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

THE RL003ItJOTOi POST.

FRIDAV.

JUNE 2, 1837.

It ts --ratify iag w s to le abte to present our patrons and friends, with "The Tosr" irt ft new dress. H must be apparent to all that to effect this object, we have been at considerable additional expense and labor? nor doe? our rrpcnsCfn unremitted Ltbours end here, butlliey must continue from year to year. It is now more th in one year and a half since vrc commenced the publication of our paper, during which lime we have hnd many si'-ong, and apparently inmiovab'e barriers thrown in our path; but WC had the utmost confidence in the liberality and

rridc of the enlightened public among whom chance has

thrown up, be'ievingtiiat they would not sutler our fee

ble exertions to pass itiiiioticed ana unrewarded, and in

this we are happy tosay'jwc were noten'i ely mistaken

for notwithstanding our support has been very limited,

yet we have succeeded so f ir, in keeping our Utile bark

above the Furious wavr-s of disappointment wh'ch have

lashed against it ever since it has been launched among the people. It has ever been, and will contiuue to be,

our whole study and ami, to render our paper interest

ing to its readers, and how far we have succeeded in !his is for them tojudge. We are aware that there are pla

ccs that we could obtain a better support than we do here, but we arc determined to press forword so long es

u p rin rrf t aBiirnri: t to justify a continuance. We have

" v c- I I J - been raised in Dloomington, aal feel loath to leave it

We know the county is fully able to support a press and

we think the citizens have i!ie pride and patriotism. Wo p.iriip;lv t-rilic:i our aaemsnod all Oilicrs who a

friend I v to our csubiiMniiea;, to make exertions to increase our niib-cription list. INDIANA (STATU HANK. Much excitement S, alam prevails among the people of this county, in relation to ihe affairs and condition of our State Dunk Many persons believe that the bank is broke, and we understand that some have been so foolish and destitute of information upon the subject, as to make considerable sacrifice olis notes. Many of them have, and will nodoubt.be driven to make sacrifices by the deception of the numerous monry-harcrs who always infest our land. We warn the pcoyhi . ire of them they intend to make the ir Jarkdu in g t lie pres-

tire. We understand the w lio'.e cry in the country is, ' our Slate pajvr f auj acomut." We answer it is as valuable as it ever was, and the people need not fear but every dollar wi'l be redeemed wi.h gold or silver. The Hank has ample means to reedecm her notes, having at ibis time upwards ofone million of dollars in her vaults. Itistuc, the ban" I its steed specie payments for a tborttime. This she was forced to do o:i account of the br.iks of almost all the other states suspending tiieir payments. It must be plain to aM, that if our btnk was ;o

continue to pay out specie her vaults would soon be d.tined of every dollar, for every individual or bank, w ho might bold her notes, would make a run upon her because she would be the only specie paying bank in tiie United States. This ill taken into consideration, our bank has acted wisely in suspending her payments uiwil her neightors again resume theirs, which it is expected they will do in short time. For further information Upon this subject we retor the reader to a communication on our first page from S. trrell, Esq. President of our State Dank, The Hon. W.m. Herod, addressed his fellor-citizens of this county at the Court House in this place, on Wednesday the 24th ult. His address was not very eloquent or flattering to his hearers; but it was fraught with that candor and sound judgment, which is entirely indicative of a strong mind and an honest heart, and we have no hesitancy in saying we believe him to be a true friend

of the people. His course towards his competitor (Gov

ernor Hay who was not present) was entirely gentle

manly. He is not a violent partizan; nor docs he ask or expect to be elected upon party grounds, but wishes to

rise or fall i'-o his own merit. He was elected last winter to fill the vacancy occasioned by the death of the lion. G. L. Kinnard, and discharged that trust faithfully

and honorably. He only had an opportunity of serving the people 3:1 days, and now very reasonably asks

them tore-elect him, that he may have an opportunity

to serve them to some advantage. Why not re-elect

him; he is a promising young man a self-made man,

bred a farnierand knows how to a.jfcrefia'.e their vortu

and defend their rights. We invite the reader to exam

ine Mr. Herod's Circular to Ins constituents which will

be found on our first page.

In to-day's paper will be lb rt the Proclamation of

President Van Luren, convening Congress on the first

Monday in September, the object of which is tofy to ad

opt Fonic measure to save the country from the ruin which General Jackson's it'e experiments are likely to

involve it in.

i t shows they have big hearts; We wish them great sue- j

cess in their enterprise and hope they may receive that support winch they justly merit.

The editors of the Rushville Herald say Mr. Dumont

has had much, practical experience in matters cfLegislat'oiii As for that we cannot savi but we understand h

has had considerable experience in turning offbumpers.

TO CORRESPONDENTS. We wish it to be understood that we will not, for the

future receive any communications intended for our columns, containing a fictitious name, from the hands

of the author. They must be placed in our office se

cretly or they cannot receive attention;

Front Ihs Louisville Journa I

CAUSES OF THE PRESSURE JUDGE POUTER'S

SPEECH. The effrontery of the Van Buren presses is most as

tonishing. In discussing the pecuniary distress, which

is passing over the country like a flume of Are, with

ering and blasting and blackening evry tiling in its

progress thev ascribe the whole evil to "overtrading.

Wlteii thev have done this, vhev flatter themselves that

they have effectually relieved the administration of all

blame. They seem not to know, or not to he willing to let their readers know, that the spirit of speculation

and overtrading, which, for the last three or fouryear,

lias been the mania of the country, is the natural, the necessary result of the administration's insane measure a result which was a thousand times foretold in loud and eloquent warnings by the Whig statesmen and the Whig presses throughout the land. "Beware of putting down the United Slates Hank,'1 said the Y bigs in the United States Senate, ''nothing but rum can How from such a measure. It must tend to the indefinite multiplication of local Hanks, to im

mense issues of paper, to wild speculation and overtra

ding, and to the consequent distress and bankruptcy of

merchants, farmers, mechanics, and all other classes of

the community.1 'Nonsense! exclaimed the trainbands of the administration "there is no danger of overbauking and overtrading; wc heed not sueli croaking the measures of our venerable chief cannot fail to gve us in one year a currency of gold and silver. ' We pray

y ou todesist from your most unnatural welfare upon the rose in value

currency, said the Whig orators m the House ot Representatives 'experience proves, that the mad course you are pursuing must fill the land with worthless paper, lead to n deceptive rise in prices, cncouraai specu

lation and overtrading, and end in universal ruin.'' "Pshaw!" exclaimed the stipendiaries of the administration 'you are false prophets, and we heed not vour

We clearlv Foresaw, Sir "what would take place, arid

we as distinctly warned gentlemen on the other side; of the inevitable derangement f the currency, which must

follow the measures -they Were pursuing; We entreated them to look back on the events which ensued on the refusal in 1811 to charter the old National bank to reflect on the destruction of credit and prostration of morils which flowed from the multiplication of Slate

Banks after that penod-to remember how at least one-

third of the property of the country had changed hands

in a lew years, & think how many lamihcs had been

reduced from amuence to poverty by similar measures.

We beseeched them to look at those thingsj but we

besecched in vain! The then Secretary of the Treas

ury, told us State Banks could furnish as good or belter eurrcneii than the United Slates Bank. The President

endorsed the statement. Ti.e Senator from Missouri! talked of his metal ic currency, and the golden age w hich was approaching: and under these errors and misconceptions, the work of mischief was done." "But now, ir, when all these delusions have passed, or ore rapidly passing away, is it not meet and proper that we should, from the eminence on which we stand, look at the full extent of the evil which is approaching us? We may draw from the pasf and present some salutary lessons for the future." "1 shall not, sir, fatigue the Senate by going back to

that peiiod of our history at the close of the revolutionary war, when there was such a rapid depreciation of the value of the currency, though it furnishes strong

examples to illustrate the views I entertain on this mat

tor. 1 content myself with recalling the attention oi this matter of the Senate to the circumstances w hic h

prcceeded, accompanied cc followed the destruction of

the iirst iNational Bank and I am greatly mistaken if

the parallel between the condition of the country now,

with what it was tiie.n, will not be found complete.

"Previous to the expiration of the charter of the

first Bank of the United States, the currency of the

country was in a very sound state, and it continued so up to that period and for a short time after. The states, however, soon began to charter institutions of their own, and between 1811 and 1813, a considerable addition was made to the circulation. In 1836 it became excessive. During all this period the country bore tlu external marks of prosperity, trade flourished,

land, slaves, bouses and lots, and all other property

Real estate, which could have been

its place with their own notes, thai is eqdally impracticable; cheap and dear currency never can exist together; the former always destroys the latter! Having no power by the constitution to interfere directly with the State legislation in this matter. I see this country is destined to go through the same scenes of agitation and

suffering which it did previous to the ojwration oi trie

late Bank of the United States. Alter the cvus nave come to a height when they can no longer bo endured, wc shall have another National Bank, and not until then. But I submit if it would not have been as well to have prevented this state of things two years ago! I enquire w hat good has been, or can be attained by putting the people through this fi-arful trial! Five or six years hence will be the time to get an answer to those

t i BV TIIE PRESIDENT OF TIIE UNITED STA ' I S Cr AiMERIC.'. A Proclamation. Whereas creat and weighty matters, claiming the

consideration of the Congress of the United States,

from an extraordinary occasion for convening them, 1 do. by these presents, appoint the first Monday in September next, for their meeting at the city of Washington; hereby requiring the respective Senators and Representatives then and there to assemble in Congress, in order to receive such communications as may then be made to them, and to consult and determine on such measures as in their wisdom may be deemed meet for the welfare of the United States. In testimony whereof, 1 have caused the seal l. s. of the United Slates to bo hereunto affixed, and signed the same with my hand. Done at the city of Washington, the fifteenth Day of May, in the year of our Lord one thousand eight hundred and thirty-seven, and of the independence of the United States the sixty-first. .. r

M. VAN BUl'Erv By the President: John Forsyth, Secretary of State. From the Louisville City Gazette: BURNING OF THE BEN SHE1RU'D. From the letter of '.he clcik of this unfortunate boat,' a highly honorable and esteemed gentleman, of our city, to the Editor of the New Orleans Commercial Bulletin, we take the following names of jieisons saved: Ctjjicers. Capt. C. C. Cast Ionian and lady; George Stiles, clerk; Wm. Bell, 1st Engineer, Stephen Honks,

2d do., Charles Greenlee, pilot, bamucl rig, 2d mate,

bought in 1810 for Si 10 an acre, in 1816 sold for St30

and.slOO. 1 remember the time well, sir; the universal prosperity of the country was the theme on every! man's tongue, and speculation run riot in its magniii-!

cent schemes. But sir, these thiu-s are subject to laws ! John Hill, earnentcr.

as certain as any thing else in tiiis world. There is a j Crew. Pa" trick Rico, Jacob LightstrolT, John Eg-

point beyond which you cannot carry them. The ' man. A. Goddou, Amos Burby, Bully Johnson, M.Ouar-

evil prophecies. There is to In: no worthless paper, no ; bubble u Lieu inflated too much, bursts. In 1817 and ' in, Charles Simms, Fred. Cowen, Willis Caldwell, John

and no rum." "Let the Government

cease from us rec kless and unconstitutional experiments upon the currency said a 'I the Whig editors as with one voice in every part of the Union "bank paper us plentiful a? the leaves ofautuuin, a fictitious and lluctualiotig standard of value, licentious speculation and o ertrpdiag, the sudden bursting of die air-blown bubble, ec

one w ide-spread scene of commercial desolation, must

lollow those experiments as surely as the thunder lol-

ows the flash ol the tempest. 'Away with vour ab

surd and most preposterous predictions,' exclaimed the

thousand hirelings of power "tell usnotot overtrading

uid bankruptcy ; there is no such danger; you have!

1811 Ine reduction hi the circulation commenced. It i Caldwell. John Jolinson, Jack Rose, Edward Fleece. B.

was at first slow and gradual and its ctl'ects scarcely i McDunicl. Moses Caldwell, Charles Anderson, Peter perceptible. Each day, however, rendered them more I Sevier, Roljort Lou'siaiied, Andrew Moore, Joseph apparent, when in 18U, the circulation being 50 per , Cooper, Josiah Fisher, John Gork. cent, less than that of 1815, there ensued a pecuniary j Cnlin Passfnc.Ss. Smith, lady and son,Thos. distress which has never been exceeded in any coun-'f i- v, n ri(l v,. ll-.tti,, Sn...i...l I.w.

try. Every article of commerce, 'and, slaves, bouses,

x:e. fell as iur below their real value as they had befoic risen beyond it. The most enormous sacrifices were made at public and private sales: and every one was astonished, lor they could not account for such a change in the general prosperity.'

bir, they are all accounted lor by these naked facts,

ter Sexton, W. I . Gamble and son, Amos Lrundell.

Four let at Fort Adams, names not known. Deck Passengers. Samuel Squinnes, Asa Gates,

, John Hobrins Ar six others, taken up by steamer States

man. Rcspcctlully yours &C. GEO. ST YLES.

been sooth saying all your lives, and we are resolved to1 in 1813 the circulation of the country mis 70 millions

The steam UoU PenSherrod was recently consumed by lire, having on board upwards of three hundred passengers of which number only about eixty were eared. We would be glad to givs :he particulars of the disaster and a list of the names of those who perished, were it in our power, but wc have not y el received them. We heard it remarked a few days tince, that the artities of the Junior editor of ihe Indiana Democrat indicated a "lurwp-hrad." Wc have no time to examine tsuch minute things as hie political essay; but by reading the prospectus ol'ibe As-torya!i, we arc inclined to the belief, thai on " Western manners," ho is & " Common Ua-for."

Captain Marriatt tiscMist-t-guishcd Engbsh novelist, arrived in New York, on theaj'uit., and the Junior Editor ff the Indiana Democrat, in this pipee on the 27th ult. and dpcrled for Indianapolis on the morning of the the29tlk

The editors of th; Rushville Herald, are going-their

Whole 'ength for Mr. Dumont lor Governor. It won't do

friends, Mr. Dumont can't float, his name is scarely

known in western and northerV paH of the State.

The last LouisviHs City Gazette, came to hand oonud

erably enlarged and improved. Wc are glad to see our YifMidrf of 'lis Gazette llooming out these squally times;

persevere in our policy, as regardless of your evil bo

din-rs as of tho hootings of an owl." Such were the

solemn and continued warnings of the Whigs, and such

the contemptuous and insulting responses ot their opponents. W ell, mouths and years have gone by, and the

ruin and wretchedness, foretold by the Whigs, have

come upon the country like an armed giant upon a

sleeper and now what say the hirelings ol the admin

istration ? Oh they tell us, that the administration is as

innocent of all the existing distress as an unweaned

child. They tell us that the prevalent ruin und wretchedness are the necessary result of oveutradinu & excessive speculation matters, for which they hold the

administration l be in no tcise resjxmsible. hat a

humilitating, what a most degrading picture this brief

and simple history presents of the course of the des

perate leaders ol the party in power!;! Wc have been much struck within the last two or

three days by the persual ofa speech of Judge Porter of Louisiana upon the expunging resolution delivered

in the L lined btates fecnaio on the 2'iud of March 1830. We give, below, a copious extract horn that masterly production. Wc earnestly invite to it the attention of

the whole country .he attention of all Wings and of

all Van Buren men. When this speech of the Louisiana Senator was made, the Union was filled with the

external indications ol prosperity. Ihere seemed to be not a cloud upon the horizon of the republic. All was brightness and sunshine. The friends of the Executive pointed, with boastful exultation, to the apparent condition of the country, to the seemingly flourishing stave of commerce, agriculture, and manufactures, as an unerring indication of the wisdom-and the patriotism of the administration. Such men, however, as Judge Porter were not t be deluded by empty appearances. Through the joyous sunshine that then overspread the laud, their kecii vision pierced to the long and fearlul gloom of the future. They saw, that all the powerful causes, which had previously led to a general

explosion ol credit throughout the nation, were again

actively at work, and, that the recurrence of the same consequences was inevitable. At this distance of time, their prophecies seem like the promptings of inspira

tion. L.et the public read the lollow mis and judge ' lor

themselves:

Pxlraclfrom Hie Speech of the Hon. Mr. rOR TER, of

Louisiana, ileiwcrcd in Ine csenatc ojlhe United stales on the Expunging Resolutions, March 22nd, 1836. "Wc saw the old Bank of the United States, which

?as wisely conducted, which had given us a sound currency, and w hoso operations had been beneficial to so

ciety ; we saw it, sir, prostrated before public clamour

and public prejudice; and that too at tne moment we were alout entering on a war with one of the most

powerful nations on the earth, when its assistance was

most important to the fiscal operations of the govern

ment. We knew, sir that all the causes which produced this result were in operation again, and we foresaw

just as well as ouf opponents did, that the same conclu

sion has been extremely probable; There was no dif. ference in our perception of this matter, though there was a wide difference in our view of the consequences. We saw ruin and distress to society in the measure, and we resisted it without any regard to its effect on our own popularity. They either did not see this state

of dollars; in 1815 one hundred and ten millions; in

IQIO, Jorty-Jive millons. Sir, it was not property thai has risen in 18 15, it was money that had depreciated; and it was the greater value ol it produced by its scarcity in 1819, that made that property fall in price.' "I have taken these facts, sir, from the report of the then Secretary of the Treasury (Mr. Crawford) arid they may be relied on. There can bo no mistake in the deducation I make from them." "It would seem, sir, as if all experience was lost on us. We airain see the same extraordinary rise in the

prices ofevery thing which is an object of sale. Every i 1,10 bank, have determined to continue specie payments.

BANKS OF THE DISTRICT OF COLUMRIA. The Bank v or the Metropolis, being the Depositc Bank, and sustained by the government, issued the following notice yesterday : Bank of the Mctrejolis,3Iay It, 1BS7. Notwithstanding the information which has reached Washington, of the suspension of specie 'payments by the banks of?Ncw York, as well as some of the banks

oT Philadelphia and Baltimore, the President and Directors of the bank of the Metropolis, confident in their

ability to fulfill all their engagements and liabilities of

Satisfied of the strength of the bank of the Metropolis to sustain its credit, the President, Directors, and Cashier, have determined to pledge, and they will, individ- -ually and collectively, pledge their private fortunes for all just claims against the institution. By order of the Board: JOHN P. VANES3, Prcs't. Test: Geo. Thomas, CasJiicr. A similar official announcement was made by the bank of Washington (which also has the benefit of some portion of the Government depositcs;) and wo learn from the Washington papers- that both theso banks Continued to meet all demands against them. The Intelligencer says that the Patriotic bank, the only other institution in the city and sustained exclusively bv its OWn rcSOIlrms ih'r lin(Vl nnvinir -.nf cnn.

more than 17 million added to the circulation within cie yesterday, deeming it prudent for the present to the last fifteen months, and that one hundred & twenty await the action of other institutions, and the course of millions is below rather than above the real esti- events in other cities. The current information in

mate." Wnshi

one, as heretofore, in expatiating on the universal

prosperity, andtlrere are no bou'hls to the imagination in which men indulge in tlresc nrattcrs". But, sir, our situation is just the same as it was in the other times 1 have been speaking of." "In 18.30, our circulation was 61 millions of dollars. In January, 1835, or rather in June, 1831, it was one hundred and three millions of dollars. In 1836 it cannot be less than 120 millions, an increase of sirly millionsof dollars in six years! 1 give the facts from the official returns made by the Secretary of the Treasury. They come, sir, it is true, no lower down than 1835!

But if wo ttike the average increase for two or three years lie fore that time, and reflect on the enormous rise of property since, (a sure indication of an unhealthy circulation) we must be satisfied that there has been

ol things, or if they did see, they disregarded them. 1 wish, sir, we had been false prophets. I would with cheerfulness cive up the praise of wisdom and fnrR-

sight to avert the swarm of evils, which this measure of

uumtmsirauon, vpuuing down me iXauonal Bank) is about to bring oil the country."

"You see, sir, therefore at a glance the causes of fire present staet of things; and who cannot also, sir, see at

a glance how it is to end. If the evil could be checked , now, and the reduction be slow and gradual, we mi-rht escape the consequence which time has incvitablein store for us.- But, sir, far from expecting this, I look to nn increase of the disease It appears to nio inevitable. A universal madness has taken possession of ihe public mind. Within the last four months I have heard of augmentation, or Banking capital, proposed or passed to the amount of fifty millions of dollars, tfnd more 1 am told arc projecting; so that we may expect to see this system continuing until it breaks and falls from its own weight and magnitude. In the present state of things, the States are interested to increase the circulation of their own banks, and prevent that of their neighbors. Indeed we already see symptoms of a war of legislation, (the result of jealousy) by which they are attempting to restrain the notes of the banks in other slates from passing within their limits. "This deplorable state of things must yet get worse; nnuSvell might the Senator from Missouri depict it In

iuu eoiors ue am a lew days ago. lie could not overcharge this picture a picture, sir, rendered more painful to contemplate by tho recollection of our condition before the war was waged on fhe Bank of the United

btates. or sixteen years it regulated the currency of

l.,u..u.j, ,v un a wisuom ana success of which there is no parallel. We threw it away, and we sec what

vi- .,avc yoi m its place. Sir, all the projects of regu

aiu,j. aim cnccKing tne excess of Bank emissions bv

iaw leiusing to receive at your Treasury their notes ofa less sum than $20, will have no more effect, than would have a bucket of earth thrown into the Missis

sippi iastop its mighty current. And as to pushing gold and silrdr into circulation, wheif you have 550 banks interested in gathering it all up, and supplying

Mr. Taney.

tCol. Benton.

town had suspended specie payments. But the Globe says, that the Farmers' and Mechanics' Ba"nk of Georgetown honored all drafts made upon it yesterday,

tnougti the Union bank had stopped payment.

Tho banks in Alexandria following the example set

in other cities, all suspended payment yesterday. The Alexandria Gazette says The banks here, rt is admit

ted, are us solid & solvent as any monicd institutions in

the country; but at such a crisis, it became necessary

ior tnein to protect themselves.

In order to obviate the difficulty which was experi

enced during the late war, they have resolved to conduct their alfairs with the some caution, which would bo necessary if they paid their notes in specie. In thus avoiding a redundant circulation, they will al-

v ays nave it in their power to pay demands on them in such funds, as may better suit the wishes of the public, than their own notes. This is perhaps the best arrangement which the derangement of the moncstary system will at this time permit.

It has been argued that men in the country who are largely indebted to country merchants, who are in turn largely indebted to the city meichants, who are temselrcs largely indebted to the banks, which are largely indebted to individual depositors, the Government and to each other, will become alarmed, for fear the paper of the banks will lose its value, will cease hoarding it tip will pay their debts to the country merchants, who will pay the banks, which will be mado good. The same men urge that the suspension of specie payments by the banks, will restore confidence in their safety. Of course then, men will keep the notes until they can receive specie for them, and will defer payment as long a time as they can. This rule works both Wavs. and vet it is not n frond nnn.

- ' J --wLouitrillc Gazette.