The Wabash Courier, Volume 1, Number 37, Terre Haute, Vigo County, 21 February 1833 — Page 1

Published every Thursday Morning.

TERMS.

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THE MUSE.

MT NATIVE LAND. native land good night."—Byron.

The boat swings from the pebbled shore, And proudly drives her prow, The crested seas roll up before, Yon dark grey land I see no more,

How sweet thou seemest now! Thou dark grey land, my native land, Thou land of rock and pine, I'm speeding from thy golden sand, But can I wave a farewell hand

To such a shore as thine?

I've gazed upon the golden cloud Which shades thine em'rald sod; Thy hills, which Freedom's share hath plough'd Which nurse a race that have not bow'd Their knee to aught but God Thy mountain floods which proudly fling

Their waters to the fall— Thy birds which cut with rushing wing The sky that greets thy coming Spring, And thought thy glories small.

But

now

ye've shrunk to yon blue line sky and sea.

I feel sweet home that thou art mine, I feel my bosom cling to thine— That I am part of thee. I see thee blended with the wave,

As children see the earth Close up a sainted mother's grave; They weep for her they cannot save,

And feel her holy worth.

Thou

mountain land—thou land of rock, I'm proud to call thee free; Thy sons are of the Pilgrim stock, And nerved like those who stood the shock,

At old Thermopyle. The laurel wreaths their fathers won. The children wear them still,— Proud deeds these iron men have done, They fought and won at Bennington,

And bled at Bunker Hill.

There's grandeur in the lightning's stroke That rives thy mountain ash, There's beauty in the giant oak, And rainbow beauty in the smoke

Where crystal waters dash. There's music in the winter blast That sweeps the hollow glen; Less sturdy sons would shrink aghast From piercing winds like those thou hast

To nurse thine iron men.

And thou hast gems; aye living pearls, And flowers of Eden hue; Thy loveliest are thy bright-eyed girls, Of fairy forms and elfin curls,

And smiles like Hermon's dew--They've hearts like these they're born to wed,

Too proud to nurse a slave, They'd scorn to share a monarch's bed, And sooner lay their angel head

Deep in the humble grave.

And I have left thee, home, alone, A pilgrim from thy shore The wind goes by with hollow moan I hear it sigh a warning tone—

"

You see your friends no more I'm cast upon the world's wide sea, Torn like an ocean weed; I'm cast away, far—far from thee, I feel a thing I cannot be—

A bruised and broken reed.

Farewell, my native land, farewell The wave has hid thee now— My heart is bound as with a spell, This rending pang!—Would I could tell

What ails my throbbing brow! One look upon that fading streak Which bounds yon western sky; One tear to cool my burning cheek, And then a word I cannot speak—

"My Native Land—Good bye." The above lines, by HUGH F. PETERS, Esq. a young gentleman whose untimely fate his friends will long deplore, were penned on the occasion of his leaving Connecticut, his native State, to take up his residence at Cincinnati, Ohio. They are full of feeling, and will endear the memory of their gifted author to friends wherever dispersed. His prophecy—"You more," was literally fulfilled. Mr P. was drowned in the Ohio, near Cincinnati, about twelve months after his location at the latter place.--[Editor Wabash Courier.

a yo

Debate on the Bank Bill.

REMARKS Of Mr. JESSUP, In the Senate, on the motion of Mr. Pennington, to postpone the bill to establish a State Bank.

Mr. President: As the vote now about to be taken, may be considered as decisive of the fate of this bill, and

bill,

and

as it highly probable, that a majority of a

single

vote

will

decide this import­-

ant question, I must ask the indulgence of the Senate while I give some of the reasons which governed me in determining upon the course I am about to

k

make on this interesting subject. It is

known

to the Senate, that dur­-

ing several days while the constitutionality of this bill was under discussion in committee of the whole, I was necessarily absent, and that previously I had expressed myself as concurring in opinion with those that considered the bill as unconstitutional. It is also known to these Senators with whom I conversed on that subject, and I appeal to my honoured friend from Jackson to sustain me in what I am about to say, that I then understood the constitution, required that the stock should be subscribed at the Mother Bank, that all the stockholders should be considered as stockholders in the principal bank—and that the directors there elected, should establish the branches and have the entire control of them.

But, Mr. President, I find'a different doctrine prevails. I find that it is now admitted on all hands, that there must be a seperate and distinct subscription at each of the branches, and that such subscribers are to be kept seperate and distinct in the government of the branches and in the participation of the profits. I find that all the members of either house who were members of the convention that framed the constitution, (and I presume they ought to be considered as able to give the true reading of that instrument) concur in saying that there must be $30,000 subscribed and paid in at each branch by individuals. Such I have no doubt was the intention of the convention. Then, sir, the great constitutional difficulty vanishes. In the bill reported by the select committee, the worthy Senators entirely overlooked their constitutional objections to the bill of the House, when they come to reduce their theory to practice. Their bill is inconsistent with their arguments. So far as objections have been made upon constitutional grounds, to the bill of the House, the bill of the select committee and the bill of the Senator from Knox, are equally objectionable in all that relates to the seperate and distinctive character of the branches; the arrangement of the stock—their directory and their interest. In neither of the bills is a stockholder in a branch considered as a stockholder in the Mother Bank or in either of its other branches. In their effort to produce such a unity and identity of interest throughout, as was originally contended for, the ingenuity of the gentlemen entirely failed —They have made some alteration in the details, but the original and fundamental principles, so far as any constitutional objections have been raised, are the same in all the bills that have been before us—they are in my opinion ail constitutional. Sir, a State Bank and branches, to be such as is clearly contemplated in the constitution, must necessarily to a certain degree be seperate corporations: The very fact that stock must be taken by individuals at each of the branches, makes it absolutely necessary. It would be a preposterous idea indeed, to say that the stockholders in the several branches would not be represented as well as those of the principal bank. They cannot be represented in the Mother Bank, because they are not stockholders there, but are stockholders in one of the branches. It follows of necessity that so far as the government of the branches and the interests of the stockholders are concerned, they must be seperate institutions. But, sir, this principle, although virtually denied in the argument of some, is recognized in all the bills: and the best answer that can be given to the Senator from Knox is to refer him to his own bill.

But, Mr. President, something has been said on the subject of joint liability. That a State Bank and branches should all be jointly and ultimately liable for the engagements of all, I have no doubt, and this ultimate and joint liability is, I conceive, at least as well secured and provided for in the bill of the House as in any other of the bills that have been considered. If this ultimate and joint liability is provided for, the constitution is complied with; and the manner of making this provi sion is merely a question of expedien-

cy. The operation of the safety fund principle in the bill now under consideration is certainly less burthensome to the bank and less liable to interfere with its regular business, than any other plan proposed; because the payments are regular and gradual, and must necessarily be anticipated and provided for. It is also more safe for the public, as by its provisions an ample fund is raised and placed beyound the control of the bank, to which the holders of the note can resort if payment is-elsewhere refused. I have no hesitation in declaring it to be my firm conviction that the plan of safety fund, as contemplated in this bill, affords the snrest guaranty and the only proctical security against a failure to pay the debts, or meet the issues of the institution.

Now, sir, as I have been instructed from various parts of the district I have the honor to represent, to vote for a bank, provided a safe one can be established; I consider myself instructed to vote against the postponement, and in favour of the final passage of this bill.

Before taking my seat, Mr. President, I must ask the indulgence of the Senate to say a few words as to the different plans of organizeing and appointing the several boards of directors. At first I did think that the State ought to have the control of the principal bank and branches, through the agency of the directors of the mother bank at Indianapolis, as proposed in the plan of the select committee. But, sir, a little reflection convinced me that however beautiful in theory, the practical effect would be dangerous to the country. It is proposed by those Senators opposed to the bill of the House, to elect by the Legislature, seven directors of the mother bank, and give them, to the exclusion of the five directors elected by the stockholders, the power of locating the branches, appointing the State directors in each, and to superintend, watch over and control the conduct of the branches and in their direction to close the door and wind up the concerns of any branch that may incur their suspicion or displeasure. It is not required that these directors shall be stockholders; consequently they will not be interested in the well management of the institution: They receive no compensation for their services. What motive have they then for the time and attention requisite for a proper discharge of their duty? I will answer you, sir.— These seven men must of necessity reside at the seat of government, and will by a natural and inevitable law be taken from a party which for the time is dominant in the Legislature.— Having no pecuniary interest in the well management of the concern, they would naturally look to political influence (or moneyed influence if you please,) to remunerate them for their services, and we should at once create here at the seat of government a censorship of seven members whose dictation would be heard and whose influence would be felt, in every part of the State within reach of the operations of the Bank or its .branches, and before which the legislature would be obliged to bow.

Sir, the interest of the stockholders in the institution cannot be adverse to the interest of the State. They must move on honorably, if they move at all and if the stockholders derive large profits, the State as a joint stockholder, must participate. All say that the bank should operate for the benefit of the people; and I would ask, who is the State, if the people do not compose it; and are not the people individuals? Why then not entrust the management of the Bank and branches to individuals, (for individuals must manage its concerns) a majority of whom are elected by the stockholders, and who are interested in managing it prudently and advantageously? Why not reserve to the legislature the right of electing every year a portion of the directors of the branches, as well as of the principal Bank, as is provided by this bill, without the intervention and control of a central power at the seal of government?

Before I sit down, I must appeal to the Senate, and ask them if the solicitude and anxiety now apparent, and which has manifested itself for several days among members of the Legislature, is not sufficient to cause at least, some doubt of the propriety of the plan

proposed by the opponents of the bill of the House.

We perceive in an eastern paper, the carriage of Mr. Charles Lamb to Miss Eunice W. Lyon—This is a literal fulmilment the scripture prophecy, "the lion shall lie down with the lamb."

REMARKS OF MR. EWING.

On being called upon to vote on the motion to postpone the Bank Bill of the House of Representatives: Mr. Ewing said he had intended to record his name to postpone this bill in silence, as the most irrefutable and decisive illustrations of its unconstitutionality, had already reached the ear of every Senator, and the impolicy of many of its enactments, in detail, had been rendered glaring. The time for mediation is gone—we are on the eve of adjourning, and the eager friends of this bill have aided to reject some of the most essential amendments offered in Senate, to place it within the pale of the constitution, while by the votes, they postponed two different constitutional bills properly guarded, to establish a state bank and branches. The bills postponed were not altogether favorites of my own, said Mr. Ewing, but unlike the venerable Senator from Gibson, I believe an increased currency is now demanded by the wants of the country, and as their enactments conformed to the constitution, under state guidance and safe restraints, with muiual liability and the responsibility of agents and directors, I voted for them in every stage of their progress. The considerate portion of the people will compare those proposed amendments, and think on the State debt incurred for a borrowed capital to be placed according to this bill, at the discretion of a few stockholders (whose credits in bank are likely to exceed their payment on stock, five dollars for one,) without state control, or mutual liability. The people will examine the constitution in relation to banking companies, and say how a state bank and branches, with a capital of $1,600,000. one half of which the property of every man in the State would stand pledged to redeem, should be constructed? They will say, if six "separate and distinct incorporations" to issue bank paper without state control, should exist in Indiana? The argument is revived upon the constitutional power which we have sworn to obey; and in the face of all the fathers of that instrument now in Senate who entertain a contrary opinion, a Senator (Mr. Jessup,) has told us that his bill is, as he conceives it, equally constitutional with the others providing for state control, and mutual responsibility, and the liability of all agents!— Some wholesome amendments have, it is true, been made to the bill in Senate, but the mere connecting link of a nominal "safety fund," which would only afford $4,000 per annum to meet and defray the many losses individual interests might create, cannot bring "six separate and distinct" institutions within the constitutional limit of "a state bank and branches." Nor could it secure the people of the State against a flood of depreciating and corrupting paper, and the certain losses that would ensue? Indeed, it may well be apprehended, that under this bill, without a majority of directors under state control, and without a responsible parent institution to direct the issue and management, it might soon become the separate interests of such separate and distinct banks, whose paper from their number, could only obtain a short and circumscribed circulation, to labour to demolish each other, and then the State would be driven to taxation to pay the loan, and with a few speculators enriched, the great body of the people would be left more embarrassed, if not mere in, debt, than they now are. Could this act be amended by the next General Assembly, I should possibly decline voting but once athe Representatives of the people could not touch it—the power is then gone to a few cunning monopolists,and the State directory, five against eight, can do nothing. Sophistry and designing ambition will attempt in vain, to reconcile this bill to the constitution and there has been evident misconstruct

construction on that point, when its six corporations have been likened to one, as provided in the perfect bills already postponed. No ingenuity can, with truth, class all as being unconstitutional—this bill is unconstitutional. It is, it must be, a heedless perversion of principles, that unites the other bills with this bill. They conform to the letter, and the spirit of the constitution—arc in strict conformity with it, and will bear scrutiny. Such is not the fact in regard to this non-descript— it makes one corporation mean six separate corporations, and calls

"a

state

bank and branches," six independent banks, under individual control! The declaration that they are all equally unconstitutional, is not, cannot be the [Here the President interposed call to order.]

Mr. E. said he was satisfied the senator (Mr. Jessup) would not make any intentional misrepresentation, but the constitutional point had not been fairly represented by him and thus he, (Mr. E.) reluctantly yielded to a sense of duty to touch very briefly upon that matter, and merely alluded to the many objectionable defects of the bill in detail. Public opinion wants information upon this subject from every source and notwithstanding the heavy loan provided, the credit of the best stale bank we could establish must greatly depend upon that tribunal. should be remembered that the rience of that old state bank, and her independent branches, is yet fresh in the recollection of many and that the depreciation of their paper arrested the ardour of enterprize, and produced general distress, This bill, said Mr. E., would, he feared, lead in the end to worse results, in proportion to the state interests and population now to be affected, and the state debt incurred.— He said, such independent banks as the bill contemplated, in an agricultural state, were the constitution silent, could never accomplish the object in view, if that object, as he was bound to believe, be the public good. They will encircle each other, and they will each be encircled by other banks, and bank brokers. The convertibility of their paper into the specie, must regulate the issue of a safe business and when specie disappears, the prospective profits may operate until the pecuniary obligations of the country banish prudence, or cast a shade over the strictest integrity—then freedom of opinion may be assailed, and the honest citizens of the state who are now only anxious for a sound and sufficient currency, may find their public affairs directed by the official patronage of individuals eager only for profit! These valid objections cannot be frittered away, or mitigated, by any ideal charge alleged against the control of the people's representatives: responsibility must always guard against any durable error from this quarter. It has been proclaimed by some of the friends of this bill, that it, or no other shall be adopted. Be it so—on them rests the responsibility. My principles and opinions upon the scheme embraced in this bill, said Mr. E., were published some weeks ago; and I cannot palter with my conscience. I am convinced, said he, our substantial wealth, as well as our wants, are expanding, and I have labored, aye, toiled, for constitutional bank and branches, properly guarded under a general responsibility and control. From such an institution directed by integrity and prudence, he said, he would apprehend little danger. The exportable value of all the agricultural products and other various commodities sent from Indiana, every year increases—our population increases—our manufactures increase—and wise counsels must secure a happy destiny to the state. He would keep all state interests, and state investments, particularly the regulation of our currency, within a strict state control: if a different course be pursued, he had, he feared, he had pictured the ruinous consequences only in part. I have been told, said Mr. E., that I incur a great responsibility in voting to postpone this bill—well, that belongs to my station and I never shrink from it; what responsibilities have Senators incurred who voted to postpone the two constitutional measures to establish a state bank and branches, which afforded security to the state and safely to the people? I will not here argue upon our relative responsibilities. Our position at this moment forbids delay—arguments have been wasted: the posture we now assume demands action. Whatever individual interests might prompt to others, if they occupied my peculiar situation, shall not operate upon my convictions. I should be unworthy of the patriotic and upright people I represent, and upon whom I rely if my own individual interests could prevent any course which duty demands to save public interest, and to sustain constitutional enactments.— My immediate constituents, I well know, are divided in opinion in relation to the establishment of any state bank, but they will appreciate my motives, and when they learn that this bill provides for six separate and distinct banks, without state control, they will look to the constitution, and I hope approve my course with acclamation. I will only add, that to avert the fatal consequences which I believe such unconstitutional. separate and distinct banks would inevitably lead to, I must emphatically vote under tbe guidance of my conscience and my judgement,

to postpone this bill to the first Monday of December next and I hope, fore-ver—-or till a majority of the people desire such state enthralment as it would produce, and change their constitution to admit of its adoption— events, soid Mr. E., which I trust, due reflection and intervening occurrences will prevent.

REMARKS OF MR. VAWTER In the House of Representatives, on the motion of Mr. Crume, to postpone the Bank

Bill until the second Monday in December next. Mr. VAWTER, on rising said he asked the indulgence of the House in order to make a few remarks in favour of the bill, and against the proposed postponement and in asking this favor of the House, he asked nothing that he would net cheerfully accord to any member of the House. He said he did not pretend to be an accomplished financier nor did he claim to all that knowledge of banking that many gentlemen have who have been engaged in the management of the United States Bank, and many other banks. But, as a farmer, he would say, he did claim to have some knowledge relative to banks and of their operations. And having said this much he would say he was a friend to the bill under consideration. He considered it an important measure, he might say the most important of any brought before the House for its action at the present session. It was important from the consideration that every section of the State, and every citizen in the same, were interested either directly or indirectly in the measure, hence he would yield it his humble support. He said Indiana and the citizens within the same, must to a very great extent be an agricultural people; that whatever would increase the agricultural or farming interest, should be encouraged by legislative enactment; that he would endeavour to show that a bank would advance that interest; not by loaning the money directly to that class of citizens. The bank when established, would afford facilities by which the enterprizing citizens could obtain cash to purchase the whiskey, wheat, flour, pork, beef, catte, hogs, horses, &,c. &c.. of the country The farn er would thereby find a purchaser, realize a ready cash price for the surplus products of his farmland at all times take a less price cash in hand, than if compelled to give credit. Many of the citizens in the eastern part of Indiana know this to be true, who take their surplus products to the city of Cincinnati and dispose of the same at a price below what they would take at home on a credit and but for the city banks, they could not find purchasers. But, said Mr. Vawter, it will not only aid and promote the farming interests of the country, but it will aid commerce, and this he said he would endeavour to demonstrate.

The purchaser and carrier of the surplus products will pay for the same, in the funds of the contemplated bank, he or they having obtained an accommodation at bank, for three, four, or six months, which enables the purchaser or carrier to take the same to a foreign market, which when sold, the avails thereof, may, by such carrier, be negotiated in bank at New Orleans, or in the South, as the case may be, for bills of exchange payable in Baltimore, Philadelphia, New York, or Boston. The debtor to the bank in this country, can cancel his debt by forwarding to the bank one of those bills or drafts. The western merchant must have eastern funds to purchase, or pay for goods already purchased. State Bank would sell and supply the demand in the very bills obtained by loans made to the purchasers of produce, and the western merchant would pay for the eastern funds in the paper of the State bank and branches: which paper before returning to bank would, perhaps, pay one hundred dollars of debt, for every dollar returned the eastern merchant will thereby have tbc funds in New Orleans, or the South, precisely where he needs the same to purchase rice, sugar, and cotton the South and western country, by this process. Commerce aids the agricultural interest of the country, and vice versa, and that without removing one dollar of the precious metals from the country. But gentlemen say the balance of trade it against the State this cannot be true, said Mr. Vawter, but if true, for that very reason he would be a bank man, for as already shown, the State must increase the surplus products of the country, which only will release the State of debts already contracted, and bring cash into the country. He asked gentlemen in what manner cash found its way into