TWO DOLLARS ‘PER ANNUM, PAYABLE IN ADV'ANCE.
'1
>9 \
i 2’
OFFICEJWEsT‘SIDE
THE BRiI.DGE_iQvER HOY
. H!
VOEURIE XXIII.
NOE£E"v’A.LE{, or‘. \V'E-JIDNESSE).-ti‘, asanctr tr, 1849.
'r’s S."I‘OR_E.i
u.
TWHSNORWAEETJEETTE
j Is Published 1
‘ ‘EVERY WEDNESDAY MORNING,
_,.
.. B 1' '
JAMns:REED.Jm
V
‘ ‘ '1‘-ERMS,-—Two dollars per annum, payable
"in all cases. quarterly in advance.
To subscribers who live out of the Carrier’s
district and call at the Office for tl.-eir papers,
. 31- 50 per year, 1:/‘paid in cztlcance--otherwise
.$2 will be charged. Mail subscribers 32 per
annum, in advance. No others attended to.
To companies of sir. or more, receiying their
' papers by mail, $1 50, payable in aatvamtc.
'3 ,7 . - Executor’s and Atltnitiistrator's Notices. 3
I in-icrtions. $1-—Comuiissio‘ner’s notices, $1
‘ycarjv advertisers. one square, $10 per aiinum,
_ _ . , . .
payable quarterly in advance. The privilege
of vearly advertisersis limited to their own ini-
mediate business—extra advertisements will he
charged at the usual rates. All otlier.adver.tise-
, mentsat the rate of$1 per square for 3 insertions,
and cents for each sulisequent insertion.
All casual advertisements sent to this Office,
. . - _, r 7 .
must be accompanied by the cash. .t\o til/icis
- I
the Safety Fund. \Vhen this ivas comtncnccd,
bank and state were married. The then go-
vernor ofthis State solcmnizcd the mat‘t‘iagc,
and sanctioned the nuptial rites. This was
:1 popular, specious tiicasure. The people
did not see the effect. The public opinion
manufactured here and published in the Ar-
gas, had deceived the people. The bank
fund created to secure the bill holders in case
of a failure, was represented to them as a
new measure, devised by the wisdom of the
central party here. In his opinion, the bill
holders were rendered measurably safe be-
fore, by the power given to the chancellorof
pouncing on the banks and appointing rc-
ceivers. ' "
Mr. R. would not say but that the system
had some advantages. It was always the case
with tyrants. Their usurpations could never
succeed unless they had the semblance of a
deference. to the will and interests of the peo-
ple. They would not take a pill ofthat kind
unless it was gildcd,and this pill was literal-
ly gilled. By it the executive got posses-
sion of the money power, and that money
power was made to tell in every election -
will lge z'nscrler1.r
tetsurttniste,
_ OFIALL KINDS,
nrttrv EXECUTED AT THE GAZETTE ottmt.
DENTAL NOTICE.
I OCT. A. HILL. t.lia"kful forthe patronage
- he has reccivztl in his profession during
'12 months past, in Norwalk, begs leave to in-
form tne public, that he still continues a few
,doors west of the Bridge, in Burr:_tll’s Buildings,
where he will be happy at any time to 600 his
,‘f'riends.. and answer all their calls in Dental
Surgery. _ _
litcorrupttble teeth inserted from one to a
full set. Also, teeth cleansed. Selmfttted. ex-
‘ tiacted, &e., and all those diseases ofthe teeth
attended to,.which, if suffered to continue, are
productive of so much miseliief.
_ R¢;fcrences.—Eint~i-y Bissell, M. D.: J. D.
1\léL._-an, M. D.: Hon. [‘houias B. Butler;
Hon, Benjamin lsaacs, Norwallz. Ncliclnlnll
Perry, M.'D. Rldgt-firiltl. R. B. Botsford. M.
if .D.; Doct. D. P. Knapp. D-t-IthUTY~ 7_D"Ct-
'Howell Rodgers, Colchest.er.- CL “‘1”“”“
\Vittcr, M. D. Willtaniantic, Gt. 1
. ' Noveinher 20, I839. _
SILVER SP()ONSare selling
cat 2:’) percent lessthan formerly.
rice of other thiiifis l"’l".1l
Ltzvi CI..~\P.1\’ A: Co.
B
in consequence of the p
Men were obliged to come in and do lcalty
to the party, in order to get stock in the
banks that were cliartered. They were com-
pelled to put their hands under the thigh of
their masters and take the oath of fealty.-—
They were as much bondmen as the vassals
in the worst of the feudal days.
lVhen Gen. Jackson came into the Presi-
tlential chair, he felt that he owed his elec-
tion in a great measure to the favorite son of
N. York, and after l\-lr. Van Btircn’s sixty
days’ administration as Governor, he was
called to the office of Secretary of Statc.—
He carried to \Vashington, and infused into
the General Government, the same princi-
ples that had governed his course at Albany.
He sought at once to subjectthe money pow-
er ofthe country to the control of the Exec-
cution of this plan was, the cstablisiiient of
of the coutitr_v.
plan for a Bank. He
Bank was passed by a la
was in 1781.
[Gen. R. here read fro
old Congress]
This extract proved th
proposed by Mr. l\-lorri
encc had prompted them
Jlfr. Yottng explained.
resolution recommending
power.
hoiv did Pennsylvania. re
with the argument. Con
credit of the country, and
against counterfciters.
the war.
[Gt-n. R. here read the
Continental Congress.)
utive. He (Gen. R.) had before hinted at
the mannerin which the indignation of Pres-
ident Jackson had been aroused against the
Batik of the U. States. He had suggested
that lame gave it as a fact, and that although
it was not susceptible of proof, the circum-
stances were such as to justify the belieftliat
it was true. Gen. Jackson was told thatthe
Branch Bank at Portstnotitli, N. H., ofwliich
Jercmiali Mzison was President, was exerting
its iiiflticnce against Levi W'ootlbury and
" yetlticetl. by
DISSOL UTIOIV.
E Co partnership of Keelcr. Raynartl
\
H
5.: Co. is this day dissolved by muttialcon-
sent: All persons indebted are requestetl to
make irnmetliate payment to Bradley lxeeler.
only. who will hereaiier continue the Carriage
Making business in his own name. _
' l3tt.tn1.i-tr I\i-:t:Lr:R.
Mostts R..tr.\'.-mo.
'1‘tio.\t.-is FA.\'CHF.R.
New Canaan, Feb- 20=h. 1340- 31*”
x
.. i '
AB5'TKACT OF THE SPEECH OF
GENERAL noon
.I/Z the Senate of the State of New-Yo7'.’.'., on
the joint Resolution on the sulijecl ofl/to
Sub-Trcasu.rg/, Feb. 7, 1840.
[Reported for the Albany Daily Advt-:rtiser.].
,‘ll'Il'.\ROOT said he had been waiting in the
.expectation to hear some gentleman on the
4 other side upon this important subject. But
as hghad inforinetl gentlemen, when on the
bill in respect to the appointment of County
Treisttrcrs, that he would suspend a further
‘historical view of the division and action of
political"partics u’ntil these resolutions should
, ‘come up before the Senate, perhaps they had
"- adopted the same course. He had been dis-
fmayed at the immense amount of matter
',th’at crowded upon his view in entering upon
this discussion. and he found it difficult to
‘ “'».3r‘iialte such aflselection as should enable him
‘to confortn to the’ patience and time of the
Senate. He had taken_copious notes during
'theJ‘speech of the Senator from the fotirth,
‘. (Mr. Young,) and of his colleague, (Mr.
Pajigc,) bttt it was impossibleto reply tothcm
at length, and at the same time to do justice
to the question thus before the Senate. I-Ie
trusted they would excuse him. It was out
of want of no respect to them, but solely
1 ‘from the want of time.
The ‘subject to which the resolutions refer-
red was one of vast importance to the people
. of this country and to the Administration.
1/. On.this question of a Sub-Treasury the Ad-
’ ministration had declared to the world that
they were ready to sink or swim. He should
proceed to take a view of the Administration ;
and in the flrst place,-he should lay down this
p stu_late—that the Administration of‘ the
eneral Government is now, and has been
or eight or ten years past, the most corrupt
id corrupting, the most profligate of any
recorded in the annals of the world——that no
.-3. ) nation was ever cursed with a government
’ whose influence was so pernicious t0 the P60-
ple. The principal circumstances on which
this fact was founded, was that no govern-
ment ‘had’ more wickedly performed its ftinc-
tions, and the influence of this government
was vastly greater on the ppople than any
D‘.-her; therefore, it was more corruptmrr.
In the examination of this postulate, he
should endeavor. to show that Mr. Van Bu-
renihad been the chief actor in producing
the present state of things. If he succeeded
in establishing this position, and he had no
doubt that he should, he had another postu-
‘Write to lay down, to wit: that the supporters
of the present administration, if they are
honest and intelligent men, cannot be demo-
crats——that democracy and a‘ support of the
Administration of M1'.'Van'But‘en are entire-
ly incompatible, "
,, ‘The corrupt in
s
,‘. ‘
. ;/
fluence of the administra-
zionhad. been produced and. increased by a
plan conceived a, d matured. mafiy Years 330-
go‘ lace the money powerunder the control
son.
Jackson tlien determined to put downthe -to bear on the question.
Bank; and he entered upon the task with as the House of Representatives by avote of39
tnuch artlor and resolution as he had ever to 20.
marched to discomftt the enemies of his coun- 1
In his Message the following Deceni- tiiembers from New York voted for it, and
her. he called thcattention of Congress to the three of them had never-been suspected of
He said that many intelligent men federalism. One ofthem, Gen.Jolin Hathorn,
try.
subject.
had doubted the constitutional power of Con- he remembered 40 years ago.
grtfss to charter a Bank-—that it had failed to a Senator ofthis State, and a pure patriot, and
give the nation a sound and uniform C|tt‘1‘Cn-' he (Gen. R.) had felt a pride in shakingliim
cy, and he suggested the notion of a Treasu- by the hand. Gen. Floyd was a republican
ry Bank.
chairirinn.
son.
to the committee on finance, at the head of _
which was t'ha_t old Republican chief and The planting States voted in its favor.
stern patriot. Gen. Sam’l Smith of Maryland. agrictrlttirists of the south were not conver-
Both of these comiiiittcts reported in favor sant: with the great exchange transactions of
of the batik, vindicatinrr and maintaining its this country and the_ world.
constitutionality, and recommending its re- gagcd inmaking their crop and selling it ac-
Both took strong ground against cording to the custom ofthe country. They
the Sub-Treasury project, that is, the Admin- did not feel the necessity ofa bank, and very
naturally fell into" the opinion that it was un-
' The question always-had de-
charter.
That message, Gen. R. said, induced the
into the measure of the Safety Fund.
istration scheme of a Treastiry Bank.
These reports, drawn up bv the Republi-
cans, Gen. Smith and Mr. Mclluflic, were
published by the Bank and scattered over the the terms ofthe constitution, Congress is re-
nation, for the purpose of doing away the ef- quit-"eci to make all laws which shall be ne-
feet of the injurious charges in Gen. Jack- cessary and proper to carry into execution
son’s Message.
In 1831, the intended successor to Mr.
his resolution against the B:itik.
Government. Resolutions were introduced
into the Legislature. here, and although the _
republicans were opposetl to them, they were. division was purely geographical. General
I-Vashington. the President of the convention,
approved the bank and signed its c.harter.
dragooned into their support by the Regen-
cy, who were deeply engaged in the perpe-
tration of this great national mischief.
The Bank published a reply to Mr. Ben-
ton’s speech, and also the reports ofthe com-
mittees in both Houses of Congress. There
charter. They wanted to repel the charges
that had been circulated against them: and
for publishing the reports of the committees
in Congt'ess——both made by the friends of
the Administration——the Bank had been ar-
raigned before the country for electioneering
againstthe President. It had made no oth-
er attempt to vindicate its character, or to
electioneer against the Administration; but
it was then called a Monster, and accused of
creating mischief by its expansions and con-
tractions. and this abuse and misrepresenta-
tion has been‘ repeated from that time to this.
Geri. R. said he would indulge in a few
reminiscences concerning the old Banlc. of
North America and the financial condition
of the country under the confederation. He
would prove to his friend from the 4th (Mr.
Young) notwithstanding that gentleman's de-
nial, that the old Congress did .cha-rtera. Na-
tional Bank.
of the Executive. T he first step in_the_exe-
The old Confederation was said to be a
been no opposition.
vania, atid was not repeal
wards.
and a signer of the Decla
dence. Gen. R. wa_s not
great banks in the city of N. York to come a member ofthe VVashington BenevolentSo-
ciety, of which fame relates that the honor-
In the House of Rcprcsetativcs the sub- able Senator from the 3d (Mr. Paige-) was
jcct \\"i'.‘S referred to the committee on ways the St:_‘(.‘-1‘€t’t1‘y. The other was Jeremiah Van
and means, of which Mr. l\”lcDuffie was Rensselacr, of this city, who was chosen Lt.
Five ofthe seven members of the Governor in 1801; when that illustrious man,
committee were the supporters of Gen. Jack- said Gen. R, pointing to the portrait of Geo.
In the Senate, the subject was referred Clinton, was chosen Governor.
The division was strictly geographical.
constitutional.
the foregoing powers.
Gen. Jackson has been
VVashington.
motives of Vi/ashingtoti?
was no doubt that the Directors wanted a re- jttred betrayer of his country’s interests for
signing the bank bill?
sary, it is constitutional.
sity and propriety.
sound, uniform national
Could this currency be
rope of sand. it did not confer on Congress
the power to lay taxes, and the nation was
soon without the means to carry on the war.
\-Vhcn the continental money had become
nearly worthless—-when, as he had been told
by a soldier, $20 was required to pay for a
mug of flip, Robert Morris proposed a Na-
tional Bank to redeem and restore the credit-
He was clirectedto report a
cordingly, and it was approved by Congress,
and a resolution for the establishment of a
a State had chartered the Bank.
ter of the Bank ofthe U.
for the most part, a more transcript ofthat
same as the Bank ofEng
mg the reign of ‘William and Marv, except
with such modifications as time and cxp8ri-
rccollcction, the old Congress had‘ passed a
ter Banks, because that body had not the
If Congress did charter the Bank,
an-. Root said he gave way for the Sena-
tor to explain, but not to allow him to go on
chartered the Bank in order to establish the
to enact penal laws to protect the Bank
The States were also
requested not to charter
The charter was passed without even a di-
vision——perhaps unanimously——thcre were
no ayes and noes recorded on the final pas-
sage ofthe bill. There could, therefore, have
The record was clear
and satisfactory, and demonstrated the truth
of the facts which he had laid down.
Col. Young inquired how it was then that
Pennsylvania had repealed its charter C3
Gen. Root said the Bank was re-chartered
by, and ttirned over to the State of Pennsyl-
In 1791, when the new Bank was char-
lsaac. Hill, and in favor of Daniel IVL‘-bster. tercd under the new constitution, party poli-
At the instance of Mr. Van Buren, Gen. J. tics had nothing to do with it. He averted that
instructed his Secretrry of the Treasuity to it was not a party measure in any way. The
demand of the U S. Batik, rt change of the members ofthat Congress were ‘rVhigs, there
direction of the Portsmouth Bank, and the were no Loco-Focos or other trash among
substitution of a new President for Mr. Ma- them.
They were federuli-sts and republi-
This demand was refused, and Gen. cans,'butnoparty considcrationswerc brought
The members div
y, and not according to party.
pended upon expetliency and necessity.
In the convention that frainedthe constitu-
Van Buren, Mr. Benton, brought forward tion, a resolution. conferring upon Congress
This was the power of creating corpor-.it'ions, was re-
delaved until 1831, because in 1830 the Safe- jected, and this has been triumphantly cited
ty Fhnd scheme was not in full operation — to show that Congress was prohibited from
The poison which was iti active circulation creating corporations.
here had not been infused into the General chartered the bank of 1791, there were 12
members of the Convention.
voted in favor, and against‘ the bank. The
In the Congress that
\Vill the worshipers of Jack-
son at the present day-, call in question the
sisted in framing the constitution helped to
charter the bank, and had no doubts of its
constitutionality under the new constitution.
If a bank is not necessary for national pur-
poses, it is‘unconstitutional.
depend on the national feeling as to its neces-
It was said by the administration party that
the VVhigs dare not avow their sentiments in
respect to a national bank. He (Gen.
was prepared to make a distinct avowal. The
constittition required Congress to provide a
quired thatthe taxes should be equalized all
over the country. This could not be done
without a uniform currency.
could not be paid with equal justice to all,'=nor
the navy, nor the expenses of diplomatic in-
tercourse, without this uniform‘ "currency.-—
that it could not.
to help carry on the war.
tiicnt. '
reported a plan ac-
rge majority. This
m the journal of the any part of the country.
at Congress and not no bank.
The char-
Statcs in 1791, was tress.
s, and that was the
land. chartered dur-
to make.
According to his
to the states to char- cature.
pcal the chartet".l
gress, he continued,
called on the States political.
any banks during
are, political.
proceedings ofthe ofa war with Great Britain.
I'Il€f('C.
excited.
tility on our part.
nouneed as at British Bank.
ed until long after-
it.
the best republicans in the land.
port
The charter passed
ided geographical-
The six to vote for the resolution.
down with the British Batik.
He wasthen satisfactory to him.
1
ration of Indepen-
aware that he was
istry to forliear.
stock would be lost.
ties, held this opinioti.
that the reverse of this was the fact.
The
it was different.
They were en-
By
lettcrs insisting on his opposition.
behind the speaker’s chair.
he made t'he vote even.
publicans.
Of these, 8
agains it.
tive.
called the second _
prectation prevailed.
VVas he the pet'-
a sound currency without a Bank.
The men who as- _
was made a party question. _
Certainly, to a great degree.
If it is neces-
This question must
~ most impossible to loan nioncy.
cents on the dollar.
tinued to pay-specie. '
currency. It re- _
ney was greatly depreciated.
The army _
Boston, or specie par.
obtained without a
The patriots’ and sages of the nation were
now convinced of the necessity of a Birth.
Mr. Madison, whose dcniocracy would not
be doubted, had originally been hostile to the
Bank, but he now declared the question of
its constitutionality to have been settled by
the action of both parties ‘in Congress, and
by the decision of our highrst national judi-
Gen. R. said he had noticed the arroga-
tion ofthe other side, that the charter of the
Bank in 1791 was a part_v qucstion——that
itssupporters were federalists, and its oppo-
nets dcmocrats—and he had shown that it
had no reference to party-—that it was a
question of geographical limits, rather than
He would now consider the con-
troversy of 1810 and 1811. on the proposi-
tion to re-charter the B;-ink. He would admit
that the qticstiou wasthen, in sortie meas-
The country was on the eve
lVc had for
years been engaged in a paper warfare, and
Great Britain was warring against our com-
The Continent was blockaded frotii
the port of Brest to t_he motith of the Elbe,
and the people ofthe U. States were greatly
The cncroachnicnts of Great Bri-
tain had produced a a strong feeling of hos-
It was known that a
large share of the stock of the Bank was
owned by British stihjects, and it was de-
Of the stock
owned in this country, it was said that the
principal part was owned by federlists, and
a strong popular feeling was arrousetl against
Those who understood the subject of
exchanges and currency were in favor ofa
re-charter, and among them were many of
Albert
Gallatin, then S(."C1‘C‘i81'y' of the Treasury,
1Vl101li1(l_jl]Slly been called the American
Nccka__t;, gave the riieasure his warm stip-
He (Gen. R) then a humble reprsescnta-
tive in Congress from the State of N. York. the civil administration of the DeVVitts dur-
was in favorol it, and had made up his mind
Vast numbers
ofiletters were rushing upon him, sayitig
The argu-
ment used against the rcchzirter were not
The British capitalists
who owned the stock were the very men to
whom the Government of Great Britain
ooked for loans to carry on the war.
fact that they owned stock in this country
would be an inducement for the British min-
If they went to war the
Hc was aware that the.
general impression was, that the c.reditor na-
tion had the power over the debtor nation.
Gen. Jackson. who had been honored with
the title of L. L. D. by one of the Universi-
But a. little reflec-
tion would satisfy Doctor Jackson himself
T h c
It was
the case with individtials, but with nations
The intlivid-ual. creditor
could point his debtor to the jail—the dt.-bt-
or nation could point-the creditor nation to
the confiscation of the stock. The debtor
nation might. say, I will iutcrpose obstacles
to the receipt of your dividends, and the
stock besides, if you dont behave yourself.
He (Gen R.) had seen and acknowledged
the benefits resulting to the nation front the
Bank, and had agreed to:vote for its r_e-chai'-
ter, but his political friends had written him
He could
r
not vote against it, so be paired off with a
member who was opposed to it. and stepped
In that way
The bill passed the
House of Representatives by a small major-
ity, while there was a large majority of re-
The Senate was cqtially divided,
andthe Vice President gave the casting vote
The opposition of Jefferson and other pa-
triots was founded on the apprchention that
the Batik gave too in ucli power to the Execu-
The Bank went clown, anti disaster and de-
The fiscal relations
of the country \\~'e.t‘e embarrassed and deran-
ged, and it was found imposible. to sustain _
. adopted by a vote of more than two-thirds of
It had been said that the. Bank of 1816
\Vas it so '.l—--
The republi-
can lparty projected the Bank and carried it
through, while the iederlists were opposed
to it—'-not entirely, but in a great measure.
The government had labored trader great
embarrassrncnts, "and it had been fotind al-
One party
was throwing every difficulty in the way, and
the Government could hardly get along
large loan was taken by Jacob Barker at 80
The eastern States con-
" A
In the middle and southern States the mo-
In VVashing-
ton, notes ware. 20 per cent. below N. Yark.
and N. ‘Y. was 6 or 7 per cent. below the
' Mr. Madison, who had opposed the bank
in5l8l1. had become tzonvinced that it was
necessary 'to _c.arr.y the other delegated pow-
National f,’-ank .7 The reason of the case I ers ofthe Govcrntiirnt into an-cc,‘ M.-_C1
showed it could not-—cxperienc'c had proved
The old batik wa':scrcated
it was indispens-
able to ‘the financial action of the govern-
Through its itistt'titnciittility the war
was prosecuted to a successful issue.
After the war, the States issued a curren-
cy. btit it soonbccatiie greatly depreciated.
lVhcn the bank was chartered in 1791. tin-
der the ncw constitution, the nation enjoyed
the benefits of a sound, uniform C11l‘l‘L‘ll('.y.
Exchanges were cqttalized, and there. was
none, or bttt little premium or discount in
This bank expir-
ed in 1811, and for several years there. was
The war caused great distress,
and the want of a batik aggravated the dis-
lav
who had opposed the Bank in 1811 us until».
P~"1r‘~_V- éxcept a few from the planting States
tions, voted against it.
from this State opposed it.
they do it?
posed it as the most t-fiietzttttil mode of pros-
trating the republican party. 1‘ T
It had freque'ntly been llt1‘t‘.\‘.‘D out that he
(Gen. R;) voted :.ig:iinst the Bllflli in 1816.
It was. true, he had V0l(.(.l, and he would
explain the reason.
A large portion of the capital stock was
to be paid .in 0 per cent. stocks of the Uni-
ted Statcs at a price above the market value.
He thought he saw an enormous stock spec-
nlzition inthc project. And frotn wliat he
had seen the prececding winter in the State
Legislattire when he was a tnember of the
St-iiate, in the passage ofthesix million bank
a_ntl others, he was jralous of sticlt specula-
ttons.
For this reason, he, Gen. 11., and two of
his colleagues, Judge Savage and Mr. Bird-
sall, voted against the bill. Ifthe bill pass-
ed, their votes cotild do no harm; and if it
was defeated, a re-consideration ‘could be
moved, and an opportunity furnished for
proposing such modifications as ‘ he deemed
necessary. This was the reason—-and not
any hostility to a N.-ttional Bank.’
[Gen. R. here rearl from Niles’ Register
of 1816 a statement corroborating the fore-
going] .
The batik was chartered, atid the benefits
anticipated from it were fully realized. Be-
fore the termination of its charter it was
brought before Congre.-.s. Every body was
satisfied of its constitutionality. The ques-
tion has been settled by repeated decisions of
the Supreme Court, and all political parties
had acquiesced. Mr. Jefferson had sanction-
ed its constitutionality by signing a bill fora
branch at NewOrleans l\lr. Van Burcn
acknowledged it by applying for a branch at
Albany. Gen. Jackson acknowledged it in
his Vt-to Message, by saying that the Exec-
utive 'would furnish a model of a bank it
called upon. But the Bank must go’ down.
The bill to re-charter the B.-ink in 1832, was
so modified as to remove. every objection.-
The mother Bank and each branch was re-
quircd to receive for its debts the notes of ev-
ery other branch. It was brought as near
perfection as the wisdom .and experience of
ages’ could sttggt-st. The Batik was found-
1
ed on the principles of the Bzrnk ofAm.=.ter-
clam. That bank had been pcrft--cted under
ing the commercial reign of that little repub-
lie, when her flag, under the De Ruyters
and Van Trumps, swept the British channel,
and floated triumphant on every seat. Its
principles were carried to England by Wil-
liam the Dutchman, when he was called to
sway the Britisli sceptre. The improve-
ments that had bceen made by the Bank ol
North America, the Bank of 1791 and of
2816--all the anienrfments that had been
made during this period were introduced in-
to the charter of 1832; but this bank, built
up by the wisdom and experience of ages,
must go dow-n. And, whcrefot'e .?
Mr. Van Buren, the Governor ofthe state
of N. York, during his 60 days of malign
administration, conceived the plan ofsubject-
ing the money power to the authority of the
executive, and thus triumph over the liber-
ties of the people and control the elections.
But the Bank was in the way. Mr. Biddle
would not submit to the dictation of the Pres-
ident, and permit the bank to be used asa
political engine, and so the bill was vetoed.
The charter did not expire until 1836, and
the bank therefore had a little while to -stir-
vive. The government could not grasp the
public rroney, and wield its influence forthe
-purposes of corruption. \'Vhat was to be
done .7’ Did New York’s favorite son prompt
the act He (Gen. R.) would not say so;
but it looked very much likeit. In thencxt
communication to Congress, the President
referred to the precarious condition of the
bank, and suggested the expediency of re-
moving the public money. He then ac-'
knowledged the power of Congress to regs.‘-
late the place of deposite. He had not m ede
the. discovery that the Executive possessed
the exclusive control of the public treasure.-
A committee of Congress. at the head of
which was the distinguished member from N.
Senate by a seat in this house, made a report
on the condition of the bank, stating‘ that it
had the means of meeting all its liabilities,
and asurpltis of about seven millions besides,
and concluded with .'1'l’€$0lUl.10nll1i1ttl]e pub-
lic tlepositcs were safe in the bank,and ought
to be continued there. This resolution was
the house. The opposition to it was princi-
pally geograpliical. Those who voted
against it had no suspicion that the |Tl0h<‘37
was not safe. But they denied the constitu-
tionality of the -bank, and were unwilling to
give a vote that shotild imply assent to it.—
This was the last of February or thefirst of
-March, and Congress adjourned on the 3d of
‘March.
It was then declared by the people that
the public inottey wassafe in the place ofd'e-
posite assigned by law. The people. through
their represent_ativ.cs,« rightfully elected, is-
si1cd'thcir.high mandate to the President.
directingliim to lreep.their.ttCaS_ltY¢ 13- the
National Bank. '
VVhat was the consequence ? Before th._e
members of- Congress got home, the Presi-
dent, cn his own inotyion. and responsibility.
set himself to remove the public money-"-‘
cessarv anti uncsonstitutionztl, now supported
it in conjuction withthe whole republican d!
The federal party, with two or three excep-
York, (Mr.Verplanc'k,)- who now honors the.
NUMBER 17.
jt1SSt?tlt—-it'll except'two humble tools—‘t“.,3
contemptible minions of power - one of
ltl1CS6'.'l‘ot‘y minions agreed ,0 ',,emm_e the
.l’°S""5- and he was immediatelv made
‘S‘_‘ih°rel'f"‘l' El the T|‘9flSDT_\_'. And this Tory,
o \\ as t as gutity of high treast.»r- against
9
Every iedcrlist tthe people, was re“-a,.d,.d for his .1335? $,,~,,_
And _why did st=rvient‘y hv a place at the l‘lt’1‘t(‘l 1 N
They knew tliat nothing but a tional judictiture! V
l3:_tnlt_ could save the Ad:ititiisti‘ation—,tliat
without it the Admiriis'tration must‘ be icin-
barrasscd and could not go on, and they op-
of our na-
_ And this flagrant, this monstrous US'.‘tt‘,“-$2.
tion, is undertaken to be justified by the (35,
'“°°m".V 0‘ ‘W5 State. The Democratic
G°"""_"°" “Pl3l‘_0vcd,it, and it was apprnvg-d
the D9tH0Crd.(‘_v all over the country.-—--
I he unit was a monster,and GPn_ J,,(.kSm,’
who ha-s strangled it, was a political I-1-(gr.
Culvs.-—yes a giant.
Were there any Senators on that floor‘
who claimed to be democrats, and yet jnsii.
fled this ‘“'l’l”m‘_V. illegal stretch of execu-
""e P"“"~’T-7 Thev Democracts? A Bri-
tish Tory was a republican in comparison.
It had been said on that floor, that Mr’.
Clay had compared Gen. Jackson to Charles
I. and M!‘ Van Buren to Charles II.‘ He
(Gen. R.) had never heard of it before, but
it might be so, nevertheless. Charles I had
by his own officers collected the ship moncv’
and other taxes. Gen. Jackson had seized.
the publicjmoney after it was collected and
df’-P°5”t‘d In the Trcastiry. That was the"
dift'irence_ be-tivc-en them. There was no
tm°“af"h 1“ EUZWP9. Where the least pretence"
0 freedom existed, that would have ventured
tipon such a daring act of usurpation. They
would have met the fate of Charles I, or have:
heen driven from the throne into exile.--—-
Charles X. of',Frnnce, for a far less arbitra-‘
TY act. Was driven an exile from his king-*
dom. ‘ \Vould VVilliam the 4th have attempt-
ed such a thing? His indignant people’
would have compelled him to flee his realm‘-
as James the 2d had to flee.
No monarch of continental Europe would’
have dared to usurp such a power. Not even
the King of Denmark, an absolute monarch,
It would have cost him his head. The Au-
tocrat of Russia? He would have met the"
fate of Paul. His serfs would not have re-
belled, but his nobility would have assassinat-
ed him or hurled him from his throne
No motiarchwonlitl have undertaken surf
a. thing——none but Gen. Jackson would vi.-:1:
suc.h a high-handed assumption of pc--7-==.-.
Aud men, no, slaves, calling themselves ti.--
moct'ats,justify and approve this tyl'8nlilC-".i
measure. For shame!
Having got the Bank out of the way, and
thus placed a large amount of public monev'
at the control of the President, it was neces-
sa ry to devise some plan to’ make it effective‘
in corrupting the people and controlling the‘
elections. Accordingly a subalteru officer‘
of. the Treasury‘ Department, an Auditor of‘
the Navy accounts, in conjunction with that
vile perjured wreteh, Reuben M. VVhitney,
projected the scheme‘. How was it to work ?’
lt was said to the Bank of America, here-,.
take half a million of dollars, and for fearthe
Bank of the U. States may make a-run upon
you, take a contingent draft’ on that Bank‘
for halfa million more—you untlersla-mi z!.- '
VVhitney is the agent, you must fee l:iir..—-
The Bank of America,» said Gen. R.. 't\'."‘.9
sclectcd. _Perhaps the corrupt mu.-iiis hv
which’ this Bank had obtained its chartef.
commended .it to the special favor of the ‘Go-
vernment’. _ _ . ._
Another was the Manhattan Bank, \“.'l‘l0SF."
stock was principally owned by foreigners,
which was once thought so great an off nee.-
The deposit banks were expected to support-
the Government evenin the local‘ el'ectiotis—
in short, to do alljits dirty work.- The cus-*
tomers of these Banks were required to sup‘-
port the Administration, otherwise they could
get no accommodation. The N. York mer-
chants sell their goods to the Country mere
chants on credit. \Vhen the merchants from‘
the country went to the city, they were told,
we cannot give you credit unless we can get-‘
accommodations at the Banks. The Banks‘-
ivill not discount to those who are opposed to
the Government. The consequence was,
that the merchants were compelled to sup‘-
port the Administration‘. Thirty’ or forty
pet Banks were appointed for the express?
purpose of doing the work of the Adminis-
tration. There was no need of proof of this--
it was open,. palpable, visible bribery—obvi-
ous to every man, woman and child in the
country. Was there ever such arr attempt‘
to overwhelm the whole land in a sea ofc'or'-
ruption .? ._ .
Then in 1836, there was the Specie Cir-7
cular, and for what ? To carry out the great’-
scheme, and bring in large spoils to the cor-'
ruption fund. Gen. Jackson, he thong ht,wa‘s‘-
deceived. Gen. Jackson might have suppos--
ed that the object, as was pretended, was to‘
check speculation. But it was in reality a
plan conceived to promote the interests of
speculators.
A great American Land Company was
formed, consisting of. Government. officers
and their friends. Its articles of association
were written by the attorney General ofthe
‘U. States,-and his brother was placed at the ,
head of it as President. -
By the terms of the Specie Circti’;-2' re.
ceipt for money paid into the Treasu viz?
receivable at the land offices in payirteot. for
lands. - ~ .’ '
There was a Brink at V1-'a’shin-gton. kiiown
as the Bank of the Metropolis. j'1‘his Bank '
was in bad repute. Its stock was greatly
below par, and it‘was un_derstood to be in. ,
danger of failure, when it was taken under
the‘ protection of the Government‘. The
stock, much of which had been bought in by‘
the speculators. who were in the" secret’, at.i9_
.7
- low rate, immediately rose 20 and even‘ '30
per cent. above par. A
_This was one i‘nciden»t,.
more like unto it. | i .
_ A.draft: on the Barrie’ made by one of the"
"American Land Company.” ivould;-.be ‘pref-'
and there wéreztl 1
His Secretary of the Treasury refused. He
called acabinet council _they refused» their
seated, the kegs of specie loaidedcn to acne.
Norwalk Chronicler