Bloomington Post, Volume 2, Number 29, Bloomington, Monroe County, 9 June 1837 — Page 2

THE BLOOJUINGTON POST.

FRIDAY...

JUNE 9, 1837.

. CRITICS. Our gratification would be complete, at the confusion into which pretenders to.oritrcfbiiity here, are some

times thrown by ignorance oj g'XKl composition, were it not modified by pity lot..thejr puerility. They unite the .imbecility of childhood, with the vices -of mature age, without the innocence of the one, or the dignity of the

' other. Hatted for superior ability, is a prominent char

acteristic of this class. Thcmgu meet of the vices ot corrupted nature, are packed . into their constitution, this colours the whole mass. Like the tunic given by Dejanira

to Hercules, it dffuses its poison, through bone, vein,

and artery, and in their tortures, they pour out inaledic

tions on the authors ot their agony. edded to vice

aud obscurity, their envy induces ttiem to attack the. moral as well as intellectual character of the excellent. As a friend remarked to us, they may rell be denominated scavengers, for their office is only with the defects ol

character, as that of their bretheren, is with the filth accumulating about human habitations. They pursue

with embittered malignity, all who elevate themselves

above the dead level over which the fixed law s of nature compel them to crawl, until the grereecues. thorn, from

detestation, by covering at once i$K'if bodies and names

and thus destroying that cliautofc-asseciation, by wind

their vices are held in remembrance. Their animosity

for trctllcnct , is so intense, as to make them lay aside tin

cunning, which in them, as in all the other lower ani

inals occupies the place that prudence does in the char acter of man, and immolate themselves, in an attempt

to destroy the object of their maliznity. We will make

this plain. All productions that appear in our paper un

der a fictitious signature, are supposed to be written, in

town, and coHstqtictit.'y, are pronounced tcortArw. There are w among us, possessing sufficient scholarship, or knowledge of standard authors, to estimate the merits of a production, by an examination of its style, or who can

appreciate a good thought, cither in profe or poetry

enough to tell when a piece of composition, possess

a more tnan ordinary claim to merit, Uie pastel

which we have enumerated, as belonging to the pretenders among us, allied with their want of judgment, and information, caused a few lines composed by Pope, to be severely criticised before the author became known. Let authors think of that, and beware how they fall into the hands of our sapient critics. Let them consider, that a piece of poetry, written by Alexander Tope, and admired by men of genius in Europe and America, was published in our paper and torn to atoms,-let them consider, that what was deemed perspicuous by the finest scholars in the world, was proved unintelligible, by those who could not, perhaps, tell in what measure it was composed. We may judge whether the fault was in them, or the author. We might mention other writers ot equal eminence, who have suffered a similar fate, were we not unwilling to give pain to some with whom we interchange acts of courtesy. We have made these remarks because We are becoming tired of the self-conceit and impatience ofthepe gentry, though the errors into which their ignorance leads them, are better calculated to excite merriment than indignation. Our correspondents have at least the honor of being criticised in respectable company. They cannot complain, when such men as Tope are involved in the same destruction. Kefore closing these remarks, we would say a word by way ol admonition, to the individuals we have in our miudseye; recollect gentlemen, for such .common politeness compels us to call you, although it arNicts our moral sense, that we can pardon a want of understanding, if the man be honest. Recollect that great abilities, may sometimes incline us to overlook defects in the moral character, but that presumption, and a want of integrity, without intellect to dazzle, render the subject of them most despicable. When you again feel the critical mania, beware lest you cut up something written by an author of established fame.

been for thirty years an observer of the settlement of the western country and he has never known a country to populate and progress as fast as that is doing. Prosperity to the hardy and enterprising pioneers of the North West. For their distingnishedan and ergetic course they deserve to be crowned with riches and honor.

The Hon. Daniel Webster, with his wife and daugh

ter arrived in Louisville, on the 29th ult. where they

met a cordial welcome.

Gen. John Carr has declined being a candidate for re

election to Congress.

FOR THE POST. EFFECTS OF VICTORY. Mr. Editor: r I believe it is not unnatural, and in fact not un

common for man after having triumphed over difficul

ties, (in the conception of ordinary men wholly insur

mountable) to attribute the cause of h'S success to his

own superior management or peculiar tact in electio

neering. Hut how variously this success effect;! the

different individuals who nre so fortunate as to arrive

at whatever station they may aspire! Some men.

when the confidence of the people has been bestowed upon them feci themselves at perfect liberty to walk

ihe streets and with entirely natural and unassumcd immodesty heap upon those who may have opposed them by aspiring to the same station or who perchance may have voted against them, the most unwarranted vitueration and abuse. To those insolent profligates l would sav, consider the rights of others as well as your

own. Remember that this is a land of liberty and free

dom where men are alike shielded and protected by the laws of their country. It is not for any ono indi.tit i .

viuuai nowever, "erciusireu a great man tie may es

teem himself, to toss the citizens of ourcounty to whatever point, or to effect whatever punm-sc through them

bis own false imagination, or unsound heart may direct or desire, as though he had tlioni suspended in a swing. No! come down as I have done on a level with the common iKioplo and they will reward you for it; and they too, will sound your trumpet of praise and

While the whole land is overflowing with specie, that which he, in his ignorance, and nis adherents .in their dishonesty, declared could never happen, has actually come to pass. For this the Executive has promised to be responsible. To that promise we hold him." Responsible to the bankrupt merchant responsible to the beggared artisan responsible to the starving laborerresponsible to the whole ruined country. CAR AG A.

FROM THK BOSTON ATLAS. THE WAR UPON THE CURRENCY ITS COMMENCEMENT AND ISSUE. .

We could call particular attention to the facts devel

oped in the following article, which presents a view of

the whole course ol the Executive in relation to the

Currency showing its original plan of substituting a

LiOcal Paper Currency lor the Currency ol the United

Stales Bank ; the admitted failure of that plan ; the late

after-thought ol Metallic Currency ;and the admissions

of the Executive that it has destroyed the Currency, and done 'little1' towards introducing another. We

give the history of the whole process as it is furnished

by the documents of the Executive Department, cmch

& series of fuilures, frouds, and falsehoods, broken

promises and exploded experiments, as are exhibited

in the following paragraphs, disgraces the diplomatic history of no other Administration, popular or despo

tic, that has ever fallen under our observation. THE PRETENDED EVIL TO BE REMEDIED. 1829.

"It must be admitted by all that it (the United States

Bank) has failed in tl. ; great end oi establishing a uni

FORM AND SOUND CURRENCY. Andrew Jackson. AUGMENTATION OK EXECUTIVE POWER THE REAL OBJECT

"I submit to the wisdom of the Legislature whether

a National one (Bank) founded upon the credit of the Government and its revenues, might not be devised w hich would avoid all constitutional difficulties; and, at

tho same time, secure all the advantages to the GWrnmetU and Country that were expected to result from the prcseut Hank." lb. 1830.

HINT OF AN EXECUTIVE BANK, AND THE SUBSTITUTE FOR UNITED STATES BILLS. "It h thought practicable to organize such a bank

superiority

There are others upon whom prosperity has a dil'

lei-nit etfect. I he moment an office is bestowed upon i with the necessary officers, as a branch of the Treas

them, they loel themselves under deep and fasting oh ; cry Department. The States would be strengthened ligations to the people and their chief ambition is to do by having in their hands the means of furnishing the

honor to the ollicc insteud of letting it do honor to : local papkr rrmif.xrv tiiroi-u tiifik own- ranks."

Andrew Jackson. (Here is the original plan. Not

incuts in favor of any other moneyed. . msfifntto-would give its notes tquAL credit,. and make them, squally convenient for the purposes of cxmirierce.nL..

I To wit: the same engagements in (avorof the Pets

would make the notes of a Buffalo, Natchez, or - New

Orleans branch worth one hundred cents on the. dollar

in Boston. Why does uot the Government make such

engagements?

"But this obligation on the part ot the United btates,"

the secretary continues, "will conse when the- charter expires; and, as soon as this happens, all the out

standing notes ol the bank will lose the peculiar value

they uovv possess, and the notes payable at distant

places become as much depreciated as the notes Of

THE LOCAL BANKS.

Not only is this not the case, but all the bills of the

United Stales Bank have been at a premium in every part of the country ; while the local bill have . been at

a discount in many places of from 5 to 25 per cent.

What would a bill ot a Western t'ot banU be worth m

this city, compared with a bill of the same nominal a-

muunl ot the old or new Uank ot me united dtatesTJ

Again, let my Secretary speak the views ol the Presi

dent:

'The State Banks can, I have no doubt, furnish a

GENERAL CIRCULATING NEDIUM, quite a Uniform in Value

as that which has been afforded to the Hank of the United States. fC7 Probably more so." 'By agreements among' themselves to honor each other"1 notes and drafts, they are providing a general currency at last as sound as that of the Bank of the United States, and will afford facilities' to-commerce, and in. tht business of Domestic Exchanges, quite eqjjal to any which this community heretofore enjoyed." Not a syllable thus far from the President or my Secretary of a Metallic Currency. The only proposed substitute for the currency of the United States Bank is

the l ayer Currency oj the Local Hanks. And this was the fifth year of the warfare on tho National Bank! 1834. The expositions that were made by the Whig members of Congress, during the session of 1833-34, demonstrated so clearly the incompetency of the Slate

Banks to furnish sound and uniform currency, that the Executive was compelled to shift its ground, and tho next rising of the curtain was to the tirst scene of the Gold Humbug.

them.

Such is my only and laudable ambition.

AN ADOPTED IIOOSIER.

FROM THE NEW YORK AMERICAN. THE RESPONSIBILITY. The suspension of specie payments, calamitous as it is, and disastrous as its continuance must prove to all the great interests of ihe country, has at least this of good mingled with its infinite evil it isthe ewl. The course of excitement and anxiety through which we have been driven for the last four months is passed

the goal is won. We have hitherto only had time to

FIRST HINT OF A METALLIC CURRENCY. "The progress of our GoldCoinage is creditable to the officers of the Mint, and piomises, in a short period, to furnish the country with a sound and portable currency, which will much diminish the inconvenience to

travellers of a ireneral paper currencv. SHOULD THE

a syllable of the Metallic Currency in either of these I gTATK j;ANKS be incapable of furnishing a." Jackson's

messages. 1 his part ol the humbug was cntuely un

afterthought. The original plan was to substitue a Government Bank for the Bank of thcJJUnited States, and to furnish the People with & Paper Currency of the local Banks.) 1831. "Entertaining the opinions heretofore expressed in relation to the lkmk of the United States as at present

organized, I leavo il for the present to the investigation of an enlightened People and their Rtr-

, now we can stop and think. It was well said at ! rksk.ntatives." Llwrrw Jackson.

the Merchants meet.ng theother day, that the time for j Their Representative accordingly investigated the

... oi me vuusvs oiour present uimcuiues subject, aud le-chartered the Bank. would soon come. I believe it has come already. Tho 1B32 excitement of hope and fear, of doubt and danger the

eonl'mioil the siriHTfrlr nil hiv., , . .ll THE ACT PREMATURE.

'"bfj,v 'i.-cva t w v 9 U Ilia in their places we have the stillness of universal ruin

Message of 3 l.

(Here is the first Intimation of any doubt on the part of ihe Executive of the ability of the State Ba"nk$ to fu rnish suitable Paper Currency for the country oi here is the first indistinct and vague hint of any thing like a Specie Currency. It is only a virtual admission of the failure of the First Experiment. 1835. The message of 1335 repeats the assertion that the Bank of the I nitcd States had not furnished the country with a sound currency; but withdraws the doubts of the capacity of the State Banks, and asserts point blank that they have supplied the "wants of the community, in relation to Exchange and Currency, as well

at ttey hate ever been before.'' It assertst also, in the

"What interest or influence has given birth to this ! most unqualified manner, that the "circulating; m&dicji

yes, universal rum ; Tor, disguise it as you will, pal- j nc' 11 cannot be round cither in the wishes or necessities ha bben greatly improv ed. . ; v.i liate it as you can, the stopping of specie payment is ' " lle Executive Department, by which present action J This message is f he first document of the Adminisno less than universal bankruptcy uni vernal ruin, i DKEMEd-fremature!, Andrew Jackson's Veto. j tratiou in which the Metallic Currency cutsany distiu-

Amu thn an m. on iiu ( ....i ,i ' i tn. i n n nr i m .iiiiMt h, i iron thro times cuisiung ngu re. in mis onuer. lie sav. mat 11 ixMisress

ol despair, we enn sit down and hink. And now for i he great question that presses on every thinking man Who is rcsjhtnsible for this mint Who is rrs rihclt Does not ihe very word suggest the true a. I Froin whose mouth came the proud "I take the resjtonsibility,''' which, echoed by hireling tongues from Maine to tieorgin, has been tho war-cry of the party foi the last four years t The rcqionsiuility not w ith the Executive!! Where isthe Knave who will make, or the fool that will believe, an assertion so monstrous? The responsibility not with the Executive! Had the present incumbent of the Presidential chair any portion of the spirit of "the bold bad man' who preceded him. his

dependents would not dare to deny him the respoiMi-

uimy ne nas soonen and so vauiitingly claimed. The

"Is there a solitary individual in the community, who, in the midst of the present distress, would dare to outrage common sense and public feeling so far as to Hand up and proclaim that he rejoiced m Gen. Jackson's overthrow of tho United States Bank and his wild c.Mjrimcnts upon the curiency! Lou. Jour. Yes there are nfiwf.tithfiilfolfaireriodhe old hero, in the little village of llloomington, (most of them merchants) who are now groaning under the weight of ihe prei-surc brought on them by their idol, who still have the hardihood to express their entire approbation of the to irse pursued by him in relation to the currency, and we wcro not a little astonished a few days since to hear, lie of them declare that he would rather work at com

mon labor for cents per day, than that the United Slates I'ank should still be in existence, There is nothing

that ben. Jackson hae done, or could do, which would meet a frown from moot of his worshipers, no matter bow

reckles or unconstitutional- To khpw: his Will and

put it in operation is glory enough J'or them. In the la?t Indiana Journal we had the pleasure of hastily glancing over the proceedings of the Editorial Convention which met at Indianapolis, oil Monday the 29ih ult. Owing to a preM of business we have not yet hud leisure to give it that attentive perusal whtch we wish t- do, but from the first glance over the resolutions adopted, we are inclined to believe that if lliey be etricily observed by the cdiuvs throughout the Ktale it will be the means of bettering their condition. We will give the proceedings of the Convention in our next. We hare just had the pleasure of perusing a letter received by a citizen of this place, from a gentleman residing in Wisconsin Territory, from which it appears that the citizens there, have not. yet bud to encounter the fa

tal burst of hard times which feem to have spread over

almost every other part ol aur government. Happy

ehould they be, for so far at leasi, eluding the pierceing

eting of this now common fatality throughout our land.

The gentleman states in his letter that stock of every

deccription. produce dc rates unusalty nigii. r wuris

worth $li per barrel, Tickle Pork $35 per barrel Oats $ ,30 cents per bushel, potatoes $ 1 ,00 per bushel, Milk ( Cows from 20 to $40, Work Oxen from "5 to $130 per '--- ' also states that he has

assuming th. responsibility

brought to the attention of Congress by the Executive

itscll.J "Neither Uhjii the procrty of present action, nor upon the provisions of this act, was the executive consulted.' Ibid. It is a singular fact, thaUhc phrase Metallic Currency, or Better Currency, does not occur in the Veto Messase. nor is there the slightest intimation that the

Executive contemplated at that time any other substi- J banks

tutc lor the bills of the United States Bank than the taper CURRENCY OF THE LOCAL BANKS. REMOVAL OF THE DEPOS1TES FIRST SUGGESTED. "Such measures as are withiu : he reach of theSecrctary of the Treasury imo been taken to cna-

will do so and so and four and twenty State Legisla

tures w ill do so and so "it is apparent that cold asd silveu will become the principal circulating medium." Congress and four and twenty State Legislatures did not agree will the General, and the consequence is what we have seen; the destruction of a sound and. unikorm currkncy, and the substitution of an unsound and nucleating currency in the paper of the local

1836.

to the transaction

bio him to judge whether the public deposites in that

to rC'Mllale exehanires. ! i imtitutioii f I "nitvl Stntes ItmiM mn v tm rrrrni.lcil n

check secuIation, and give to the People a better cur- entirely sate; but as his limited power may prove ina-

.v....jr man a-j uuoruou oy uie out oi mo uaiix ot inc jUequatc to ibis object, 1 recommend the subject to the United Slates, has been that very act of the Executive j attention of Congress, under the firm belief that it is which its adherents have most, loundly praised, and worthy of their serious investigation. An inquiry in-

U3 vippoiieuis moil poinieuiy coixiemned. U ho vetoed the charter ol the Bank tif tho United

States? Who removed the DeKsiics? Who issued the Specie Circular? Did the People do all or any of

these ucts? No; the People's representatives chartered

inu i ixuik ol tne United Nates; tho People s representatives declared by a solemn vote that tho Dcposites

were sale m the vaults ol the Bank; and, last of all, the People's representatives passed a bill repealing the Specie Circular. And by whom were all lhc.se acts of ihe People's representatives made of no effect? By the Executive; by the will of one man. And what wus the answer to those who objected to this exercise of despotic towert I take the responsibility. I think that ihe United States Bank is unnecessary, cither as tho fiscal agent ofthe Government, or to conduct tho exchanges

ol uie country : and, thinking, so, I take the rsponsibUity of refusing a charter. 1 think the ilcposite banks

competent to both these duties, and I take the rcytonsi-

uttuy oi enirusiingtiie public treasure to tiieir Keeping. Thou came the much-vaunted Constitutional Curiency, and all the contemptible slang of "yellow boys" and 'mint drops;'1 but what part had the People inatl this absolutely nothing. " take the responsibility" was still the try. I believe that the currency or a great commercial country should be not based upon, but com-

poseu exclusively, ot gold M silver ; and I lake the reposibilily of importing millions in gold, at the expense of the People; an I by my S:ecie Circul ar this rrold nml

rrold ;

anui uuu ou couiitieu in me country. Such has been the arrogant vaunting of the Executive for the last four years; and is it to be tolerated that now, when the test of experience has proved these so confidently expressed opinions to be. what llmv

were all along pronounced by his opponents, a set of

uii3v,iuic lauacies; shall the Executive now reject thesocoveted responsibility, and talk about over-baik-ing, over-trading the rage for speculation? The answer is plain. The Executive took the responsibility to prevent over-banking and overtrading, and the rage for speculation ; and, above all. to enrii-li th mmnlrv

by a forced influx of specie. With the Executive, then, let this responsibility remain. By his MUumble efforts to improve the currency of th muntrv " t hi

once happy nation presents the strange spectacle of

ui-vuucu specie paymen ana universal bankruptcies.

We have traced the documentary history ofthe warfare on the Bank, from its commencement in 1829; where the attack w as made on the express ground that the Bank tailed to "establish a solid and uniform currency.'' The currency it was proposed to improve by.substituting the better paper currency of tho local banks; and this remained for five years the policy of the Administration. As the community became aware, by reflection and

of the institution, cinbrucing tho ; experience, that these banks could not furnish a cener-

branches as well as the principal bank, seems called i l circulating medium, and that they did not, a ier afor by ihe credit which is given throughout tho coun- J grccmcnt, "honor each other's notes and drafts," it betry to many serious charges impeaching its character, ' came necessary to mike still another promise to furand which, if true, may justly excite the apprehensions nsh a substitute (or the substitute which had been giv

tliat il is no longer a saje depvsatory oj the money of the cn us lor me currency oi uie t nited Mates uank. And

now is u wiin mis fudsiuuicu subsume.' Alter eight years of incessant and harassing interference with - the currency, what has been attained by President Jackson's own showing? Let the message of 183S speak for him.

tnsti-Bank

to extort from the Government a renewal of its charter,

it is obvious that little has been accomplished except a salutary change of public opinion towards restoring to the country the sound currency provided by the Constitution." And how much is that little? And what is that salutary, change to public opinion? 1. Three hundred and fifty-seven new banks have been created. 2. One hundred and seventy-nine milrious have been added to the banking capital. 3. Tho circulation of paper money has increased $123,500,000. 4. Loans and discounts have been increased $398,000,000. . And this is the travellous good for which we have endured so much! This is the result for which we have passed through so much suffering, and are now the witnesses of such wide-spread devastation! And ihe Executive looks calmly on exulting in its iniqui-

t . , . . .

rejoicing in me ruin u nas causea and appealing

People

Here is a wanton and deliberate attack by the Executive on the credit of un institution which was the disbursing ngent of the Government, held millions of its revenue, in which the Government was a stockholder

to the amount of $7,000,000. The confidential agent "Although various dangers to our republican ofthe Treasury, appointed to investigate the affairs of tutions have been obviated by the failure of that

mo iwiik, reported almost simultaneously to tho De pnrtment thaluietAer the solvency ofthe bank nor the security f the deposiles would admit of a doubt." Coni-, grass was altsfied that the pretended apprehensions of the President were unfounded; and that his charges wore made without regard even to that "apparent vcr-. ncity" which all public men should study to preserve. The House, therefore, by a vote of 109 to 40, declared that the Government deposites were safe in tho Bankofthe United States. 1033. It is a remarkable fact that the message of 1 833 of President Jackson, in its paragraphs on the bank question, like all the previous inevages from 1829, makes no reference to a Metallic Currency, and contemplates no other substitute for ihe currency of '.he United States Bank than the aper currency of the local banks. The long report of Mr. Secretary Taney, apologetic for the removal ofthe deposites, makes no reference to a Metallic Currency, and promises nothing but a Better Curency to bo furnished by the State Banks.j We copy from the report of my Secretary a devclopemeiit of the plans of the Executive : "It is well understood that the superior credit heretof ore enjoyed by the notes of the United States Bank was not founded on any particular confidence in its management or solidity. It was occasioned altogether by the agreement on behalf of the Public, in the act of incorporation, to receive them in all payments to the United Stales; and it was this pledge on the part ol the Government which gave general currency to the notes payable at remote branches, The same onffaee-

ties-

for the justification of its measures to the motives that'

induced them, and the CCr"MArrv coNSEqcEcES,1CO u which thoy have resulted. .. POSTSCRIPT. Since writing the above, we have received! further intelligence of the better currency the "improved cirr culating medium" of which General Jackson so learnedly discourses in his messages. The Safety Fund and Deposite Banks in New York have suspended specie .' payments. This is thenoe the denouement ofthe Gold Humbug. General Jackson's "humblk ffots". for the restoration of the constitutional ccreency have compelled the banks to suspend specie payments, and h- . .. r-xd the ountry wih a current