Indiana American, Volume 5, Number 46, Brookville, Franklin County, 17 November 1837 — Page 2
lioi of the Im;i- of England w lib h is adinit-vtssful and happy operation. He learned its teJ lo h:ivt' rm hi. f.l the unoneion? This 1 historv. and found that it was established by
nail plain enough, but an effort is made to the party to which he had always been atdraw our attention from the true causes by tat lied, -Villi the immortal Madison at their crying out consp;racy; yes a conspiracy be- head who after fatal experience had changed tween our merchants "and English bankers and j his opinion en the subject. This paternity tlir It:inb nf llmtl-iD,!. t. dpfoat the Executive! recommended it. but rellection as well a-? e-x-
poliov!! Never was auianfo beset with plot; perience convinced him of its great utility as
I'le ex rrcsi- a (manual agent to tiio government, as an
aid to internal and external commerce, and a
Ifur
the currency, or as a
j after the withdrawal of its after the removal of the
obligation was it under to
liunnul regulator, mocracy and economy upon
or even
i
lranciies,
the
What
Public, after
nun tuii-fn ;ii n:s its uur nitciiii'm , . , - I "I '
lent. nenevcr a new tinanciai sy sicm implodes, or one of his experiments fails, he insists it is the result of a vile combination against him and his policy, and calls upon the democracy to rescue him from the hands of his enemies'. Now, the interest of (he parlies is a sufficient ginrantv against this, Tind it again
the Public had taken awnv the depositesnnd
dispensed with its services? Was it under anv verysfrongobligation, if it had the power
to aid the Executive in an rxi-crimoni
at its exnensc. ec intended for it
I should think not: and to hold a
made
destruction?
State bank
the lips, and ty-jsary to their lujincss and prosperity. He saw
r u nv and plunder in the heart. "I borrow jno reason or expediency m inking away ihe li'o false liveries trom heaven to serve the devil ; discretion of the Secretary of the 'I reasary t0
; receive iue i.oic-s 'i fjivii-jiio .;ig "riiihs wnen t v .,ftor nmi- further remarks, conclu-i they rosuiv.c, disburse them K,r Government
in
j, . . i ' it,.. 1 - s t tbrt i-iA! nf I oia rAl id't.i.l .... I
ded this branch ol the sutjcci, oy say nig, i.i.u pui ,.-. ? - t' ..v..,,.u. .u.u
d full confidence that tne rresiueui.:raii on u.c u.uma ' " ncces-
sent difficulties were removed,; sary lor transiers oi me vjover.in.cnr.
lie ha
when some pre
would iidnunis'crhis department wiiuwisiium.irom me points nnuu iuhuwtu, vi; pou.i
' .... ... tii i.ii t...,i- ,,i it
..,.-..!.. c .... .il. nftn.!rrsnnnii i p. hrrnii.tr il is caiiru "llii: u""tt
VUUK?UUlu U lillliUUI HI UN Ullr I let uuivu I ' . , . , . i
the United Stales,7 is absolutely mucinous.
multitude ol
kited paper system. As an original question, he was and ever had been opposed to the whole paper system, but the system certainly had manv advantages in a free country, and
moreover was fixed upon us. and no. one ge-
and patriotism, and he hoped and expected to h. to jrive him his feeble support. But
l.o Ui.t wishfd to tell him now, that if lie in- which th
;
most unforfaaately happens 1o be contra licted iteration either could or would bear the sacnhy n k-n:rn r.n d" nvi'mom historical fact ; the! ficesit would cost to get rid of it. And(adoed bank applied to Government to drive Anirri- he) the progress we should make in getting can srciri;i,s out vf th Market! They were! rid of the system and its abuses, by putting
saved bt the liberal a. A curious conspiracy this; and rather nrsprofi table one, too, mcthinks, for rncr.rhp.nts and hankers to engage in. John Ball will probably lose twenty-live or thirty million bv it!
But.fconlimu'd Mr. K.I we are tol ' of fre-
fiuer.t ronvnlsion before. Unfortunate re
ference, Mr. K thought, for tliose who made them. AVb at were t!iev when compared to the present? That of 1811) arose from too hastv an effort to restore the confusion Into
down the Bank of the United States, was pre
dicted by me in the Senate in 1831. Sir, the ereat Temperance President, or temperance
reformer, Mr. Delavan, who sends us so many temperance papers, might just as well have undertaken to encourage the cause of temperance in which he is engaged, bv breaking up
one respectable grocery in Chesnut street, that he m'ght raise up 500 grog s-hops in the Liberties, the villages, and the Western wilderness, lie thought it the part of wisdom
It has fallen into hue with the
State banks, created under the late Administration. It has supported his "policy" by importing specie on credit, that il might hatch more paper upon it. It has gloried in the confusion cf the exchanges. by which it has made millions. In short, like the rest of the Stale banks, it has gone for making money; it has joined its fortunes with the State banks;
it has borrowed specie like the Mate nanus,has expanded with the State banks: has sha
ved with the Stale banks; has failed with the State banks, and is a Slate bank, and vet it is
giv
.,..! in ihr f-iotstens" ol ins pre- aroima
I I 1 1 I 1 1 IJ vi...--- . - - - - - 1
Mr. K. here commented upon
I'cccor in trampling on the legislative an- the losses which the bill-holders had sustained thority, in the management of a subject of all j by the suspension of specie payments. The) others of Ihe most importance to the People,! seemed to elimn!c ihe actual va!u: cf a h.n,!,
.e estimates
senators Irani .Missouri ami Ju:t:) had put upon current bank !i!!?.;.nd
i
icy
he should feel it his duty to jostle him out oljbill by the pioporlion wlucli the specie in the them. lie never would consent, he said, to, vaulis of Ihe banks bore to the aggregate of surrender the finances to the exclusive, control j circulation and deposilcs:as though the banks
of the Executive.
If we did this, we should! had no other means lo pay their liabilities but
share the fale of every other nation who had .specie. In this way the
. l
should first become a nation of beggars, ana tUi'w n nation of slaves.
Mr. K. said he had been led on to a length
Senators
. i.
make out
submitted to Executive financiering: wc the loss ol the i'eoplc ly the hanks (o be im
mense. Could there be any advantage in propagating errors so palpable? Asa practical question, so far from the bill-holders bav-
which the finances had fallen under the State not to waste ltselt on impracticable extremes, banks: that of lSv5 was known to have been but to secure the blessings of the system, and
brraght upon us bv England; and was short avoul as many ol its evils s possm.e. i ms ia diratio:i and comparativelv trilling in con- he thought was best effected by a national sequence: and what was that of 18'.V, that is bank, with the aid of the Treasury. The . m.,r. mil Win. but for the dili- vast extent of our country cave full time to
itiu'c f gentlemen in looking up evidences such an institution to lop olF redundancies and j '"' . . . ! . . i ,n i . . f : l
of these crt-jt r-:vu!stonss they would not Have uu up uenciencies on notice oi an irrcguiai n been known or recollected o"ut of the seaports, in the currency in particular sections before na I har.ilv tlu-rr. lie recollected some short the effect became general. It was clearly paragraphs ia 18; J, alluding rather timidly Uhc interest of such an institution to perform ta Toe 'Mat;':;!.: of specie in Wall street;"' this! these duties faithfully. lis own successful continued i few davs; about five millions were lopcration in a great measure depend.' don it;
hipped; the P;ank of the United States drew ; which was the best guaranty to the I'uDiic
hippeil :
ti!is to.
i I . . i H...I I lina. iimI 1 I..-V r-.-. iini'l.ti-l.tnil Mu !1 ..1
creditor wa s vti?ti-d, and the panic ended. DelieveU thai the money oi mc nauon couiu We had t!:cn no Executive financiering, no 'be entrusted to no agency so little dangerous snccie circular; trade was left in the hands of! to liberty, or so unlikely to use it for political its lawful guardians; specie went o!f when the i purposes. Experience proved" the truth of rate of exchanc rcipiired it; and by the this opinion. We had again the best of all prompt payment of five millions, the Bank ofecurity that is, the security of interest. To the United Slates got the iiHtioii a credit foi jengage in politics, or unite itself with a ptili tithe balance, which was paid by the crop and'cal parly, is death to the institution. What n diminished import. " (evidence had been shown, that the bank ever Yet such had been the nature of the warfare j hinted an interference with politics, until it Hgainst the bank whilst in life, and now a-jsupposcd the Executive to make an overture fainsi i's irhost. that his friend from Connocti-i for that purpose In IS 29 the Executive
" . . . . . . . .. .
having praised commenced a correspondence with the hank attack upon the , to procure a change in the President of theNew
cut in the next breath after
the circular, made a lunous attack upon the , to j
bank, for interfering with the laws of trade in Hampshire branch, lie did not say that any 1SPJ, and preventing the export of specie to thing improper was inlendeel by the Executhe whole amount of the foreign debt. How live, but it was the first interference of the this argument was to be reconciled with the j kind, and the bank supposed it to be an atsnccie circular and the whole "polio"' and tempt to enlist it in politics, and unite the
arirumcnls bv whit h it has bcsMi lauded and j power of the Government. It
justified. Mr. K. would leave to the Senator and the friciulsofthat measure to settle among themselves. This charge against the bank, he thought carried the true doctrine to the opposite extreme. A demand for a cash balance
e reconciled with the j kind, and the bank supposed it le whole "policv"' andjtempt to enlist it in politics,
declined on
the irround that the bank never had and could
not now think of interfering in the politics of
the country. I he rest is known. I lie Message followed with a charge of what nobody
had ever heard of before, and recommending
alwavs admonishes the nation that it has over-1 a Treasury bank, uniting the power and pat
ronage of a bank to that of the Government
Prom that time forth the Executive continued to struggle for the money power until it took possession of it in 1833, by the removal of the depositcs. I only mention these facts, sir, to prove the great reluctance with which such an institution will always engage in politics. Its interest requires the custom and friendship of both political paities. and it cannot
held responsible to the country as a national bank. Sir, il is no more a United States Bank, and not so much as the little Burlington bank, w hich produced such a happy effect w ith a modicum of the spoils sent to it, and pressingly sent for more to operate on the elections, 4,in anticipation of the wool cip." There is a United lc.tes Bunk fvr yr, established bu the Hxtcutivc to vrezt ; ti c public money
from biii'g employed to opt rede on the poliics of
the country !
bv. then, these valiant charges upon a
----J7 1 .... B ghost; this war upon a sign; these til'.s upon a tombstone? They are about as useful, and about as rational, as the charges of the redoubtable Don Quixotic upon the windmills.
In connexion with these perpetual efforts to frighten us with gliosis and ''things that arc
not,"' Mr. K. said he had never had his de
moc ratio feelings so shocked as they had been
by a sentiment ol the Senator from South Carolina, (Mr Calhoun.) w armlv applauded bv
his friend near him, (Mr. Strange.) Wc were
told t.'ud though expcdtcnt,xc should not make
this State bank a depository. "because it would
bo a triumph over the Government!"' What Government? The 'Government'" at the IIci niitage.or the Government at the W hiteHouse? These Governments w ere both, to be sure, supposed to be inimical to the present State bank, because they did not like Mr. Biddle, ils president, who was formerly president of the national institution. But what had i!;e Government had to do with the present Stale institution? 11c had supposed, until lately, that the Government meant the legislative power, as established by the Constitution; and if the People, through their representatives, according to the forms of the Constitution, should deem it expedient to make any State institution a deposity, it would be no objection w ith him that cither cx-Presi-. dent, or present Executive, teas suppose d to be
inimical to one of ils officers. 1 do not propose (said he) to make this institution a depository ami nobody has proposed or thought of proposing it, so far as I know . Why, then, this war-w hoop against it? "A change, what a
change,"' has been produced in the tone of American feeling by these violent encroachments and recent triumphs of the Executive over the Legislative authority, in relation to finances? All eyes are turned to the Executive. The spirit of our fathers has fled. The
blood of 'Tii has run out. Sir, there have been
altogether unexpected to himself.and he fear-j ing lost, thnj had generally gained by the sus-
ed tiresome to the Senate. Seve ral oiuei .o- pension. Mr. jv. here discussed the nature pics had been suggested by the remarks of;and purposes of money. Money, said he reother gentlemen, that he would like to touch, presents commodities. Its uses are to corn-
but lie would dispense w ith (hem, and come jniand them at pleasure; and circulate then: to a conclusion, alter a few words more upon with convenience. Whatever answers ihi.. the bill and amendment under consideration.! purpose, ansWers the purposes of money. Its As to the separation from the State banks as! value depends on thequantity of commodities depositories, he conceived that a matter of no; it w iil command, and this again depends on C . .t. .i .,l.t .i i i- i i .i ... V.
-reat consequence, u in iue uti.ms ciuum inc rciaiiou nicn iue quantity ot money
a-
f . .i ... ,i
nrovidc salClV lO Hie moiicwanu tuuiu
gainst too much patronage and expense. But, the bill he thought imperfect and obscure on both these points. And w hen w e had passed the bill, wc should have but little idea of whal t il
wc had aone.
bears to the quautity of commodities. The active circulating medium has been greatly reduced in quantity since the suspension, not only by withdrawing speeie from circulation, w liich has become a commodity,
oui uy a reduction oi nanu paper, and hence
. . il .M-.Mcn.l it-!.I.-ii ri.':i : !... i I. . 7
zs to iue iuui-iiuiiiciii pi ij'uauu, .....v.. - u s ui.ti (.untiii uuhh puptr is sow mucii more stricted the receipts ol the Government to valuable than gold and silver icus before the
rold and silver, he could never consent to
think of it, without hearing
tradeel; and unless it has the w htde amount to spare, it is frequently an advantage to pay a pait and have time to adjust the balance. He thought then the bank had done well in lS3'i to pay what was required in specie, and get the nation credit for the balance until the crop of exports could be sold. Il was frequently of advantage to an individual, he said, w hen
he had become unexpectedly indebted, tcwhip of both political paities, and it cannot more gray hairs brought upon the head ofour pay w hat reavlv money he had, and get credit! prosper against a war by either. The mo- youthful and vigorous Republic in the last for the balance until the sale of his crop; and joey power of the Treasury is great, let it be four years, than ought to have grown upon it one advantage of a national institution was,, lodged where it will; but for the reasons sla- in one entire century of quiet and peaceful that its credit always enabled it in such cir-jted, I believe it is less in a national bank, administration, with the constitutional co-op-cumstar.ces to get indulgence for the nation, as connected zeith and dependt nt oifthe business of . oration of the legislative departments, a friend was sometimes useful in getting ere-ihr country, than in any other. There was no! My fiiends need not be astonished at the dit for ai individual. Sir, said he, Ihe fate of danger of the politic al influence of a bank, ! freedom w ith which I express these sentiments.
from his constitu
cuts, so long as specie is not the common currency, used by the People in the business transactions of the country. They are never prepared w ith a currency not in common circulation, and would often and truly be reminded of the Roman qaestors, who were in the habit among other acts of tyranny, of dcmandinga7cuar kinds of money for the purpose of extortion. Here, 1 1,000 specie gatherers, demanding a currency not furnished the People by their own Stalcs,or by the ordinary circulation, will give them more trouble than all their other pecuniary transactions, and, being different to the demands made upon them for Stale taxes, will give to the
Federal Government an alien character o
tvrannv and oppression. He could not con
ceive, he said, of a measure better calculated to give to the Government of the Union the appearance of a foreign Government, and alienate the affections of the People from it, than the measure proposed. But, we arc told that the Government only demands the ccnstitutional currency, and therefore only asserts a right. This is true, sir; but is it the part of practical wisdom to exert all the pow er wc have, and assert all the rights wc claim? Every man has a right to
demand specie at all times lor every sale he makes, and for every debt due him. But suppose every body were to do it, whilst paper is the common currency, what would become of the country?
Suppose all the merchants of a single city
suspension, rrhihtthc 7vhule currency, bah paper and tpecie, teas d predated by ils redundant quantity. Are the passions and prejudices of men to be wrought upon when their sense, may direct them? Do we not know as an admilted fact, that current bank bills are mure valuable now than before the suspension? Let me ask one cf these suffering bill-holders what he wishes to do with his money which he held at the time of the suspension ' Pm-j he owe a debt? If so, his crediior will !;e glad to receive it, and expects nothing else. Does he wish to buy provisions for his famih ? If so, he gets them cheaper than lie could before the suspension of specie payments. Pecs he wish to buy.real estate or sleeks? Ifn,
he can get them from 30 to 50 per cent, i be.i;;er than he could before the suspension of spe
cie payments. Jn sr.ort lucre; is no purport1 for which money is used, for which bills ari not now more valuable to the holder than before the suspension, w hilsl the whole currency was depreciated b its quantity, except for (lie payment ofa foreign debt. Those, thcn.wbo clamor most about their losses have lost netting, but generally gained. The mercli.n.ts sustain the whole loss that is sustained, fcr they receive it from their debtors at par, and have to pay a premium tor specie to pay tlici.
this institution was most cxtraoidinary. II ifthe Executive would let it alone. Some i Thev helic e w ith mc, they have acted with
Mr. Piddle expanded, he was bribing the .admitted that the bank had been improperly me. We have- vainly stood up together acounlry ; if lie contracted, he w as ruining the attacked, but that, being attacked, it had o-. gainst the will of the Executive. Our efforts eointri: if he imported specie, he was specu-jvcr-issued and otherwise mismanaged in ils ' have been impotent. We. have been tramplatir.g upon the country: if he exported specie .struggles for a re-rhartcr. This might be j led under foot. The Executive has had his he w as conspiring against the country : if he true to some extent, but, if so, it is more an j way, and wc see the result. I only wish my flood up. he was impudent: if he sit dow n he :objection to the direction than the institution,! friends to join me in taking a firm stand to was suspicious: if he lay down. he was useless: jand might be prevented by a simple provi-j teach the Executive that his?ricnds are to be andwhenctr he made a move, whether he ,'sion in the charter, which the old charter consulted in measures of such immense imI II... 1.' la. I I I . .. . . . . ...
rotseU aoovc - ci ociuw iue tu'iumc ue ougni to nave con.nincu. nortance to tnc i'eoplc as those bv w inch our
equally muddied the waters. Sir, these are the opinions I have alw ays i finances have been ruined. I have no idea
lie thought the Senator from Conncclicui 'C?!c,l;iil1Cl'' i,n w c,c then the opinions of ; of deserting them sir; they need not approhad made another mistake in stating that the !mv then CC."CJ,S" when 1 came into the ! hend that. Iam only expressing freely senexpansion of the bank occasioned the specula- Senate: they were know:? to our constituents, timents I and they have entertained, and not
live rie in pi ices, and our 'mportations ofj But as this was a matter of expediency, on ( very carefully concealed. I am a party man
INJl. 1 lie over importation preceded the cx-; w hich tluv had a right to judge, they cxpec-
pansion, and the expansion ins avowedly in-fled to be, and shall be, represented ; u.'lU their
t II 1 1 - . V
s:r. au I am as a politician 1 was made so bv pari)'. I have no sympathies with any oilier pniiy excent that w ith w hich 1 have always actei!, and by which I Jve been honored. 1 respect my political opponents as my fellow-citizens, living under the 'same laws, subject to the same Government, and equally honest and patriotic w ith myself. But I differ w ith them in some of the essential and fundamental principles upon which our Government should be administered, and have nothing lo ask, and nothing to expect from them. 1 am a democrat, a real democrat. 1 do not
make the profession ad captandum ; I fear it is
tended to circulate the increase of commodi- wishes, when 1 last heard from thcin. were a-
ties occasioned by the over-importation. The 'gainst a national bank. In fact, although I speculative rise, and over-importation of 1831 j believe it unfortunate that the old bank w as were owing to a cause as natural as the ebb 'destroyed, the question of establishing a new and daw of the tides, and almost as periodical, lone, at this time, is a very different question. They arose from the preceding low pi ices, j Under our anti-bank administration, the bank which had stimulated consumption and ex-icapital has been much more than doubled, in hausled the stocks in 1830. These tlnctus-Ja few years. Is it expedient to add 10 it? If tions are always going on in every nation to, so, the practicability of controlling it, by a some extent, and arise from the impossibility national bank of permissible size," and the of keeping up, in the extended business of a 'manner of doing it, are important questions, nation, an exact relation between supply and j The present rate of exchange, too, w ould
demand. .render it difficult to nrtcure snorie for the in-' lii.-nminrr r.iihpr niiiioiMil:ir- but inv carlv
Mr. K.saiJ the United States Bank, though islitution, and create a demand for it, that' habits and youthful associations made mc so. no longer in existence, had been the theme ofj would, for the present, add to the distress.! In fact, these-nlimcnt was planted in my heart every gentleman who had addressed the f"e- There were some other reasons that hid been! by nature, cultivated by education, and apnate. He should say no more of it than was , referred to, but w hich he w ould not, at this,' proved bv reason. I believe a democratic
necessary lojustiiy and defend himself, and tune, notice. Republic to be the most philosophical govern
' uuuii rous irieuos oi tne .umiiiisiraiioii
who had believed in the utility of that institu
tion. His doe nce was fullv justified, for
though that institution wo esJobishcd bv the
moeralicpariy, every friend of it is placed, in sweeping denunciations, among aristocrats, rogues, ami conspirators; ranked with the
liddles and the tarings, and the banks." t onfess I was snmru h.it Mtoiiilid tr f..t it... ! . riii. ! I. ..r r.,l.l;, i,,c....
, - I'll I , I - - .V ...... . ... VIIIIVMI.MV. VI IVL'UUIHIlll UlIIILOL'Ull) Ul UU" Rnd et upon in full cry by dunces and dema- a message of the President of the United ! soiled over in the Hitterin- tranni.ms f rnv.
ion But wc are gravely told, sir, that the "Bank' ment, and best calculated to developc the en-tu-jOi'the United States, with its still greater ! ergies and sustain the dignity of man, so long o-, strength,' has not been able to prevent the as lhe People h.ive sufficient intelligence to
present stale ol all.urs; that it 'has not been t quality them for seli-government. 1, thereable to check other institutions, or save itself." lore, abhor tyranny and irresponsible power This reference to the bank would have done; in every possible form in which it can be pre-
very well lor a party newspaper; but 1 must ; scnted; whether it be presented in the hypo
i . . - i i r 1 1 .
foreign creditors.
11 II V - '
u K.gicaiiy speaking, Mr. r .s.iiu
paper was nozo depreciated, when coinwuttl
nozo with silver, by the amount of premium on specie, because we had no other legal standard to go by. AH lie meant to say .iv;.s, that
I paper w as more valuable nozo than specie was
were to suddenly demand specie for all dues before Ihe suspension, and. therefore. the liold-
from their customers for sales made and to be er had lost nothing. So glaring was (lie falmade, they would only assert a right; and yet j lacy of estimating the loss of the community
what would be tne result i i lie euect would bv the ditierence belwoon !n i.mmr! ofsm-
i . I r
i,ogucs, aux.ous oiny 10 turn aitcntion from .Stales. Can it be supposed that the most ig altt. 1 go for a strict construction of the Con-
mvir own iiuscuie ous uiuuuers aim errors. When he came to maturity, he said, he found the Bank ef the United States in suc-
norant can be deceived by this catch at a' slitution, limited Executive patronage,and an mere name? Whoever thought of holding economical administration ot the Government; the Bauk of the United Statci responsible' and ycu will never find me here, sir, with dc-
be such upon their debtors and dealers, that thev would probably mob the merchants out
of the city. You propose that the Government shall do that with the People which people dare not do with each other. Look at the conduct of the People towards the banks ever since they have stopped payment, and specie is at a large premium: do they assert their rights, though they have every inducement to do so? 1 will refer to my own Slate as a strong argument to dissipate theoretical beauties by practical consequences. There the banks are by law compelled to pay 18 per cent., on a refusal to pay specie. They are good, and every bill-holder could get his principal and his 18 per cent, in specietf he were lo demand and insist on it. No man of capital could make so good an investment as to get a large sum in Augusta bank bills, make a demand, and hold them till the bank resumes specie payments. Yet nobody does this; and why? Because they arc all friendly to banks? Not at all, sir. Il is because they ate frightened at a liezv of the: co)iscqucnccs. and yield their own to the interests of the community. They
know that if specie is loi ccd from the banks, the banks w ill have to force it from the merchants, and the merchants from the planters and the great mass of consumers; and, before the matter wound up, its effects would be cqual to the confiscation of one-third of the
property of the country. 1 he laborious and industrious classes constitute the debtor class, which are much the most numero is, and much the most needy. On this class the sacrifice would ultimately fall. The benefits would he confined to a few creditors, capitalists, and money-lenders. And the measure you propose (said Mr. K.) will operate precisely in the manner I have described, though perhaps not to the same extent. It will do to talk about and speak about here, and some people may
inuiK wen out, winist uiey think itisonly going to put the merchants to a little trouble; but when they fiud, from experience, that the merchants ure only their factors, and the operation falls on them, they will be prepared for a more practical view of the subject. Mr. K. said he w as, to be sure, opposed to the banking system, particularly its abuses. But the People had established it, become
accustomed to it, and it now seemed ncc-cs-'
cic in their vaults and the liabilities ol the banks, that the community owed the banks more than the banks owed the commui ily.
Each has a right to clalmsprcie; and with a little time for adjustment, the br.nks could set
tle every dollar against them without a dollar in specie. He did not wish (o be understood
as advocating or even apologizing for an irredeemable bank paper; it was loo r recarious.
and subject to fluctuation. Bui, as practical legislators, we should view things as they are, and he could sec no expediency in endeavor
ing lo impose such lunacies on i.n already excited community.
Mr. K. concluded by saying that lie had no wish to postpone discussion, and, therefore, was indifferent as to the present fate of his motion. But as he did not like either project, as presented, and wished time lo digest a bdtcr, ho could not consistently make a;i otlicr
motion, and therefore, moved the posit onement of the whole subject to the first Sionday of December next.
A rather laughable occurrence took plhCc the other day in Northampton shambles which among the parties cor.cei ned, has caused i little merriment. A gentleman of true conservative principles fancying a calf's head for dinner, accosted his butcher wi(h'kGooi! iiiorning, sir have you a calf's head this morning?"' To which the butcher, who is rather f.imoiis
for his jokes, wittily replied, "Yes sir I have two, which do you prefer, a Whi C or a Tory?' "Oh a Tor)-, a" Tory, to be sureV' added tlifr
gentleman, lay nig his hand upon one that na it fine plump appearance ow ing to its being pietty freely i Dilated, "This is a Tory, 1 pre
sume." "Yes, sir it is," replied the butcher, "Ycu will send this the Tory." and a'wnv went . . . . ' i .
ine gentlemen, no doubt anticipating a uelightful treat in the contents of a Tory head. The head was accordingly sent, cooked an" brought to the table, when to his utter astonishment, he discovered tiie brains were wan'1 ing; an inquiry was ojf course instituted when the cook declared ll'at in her washing and preparing the head she never saw any. i'1" ner over, th e gentleman called upon the 'ul" cher for an explanation, when' he positively isserled he had sent the very on that wasoi dtrcd but as for the brains, added he, thcre ncicrare any in a Tory head. A, l'