siIk|worms remain in a torpid state, eating jiulo or ab$oiu'ely no'hing for n day or'more. At the end of about ten days more from the lasf period, or in about thirty-two days from tlf* ix&inmng. t!*o insert now, feiiv crown. is P ? t ? r # about three melius an I o*ne third j:i length, transparent'of aye!io\visV\vi)ito or pearl color. Having now conmle.od their* fifrli 'or + 1 ^ just age, thev cat do more, b:it ascend to iho leaves or bash wood. w- i h "are placed for l Irs purpose, and eomnianee the formation of the cocoons : and in the cons ruction ofthese, the insect works l;i:s'lv and inccs. sanilv night and dav, during four dnvs*. (? t V The labor fiaished, the insect in the centre becomes transformed to t!i? chfysal's slate. Of all the varieti es ofsfk worms,I ever saw, i'ie most Inu'ifr.l are (he pipe irhi'c species ; and tie ir coca ;V.s are very vtdua1)1?, bnlng of in snowy wukonrss. Other shl:-\vt>rms there are, which pass "through iut fiircc.isuccessive changes or in.ouking$.These are by some preferred; diev fmish ' ' ?- in >!< ? mid iv*oini\i Ios's TiJw'ir lUUUiri |u icso i.niv. j?_ loo J ; hat their coco-jus are proportioaahly oi smaller size. The cocoon is usually a:- inch and a third in length, of an oval fqriji : the cvlor v-!iow or's'raw, or pare white. i hie on:or cor.coring is like the fines1 woo!, and is c.uhd l?os. .and is easily dotnehed ; this being rmhov d. the end of a thread is di-cover-d, vnrvif.g from four hundred to twelve.hundred fcoti n length, of c.\tropic fineness. After a'rj inTerval of twelve days' ropoy, from tl:c time its labors are lliHshcd, tin- -i pierces the t'ocoOn and re-oopears.* transformed anew to a greyish white butterfly. * These bu ?cr flies' no tor take food ; ti: *y commence laylug their eggs in twenty-four or thirtv.six hcurs ?fcr leaving the cocoon."?Each fomale usually lays 400 eggs, which firmly adhere to the paper, on which the vara arI i # " ranged in A handsome and circular form. In a few days after, their multifarious labors being ended, the insect c!i >. COOKEil \\ XVc have been favored with.die following Receipts by ;i laJt' from the East, and Ik.v. jug sufficiently tried them, take pleasure in hearin-r testimony of t.heir correctness. . J provided die roots can penetrate .litem. Tuc situation should I)'; 'liir'i ; low, ricli and ' moist land, never produce nourishing leaves i however vigorously the trees may grow. Ticv are always found to be too watery. The same remark may be made upon the | ieaves of young secdiing plants, which will i not produce gooj or abundance of silk, and are only j roper when the worms are young*; snv in the two first s'ages. It mav be useI All to have a parcel of these growing in a warm situation, that they may come forward ! be iore. largo 1 roes, and serve for early food. Farmer's Register*. I ft IEDiCAL.- ' . , From the National Intcligencer. MALIGNANT .DYSENTERY. ; To the Editors:? j' G}Ntle:ic::: Asiiiere is at triis timo a ; highly formidable disease provaiiinga few i miles below this place, in ihe country of vflnuquicY, and which threatens to thecoma ! mora* genera! I shall oiler no apology for pironbling you with a brief communication on the subject. Though knowing as I do that a medical journal, and-not a newspaper is the vehicle generally selected for the , purpose of conveying medical intelligence ' to the Public, ycr, as the former is taken | by comparitivcly so few. I can see no goo<!1 ; reasoji why the latter, widely c irculated,: ' should not often b?r preferred, cspecialv j 1 when it is desirable to imparl", speedily and | , generally, medical information in a point : i.i ^vtiii?h hw? PD'tihmnitv are .immediate!*" ! i and vitally interested, j The disease uliuded to is a malignant j ; dyseniary, or dysen:r^y complicated with ' typhus, and which lias already been attenI ocd with no littie mortality. Frdm the coin- i menccment the symptoms arc typhoid, never i | tiny thing like an active depletory course is | ; indicated: indeed, such is the" tendon-| cy.to prostration in many cases, that die I system speedily sinks under the slightest | j depletion if it be not sustained at the same 1 time by some dilFusabie stimulant* This .horrid malady, so far, seems to set at. utter defiance neark* all the usual remedies which 1 | have heretofore been employed in the treat- j ; men! of ili j-infl.mnriatosy or ordinary forms of dyseniary. Therefore, in making this communication, mv principal object is to < draw attention mainly to a single remedy which, in union" with a few others, has ( been in my hands for several years .pis! I i eminently applicable and successful in all J ' low states of ilysentnry, whether . combined with typhus or not. Hence Ji is that I can confidently recommend it, and vouch for its superlative efficacy. This remedy is nothing morw than the simple spirits of turpentine. It will unquestionably be ( fouml *a most important, if not an unrivalled recourse in tiie hands of the modicaJ practitioner. or any other intelligent I person, in every modification of dysentery. Ail tHat, will be necessary, in aJdition, will* i be to prepare tin; stomach and bowels a : little by means of gentle cvacaynts before ; giving die turpentine, r.nd employing some ; m.ki aperient, sneii as cas'or oil, occasion ally. <te administration: though even* sucn thinns as tiiis must bc^cautiousiy intro * <7 m duccd, to avoid u pathological disturbance. physiological phenomena, following the exhibition of the inrpeitlino,. arc at one v wry striding and satisfactory. To , perrons unacquainted with its practical op| plication or irs ;nodus' operandi, in such *| cases "it might appear a harsh remedy to j apply to the mucous tissue of the bowels ; already much- irritated, iuflanicd or ulccra: tod perhaps, but it has altogether a* different eflec:, "which is evinced by the prompt man' nor in which it allays tile irritability of the * ... : stomach, and relieves tho tormina and tenj esmus of the bowels. By way of illustrn. j; ion. let us advert to its soothing efiect? in j burns and scalds, with which almost every ! medical man is fa miliar. . In nil cases it'should be given in full, j bold doses, and i:i desperate cases with a j iKind still more intrepid. The uduit dose j shoul i never be less than a drachm or a t ' tea spoon full floating on a liitlc sweetened j water, and repeated every three or four . hours, unless thc'jnflicntshbuU becomposi i cd or sleeping." II wever, a good general : j rule in regard to i s frequency of adminis. i i I , '.ration is this: When the^puiso is- depresses . ! give it ofei.er, when the :>ulse is plgvmcd ; give it sirlJoirer. , In almost every case and -form of dyscn> j.i?iry,rt will be impor.ant in the highest i {degree to interpose occasionally a strong anodyne or a full do.se of opinm orjaudnum, i : foV the purpose of allaying the morbid ir. mobility- and distress of tiic bowels, which ; ; now and then recur with great intensity.? . ' For it is impossible to subdue the diseased ? action ofthemucioas membrane while the. {' causes of-irritation continue to act.. It > would.seem superfluous to advert io the i 1 appropriate articles of diet, and drinks, in . detail, as they arc generally well under. stood; thcrfore, i shall only add, that they ' shoufd all "be light bland, and nutritious.? . Puripg convalescence, or at moments of j great depression in the course of the disease ; j port wine, or any other sound, wincor even ? a little brandy toddyj may be interposed. ; Accept assurances of the regard of your ) , obedient servant. - " T. P. HEREFORD, M. D, : ! . iiayxauxet, ( Va.) Aug. 24 1SI37. ~ sflbassage i ' Fit OX THE.. president of the united states, * To the two Houses of Congress, at the commencement of the first scssioji of the Ticeru . j fifth Congress. i Fellow-citizens*of (he Senate , and Jlousc of Representatives: The act of the"2<Jd of June, 19JJ6, regulat.-ag the dct?osLrr;s of T:f public money, and % * 0 5 . _ 9 ' - - N To make Light Bids: :ii. Rusks, Dough. ?mts,?'fake 3 quarts (J Flour, die usua quantity of suit, 1 mbie spoonful! of t"v. llD> ratuS, Pearl of Pot Ash, dissolved in a quan of Butter-milk or Boany-Clabbcr, 2 tatrf'e. spoonfuls of Lard or Butter, rubbed io :h< Flourx then ;f i!;o dough ?s not very soft, the addition of a litti? more milk \vr:'d lie . " requisite ; the dough must be made out wiil the hand and baked iivnnediato!}'. L'ght.bread may also be made "in -like manner, only leaving out the ktrd or butter, Rusks and' Doughnuts are also made a: above, with the adJitign cf 1 pound of.su. gar, \ pound of butter, and a litlie Ali-spiei ?If preferred, 4 eggs nr?y be usod, but no iipfp^^Krv liVATii-i! - hem JILfbt. 'Til? Doughnuts are made without buf!crt cut ir shape, and boiled in ho' lard until they be. cornea liglit'brown, when they will be rea? c?y for the table.. Ripe Tomato -PfekJc.?Take ripe loma. toes and pick them with a fork : pat then into any kini of vessel; salt each layej thickly.; let them remain in the sail a bo a "eight days, then put thcin i:i vinegar cm night; take them out in the morning. T< a. peek of tomatoes add one bottle of nyus tafd, half an ounce of cloves," half an ou:ic( of pepper, and a dozen large onions sliced pack litem in a jar, by placing a layer o onions and spices between the layers of .to matoes. lu ten days they will be-in goo; patingorder. Tiie vinegar shoald be good and scalding hot when put pver them. . Tenn. Farmer. ' SOIL FOP THE .*!FLUF.HR V.. The proper .>oiis for this tree are dry sandv, ci stone" : the iVe:*1 ^-toov the bettoi Q . ~r.. ^ . i*. . vt -*v., ? ?r- -? <? # 1 directing the employment of Stale, District, ! and Territorial banks for that purpose, mad* it-the duty of-the Secretary of the Treasury ! to discontinue the use of such of them as | should at any tune refuse to redeem their notes j in specie, and to substitute other banks, provi] ded a sufficient number could be obt ained tc I receive tfie'public deposilcs upou the terms and conditions therein prescribed. The gen! cral and almost simultaneous suspension o! ! specie payments by the-banks in MayMst, I rendered the 'performance of fhis duty irnper| alive, in respect to those which had been se: lected under the act; and made it, at the same ' time, impracticable to employ the requisite j number of others, upon the prescribed rondi. tions. The specific 'regulations estab,;<r{>nd ! by C.'ongiess for the'depesite a;vl safekeeping j of the public moneys, having thus unexpected j ly become inoperative, I felt it to be my duly to afford you an early opportunity /or theexcr| rise of your supervisory powers over the subijoct. * , ' ? .1 was also led to apprehend that, the suspension of specie payments, increasing the i QmVnri-^ccmon tc hpfnro evi.ct.inrr in the necu J VIIIVU)|U^|<|I.V..W " - "?O ?- I mary afiairs of the country, would so f.tr diminish the public* revenue, that the accruing ! receipts into the -Treasury,, would not, with llio reserved five millions, be sufficient to dci fray tlie unavoidable expenses of the Govern ! merd, until the usual pcricd'for the meeting of j Congress; whilst the authority to call upon j the States; for a portion of the sums deposii tod with them, was too restricted to enable j fhe Department to realize a sufficient .amount ! from that source. These apprehensions have been justified-by subsequent results, which render it certain that this deficiency wiii occur, if additional means be nut provided -by Congress. * The difficulties experienced by -the mercantile interest, in meeting their engagements, induced them to apply'bo me, previously to the actual suspension of specie payments, for indulgence upon their bonds for duties; and all the relief authorized by law w?s promptly and cheerfully granted. The dependence of the*Treasury upon the avails of these bonds,' to enable it to make the deposites* with the States required bylaw, led me in tlie outset to limit this indulgence to the first of Sentcmbcr, but it has since been extended to tlig first 1 of October, that the matter might be submitto your further direction. ! Questions were also expected to arise in i the recess, in respect to the October instalment of those depositee, requiring the interpo i sition of Congress. A provision of another ac!, passed about ! the sajne time, and intended to secure a faith ful compliance 'with !hc obligation of tho*United States, to satisfy all demands upon tliom Lin specie or its equivalent, prohibited the o9br [ of any bank note,' r.ol convertible on the spot into gold or silver at the will of the holder; and tiie ability of the Government, with millions on deposite, to meet its engagements in the manner thus required by law, was rendered.verv doubtful by the event to which 1 liavo referred. [ Sensibie that adequate provisions for these | unexpected exigencies could only he made In j Congress; convinced that some of them would i be indispensably necessary to the public ser| vice, before the regular period or your meetj ing; and desirous also to enable .you to cxer.1 cise, at the earliest moment, your full constitutional powers for the-relicf of the country, i could no?, with propriety, avoid subjecting' you to the inconvenience of assembling at as early a day as the state of the popular reprcsentation would permit. I am sure that I have done but justic to your feelings, in believing that this inconvenience will be cheerfully encountered, in the hope of rendering your i meeting conducive to the good of the country. During the earlier stages of trie revulsion .1 1- ?i.:~u ...? Ki.rn incf nncoit niiir.h [ IJirOUgil U \<U una jwci. j ? ? .. acrimonious discussion arose, and great diverj sity fef opinion existed, as to its real causes.? | This was not surprising.. The operations oJ I credit are so diversified, and the influences ' which affect 1 hem so numerous, and often so subtle, that even impartial and we.'f informed j persons are seldom' found to agree in respect | to thein. To inherent difficulties were also afiJed other tendencies, which \\orc by no means-favorable to the'discovery of truth. Il was hardly to be expected, that those whe disapproved the policy of the .Government in j relation to the currency, tfould, in the excited state.of public feeling produced by the occasion, fail to attribute to that policy any exten; sivc embarrassment in the monetary affair; .of the country. The matter thus became j connected with the passions and conflicts o' ! party; opinions were more or less affected by , political considerations; and differences were j prolonged which might have otherwise beer j determined by an appeal to facts, by the exJ crcise of reason, or by rnn'ual concession. It is, however, a cheeri'g reflection, that circurcv stances of tins nature cannot prevent 'a comniunity so intelligent as ours from ultimately | arriving at correct conclusion3. Encouragnc j -hv th? firm belief of this.lrufh, I proceed tr J state mv views, so f ir as may be necessary tc j a clear understanding of the remedies"! feel it rny duty to propose, and oi tlie reasons nj which 1 h^vc been Jed to rOfommsnd them. The history of trade in the United States ! for the last three or four years, aifrrds the j most convincing evidence that our present : condition is chieliy to be attributed to over-ac: tion in ail the departments of business; ar j over-action deriving, perhaDS, its first impulses t fkcm antecedent causes, but stimulated to its | destructive consequences by excessive issues ; of bank paper, and other facilities for the aci quisition and enlaigemcnt of credit. At the ! commencement of the year 1834, the Banking J capital of the United States,.including that o : the national bank then existing, amounted tc I about two hundred millions of dollars; the j bank notes then in circulation to about ninety, five millions; and the loans and discounts o the banks to three hundred and twcqty-foui j millions. Between that time and the first o ; January, 1838, being the latest period to which accurate accounts have been received, oui j banking capital was increased to more thar j two hundred and fifty one millions ; our papei ('circulation to more than one hundred anc i forty millions, and the loans and discounts t< ! more than four hundred and fifty seven millions i To this vast increase are to be added the man} | millions of-credit; acquired by.meartsof for eigir loans, contracted by the States and State i institutions, and, above all, by the laVisl j accommodations extended by foreign dealer.' i to opr"merchants. The consequences of this redundancy o j credit, and of the spirit of reckless speculatior i engendered by it, were a foreign debt con i traded by our citizens, estimated in Marc! last at. mow than thirty millions of dollars 4 4 .? . 'A-.r ? ; / ,! the extension to traders in the interior of our : i country of credits for supplies, greatly beyond a< n the wants of the people; the investment of J tv i; thirty nine and a half millions of dollars in 1 0 ! j unproductive lands, in 'the years 1833 and 1 st ' 1830, whilst in the preceding year the sales la >1 amounted to only four and a half millions; the cs ' creation of debts, to an almost countless j in j amount, Or real- estate' in existing or antici- j m , patcd cities and villages, equally unproductive, j cl , and at prices now seen to have been greatly i disproportionate to their real value; the tr j expenditure of immense sums in improvements oi i which, in many cases, have been found to be so I ruinously improvident, the diversion.to (Jthcp ' su [pursuits of-inuc.h* of the labor that should j v*"' j iiavc been applied to agriculture, thereby | of j contributii g to the expenditures cf large sums j is* j in the importation of grain from Europe?an, rs.V I expenditure which, amounting in 1634 to about i St I two hundred and lif.y thousand dollars, was, : so 1 in the first two qnar.cr? of the present year, !*os J increased to more than-two millions of dollars; di: j and, finally, without ^numerating other injui th j rious results, the rapid growth among an cms- i j ses, and especially in our .great commercial: es j towns, of iuxurion .habihj, .founded too ofi.cn | (>f j on merely fani io? wealth, dud detrimental j. ' alike to the industry, the. resources, and the J ! morals of o*ur people. . ?' ; on i itwaseo impossible-that such a*state cf !'y1 ' things could long continue^ that tiio prospect j of revulsion was present to the minds of con-*! f? \'f ider^te men before it actually came. None, i lTf. | however, Iiajl correctly anticipated its seven- j t*1 | ty. A concurrento of circumstances inadci quale of themselves to produce such wide- ,ta j. spread and calamitous embarrassments, tend- ; t<;< | ed so greatly to aggravate them, that they ?r | cannot bq overlooked in considering their j Vo I history. Among these may he mentioned, as j most prominent, the gre.it loss of capital, ! sustained by our commercial emporium in the j | fire of December, 1683?a loss, tlie effects of i re which were underrated af the time, because ; y i Dostnoned for a season by the great facilities j j of credit then existing; the disturbing effects. ! !n ' in our commercial cities, of the traifcfers of j ,nt thopnblic. moneys required by the depesite | ^ : law of June, 18C(5; nnd the measures adopted : by the foreign creditors of our merchants to ! eu i reduce their debts, and to withdraw from the Mai \ United States a large portion ofosr specie. *i or However unwilling any of our citizens may j c? j heretofore have been to .assign to these causes I the chief instrumentality in producing the'. I present state of tilings the deve'opements ai< j subsequently made, and the actual condition j lr< I of other commercial countries, must, as it [ seems to me, dispel al! remaining doubqs upon | tl1 i the subject. It lias since appeared that eviis, : 20 ! similar to these suffered by ourselves, * have j m; 1 been cxpercnced in Groat Britain, on the U*J : continent, and, indeed, throughout the com- nc | niercial world; and that, in other countries, Pr as well as in our own, they have been uni-jju fojmly preceded by an undue enlargement of \ di the boundaries of trade, prompted, as with us, i ?f by unprecedented expansions of the systems jre i of credit. A jefercnce to the .amount ofj banking capital, and tlie issues of papercred- i n? > j its put in circulation in Great Britain, by banks, ly J and in other ways, dur'ng the years 1831, cl ! 1835, and 183d, will show an augmentation of d: , ' the paper currency there; as much dispropor- a . tioned to the real wants of trade as in the U.* ei . | States. With this redundancy of the paper a< .! currency, there 'arose in that country also a ti< I spirit of adventurous speculation, embracing tr j tiic whole range of human cnterprizc." Aid w 1 <.i?nn in nrivnptf*/! jmnrovf-ments: <v r I IXUI'lUIUOtll >U J . large investments were tnade in foreign stocks n< ; and loans; .credits for goods were granted tb with unbounded liberality to merchants, in for. ci . . cign countries; and all the means of acquiring fb i and employing credit wore put in active op- ai j cration, and extended irl their etlbcts to every ib i j department of business, and to every quarter t!i i ; of the globe. The reaction was proportioned ci i in its violence to tke extraordinary character Lto of the events which preceded it. The com- i ai f rnercial community of Great Britain -were j ; subjected to the greatest difficulties, and their ! ^ > debto-s in ibis country were not only sudden- j a? ll yl deprived of accustomed and expected cred- j ^ j its, but called upon for payments which, in the ! C( i j actual posture of things here, could only be-j a t J made through a general pressure, and at the j CJ , t jnest ruinous sacrilices. # I pT ' " ' r *' A r-->n?n mi_ | . 1, ' in view or ineae jjuo, it nvu<u ?bui Lll i possible for sincere inquirers after trutfi to re- ti< I -eist th'e conviotion, that the causes of the A\ revulsion in both countries haVe been substan- th tially the same. Two nations, the most com- T ?I mercial in the.world, enjoying but recently the to 1 ' highest degree of apparent prosperity, qnd jn I j maintaining with each other the closest rcla- ty ' tions, are suddenly, in a time of profound e; | peace, and without any great national disaster, n( i i arrested in their carter, and plunged into a 'jp | state of embarrassment and distress. In both j t!i II countries we have wilncs^pd the same redun- ; v; : dancy of paper money, and other facilities of a< credit;-the same spirit of speculation; the 01 ' same partial successes; the same difficulties i ai i and reverse?, and, at length, nearly the same j g; > overwhelming catastrophe, Tne.most mate- ' in )' rialdifference between the results in the two J w t' countries lins only been, that with us there s tf ' i has also occurred an extensive derangement ' j in the fiscal affairs of t!ie Federal and State ! ? | Governments, occasioned by the suspension* of! g( '! specie payments by the banks. | ^ i ! The history of these causes and efleets, in i ej | Great Britain and the United States, is sub- ; tc i stantially the history of the revulsion in all' ai ? other commercial countries. : g, 5 ' The present and visible effects of these cir: ; p, > j cumstances on the operations of the Govern-1 0| * r 'i ' merit", and on the industry 01 me pcopie, \?jcl - i out the objects .which call for your immediate : ej r ! attention. *" jr f i They arc?to regulate by law the safekeep- j v< > j'ing, transfer, and disbursement, of tiie public ' G, | moneys: to designate the funds to be received j ;1] j and paid by the Government; to enable the ^ fj Treasury to meet promptly every demand j rc I upon it; to prescribe the terms of indulgence, j (j ? and the inoce of settlement to be adopted, ajs a, i well in collecting from individuals the revenue j k( l* j that has accrued, as in withdrawing - it from j C( i ; former depositories, and trt devise and adopt j w r! such further measures, within the constitution- J {j. I"! al competency of Congress; as will be best | 0< ) j calculated to revive the enterprize and tapro- i * { mote the prosperity of the country. , o; ' j For the deposife, transfer, and disbursement, j si "! of the revenue, Natioual"Und State banks have . !i ;! always, with temporary and. limited excep- g< 1! tion?, been heretofore employed; but, altho' si 5 j advocates of each system are still to be found, tr 1 it is apparent that the events-of the last few tii F j months have greatly augmented the desire, r\ i! long existing among thp people cf the United c\ - ( States, to separate the fiscal operations ol the j la l! Government from -those of individuals or cor-' tl , pprations. * - ]* .Again to create a union al bank, as a fiscal ( < jenr, v/ould be to'disregard the popular will,, > rice solemnly and unequivocally expressed.; I n no question of domestic policy is there j 1 ronger evidence that the sentiment of a h rge rtiajority are deliberately fixed, and I ! t mnot concur with those wholhirfk they see, ( i recent events, a,proof that these senti- i i ents arc, or a roason that they should'be^j c langeu. 11 Events, similar in their origin and cbarac- jr? r, have heretofore frequently occurred with- c it producing any such change; and the les-! 1 us of experience must be forgotten, if we , c ppose that the present overthrow of credit t mid have been prevented by the existence.; a a national Dank. Proncncss to excessive : c >ucs has ever been the vice of the banking1 e stem: a vice as prominent in National asm | c ;ate institutions. This propensity is as sub- i i rvient to tiie advancement of privatp inter- r ts in the one as'in the other ;- and those who 4l.nn? S I'tnuor lit* lYltT/l^'l l\V ! z l^V/l OU^lil L'UvlJj ^Utviv w( J . |, c-sanie view.?, n r.<i influenced by t-iie same j t otive?, will be equally ready to stimulate j t trayagance of eritcrprize by improvidence j c credit.. How strikingly is this conclusion j. stained by oxperienco. The Bauk^rf th<0 nited States, with the vast powers conferred * a i it by Congress, did not or could not prevent | f rver and similar embarrassments; nor hqs j t e stiil greater?stpcngth it-has been ?aid to i ( ssess, under its present charter, enabled it.'t tho existing emergency, to cheek oilier in- i r tutions, or even to'save itself. In Great 11 itain, wlierc,* it has been seen, the sain?f t uses have been attended with tho same' of- ; n rts, a national bank possessing powers far i c cater than are asked for by. the warmest ad- j L cates of such an institution here, ha$ also ! r oved unable to prevent an undue expansion : a credit, and the evils that flow from it.? < c or can I Hud any leniblo. ground for the i a .establishment of a uationah bank, in the 1 t rangement alleged at psesent to exist in ! c c domestic x:.\changes o: trie country, or : s the facilities it may be capable -of atfbrl*-1 r y them: Although advantages of tuis sort; to anticipated when the fcrst Bank of the j1 ailed olutes'was created, thcyyrere regard- a as an incidental acootmmxlation; not one J c r which the Federal Government was bound,! f could bc'calied upon to furnish.. The ac- j ? mmodation is now, indted, after the lapse 11 not- many years/ demanded from it as a-. c cngst itsllrsc duties; and an omission to j t J and regulate .commercial exchange, is .j 1 ?ated as a ground of loud and serious com- j f iint". Such results only serve to exemplify j c e constant desire, among som? of our ciLi-1 v :i5 to enlarge the powers of the* Govern-j s 2nt? and extend its eoiitrcl'to subjects with , i tiich it should not interfere. Thcv can j iver justify the creation,of an institution to ;r omote such objects. On the contrary, they .j * stly excije among the community a more , \ ligertt inquiry in;o the character of those i i lerations of rrade, towards which it is desi- i t d to extend such peculiar favors. 11 The various transactions which bear the i * - - ? * j ? irae of domestic exchange?, ddier essential- [ t in their nature, operation, and utility. One i \ ass of them consists of bills of Exchange,, -j av.m for the purpose of transferring actual j* ipital from one part of the country to anoth- j ( or to anticipate the proceeds of proper^ j * itua.'y transmitted. Hills of this descrip- ! F an are highly useful in .the .movements-of;1 adJ, and well deserve all the encouragement; * llicii can rightAiliv he given to them.v Ait-.; \ her class is made up of bi'ls of exchange, j1 >t drawn to transfer actual capital, nor on j * io credit of property transmitted, but to j1 eate fictitious capital, partaking at once of .1 ie character -of notes discounted in bank ' id of bank notes in circulation, and. swelling- ? te.raa.-s of paper credits to a vast extent in 5 ic most objectionable manner. This spe- j [ es of traffic, instead of being upheld, ought! 1 i he discountenanced..by the (Joviarument,1 id the people. . jA But it was not-designed by the Constitution 1 at the Government should assume tiie man-1 jemcnt of domestic or foreign exchange. It ; t indeed authorized to* regulate bv Jaw the j fr >mnier?e between the ls>tates,'and'to provide |, general standard of value, or medium.-of ; tchange^ in gold and silver; but it is not its- j ovinccto aid individuals in the transfer of! eir funds, otherwise than through the facfii- j ?s afforded by, the Pogt Oftice Department. j s justly might it be called on to provide for j y g transportation of their "merchandise.? hesc a're operations o/ trade. They ought jl be conducted by those who are interested i} them, in the'same manner tint the hidden- j r ,1 difficulties of other pursuits are encounter- I j 1 by other classes of citizens. Such aid has j} it been deemed necessary in other countries, i' hroughou Europe, the domestic as well as ; j ic" foreign exchanges are carried on bypri- i te houses,' often." if not generally, witoet the ?' distance of hanks. Vet they extend through- j, it distinct sovereignties, and far exceed in j, -iiount the real exchanges of the'Cnitcd; " . ? 1 j tatcs. There is no reason why our own ! ;ay not be conducted fu the same maimer, j' ifli'cqua! cheapness anil safety. Certainly.':' lis might ho accomplished, if it were-favored ! ir those most deeply interested; ami few can I 3ubt that their own interest, as well as the ' j enera'l welfare of the country, would he pro- ! intcd by leaving sue!) a subject in the hands ' f those to whomit*propcrly belongs. A sys- ' mi founded on private interest, enterprise, <1 ad competition, without the aid of legislative j' rants or regulations by law, would rapidly j ' rasper; it would be free from the influence I \ "political agitation, and extend the same ex-1' nption to trade jtseif: and it' Would put ?.n ' j id to those complaints-cf neglect, 'partiality, i' justice, and oppression, which are the itnal liduble results of interference ny trie uov- , rnm'ent, in the proper concerns of indivnlu- : ( !s. AH former attempts on the part ol the overnmcnt to-carry its legislation, in t'l.^ j J 'spect, further than was designed by t!;c j' onstitution, have in thaend proved injurious, ; id have served only to convince the great 1 < xiy of the people, more and more, of the j 1 }rt"ain dangers of blending private interests 11 ith the operations of public business; and ' 1 icrc is no reason to suppose that a repetition < tiiem now would be more successful. ' ! ( It cannot he concealed that there exists, in ; < if community, opinions and feelings on this, i ibject in direct opposition to each other. A f t rge portion of them, combining groat inteili- j ! nice, activity, and influence, are no* doubt j 1 ncere in their belief that the operations of|< ade ought to be assisted by such a connec- i on; they regard a national bank as neccssa- I ' for this purpose, and they are disinclined to 1 /cry measure that does not tend, sooner or > ter, to the establishment ofaucii atflflmtet-'f] on. On tlie other hand, a majority of the '' are helieaed to-be irreconcilably oppo-11 ccntration of power dangerous to their liberti? vciy mauv of them regard itas'a violation?! [Jic Constitution. Tnis collision of. opinw las, doubtless, caused much ot the embarra?' ncnt to which the commercial t ransactions S|L i ;hc country have lately. bc;*.n expost <i. Hlank?g? ' ng has become apolitical toj)icof the highest?!^* _ s ntereSt, and trade has suffered in?the cdnflict ajjffr )fparties. A speedy termination of this state of ? hings, however desirable, is scarcely to be ? fx^eaicJ. We have seen for"nrarly half- a ' :entury, that those who advocate a nation;!! K " >ank, by whatever motive they may be inllu- ?gp'.. weed, constitute a portion of our caminuaity oo i\uifeh)\i* to allow us to hopafur ah early lP " ibandonment of their favorite plait. Oi\l1h'W?;?' >ther hand, they must indeed form an erfbne'OUs estimate of the iutelligonee apd temper >f the AmenSfcjteopIe. who suppose thai tkey Jjpfcgf' lave cor/iuuevf, on ejight or ir. ?yfiir.;oip '' grounds their persevering opposition, to such'. m InstiLuiiorf; or that they can be Induced t.<y. flHg iecuntary pressure, or by any other poinbina-4. ifS&g !w:i cf circumstances, to surrender principle? "r^.' hey have snjong ant} so inflexibly maintain-. - . W 3J"-rstnviewsoflliesulyffc^afe'unchftii^od: iVy haV? |9Ki; mr.ounctd. to mv klloiy-citiaens, who, .with uil knowledge of them, conferred upon u*e -**^5 he two highest offices of the G&vcriflieht.?- ' <1& )n the lfst of these occasions, I telt it due 6> . Mt he people Jo apprize them distinctly,, that, m ' jHj he event ofnrty flection, 1 vvdu'.d not b*> able "? ?o cooperate in the re-establ.slpnenf pf a na; y. Jre ion?.J bank. To These sentiments, i have \ ''?a tow ortjy to add the expression of an increased* onvicfton, that the establishment of uccb a 2 sank, in any form, whilst it would not^iccora-v * -Jp? dish the be.'iclicial purposes promised by ita\ *ivocate?, would impuic the rightful suprefna-' ' ." & :y ot the popular will; injure the characty .'.id dimmish the influence Qt* our^ojiiical sy.s? V*'jE? ein; and bring ouc? more into existence a . :oncentrated moneyed power, hostiie to the ipirir, and threatening the permanency, oroct * -v '-jME epublican iRStftution.?. - ? Local banks have- been employed for the -. > lenosite and-, distribution of the revenue, at tl! time's- partially, and, on thr.ee different or,-.. * f :asious exclusively; first* anterior to the es- ' fi jblisdrraent. of the tirst Hank of tie Uni?e<l - v^?' States : st coldly,in the yilervat between* the fit crininallon of that institution and the charter . .JML if iigVucccSsor; and, thirdly, during.tbe hnii- , yd period which has* now so abruptly closed. m Hie connection thus repcated{y attempted* . ^ jfi .roved unsatisfactory on each successive oc, , Jl; asion," notwithstanding the varjooS measures ? diich were adopted to facilitate or -msyieju. uccess. On the last, occasion, in the year ^--fi ,?u<\ the employment of the State Banks vy&s f iuorded especially in every way wli:ch'e.\pc- ; ionce and caution could suggest. / IVvsohil lecuritv was required for the safe-keefuBg and Jr irompt paymenUif the moneys to he received, -8< ind full returns of thefr condition were, from ? ime to lane, to be made bv the depositories. ? . fif [?'the first plages the meagre was eminent- *' * >Sr y eiicccssful^notwithstanding the violent op- * IK josiiion of the of the U infect" States, and Kibe unceasing efforts made to overthrow it.? fhe selected banks performed with, fidelity, ' ind witiiout any embarrassment to themselves >r the community, their engagements tojAic I, j'jvcrnment, and the system promised to''be .?' jcnnan'eotiy useful. Cut when it became m ireessary, under the act of June, 1830* to * vitbdraw from- thera tlie public money, for Mr' he purpose of placing it in additional in&tity- jp !Tm3,-ojMdtfansfarriiig it to the States, they if bund itTTirtnany oases, inconvenient to com- 2 >ly with the demands of the Treasury, and \ lumerous and pressing ^application* were \ nadafor indnlgeoce or relief. ,-Asr 5 nents umlor the deposite law became, pay a-' w ile, their own emtoarrassiaynts, and tlie nr.' J? icssiiy under wliich they lay of curtailing . ;,,W heiT "discounts and caBing in *Uiejr debit?, ,in:reased the general disti?ss%and contributed; * villi other causes, to hasten the revulsion iu *4 * vhich, at length, tbey in cor.ini.ori vvr.h tho . - ' " ? lUier banks, were fatally iiivuived^ * "Under these circuiTwianccs, it b'econies our'. W' solemn duty to inquire wheijit r tirere are nor, - Miff any .connection between tfie Government P tnd hanks of issue,-evils of great magnitude, * i*, nlicrcnt in its vety-nature, aiui against which ?.'*/ W. w.precautions can effectually guard. . .. Unforeseen -m tnc onpini/aiiun o/ \',? u?nv *. m eminent, and forced on the -Treasury by L'&Sjfit . Wfc necessities,, the practice of employing bach;Y ft ivas, in truth, from the beginning, more a*inea-.. | ;ure of emergency tlian ??? syt-rd policy.? When we started into existence -as af?haiiou; i' n addition to llie burdens of the new Govern-. ? * nSut, we assumed all the large but houurable* *?? oad ?f debt which was the price, of ear liberty; ~~mt )ut we hesitated to weigh aowjbthe infant iu-.' JfcItislry of the country by r sorting to adequate ' M*. aixation for the necessary' ^evenjie. - Tiie la, ./ jiiltusof banks, in return 'for the.privilege* js t " V: [hey acquired, were promptly uLvjred, and pen. ST1 inns tjio rf?adi!v received, bv an embarrassed m Treasury: Durjng the lor\gV.ontin nance of a '? l'ntional debt, and the inter/cwmg difficulties y jf a foreigp war, the coimeftion was continu- .* ;ct from motives'of convenience; but tbes*e :au=es have long1 since psssed away. .Wtt * m. nave no emergencies tiiat make batiks necee, . M sary-to ald.tne wants of the Treasury; we :l live no load of national debt to. provide fori * m irid 'we have on %ctual deposjte a large sur- .1 i)lu?. No public interest, therefore, now re- . quires the renewal of a connection that cir- I zumstonces have dissolved. 1 he complete ? Organization of our Government, the abfwdance of our resources,, the general harmony y jjHf which prevails between the ditlereut States, * and with foreign Power's, all enabte us now to , -mU select the system most consistent with the . jk Constitution, and most conducive.:!^ public welfare, Should .we, then," connect the* ** Treasury for a fourth Iftnd with the local ' * banks, it can only be under a conviction that * & ??5t failures have arisen from accidental, not Sjj nbcrenf, defects.' * r 1 A danger, difficult. if not impossible, tcr be lvoi.icil in such arrangement, i's made striking- '' y evident in the very event by which it has io\v been defeated. A sudden act of the ranks intrusted with ihe funds of tho people,. deprives the Treasury, wiUtont fault-or agen? . 'm :y of the Government, of the ability to pay its M Creditors in the currency they have by iajSe a iglit to demand. This circa:instance lo due- f cation of commence could have prodded, if ;hc public revenue had beon collected in the egal currency, apd kept in that form by. the >ificere of the'Treasufv. .The citizen, whose money was in bank receives ii back, since the die' suspension, at a sacrifice in iLs-'fcmoiint ; lihilst he who kept it iu^i^Tegal currency af tKg country, own possession, issues, without lossTflfie current of ins business The Government, placed in the situai ion <?f the former, is involved ?n nil*- ir.i-sments which V . 11. ^ ^