Vincennes Gazette, Volume 7, Number 16, Vincennes, Knox County, 16 September 1837 — Page 1

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VINCENNES SATURDAY GAZETTE.

"TRUTH WITHOUT FEAR." VOLUME VII. VINCENNES, SATURDAY MORNING, SEPTEMBER 16, 1837. NUMBER 16

IROM 'I I I K Vi':uvnl of flic I r.llnl s.

at the

1 1 a .

!:X

it-i'ii don numcd bv an appeal

he ; raise el l'r:;.vi!l, or ix cs-i,m. i t is. however, a ci otKiii. that incu in-l.mees o! n. i-ani.c; prevent a comuniiiii v

'i'o the two houses nf (v!t'ro.-:s commencement of the first s.:: ihe Twet-t v-iif.h (V-ig.i s?.

;t n

The act of the l-'g'd.nitig the da

money, iim tnrcoi StAte. Disnn-t, ai hat purpose, in

cvcrehirv (it

i'f t.'ic St ci'c

O-ft: 'a oi t!:e

pre v c !

! 1 ! I ' ! t

i ;i ;.r ihe r n p'ov iisc-it i.l ! l't' : .'it'M iai iia:il J'1;'

.1 .

n i!ie

tv ct

lit'

'l'reisurv to J.i? .onnnuc

ioi.h! at aav

lime rtfi:siMa ivth-em their no'.es in specie, a:il t.) snhstiT'itc other 1-itiks, jrovtilcJ a suili: ietit nisniVr cnulJ le obtained to receive the puMic deposites upon ths tenn an 1 e.itidition- therein prcserth-td. 'I'he gen-ra! and :i!m-.t smitiltantfotts us-p?'",-i il of sjic-i" p-ivmeiits 1 iv the han'vs ill M iv l.iyt, rendered the perfonnanee ol !'.;- ! ;-v imperative, in resperi to tho.-e v.''.! -!i h.iiheen selee'.ed under the net; and in. id it at the s.ir.t time, impraetieaIde to enip! v the re pu-ue ii'ini',er ol

i.ih.irc n:,ri t ie nrem MI con. Ltioiis.

ri ".! atton ostahlthed In-

Tite speeiri--;

Vonjre-s f r ;h

ilier ijf xip jTih!,

fvpeefnilv lu'eoni tv mv !,itv t. :.';".!

tf.tii'.v t 1 r exereis rv ...vers over th pt I was u!-i l.-d 'o

il-'poM'e til o:i-v s.

Iiav i t

keephs nail it to

.-ll-

n:s. Iv, '

he tit-.-. !. Ii. I' -f t:M tr..ih ,il SVltf Ii. V" Vl.'v. . m l.ir :s I

!!' o v t a ri' ar undiTStJ.Md't it : 1 1 e lie- I ii . i it my tiiuy to pn ol the reasons In- " iiieii ll.ave

to fceoi;:mnd l.hem. Tiie history of trad.e in the . Stat'.-s lor t!ie last three or lour e.u lords the most eonvinenuf tvidenee

!,, i i i, : ii a! : e r i n i ; ii t:aso III-

arnv i nr ,,t i.,-

I N.S ' u i.l Muni an

i . 1 1 1 ' i u 1 1 it-.- i r 1 1 1 1

. i .

; h.iu S "mi i here a !m V li'l

d :o i!uf

re;

;;i,i i.l. i ii;; ell

1 wants of tr.ii

oes. U ith this it

arose i;i th .t eoan'.rv ;tiMi a spirit i In roils spt-i- lioii.n, tnn'ir.u'ing th '. ia;;;e of hnni i.i enteriirie. Ai

le as

'i Ul,' tl "o ; i ! -' eo ia'lh.'! N i anev, i it;

o il' to pi'vviio an Lin, if expansion ol Jit, r.tnl the c-i! tf.at ilovv iVoin it. r em I limi ;inv ttiii'iie ground for the : nt oi a n..Lioi,,ii hank, in the

I ili'i';' li'iiil lit :d ! the ih o nest ; ! c.

sent : i ' i ( ' mes ol ill

1 proei i ty Ihi n,

04' of itposi-,

I IL L 11

till' itnl let!

:i;'.'

la!

our present condition is chieltv t;

tnimied to over-.totiou in all the departments ;f business'; and over-action deriving perhaps, its lir-t impn'ses from anteeedent causes, hut stimulated to i'.s destructive consequences hv excessive iues of hanking jiaper, and hv oilier fai'iii;ie for the acquisition ami enlargement ol credit. At the eoiimen"en-e".l of thn war

l:tl, the h-iukinij capital ol

S'a'i

t'.tat of the

Cute

tueuniiiiir

mix tlu'ii existmrr. anior.ute.l to aoout two

hundred millions ofthihus; the ha:'.; eo'ts then in circulation to shout lon-iv -liv p

1 1 1 a a 1 1 1 1 ; s " o 11 1 1 1 s 1 1 1 hundred ami I'.vc: -

mdiiou; and the the hanks to threr

1 1 1 ;

it's

i!';i to

'1 1 e' mi

i'e

1 a 11 stocks a in. 10 .-I: -; 1 1 o 1

VV fit men

means ot ncn u 1 nil T ale! ecu t

1 I

v t re leu in aet'v e

II stocks a ill. lo. I

L' l'aiiit .1 v nil tin lu.uin'.eil I .,:!!- in Ii 11 e; a 11 ci itintnt ;

1 1

It mav t' "t : ti .pa;i:l '

Mil

ii the

v 1:1.1; ere. In

xteiitl-

to everv

C epanment u liter of

1 1

th.e

eil m their tit .'

busiiifss, and

alohe. Tim reaction was proportioned in its violence to the extraordinary character of the events w hich preceded it. The commercial conimiuiilv of (.ire at 1 i 1 i ' : 1 1 f 1 were su'ejected to the creatcst dilhculiics. and their dehiors in this country wire

not oniv stiiiileii

t d and expecti lor 11. iv incuts.

of thiaas here, could only he made through a general pressure, and at the most ruin-on-, sai nhees. In view of t!ice fact", it vvniild seem imposdde for sincere inquiries niter truiti to icsi-: the conviction, thai tV raii.-c? ol ' he rev e ' ;i. m inlioth countii's hue heeu -a' -1 .'.14.0.V the same. Two nation, the ii.uj: ci eiitiieici al in the world, eejoiini; hut recei.iiv the hiahc-t d--i'f,e ol apparent prosperity, and in..iiitaii'i;i'.r wnh each oilier ti.e ci jcsl relations, are Mid dt'iiiv. in a time of profound peace, and without any great national disa-t r. arrested in their career, and piimeed into ; .-'.ate ol emhai rassmeut and distress. In aolii countries we Iiav c. witnessed the same red; lalaucv of paper moiiev, and odivr ! a.-iii ics of creih'; th" same spirit of s pi '-u-

1 . l i . 1 1 : ; the same p 11 oal siiccesnes the sar.ic Otdh-ult'cs ami reverses; and at leam'i. tieai I v the same overwhelming cat.istioihe. The most inateiial dill u-ence he-

.1.

. ! .

IV hcju'ivei credns. In

hieh. in

tie

ol aecus'iomt called upon actual iiotu re

lour inn the h.-t , lest peri

.1,,

"ttTflil'ltl o i it eiti'iarr.'.--pecun avy a

snccte

1 iv trs of .

: . : 1 1 1

o lar dm 'he riacru

xvoee!

prn-e if i' ri-!.' v.ih'-p-irt oa o vis ;,-o n!tt to t th it sour I; 0 1 j a which will o-.v

ro v ;

the (iia-i nveui "I'.-v ! 1 c .11 f th sums rr-'nc'.i' 1 p.i'.ie a s ce. d"i, -tin a! hv it.! T it crnr. if ! I hv ( '.Ti

nt that th"

Mvmoits iueic lsintf

sore ( xi-;t 1 ; t in fie ;C c "i-.u'rv. would ; in- rev t nne, that inti th; Tre '-cry. -i-rv i d tii c nn'l.ons, the un-iv eid i'i'.c exit tit. until the n aal

n.fre - s; whilst ? s'. i" -s, fi r a

nis. Detweiu that time and Jamiarv. Ls:!t;. heing the ia1 to which acctrate accounts

have I'Ci-n re -etveit, our OaiiKin cap: ai was incieaed to more than two hundred an 1 fiftv-one inillions; our paper circulation to more than one hundred and Inrty millions, am! the lo ins and discounts i"

hiiiii'i e

d t'n'tv-seven

mio

ti,

, r

t It :-. ient

i v. i ; : ih annua 1 c u -. pient t lis d'

tnenn

g l genie r jirev ioiis

nit' r. . i.nlu to th.

I I oil!

th? en-

- 1

tor

nil 1; :

c 1; :i el -;

if. 01 e man tour

ions. 'I'o tiiis vast increase are to

added the nnitv millions of credit acquired hv means of foreign loans; contracted hy !! States aii.l Sta.le nistittnions, and ahov e ail. hv the lav accotntnodalions extended hv foreign dealers to our ni r. 'hauls. The eonennences of this reilund ncv

1 ,

hv it, were a 1

et ;n iii.iti

mi die dcrs 1 Its h of -h nin ;

t, and of the spin

lation niL'endt rt-t

!;' ! eontraet- d hv oar citiz-tis, r s'i- ! 1:1 March last at more than thirty ms of dollar-; the extension to ira-

tlie ln'enor oi our country 01 eietiSifvpiies. c r a'.lv hevond the wan:

ip.c; the m v estm eiil ot 1. luv1 half mddous of dollars in in;

1 1

' o! , , .1

;s 1:1

1 r s w d me e t ) t

iv 1

n exten-

t , 1

V 1

11- 1 1

TU 1- sj

v i to se-

lal s

1 1 a pa. vm.-r

honds f,;- dntie ized hv lnv w gra'ltel. i . : sure o pan the

dc it to ma

on .set to i ; ci 1 1 r.f Sep-.e-nher, t'ed to the ii,'-mia-ht he suht tio'i. Q ifStiottS e in the re-ess :

'alntent of t

i l'.erposidon I

A pravi-n : h -nt. the sa r., ;,nr

v. 1 1 . e i, 1. 11. .ii... 1 e't

ration of the 1' nitrd -demands upm t':e:n in

ftlent, proht'u'ed t1.

rot convrrld..e on l

silver at the w

dov of the (iov emni

on deposit?, to meet .he nniuner th,us rcp;n vendcr-cl V(MV llou'ltld

which 1 have referr. d. Sensihle tint ad.eqa i'o prov

these iinexp-ca d i'vi.ui be. made hy Congress: coi nf tlicai would he nnlipe

to th.e ptth'iic service, belore the ic period of their meeting; mid desirous . 1,!., ,-nn in exercise, at the ear

XU t U a 'is- " I- . - Dement, vour full constitution d powers for I"" relief of the country, 1 could not with propriety, avoid suhji ctntg on to the inconvenience of as-mhhng at as early a tlav as the state of the popular rcpreseiila-

tioti would permit

done nut justice to your

lievinj tinat

1 1.1 tx

1 -

c lands, m the years w hd.-t in the precc-d-

;c sales amounted to only loin nidions; the creation ot debts, to -on;i.!' ss amount, for real es'a'.e

s'lna- or anticipated eiues and ih.t- .;'! i.iv u n pi od 11. ti v e, and at prices t:e en to have heeii greatly d.--propor-

ni 1 1

of lSdo and loiio

! I'iT

I an. jail

ll Ll I nost -

one; tue exjui

no vv

ticua'e to their r

tare if nunieuse sutns in improve. m;u;s a.'hieii, in ma"V c t s Itave hecn foil 1'. I tn la- ruiium-dv nuprov ide.n; tr.e diversion to

o! tin' v. ei e. n imdatio

(iovor ealhd

: ai :-i Ol s . I'd ls an

m; not one vvli

me-it w ; mm. to I

jOIOIi ish.

tl to exist in eountrv, or

" capahle of all'ord1 .v ant in- s of tins neu ti.e tirst ifahk .' a- crcitd, thev nil tii'-ntol a' cemh the the lYderai

or eoutJ he J Ins accoiiuno-

i hr I'ar iiii.tiei of hanks in return for the i.ri'i eees thev aenmred, were promptly

liatleu IS ntn.v, in not manv a ,irs

auiona its first

to aid ami rcgidvt is treated as a ri t

e hi;se of s iti.t.on

utter 1

s, demanded trotn it as ditties; and an omission

coin menu at e v chance,

Is 1 ai'ltnlS

Hid of loud and 3; lie 1 results tmlv serve

complaint. Sin

e Me m o. 1 1 v the ecu -.tan t desi 1 cam on a- souk

of i);iri'il;Z"ii-, to enlarge the no a its oi

I he ( in v i Tume

etinon ol inem now vv utiid he mure sue- into cAistence as a nation, 111 addition to ecssful. the burdens of the new (.Government, we It cannot 1 e concealed that there exist aisuined all the large but honorable load in uia community, opinions and fetiiiitrs of def t which was the price of our liber on thi- subject 1:1 direct opposition 10 ty; but we hesitated to weigh down the each oilier. A la'tre portion if them, infant nuiustrv of the country by resort11 11,!. 11 i:g a re at in'.c.iici nee, acii-. itv, and ii-g to luxation for the necessary revenue.

n.tiui'i re, ate no t'oi.e; snn ' 111 their et le i in..t the la r..tl; His (,t ti adc ( lie ht

to he a-sistcd .x - 1 , - it a t-oiiat 1 iiou; thev otltied. and perhaps loo readily received lejard a n.tti i.i.il hjtil; s t.ei e-sar foi h an embarrassed Treasury. During this purpose, and they arc disinclined to the ioag continuance of a national debt, everv measure that does not tend, sooner and the intervening difficulties of a fororLter; to the establishment of such an in- eigti war, the connection was continued

On the oi!i r ha-d a majo itv of from motives ot convenience; but these

ilia people are believed to he irrtc jucila- causes have long since parsed aw ay. W oiy opposed to that measure: they con- have no emercencies that make bin.vS s.ider smell a concentration of power dan- neccssnrv to aid the wants ol the Tretisur- : 1 1 r ... .: 1 1 . ,

to their liberties; ana many 01 ry; we nave no nun 01 nauomo t.na iu

1.1 1 hen, le.r ,1'. it :i ll fill atloll Ol 1 ,P O'l- PTOX t i' 'iiT. illlil W t: Iiav K O'l Ji Ol Jl ,'i-

exif'ild Its ci

.1.

mtrol to

i it shouhl not niterlere

solution.

lluilL'tlesS, cause

sinip't ts vv nu vv

Thev i ;t. i never justifv tlie ereaiion ol an insiituiion to promote such objects. On the contrarv, tin v ju-tiv excite among

the Conim innv a m lit tiiliaenl inn .n v into ina i.r lermimtu

- - i ,

the chara ler ol tla.se oper mo. is ol trade,)

seen

sc who

'I lie vaiious trauniclions whicli hear the n-mn of domestic: exchange, toth r

esseutial'v in t'o ir nature, oi.eiation, am

i. , we x er he sir

lovvaols vvh.cli ills dcsirtd to extend stieliitetl. We have

oeciiliar lav or-. I'cnturv, loatln

Tins collision of opinion, has re a I..rge surplus. .1 public interest

ed much ol the embarrass- thertfoie, now requires the renewal n a

in en t to winch the coinmeteial transac-1 connection that ci r.unu-t.inci s hav e disso.vtions of the country hav e lately been rx-'ed. The complete o, c.hhiuiou of our jiosed. banking has become '?. political ( resources, the general harmony vh'ch topic of the highest interest, and trade has prevails betxveer the ditlcrent Slates, Jtnd sudcred ill the coutliet of parties. A with foreign Powers, all enable us now

n of tins state id things to select the system most cunsis.eni wiin

hi" is scrceh toheexnee- the C onstitution, ami most coiuiticixe to -' - .'. . . ... ,. C'l- ll ....l

for nearlv halt a Hie pulilic xvt ll.tre. nouiu. u, int-ii,

lvoeate a na- connect ti.e I rensury tor a lourtn time i , , i ii i" 1.. I

tiomd h.aJv, hv whatever Motive thev Willi the local nanhs, 11 can oiuy ue mav he inliJence.l, eonsiitute a portion of under a rr.uvietion that past failures have our comtiiuintv t..o numerous to aliow l;s 'arisen from accidental, not inherent, de-

... i .. . . ..i.i . . . to ,.i . i . . .... I ..- -i.i u - .a -

'" l" 1 " e. v.,,., ... V i . , . ..iin-..., ;f .;i,P in,.

I),, I he Ml i,T lalll . tlPV .'tliail'li'I, lll.'iri.i.i'iiii.i' "

abandonment of their : lects.

alld

t'.vt n the r

?su!ts in the two imuntries lias

onlv been, that with us there has al-o oecuirctl an extensive der-.tigemeiit tn the ;i--cid atr.iir.s of the I'edcr.il and State tiov ennnents, occasioned hv trie si;;cn-

i n t i sncciiJ liax iniiis ox uie mm

, i.

I he lii-loi v id these causes ami etkn-ls. (ire. it lfnt iiuand tine L lined N.at'.'-. n

stibstaiitiall v die history of lite rev ultion in all oilier commercial countries.

eltects fd tin se

'I'he present and visihk

i .

en caiiistauce s on t:

(iiiviaiiinr lit. and on ' ecu;.,, point out t'o

Tl.

.I- iiiiii:

i .

ralems ol

ll IP. I IV I lis i 1 V Ol o: joc'.s w h-.cli

hate attention. i leaaiiate hv law the

'it

. . . , i a . . .i ' I

tuns. 'I txeiiau.ee, tuawn tor iue puiposs oi i utvoiia- .,.i,i. nv. " , ,.,.. ,. n tnk

transferring actual capital In, m o nu p rt of jmust inde .d mrm a.i erroneous estimate V in ' .lt.. tvt,nt J.'y which it ha. the eountrv to another, or to anticipate the i"f the i iieiiig.m. e and temper ,,,e .',, j,,-,.,, ,!, f..a.,,l. A su.'.len act of t!ie bank proceeds of prop, rtv actually transmuted, j American pcop e, who MippOsC liial they intru.t, Aj tit. f1IU)s f the people, l-prive iiids i f ihis descfi'itiou are "hiahl v useful j ha e continued, on slight or insulin-ient ,hr Ti.-.iMiry. Midamt fault .,r a-rncy of the (.'o-

n tin- movi in "in of trade, and well de- im.t.iids their persevenng opposition to : vorum, nt. ..f the alulity t.. pay it creuttor. in in.

seidt an i i : s ii Ul t ion ; or that they can be

s rve nuh 1 is ma to f.-a of p.'i

all 1 he i

ie cucoi-rjcmeiit wincli iveii to tl'.eun Anetlier i

o u, n ..i ,.v.o, I,,.' .!,

can

nous

' I''

ed m u

t i . n

unit

i fxpcc.'d to aris-e -i n the t h'tohi r in:s::es, ren'nrma the

Co '- "' -.

1 0 id a: ie 'ai:;.', i

uit'-li nice vv nu

, to Cine "j

? oiler of th.e spot in'o

U of t!

h of the . lair that

i , 'o d to irii nlnn-e.

uc; t" the expeu ntiire ol c mi jiorta' ton ol gra in

i i.-o-iv llu'ope a-i e eiiiliture v. i.ich. i amen n n g in I'-'-'iJ '." about iw o hnuiiittl .am. lit. i tho'.'sand do.iais, was in the ii.t ! tw o qu. r-t-rs of the present ear. inere.ti il

j to in- .re I

t p.CirT transfer, and dis!m'..o ni i'dic i it-m I" x s ; to tlt'siguate the lei rived and paid by the Co enable the Trcasniv to mi et

a ..

Ol-

upon n; lice, an;

I'I'M'I'I

nt ot thfmids ;,, t I'liment: promptly

the

in ci

i.i

is et in.tuig.-nce, auu uie i.e

;'e r.ts to he a le iited . a . XV el I

fioin iinliv idu.d-- the trvtum" !'.'. !.; Ian d, as in Withdraw i ug it from I n no i--i lories and devise rtud :n!opt -;c

;'.-ly it e p mv u c-.hi

'.er; and

an iiV-it-.n a in

nous

.. ll two I.

w I diout i i tdis, ihe ra

. : ions ol ti imciaiing id cr.jwuh

a ii

Uit

. i ,

aeuu nl ni

1 1 tiv law, WAS )V the event to

III I'el.tt low lis, o ed too otten on and litti imeiitai

resoaices, and ihe mor 1 1 v. as so nn posi da nf thnms cold 1 lonir

laiiv m our 1 a mi nous I;

merely f.mci IMI 'e ti.e illl

.mars; i,i. u. oilier njuamong ad Ut-eal iviiiluts, I'.u.u !-

irtl WCail

IstIV, t

n ;

.t o r m ea m-'enu'.. v

a n

to tl.

I'lilCiaia v ,!i he ter; 1 i-e

.1.1

IS I, ., i

. i

e 1 ; s i !V laec msi'.h

i-ietls for oaid only i tn.it s"iuc. nccv.- ary

i . a i list) 'est

ds of

that such a state continue, that the

rex iiiii'.l hi vv 1- lo t -t :;i to l

m m. i - id consul,' I'.it'1 nu u

:i i v came. None, li-.vxt-ve

Iv anticipated t'.s sex i I 'ty- A "

I emn-t.nn t s Uiaoettate of tne

p 1 1 -1.

be tore it iii'iii

i.jil correct

t-t x. ; i x

s, 'x nn

( 'o.-.crcs o..'.o t!

Ii ro- p e : 1 1 V ol toe t

i" deiio-'ne. ti.cis!.'!' am! di

ti.e it'll ii.ii', Aainmal and Sniu tve a'.vv . s, Willi n nipi.t-i-.A ai.t f i i mil us. hi en heretofore in

;ioed; but. ah In inch adv oc.iles of eac!

sV sloin are still to he t'ound, l! is apparel that the events of the la-t levx- moutl

nu! teii tor in'sne. nu e iieo'ae of the I'mu

eMcb,-i"i;e, not drawn

actual capital, nor on the credit trans oi iited, but to create tictial. t.arlaai ng at once of the

haracter of mm s dictum ted in hank, and

of luoik mates m circulation, and swelling the mass of paper cietlits to a vast extent

in the most oojec uon ddc manner. 1 hese hills have formed, for the last few years, i large proportion of xvhat are termed the domestic exchanges of the eountrv, servi :i tin; ni'vais of usurious prolit, and eou-tii'.itiiic the most unsafe and precarious paper tn circulation. This species ot traliic. inite.nl of bring upheld, ought tn be discountenanced by lite Covcrtnuent and the people. In transitu i iCrT its funds tmm place to pl ace, the ( iov tu n incnt is on the same fooling with the private citizen, and may

rcort to th" same letnd m

" , .-..... ... .)., n.l

nnrriji v tl;rv liavt' iy iav :i i n,m v " n. .. 'J'lns t-iicaii'-taii mi llii. tiiaii'iu of i-uiiunrrce

I .....a i 1. I,... ,.r. ..t.i. r-.l it" the i tihlii- rcvfruie had

lilttuct al ii" iiecuntarv pressuie or uy any

other eomlunation o! cirt umstanees, to i

.... . , 'ei n ciii'i

snrrciler print 'pies they nave long aim (; ,Mt ( iri ,,v th(, ,l!;..,.rs ,- ,;l6 Tira-ury. The inllexiiiy m dutained. rinzen xvhi'?. nunu'V was in hank rei-eivri it Mv own views of th." su! ject are tltl-j ,a,-k, sicre the suspension, at a sarriiice in iu ciiane.l. They have been repeatedly : ainount; whil-the vxhoke.t it in the l-(?al currenmil uiiics.'i-vcdiy announced to mv fellox'v rv of the eountiy, uml in his own pos.-ssion, purt, ,i ,,i, I'n 1 1 know'edcre of . Mirs, williui.t lass, the rutreiit ot his business.

1 IU,1 11. i " I iv. ..i.i. ..... - I them, conferred unoii me t!ic two highest!

(i.ivi rana'llt.

i hinUiii the situation of th.

il in ml airas,mPiits it couhl not

o ili ft s of the (iovernment. On the last ol 5uiv. r,,l had it i.urstipa the course of the lat-

the occasions, 1 lentil uue 10 me peopit-' ir 'pin-se eintiaUarrassincnts are, moreover, auK-

i ir.cr. is iin

the !

those sahit.uy and just laws which

urrcnev, ami, ly so

to apprize them distinctly, that, in

. i' 1.I....I I. m I witiilil not he able f..rl.i.1 ii la use :i crnrtv la'a il c

i-t..iti'i ni vni.ii"ii, -- i i - tie.

the re-esnib!ishmenl of ahh'.na. take tram the l.uvernmcnt iric -t)

sentiments, I 1 whu h iadixiduals have ot acnaiimouaiiiis

r traiua.'ti'in- ! acn a rai.isiiuji.n

A sx .teni x hii It

to co-operate in national bank, have onlv to

To these Id the ex t

itssioii c

so i i ro

; h the n

hV t'iSf I

in these oner nem

. i ,

incieasetl conviction, tlnit the re-r

iiient of such a bank, m ii xxotild not accompli i.nrniui' nrondseit tiv' i's

. .' :. .1 . ... ,1.,, -.1 '

imp in toe 1 1 rr ' 1 1 1 ii i su jM .

ial.it x i n inuirc tue cnai.

: . -' ,- . i . .. i

ilium ot inns iiiawu isii tue iiia.i'iii c ' '' ;

-ed from others; and ami bnntr otlec

i it mav, in a manner.ee

tahhsii-

I 1

can, in a Uin ol proioanu 13 a Krje revenue laid by

i n't . i w 1 1 1 i ! i fi

I thus mi l.lciily (iroxent the application ami use oi

in tne iiiantit-'i iiii" n

a'ls

U may

ac v

iCler

uloubictbv con-titutional antl iecf; tniate.

-ilit i T o and assir-t ex"hanires of intb.v nb.i-

f.iiiudet! on real transaelums of trade.

facil

Tin and

CXte

ihe

it to xx hit li thi

ihe t.e-t me;in oi

tnd"tl to the fuile-ttons is be n best wed h v lb.'' it -... nml ins iev d to x oi- in his it p. it. thl! it vv as not de-i;:n

iniliou that till

tl uie, tne

it. are : nu

mav he elVeetiutl

iderti-m. Tiiii Si eretarv of the xvnl be stibmii-

t!lC Cull-

pore into existence a con-;

ted unmcx'ed power, hostile to tn"

o'ii i'. and threat., ning the pcrmatit'iiey , ol ,

mr icp i ni

tne u

It j 1

IS I

I ,

-II

t!"!l c.veh.i;)

tn ircula.'e h the St. .tcs, a tiard of vab

old and

to anl imliv i

I hv

( lav eminent should as-

n eo niton of demesne or torIt is indeed authorized

law th" en id to prov nle

ttit

that ins eessor;

-n V ei lua's

nicrcc het-iveen piovcii tin ... i . . i- . I c I , n - . . i i . in

1 1 1 1 I 1 a i . I r' If i.ii i.i'i w . .. . . i . i ,

t;u dinm oi exch'in-ie

t ItS ) 'X IIIC

ill'

111

ni ihe tram

rav e grca'o v a xistia;' i'uiong

ie-, to s' p i ( d o ' t I 1 1 1 1 1 '

oral on

the h otn th

rem t

res to '. ml tin

pioduce sti.il wide s embp.ra-sti!'. iits.

i i

a 1

iv to ::

'rav ate them, that t.iey

A -.nn

O Ci

lie

' i

ef ii

al b

"rat

Z turn i;nns I": m - si-' ' - . j I 11.

ci herw ise than titroi:;.

h r ot

the

i.ffor.h !. As ;

a n.nional nan:., c ; i tli-iep. rd t.

e soh mine ana tin )n the question t.

not be overlooked in considering luci hisiorv. Anitm-z these mav be r.iei.nor

as most prominent, me great

vital sustained hv our c

ins

ponnm in

the lire of I hvt m

mimerciai

of vv Inch

ar,

vx en

Oil!'

1 -doll nder-

am sure

that I hav c

b clnics

mconv cineuce

chreri. iiy enconn'-ered, in remit rins vour meeting con rood of the country.

in bcna.l lie

. n e to the j

a loss, the effects

rated at the time, because os'potud lor a season bv thr great facilities ol credit then existing; the ih-iui bing tiled?, in our eommeicta! cities, of the trtns!e,s of the public nioiiex s ri quired by the dt posi t

.vv of June, 1-:H: ami the im .istue-

tetl bv lite lort tcti crt ahiors ol oin

ti n p., io sinces ot the rcvo.u-

iavc lust passed.

us tliscussl

y of opinion I'M;

not

thr

much acritnont a

t..-it thrnuT i xvnicil xv e nao I

n aii).-e. ano

...... I :t to

rrrrat uai i

tt rrtd ca'i si's. 1 MS XV

ot the credit are ut.t .-j

i, t peel tut Ul pit

n-.etchants to ret.u vv nhtlr.iw from tin portion ot our sp' 1 1 o iv ' v t r u o vv i :

thf ir nncd

its

d-!

Statt

ami a la

i n n v

The op r.-tiop

fined, an i the inthieti

err ;i'i- i liir CP

heretofore 1. o " b e;1 to iiss-t;

e causes ihe ehi.f in-'tl t'.menlaa .h.'.'irg the prest nt ' ito el tlo.-'g-

.li.r vv 1 1 ! . t vv 1 1 v expi'i ssed.

., Lev is there sti emu r cvah eutnu'u.'s of a larcc nno iif

chant! . as iil l l.cy e p o p - j vv in) a i i . i . . i

IClH

I i,

their f a dP'irt-

li'o-

hroimh

the Post (llice I It

, m . z ' it n "be ca i It ! m t

,;, is porialton til thar le el' e a.re , pi rations ol tr.td.c

Hisitt to be conducted by th'.. innu'Cstf d :n them, tn the m nun-

incident'

mv lorui, whilst !

h the betielicitil . .u. .,, of tbe t'oi.'e,

mlviiia't'. would j th ol.. i.. lay lavi' HiriTlPiV rrintiot tie xvisr: lint

ot lite pop- wlia caii ihiiik without panuul reuetuon, uioi, I . .e. - .,..1,,,.. n rvpnt miaht

ami ttlliilll i iiii') ' n. oit-- ""-- , ,

. I have liflallcii us i-i the mi.Jst ot war, aim l.uvii

from us. at the moment xx hen must xvantetl, the rf ,.,,.. -, rv means which xxrre treasured up to prainat th.e 'national xvt df.irc ami RUirJ our naliatial ri "tits' To such emharrassm-nts anj

m iusnnitions. .lanirer will ttn.s t5vt rntiient t. exf.osru, ituw

hanks have been employed hr , ,t t ,Ues the nn-i.t xa, raise.! lar. and necessary to. -eid .'istrlbtition of the reve-' ta- ,...!.;. service out ot the han.U of its cwn ' .. i .i '.an.iir ian.1 i-.inM'its them i'.to a nit re ncht f.f ac-

ix, ami, on iir.t e . , . i t-.i-ra w en trie r.n-

U h.'st. an- itat 'iij'ui.i -

sessian ul taeai. - er t .o sa. n 1 1-- u.vs i, , aiii tmllv guar.le.l against in such a system, without iux cstiiii; the lixt-ia.liv xvi'Ji a control over th Iiiiii'ks tin iii-e'ixi's. vvhelht r State or national, that mi'iit vx itii reason h o'ji.'tt'il to. (Jars in. probably, the onlv hivrrnmi'iit in the world that is liable! in he mniiaiiem.Mit of its ttical eom-rrrn. to (xc-'fint-e like those. Dut thi" eminent risk i ie .I Pie onlv tb.taer attendant on the surrender of the puhi.i noiii'V to the custody and control of

to.-al eorporaiions. I U'.u;n tne oi jcct is aut to

at ah times p

did'u'ent oicasions. excht-tv elx ; hi st,

the cshihiisniiit'ill oi iin: ins.

trior to

Ihmk of tin. 1'nited Stales; sec

he innrva between the ternniianou t

i and the charter ot its sm

l'.U

and thirdly, during tne perim

ru ptlv closed. I In

ted

xx hieh has mixv so connection thus

a I

re peate

attein:

aiishn torv to each sutce-

t o; u ohslandini'' the various'

live j

v :

, 1 . a" . . . . .

i were aslopieu '- iac.iiua.. ecrss. On the last occa-

me.tsui es or insure

Sinn, in the ear 1 sd!3

of tin; stale banks was giptnleii especiahy

XV. IV Wlllcll (Xpciieai'J .mu i.e -

the employ men

1 1 : eve

11 CO'

tne

were ce

i ran he fivp,!: and liatinot concur v

those vv ho think they see. in r ct nt events, a proof th it these sr nt munis are. or a r. ason that they shouhl he, chnnord. Kveuts, siimlai in their oricin and character, have heretofore fieque iiy oecur!t d. w ithout producing any such ehati-o; and the h ssotts of ex prricnce must he lor- ', ii' we suppose that thr present over-

ot i-i'etht vvoui.i nave net n prextui-

laiili . ever

siiils a ci!;ae: nt-ccss out 11

arv in ni ope.

vo:ile''t rh a,d other domes

a hv ot has mu coiniirn a :n: tis vv

,d o 1 1 1 r p liner cl as -es (i been th'tunin i. Through ell as t'u? for

vigil exchanges are carne. houses, often, if not ge;

on t raiiv,

ii.

v private without

Yet they

extend throiio'hotit distinct sovreiunties

nod fo- e. t ! tl in amount the re

et the 1 linen c-iatt s. l in ie i

.urn vv ' l,v

Pr.

rouiuit

th.e exisience of a national

to ex'-essiv e issues n is

why on

the s and ; conn

most d

own may

rd exchang-

no reason

not he co'uhicted iu

ime manner, with equal cheapness afeiv. Certainly this mic'ut be ac-

hshnd it it xvere avtuerl lv fiose

inter''s-ed; an

ri .-a.;''-:! I -r i'.e Sale- kc

p x u. rt f t'u ; n i'lid rePn in from time to ti I ) o -; ' i ; i a i ' s . In

ure was

stand m"; the violent opposi

m.n st ,uio;' a

ni l' v al p'r.

Vi'.lS nipt

PC S to eC rei e i v l ' I

i d" :!-,"ir co 'dii.on wen; ne, to b" iiiade by the dethe first siair. s the meas-

eminent'.v sncccssti:!, potwitti-

jon of the Han ii

f the I'uited States, and the unceasing

e selected

1 viih-

e (To rt made to oveiinrow it. 1

hanks performed with fidelity, am

ent to themselves ur i ruif inr-oa

the Treasury, its etl- ct is lo mtrouuee into tn! ont rati uis oi" the ( iov ernnient, influences the iuoit sul'tl. f uiii. lad on iutero-ts the most feltir.' 'J'iif use hv the haalis. for their rwn henefit. of the rr.niev I'lTOsded l'- dh them, has rereived the . ,.. 'i.i!i of the (h-.vcni ii'-iit from the commencemeat of this -niii.e.-!i.i. The money received from the i.C'ie':.'. ii -li'.t.l of its h.-iiui kept till itis needed I a their ii I-. ni coiisi'.pieii. e of this authority, a f ai u .ei which h-i-ouats are mad.; far the proI'.t i.f these w Ii i li.tprvn ta he the owners of stock in the lank--.-le :.-. I u- .lepositorie. The supposed and '.'ten f xartjeiated advantajes of such a hoau will tb.v.-tys cnnse i to he sotieht for xxith I avi itv. I xx ill not stop to consider on whom the ! ptitron.er'' i-n-iileiit to it is to be ronferred, vxhetlier

eliTlion an. I eonin-l ne iniMeu to e oiitprsk "i

tther v ill he sii'-jei t.'tl to a,' perm

;i mi-itv ol n.tt'reii under such a vstein.

I ,;,.,, a., i... 1 t.. m i's,' the aeist of their fortunate

I a.-.niisino,i; the di-po-m-- are tr":t'n a- an m-

tiie

t!ie E xeruti'. f. '

v f . .

istietl

: n

it ni; nn tven i. setts i'.n to them

a u

i.h-d

also

by no tv of tru-h

th.at tliose vv

n s , a on. ml :i,!nm

. r' I I O Hint

I her tt t

inn

; t n We

1 to

so s;:n.,e. t.n.t i-p,h.:end anicr c tn rcspe. t

dniict.lt. ts were ies, which were

ns fivorahle to t ie discovery It was baldly to he expected.

ho ih-approv e,l nie pc,

itaii'V in .ees, in,

irl'tiV r.ni'.e, am. f other eouimerei ii

cms to im

t!: (iov ernn cnl m rf

cv, would, in die liV fceline r-r'u'.P.CC-.

to -ittrihiue to that j v

bsrr-ssmet.t eountrv. I 1

.alien to i

CV 0! 1 ". ' ti pipe

exci't'tl snne o

hv tne tn-e.'.-l .tl, lal

mv extensive em

;i the monetary a mailer thus hemi.

la: I- o! o'i iC count ct,s of partx :

opinions were rnoie or less ain-. .nn;,.d i-.-msideration?; atin nd

I'tMlllV').! v -.-.

I rere pr

i . . . I : . . .

if :-.c i .,1 cop.; Ci 'it e

i-Miitr a-, niu-t as it s

all remaining doubts upon the h.as since appeared th; t rx i's those suT; red bv -.mrsclvcs,

fvii ritip td in (ire at Pritatn. on t

tment. and. indeed, thr

mcrci..! wnr i trtil t'-t lit other c

as xvt'il a-; in our own, th. y have been uniformly preen ah d hv an undue enlarge

ment of ike bound. iri

n-ct.-Ii

similar P have beer

he tall

:hout lie"? coin-

he i C" :m ' ICS

ol tra.'.e, rc-ott

ed. as with v.s. by unprecedented expansion of the sv titi;s ef ertilit. A reh rrnce to the amount ( banking capital, and l,c issues of paper credits put in eirouhi-

n.,r. ; f'l-oa; liruain. hv banks and in other

n.iiiiii ...i." ,i

j I53J, l?c3, andj

s e r v i

t Pie .- tl

V1"P oi

prominent u ns. Th nt to the ad in the ot e if et them

1 bv th

ne xv e . i ot

sn'-j ietl by l a- j Ol 1 11 to

pi'liiciu

si.rhi iu epe ri

t x hv

' 1 w ,

oloict-J H-hich mi-kt o;b.env.exvays?uarin5(,ie vcx

bexieo i.f il.e bankiuc SVst'Ul-:

in National as in

s propetisiiv is as vanceipt Tt ot pri ' a'

as m the i .th" both, being

ante views, nnd inli

.toe liionx'-s. vvi.l be .

timnhii extravi"; acce

improvidence of credit

-1 v is the conclusion siis'a

iu-e. The Hank f the I'n

Staps, who too van powers cctd-.-rrc it bv ( ' e p. e ns s , did not or ' oi'.hl not

v en' firmer and snmiar enh:irr:ism lie,- bn t",e still c: niter st'-eec'h it

'ren said to pa-.a-FS, under i's present! part of the (fv

e!i i-n r eoi-'-.'.cd i'. i:i the existiiv einer-! lation, in this respect.

v, ,,,-v, io ehei-k otiu r in-t:t!ition. or evr ip th signed by the Coi

If To (ireat lo-it-am. where, H emi proved nipiiioi

;i that their own interest, us well the genrr.u . Ill . . . .

1. 1 the co nnry. wouid ne piomoavupr siieh. a'-uhject in the hands

ioe to tvlio'll it properly helonj-. vsh nn foun.hni on plicate interest.

v , e.ite, pr'tse mi-'l mpet tion.

! i of 1 .ea isl-nive cr;

witliout the aid

mts or regulations nv

XV illiili rap'Ul V pi OSje 1 , o

i n-ci-l free from the influence ol political a

How', tion and extend tne sa.mc cx u

, , . i . :. a i- I ,'t

ino. nynuitie 11-10, ,tii o .,

opipl tints

on vie-1

iv' t

,'d' those-

unusiice

im-ivoid ih'e res.

mis-; (io v' rumen!, 11 the pi Ins h. dividual. Ail form

he ata1 to

.udd put an -mid to nechT!. pntiali'v-.

c,i any emoarrass'ti

.1 " iiirr-nrellllMlts til S,IC

to tne eomumiiii x , on o . - t!ie (iovernnicnt. and the system promised . 1 11... . 1 .... i

to he permanently 11-1-11:1. nm create of cupital; l-ans 1,1,.! it.-ul-tiiou are rnslny became necessary, under tho act of June , all!rm,.,ue,, ami. vxh-11 ..e pi-'dic rxieu -ies reN'lli tn wihdraxv from them the pil'dic ' ,.,.ue a r--tnm. it is attended w ith eiab -n-assmente

moiiev. for tilt' Purpose of placing it ill 1 Pt provided for, nor f.

additional inslittitions. or ol trans it,., s', tiii'v fiiuiid it, in

tatt

eases, inconvenient to coni demands f the treasury, anf

I . .i.irr -1 -.OilCailollS W

Illl!

!,,t

'i I

.Ii

lcrrino;

m. in y

Iv with tlu lniinerous re made for

thought

n .eiii C or lene

'co e-ite law hjc.ini

under tiie

,en' ow n crnlcuras

spy

under

xv Inch

are toe by tiie erus of

s on ti.e

i.i s a V J in

has Ikc',1 seen, the same causes nave been; only to

conv more

a., ion. vv! le (.f i"ti if- rem proper eon

l r.ttt nncs

:. r ,-;. -

run ent to can u- .--

lurlb.er ttuill v a- . .t,

IPinion. nave iu t a :ind b.ave served

ot tue

their discounts ami . . Pi.TP-icrd the "encr

ni' 1, tetl with o-hrr ca n-.'-rrvi.Sion in vvlucin at le ...laiiia-M with tiis ot.it r ti it

!v mvo.vet!.

Cti h r these ,-irc urns-um

r.-Mf;l. 1 llU I'lI'iKS llini

theaiselves nie- tn ! ir' nn ee xxueii un

Mi,, f.m.ls xvere receive. 1. tint! themselves most , , . .1 f , 1. -,,r,r,t mi l.

e'liharrasseii xvnen -,;i- smiuu . ....... --s. dt'idv arrives. r-.T"rtenat,'lv, too, the evils of the system are not limited to the hank-. It stimulates a general rashness ef eateq.rir.c, and a,n;ravates the fluctuation-; ofomiv.e.Te aal he nnrenry. This reirdt 1 . 1 a. 1 . . I .1,..;.,., ilia nr,,rr. tiot.fi Ctf

lieces- was ftr.kinsiv e-tin. it- uuoiiH 1-

the he- deposit? sv-tc r.i. and eKpe.-ianx 1:1 110 pinchase of pah'n- lauds-. The order which ultimately direeted the ( avnient of sold f'n.l sdvr in surh pur, bases, i-reatlv'i hei kt-d. 1 ul eoultl not altogether ievet.ti,e exil. S, e. ie was indeed more dilHct.lt to be er veered than the nctrs which the lank.

iks, vveie f atal- could them-. dves create at pl.- .snre; he,t -.till, t.en.g I ,-.. nmed from them as a loan, and return-

ii li-miriP-1 ,1 , n rlenosite. which they were again

.' 1

As the installments

aavable.

1 .1

-men'-, ami m

thev lav of curtailing

lino m their dehts

tress, and eon-

10 lot!,

a.-ten the

thev m

nee am

.,,! ii' i 1 1 1 tho c iitio e; --ct'. a national pe.pie.

h ' na.lnrr nnwers far greater than5 dancers of blending private

hp ontita'.ions el p

bo.lv

of t!ie certain

interests with

uh!ie businrsot and

,. ildeu n dutv to inquire whether there at liberty (o use. it only passed round the an'v connection between the eircle with diminished speed. Ttus op;,verPment and hank, of issue, evils oration could not have been performed, i f er-id m icmtutle, inherent m it, very had the funds of the Government gone Ul l ' - l" - af. Vs a-aarrnlirlt' nict-ltir-

mature, mid ri-nn'r-can eirectuaHv er,

he Cfca more.

1 1 r , .1. . . . n ,1 .-... n taac a,l ll,n finl-Cl

are risked lor ny tne v-tarmes. -i- .' (--- ,e.,

mcb ta intrtnvdion here, ha? c-bo proved n n is.- u -i '

a rep

. .!, ei trecatllioliS into the irwiin, i" nc irSui,in. "''"""

ei and not into bunks, to be loaned out

rnforseon in the orani zaimn 01 nie p.r ineir n n im-uu, ooC m. ..s.ss. ' , f 1 t.n Trsn-v mo-ed in substitute for id a credit in c-

atiti lari't u 0.1 an-. -.' - s.ihc.s, the practice of em- count. .1 (" .... tl, a I ,1 T a -v ra e a

i ....... in ri , . r 1 t it. ur- 1 1 1 t a : ' ' . - 1 1 x. -----

plovmg na-iK-, xx- .. . u iu .hr honefiti of

POr CrntlL'rmx sue nu, 11 a iiniiiiiaui

overt! merit

!V f ar

-.!.

neci

was in trut.i.

.nn-icm-p rvr c ni i t't 1 1 v s c

moie "o-" '.. , . . . U V, r.r nr.

1 i.v Vi hen r. f started ! iuurv erenit to " .nt

rrilillllllT

ttidn nf sound policy