Indiana American, Volume 5, Number 40, Brookville, Franklin County, 13 October 1837 — Page 1

HMEDIIAWA. AMIEJBIICDAM

OUR COUNTRY OUR COUNTRY'S INTEREST AND OUR COUNTRY'S FRIENDS. Ill' c. r. CLAISItStt.'Y. BROOKVILL.E, FRANKLIN COUNT!', INDIANA, FRIDAY, OCTOREIC I, 1S7. VOL. V No. lO.

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cint will be charged for each additional insertion THE TITIES. SPEECH OF MR. TIPTON, (OF INDIANA,) IX THE SENATE OF THE UNITED STATES, ON 8.VTl R1VVY, SEPTEMBER 23, ON THE ESTABLISHMENT CF A UNITED STATES HANK. Mr. TIPTON rose. Ho said, the question now under consideration was of bo much importance to the People of the State which h had in part the honor to represent hero, that he felt it to be his cintv to claim the indulgence of the Senate a short time, while he gave his views on some of the topics tSistntthis time engaged the public attention from iie'eml to the other of tbe country. In a time of pro- .; :d pt-ace, surrounded, as we thought, by all the ments of prosperity, we ra suddenly arrested ,a our onward march by a widespread desolation, com tierce crippled, public credit injured, private fortunes ruined, and the public treasury bankrupt. Tha Ute scision of Congress had but just closed, tbe members had scarcely had time to return to their ho nes, when we are summoned to return to Washington to legislate the Government out of its difficulties, and we hud ourselves here in September instead of December, engaged in deliberation on the mode and manner of relieving the distresses of our country. The inquiry naturally addresses itself to every wind, why is this so What has produced it, and what is the remedy to be adopted! The honorable Senator from South Carolina, (Mr. Calhoun,) when he proposed his amendment to the bill under consideration, a few days ago, told us that this question should be met boldly and manfully, to use his own rents, let every one (said he) show his hand. I said (Mr. T.) respond to that noble sentiment of lhe honor b! Senator; the question should be met boldly and fairly; this is a time of dee anxiety with our constituents; there should bo no skulking anvwg their public servants; every one should speak freely of the causes which have produced the present embarrassment, and act promptly on such measures s will relieve the People. It was his opinion that the putting down of the Biak of the Tinted States was the first step to the present embarrassment; the transfer of the public deputes from that bank to the local or State banks stimulated these institutions to extravagant issues, firhevomi their ahilitv f rMl,.n,i;..n. tiw .1. ;J counted notes on the 'public deposites, extending their lines of discount beyond the bounds of pro-! iitncetheiMMnli in tho n;ri.hnri..lef h K,nv. ! Sliding that bank accommodations could be had : ;th facility, entered largelr into speculations in ' public lands, town lots, and "other property; extra-

raganceui living as well as in dressing increased gwiarw relieve itobibimib.iu their indebtedness; in a word, sir, the whole coun-!ir country was suffering. He cared not what try overtraded ceased to labor, and contracted debts U'ose 'gh Plce thought, be considered the dufcrornl their abiluy to pay, speculations wereup-lty of this Government to relieve the People, when

permost io the minds of every one. The Executive oflhe United States, seeing the

Iblic domain rapidly exchanging for credit on the; opinion, this was a proper occasion on hici toexWksof the banks, determined to check it, and is-iefcise it.

fteJ his Treasury order rf July 11. 1SSO. direct m$r that nothing but gold and silver should he re ceived in payment lor the public lands. Under the opewtimis of this order, those engaged in purchas-l i public lands had to procure bank paper, draw! the specie from bank and transport it to the landj odices; it was no sooner paid into the land offices man me receitera of public moneys deposited it ain in the banks to the creditof the Government; thus Ihe indebtedness of the banks was daily and

ral'y incresnng; the bankers, fearing that the The regulation of the currency, and the deposites public deposites would be called for in metal, be- of public money, if we intend to avoid embarrassme alarmed at their own condition, closed their! mcnt and loss, should he under laws passed by the

oon", and suspended specie payment, thereby pnt"out oi the power of this Government to pay the pablic dues according to law, in specie or its equivalent. This (said Mr. T.) is a brief statement of the cses which have produced the present cmbarrassn. ajia distress that snrround us; it was an unfortunate tampering with the currency and tbe Mltc deposites by the Executive of the United te8 Our troubles have come sooner, but come than they would have done had the Treasury neverexicted. Xcw for the remedy. The bill reported from the lowniutee on Finance, imposing additional duties Public officers, as he understood it, intends to t loose the Government from all banks, and to wtborize the Treasury Iepartment to keep and ree well as collect, the whole revenue of ' 'ovemment, dispensing with banks as fiscal Mts altogrther. This policy, he thought, might be questioned; it wouU strike a portion oflhe wr,cn People ijte a tbock of electricity, on acoflhe increased patronage and power it must -nter on the Executive arm of the Government. nn d not declare in advance that he would fo for it, but l, would be slow in yielding it ' Pni and he hoped that a better remedy be found. He had never been an advocate w!tV '"""of State or local banks as fiscal ms of the i:.,.. .. .i nl,JTonist principles, each possessing n si' ' tnJ Iwking to the interest of their lCvKholders, thev cannot or will not act to'erni transmittingordisbnrsiiig the public nio- , 1 Ule oited States, and so long as they are as depositories of the public money, eiiibars?.me"Js nd occasional losses may be expected. . T. said he tt innnnJ ta tfcmiT mnv course l"v j1 WouiJ bave a tendency to cripple or to ps down the State bank,- the People were en-;'v-a io establish State banks, to keep down a 'n0' the United States; thev had vested their V "l Io a verv 1 el l';cs? banks were perfectly solvent and safe; ik i more s.-. than the banksof the" State from which me. I iie hanks of Indiana were waiting to l Congress, the Executive, and other banks or would d. iiitPiwliniT. at an earlv day. to f '"ic siw. ,... ... l i. .i . , "i , .il& paper, arid he conM trim nn vntt to discourage '"rastinste so desirable an object.-' It was the banks had not acted well in suspend- ,! ,ue I'-iy ment aud embarrassing the Govern fr't, but We Shoillil ili-l mornifiillv Willi Dipm: ie "tb from the Executive, saving to the - "in iiu luuijcr rec-jue j"ui ( 'ci 1 IVllinr,, fj...; , r ... . .J. ..-, Mi . "uiivs and sai-s or wie puoiic limits in- r unT 1'er cent off the value or all tne prot.yj , vuiisuiuenis vesieo inineee oans, uif c Prope'tyi of every description; and not prepared to sanction such a courts, in

the language of the West, give us land office money; whatever will buy laud, is as good as gold is at

par in an moneyed transactions in the Western states. io matter however old or ragged paper may oe, it it contains words, letters, and figures enough to ue receivable Tor public lands, it is as good as gold, and it matters not what kind of money it may be: if not received in the land office, it is of uncertain and changeable value. It finds its way into the hands of the poorer class of the community; they are liable to be imposed on and shaved by the rich, in whose hands the better currency was always found. This would be the effect on the Western people, if we refuse to receive the paper of their banks in payment for the public lands; and he left it for Senators representing the interests of banks east of the mountains to say what would be its effect on the interests of their constituents, sLould the General Government refuse to receive their bank paper in payment for revenue; above all things, Congress should establish and maintain a uniform currency. Have gentlemen forgotten how forcibly the honorable Senator from South Carolina (Mr. Calhoun) described the influence of this Govern ment on currency the other day, when he said, if the United States would but endorse the note of the beggar, it will pass at part and will that Senator now Bay to a very large proportion of the People of this country, we cannot receive the paper of your banks for public dues, w ten by that 6inglc act he will bankrupt thousands who have strong claims both on the justice and the clemency of this Govern inent? Mr. T. said he would not detain the Senate by an attempt to 6how what effect the measures be fore it would have on our commerce or exchangee he left that to abler hands. He pretended only to take plain common sense view of the mischievous tendency on the interest of his immediate constitu ents, and to enter his protest in their behalf against the ruinous consequences that must follow the pas sage of the bill with the amendments proposed. He said the course that he had marked out lor uiui self to pursue compelled hint to vote against the amendment proposed to this bill by the honorable Senators from South Carolina and Missouri. Their amendments, if adopted, looked to a refusal on tho part of this Government at an early day to receiving or using, in the ordinary transactions of this Government the paper of all banks, and a return to a metallic cuirency. This, said he, looks well on paper, but it was impossible, in his opinion, to .re duce it to practice. There surely w as not metal enough, to an ewer one-half the business transactions of this great and growing country. It was on a mixed currency. partly paper istued oft metallic Acuta, that out country reached the summit of its prosperity, and who could ask more than to be placed where we were in IStfl! He would vote for the proposition offered by the Senator Trow V irginia when it came up. it lookd ore like preserving the property of the People vested in the State banks. Let us collect from the late depositories the public money now in their vaults; hut, in doing so, let us give time for thejn to pay us without crushing these institutions. 1 hia would enable the hanks to indulge their creditors, """i De done W,M1 mn c e to P"0"0 '"T- :T Congress now had the power of relief, and in his The frequent charges thrown out by the late President in his,messages to Congress against the Rank of the United States had a tendency todiscreJit it with the People, and we alt witnessed its downfall. The constant lauding of the State banks ,y the President and his Secretary of the Treasury as depositories of the public moneys, encouraged the people to take stock in these banks. They grew up, as it were under Executive favor; and will Congress now lend itself to break them down! joint wisdom of Congrass, and not lea to the whim oi a 1 resiucni ana nis o.-creiij ui iir m iciui; If the bills which had passed the Senate authorixing an issue of Treasury notes, and that authorising the collection from the deposite banks, became laws, he would be glad to see this extra session come to a close, and let us return to our masters, the Peeple, and consult them on what is further to bo done. He did not 6tand here to re-o-ister the Executive will: he looked to tho boys of the West, those with hard hands, warm hearts, snd strong arms, who fell tho forest, hold the plough, and repel foreign invasion, for hia instructions,it was their voice he felt bound to obey; it was their wishes and interests 'he came here to represent. If the Executive desires the additional responsibility of keeping and disbursing, as well as of collecting, the revenue of the country, he now enjoys it under the regulations of the Treasury Department since the suspension of specie payments by the deposite banks; and he warned honorable Senators, who, like himself, wished to sustain the present Administration, provided its conduct entitled it to the support of the People, to be careful how they entered ou new and dangerous experiments. If be were bent on breaking down an Administration, he would give op to it the unlimited control of the public money ol this Government. He could not vote for the bill reported from tho Committee on Finance, but be would vote for the motion of the Senator from Georgia to postpone this whole subject to the next session of Congress.when we shall have an opportunity to ascertain the wishes of our constituents: it is good for us occasionally to consult the sovereign People. Tits Fourth Instalment. It will be seen by our report of the proceedings of Congress, that Mie bill lor withholding irom me oiaiet. the fourth instalment due under the distribution act, has been passed in both houses. The important amendment of Pickens however prevailed In both houses, which relieved the bill from one of the strongest objections against it. The payment of the instalment is now only postponed under the original bill it was to have been withheld altogether. lialL Chronicle. Marriage Extraordinary. Married, nt SuJorrry, Mass. on the 19th August, by the Rev. Mr. Cranforry, Mr. Nehemiah Blackfccrrv, to Miss Catharine Elderferrry, of Dan fttiry. e hope the uescendents win prove to be goofcirrnV.f. not

CONGRESSIONAL.

From the liattimore Chronicle. IN SENATE, Saturday, Sept. 30. Mr Buchanan presented several petitions from Pennsylvania remonstrating against the admission of Texas. Mr. Preston rose to protest agarnst the impression coin? nbro.-id, in consequence of ihe silence of the Southern Senators, that they intended to permit this question to go by delault. lte Imd several petitions in his posses sion, winch lie had relsamcd from offcrinsrbecause there was an understanding that nothing but the special business of the session was to be attended to. lie wished it then to be generally understood that the southern re presentatives intended to disallow the prayers of these petitioners; and he pledged himself that whenever parliamentary forms would permit, he would introduce a proposition which would have the euectol not only bringing Congress ton decision, but would test, in the strongest manner, the public opinion on the subject. Srit-TREASL'RY SYSTEM. The Senate resumed the consideration of tho bill imposing additional duties, as depositories n certain cases, on public officers. Air. rreston then resumed nnd concluded his remarks, speaking for nearly three hours, lie considered that the State Banks had been unjustly treated by the administration that their conduct had not merited this injustice: ala.t i. .. . y anumaimey had executed, nnd could cxe cute the trust of custodiaries oflhe public money as cheaply and as safely as nnv of the agents which the Bill proposed to establish. These banks had filled the sincle office of custoaiary oi me public money; they were Ihe strong box of the coverntncnl, animated bv intelligence; but now the public funds are to -I I .1 ft a j s a ue wpimieu m tne nanus oi omcers w ho are to exercise the double duties of keeper and disburscr of the public money. He strongly objected to this multiplication of offices in the (muds of a single individual. He knew of no advantage which was to be derived from the putting down of the State Banks, for the purpose ol creating this new system. He could not suppose that it was done merely for the purpose of increasing the patronage of the Executive. As to tho horror expressed of banks and banking, he regarded it as cominc with an ill grace from the friends of the administration which was itself n Bank. What was the giving of trcas-iry drafts alone point, payable at a distant point, but a bankinc act? Did not this transaction constitute the treasury a bank of issue and discount? He did not enter into the prejudices of his honorable colleague against the Pen in Bank of the U. S.T If that Bank could relieve the country, why not take it! Was it an obiection to Mr. Biddie that his hand had once been improperly snapped at when he offered aid ? If a Bill to give the deposites to that bank were passed in this chamber, it would scarcely have reach ed the other House, before the news would fly through Ihe country, and confidence would Ue restored, and the value of property enhan ced. If the President would displace Mr. Woodbury from the head of the Treasury, so great was the confidence of the country in the financial abililiesofMr. Biddle, that the whole people would be at once satisfied, and the hour of embarrassment would pass over. Air. brown then spoke in reply to Mr. l'reston, and to all who had spoken against the proposed system. He did believe that but tor the U. S. Bank, its i-fforts to obtain a recharter, and the course of its friends, we should not have had the present condition of difficulty and distress. By the enlargement of its discounts to twenty millions, it commenced the paper expansion which has grown to such an extent, and stimulated tho operations which have overrun and embarrassed the -. country. He defended the message ol the President from the assaults which had ucen made upon it by the Senator from Georgia, (Mr. King,) which he regarded as naing done great injustice to the .'resident. yuer Mr. Brown had concluded, Ou motion of Mr. Bayard the bill was infor mally passed over. " postponement of payment of deposites. The Senate piocecded to consider the amendment of the House to the bill to postpone the transfer of the fourth instalment of th ..mln- nrnnf which amendment provides that the postponement shall be until the 1st day of January, 1S39. Mr. Wright moved the Seneate agree to the amendment. Mr. Tipton made some objections to the bill and amendment, asked for the yeas and nays on the motion to agree, which were ordered. The question was then taken, and decided in the nttimative. Yeas 30 Nays 2 (Pierce and Tipton.) So the amendment was concurred in. Mr. Grundy from the committee on the Judiciary, reported a bill to regulate the fees oh the extension of merchants' bonds. This bill limits the fee to five dollars in all cases. Or-i dered to a second reading. On motion of Mr. Bayard, The Senate adjourned, HOUSE OE REPRESENTATIVES. ? Saturday, Sept. 30. After the presentation of petitions against the annexation of Texas, and for the abolition of slavery in the District,

The resolution of Mr. Toland culling for Ihe correspondence between the Secretary of the Treasury and Banks or individuals respecting the issue of Treasury notes was agreed to.

NATIONAL n.iNK. The resolution reported from the commitj tee of ways and means, declaring I tahlislimcnt of a National Bank C that the csis inexpedi ent, was again taken up, and Mr. Sergeant, spoke, one hour upon the subject, without con cluding. The orders wore taken up, and the House went into committee on the bill to authorise the issue of TREASURY NOTES. Mr. Cnmbrelcng made some statements on the subject and moved the Senate bill as a substitute for the House bill. . Mr. Rhctt spoke at length on the subject, declaring himself in favor of the Sub-Treasury or divorce bill. Mr. Bell made some remarks and the House adjourned fill Monday. In the House, on Friday night, the motion to re-consider the vote on the bill postponing the 4lh instalment was agreed Io; nnd Mr. Pickens moved to amend the bill, so as to postpone the payment to the first of January, I83'J. The amendment was agreed to, and the bill was ordered to be engrossed by a vote of 118 fo 109. The bill was then read a third time, and passed. The House adjourned about 11 o'clock. IN SENATE. Monday, Oct. 2. Mr. Morris presented several petitions from the State of Ohio, remonstrating agaii.st the admission of Texas. Mr. Allen also presented a memorial of similar character. SUB-TKEASUIIY SYSTEM. The Senate resumed the consideration of the bill imposing additional duties, as deposi tories, in certain cases, on public omcers Mr. Pteston then lose to give notice that he intended, as soon as the other amendments w hich had been olTered should have been dis posed of, to propose an amendment to the bill, the object el which would oe to make the State Banks the special depositories of the public money. ilr. Bayard then addressed the!Senatc in a very argumentative speech, lie was deeply penetrated with a conviction oflhe imrortance of the subject, and regarded it as one which ought to engross the reflection of every member of the government, lie did not coll ider that the measures which had been brought forward could he effectual in pro ducing the relief which was expected. There was no gentleman, ho believed, who enter taincd any expectation of restoring a pure metallic currency. 1 he utmost limit of any reasonable expectation was that a sound mixed currency ought to be established, it was the duty of the Government to provide such mixed currency, of coin and of convertible paper. The practical effect of an unrestrained circulation of inconvertible paper w as to banish coin; and as the banks were the creators of the paper, it was idle to talk of divorcing them from the Government, while the restraining power of the latfer was requisite to prevent the banks from issuing that quantity and quality of paper which would expel the coin. It was one of the first duties of the Government to provide a sound currency, and whenever it permitted an inconvertible paper circulation to flood the country to the banishment of coin, it proved a derelict from its duty. To restrict the issues of the Banks, so as to prevent a diminution oflhe coin, was incumbent on the Government; and this might be effected by a United States Bank, (which was the best mode) or by affixing a stamp duty to the notes. There was no constitutional provision which would prevent the Government from resorting to direct taxation in this case. He quoted facts from the history of the Land Office and the Post Office to show the abuses which would be practiced, if the bill now under consideralion should pass. Mr. Calhoun said a few words in explanation of his course on a former occasion, to which reference had been made by the Senator from Delaware. The bill was then informally laid aside. ATTORNEY'S FEES. A bill to limit the fees to be taken on the extension of merchants' bonds, was read a second time. Mr. Grundy made a short explanation to show the reasons which operated on the Committee. Mr. Webster shid this did not reach the mischief. There was some process by which the District Attorney contrived to swell hi? fees, so as that the Attorney made an income exceeding that of the President of the United Stales, and a Clerk would sometimes realize an annual amount which would pay the Chief Justice's salary three times over. Mr. Grundy explained that the committee had done all which was required of them by the resolution. Mr. Webster moved an nmendment, the object of which is to allow twenty days to a parly requiring an extension of bonds, within which no extra fees could be demanded. On motion of Mr. Buchanan, the bill was then postponed until to-morrow, nnd the ameadmcnt was ordered to be printed.

SUB-TKEASURY SYSTEM. The discussion of the bill imposing additional duties as depositories in certain eases, on public officer, was resumed, and Mr. Wrighl spoke at some length in reply to the various criticism, upon and objections to the new system introduced bv the Com-

imttccon 1-inancc. After Mr. Wright had concluded The Senate passed over the bill informally and took up the joint resolution fixing on the day of adjournment as amended by the House. The amendment extends the session a week beyond the time fixed by the Senate, making it the IGth instant, instead of the 9th. The amendment of the House was agreed to; and on motion of Mr. Calhoun, Ihe Senate adjourned. HOUSE OF REPRESENTATIVES. Monday, October 5. Mr. Cost Johnson asked leave to offer a resolution to return to the Senate the bill au thorising the issue of Treasury notes, sent from the Senate to this House, in viol;. lion of the r; o tn oi tins j . House to cntMiiate all revenue I. ills. Leave was refused NATIONAL BANK. The resolulioti declaring that it is inexuedicnt to charier a National Bank was again taken up, and Mr. Sergeant re Mimed but did not conclude his remarks on the subject. ADJOURNMENT. The joint resolution from ihe Senate fixing Monday, the 9(h October, as the day of ad journment was taken up. HI. . .i I i mi. vOsi joiinson opposed anv adjourn ment until the great measures before Congress were acted upon. The only object of the adjournment, in the estimation of the peoimc, "uuki i.e me tiounie mileage, paid in gold, that Congress would receive by it. The diminution in business produced by the delay of Congress in deciding on these measures, would alone be a great loss to the country. He moved to lay the resolution on the table; lost. Mr. Pickens opposed the adjournment. Commerce he said, had furled her sails, and agriculture rested on her plough, while the decision of Congress was awaited on the great subjects before them. The divorce bill the. great measure of the session, ought fo be acted upon, before we separated. This was the time for the friends of the Adminislralioi. to show their sincerity as advocates of that measure. If it wasuiot adopted now, it never would be. During the recess of Congress, the stronger hanks wouM resume payments in specie; and under the joint resolution of lfSlO, their notes would again become receivable in payment of public dues. The connection between the Government and the Banks would be. resumed, and never would ,e sundered. The upon us forever. chain would be fastened Mr. Cnmbrelcng suggested (lie IOih ofOctober instead of the l'-lh, and Mr. Hayneft modified his amendment accordingly. 'Mr. Smith,ofMe.,opno.-ed the amendment on the ground that it would occupy a very long time to discuss the Sub-1 reauiy unl. Mr. Thompson ol S. L. thought there was little fear that the connection ol the Jjnnks with the Government would soon be renewed. The small degree of confidence and credit that still lingered in the community depended upon the beneficial action of Congress. Before we tooic the fatal step which his colleague urged, he hoped wc should go home and take counsel of our constituents. There were some among his constituents upon whose counsel he would more rely, in this perilous crisis, than upon that of those who here surrounded him. Mr. Patton moved fo postpone the consi -deration of the subject till April lost. After some further remarks from Messrs. Adams, Wise, Cambreleng and Glascock, the amendment fixing the IGth of Oct. was agreed to yeas 153, nays 05. The House then took up. the Mississipjri Electjpn. IN SENATE. Tuesday, October 3. sub-tbeasurv system. The Senate have resumed the consideration of the bill imposing additional duties, asdepositories in certain cases, of the public money, on public officers. Mr. Calhoun spoke at some Icnglh in support of his amendment. In the course of his argument he asserted the malevolent influence which the banking system exercised over the literature, the morals, the liberty of the country. He gave an elaborate view of the origin and growth of the banking system, oflhe history of the operations of banks in Great Britain as well as in this country: and concluded that unless the government annulled the alliance between it and the banks, the metallic currency would be banished, the minds of the people would be entirely engrossed by Ihe pursuit of gain, the intellect would only be sharpened and kept in exerlatioil. L13C IUI ilia- - - f Mr. Webstei replied to the arguments ot Mr. Calhoun, as well as to those which were brought forward by Mr. Buchanan on a former day. - Mr. Buchanan replied m order to remove the impression which migbl be left from the reply of Mr. Webster. The question was then taken on the amendment of -Mr. Calhoun, which was decided asfollows Yevs Messrs. Allen, Benton, Brown Buchanan, Calhoun, Clay of Ala.,. Fulion