Indiana American, Volume 5, Number 43, Brookville, Franklin County, 3 November 1837 — Page 3

his own election In 1S3G. Now, as to the fittt, there was not, before it took place, any unequivocal expression of the opinion of the l-io President aeainst a National Bank.-

tuw w.n. in fact.a contrary expression. In ilip veto message, PresiJent Jackson admitted the p-iblic convenience of a bank; stated that he did not find in the renewed charter such modifications ns could secure his approbation, and added that, if he had been applied to, he could have furnished the model of a bank that would answer the purposes of such an institution. In supporting his re-election, therefore, the People did not intend, by the exercise of their suffrage, to deprive themselves of a National Bank. On the contrary, it is within inv own knowledge, that man y voted for him who believed in the necessity of a hank quite as much as I do. And I am perfectly persuaded that thousands nn J tens of thousands sus tained his re-election under the full expectation that a National Bank would be established during his second term. Xor, sir, can I think that the election of the present Chief Magistrate ought to be taken as evidence that the People are against a bank. The most that fairly can be asserted is, that he was elected, the expression of his opinion in the letter to Mr. Williams notw ithstanding. The question of the election of a Chief Magistrate is a complex question, and one of compensations and comparison. All his opinions, ail hi qualifications are taken into consideration and compared with those of his competitors. And nothing more is decided by the People than that the person elected is preferred amongst the several candidates. They take him as a man lakes his wife, for better for worse,, with all the good and bad opinions and qualities which he possesses. You might as well argue that the election of a particular person to the office of Chief Magistrate im plies that his figure, form, and appearance ex hibitlhe standard of human perfection, as to contend that it sanctions and approves every opinion w hich he may have publicly expressed on public affairs. It is somewhat ungrateful to the People to suppose that the particular opinion of Mr. Van Buren, in regard to a Bmk of the United States, constituted any, niudi less the chief recommendation of him to their sulfrages. It would be more honorable to him and to them, to suppose that it proceeded from his eminent abilities, and his distinguished services at home and abroad.If we are to look beyond them and beyond him, many believe that the most influential cause of his election was the endorsement of that illustrious predecessor, in whose footsteps ho. stands pledged to follow. No, sir, no; the simple and naked question of a bank or no bank of the United States was not submitted to the People and ''twice solemly and unequivocally" decided against by them. I firmly believe that if such a question were now submitted to them, the response of a majority would be in the affirmative. I hope, however, that no bank will be established or proposed, unless there shall be a clear and undisputed majority of the People and of the States in favor of such an institution. If there be one wanted, and unequivocal manifestation be made of the popular will that it is desired, a bank will be established. The President's opposition to it is founded principally upon the presumed opposition of the People. Let them demonstrate that he is mistaken, and he will not separate himself from them. He is too good a democrat, and the tenor of Ins whole hie shows that whatever divorces he may recommend, the last he would desire wouUl bo. one betw een him and the People. Should this not prove to be the case, and if a majority should not exist sufficiently large to pass a bank charier in spile of the veto, the ultimate remedy will remain to the People to chanpc their rulers, if their rulers will not change their opinions. Hut, durini this debate, it has been con tended that the establishment of a new Bank of the United States would aggravate exist ing uutresscs; and that the specie necessary to put it in operation could not be obtained without nrriudicc to the local tanks. hat is the relief for which all hearts are now so anxiously throhbintrt It is to nut the banks again in motion; to restore exchanges, and revive the drooping business of the conn bp. And what are the obstaclcst Thev are, first, the foreign debt, and, secondly, a want of confidence. I f the banks were to rconen their vaults, it is apprehended that the specie would immediately be exported to Eu rope to discharge the foreign debt. Now, if a Bank of the United Slates were established, ith a suitable capital, the stock of that bank would probably be remitted, retaining nt home or drawing from abroad the equivalent in specie. A Croat, if not the createst existing evil is 7 o o ne want of confidence, not merely in the Government, but in distant banks, and between the banks themselves. There is no tje or connexion binding them together, and Nwy aie often suspicious of each other. To "is want of confidence among themselves, is l( be ascribed that extraordinary derangeffient in the exchanges of the country. How otherwise can we account for the. fact that Lie paper of the banks of Mississippi cannot now be exchanged against the paper.of the Utiles of I .a., without a discount in the forprofit) or 15 per cent.; nor that of the o-nks of Nashville, without a discount of 8 cf 10 percent, against the paper of the banks o; -he adjoining State of Kentucky! It is fullest that, w hatever may be the medium Ci circsihUon, whether it he inconvertible Fper, or convertible paper and specie, supVlMS ontidcncc to exist, the rates of ex- ' we m both cases ought to be nearly the Jj.me Bui, in times like these, no bank will "w its funds to accumulate, by the operator exchange,at points where no present ! can be made of them. " if n bank of the United States were

established, with proiter caoiui. .rwt ;t-

were made the sole depository or tlm public moneys, and its notes were receivable in all Government dues, it might commence forthwith, with a small amount of sDecip. nnrln. not more than two millions. That sum would probably be drawn from the community, where it is now hoarded and dormant; or iHt were taken even from the local banks, they would bri more than compensated in the security which they would enjoy, by the remittance of the stock of the new bank to Eu rope, ns a substitute for their specie. Such new bank, once commencing business, would form a rallying point; confidence would revive, exchanges be again regulated, and the business and prosperity of the country be speedily restored. And St U hv i.o .'means certain that there would be any nctu..i nugmeiuauon oi me banking capital or the country, for it is highly probable that the aggregale amount of unsound banks, which can never resume specie payments, would be quite equal to that of the new bank. An auxiliary resolution might be adopted with salutary effect, similar to that which was adapted in 181G, offering to the State banks, us a motive to resume sDccie navments, that their paper should ho received for public dues; or, as their number has since that period greatly increased, to make the motive more operative, the offer might bo confined to one or two banks in each State known to be trustworthy. Let them and a tjanK ot the Unucd States commence specie payments, and all the other sound banks be constrained, by the united force of miblic opinion and the law, to follow the example. ii, in contrasting the two periods, of 1817 and 1837, some advantages for the rcsumnr ... . 0 . . . . . . nun oi specie payments existed at the lormer epoch, others which distinguish the present great iy preponderate. At the first there were none except the existence of a nublir debt and a smaller number of banks. But then an exhausting war had wasted our means. Now we have iv finitely greater wealth, our resources are vastly more "devel oped and increased, our population nearly doubled, our knowledue of the disease much better, and, what is of the utmost importance, a remedy, if applied now, would be adminis tered in a much earlier stage of the disorder. A general currency of sound and uniform value is necessary to the well-being of all parts of the Confederacy, but it is indispen sable to the intcrioi States. The seaboard Slates have each of them banks, whose paper iretiy circulates within their respective limits, mid serves all the purposes of their bu siness and commerce at their capitals, and throughout their whole extent. The variation?, in the value of this paper, in passing through those States, from one great commercial metropolis to another, are not ordinarily very great. But how are we of the interior to come to the Atlantic cities to purchase our supplies of foreign and domestic commodities, without a general medium? The paper of our own banks w ill not be received but at a ruinous discount. We want ;i general currency, which will serve at home ind enable us to carry on our accustomed trade with our brethren of the Atlantic States. And such a currency we have a richt to ex pect. I do not arrogate to myself a right to speak for and in behalf of the Western States; but as a Senator from one of them, I am entitled to be heard. This Union was formed to se cure certain general, but highly important, objects, of which the common defence, com merce, and a uniform currency were leading ones. To the interior States none is of more importaucc than thatof currency. Nowhere is the attachment to the Union more ardent than in those States; but if this Government should neglect to perform its duty, the value of the Union will become impaired, and its very existence in proeessot time may become endangered. 1 do delieve that between a sound and general currency, and the preserva tion of the Union itso.lt, in full vigor and per(ect safely, there is the most intimate connexion. If, Mr. President, the remedies which I have, suggested were successful, at a former period cf our history, there is every reason to hope that they would again prove efficacious; but let me suppose that they should not, and that some unknown cause, which could not then, should now, thwart their operation, we should have, in any event, the consolation of knoninc that we had endeavored to profit hy the lessons of experience, and if they failed we should stand acquitted in thejudgment of the People. I hey arc heartily tired of vi sionary schemes and wild experiments. They wish to cct out of the woods, into which they have been conducted, back to the plain beaten, wide road, which they had before trod den. How, and when, without such measures as I have suggested, arc the State banks to re sumc specie navmcntsT They never can re sumo without concert: and concert springs from confidence; and confidence from know ledge. But what knowledge can eight hun dred banks scattered over our vast territory, have of the actual condition of each other? It is in vain that statements of it be periodically published. It depends, at last mainly up on the solvency of the debtors to the bank; and how, whenever their names are not known can that be ascertained? Instead of coming to the aid of these pros trate institutions, mid Assisting them by a mild and parental exercise of your power, in a mode sanctioned and approved by experience, you propose to abandon them and the country totheir fate. You propose worse: to discredit their paper, to distrust them even ns special depositories, and to denounce against them all the pains and penalties of bankruptcy. How and when will they resume specie payments? Never, as far as my information

extends, hare exertion been greater than those which the banks have. generally made to open again their vaults. It is wonderful that the community should have been able to bear, with so much composure and resignation, the prodigious curtailments which have been made. Confidence re-established, the loreign debt extinguished, and a national institution created, most of them could quickly resume specie payments. Someorthem,urged by a high sense of probity, and smarting under severe reproaches, will' no doubt m ike the experiment of resuming and continuing payment in specie. They may even go on a while: but without the cooperation of the

oiaie nanus generally, and without the cooperation of a national bank, it is to be apprehended that they will be again seized with a paralysis. It is my deliberate conviction that the preservation of the existence of the existence of the State banks themselves depends upon the institution of u national bank. It is ns necessary to them as the Union is to the welfare of the States in oir political system. Without if, no human being can foresee when we shall emerge from the difficult s which surround us. It has been my fortune several times to see the country involved in great danger; but never I efore have I beheld it encompassed with any more menacing and portentous. Entert aitiing the views which I have presented it, may be asked w'iy I do not at once fropose the establishment of a national bank, have already adverted to the cause. Constituted ns Congress now is, I know tint such a proposition would be defeated; and that it would be therefore useless to make it. I do not desire to force upon the Senate, or upon the country ngninst its will, if I could, my opinion, however ; incercly and strongly entertained. If a national bank be established, its stability and its utility will depend upon thcgeneial conviction which is the fault ol its necessity. And until such a conviction is deeply impressed upon the People, and clearly mnniftsted by them, it would be unwise even to propose a bank. Of the scheme of the Senator from Virginia, (Mr. Rives,) I think now as I thought in 183-1. I do not believe that any practical connexion ofState banks can supply a gene ral currency, be a safe depository of the public moneys, or act t fficiently as a fiscal ajrent of the General Government. I was no' then opposed to the State banks in their proper sphere. 1 thought that they could not be relied upon to form exclusively a banking system for the country, although they were essential parts of a general system. I he amendment of the Senator, considered as a measure to bring about the resumption of specie payments so much desired, I think must fail. 1 he motive which it holds out ot the rcceivability in all payments to the Go vernment ol the paper of such banks f.s may resume by a given day, coupled with the conditions proposed, is wholly inadequate. It is an offer to eight hundred banks; and the ro-( venue, payment of which in their notes is held out ns the inducement,!. mounts to some twen ty or twenty-five millions. 'J o entitle them to the inconsiderable extension of their cir culation, which would result from the credit given by Government to the paper of all of them, they arc required to submit to a suppression of all notes below five dollars, and at no very distant period to all below tw enty. The enlargement of their circulation pro duced by making it receivable by Govern ment, would be much loss than the contraction which would arise from the suppression of the prohibited notes. Besides, if ihc quality proposed again to be attached to the notes of these local banks was insufficient to prevent the suspension, how can it be efficacious enough to stimulate n resumption of specie payment? I shall, nevertheless, if called upon to give a vote betw een the project of the Administration and the amendment of the Senator from Virginia, vote for the latter, because it is harmless, if it effects no good, and looks to ihe preservation of the State banks'; whilst the other is fraught with mischief, as 1 believe, and tends, if it be not designed, to the utter destruction of those institutions. But, preferring to cither the postponement moved by the Senator from Georgia, I shall, in the first instance, vote for that. Such, Mr. President, arc the views which I entertain on the present state of our public affairs. It is with the deepest regret that I can perceive no remedy, but such as is in the hands of the People themselves. Whenever they shall impress upon Congress a convic tion of that which they w ish applied, mey will obtain if, and not before. In the mean time, let us eo home, and mix with and con sult ourconslituents. And do not, I entreat you, let us carry with us the burning reproach, that our measures here display aseinsn solicitude for the Government itself, but a cold and heartless insensibility to the sufferings of a bleeding People. Unite a States B ank.- We take from the United States Gazette the following statement cf the circulation and specie of the Pennsylvania Bank of the United States. With 'a circulation of Six Millions Seven Hundred Thousand Dollars she has specie to the amount of Three Millions of Dollars; wbile the 96 Banks of Nw York, with a circulation of Fifteen Millions, have but Two Millions Seven Hundred Thousand Dollars of specie, being Three Hundred Thousand Dollars less than the specie of the United States Bank. . Perhaps those who abused the United States Bank for refusing to pay specie at the instance of some batiks in the city of New VnrL- vrrih,.J the refusal to inability on the part of the former. They may find proof of . ...... - r f t their error in tin statement. ruts.

AMERICAN. KKOOK VILLE, IIVPIAfl A,

FRIDAY, NOVEMBER 3. 1837. Clav's Spkkch The admirable speech of Mr. Clay id inserted to-day to the exclusion of our usual variety. Our columns could not be filled with more interesting or instructive matter. TuNMfseBE Senator. Hphraiin If. Foster, of Aashv.No 1 etui., has been elected by the Legists, ture o.' that stale, Senator in Congress, for :v yearsfrom the 4th of Maroh, IS!!), in the place of -Mr. Grundy. Mr. Foster is a decided A l,ig, and a man of line talent. New Uklkans At our latest dates Oct. 19th. tho yellow fever was abating at New Orleans only 7 fatal cases the previous duy. Cincinnati 31 arkkt. Oct. 88 Flour $3,50 per bbl.; Whiskey, advancing 30; bacon reprcsenied as extremely dull at 74 cents; lard 7 to 7; pork has fallen to 15 00 for mess, and no sale for prime; wheat 90; oats 33; new corn 37 old 50. Okw Orleans, Ott. 1ST FluuTs 00; sugr 5 to 7; whiskey 3; molasses 20 to 20 per gallon; bacon hams 10 to 124. Mexico Hy the last arrivals, it is stated that the Government had ordered 4,000 troops to Attack Santa Ann.i, w lo is about settin up a Government of his own. It is also stated that Gen. Filasola has about 3.000 naked, starving, and wretched troops under his command at Mctamoras, for what purpose, not known. No further movementi against Texas can be discovered. Indiana Farmer Stack Iiegistr This is the name of a New Agricultural paper jutt commenced at Indianapolis, by Osborn and Chamberlain. It looks neatly printed, and the selections are srood. LAWS PASSED AT TIIH LAST SESSION OF CONG II ESS. nilXS WHICH ORIGINATED IN THE SENATE. An act to postpone the fourth instalment of depositt-s with the States; An act authorizing a further Do.tnonemmt oi y.tjmciiis on auty oonus; -r .. .. . r 1 An act lor adjusting the remaining claims upon the laic Dcpositc Banks; An act to regulate the fees of District Attorneys in certain cases. Ton wupwuI nf Afor. chants' Revenue Bonds;) An act for the relief of I). P. Madison, (surrendering to Mrs. Madison the right to publish her deceased husband's papers in England;) Resolution directing the postage on letters sent by Express Mail to be paid in advance. BILLS WHICH OIHGI.NATED IN THE HOUSE. A bill to autho: ise the issue of Treasurv Notes; A bill making additional nnnrnnrhifinn fnr the suppression of Indian hostilities for the year 1837; A bill making additional annrnnri.itiona for the year IS37; A bill to continue in force cr-rhim lnw (o the close of the next session of Congress; A bill to amend an net entitled "An net to provide for the payment of horses lost or destroyed in the service of the United States," innrnrurl fn miri' IWfK ICO New York. The Whigs of the "Empire Stale.' encouraged by the strong dcmonstrfitions of public opinion recently exhibited in the South, the East, and the West, against the dangerous theories of the loco foco President his cabinet ami advisers; appear to have buckled on their armor for a renewed and vigorous contest, nt the November election for members of the Legislature. If the Whigs and Conservatives of that great Slate are true to themselves if they resolve in the fullness ot their power to overthrow the dangerous principles attempted to be fastened on the American people; they com do ii. As strange political revolutions as this would be, have recently taken place. Maine, which a few months since was deemed past redemption, from an allegiance to all the mad schemes of the national Executive, has redeemed herself. New York may do Ihc same, if she falter not in the undertaking. We bid them God-speed in the cause of the PEOPLE against corrupt rulers; and hope that their "day ot deliverance is at hand. -Cm. iriV. Whereas The Chief Magistrate of this Union boasts of his following in the footsteps of his Illustrious I redecessor. and pledged him self to carry out his measures and, rchereai, one of the leading principles of his adminis tration, was the prostration ol tht credit sys tern, in defending which, he alleged, that "ALL WHO TRADE ON BORROWED CAPITAL ought to fail!" and, whereas, Martin Van Buren was elected, not by any merit or ability of his own, but lolely by the known recommendation and popularity of the "revered chief," therefore, be it Resolved That, in as much as Martin Van Buren is trading on borrowed capital, he ought to fail! jWassilon Gazette. Tennessee Senator. Hon. E. II. Foster is elected Senator in Congress in place of Mr. Grundy. Will Mr. Grundy reisign? Mr. Foster is an eminent lawyer, of Nashville, Tennessee, who has been speaker of the House of Representatives of that State. Ci'n. Gas. . Whig and Van Buuen Currencies. Whig currency yccic, and bills exchangeable for specie, at the option of the holder. f Vmii Huron currency irold and silver fn messages and newspapers, and irredeemable, pa per i the people pockets. n.ennecK jour.

Lad Government We find t-. following natural commentary on a striking fact, in the great organ of Van Burenism, the WaLmgton Globe: "A f Deserted Crrv.-The Antwerp Journal of Commerce says: "There areSOOhcviees in this city uninhabiied." What a commentary on bad government. The Globe need not go so'farlofind marks of a bad government. Lot him pass through the principal nianuficturin; towns in N,v Hampshire and Mhjs. nnd he will find in many ol them a larger portion of empty tenemcnls than ian be found h, Anlwep." Ie will hnd more than half of t!m?e extensive estnhhshmenl which were former! v yeil-iin profit lo their proprietors and giving comoetent employment to operatives, now closed; andlhest.eams which bad learned to be If--borers without requiring cither food, clolhinor wage?, suffered to pass to (he ocean unemployed. He will (ind poverty and dislress creeping with no snail-like p.u c ovc r the fami ics of those who have been made poor by the t.mes. He will find stores cleared, tenements vacatedand the gloom of despondence mantling many a brow". No,- ja tlfc gCf.PC confined to these latcs;-n he passes through Connectuut he wiilfind 73 out of her 95 cloth mills lying idle! And r.ll for wlixt? For ro other end than to gratifiy the Government ii. a foolish experiment on the currency! With how much more prorpicty might the Globe apply its comment to our own, than to a nation of Europe What a ccn.mentnrv on u bad Govcrnwent!" P urlirnoulh Jour. Suicidk Jmcs V. Reed, Teller in the Lne, N. . Bank,recenlly committed suicid by cutting his throat with a razor. The Lockport Democrat savs. "It aonenr in h.-,, I,

lIle result of a morbid melancholy state of "- as ocen nulletcd by torlune, lost a large amount of goods upon the lake a few years since, and has subsequently been in H health; had been married but a few weeks to an amiable woman, nnd rniniTil in n , - - 'J -- " m villinent degree the respect and confidence of hit .iiquiiimnnccs. tin. Hep. LIGHTNING. The Jaws of electricity are now pretty well understood, and it is just as reasonable to live in accordance with th -m n tvi ( Ii onv orthcr laws of nature. To remove from - strong current of air to escape asiroke of lightningisjust as philosophical sis to stepnsideto shun a precipice, it is equally ns v.isc to insure your building from lightning, by a good conductor, as lo insure it from our common fires, at a premium of one and a half per cent. To betray symptoms of fear in any case is unmanly, but to use one's reason In'nvor ger, is altogelhora different ihing The best safeguard against lightning is a good conductor kept in complete reoair. nivl rmri t.- !.;j group oflofty trees; but where a dwelling U proiecieu oyneuner.il is highly prudent for its inmates to betake themselves during n thunder storm, to the safesl place in it. As the air is a very bad conduclor cf electricity, it always seeks to move in t! u ith the cur rent, and hence it is always dangerous in a thundersform to sit down between two windows, or at the entrance of a door. Had the person who was killed nt Harrisburg last sumnier uy ngiuning, Known I his fact, the sad catastrophe had been avoided. Again, the air in a chimney being rarified by the heat below, the electric fluid often enters a house in this direction. Hence persons should nerer seat themselves immediately before a fireplace in a dangerous storm. When the electric fluid does net enter the door or chimney of a house, it usually strikes one corner of the roof, and passes hy (he rafters, timbers or sides of Ihc building until it enters the earth. On this account it is unsafe to sit in the corner or to lean against the side of the room during heavy electric discharges. It is also dangerous to stand before a mirror, the quicksilver and guilt of which is a good conduclor of lightning; indeed the presence of all metallic substances should be avoided on the same principle. The safest position in a house as regards lightning, is in a bed, the feathers of which it is composed, being u bad conductor of electricity. It is said that no person has ever been struck by lightning in this position, unless their limbs were in contact with their frames. As a proof of this remaik, we once saw a house containing twenty-five persons, literally torn to pieces by lightning without injury (o any one. They were all in bed. Next to a bed, She centre of a room, closed up on the windwnrd side, is the safest position in which wc can place ourselves. Administrator's Notice. TOTICE is hereby gircn, thai letters of Ad--L ministration upon th estate of Jacob Garrison deceased, lias this day been granted to the undersigned according to law. Those indebted to the estate roust make immediate payment, sn1 those having claims against it must present them duly authenticated within one year from this date. The estate is supposed to be solvent. On Saturday the 18th day of November, 1837. will be sold at the late residence of the decedent, in Fairfield township, Franklin co., Ind., the personal property belonging to the estate of said decedent. Terms inaile . know.i on the day of sala and attendance given by WILLIAM HAYS. Adm'r. October 30, 187. 44 3w Taken Up BY HIRAM POND, living in Franklin county, Brookrille township, one estray, a light sorrekbom about fourteen and a half hand bigb. supposed to be nine year old last ei"g biaw face. Nine white on the hip boe, Ibe.iind lege wbits . tampoft the bickr" lei by the saddle; appraise! Itl-fi ve df by Dlair SI. PammJt. lain Aanom- hereby certify I bat tbe aboe, ie tree cof from ky eetray books irivea taader my band Ibis 26rli day of October. JONATHA! ALLEV, J. P.-44-.