The Wabash Courier, Volume 1, Number 40, Terre Haute, Vigo County, 14 March 1833 — Page 1

BY T. DOWLIXG.

Published every Thursday Morning.

TERMS.

Two dollar* per annum, if paid within four month* after the receipt of the firrt number two dollari and fifty cent*, if paid within the year and three dollart, if payment be delayed till the year expire*.

No paper discontinued till all arrearages are paid, unlets at the option of th«* editor. A failure to notify a discontinuance at the end of the year, will be considered a new engagement.

AnvKRTtsKMKNT* inserted three times at Qj|e dollar per square (14 line*), to be continued at the rate of 25 cents per square. Unless the number of insertions be marked jn the manuscript, when handed in, it will be oontinued until countermanded, and will be charged accordingly.

Postage must be paid.

THIS MISE.

THE TOMB OF RACHEL. This spot i* as wild as can well be conceived—no palms or cypresses give their shelter from the blast—not a single tree spreads its shade where the ashes of the Mother of Israel rest."—Carne'* Ttavth in Judeah.

Hush! 'tis the last lone resting-place Where Rachel sleeps a dreamless sleep Let silence o'er the sacred spot

Hor sternest vigils keep: No balmy flowers, in dewy bloom, Nor cypress shadow, veils her tomb.

Here solitude has laid the couch, Of his all silent-holy rest, The dirge of the high winds of heaven

Alone rolls o'er her breast,-— Even here the ever-ghastly King Hath spread his dark tcrrific wing!

The sweet, the lovedj the beautiful, Whose heart was gentle as the dove, Whose placid smile was calm as heaven

Whose radient eyes wore love, Here rests in tranquil slumber now, And "darkness sits upon her brow1."

No lofty column is uprcared, In honor of the voiceless dead Nor drapery of funeral pomp

Mny shroud her clny-cold head Yet in the heart her name is set, And deep affection knows her yet!

The mother o'er her offspring's tomb, Shall lift her streaming eyes to heaven, And think of her whose tru*ting heart

By ceailes* grief was riven And in her burning

bosom

bless

The memory of The comfortless."

Sleep on, thou sweet

one—calmly

sleep!

Unbroken noiseless rest is thine! Vet for the glowing realms of MCM, Thy spirit, all divine. And pure aud spotless as at first,

The fetter* of the grave shall burst!

STATE CrilRENCV.

The following report was presented to the Seimto on the 1st of January, by Mr. KWIHO, on behalf of the Select Committee appointed on that subject.

The select committee instructed to inquire into the expediency of memorializing Cbngress to re-charter the Bank of the United States, or to cteate a National currency, to be loaned to each State in proportion to the population thereof at a small interc*t, upon a pledge of State obligations duh sanctioned by the proper State authorities—the comparative utility of a State fund, predicated upon the proceeds of the canal, school* Michigan road, and salt spring lands* and managed by State Commissioners with powers properly defined, to issue a limited paper currency good for all State purposes the advantage of an issue of treasury notes, bearing 5 percent. interest, and the propriety and utility of creating^ a

artnership bank, to be named the tate Bank and, as provided in a proosed charter of incorporation, have ,jad the same under consideration, and their free reflections constrain an expression of regret, that although they agree in the existing necessity to provide an increased circulating medium equal to metalic, for the present and future wants of our citizens, they cannot concur in opinion touching a measure best calculated to afford permanent relief, and thus to accomplish that important object. The seeming intricacy of the subject matter referred, and the deep and genera! interest involved, OMIT readily account for various opinions': but as an incftase to the active capital of the country ii evidently required, and as this c*o bemoenred»•* the interesting object effiRted without any great haaard of entailing many evils nod future difficulty upon the state, the cause of present disagreement will.

M?-*. J? N- A FE^4 ..,e ,* a#*?* |_

WABASH

it is hoped, soon disappear. A portion of your committee, having this fixed hope, throw out the views hereinafter expressed to aid investigation. The course may in the end prove benificial, as the contrariety of opinion fostered by other Senators of pure principles and much intelligence will call lorlh scrutiny, and as we highly respect their motives, while our judgments force us to dissent from their conclusions, the result of an examination may be satisfactory.

The instruction? to your committee invoke much reflection- They seem to encompass every consideration that touchcs the expediency of re-charter-ing the Bank of the U. £L and the establishing of a National currency with the comparitive benefits of a slate currency to be founded upon her faith and resources under the auspices of state direction also the partnership company bank, with our state name, to be chiefly controlled by a few individuals and the power and the policy of either establishment, all come into the inquiry. Vourcommittee entertain no doubt of the power of Congress to establish a bank of the United States and as such an establishment is evidently required by the government, and necessary to promote the strength and prosperity of the Union, there will be no hesitancy, on their part, to call upon their representatives in Congress to exercise this salutary authority. If two thirds of the people's representatives in Congress will not prevent the contemplated destruction of a safe bank chattered by Piesident Madison, disasterous consequences are apprehended, unless an abundant National currency he created immediately, based upon impartial and just principles, to accommodate every state that may desire its credit, or unless each state creates a safe circulating substitute of fixed value. It is the industrious and the enterprizing that most want and deserve credit, and the future destiny of many such men now in Indiana, may indeed become matter of tearful solicitude, if sordid speculation were ag.'iin to be allowed to destroy conti dencc, and croditloas no*es were made to represent substantial property and labour. Even at this day, we are, as an alternative^ called apon to arrest the operations of law respecting debtors and we see many of our citizens subjected to enormous impositions and exactions for the use of money, when the Bank of the United States is condemned, in part, on account of foreign capital and the General Government is pacing olT a nominal debt that bears only three percent, interest, with money that should be sent into circulation to improve our river3 and roads!— The land offices secure a large portion of the money that now reaches our State and we have yet unsold and uncultivated millions of acres, far superior tosorne that is improved. An abundant and sound currency would soon increase our mechanics and manufactures, and thus create a heme market for our increasing products. By consuming needful articles manufactured in other States and other countries, our State cannot be made to thrive but if she could supply the wants of the people, preserve for home circulation the means enticed by emigration, with a portion of what her surplus productions will command, then she would enjoy wealth and independence. Let a fixed credit and a safe circulating currency become stationary and comeatable in our State, and then the farmer, the mechanic, the manufacturer, and the merchant ca*» all prosper in concert.

But our constitution contemplates a State currency: and this might be advantageously effected by funding the lands mentioned in the reference, and adding thereto $500,000 to be raised in m9ney by a Sfde of five per cent, stock, redeemable in fifty years, which would now command a large premium. That the lands mentioned are all devoted to particular objects, and the Slate.acting as Trnstee for their application^* no objection to the course suggested. *The fund would relieve the State obligations with great profit to all the interests concerned. This banking capital added together, would amount to $1,009,000, upon which two millions in bank paper jnight be safely issued. This plan is preferred in many points of view to a partner* ship with individuals. It secures the faith of the State under a State agency, and all the advantages of making and loaning money to the people at large, to whom they should properly accrue whereas the corporate power by express terms gives individual interests thecontroling power#*! the rights of the State may, with her own con

A miil Of MAMT TIDKS AGAINST THE roXB or THE FSOrLE." Osnan.

sent, be thus jeopardized indeed, the chief profits of the corporation may go beyond the State, to those who contribute nothing to support our State government. The constitution must have contemplated State benefit and State control, in authorizing a State Bank and branches, and on the score of credit as well as safety, State Banks are better than corporations. It is yet well known that whatever power is given to a monied corporation will be used, and the obligations of law and morality are not always as obligatory upon their course as upon thatof astate.

The one is a self poised power, whose principal rule of acl/on is gain, or lucre while the other Wttfe offspring of the people's government, and subject to the surveillance of sworn officers of the people. The prevailing passions of the one would be avarice and ambition—of the other honor and justice. The political and personal views which might insinuate themselves into a corporation, could find no secure resting place in the State agencies, and the access to the poor man for small sums, upon good personal seenrity, would be tnore certain. A State Bank should be a unit in iesponsibility, although its branches may sever in regulations. Let the agents, or directors, be annually elected, and not be eligible more tnan two years in suecession let the mother Bank sign all the note?, that the State may be known as the ostensible obligor, and her situation be completely ascertained when necessary and all sums over a certain amount to be loaned only on mortgages. These and similar regulations are essential to keep any monied State institution from acting upon politics, or interfering with elections for sinister and party purposes. If corporate copartnerships with banking powers be ever formed in the name of the State, to be controlled and managed by individual stockholders, and it should become the nucleus of State aristocracy, the present gain to any portion of our citizens would result in a permanent loss. The country is most safe when the people's representatives hold constitutional power under the control of the people.— They arc capable of using it, and would not be allowed to abuse it long at any period. Banks are permitted rather from necessity than choice.— They do not always make the poor poorer, but they certainly tend to make the'rich more powerful. With banks, wealth is credit, and poverty discredit. Asa general rule, the rich are accommodated to the exclusion of the poor, and not unfrequentty the latter becomes the prey of the former by private exactions, for the use of the same money obtained from bank by a rich man, because he is rich. Thus misfortune nnd poverty are occasionally forced by circumstances to pay tribute to wealth, which is not a virtue. But necessity will sometime sanctify error. The pressing pecuniary wants of many of the traders in this State at present, might induce a portion of them to sanction the issue of bank paper without observing consequences. It would cause many outstanding debts to be paid by changing the obligations, and many of such payments would only create a more pressing indebtedness.

An issue of treasury notes is brought to view in the instructions referred, as a dernier resort, to relieve the people. Were our state in debt, such an issue might be sanctioned but as our state treasury is now possessed xf surplus means, such paper would appear not as evidences of debt, but as bills of credit," and be unconstitutional.— That such paper was once sanctioned, when the finances of the state hr.d a different aspect, fliay be the reason why some upright men think erroneously, that we could now resort to it.— lThe question again recurs in relation to the matter referred, involving our adoption of measures to create a state currency upon our state credit and our adoption of measures to induce the extension of a National currency.— Which would be the most safe and advantageous to our interests, our institutions, our faith and integrity Vhicb would do the people'the most good, and be liable to the fewest objections? The power to create astate currency is directed by the 10th article of our constitution, which clearly prohibits the incorporation of any banking "com* panyj* but allows a "state bank,"1 with branches. The branches most control some individual stock subscriptions, and are to be established by the director? of the slate bank. Two bank? in possession of vested rights at the time our constitution was formed, were specially allowed to become State Banks and it thought the special permis

fERRE-HlVTE, VIGO COHHTf, IXDIAWA: MARCH 14, 1833.

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sion forbids the idea that any other want of money, owing, it is said, to the banking institution, to be controlled' refusal of the President to extend the and regnlated by individual interests,)charter of the Bank of the United can be constitutionally termed "a state bank." That the Bank of the United States allowed monied stockholders to direct and manage its concerns, can afford no proper example. Our constitution is alone to be cousulted. Indeed, the power of Congress in regard to a Bank is a resulting power, it is not specially granted, but is used as a necessary moan# to the same end. That a "state" bank, in the proper and constitutional acceptation of the term, may be constituted with a capital of eight hundred thousand dollars,and be guarded againsHuitses, ot abuse of trust, so as to ensur&a certain and great gain, sufficient with existing means to sustain a perfect system of primary township free schools throughout our state, iclieve the wants and encourage the honest enterpiize of the people, equalize exchange (as far as any state currency can effect that object) and afford a healthy and abundant circulating mcdium to trade. But to effect these important objects, it should be managed by responsible public agents, and guarded by strict accountability.— A copartnership Bank, no matter whr.t name may be affixed to the charter, would not, as already stated, be universally viewed as constitutional and conducted, as is piovidea in the proposed charter, by borrowers who in dealing may look more to the abundance of the currency for immediate use than to its durability and future value, with a certain adverse balance of trade against the State, is there not ground for fear that speculation would find it profitable in a few years to depreciate the issues, by cut tiug off the mission, unless connected responsibilisprings from which means to redeem ly should exist, as the honor and faith were anticipated? Let it be remem-j of the Union inspires paramount conbered that our state is mainly tfgricul- fidence: and we believe Congress are tural that the chief richesof our popu- fully competent to guard the action lation is drawn immediately from the and organize the machinery of a nasoil that wealth, however acquired, tional institution, so as to obviate all will rule the copartnership that titles the objections aud forebodings of its to a large portion of the best improved potent opponent*. A national bank lands may be jeopardized, and then! conducted iu conformity to law by the effects of the speculation suggest- faithful officers, independent of the od, and tfcGwtomptation to enter upon pnHy policy «nd cnprtcc of nny future it!!! Would not Indiana in that case, administration,and free of all the ir resresemble ancient Greece or Rome, ponsible mysticisrr. of corporate power, with a population of rich nobles and loaning its paper to the states only, pctor plcbians? Even the channels giving each its share prorata, accordwhich should bring wealth to the state ing to federal numbers, at a small and sustain our public revenue, might premium for the credit of the Union, be found glutted with the fluctuating is a measure of national strength and evidences of a certain State debt united fraternity, that strongly recomwhen, if -the State creates a banking mends itself. Such an institution like establishment and retains the con-(the incomparable constitution of the trolling power and the accruing profits, Unfed Slates, might, by the wisdom she can allow her citizens to be happi- and foresight, of its builders, be made ly served by impatfial and judicious to diffuse its blepfings without alarm: regulations, and at the same time en-'and itscnns .'ivutive. and remedial pnnjoy a perfect and profitable security. ciplcs would give it perfect security. It is said lie is best served who pays By making the United Stales the oblibest and urrent bank paper will read-. jrr—the american people responsible ily procure votaries. An unsafe cur- (or the redemption—Uie officers or rency, rendered a nominal standard of directory, entirely independent of value by law, would soon encumber executive authority in every respect, every citizen and every functionary of any amount of paper equal to the dethe government. Not long since it les- i.iands of the country, might be safely senad public confidence in the legisla-! put into circulation by the States, live councils and in the judicial deci- The United States issue the paper-

sionsof a sister State. Tins example the States manage and redeem it, when alone, inculcates care and watchfulness redemption be required with a collalor the happiness of the hardy and up-j feral truarrantee from the Union, that right population Sf our vounj State, j.^r will receive or redeem the same, calls to mind, and should cause us to as may become necessary. Each State reflect upon former copartnership es- to pledge herself to the United State tablishments with our State for those to redeem her proportion and then to who are heedless of the past cannot loan the same upon such terms, and in be good judges of the future. The -uch manner,as may be carefully proevil effects ot a copartnership Siate Bank paper currency, controlled by individuals under an act of incorporation, were experienced in this State at an early day. It almost demolished credit, impaired the validity of contracts, lessened confidence between man and mpn, and finally injured the credit ojyglur State. Indeed, it also tended to increase the real wants of the people, inasmuch as the state of things it occasioned required a much larger amount of active capital to do the same amount of business. The example of other States proves that when such junctures occur, all good money disappears, or finds its resting place eastward the morals and industry of the country are deadened, profitable trade is obstructed, property depreciated, and offences^ the offspring of want, are sure to increase. pecuniary pressure which, under common circumstances, would operate as an incentive to honest effort and economical industry, has been known to produce, under an unsound currency, a total disregard of all obligations, and a listless, broken hearted indifference to the opinions of society. It is our duty to guard by every ponsible barrier against such a currency, and this is the time to do so. The present distress and alarm for'

Stales, will cause the people to call for all the aid in our power to grant, which their comfort and wellare may essentially require and sound policy dictates a favourable answer to their present calfa^ for legislative interference, before suffering and discontent render them importunate. Of this thefe have been some symptoms already, and its extension might lead to the adoption ot some ill digested remedy, that would extend the growth of avaricious cupidity, at a wofui expense to the country. .We are yet comparatively Unaffected, and proper arfd safe remedy can now be devised to suit the case, without allowing personal interest and ambition, the prevailing passions in individual banks, to have any viciating strength in the "State Bank'' of Indiana. These passions should never be allowed to secure themselves any footing where pecuniary favours, founded upon State credit, are to be dispensed. The institution we contemplate would give them no mastery, but, on the contrary, as responsible state agents, render theiu subservient to the public good. It is not conceived to be necessar) here, to point out our radical objections to many features of the bill to incorporate a copartnership Bank, now on the table and we have said enough in a general way, applicable to it and the other propositions brought under review.— We shall now point out the course we view us most safe, under existing circumstances.

We believe that a national paper currency is preferable to any state

vided by the several states, to suit their various cirt umstances. The United States having authorized and divided her paper among the states, as asked for, upon the basis above named, it would next become incumbent to construct the mode to send it into circulation with safety—and this may be doue with perfect dinfidence and great advantage to the people. It content with a reasonable interest, say Ctper cent. per annum—slate agencies with all proper restraints, may be appointed to loan it out secured by real estate:— if gain influences. State Banks may be organized,and it ma) be made to realize at least, ten per cent- per annum. This can be effected by harrowing on stocks crested bearing 5 nrr ernt. interest, a sum equal to half the amount of the United States paper the state is entitled to receive: this half, equals banking specie capital, and two dollars of the paper may be leaned without any apprehension, for exery specie dollar. The capita] loaned in such paper would seldom return for redemption—and if it should, the circulation of two (that cost little) at banking interest, to one that cast 5per cent, would bring in a clear income, upon a sound currency, of 7 1-2per cent, on each dollar loaned, equal to fifteen npon each specie dollar and leaving ten

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New Seriw-TOL. I]\0. 40.

after paying stock interest. By this arrangement both the general and state g&vernments, would be mediatly, and immediately bound to redeem the issues whilst the control of the funds would be in the hands of the state. This avoids the valid objectioi£r) a treasury bank, th^ it unites the purse with the sword, atKHfill place the currency of the 4Mon upon that unity of atlachmetU and perfect equality, contwnplated WFr tWi frames of her constitution, in all their relations. We therefore respectfully recommend that an application be made to congress to recharter the bank of the 0. States with such proper amendments as time and experience jrfttty have pointed

out and

adrigc

our representatives to use their best efforts for that purpose also, to ask of congress to authorize a board of independent commissioners, under proper restrictions, to issue a national cuirency upon the plan suggested in this report, 10 equalize exchange, which has been a burthen upon western trade and industry and to afford the use thereof to the States as already intimated :we also recommend that provision be made for the immediate organization of a "State Bank" with such copartnership branches as may be deemed necessary and proper—the capital to consist of $800,000 at its origin to be raised by a loan bearing 5 per cent, interest redeemable in fifty years, founded uyon the credit and faith of the State,and to be directed and managed by sworn state agents, held responsible bj security for all their proceedings under the law—the profits to be devoted to pay state interest upon^ loans obtained, and to establish and sustain a system of primary schools throughout the State.

DRIFTING AXD PRIVATEERING. On Thursday, an old sailor, without shoiis, hat,cr jacket, entered Collegestreet Board-room Dublin, where Alderman leming sat for the despatch of business, and without waiting to be told to go on, gave the following account of himself: "I say, Mr. Magistrate, I just want you to overhaul a suspicions-looking cruft that's a prisoner below in the bilboes. I happened to come ashore last night on a cruise, and having a foot or two of grog in, 1 drifted about the streets, until 1 got fairly foundered/'—Well, mister, as 1 was telling you, I was drifting about the streets and quays, and at last I got fairly foundered and fell on my beam rnds*. There I lay, for I don't know how long but, howsomever, when I righted. I found that my false keels (my crab shells d'ye see) were knocked off, and a knife that was fastened with a lanyard round my neck for these last ten years—it had been cutting salt junk for me all that time—was carried away too, besides a small quantity of shifting ballast that! had in my trowsers,and some part of my upper rigging.

Alderman Fleming.—What do you mean by your shifting ballast? M'Cann.—A fe^ odd coppers, man: sure any marine would tell you that!— So 1 thought it was time to look out for squalls, and, seeing a strange looking hooker, I made all sail incnase.— Having come up with her, I overhauled her from stem to stern, and found stowed away in her lockers my knife, coppers, keel nnd all. She gave me a good deal of jaw. bnt I didn't mind that, and rowed her off to the watchhouse, and now this bosen here says she is outside in the gang-way lying to, till your worship makes a signal for her.

Alderman Fleming having accordingly made signal, the woman and stolen property appeared.

Harry immediately identified her, exclaiming, "That's the craft I gave chase to,last night! It's a clear case she was out privateering, for them'are keels of mine arc the dentical ones I found stowed away in her lockers, and that tLere pea-jacket and tarpaulin hat were swung athwart her bows in a handkeecher. But, as l'me going to sea to night, you may as well give me my rigfing, and cast her adrift. As to the coppers, you may five them to her if you will.

The Magistrate, however, willed otherwise, and sent hei to Newgate for the present, and bound Harry M'Cann to appear in proper time and place, to tell the story over again, in which case his upper rigging, cmh shell, fcc. should be all safely restored to him.

Old Harry led the office, exclaiming, "My tarry e?es! here's a pretty kettle of fish! this comes of drifting and privateering!"

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