Semi-Weekly Journal, Volume 3, Number 244, Indianapolis, Marion County, 7 August 1841 — Page 2

S KM I W K 5-: Si L Y .Bttli K IV A L. I N I) I A N A P C) Ij I S :

SATURDAY, AUGUST 7, 1841.

We do not wish to be regarded as alarmists interfering in matters which we are not called on by duty to perform but we cannot but entertain the belief that the time has arrived when the public should no longer slumber that the people should

wake up to the danger that awai's them from their giving countenance, and consequently currency, to the issues of irresponsible and worthless banks. Efforts are making, it is believed, to put into circulation as much as possible of this kind of trash. To foresee the consequences which must inevitably result, if the people will suffer themselves to

be imposed on by the actors in this nefarious businesswhich is little better than down right swindling will not require the gift of prophecy. At a former period, something more than a fourth of a century ago, the bank mania had so com. pletely got possession of the public mind that even individuals were tolerated in their attempts at banking, under a belief that it would prove a benefit rather than a curse; notwithstanding most of the states with the exception of the easternhad created numerous banks, which were by no

mfans sparing in their issue of paper. This state

of things occurred, it is proper to remark, during

a suspension of specie payments and the non-ex

istence of a national bank. And what, we would

ask, was the effEct of that experiment? Let the history of that period furnish the answer. The painful .consequences which followed are yet fresh in the recollection of thousands, md ought

to serve as a warning for all afier time.

While bankers and shavers look only to their

own interests, regardless of the injury which they

may inflict on community, it is right and proper

that the people should not be unmindful of a sacred duty which they owe to themselves by riding the country of a worthless shin plaster issue, whiff h must as was the case at the period adverted to fall dead, ere long, in the hands of those who may be confiding enough to receive and thereby lend their aid . in giving it currency. .

was made, as there was no vacancy when the con vention was held. Of seven Whig nominees five succeeded." One was beaten by a Van Bu

ren man, and another by an independent Whig

We cut the following paragraph from the St

Louis Republican of the 29lh ultimo: "INSURRECTION IN LOUISIANA.

"We learn from the clerk of the Missouri that as

that bont put out from New Orleans, news 'reached tliere of a slave insurrection at ,B; you Sarah.- As the

boat passed that place, they took m a passenger, wu

informed that there had been fifteen persons, free

whites and slaves, arrested and secured in prison

1 hero appears from the account given by a passen

gcr. that there was a pretty general conspiracy ma

turcd by the negroes, under the counsel and direction

of a tew whites, winch was to have been carried into

bloody execution on the first of August; but one o

the leading slaves taking suddenly and dangerously

ill, some of the others in the secret becrme alarmed

and disclosed the facts within their knowledge to their

masters. One of the white men taken is from the

State of New York. Wc expect further particulars

by the next arrival.

A gentleman of this place, a few days since, received from one of the oldest and principal firms in Cincinnati, a letter from which we are permitted to make the following extract. It contains some important information in relation to the cur- . rency: " West Union is blown sky high it may occasionally bring 50 cents on the dollar, but at present entirely unsaleable. The new Hank of Circleville is very uncertain so is the German Bank of Wooster. As for the followingLebanon and Miami Banking Company, , Miami Exporting Company, Bank of Cincinnati, Mechanics and Traders Bank, Louisville Savings Institution, and Checks on the Exchange Bank of Cincinnati, were we ..to choose we would not know which was best, and we would say to you, take none of

.them. ":

The Newtown Library company, or Hamilton County Bank, has not yet appeared among us,

nor will it; we are much surprised to hear of its

circulating with you, and would advise you and

every body else t j took upon it as perfectly

worthless.

THE CURRENCY. A public meeting at Columbus have resolved

"that after the 7th instant, they will not receive

as money any paper issues of less denomination

than one dollar, nor the issues of the Bank of Cir

cleville, chartered in 1818, the Bank of Steuben-

ville, West Union, Bank of Cincinnati, Exchange Bank of Cincinnati, Manhattan, Miami Export

ing Company, Mad River and Lake Erie Rail

Road," nor any issues of incorporated towns, or

turnpike companies, nor any other unauthorized

paper. Very well. DYDROPHOBIA. Mr. David Bowers, a worthy citizen of Hamilton

Butler county, died of this dreadful disease on the 26th ult. About two months before, lie was bitten by a dog belonging to himself, but the wound healed, and

he appeared to emoy his usual health till Saturday,

the 24th, when symptoms of hydrophobia began to

show themselves, from tins time the disease increased rapidly, continually growing in violence, till Monday, the 26th. when Mr. B. died in great distress. Ciin. Gazette. The State Cackler pronounces our statement that his paper is "Fanny Wright in its religion" false. Well, we are right glad he has at length seen the error of his ways, and that from being a reviler and contemner of the Christian Religion, he has become a believer in it.

Although the State Cackler has become a believer in Christianity, he does not regard its precepts. Aa extra issued from his office on the 5th instant, contains one of the most barefaced and unmitigated falsehoods that we recollect ever to have seen. In speaking of the election in this county, he says: "Although the local ofEces are filled by Whigs, they are of the independent and moderate class, and were elected in opposition to the regularly nominated Whig ticket." The truth in relation to the matter is this: For the local offices, four of the regular Whig candidates were elected for one an independent Whig was elected and for one no nomination

FOIl THE INDIANA JOURNAL,

Messrs. Douglass & Noel I am pleased to

see you uniting with the press elsewhere, in the attempt to put the public on their guard against

the mischiefs of an increasing worthless currency

It is etrange Unit the people have borne with it

so long. The only excuse I have ever heard for

'giving it countenance is, that money is so scarce, if we do not use this currency we shall have no circulation. The public seem to have tolerated

it under the impression that these spurious issues add to the amount of the circulating medium. This is a great mistake. The circulating medium tends as certainly to diffuse itself equally throughout the community, in proportion to the business and capital, as water tends to a level; and no art or device can prevent it. It is equally true that a good and an inferior kind of currency will never circulate together in the same'place: The better always disappears before the worse. If the people of Indianapolis or in Marion county

agree, because money is scarce, to receive Galli-

opolis, Hamilton County Bank, Bank of Cincinnati, Indianapolis Exchange Bank, West Union,

and other kinds of paper of equal pretensions, now becoming too numerous to mention, the con

sequence will be, not that they are making money

plenty, but they are depreciating its quality and

affording the means of withdrawing from circulation all the money that is worthy of confidence. We see the operation every clay on Washington street, The business man receives trash because money is scarce; he has a payment to make to a collector from another State, or to the Bank; or he must go to Cincinnati to recruit his stock.

This currency he knows will not answer his pur

pose- he must get it shaved at the broker's. To enable him to stand this shave, one, two, or three

additional cents must of course be put on each

yard of calico or shirting, and on each pound of

coffee. The currency goes to the brokers the bankable money disappears, and the currency is again thrown out to perform the same round. In this way the good money is withdrawn fmm cir

culation, and its place supplied with the issues of

broken and defunct banks; and now while I am writing, I am informed that so abundant has been the supply of currency that bankable money cannot be had in town. If the public had resolutely from the first set their faces against this currency, there would at this time have been just as many dollars of bankable money in circulation as there are now of bankable money and currency taken together. Nothing has been gained but the privilege of paying higher prices for all we buy, and

being shaved when we want bankable money. Under the mistaken notion above referred to the people of Indiana have encouraged the circulation of inferior foreign paper, until more than half of the amount of the issues of the State Bank have gone from among us and is circulating in the neighboring States, and more than half of the money in circulation in this State is from abroad, and the largest proportion of foreign paper among us is at the best doubtful, and a great deal that is worthless. It is estimated that three-fourths of the bankable money in use in Cincinnati and the neighboring country ,is Indiana Bank Notes, and

it is probable that in many parts of Indiana her own bank notes do not constitute more than onefourth pait of the circulation. If any opinion is to be formed from what we see and hear daily,

such is the case here. Truly we are acting under some strange infatuation: we are taking and circulating the notes prepared by the new paper factories in Ohio and elsewhere, many of which are unknown to fame or" credit at home, and giv

ing our Indiana notes in return. And when the explosion comes, as most assuredly it will, where

will we be? who will sustain the loss? Not the

agents that have been employed in the work of making money plenty among us by loaning and

otherwise circulating this trash; not the broker that shaves it in with one hand to be immediately shaved out with the other; not the business man that understands the value of such money and will not keep on hand a single day, more than one small grist for the broker's mill. I remember when I was a child to have played at the game of Jack Ualire and (lire like to be, If be iiet in my band you may pack saddle me."

And I remember too, that the youngest and greenest were generally saddled. And precisely similar is the game that js now playing with this currency. As long as it can be said that "Jack is alive," it will be pushed about from hand to hand to make money plenty, and when he is dead, it will be seen that the pack-saddle is on the backs of the ignorant and unsuspecting. Those engaged in introducing this circulation, and especiallyuhose .that he engaged in giving it currency among the people by receiving and changing it out for bankable funds, will not pretend to have any confidence in its goodness. It is always seen in the front drawer of the counter, or first department of the pocket-book. It is never laid carefully by, to meet engagements or replenish the store or the shop. It is received because " can make it go," and if any one objects

to taking it, the answer is "OA, you can make it

ten

Experience is a hard teacher, and I hope our

business men begin to see their folly in giving

countenance to the circulation of doubtful and

spurious paper, and are now convinced that it does not make money of any kind more plenty, but drives all good money from among us. If they are not convinced of their error, they most assuredly will be. I hope you will keep this subject before the people until every man will refuse to

part with his property or give his labor for any

kind of money that he is not acquainted with and

does not know to be good. A Citizen,

congress. In Senate, July 27. The question being on the motion of Mr. Hunting

ton, to amend the Bank bill so as to allow the issue

of $5 bills,

Mr. SMITH, of Indiana, said he did not rise to go

r.to the general debate. He would not go into the

constitutional question. He was hound to consider that question as one settled by the concurrent opin

ions uf the Executive, Legislative, and Judicial Departments of the Government, as had been most fully

and eloquently argued by the Senator from Kentucky

this morning. JNor would he urge upon senators over the way the inconsistency of their course of argument, at one breath declaring that the bank would fall by its own weight, and be a total loss to the stockholders; and at the next breath declaring that the charter would be worth a bonus of four .millions of dollars; at one breath declaring thai it will become so unpopular in a few years as to fall a heap of ruins, and cover the party which may support it. with dis

grace; and at the. next breath declaring that mere is nothing nearer to their heart than the downfall of the

same party. At one time declaring that it will continue the suspension of specie payments by the local or S'ate banks, and at the next breath declaring that, its passage will be followed by an immediate resumption, as they say the local banks are only waiting its passage to resume. These contradictions he left

Senators to reconcile. ; He went for the passage of

the bill, because he was satisfied of both its constitu

tionality and expediency; and for a s'ill stronger reason, that he was well satisfied a large majority of the people of his State were favorable to the measure, and it should ever be his duty as well as his pride to carry cut the will of his State in good faith. He had the gratification in this instance to concur most freely with his State in her opinion of the constitutionality and expediency of this great national measure, Mr. S. rose merely to speak a word in relation to the immediate question before the Senate, that of fixing the minimum of the notes to be issued by the bank at five dollars. He had always felt opposed to the small note issues; his votes had proved that, and he should not depart, from that rule. But what was a small note, was a question upon which gentlemen might diner honestly. He would go to a five dollar minimum. One of the objects of a national bank was to furnish a sound and uniform circulating medium. The country was filled with small notes from twenty-five cents up, and the specie basis would not be enlarged by fixing the minimum at ten dollars. The under currency would be furnished, as it was now, by the State and local banks. Why, sir, here

is a bank note of the State Bank of South Carolina,

(holding it up,) calling for twenty-five cents, which

had found its way to the West. Such is the charac

ter of the currency that will fill the vacuum under ten

dollars; and the specie basis will not be enlarged, as it is supposed, by fixing the minimum at a higher point than five dollars, and he should vote to fix it there.' '..;..; The question was then taken on the adoption of Mr. Huntington's amendment, and decided in the affirmative as follows: YEAS Messrs. Archer, Barrow, Bates, Bavard,

Berrien, Clay, of Ky., Clayton, Dixon, Evans, Graham, Henderson, Huntington, fferr, Mangum. Merrick, Miller, Morehead, Phelps, Porter, Prentiss, Preston, Simmons, Smith, of Indiana, Southard, Tallmadge, White, Woodhridge 27. NAYS Messrs. Allen, Benton, Buchanan, Calhoun, Clay, of Alabama, Cuthbert, Fnlton, King, Linn, McRoberts, Nicholson, Pierce, Rives, Sevier, Smith, of Connecticut, Sturgeon, Tappan,' Walker, Williams, Woodbury, Wright. Young 22. Mr. Clay then addressed the Senate at some considerable length in favor of the following amendment; which was to strike out a portion of the 16th fundamental rule, and to insert the following: "And the said directors may also establish one or more competent offices of discount and deposit in any territory or district of the United States, and in any State, with the assent of such State; and when established, the said office or offices shall not be removed or withdrawn by the said directors prior to the expiration of the charter, without the previous assent of Congress: Provided, in respect to any Stale which shall not, at the first session of the Legislature thereof held after the passage of this act, by resolution or other usual legislative proceeding, unconditional! assent or dissent to the establishment of -such office or office within it, the assent of the said State shall thereafter be presumed; and provided, nevertheless, that when it shall become necessary and proper for carrying into execution any of the powers granted in the Constitution, to establish an office or offices in any of the States whatever, and the establishment whereof shall be directed by law, it shall be the duty of the said directors to establish such office or offices accordingly." Mr. Rives followed at great length against the amendment. Mr. Preston addressed the Senate in favor of the amendment. Messrs. Calhoun, Walker, and Buchanan each spoke at length in opposition to it.

Mr. Clay rejoined, and was followed by Mr. Rives in reply at very' considerable length; when the question was taken on the adoption of the amendraent.Sand decided in the affirmative, as follows: YEAS Messrs. Barrow, Bates, Bayard, Berrien, Choate, Clay, of Kentucky, Dixon, Evans, Graham, Huntington, Kerr, Mangum, Merrick, Miller, Morehead, Phelps, Porter, Prentiss, Preston, Simmons, Smith, of Indiana, Southard, Tallmadge, White, Woodhridge 25. , NAYS Messrs. Allen, Archer, Benton, Buchanan, Calhoun. Clay, of Alabama, Cuthbert, Fulton, King, Linn, McRoberts, Mouton, Nicholson. Pierce. Rives.

Sevier, fc'mithrof ConnccticutrSl urgeon7 Tappan,"

Walker, Williams, Woodbury, Wright, Young 24 Wednesday, Jaty 23, 1841. THE FISCAL BANK BILL. was then taken up and read a third time tho question was "Shall the bill pass?" Mr. Benton attacked the amendment of Mr Clay, adopted yesterday, pointing out its defects, and declaring that were the bill brought before the Supreme Court in a writ of error, the charter could be reversed, as soon as he could walk in and state the case to the

Court. I ho amendment was a clear and total surrender of the constitutionality of this charter. Herenewed the motion of yesterday to postpone the bill indefinitely. - Mr. Dixon would give the rcr.sons why he voted yesterday for the amendment. If thc Senator from Missouri was correct, he had done in supporting this amendment what he refused to do a few days since, with reference to the amendment of the Senator from Virginia, (Mr. Rives,) for which he would not vote, as he considared that surrendering the power of Congress to establish branches, without the assent of the States. This he did riot conceive was surrendered in tho amendment, adopted yesterday. He brieflv

supported the amendment in a constitutional point of view, contending that it maintained the power of the General Government, and yet recognized the rights of the States. ; . '..Mr. White said he would briefly state his reasons why he had given his vote for the amendment adopted yesterday. On this question he desired to act on the power of Congress and the Federal Government alone. Had the amendment of the Senator from Virginia been adopted the existence of the institution would have been dependent on the will of the States; and on this ground he could in no way have voted for the amendment. But this amendment obviated this difficulty, not surrendering any power of the General Government, and yet leaving the States to decide for' themselves as to admittance of branches. He desired not only to maintain his Own consistency, but, having his proportion of power to establish this institution, to maintain it against those arguments which were now suppressed, but might hereafter be urged. Mr. Woodbury was in favor of the motion of the Senator from Missouri, (Mr. Benton,) to postpone the bill indefinitely. He opposed the amendment, con

tending mat it was disrespectful to the Sovereign States; they asked the consent of the States, requiring their positive answer, and'if that was a dissent, they were to turn round, and in the teeth of this, establish the branch, if thought necessary by Congress.

The question was then taken on the motion for indefinite postponement, and negatived, as follows: YEAS Messrs. Allen, Benton, Buchanan, Calhoun, Clay: of Ala., Fulton," King, Linn, McRoberts. Mouton, Nicholson, Pierce, Sevier, Smith, of Conn., Sturgeon, Tappan, Walker, Williams, Woodbury, Wright, Young 21. NAYS Messrs. Archer, Barrow, Bates, Bayard, Berrien, Choate, Clay, of Ky., Dixon, Evans, Graham, Henderson, Huntington, Kerr, Mangum, Merrick, Miller, '-Morehead, Phelps, Porter, Prentiss, Preston, Rives, Simmons, Smith, oflnd., Southard, Tallmadge. White, Woodhridge 23. : - The question pending then Was, "Shall this bill pass," and was about being taken, when Mr. Henderson rose. He did not intend to make a speech, but rather an apology. He did not vote on the amendment adopted yesterday, as he was not present when the vote was taken; had he been, he should have voted against it. But he should vote for the. bill. The question was then taken, and decided in the affirmative, as follows: . YEAS Messrs. Barrow, Bates, Bayard, Berrien, Choate, Clay, of Ky.. Dixon, Evans. Graham, Henderson, Huntington, Kerr, Mangum, Merrick, Miller, Morehead, Phelps, Porter, Prentiss, Preston, Simmons, Smith, of Ind., Southard, Tallmadge, White, Woodbridge 26.

NAYS Messrs. Alien, Archer, Benton, Buchanan, Calhoun, Clay, of Ala., Fulton, King, Linn, McRoberts, Mouton, Nicholson. Pierce, Rives, Sevier, Smith, of Conn., Sturgeon, Tappan, Walker, Williams, Woodbury, Wright, Young 23. - Thus the bill was passed...

Accident. We understand, from one of the passengers, that the steamboat De Witt Clinton, on her passage from Albany, while near Tough keepsie, at about 10 o'clock on Saturday night came in contact with a sloop, which was so much injured that it sunk shortly afterward. Our informant did not learn the name of the sloop, but understood that it was from Providence. N. Y. Com. Adv.

. Advertising. The New Monthly Magazine says, "the power of the journalist is immense. Experience enables us to assert confidently that 20,000 addresses, printed separately, and circulated with the utmost energetic diligence, would not produce the good effect of one advertisement."

A Good Example. We heard Mr. Clay in a debate, a day or two since, upon the Loan bill, remark that for twenty or thirty years, neither he nor his wife had owed any man a dollar. Both of them, many years gone by, had come to the conclusion, that the best principal of economy was this, "never to get in debt." To indulge your wants when you are able to do so, and to repress them when you are not able to indulge them. The example is not only an excellent one for itself, but come from a high source. To repress a want is one of the wisest safest and most necessary principals of political economy. It proves not on.y the dangerous practice of living beyond the means, but encourages the safe precedent of living beyond within them. If all who could, would live within their means, the world would be much happier and much better than it is. Henry Clay and his noble housewife gives us an example worthy of all imitation. N. Y. Express.

'Ma, what docs cousin Jim hug sister Bridget sofori' La, Simon, you have such eyes he's only courting her, my child.' Golly gracious ma don't he court her hard, though!' La, Simon do-hush.'

"Hallo, Mr. Engine-man, can't ye stop your steamboat a minute or two!" "Stop the boat! what for!" "Wife wants to look at your boiler, she's afraid cF its bursting."