Indiana Palladium, Volume 8, Number 29, Lawrenceburg, Dearborn County, 4 August 1832 — Page 4

Patted States Hank, Extracts of a speech of Mr. White, of Tennvssee, in reply to Mr. Webster, in the Senate of the United States, Wednesday, 1 1th July, 1532, on the Message of the President of the U. States, returning the B mk Bill with his objections. Mr. Phesidext: Pressed as we are, for time, I must crave the indulgence of the Senate, while I attempt some answer to the matters urged by the Senator from Massachusetts to the Message accompanying the the Bill, now to be Te-considered. I rojo'ce that for once we have a document from the present Chief Magistrate, acknowledged by the opposition to be frank, plain and susceptible of only one interpretation. Heretofore, the common complaint from that quarter has been that his important communications were so worded as to be interpreted one way in one section of the country, and a different way in another. Here it is admitted we have a document so worded, as to be understood everywhere alike. The Honorable Senator thinks this frankness; on the part of the Chief Magistrate, ought to be met in a corresponding spirit, by those who differ from him in opinion. Approving of this course, I shall endeavor to be equally as explicit, in what I propose to say, in answer to his argument. The Senator thinks if the charter of this Bank is not renewed, ruin to the country is to be the consequence, because the Bank must wind up all its concerns. This is nothing but the old argument used in 1811,

when the then existing Bmk applied for a i renewal of its charter. Distress to the community, and ruin to the country were predicted by the advocates of the Bank. The predictions were not verified. The capital employed in the Bank was. not annihilated. It still existed, and in loins to individuals, or in some other shape, it was applied to the uses of the community. Debtors sought and obtained accommodations elsewhere, as the notes of the Bank were withdrawn from circulation, their places were supplied by specie, or the paper of local institutions, end little or no inconvenience was experienced; and such will be the case again, should the charier of this Bank be allowed to expire in 1830. Debtors worthy of credit will obtain- accommodations from either individuals or other Banks, and discharge" their dues to this, and as the notes of this Bank disappear, their places will be supplied .by specie, or the paper of other Banks, and the mass of the community will, in a short time, hardly be sensible that the operation of winding up has beon performed. We have been told, that in the Valley of Mississippi alone, there is due to this Bank, thirty millions of dollars. Twenty millions for loans madey and ten millions for domestic bills of exchange. That the press occasioned by the collection of this debt, will be too severe to be borne. The charter has almost four years yet to run, and then two years are allowed for collections, making nearly six years. How often have we been told during this session, of the general prosperity of the country, and especially that part of it in the Valley of the Mississippi. If these statements have any resemblance to the fact, it ought to be entirely within the power of these debtors, in five, or six years, to adjust and pay whatever they may owe. I must repeat what I said on a former occasion: If these debts

are real transactions, the adjustment of

them will be a simple operation. The paper evidencing these debts will be paid at maturity, and let the Bank be careful not to

discouut when the charter is near expiring,

End the whole object will be accomplished If the transactions are not real, but ficti tious, and the piper discounted has assum

ed the appearance of business paper for the purpose of obtaining permanent loans, in

other words, standing accommodations, the

sooner the truth is known, the better to all

' -concerned. . The community has a deep

interest m this matter; false credit, given to individuals by false appearances, is an

'iniury to society, and of no actual benefit

to individuals, and the sooner such transac

tious arc brought to a clcse, all the better

the fewer will be the number of sufferers

If I am not very much mistaken, this

opinion was, some years ago, advanced in a report from a secretary of the treasury,

whose opinions upon such a subject are en titled to the highest respect.

But, sir, if when this Bank has been in

operation only fifteen or sixteen years, the 1 debts have become so numerous, and so large, that we must, on these accounts, renew the charter, I must be allowed to ask, what will be the state of things at the end of thirty-five years'? Will they not be much worse? Most, certainly they will. What then, do gentlemen mean ? Do they inJcndthat this charter shall become pcrpet'sr ual! that this company, foreigners and all,

shall have this monopoly forever? If this be not their intention, I must ask the Senator from Massachusetts to tell us, at what time the institution can be wound up, with less inconvenience, than at the expiration of the present charter. When will the tlebtors in the Valley of the Mississippi be belter able to pay, than when this charier expires? If the argument of the Senator

proves any thing, it proves that tins corporation ought to exi'it forever. Is anv genman willing to avow this? I am decidedly opposed to it. Pay-day for these debtors must arrive some time ; and it appears to me, that the affairs of this Bank can, probably, be closed, with less inconvenience to the community, at the expiration of this charter, than they can be fifteen years afterwards. The Senator says, the President alleges that the application to renew the charter is premature, and thinks we ought not to be thided bv him for acting on the subject, as

he had directed the attention of the nation, and of Congress, to this subject, in his mes-

sige of .18:29, and in two succeeding mes-

the notice taken of the Bank in those messages was not to recommend to Congress to act upon the subject, at cither of the sessions when those messages were delivered, but as the subject was esteemed of vital interest, to the community, to turn the attention of all to it, at an early period, so that the opinion might be well matured upon it, when the charter was about to expire, and when it would hecomc necessary to act upon it. But if Congress ought now to act upon it, because the subject is brought before us by those messages, why was it not acted on at the sessions when these messages were delivered? Why not at the session in 1829? The Senator has answered the question with frankness. He has told us it is material that it should be known before the Presidential election, whether the Pre

sident would sign the act renewing the charter or not, because if he would not, he ought to be turned out and another put in his place, who will, and as the election is to take place the succeeding fall, application for the renewal could not be longer delayed. 3 I thank the Senator for the candid avowal, that unless the President will sign such a charter as will suit the Directors, they intend to interfere in the election, and endeavor to displace hirn. With the same candor I state, that after this declaration, this charter shall never be renewed with mv consent. Let us look at this matter as it is. Imme

diately before the election, the Directors apply for a charter, which they think the President, at any other time will not sign, for the express purpose of compelling him to sign contrary to his judgment, or of encountering all their hostility, in the canvas,

and at the polls. Suppose this attempt to have succeeded, and the President, through fear of his election, had signed this chater, although he conscientiously believes it will be destructive of the liberty of the people, who have elected him to preside over them, and preserve their liberties, so far as in his power. What next? Why, whenever the charter is likely to expire hereafter, they

will come as they do now, on the eve of the election, and compel the Chief Magistrate to sign such a charter as they may dictate, on pain of being turned out and disgraced. Would it not be far better to gratify this monied aristocracy, to the whole extent at once, and renew their charter forever? The temptation to a periodical interference in our elections would then be taken awav. Sir, if, under these circumstances, the charter is renewed, the elective franchise is destroyed, and the liberties and prosperity of the people are delivered over to this

moneyed institution, to be disposed of, at

tneir discretion, .against tins 1 enter my solemn protest. The Hon. Senator next adverts to what

can increase the profits of the cstab-! S

lishment, and thus bsnent himself. Will any gentleman say he is of opinion the Barings, who own a million of stock, can have no influence on the profits to bo made by this institution? I think not. Some of the views taken in this message of the manner in which this stock may, and probably will be, managed by our own citizens and foreigners, arc very forcible, as they strike ray mind. Under the old charter, the Bank could not be taxed, by the State governments, according to the decision of the Supreme Court, but citizen stockholders might be taxed by the States in which they reside for the stock which they hold. The Assessors in Connecticut applied to the Bank in that State for the names of the stockholders residing there. The names were not furnished and the like application was made to the President of the Principal Bank, who, by the advice of counsel returned a very polite answer, declining to give the names, as the Bank could not lend their aid to enforce penalties against their stockholders. To remedy this mischief under the renewed char

ter, provision is made that the names of

citizen stockholders shall be furnished.

The President thinks that under this renewed charter the construction will be that the Bank cannot be taxed, therefore you cannot tax foreigners: but that citizens may be taxed for the stock they own therefore this slock will be worth one per cent, per annum more, to the foreigner, than to the citizen. That, with this inducement, foreigners will purchase out all the stock except enough to be left in the hands of a few citizens who will have a power every year to elect themselves Directors. That this com

pany, thus formed of a few citizens, and foreign stockholders will manage the institution for their own particular benefit in time of peace, and that in time of war it will prossess a power dangerous to the government itself. The honorable Senator says the message frequently repeats, that the institution may be "dangerous" to our liberty, dangerous to our prosperity, &c. that he can see nothing dangerous in it. Mr. President, we must remember that in case of a war, this Bank, if in existence,

must be our main dependence for raising

money, and yet there is no provision by which it is bound to loan us cne cent. Now

suppose it to have existed during the last

war, and the slock to have been owned by British subjects and a few of our own citi

zens, and those citizens to have belonged

to that sect in politics, who were socking to

last ol Letters

REMAINING in the Post-Oflkc at hawrencekirgh, Indiana, on the 1st day of July, 18IW; which if not taken out in three months, will be sent to the General Post-Office as dead letters. Armstrong William Hamilton James Esq. Allcway Ilulday Mrs. Henry Grace Mrs. 2 Batcman Aaron Hansall Win. Boon Joseph Hughes John Buoll George P. 3 Hamblcton John

Burk James Barnes Silvanis Benctt Squire Bromwell Jacob

Hutchings William Hays Isaac Jameson V. T. &c. Jones David .

Bridges Bartholomew Jile Joshua Bell Hugh Johnson Joann Mrs,

Blasdel Jacob Clark George W. Crandon Mrs.

Currcn Roberts

Lynas James McCastling William McPike Lydia J. Mrs. McCurdy Samtirl

Cozine Cornelius S. Mitchel William Clark Page McKcay Itobcrt Crocl Almira M'Clestcr James Capt Craig Calvin M'Clestcr .la's &, son Crosier Decker Col. Morgan Willi am

j Cami on Reuben Re v.Newton Daniel Esq.

Curtis Richard Newton William Davis Timothy Esq. 2 Paterson Robert

Dowden Samuel U.5j rhmnev Jeremiah

REMOVAI. Tl IF. undersigned having removed their Grocery Store, to a room in the new ami splendid ihiee story brick building, rrcenUy erected by S Ludlow, eq corner vf Short nd lLgli streets, near the upper wharf, avail themselves of tins means, to inform the public, that they are prepared to furnish all articles in their line, uither at wholesale or retail, on the most c conodating & reasonable terms. They keep on hvul LrRe stocks of Iron Coffee Fish, Spailes, Trace Chains, Sugar, Liquors, Soap, Candles, C SHAW & PROTZMAN. July 7. 1S.12. Taivrenrebnrh VH.llil .TI.Z.Wr.ICTOIlJ9 MIF. subscriber takes this method to inform the public in general that he ha established the chair making business, on High street, onposue the market house, where lie will

keep constantly on hand a large and ap'cndid

assortment ol

AND Windsor

Mr. President to me it is obvious, that

the President says on the constitutionality of this act, and" animadverts on what is stat

ed in relation to there being two precedents in Congress, where this power is asserted.

and two, in which it was denied, and then asserts that since the year 1791, when the first Bank was chartered, Congress has never denied this power. '

Mr. President, it appears to me that

whether the President can show any record-

ea vote, denying tins power, or not, the

benalor ought not to be too severe upon the Executive for this mistake, if it be one.

When a renewal of the charter was applied

tor in loll, its constitutionality was ably argued, by those opposed to it, &, the applica

tion was rejected. J. he UanK then applied for time to wind up its business, the petition was referred to a Committee, who reported against the application, alleging that it was unconstitutional, and this report was concurred in. Afterwards, in 1815, when a Bank charter was under consideration in the

House of Representatives, a member from Massachusetts, in his place, then acting

under the same high obligations, which the

President acts under arguining ao-ainst the

charter, states expressly, that the renewal . l 1 111 r

ot me cnarier nad uccn retused because it

was unconstitutional. The President, without doubt, has read this argument, and

seen this resolution, and it he reposed con

fidence in these statements, and was thereby misled, which I suppose he was not, 1

submit to the honorable Senator whether

under such circumstances he would not

have been entitled to milder treatment

from him, than hs has received.

The honorable Senator fears much mis

chief may follow from the objections ured

against foreigners owning stock in the Bank

unless sometning snan ne cone to remove

inese erroneous impressions, lie says wo are interested in encouracrino- them to make loans for public purposes to the General and State Governments, and that heretofore it has been our policy to encour

age them to hold property among us. Mr. President, this never has been our policy as to lands; the respective States have, and ought ever, to have, the exclusive right to determine who shall hold lands within their limits. It has generally been, and probably ever will be, their policy to prevent aliens from acquiring freeholds

within their limits. This policy of theirs,

we have no constitutional power to interfere

with. As to our public stocks. I think with

the Senator, foreigners may well make loans to the government, or purchase stock owned by our citizens. Much benefit may result from this, and we have no injury to fear. As to our public stocks, foreigners owning them, can have no agency whatever in crea

ting them, or managing them. At the end of each quarter, the Government pays the stipulated interest, and at the tiit agreed on, discharges the principal. The holder of the stock, by no act of his, can make his profits more or less. But the case is not so as to Bank stock. Although the foreigner can neither vote, nor be a Director, yet he can, in many instances, have an indirect influence on the operations of the

Bank, and by regulating exchanges favora-

chaniic our feaeral rulers, who thought

it wicked to thank God for our victories up

on cither land or water who had sent an embassy to this city to request the then President to resign. Docs any man believe

the administration could have procured

loan for one cent? Those politicians, I am

willing to suppose, were acting honestly that they believed the war impolitic, unjust and wicked, so much so that they would

not aid it with their good wisnes. Does any

one suppose that thoy would not have held

it treason against good morals, to have loan

cd pecuniary aid! Surely, they would.

We must then have been without money,

and without, the means of obtaining any.

Peace must have been made, and upon any

terms, dictated by the Bank or by the ene

my.

I put then the question to the Senate, to

the Senator from Massachusetts, to answer

me if they can see no danger in thia state o:

things?

But it is said we have the President's pro

ject for a Bank. It is to be one withou

money, without credit, and to do no busi ness.

Other3, before the honorable Senator

have supposed the President to mean any

sort of Bank, that could be most easily turn

ed into rcdicule. I do not know where the

honorable member has seen the project of

which he speaks. I have never seen or heard of anv such thing from the President.

The Senator seems to suppose the Presidents fears upon the subject of the States not beiag allowed to impose a tax, entirely too great. How stands this matter? The Supremo Court has decided that the States cannot tax the Bank. This charter imposes no condition upon the Bank that it shall pay any tax to sny State, and provides a mode by which

resident stockholders may be taxed for their

stock. What then will be the construction

under this renewed charter: io man can

Dart William S.

Durbin Nicholas

Dills Henry Esq.

Dulay William Durham John Dunn Isaac Esq. 2

Dunleavy William

Davis Daniel Esq.

Parson Edward Priest Rebecca Row Phillip Reed Jonathan Capt. Risley Martha Miss Rogers Andrew Scheks George

Smiley James

Elder Dela esq. sonSchancs Joseph

Elston C. J. Esq.

Elkms illiams Eads Mary Mrs.

1' arris Abram Col. Ford Nathaniel

Spencer William C. Sanders Sanford Savage Thomas Esq. Smith Emanuel

Sibird Mary

ti 'Ti

v ii a i u s, Settees, &c.

Fuller Benjamin Esq.Seibert William

Fleming Willam Saddler 1 hernias

Ferris Isaac Doct. Sinclair Mrs.

Fielding Jacob Tousey Moses

Gedncy Ilellen Mrs. Thatcher Elijah Garey Aaron B. Thompson M. Rev.

Gntling Thomas Try on l'rudcncc JUrs

Guard Ezra &. Moses Taylor Isaac

hich he Warrants Tor durability and work, manship, equal to any huhe western country; which he will dispose of, on reasonable terms, lersons wishing to purchase, will please call andjudgt for themselves. , WM. N. ttOGERS. Feb. 11, 1831. Br. J, II. If rower, MAS removed to Lawhekc euuiigh, and offers his professional services to its citizens.

and those of the adjacent country. T I. C - . . .

juuis lormer patrons, ne tenders his respectful acknowledgments for their past liberal support, and I opes by his assiduity and attention to merit and recaive a continuance of their favors. His residence is in the house lately occupied by Col . Spencer. & his office in the room over the Itecorder' Otlice.

Goodwin John

Griffin David Gedney James D. Grubbs William

Graham John Gollensbe John Howerton Jeremiah

Yicley Simeon Dr.

V rettom 1 nomas Vandom Ilczckiuh VanUorn Cornelius jr. Wymond William Wjsncr Jonathan Weaver George

Hamilton Win. Esq. Woodbury Jona Capt.

Howxwell John

Hanna George W. Hunt Inn Keeper Hayes Ma hi on

Hanrocartlet Jacob J. W HUNTER, P. M. July 3d, 1832.

WTay Phillip

Wi throw David Wheeler Thomas White Joseph

June 5th, 1832.

21-2ma

TO HUNT,

TWO rooms lately occupied by the subscribers on llicrh street, between the stores ot

G, 1 Huell and N, Sparks; they are suitable for

a Dry Goods store, or for trading: business of

any kind. For term inquire of SHAW PROTZMAN. July 10. 1832. -2G CJrcccry Store. t 80 bbls. 1st quality Flour;

50 do. " do. No. 3 Mackerel? (1832;) 10 do; 4i do. N. O .Sujjar; 50 boxes best Melee Cigars; 10 do. " Bloom lias ins; 10 bajrs 1st quality Coffee; 0 dozen best Shaker Hroomsi Just received at the old stand, south west corner of High and Walnut streets, and for sale by J. M. DAPJIAGII. June. 16, 1832.- -22 rr w- &

4 O JUST received from Philadelphia, a pood assortment of BOOKS, consisting", in part, of rAIvIZZiY EIBLC, (i)iiiT.ii:.T pizi.s,) WATTS, and METHODIST TESTAMENTS, ENGLISH HEADERS, GEOGnAPIIYS, And a variety of JSOYELS, 4yc. And for sale by JOHN P. DUNN. March mh, 1832. 9Administrators' Sale. TO be sold at public Vendue, as tlie law di

rects, all the personal estate of Mahtin Co- j

liawi'ciicclmrgli High School. rsnilK undersigned would respectfully inform the public that they will open a School ou

Monday, the yiu ot July. They have engaged the room nearly over the Recorder' office for

the present term, where they will he present at the regular hours to attend to the instruction of students. The term will consist of 12 weeks

(Saturdays excepted.) All the branches uill be t&ugtu which are usually pursued in academics and fcuch as are requisite for admission to any of the advanced classes in colleges. In short, they would invite all gentlemen and ladies who are desirous to obtain the accom. plishmenta of an English or Classical education, to favor them with their attendance; assuring them that no pains will be spared in their care ful hnJ thorough instruction. From their experieuc?, tl ey flatter themselves with the hope that tl.ey will be able t j give all reasonable sat. isfiction. Their terms of tuition are as follows For Cecgraphy and Arithmetic, $3 pe r quarter Fur Kng'ibh Grammar, Uhetoric, Moral and Mental Philosophy, Logic $3 30 For Algebra, Geometry, Trigonometry, f?ur veyir.g, Navigation, Natural Philosophy, Astronomy and Chemistry gi-For Latin and Greek languages, with the higher branches cf the Mathematics 5. For farther intijrmation apply to A. Lane and E G IVatt, Eqrs. D. D. PRATT, a. c. W.II. HOLMES. July r. 18.12.

1 1 E and for

1 V ft

ciisu ivpjK.r; do. 1th proof Hrandv:

per Steam li)at-Arab,

700 pounds Loaf Sugar;

1

do. Holland Gin;

do. rort Vim : do. Tcnrriilb Wine; sale bv

SHAW & PROTZMAN April 1S;.

doubt it. As no provision is made, no tax j sine, hte of Dearborn county, deceased; con

can do collected, l lioia tnai in every oiaie 'i5

vh;re

a liranch is situated that as tiio

State laws must protect the psrsons who manage the affairs of this corporation and must protect the property within their limits, it is strictly just that a reasonable tax should

be paid for this protection. Mr. President: In submitting thi3 message, one of the highest duties of the Chief Magistrate has been performed. Under peculiar and trying circumstances, he has given his sentiments, plainly and frankly, as he believed his duty required. When the excitement of the time in which we act, shall have passed away, and the historian and biographer shall be employed in giving his account of the acts of our most distinguished public men, and comes to the

name of Andrew Jackscn ; when he shall have recounted all the great and good deeds

done bv this man. in the course of a Ions?

and eventful life, and the circumstances un

dcr which this message was communicated,

shall have been stated, the conclusion will

be, that, in doinij ibis, he has shown a wil

lingness to risk more to promote the happi

ness of his fellow men, and to secure their liberties, than by the doing of any other act

whatever

J f BftLS. first quality New Orleans V? Sttgfir received and for salo by

SHAW & PROTZMAN.

bly for the Bauk aud injuriously for our citi-1 April 6, 18.'3.

HOGS, NEAT CATTLE,

IIORS23S, WAGOX7S, Farming Utensils Carpenters Tools, Beds $ Beding, And a variety of lIousr.jiri.T FunxnuHK. The

sale to be at the late dwell ing house of the sa id j ,inG Martin Cozine, August third, 13.52i and to ,h

commence at 10 o'clock A. M. on said d;iv.

ELIZABETH COZINE, ) - , CORNELIUS S. C-JZINE.i AUinl ' J;ily 3J, 1832. N. B. All persons indebted to the estate

aforesaid are requested to rr.a'ce immediate

settlement. K. ct i;.

MAIIi COACHES. THnCi: TIMI S A WKKK JIKTWTEN Xittwrcnceburgh V Indian' apvHs. PJHin travel on the above line having increase a ed preatly within the last year,' the post cfiice department Una aulhnrurd the under

it, and tins he has done since the first of May, The stages leave Indianapolis on Monday. Wednesday sr.tl Friday mornings, at 4, and ar. rive ut I.awrencehurjrh on each cticceetling day in the evening. Depart Ircm Lawrenct burgh at 4 A.M. on Mcm:Ls, Wednesday, and Fndavs, and arrive at bulianupol s next day at G I. M. making the tril thrmiirh ear': ::

j in '2 days, (88 m.!es.) At Lawrenctburgh thi

line connect on cacli iUv -t its anivl u.'.tii

Cincinniti, Oaii. and Ilurlnifrtnn n.l

. i, iXy, uneu! tu'j;cs, fcim vvuii me re jfular line of daily ma"' I hosts up and down the river u that passt-nf-ers wishing to travel ;n either of thoxe directions, can have a pas W- without del) . The C.rcinnaii and

rranfctort t-tafres le.ve Lawre ncr.bur

T"

Lumber ibr Sale. subscriber has lately received a very

arge addition to his stock of LUMHfclit,

and now nflcrs f r sale 4lVM) feet of Boards and Blank, 11,000 Joist, 15,000 Scantling, 500,000 Shingles. WM. TATE. Lawrenceburgh, July li?, 1832 - .6

Hoots. ff2ros;ftiis x franc.

- - 7 " -

THR subscriber has a first rate Ktnck r.f

BOOTS, BROGAyS, AXI) SHOES, (rOAltSK AXD FINK.) ForJIen, Women, and Which he will sell low for Cash . JOHN P. DUNN. March 17th, 1832. 9-

K' WIG

next morning hflcr the arnval of the Indianapolis stage, Uml t,e mail boats pais down the sanne evening at betwten ( and J and up the next morning, brtwr-en 4 ::nd 7 St;ie oihie :it It llrowit's Msnsirn Hoti?e, Indianapolis; and at Mij ir I!unter's I'cst ani Justice O.lic, Lawrmrt h-iigh. JAAUS JOHNSON. Jims 30. JF32. 21 tC 'I!i Mib;cii!irr has just received from Phil!k. ude'phici, and is no w t pftnnf,, a bplcnd.J stoe'e of

At his old stand; where lie is pveptrel to ua't on his Customers an 1 i.ll those who may think proper to give him a callJOHN I MINN. March ITtli, 183?. Unctliy tuiiVaiiied, rectwi d and t r xrtlc bv rWAW FUOTZUAN.

t