Western Sun & General Advertiser, Volume 25, Number 14, Vincennes, Knox County, 26 April 1834 — Page 1

BIT 3L2HU STOUT.J VEWCBSTiXnSS, (XA.) S.TtJRD.&Y, .&PB2I. 26, 1835.

r.

r

Stic IH?c0tcru Sun

executed by the President before referred I and much talent, appeared in the Amerito. It was this power, and not the bill, 1 ran 'Quarterly Review, which was by the which authorized the demand tinon the President of the Batik submitted to the

CTnrnbers; which may be discharged bv , Frencn government for payment. The Board of Directors, with a suggestion as

IS published at $2 50 cents, for 52

trnnmbcis; which may be tlisciiargcu in hc payment of 2 at the time of subscri

bmg. Payment in advance being the mutual Interest of both parties, that mode is solicited. A failure to notify a wish to discontin

ue at the expiration of the time subscribed

bill, without this power, would have been i to the "expediency of making the views of insufficient; but the power, without the ' the author more extensively known to the

bill, would have been sufficient. If the : public, than they car. through the means

bill had been presented alone, the French

government might have refused to pay, w ithout any violation of its engagements.

It was necessary that the person demand

of the subscription lists." The board therefore adopted the following resolution, viz: "Resolved, That the President be authorized to take such measures in regard

lor will be considered a new engagement; , w,r lhe monev from the French govern-j to the circulation of the contents of an ar

nd no subscriber at liberty to discontin

ue, until all arrearages are paid. Subscribers must pay the postage on their pa jcrs w hen sent by mail. Letters by mail to the Editor on business must be paid, or 'they will not be attended to. Pnooucu will be received at the cash jnarkct price, for subscriptions, if delivered within the year. Adveuthkmf.nts not exceeding one square, will be inserted three times for nc dollar, and twenty five cents for each after insertion longer ones in the same proportion. QCrPcrsons sending advertisements, must specify the number ot times they wish them inserted, or they will lie continued until ordered out, aud must be paid for accordingly. LIST 0? AGENTS. John Murphy, Washington, Ind. John Yankees, do do.

John Arb uthnot, Princeton, lud. John I. Ncelv, do. Thomas Cissell, Mount Pleasant, Ind. IY.st-M ister, Owl Prairie, lud. Post-Master, Bloomfield, Ind. Post-Master, Sandersville, Ind. Post-Master, O vonsville, Ind. lWi.M-i.itpr. Stinkard's Mills, Ind.

t . v v;!K.rn Mount Vernon, Ind.

lICJM ''' " Levi Price, Evansvillc, Ind. John W. Davis, Carlisle, Ind. Isaac Onr, Merom, Ind. Post-Master, 'F irman's Creek, Ind. John C. Kciley, Lawrcnreville, III. Post-Master, Palestine, 111. Post-Master, B owville, Ind. Post-M -iser, Rckport, Ind. Lewis tif x, p. M.New-Harmony, Ind.

rnent should have authority, accompanied

with the customary testimonials in the intercourse between nations, to receive it. This authority the instrument executed

bv the President gave, but none such was

tide on Banks and Currency, published

in the American Quarterly Review, either in whole or in part, as he may deem most for the interests of the Bmk.M

Here was no limit to the President's dis-

' . a

conferred by the bill alone. In truth, the , crction, or the amount which he was aubill of exchange and the endorsement j thorized to expend. His power was very contributed in no degree to the authority extensively exerted. of the holder to demand or receive the In his annual message of December, monev. His riht to demand depended lStiO, the President reiterated the opinions

upon the former power executed by the j previovsly expressed by him in relation to President, and the Bank, or its assignee I the Bank of the United States. The subof the bill, became entitled to demand it j iect was not agitated in Congress at that

bv virtue of this power, and not by virtue session, and that body adjourueu on me

of the bill or the endorsement on it. The I 3d ot March, TSUI, lhe subsequent ses-

............ T. I 1 11

REPORT OF TilK CO.'.nurifct, WAYS AND MEANS.

HOUSE OF REPRESENTATIVES. -March I, lN'll. Mr. Polk from the Committee of Ways and Means, made the following report: concluded. bill of exchange, as known in commerce, is of itself a sutlicient authority to the drawee to p iv the monev, and a proper endorsement on it transfers the right to .h, .ni.h.rsee. and the bill and its endorse-

. i . ..,;-i tti mIiI nt ;in other

inCNUS UO IlUl injunv ..... instrument to give them force and authority The endorsement of the bill by the pavee, in blank, is of itself sufficient to vva'rrant the payment tu the holder, fne bill in question is not an instrument ot ibis description; standing b itself, it was of no value, and gave no right to the pavee, or the holder lo whom he might !.;ir, it. to receive the m-mey. It was

i i ,.,c.iri- In :he nurties to this

transaction that 'here should be other au.l nVicrauth-rilv,in order to enable the Bank to receive the mmcv: an.! this an-1,.,,-itv nrromnamed the bill. This air

thorit'v was executed by the President ot

the United Slates on the -nine oa uiai the bill was drawn bv the Secretary ol the Treasury, under the seal of 'he United Slater and countersigned by the Secretary of Sl:te, whercbv the bii? was rec.og. nised, and the Cashior of the B ink, (who xvas the pav-.) -u-his as-uee oi the mi., was aiith.ri.ed to rerer.e 'h' m nev, ur.l

to .'ivc an aeq'.iil'am-e to tne I reach uovcrtmient; and the bill, s.isUut.vvI by this authoritv, was V.d to the Bmk at he Treasury', and tb.J proceeds placod t the credit of tlw United Stales on their L-joks. rJ'he act of the Prudent, under the seat .S th,. United Slates wlu.m accompanied

it... bill, was the i.n'.v instrument

conferred on the Bank the right to reeene thP monev. and the only instrument

which enabled them to itssign their ng.it fl) receive it. The -neru.ut and -he

bill itself, and the endorsement on it, did nothing more than designate the person whom the government of the United States, by the instrument executed by the President according to the treaty, had authorised to receive it. The government and the Bank show, from the instruments executed, that neither of them rpgarded the bill of the- Secretary of the Treasury as suificicnt to authorize the Bank or its endorsee to receive the monev. For the

bill standing alone had no authentication w hich would entitle it to be regarded by the French government as sufficient evidence of the authority of the holder to receive the money. The question then is, did the act of Maryland of 17S5 (under which those damages are claimed) intend to give fifteen per centum damages mi an instrument in the form of a bill of exchange which the parties to it knew had

none of its substance and qualities, and upon the. authority ot which the payee himself did not rely? Or oi l the act mean to jjivc damages on those instruments on'lv which are recognised and

known in the commercial world as bills ot exchange, and possessing all the qualities of such instruments? The act obviously

alludes to he instruments known and understood in commerce, when the bill itself, and the endorsements on it, are sufficient of themselves to convey the rllv to the holder, and not to instruments in the form of bills, which give no authority, and are merely useful in designating the person on whom anothor instrument has devolved the power to receive the money. If the power had been given by the Pres-

ident to the Jasuicr oi me d ims or uis

assignee of that instrument as the person

authorized to receive the amount due the United Sifttes from France, and the bill had been endorsed to different persons, it is very clear that the assignee ot the instrument executed by the President, and not the assignee of the bill, would have been entitled to demand the money. The

bill of the Secretary was therefore merely

one of the

convenience, the government gave its authority to the Bank to receive the money, and it is evident, from the papers execu

ted, that the. Bank, as well as the government, so understood it. The parties to the bill in question, and

the bill itselt, is not therefore, in the opinion of the com nittee, such an instrument as the act of Maryland of ITS") contemplated, and that the bank is not entitled, as a mere strict legal right, (independent .f the m anifesi i vjusii ce of the demand,) to claim the fifteen per cent, damages by

virtue of that law. If an instrument in

the shape of a bill of exchange tunning a part of such a transaction as this between two governments is not to be regarded as the bill of exchange known in the usage of trade, then the liabilities on bills of exchange will not apply to it by force of the law'whieh regulate contracts among

xvbr h i private persons. The government is rea-

,tv fo h to indemnity me uiuk agamM.

sion of Congress was necessarily to be

the lon2 session immediately preceding

the Presidential election. On the 11th of

March, I S3 1, a resolution was adopted bv

the Rank, as reported to the President of

lbs United States by the government di

rectors, authorizing the Prcsideut of the

Bank to "cause to be prepared and circulated such documents and papers as may

communicate to the people information in

regard to the nature and operations of the

Bank." By this resolution the President

was authorized not to cause specific pa

pers to be printed and circulated as before.

but power was conterred upon turn to hire

writers, f r 'he purpose of preparing doc

uments and papers, without designation as

to their character or numbers, to employ

printers to print them, and carriers to dis tribute them: neither was there any res

triction as to the amount of funds wliich

he was authorized to employ in carrying

intoeifect this new system for dis?enima

t i n t information amonor the people. A

short time after the passage of this reso

lution conferring upon the President of

and other electioneering matter calculated Thus was the f.irmal sanction of the to defeat the election of the President; re- Ba"d given to the acts of their president views of speeches, and of the veto, pre under thejr former resolution, and he was

pared with the same object; addresses to ." ?; V ... ...y. a, . ,J , . , ... ing writers and presses to influence the pubState Legislatures and editorial articles lic5mind. Thus expressly did thev appVove in favor of thtf Bank. nr thi pn?nditurfe nf the nrn .;ikM,

It is further stated bv the government vouchers, and promise to their president

directors, that for about $"2 1,000 of these future immunity and irresponsibility for the expenditures no vouchers whatsoever had use of any larger sum. ' . . r i .

been rendered. The several sums were o.uuiauous nae no powers out socn at

paid on the orders of the President of the " u n l"Trs- ana t nose net i p .1. r ii.u cessanly incidental. As an incident the ?tinktrenR u- 1 , ,1 Bank of the U,lited States has an unquest" March, 1S.J1, as his authority to make the ionable right to procure and pay for Bank expenditure, but not stating the persons to notes, the necessary blanks and such other

whom they were paid, nor the purposes papers as are requisite in the transaction of for which they were expended. Nor does all busines which it may be expressly authoit appear that the Board of Directors, or rized t4 perform bv its charter. When it any committee of the board, or any other LSfl VTi Md priDlS docHmcnts'

person, except the President of the B ink, . d h eranted to it. The lianir

and the parties receiving the money, pass- of tne United States was not created "to ed upon the claims, or know for what ob communicate to the people inf.rmatinn in

ject this large expenditure was incurred, regard to" its own "nature and operations.'

A the government is the owner ot one or to tne acts ot tneir cnosen rulers. lhe

tifih of the capital stock of the Bank, one People supposed they understood its "na. fifth of this unwarrantable expenditure te and operation." before they gve it ex-

was the money of the people. servant and not as a tPrhpr Fp

In this narrative of facts are found am- would have been found to ati..nrati. Jrs rrk

pic reasons to justify the Secretary in the ation, if it had been a provision of its charremoval of the deposites. It seems irn- ter that it might apply its corporate fundj

possible to resist the conviction, that trom to the printing and circulation of such Con-

1830 down to November, 1832, the Bank gressionai reports, speecnes. ana otner powas managed with reference to the Presi- ,1,ncal document! as its managers might

dential election ; that all its mighty means to Jtg man ent and evn tQ lfae 'hiri and power were exerted to influence and of writc,s to advocate its inu-rois. a..vi cir-

control the people in the exercise oi meir culating denunciations against the coustiright of sufTerage, and secure a recharter, tuted authorities for their official acts. by filling Congress and the Executive ofii Certainly no friend or enemy of the Bank ces with its friends and supporters. It was at that time conceived the Bank had a right said by a wise man of antiquity, "that to employ its corporate funds for the purthe borrower is the servant of the lender" SS1 pep1 "?.W t0.est' ... , , . . the acts of their representatives, in either and with equal truth it has been recent- the executive or legislative branch of the ly asserted, thathe who controls a bank, government. The idea that snch a right controls the debtors f that bank." No was veiled under the charter or any of it adequate motive can be conceived f )r that provisions.would undoubtedly have been faunprecedented extension of tho business tal to its passage. Is it less alarming thaj of the bank from forty to seventy millions il hs now wurjied the right? of dollars in ciuhteen months, but a deter- , 1 ,1ru" x. hn b k: mt.t,hl resPfKc . , . , has been attempted to be justified on the mmation to make as many debtors to the ground of seif defence. The error of this bank as possible,and thus bring multitudes point consists in considering the Bank and of men under its control. Thro' the fear its managers as identical. The Bank ha of being pressed too severly for the pay- not been attacked. The President of the mentitmin-ht have been reasonably ex- United States, in his message to Congress.

pected that most of these debtors, and the has expressed his opinion th-it the charter

h B nk such extraordinary and unusual friend thev could influence, would sU? SI TZZ

uoxver over the funds of the Bank, a ncgo- port the bank in its struggle for a rechart- ess for Ujat pui..,osc. But this was no at.

tiation commenced (as appears by the ev- cr. While this process 01 xtention was lack on tlie corporation, for a renewal of its

iJeucc accompan in' tho report ot them- going on, numerous eauors oi pouucai ch-rtcr it had no legal right. None of the

veti r itin committee in 1832) in relation pipers appear to nave receivea large cnarterea ngnts or tne uami nae oeea to a iu cssi New York, in the progress of sums of the bank's money, and were thus rested from it; no judicial process has beea

r, t!. nrn:reM to ari vacate measures or men. as owv..l. , aUwt

to a pre

win -lithe President of the Bank,

th day of March, 1S31, advanced the ultimate interest or views of that ins- ZC M0, which was not entered on the books titution or its managers might indicate or bv the cn,ploymcnt cf counse,t and paving if the Bank as a loan until January 2, require. Contemporanonsly the funds ot trieir fees out of the corporate fu!:ds. But 183;!. The paper which had before that the bank were put at the disposal of its the President and Directors f,f ihc Bai.k

immediately became its advocate, and in their expenditure sanctioned without vou- tjou in mating puoucations venu.catory ot

a few months the no.sscounted for it. chers as a means of accomplishing the TUln benefit amounted to Mid at pen- great design been guilty of usurpation of power, i odsof from six months to five years, the Connected with these operations was Uctioof 7dut in refusing hii assent

States has

or dere

rtittv in rrfitii(r hie accent frt ti r

bwt of which did not fall due until the the couductot me DanK during me same va, of their charter. These were mat-

year 18IW and several months after the period in the three per cent, trans- teis which belonged to the forom cf the pub-

Bank charter would expire. These were action exammeu uy a commiuee wi nc, into tne oicussi n oi wmcn tne mana-

ere li's altogether unusual in the regular congress last year, wnereuy me naiiK Sn;i i ua.,, ... iu..m..u.. .ui uu.cr

business of banks. About the same peri attempted to balHc the Uovernment u . - i... u..r

n oris to nay ine puonc ucui, , . .. . r

political papers in other parts of the Union, and secretly sought the aid ot foreign I f lhc - for misconduct, may

frnns in which for the sake of During this period a most unpreeeaemeu uaiihcis mcuw i ..wUS like ever. otlt.r Cllizen or efficer of the

' 1 . 1 . . 1 i . . v.. Yik wkft'imriiftB7ii in :iMiiiii in iii ii iii i n i f ...... - ...i m... K4k

oYtoiKifn hi loans was uraliltJU "V iu i xvnmtis. - ivi jciimitui, uticna UiCiiiMTivii, uu; uuw

-V V - I. . . 1 II .

it .n'j- V.tr comp vr;irs its loan had not lessness to the Uovernment, tne uanw hy the u ot the coipotate tunds or t .vcr.

" HI". v. " - - - , . .

varied much in the acrrcate from forty seems to have tormed a toreign alliance 1 ney may expeno tneirown money uunous

millions of dolla

thev amounted

that time they b(

anu on ine isioi ,u i , ! ... .u u, kU .7 - monev in the I reasurv in onntmic coneres-

II I J...ft.M. lth I J m A J

S70,4!S,007. In eighteen months the last year, us aireauy siaiui, a.,u kional reports, and speeches, hiring unters. v . 1 1 1 : I ,: . .1 m 11 hirl it Ci iinrlit In lift 1 1 Kit 1 1 1 I . - . .. .1 j; . t

nvimwi'in w:is near miriv minions, uaii hikub vh j , enmiov ine ecuors. niimt s. anu ciibuiouo ra

- ' ' ' I . . . . . II I i" ! . I 1 4 "

at the rate of auout two millions per mon'h. declared to be untounded. ui eii, 11 fur tie purp(se of defei.dmg himsclt and

Whilst these accommodations to editors, would have justified a removal ot me tie- the executive orhcerk agninit attacks

rs In October lSdO and procured foreign aid, in its war with n cmpio)ing wruers aim presses 10

to $10,W7,53. From the president ot the people. ine mree r

raii rapid v to extend, per cent, transaction was conuemueu L"".'"rr T . .U- Lth f!nmmittnrt f Wava and Means United State, if he were to expend the

in l this rreat extension of its loans, were posites; but it seems to have been but an m-deupon them from souices official and ' ;,8 tho Bank iu December 1S31, incident in a grand scheme, lo make our unomcial? It he were to request Congresj 111 prws, the lSank, m liccem er, w 1 B t0 lhe whole depositt.s ot lhe Treaurjr

applied tor a renewal 01 uscnar.er, - - ' " at his disposition, fcr urh a purpose, hov

then had upwards ot tour years to run. A sernent 10 mis moimveu ' w, .aid it be received? It the henate and bill lo renew it passed both i I .uses of Con A scheme,wluch if successtul ,wou!d have HoU5C cf Representatives were to employ ,,-na nroioi.iod tn lhe President of left us but the name of a republic. ttieir coi.tineent fund in printing and circu-

fhf. United States, on the -tth of July, 1S32, Bat the bank was not content to submit lating speeches of members, and articles

nd mreived his veto to its fate and execute its duties as a taith- prepared by hired w titers, paia t.ora a,i LRC ' . , i:4-.r,- f.,i onMfil,froirnmRnt. when with all same fund, under pretence of def-

The i'res.aeni was men a i.a..u.ua .u. . - ; ' advocale. its fending the members of the House against re-election, and that question was to be its debtors Us presses, it advocates its 5

settled in November of that year. t he toreign am, u.reu ..u:.?9 ..u itbclolcralcti by the Ameiican People?

power given to the President of the Bank, ments,it received tneaeci.ive ihuuku o. uu committt e considt r thw delc

ikcan-l by the resolu'i on of the 11th March,

.1 ..i-ltV.. It-n-.l; i':in

iotis ia mis ua..3a,.w..,...-... .

nr :Kiin' demand was uurnij; urii aim me ""5 '

J .1 1 -.1 J.

think the U:nk exerted wun great lnuury

People in he result of the presidential election. During the last summer, one of

delegation

unlinuted and unresponsible ni.utr to

tho uresidf nt of the Bunk over the uhole

1'he fact of the Government Directcrs; by being plac- fullCjs cf the institution, the most atroiou

V

not, cither in

uioie. ... ,1 t.., thU rpfdtiti jii and of the ed on the dividend committee, a temporar u lol.ition ot tne iwi.k uuner, ai.u uir c.XiU nil r nimstn be anv lonner the existence ot ttiis rt-soiuiion, anu 01 ui cu nf i..nnPr hirh h h th.

i 1 k.iJi o..tp,i with a to Kr.'jwiuuju.m K.1.V.U1.U ui. v. - .- Ii,wi:tlirl2 ...winr it mme tn thp knowl- bod v appoinieu every six tnomus iu ustn - uarms v r Lnother instrument, was executed t,r that r 0 thai report it appears that for the last half which have since been girted On counurp.se. Thiswasatransactiui between m ., 1 wilr lhc Ui k. D,cernber, of 15 those expenditures were $3,705 suiting his colleagues, f other business are managed by comnuttee, ernments.andtb.auth.ntvmven by lu I is annual S c, lc .Tivln(Tas an average for lhe year ment directors, they deemed it their duty selrC!ed by the Pre!)1dent. u ho seldom reIu. Government of the Uiuum 5?i.t;-S to ls, the President of the United "llCs lrl"; , fh increased to to inject that account. Having done lnal thc rcsiricthe prousion, t the l e Baiik lo receive the .,,v trom the , expressed his doubts of the cons 1 utioi al-, b ;j; it gave no definite in- ?harer have been subverted by arbitrary the oaiuv iu 1 ;.. .it- .,. oxnediencv ot the liaim oi the , Ni 1,0 i 1 i, am u ' v . c r ' inn .i.,;.- trt iartre nortimis of the hiIm. and resDonibihtV to the Government,

krtTiiiiTniiii-ii-.itii.iiii""--- f - 1 . . ...i..iiiMift iriii win 111 inn uuu - - -

Lull

M In 1S31, tkev

I'ronr i govern

.1... .w.-irn il sense us an ordmarv

of exchange. . Bv the treaty the money was to be paid bv the French (Jovemment at Pans into I,n,nh of such i-'oii .r persons as

ehall be authorized t- lh

.1 - ... ..i .itiri riirrni iiiiiiir l I'jiruuiiui

- : , on FmanoeecWmuec of Ways and Mens, and

iioveruuient ot

h,. 1'nite l Suites to receive 11. in or

dcr, therefore, to obtain the -n mex , u w a. ncecsirv that a pers-m .hoold present

If at Palis, with the usual u-uo.u-

ernmeut -t tue c-uuim

At .'ii.:.. 1 . .Ut In ISil.lfcPV

...,1,., S-Miite and to the committee oi uur vjau.uui a p iiiik..... ... 7. 7 5Clll,UVCJ boll, of which made reports in i th.'.v w,-rc 6S; oi Iuth .0, r f it L- .vl.irli wore ordered tolr.W were incurred in lhe last half )car, r :::i.t:' Ct ap ears that including the Presidential .election, so

he nrinted bv Congress. It appear

the Bank, not conttut with the circulation of these imposing documents through extra copies printed at the public expense, through the newspapers, and all the usual channels of communication to the people,

audi- ntv, according i applied its corporate funds, and exerted its .."date the intercourse corporate power, to multiply and circulate

rusi

. lV..i t)i irltV

i-1... ... l.-irii'. hi receive it. And

the evidence of Ins

to the laus which rcg

that these expenditures continued to in

crease from lbVi up to the Presidential election.

So fir as communicated by the government directors, the documents aud papers

exnenditure. they brought the subject before

the Board, for the purpose oi ooiauiing more certain information and rescinding the resolutions under which it had beeu incurred. Not only did the Board refuse to caue the account to be stated with such precision that it c juld be understood, and to rescind the resolutions of the 30th of November. 1830. and March llth. 1831, but iustead thereof, resolved as follows, viz:

. . . cm r: r-L- ; .-flVrt.

destroyed. But. in addition to all this, here it a discretionary power vested in the President cf the Bank alone, to be exercised without the responsibility of rendering speciac accounts rx voucher, under which he might apply hundreds of thousand and million to operate upon public opinion, and through the

orostration ot enemies, ana tne aavenccnieuv ... ....

git l su-

the department clia riUtiwus. This v. t

hed by the! theiu thro lgh pamphlets and extra news-

the Union.

in article on Banks

f,.,ween nations, ,nn. lo ru.hed by Uie j them into p..u,,m-., President of the United State,, through papers into. 'er part f ,,,ent ch..r,ed o,r fore1;: In November, 130 a,

I I ..... ,ll.. .A.V..tC iI

ap;ear 10 nau ic:u uicu iyvn. committees in Congress, aud speeches of

;mbors friendly to the Bmk, and gene

..-T-. .... .1 i i i - G,i.r,,-. In the-. nf frimd. urocure a new charter

wisdom and integrity of the president and ting to be prepared and circuited such do-

ilium uuuv-iu,,, ... , ;n the nrooriety t the resolutions oi oum cunit aia - . tm printed and distributed with ibis money b i 1830. and llth March, 1831. kcope of the authority vested in hi.o. ne

and entertain a full conviction oi tne neces- ma mrc cui on, "VJV .Vusc

sitvof the renewed attention to the object ttirouticuiine wnwr um.-.., --" - -. i .i... .1 i r ..i..,.i c..i f.f fnincv. wilnou. an-

& t 1 . rTl2w CI sill

i couniaoii . - .

of those resolutions;

L puwcrj ud Currency, MliibiJiug great reisstchl new.paperJ wowoing

rallv oimosed to the President; extra I be authorized and requested to continue his ; . P0Pr,",,,I,, coutaiaing similar matlr,etuoa for moeommafihtt object." tbute a Pattoa.6c

more potat