Bloomington Post, Volume 2, Number 28, Bloomington, Monroe County, 2 June 1837 — Page 1

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iwr .(TnrrrimnMiTifTTinri'KT Twrvems

Published crery Friday morning Office on main Cross Street, first door West of Mnj. Mite's.

Volume 2.

m.oo3iirvGTorv, Indiana, Friday jile 2, issr.

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Ium!rr 2.

TO Til E VOTERS OF TUP, SIXTH CONGRESSIONAL DISTRICT, OF INDIANA. Fellow-Citizens: Having been by your partiality elected, to f 11 the Yscancy in thi list Congress of the United States, occasioned by the lamented death of Col. Kinnard, and feeling conscious that, to the extent of the opportunity afforded by the short period of thirty-eight days (the time for which 1 held a eat) the trust was faithfully and diligently discharged, to the best of my abilities, I am induced to present myself a candidate for re-election to that highly honorable and responsible station. This determination, although sometime since announced through the medium of the public papers, has been the result of much reflection and consultation with many of my friends, in various parts of tho district, who so generously supported mo before, when I was to a great number of them an entire stranger. Such a inani Testation of confidence, under such circumstances, demands my since ra and grateful acknowledgments. The session which has just closed, was one of laore than ordinary interest, involving, in its legislation an discussion, question! highly cv.-itii g, and in the settlement of which the whole country, an I particularly the. West, must feel that it has much at stake. One of the most prominent of these, was in relation to the distribution of the surplus revenue, or whetber the surplus should be distributed or remain iu the vaults of the deposite banks. A very prominent feature in the policy of those; opposed to distribution, was the adoption of sucli ineasur'e aa were calculated to prevent the accumulation of uny considerable surplus in the treasury. To effect this object, the first step taken was the issuing of the famois Treasury Circular, immediately after the adjournment of Congress, in July last, requiring specie, in payment for the public lands. A measure so un looked for, was found to operate oppressively, especi-

. ally on the people of the Western States, draining from circulation, arid into the land offices, all the prcciouv nrtals, and from thence into the Jepisiic banks; thereby giving' those institutions n decided advantage over other local banks of equal solvency, enabling them to cripple their usefulness, by drawing from them all their specie, and causing a general depression m the inopcy market. Another odious feature of this Treasury Ci.cnlar is, that it makes an invidious distinction between the debtors of the general government, in requiring specie of the purchaser of the public lands; while the importer of foreign merchandize is still permitted to pay his custom house dues, in the common currency of the country. This distinction between the purchaser of ihe public land-, and the importer of foreign merchandize, does seem to be both unjust and unreasonable. To remedy these evils, a bill was reported to the Sencte, by Mr. Rivcs,of Virginia, a gentleman who then did, as he now decs, stand high in the confidence of the party In power, rescinding, or repealing this Treasury Circular. This bill require that, "no such flulics, taxes, debts, or sunn of money, payable for I mds, should be received otherwise than in the legal

currency of the United States, or in notes of banks, hich are payable and paid, on demand, in the said leial currency of the United States, under the following

rtrictions and conditions in regard to said notes, to-

w it: from and after the passage of this r.ct, the notes of no bank which shall issue or circulate biils or notes of

a lessdenomina'ionthan five dollars, shall be received,

on account of the public daes; and from and after the

30th December, 1839, the notes of no bank which shall

issue or circulate bills or notes of a less denoni nation then ten dollars, khall lie so receivable, and from

and after the 30th December, 1841, the like prohibitation shall be extended to tho notes of all banks issuing

notes ol less denomination than twenty dollars.

This bill passed both houses by large majorizes, and

was only prevented from becoming a law by being

withheld by the President, until me adjournment, oi Concrcss. ' Had it been returned, even with his veto, I

have no doubt it 'fould again have passed both houses, with the constitutional majorities, requisite to its becoming a law. So you discover, that notwithstanding

so large a majority of the people s immediate represcn- . . . e . . 1 ' f . I n-

tatives were in lavor oi tne repeal oi tne i reasuui v

Circular, the country is still left to trroan under its op

pressi?c influence, until another Congress can meet, & bv its action arrest a measure fraught with so much

tvil and so little good. A bill tegulating the sales of the public lands, pas sed the Seuate, but was defeated in the House of Rep

rcsentatives. I voted against it, in which vote I stood

lona in the delegation from this State. This bill

sought to embarrass the future sales of the public lands,

by; requiring, Mtore entry, an am ia it imu me ianas

were sought for cultivation; upon the filing of which the purchase money was to be paid as usual, and a cer

tificate to issue to the purchaser, which at the end of

nve years, would entitle him to a patent, provided he proved, to the satisfaction of the Receiver, by two witnesses, that within the five years he had cultivated one tenth part of the whole) or occupied it for one year, and upon failure to make such proof, both money and land were to be fortified, and in the meantime it was liable to be taxed fro en the dale of entry. Although the bill, by its title, purports to be a bill to prevent speculation, Vet many of in advocates supported it, because it would difoinish the amount of money receivable from the sales of lands, and thereby lessen the amount of surplus revenue. Hut the reaJ tendency of the bill was to benefit the favorites of the Dei'Psite Hanks, and others who have been speculating in the public lands for the last live years, to mi almost incredible extent. According to the best data that can be obtained, there is now in the hands of speculators betwoen tweuty and thirty millions of acres of land a quantity sutlicicnt for all the demands for cultivation, for live jears to come. It will easily be seen that, had the above mentioned bill become a law, and been coupled with the Specie Circular, (as in its cfFoct it must have been) the honest emigrant, in seirch of a home lor himself and family, mnct have been forced into the ruthless grasp of the speculator, while the general government would have been virtually driven out of tho land market, and speculators permitted to monopolize the whole concern. A bill to further reduce the Tariff, passed flic Senate,

but was alio defeated in the House. This at all times has ben a highly exciting question. The South has always contended that a protective, Tariif as uuconstitutio.ial. I need not more than allude to the commotions excited by it, ami the attitude in which South Carolina placed hereif in 1-8:33. The agitations of that period were hushed to silence, and harmony restored by the passage of the act commonly called 'The Compromise Act," by w hich a gradual prospective reduction down to a re venue standard in 18-11 was thought to be attained. This measure, so satisfactory to ail parties, having again te-ted and sustained the integrity of the Union, was looked upon bv all as sacred, and bv none more so

than by President Jackson, who in a subsequent message to Congress, expressed llr; solemn conviction thai,

"It should not be disturbed, but permitted to expir c by its own limitation." Under a deep conviction of the

danger and impropriety of prematurely disturbing this question I voted agaiiut the bill.

A bid tor the lurlhcr ditrihntion of the surplus rev

enue, passed the House of Representatives, but wa de

feated n tho Senate. I h revenue, on tl.'j P.rst of Jan

uary last, amounted to upwards of forty-one millions of

lollars' twenty six millions of which, (more than

one-half of the whole amount) was derived from the sales of the public land. T'e amount for distribution

was estimated at a traction over thirty-seven millions. Fiio estimates for the present year from all sources, is put at twenty-four millions; no doubt however, is cn-tertai.ie-I, b it that it will greatly exceed that sum. per-' haps fall but little, if any, short of the amount of last year. If this should bo the case, there lo a surplus this year, of something near thirty-seven mdlin-.i

to remain in the vaults of the Deposite Hanks, another;

year, without being of any benefit cither to thedovurn-, ment or People, but exclusively for the benefit of those favoied institutions. Thn, true state of the question tlrm is, whether tho people of the States themselves, or the Deposite Hanks, shall have the surplus revenue,

and whether to socomp:ish the latter, the icvenuu shall

be so rcuiired, by continuing in force, the oppressive

Treasury Cireulai, (against the will vf the pecpli as

expressed through their immediate Representatives)

and destruction of the LomproimsO land of 1C33, to

gether with such a land b;l! as has leen proposed, and

a system of cxtravigaut expenditure on the Atlanticsea board, that it will cease to be an object worth con

tending tor. 1 am much confirmeu in this opinion by a knowledge of the fact, that those members of Congress who were opposed to repeal tug the Treasury Circular, were generally in favor of reduction of the Tariff and

the Land Hill. While I would vote libeial appropriations to all the ordinary end necessary branches of the

public service, I should regard with suspicion, and cp-

ose with lirmness, profuse expenditures upon objects

newly designated and of doubtful utility. 1 need only sav, that 1 favor adisti ibuti-'e of the surplus, and, if cl-

ecied, would oppose those measures which have for

their object, to thwart that policy. It would bit super

fluous for me to oflor reasons why it is jour interest

that a further distribution should be made; your own

knowledge of the peculiar situation of our State, at this

crisis, will suggest many.

I ne whole contest is again to b5 tried over ; the qu'bs

tion is yet to bo settled, whether from the purchaser of

the pnblic lands specie is to lc exacted, while, frm the

importer (for the protection ol whose interest, directly

or indirectly, Congress appropriates millions annually,)

the common paper currency shall be icccived in dis-

charre of his Custom house dues.

I have expected to have presented several other

questions, and to have given vou a detailed Etalcment

of the receipts and expenditures of the Government,

for Ihe last year, but finding, that a oompliancc with

that intention, would lead me far beyond the limits ol

an ordinary circular, 1 must defer their discussion un

til a personal interview or public occasion may anord

the opportunity, of which, 1 hope to avail myself, pre

vious tolhe election.

In conclusion, fellow-citizens, permit me again to

tender to you my unfeigned thanks for your kindness

heretofore, and while 1 indulge the hope, that, in the short trial you were pleased to give me, my votes were

given in accordance with vour views, and interest, sut

ler me to assure you, that, if again the object of your choice, my time and attention shall be faithfully and

diligently employed in your service. With sentiments of regard, I am your obd't. , Humble. servV WILLIAM HEROD. Columlus, May 13, 1637.

den and irregular demands from the Ticasury, was

compelled to curtail its discounts. This created the pressure of 1034.

The rate of interest being thereby increased and public faith and confidence being then un-haken, large !';riou;its of foreign capital came iuio the country. For

money, line water; will find a level. 'IM ....... ... . 1

a ne pressure Ot 'J 4 induced sui erors. or tino who

feared suffering, to petition State governments for bank charters, which were, in multitudes of instances granted. About the time that these now banks went into ape ration, the public money had been ireneratlv liistrituted

to pet banks, upon which those banks made issues of

paper to a tar greater amount than had be-m done by the bank of the United States, while the depositee had r ma i ned where the law hud placed them. I lit amount of notes iu circulation was then increased by the issues of the new banks. Money was then apparently plenty, and the country by the Jacksonites, deemed to be "more prosperous than it had been a' almost any former period. Money being in excess, property began to raise to it a necessary result. Property wits bought and sold and bought and sold, nsmg and still rising. Had the rise stopped by the time it reached a level wifh bank issues, it might have held there for some time, the banks constantly receiving interest while the country would have been growing poorer. Hut the rise did not stop there. Many who had seemingly grown wealthy, had obtained such credit as to make it unnecessary to resort to bank men cy or security their own notes ofhand being used.

1 hese notes were then profusely given, and great numbers of individuals endorsing for each other; money seemed still more plenty, not only keeping property up. but adding to its apparent value. Phis artificial states of thfngs could be continued for a little time by a renewal of notes; and passing them around from hand to hand in payment ofcpch ether's obligations. Ihe effect of this cppnretvl incrense of property w?.s spread into every department of life. Money" was seemingly plenty, it was freely expended for articles ol luxury, by these who ha 1 been content with the conveniences of life; while tho'-e who had been barely able to procure necessaries began to indulge in conveniences end so on to luxuries. All kinds of trales people und nechanics. finding themselves prosperous, were willintr to extend their business, and thus made a call for additional laW. Hy thi time, there being n ready sale for almost every thing, competition among purchasers created a rise in every thiu. People finding the results nf tbcit lalmt yielding more uhundantly than formei lv , began to th'nk the labor itself more valuable and entitled to better or higher componnt ion. Trades I'uious arid strikes for higher wages came into vogue, and have very nearly run through all the laboring and producing classes. People were seen in carriages and livi m f.ne houses, giving splendid parties, and mar. .g grand tour?, who, but a sbort time liefore were very plain, modest humble and aood citizens.

Hut this stateof things could not continue. The notes that had Ireen given, hail b'jen so often

renewed and passed around, and they had been multi-

lied to such an extent, that some', began to think it

mident to make collections upon them.

In the meantime, importing merchants or jobbers of

the east, finding so ready a sate for goods, imported

upon credit vastly tit execs of proceeding imports.

creating a sort of nrtt'onal debt, principally to Rngland, of nearly forty millions.

I he tmio ot payment ntvl a general sot'lemcrrt may

be said to have commenced last fall.

Money was wanted to pay notes, to pay bank credits,

to pay merchants, to pay England.

J he demand for it increased the price ot it, but so

much was supposed to have been made that high inter

est ft was though could easily be paid. Accordingly

or six months people have been pouring out their sup

posed gains or imaginary wealthy in usurv, whithcut

actually taking up their notes, for in fact this could not

be done, for the simple reason that money ha!iotbceu

m the country to pay them.

Ihev are now Iting protested and tilings must go

back a lew stages, and though our young country must flourish in spite of misgovcrnment, yet it must be sha

ken to its centre. AH because the regular course of

business was disturbed by the violent, unnecessary, unlawful removal of the depositcs.

Details, multitudinous, might be added to a variety oi

the above paragraph; but they will readily suggest themselves. St. Louis Republican.

CAUSES AND EFFECTS.

When the deposites wercrcrrrored from the Bank of

the United States, that bank, in order to meet the sud

pendod specie payment. These U.v.ks are indebted to ours about a million of (hilars, principally placed with them to meet the transfer drafts of the Government.

h 'e cannot rely upon prc-sent aid fro n '!k and can only depend upon our own rcsou : c-jsV . O ir ba:ik pajer wil' be. drawn out from the very banks inde'rod to us, and w'tici cannot at. Agents are already among us, and our gold und silver wouIJ soon Icave the stale by wagon k-ads. All the east, including Cineinna'i, have stopped, and all the south, including Li-iisvi.''--, have done so too or will soon fl'ow. t ader this slate of" things how leisgcoui 1 our banks sustain .licmelves? The citizens of other slates would draw from us everv dollar of our specie, and what then would sustain ou r currency I Ycur money, fellow citizens, and the money of ihe state is in our vaults, and we are rdomn!y bound to pro'tect it. The Hanks that suspended a'e nut LrSf:en. They have boon compelled to yield to cheu instances not within their control, tlnd we trust -.viil soon resume their payments. Our only alternative was to follow their example hi self defence. The duty was painful but forced upon us by circumstances over which nn had no control. Hut there isno cause for alarm. Our pocie is ample, having upwards of a million iu our vaults; and we pledge ourselves to resume specie payment the hour w e learn that iieiuhberiu-' banks Lai

" - done so.

We earnestly rccoinmond to our fellow-citizens tmake no sacrifices of our naner il ifV rn;i- .fii'.

the utmost coiiudence on every doliar being redeemed Each Hranch will freely receive each others paper.

vvenopeior a specuy resumption ot specie payments in other states. For this we ar f'et.Tmirwvl r. 1. t,l

our institution in immediate readiness.

Ry order of the Hoard of Directors of the Stato Rnnlr

of Indiana, May 10, 1637.

S. MERRILL, Pre':. Jakes M. Ray, Cashier.

From the Southerner, (I'orl Gibson Mississippi.) What ore the difficulties that Mississippi is laboring under? Have tho crops failed? Has any pestilence

ufllicted tho country and killed its labours? Or has any

public enemy invaded the land and wasted the inhabit-

ants? Every reader knows that neither scarce crops,

nor disease, nor foreign invaion, has belullcn us. What then, has arrested business of all sorts, and siz

ed it with a slow consumption? We answer, fearles of refutation, that it is Jackson mis-govetnment.

Three times has this Administration dealt most mortal blov s against the prosperity of the country. 1st Removing the deposites from the Pauk of the Un; o J Sftes, by the sole authority of the Executive. 21. Hy refusing to sanction the full which had passed a Jack

son Congress, to recharter thellankcfthe United State.

l?y discrediting at the land office th? whole paper currency of the United States, which is still accepted for

dunes at urn seanoard, and received uy all tiie Ma-.e-tiu the Union for their respective revenues. This la.-t

blow, only more fatal as coining r.ftcr the two other-., has set the country to reeling from one extremity of it to the other. Just as, after many hard blows civen and received in a fight, one slight knock that would have been harmless iu the commencement of the contest finishes the battle by knocking down onoofthe pantos. Jackson mis-govermcnt first re-opened the floodgates ofState paper, by distroying its great regulator, tho Hank of the United Staves; and then murderously to the country, discredited the whole system of State bank is sues, by refusing thein at the land office of the United Staes. State bank notes then return upon the banks; and if nobody else sulfered wo should not concern our selves with institutions which can end do take such excellent care of themselves. But, as their nolens return upon the banks, the must Call in those notes, lent l ind ividuals, and, moreover the banks must refuse to lend what will not circulate. Thus comes n'general stagnation of business, banks push the individuals, and tho individuals push one another. Society is at civil war. So it continues, till the weaker and the poorer go to the wall; their little stock gops over board, and all becomes general Jack son yanrfVs there is too much paper afloat; after launching it on the waters of commerce himself, and fancying that the State banks would giva us a better currency than that of the United States. All this has taken place . by the arbitrary will of one man, in a Government professing to be a free one, and a

Government of the people, and for thcTr use. When will the freemen fcf the United States awake from their

lelusion, and put down this quackery of Government,

this firightful despotism under the cloalc of republicanism?

From the New York Express. 'Bf.tteii Times'" Many of the people of Mississippi

in the clutches of the Sheriff. The Governor calling

the Legislature together. The People threatening rebellion to the laws, if the Sheriffs touch them. Cotton felling for six cents a pound in New Orleans. Impossibility of sending money to New York. Post notes, bonds, State Stocks, ccc." the order of the day. The Legislator at Albany tinkering. . Mississippi and Alabama rags given to Mississippi and Alabama merchants to pay debts with in New York, with no founds here to provide for them. Over-banking, with failures for millions in NewOrleans, failures for millions iu New York failures every where. Anenterprising people tempted into enthusiastic exertions for tho development of the resources of the country and then broke down by a Treasury Circular.

and the threat to take the spee'e out of the banks to the

mints.

The Government frightened for the safety of its de

posites: breaking down the merchants of the seabord. and of the inland too, to fortify the pet banks of thi West and Southwest with specie. A suspension of specie payment endangered; the Government provoking it. TO THE PEOPLE OF INDIANA.

A state of things has burst upon us, as unexpected

as overwhelming. The intelligence reached us by ex

press from tire Ohio river on last evening that all the . . .. .... , 1 1!, 1. TT

Banks of New ork, Philadelphia, (mciuamg uiu uni ted States Bank) Baltimore, and Cincinnati had sua

OLD TIME?. A correspondent of the Plymouth

(Mass.) Memorial, has been for some time instructing and amusing the readers of that interesting paper, with anecdotes and reminiscences of the Revolutionary War,

partolwhicn appear for the first time in print. We take flic following as good sample of field" address:

Jbaltimore Lhromcic. "The revolutionary war furnishes a. variety of inci

dents some very amusing and some very interesting:

Ihe following is a very singular one: Cant. lenj. .Law

rence who had tbe command of a company of minuto

men in Freetown, on hearing of the affair at Lexing

ton, ordered his sergents to muster the company and have them meet him at the alarm post to proceed to

Ruxbury. They accordingly met him there prepared for the march, having their distinguishing liberty capr

on with this motto, "JJ berty or DeathV The company

waspropcrly paraded, and previous to their march ha made the following address to them. Fellow -Soldiers. We arc now going to hazard err lives in the high places of the field of battle in deffcu e

of all that is near and dear to us. Tyranny has fixed

his iron grasp on us, and we must either conquer, er live and die slaves'. It is true wo have got to contend with a nation long famed in arms. Their troops V:ae long reaped the laurclsof the rVjId.-and their 1cets havo in triumph w afted their thunder to the most remote margin of the ocean, and the most potent nations have been by them made to troniblc to the centre J But no matter for that. Heave is on our side; and 1 huve wished ever since 1 have been big enough to wish that whenever I died, that I might fall in the Fii'.d if battle; then I "know 1 should ride the clouds barrbai-kcdl A. H. Rochester, March 7, 1G37.