Western Sun & General Advertiser, Volume 25, Number 14, Vincennes, Knox County, 26 April 1834 — Page 2

many Governments, because all wielded by ' the same hand to secure a single object. Vhen the (iovcrntnent directors, faithful sentinels over the public interests in the Bank, communicated the fact that this power had not only been assumed by the Bank, but that its manage! s were determined that it should be wielded w'nh renewed energy, &for an indefinite priod,the Secretary of the

Treasury was fully justified, for this reason.if

thei e had been no other, in severing its connexion with the Government, and. as far as he legitimately could, lessening its power. It will be seen, by the views already taken by the committee, that in their opinion, the deposites have been lawfully removed from the Bank of the United States, and the money now in the Treasury has been legally deposited in the State Banks. In these circumstances, it remains to be Considered, whether any, and if any, what legislation is necessary, in consequence of tnc change of the deposites. It is the opinion of the committee that the Banft of the United States ought not to

be rcchartered. The constitutional objections to it are, in their judgment inseparable; and if its charter could be justified by the constitution, recent event9have demonstrated that the continued existence of such a vast concentrated money power, must prove dangerous to the freedom and puiity of our institutions. And after the great abuses of which it has been gudty, a recharter, under any modifications, would be offering the high legislative sanctiou and approbation cf Congress, to the various ?icts of miscunduct detailed in this and former reports to Coneress. It is

impossible that a corporation, which is proTed to have used its money to corrupt the press, to influence elections, and coutrol the oerment, con ever be selected as the peculiar object of the favot and bounty of the Government. The Bank ought not therefore to be rechartered on any terms. And as the charter ought not to bt renewed litis manifest th at the deposites ought not to be restored to it For. setting aside the various acts cf misconduct, by which the present corporation has justly forfeited the confidence, it is obvious that the restoration of the deposites to the present Bank, to be removed again in two years, would produce nothing but the most serious evil and distress to the couutrv, without any possible advan

tage. The restoration of the deposites and the recharter of the Bank, are, in the judgement of the commitee, inseparably connected together, and neither can with any propriety be adopted without the other. The question then arises whether the State Banks should be continued as the fiscal agents of the government rhe committee is satisfied that the State ft.inks are fully competent to perform the services which the General Government ought to require, in the collection and disbursement of the revenue; and to afford also all the facilities to the internal commerce

and exchange in the country, which have

derived from the Biuk ot the United States

The collection and disbutsement of the

public revenue may be safely placed where

the sages who framed the constitution left it.

They did not deem a National Bank essen

tial, either to the Government they were forming, or to the successful administration of its finances. The opinion has already

been expressed, that the State Banks are Competent to perform all the duties which

the Government or the public convenience

m iv require. But there are many circum-

ta ic which strongly recommend thein to a preference over the Bunk of the United

Sta'es. No one ot them can exercise a gen

eral '.ontrol over all the others, and expand

and contract the whole currency of the country at its pleasure, to favor the private

speculations of individuals, or to increase its pv.'i profits. And they can never combine 'together fr polit cal objects, nor hope to gain possession of il,.e Government, and control its operations. The State Banks are io vv fir. nly intervvo vctt with the institutions

notes, atd induce i their place silver and j ced, the Board of Directors adopted a reso- (ether papers connected with its managegold, for ordinary domestic purpose, nd i lution, declaring "that the bills f i exchange ment or business; "and that the said omnntth convenience of travel between distant purchased at the Bank, and nil the rrkt:s tee be required to repmt the result cf such places. Such a reform is strongly called except the five Western offices, shall not investigation, together with the evidence for by sound policy, and the best interest of have more than ninety davs to run; that the J they may take, at as early a day as practi-

the country tnd the accomplishment of five estern efhees be instructed to pur- cable.

,

an object so desirable, may be mainly ac- chase no bills of exchange, except those pay-

ante in the Atlantic cities, not Having more than ninetv days to run, or thrse which may

j be rcceivedjin payment of existing debts to

celerated by laws passed by Congress, adjusting the standard of value of our coins.

and regulating me aepoisus auu coueciion

of the revenue. If gold and silver were j the Bank and the offices, and these not have

of the country. They are generally under

the management ot citi2ens as respectable as trust .vorthy, as any directors of the Hank cf th- U iiti d States. And it would be uniu st, contrary to the spirit of our institutions

io- Congress to sustain a great moneyed i power to overawe and oppress them, aud bring ruin upon multitudes of our citizens, whenever cupidity or ambition shall tempt them to exercise their power. The stock f the U. States has fallen for the most part iuto the hands of the great capitalists of this andfoteign countries, who have but little sympathy for the sufferings of our people, when their own sordid or ambitious views make it their interest to inflict it. C If it should be urged asan objectionao the State B inks, that they cannot afford general currency, the answer is obvious. If t .were necessary to create a paper currency, possessing as equal credit with that of the present Bank of the United States, the object can be as well accomplished with the State Banks, as with the Bank of the United Staves. The provision whieh has made the

latter current ety where, is the clause in

the charter which compels the Government

to leceive their notes in payment ot all

debts due to the public, and a similar provision in fav-jr of the State Banks, w''i:h might selected as the depositories of the mo iey of the Uu.ied States, would immediately make their notes equally current and insure for them equal cenhdence in auv prt of the United States. IV.t the cc omittee are not prepared to Teco.ii .nen l the adaption of such a measure. T!k v fcrr convinced that all which public convc i .nee requires, in this respect, will

soon e acco nphshed bv some arrangements J

a n nig the banks themselves; anl there 0'cu to be no legislation of Congress for the purpose, of establishing a currency of paper. The main object of legislation should be to enlarge the basis of specie, on which the fnpet circulation of the State Banks is to depend for M;;ort. And the committee are persu idol An.it by the adoption cf the S'ate B inks as the tWal gent of the Gen. Govcnntient,and a judicious course of legislation founded upon it, t'.iat a sounder state of

Currency than now exists would soo-i be attained, and the country rescued permanently from the danger of those sudden expansions and contractions of the paper currency which has been constantly succeeding each other, since the B-mk cf the IJn'ted S'.ates was established, which ha brought such sxere and exteniv eili upon the country. The aid and cooperation ! the seeial States may be rehed oibtobauish gradually the smaller

brought into common use, and the small

notes banished from circulation, payments of small sums would probably be made in specie. The great object is not to diminish the ordinary circulating medium, but give it a broader and firmer foundation on the precious metals. With these view, the committee are of opinion that the State Banks ought to be continued as the depositories cf the money of the United States, and that measures ought forthwith to be taken, to regulate by law the manner in which they shall be selected, and to ensure the safety of the public money. According to the law, as it now stands,

the duty of selecting the Banks, and prescribing the securities to be taken is devolved upon the Secretary of the Treasury, under the supervision of the President. This power has been heretofore exercised by the Head of the Treasury Department, and in a manner advantageous to the public; and it is not doubted, if the law should continue unchanged, that it may and will continue to be so exercised by the Head of that Department yet it is the opinion of the

committee, that discretionary power should never be given in any case to any officer of the Government, where it can be regulated and defined by law. They think that it would be more consistent with the principles of our Government, for Congress to regulate by law, the mode of selecting the fiscal agents, the securities proper to be taken, the duties they shall be required to perform and the teinis on which they shall be empoyed. In accordance with these views they accordingly report for the consideration of the

Iiousu, resolutions demanding that the Bank of the United States ought not to be rechartred, and that the Stae Banks ought

to be continued to be employed as the fiscal agents of the Government, under such regulations as Congress shall prescribe.

Before they close this report, the com

mittee, consider it to be their duty to state

that in their judgment, a necessity axists

for an examination into the conduct ot the

Bank, and they proceed to state the grounds which make it absolutely necessary that a strict and rigorous scrutiny should be instituted. Thev think such an exami

nation necessary iw reference to the security

of the interests which the United States as

a stockholder have in the Bank.aswell as to correct as far as practicable, the abuses of

which it has been guilty, and prevent it from

using its corporate power and money for

purposes of corruption and oppression. Numerous memorials have been referred to the committee, complaining of embarrassments in mercantile transactions, some attributing them to the removal of the deposites, and others chiefly to the subsequent conduct of the Bank of the United State. That serious embarrassments exist in many of the commercial cities, cannot be doubted, and it seems necessary clearly to ascertain the cause before an attempt be made to prescribe the remedy. The powers possessed by the committee are inadequate to thatobjt ct, and they are unable to do more at present than to submit the facts which have come to their knowledge, with the course thev seem to sutrgest. That the

simple transfer of a given sum of money from one bank of deposite to another could have produced the commercial embarrassment complained of, is impossible. The public depofcites have not been annihilated, nor have they been transported from the country; they are still in the country, and in the use of the community. It is in vain that they look for the cause of embarrassment in the state of our market.

or the operations of trade; our agricultural productions and manufactures generally

bear a good price; foreign exchange is at its lowest rate; the balance of trade is decidedly in our favor; and the precious metals are flowing in upon us from South America, Mexico, and Europe. None can doubt the power of the Bank to create embarrassment whenever its managers deem it expedient. Io four months, commencing with August last, and ending with November, it called in Sn.r07,245 of its loans. As the State banks could not commence extending until they began to receive the public deposites in October, and from that till December, shey could not, in their extension, keep p ice with the curtailments of the Bank of the United States. It is evident that such rapid curtailment by the Bank ot the United States must have created some sensation iti the commerce of the country; but it is easy for the Bank of the United States to produce universal embarrassnieut, without anv aggregate curtailment of its accommodations. Bv calling in ranidlv one month.

" a 4

liiwit limn lull l iuimili3 iw I uil. The government directors inform us that, on a subsequent day, a series of resolutions

were adopted for reducing the business of j

the institution, and authority given to the Committee on tie offices to tuodtfy them at fdcasure; and, although a strenuous effort was made to require them to report such measures as might be directed by them to the board, the proposition was voted down. Thus, in direct violation of the charter, and in defiance of all prudence and propriety, was the whole power cf this vast aud powerful corporation to relieve or to oppress, ested in a committee who are not subject to the responsibility cf cen making reports to the Board of Directors. A lew irresponsible men, issuing secret orders from their private chamber, possess more power to distress the American people, than any department cf their government, or all departments, by any act short of a declaration

of war. What the resolves and orders of

this potent body have been, we have no

means of knowing. The President of the Bank, who is ex officio a member cf the committee, and, undoubtedly, directs its operations, is also clothed with unlimited pow

er to set the press in motion, for the purpose

of promoting the views of the Bank, rot

months, those presses which arc known to

have been sustained by enormous loans, and those which have received the moot liberal allowances for printing, have been incessant ly engaged in an effort to spread alarm atid dismay throughout the land. It is impossible not to suspect that the secret manage ment of the Bank, and the use of its funds by its President, oie in perfect concert with their dependent and devoted pi esses, ; 11

aiming to create a general pan:c, and pioduce the same result. That result is the

restoration if the deposites, audits certai consequence the recharter of the Bank. It any thing was wanting to confirm these suspicions, the alleged i efusal cf this Bank to co-operate with the State Banks in their laudable effoi ts to relieve the existing pressure upon the community in the larger commercial cities, is sufTicifit to temovc all doubts from the minds of the mobt incredulous. It is due to the country that the source of the embarrassments w hich oppress a por tionr.f its commerce shall be laid bate.

Should they appear to spiing solely from the managt ment of the 1 oik, wantonly and wickedly directed to produce them, i: may become the duty of Congiess io resort to all the means within their constitutional authority to check its career. If itihall appear that the Bank, by means of its money v.nd the papets tinder its control, has wilfully and intentionally produced these embarrassments, and if its power has

thus been abused.it cannot be endured that for two years longer it be suOlied wantonly toexciu- alarms in the country, to ! direct i pressure first on one point, and then on another, enlarge in one place, and contract in another, for the purpose of continuing to the end of its existence the evils which there is too much reason to believe it has already inflicted on the community. If, upon examination, it shr.ll be found that it has been guilty of such offences, its charter can

not be too soon terminated, and a scire facias would be imperatively demanded, to put an end to its machinations against the peace and interests of the people The govern ment owns seven millions of its stock, equai to one-fifth of the w hole amount. It is the duty of Congress to see that it be not used to oppress the people, and subvert the principles of our government. Of every hundred thousand dollars spent by the Piesidcnt of the Bank, or distributed to advocates under

t the name rf loans, and forever lost, twenty thousand dollars belonged to the people of

the United states. that their property mnv not be wasted,

that the cause of their distress may be ascertained, and a remedy applied, and, above all, that their ow n funds, and the money and power of this corporation, may not be employed to subvert the principles of their government, by controlling their elections, the committee deem it necessary that there should be a thorough investigation into the alleged abuses and corruptions of that institution, and particularly into the details of its management for the last six months. To this end they propose a rest lution to invest a committee of the House with power to make such investigations. 1. Resolved, That the B tnk of the United States ought not to be re -chartered. 2. Resolved, That the public deposites ought not to be restored to the bank of the United States. 3. Resolved, That the State banks ought

to be continued as the places of deposite of

The Evening Post of Tuesday contains the following notice of the interference of

the agents of the foreign capitalists in the j

iSew lork citv elections. othin2 is more apparent than that the Bank Government is the 9trong hold, within the walls of which a foreign influence rallies, to

make war upon the republican administration nnd Government of our country.

British ol'l is freelv spcndinjr to carry

our election in favor of the Bank. Good

hue and Kin?, the two agents of one of the

great English holders of United States

Bank stock, continue ihcir active exertions in favor of the Bank ticket. Nearlv

half of the stock of that institution is held

bv foreigners: anl these foreigners unhappily find Americans who arc ready enough to tecorr.c the tools of their Lad designs. The language of Wellingtons Farewell Address on the sul ject of such connexions, ought to he constantly borne in mind. "As avenues to foreign ir.fl ience in various ways,' says he, such at tachmcnts arc particularly alarming to the

AUCTION. WILL SELL ALL HIS

2?ou0ftionr ana itcftc;x

On Saturday the 26th inst at his Tavern stand on Market street, comprising articles of every description necessary for house keeping A credit of nine months will be given on all sums o-

vcr live dollars.

Vinccnnes, April 1 9, 1831. Administrator's Sale

truly enlightened and independent patriot. 7 3 "'HERE will be exposed to public sale How many opportunities do thev uliord to JL ob &.Mn!ay he 1M day of May tamper with domestic fac tions, to practice i ncxt at lIie '"te residence rf Kiehard 1 the arts cf seduction, to mislead public J i'rico, dee'd. all the personal goods of said opinion, to influence cr awe the puLlic decedent, consistingof councils! Against the insidious uilesof! TTnncolinlil Fnrnifurn

loreign influence (1 coiip.-re vou to relieve

tnc, fellow-citizens,) tin' jealousy of a free

people ought to be con: tart thj awake Mhce history and experience proe that foreign influence is one of the mo.-t baneful foes or Republican (.Jo. eminent.' Just at the moment when a disappoin

ted, desperate junto of politicians the same so signally rebuked by the American IVoplo for their attempt upon the character f Mr. Van Dun n were renewing

their system of denunciation and assailing th'j President himself, the venerable Chief received a present of a porcelain snuff-box, from an huniile Rritish soldier, which affected him more deeply and will he estimated more highly bv the public, than the

result ol the lour months debate in the Senate.

Hie snuff-box is inscribed in goMonle:

OXE HORSE, SADDLE AND RRIDLE.

HATTERS' TOOLS, Hi!TT3F.S' STOCK, aa7 rnnnuxGs,

WITH fOMi: HATS FINISHED AND SOIIE ITyriNism:i. Together with a number of other article, Sale to commence at ten o'clock, a.m. The terms of sale will I c a credit of nine mouths on all Minis of three dollars ai.d over, bond and security required. JOHN C. HOLLAND, ) . . MARTIN RORiXSON,) "t!mrf' April 15, lv31.13-3t

ters, 4To (h:. Andrew Jackson, Presi

dent of

JpIlE undersigned have this day enter-

ji. oil into Copartnership, under the firm r.t" 7.i.v A- vr,, Tl.,...

accompany by the following brief j th, fctoro u thc cori.crf - .

the United States or Ami

:ri-

note within the bo :

"Presented by a British solJiir, now employed in this specie of ir.uhvfacturc, in remembrance of ihe. GeneraVa chmaicy, while under him as a prisoner of u ar. Stai roKiifiiir.i: Potteries, Avgurt, 1S.W Tho American Genera! extended his persona! attention to the sick and wounded prisoners that fell into his hands at New Orleans. .Many of th?in, when about to be sent back to the Eritish General's camp, exhibited, in the strongest manner, thtir sense of gratitude fur the

kindness they had experienced from the American commander. It is, doubtless, by one of those grateful men, w ho modestly declined adding kis name to the inscrip-

Hon, or the note accompanying it, that the

ter streets, lately occupied by Tomlinsoa &, Ross, and opposite John C. CiaiL Hotel. JOHN ROSS, WM. L. EWIXG. Vincennc?, April 8, lfcvJl.

TJAVR purchased Ihe entire Stock of ilil Good. belonging to the late linn of Ttmlirson & Ross, and are now olVcriii" them at reduced prices. Their Assortment is Lxterislrc, and will be co;pph'tc upon thc receipt of their Spring and Summer supply, w hich is expected shortly. Those wishing to buy are respectfully invited to call. They retain the store lately occupied by TorrJinson So Ros. on tho

present was transmitted across the Atlan- J corner Water and Market streets, op-

uc, iu wit; man v. no is (icnounceu itv tne 1 r",,v vv"" v'u"

epstart R ink aristocracy, as a'yranf "usurper" uthc author of all the country's distresses."' It is remarkable that General Jackson uas never known to bo imperious, but to the proud, I lis affinities and affections belong to the honest, industrious, useful, productive classes. To secure the honest earnings of his neighbors from Rriti-h rapacity, he "i-hed his stripling blood," as

Mr Kandolph bcautiiully said, before he

Vinccnnes, April S, LS:il. 13-Gv

French Burr Mill Stone fjpIIR subscribers respccthlly inf rru JL the public in general, that" thev in

tend to commence Manufacturing French Burr Mill Stones, at this place, in about

tnree or lour weei.s.

Pe

rsons

VI-ll!fij to

are of superior quality, selected in Neiv York and Philadelphia, from lar i; parcel.1 .... . ' t

lcitiuv; out the i. txt, and calling again during the public money, and that it is expedient thc thud, hile it loans out in one place for Congress to make further provision by what it curtails in another, and in this man- law. prescribing the mode of selection, the

f i a

ner tans upon an tne commercial cit ies in rotation, it may more effectually embarrass trade than by a steady curtailment. When the poiicy of the Bank is unsteady and capricious, producing scarcity of money tody, and an abundance to-morrow, to be succeeded by a greater dearth the next day, it s impossible for merchants to conduct business with safet , and prudent men will re

strict or discontinue their operations. The Bai.k has long enjoyed a large portion of the business of domestic exchange; and whenever it chooses to cut t ff the supply in any or all directions, embarrassment and difficulty naturally ensue. There is much reason to suspect that the Bank has been managed for the last six months with a view to embarrass the community, as a means of operating on public opinion, and controlling be action of government. In the proceedings of the Bank iu rtlation to domestic exchange, so far as known, are perceived indications of a dispo

sition to use the power it possesses through that branch of its business, for the purpose of producing excitement and distress. The government directors inform us in their memorial that, on the 13th August last, two weeks before the Treasury agent returned from his ndssir-n to confer with thc State fxmks, and five weeks before the deUrminaUon ef thc Executive was aiuioan-

t-t f w, li'ir.i TT.I V, - 1 ..

II ..... . .... U

""3 "iU -oougu r iuok iiuo uie icMureci j wan me arrival ot their IJlocus as thev

Vjovcrnmcnts. 1 o detenu the same classes, in tfcc infant settlement of Tennessee,

against the surrounding savages, his hand! by one of the firm. Ti.,.v .i.JI

was ever ready more recently, u pro-1 prices shall be lower than tho samo ar:i-

teel tier irontiers trom their bloody incur

sion?, he led his volunteers into thc south

ern wilderness and morasses and finally became the bulwaik of the whole country against foreign invasion. At every period of his career, he has been, as ho is now, the but of aristocratic envy. The body of drones in society, who would

prey on the labor of others, both here and !

beyond the Auantir, pursue his name

securities to be taken, and the manner and terms on which they are to be cmyloyed. 4-. Resolved, That, for the purpose of ascertaining, as far as practicable, the caase of the commercial embarrassment and distress complained of by numerous citizens of thtt United States, in sundry memorials n hich have been presented to Congress at

the present session, and of inquiring whether the charter of the Bank of the United

States has been violated, and also what corruptions and abuses have existed in its management, whether it has used its corporate power, or money, to control thc press, to interfere in politics, or influence elections, and whether it has had any agency, through its management or money, in producing the existing pressure, a select committee be appointed to inspect the books and examine into the proceedings of the said Bank, who shall report whether the provisions of the charter have been v iolated or not, and also what abuses, corruptions, or malpractices have existed in the management of said Bank, and that the said committee be autliorized to send for persons and papers, and to summon aud examine w itnesses on oath, and to examine into the affairs of the said Bank and branches; and thev are further au

thorized to visit the principal bank, or any

w ith execrations. Rut the poor, nameless British soldier, laboring in tlitr S'aflordshire Potteries, remembers his "clemency." lie knows he h is the heart to protect the humble, and the hand to resist tyranny. And the laboring citizens of this country will forever revere tho fearless man, who has dountlessly met the phalanx of incorporate wealth, that would subject their industry to the pow er of their great mono

poly and the Government itself to the in

fluence ot its corrupt control. Globe.

A bill abolishing imprisonment for debt, in Massachusetts, has passed both Houses of the Legislature of that state. It was

clc can be got here from any other source.

r romthe quality of tho Klocks, and their long experience in the business they hope to give entire satisfaction to t.Wi who may fjvorlhem with their cnstoni. As to the temper of the Blocks the greatest care will be observed to have them of anerpia! quality in each Mil! Stone, anJ in thc manufacture, to have the joints on the back of the Burrs as close as the face. All Burrs manufactured by them will be warranted. BUZ3Y &. IIORTON. Vinccnnes, April 10, Tsi. pj-tf

THC STRAM BOAT

a.

Cut. Ro. Taelitto.

p1 durin? lhc season as a V V Regular Packet between Cincinnati and Lafayette, touching at the iaterr mediate ports.

The SYLPH is vcrv light draught, and

I to enable her to prccced at the low stages

sanctioned in the Senate on rnday last by mmui eei uoai win oe kept

a vote of to 4. rcaa al nioutn ot tne ivabash.

We are gratified to sec Massachusetts follow thc liberal and enlightened policy of Kentucky iu relation to imprisonment for debt. We may hope, now, that Col. Johnson's favorite measure on this subject will be adopted in Congress, whenever the din of the bank war hhall permit the business of legislation to be resumed in that body. Globe,

Beauty w ithout virtne, is likes a painted

of its branches, for the purpose of inspect- j sepulchcr, fair V ithcilt. but wi;hin full cf j ing thcbcoks.ccrrcspoudcncr, accounts, and corruption. ! RJQS l lno

Her

calms have been newly fitted up, and tht boat being in excellent order, offers a su perior conveyance for both goods and pis, sengers. W. D. JONES, Agent, Cincinnati J. C. BUCKLES, Louiswlh . February 13I. 3-tf Hags! Hags ! Uags! C.4SII, or n ORK will be given f0-

any quinmy oi clean Lmr.cn or CVi

VT23TER3 53M 0(HCC

2.