, TERMS OP PUBLICATION 02 WPpbr annumr in advance—be gs- 50, if not paid* withintheyvar. Nbsubscription token fpr-ti less term than six months, and nb discontinuance permitted until allatrearagesarepaid. A failure to. notify, a aisconlinuance at the expiration of a term, will lie considered a tiew-engagcment. Advertisements —-gl 00. per square for the; three first insertions.JUid twenty five cents .for 'evefysubsequentone* , ; ; . " DH. WM. EVANS’. SOOTHING SYItUP, . . JPOR CHILDREN TEETHING; To Mothers and Nurses. The; passage of tiie teeth; through the gums f reduces troublesome and dangerous symptoms, t is known by mothers that there is great irri tation m the mouth and gums during this, pro cess. The oumsswell.the secretion of the saliva is increased,’, the child is seized with frequent and sodden fits of crying, watching, starting in its sleep, and spasms cf peculiar parts; the child shrieks with extreme violence, and thiusts its fingerS into its mouth- If these precursary symp toms are not speedily alleviated, spasmodic con vulsions universally supervene, and - soon cause the dissolution of the infant. If mothers who have their little babes afflicted with these dis tressing symptoms would apply the celebrated Ameiican Soothing Syi up, which has presorvtd hundreds of infants when thought-past recovery, from being suddenly attacked with that fatal malady convulsions. Tills infallible remedy Ins preserved hundreds when thought past recovery, from convulsions. As soon as the Syrup is rubbed on the gums, the child will recover. ■ This preparation is cent, so efficacious, and so pleasant, that no child will refuse to let its gums be rubbed With it.— When infants are at the age of /bur months, thnughthere is no appearance of teeth, one bot tle of the syrup should be used on the gUptu to open the pores Parents should never he with-' out the syrup in the mirsery where there are y oung children, for if a child, wakes in the night with pain in the gums, the Syrup immediately gives ease, by opening the pores and healing tile gums; thcreby.preventing Convulsions, Fevers, &c. ' Beware of Counterfeits. (rj'Canlion.—Be particular in purchasing to sec that the label of‘this medicine contains a no tice ofitsrrtfri/ according to Act of Congress . — And be likewise particular in obtaining them at 100 Chatham York, or from the regu lar agents, . s Hamilton & Grier, .CaHisle, DR. WM; EVANS’ Camomile fi' JSpericnt Fills. Another very severe case of Inflammatory Uheumntism cured by Dr, Evans' lih-diciue. Mr. John A. Carroll, of the rmintv « f Westches ter, towivpf North Castle, New been with inflammatory rheumatism for fourteen months 'with violent pains in his limbs, great heal, excessive- thirst,, dryness of skin, fimbs much swollen, was not able without assistance to turn in hed for six weeks.-v Had tried various remedies to no i ffect., ,\Vas.a(jVis* ed by a friend of fils to procure some of Dr. W. Evans* medicines of 100 Chatham Street, N.Y., which he immediately sei.t for? aj,ia afiel taking the first dose found, great relict, and in continu ing its use according to the directions, for ten clays, was perfectly cured. Allows me to refer « any person to him fur the truth of the above statement. . . Beware of Counterfeits, particular in purchasing to see that the label of this medicine contains a no tice of its entry according to Art of Cohgres s.— And be likewise particular in obtaining them at 100 Chatham bt., Ne>v York, or from the regu lar agedts, Hamilton & Grier, Carlisle. Oct. 10, 1839. BARON VON HUTCHELER . '..SSP.B.SILLS. n These Pills «»re composed of Herbs, "which exert a specific notion upon the hem t, give an impulse or btrength lo the arterial system: the blond is quickened ai d equalized in its circula tions through all the vessels, whether of the skin, the parts situated internally, or the extremitics,- uml as all the,secretions of the body are drawn from the blood, there is a consequent inrrease.of every secretion, am) a quickened action bf the absorbent and exhalenl, or discharging vessels. Any morbidaction which may have taken place , r. js corrected, all obstructions are removed, the Jilond is purified, amt the body resumes a heallth* k - fill sti*te. - , r : Btwmc of Counterfeits', (nj*Caution.—Be particular in purchasing to see that the label of this medicine contains a no tice of its entry according to ,ict of.Congress;— And be likewise in at 100 Chatham sh, New Vork, or tVom the regu lar-agents, " J Hamilton & Grier, Carlisle. Of whom may.be had, jyi^Jl r ntrEvonB*'CipnomitcrCf-ii/icritntPilis.- 80. Soothing Syruft. Tir..Hunts Botanic Pills, ' I)r. Goode's Female Pills. 80. Fever and Jtsfue: Pills; ; October 10, 1839. DR; GOODENS CELKBRATES F EMAIiEPILIiS . These Pills are strongly recommended to the notice of the ladies us a safe and efficient remedy in removing, those complaints peculiar to their , sex,, frpni waiit of exercisepor general Debility, , of the system. Obstructions, Suppressions, and Irregularity ofthe Mehsesf at-the same time strengthening, cleansing, and giving tone to the Stomach and Bowels, and producing a hew and , healthy, actipn throughout the system generally.' They.create Appetite, coirecl'lhdigestion, re move Giddiness, and Nervous Headache, and hreemmently useful hi those flatulent complaints .■which distress Females so much at the “Tubs' .or;LtFE. ,, They obviate enstiveness, andcoun , teract all Hysterical and Nervous Affections, . likewise afford soothing and permanent relief hr Fluoi-Albus, or Whites, an<fhi the most obsti nate chses of Chlorosis, or Green Sickness,': they . invariably restore the pallid and delicate female to health and vigor. : / Tliese Pill» liave gained the »anctihii and ap probation bf themost eminent Physicians in, the United States* and many mothers can likewise -testify tolthelr extraprdinary.rfficacv,. Tomar ; rled-femalcs, whose expectatinns of tlie tendcr est pledges, of’connubial’ happiness liaye been defeated, 1 these Pills ntay he truly esteemed a blissful renovate All function •al debility * and i ftakenf according t<> directions.) obviate all mQrbidactiQii. l ,;They diBpel that ful-' , somß.anddiiagrteaWo; AensalioSimmmmi tbfe itidesat each mhntlily'returm'likevdatihe at tendant i>alnsinthe'backiiiide,orloin»titliey generally counleracttirtmausea.vqmiting.and ■Other■Jiieryou* aftectlonp inrehlnrosis. orgreen , sickness,io;a f«:.w days.’ diiig tOdirecti6iis,ys<><m ePVct u perfect cure!--: pallid and;sickl» r feoiale:fwhn}ia. bf#h <hlrine her life irregular andscusiuve) aatbe FE?FAf«E rsiP-IXstS* l Jf. I '/?! 'T bt'WvVC^ 1 * : ' ’>■ . •. vv._ r •j' ■ V^feaikiiapf^•}*tiVefasihg to - see that the label of tfils MediciheConiainfi'a no ~i»iet of And Up- Ireewise jwnicurar hi nbtandngthcm hi ' f tto Ch«fmm' - lir#g<,|, HA>liLtdN &GRiEH, Cariisle; h S. BY G. SANDERSON & E: CORNMAN.J vr 8010 Up. 1 028. DR..WM. EVANS’ , ; ;aAMpS£iLB pills. . XT'A severe case of Piles cured at ICO Chat ham street.— Mi*. Dan’lSpinhingbf Shrewsbury, Eden Town, New Jersey; was severely lifnicUci with Piles for morethan 20 years. Hadhadre course to medicines of almost every description', also the advice of several emmineat Physicians, ■but never found the slightest relief from any source whatsoever, until lie called on Dr. Evans, -of 100.Chatham street, N. V., and procured soirie medicine from him, from which lie found immediatt.rclief,-and .subsequently—a_peffect_ cure.. y Beware of Counterfeits. (CPCaution. —Be particular in .purchasing to see that the label of this medicine contains a. no-, lice of its entry according lo Act of Congress. — And he likewise'particular in obtaining them’at 100 Chatham st., New York, or from the regu lar agents, Hamilton & Grier, Carlisle. DR. HUNT’S BOTANIC PILLS, INTERESTING & APPLICABLE TO THE AFFLICTED WITH v ’ Diseases of the -Stomach, or Nerves; Such a Dyspepsia, either Chronic or Casual, un* der (he*worst symptoms of restlessness? Low ness of Spirits,’ and 1 General Emaciation; Con sumption, whether of the Lungs or Liver; Liv .'‘ er Affections? Jaundice,’; both Biliary & Spas 'Tiiodic? Coativcness? Worms of every variety? Rheumatism? whether Acute or. Chronic; to gether with Gout, Scrofula, Pains in th£llead, Back, Limbs, ami Side,Typhus Fever, Scar let Fever, Putrid Sore Throat, Fever'fc. Ague, Spasmodic Palpitation of the Heart and Arte - ties, Nervouslrvitability, Nervous Weakness, Hysterics, Tic.Dooloureux,* Cramps,' Female. Obstructions, Heartburn, Headache, Cough the Common or Humid, and the Dry or the Whooping; Asthma, Gravel, and Dropsy. ■ Thfc>ff/oo</ has hitherto been considered bv Empirics uml”othcrs, as the great regulator of the human system, and such is the devoted *ot the adherents to that erroneous doctrine,, that they content themselves with the siniple posses sion of this.fallacious opinion, without enquiring inti the primary sources from whence'Eife, Health, and Vigor emanate, and, vice versa , pain, sickness, disease arid death. Not so with U,u. Hunt, whose extensive research and prac tical experience so eminently qualify him forthe profession of which he has been one of the most uselul members. He contends—and a moment’s reflection will convince any reasoning mind of the: correctness of his views—that the stomach, liv er, and the associated organs are the primary and great regulators of health, and that the blood in very many instances is dependent on these or gans, and that unless medicine renchetfSTHE HOOT OF THE DISEASE, the sujierflcuil anodynes usually prescribed, servcdnit"iucanils to co\erlhe ravages of deep-rooted maladies Under these Convictions, at the expense of ye I* of close-application',, the doctor has discovered a medicine whose searching powers are irresisti ble, •and in prescribing, it is with a knowledge of Its being a radical cure in the various diseases already enumerated, even if applied in the most critical cases, but he dues nut pretend to ascribe to HUNTS BOTANIC . a supernatural agency, although from positive proofs within the knowledge of hundreds, he is prepared to shew; that when every other earth, ly remedy has. been given up. v HUNT’S BOTANIC PILI^S hav6 never been known to fail in - effecting two very gratifying results, that of raising from the bed of sickness and disease those who have test* ed their efficacy, and thus amply rewarding Dr. Hunt for ids long and anxious study to alt.un this /injection in the llkalikc Art. The extraordinary success which has attend ed the use of Botanic Pills, is the best criterion of their superior virtues. They have been the -means of raising a ' host of languishing patients from the bed of affliction, as it is clearly evinced in the .following CERTIFICATES. , - FEVER AND AGUE CURED. 7b Hr, Hunt: Dear Sir—believing it a duty I owe you as a successful practitioner, as well as those who may he similarly afflicted, X take pleasure in acknow ledging the benefit I have derived from the use of your valuable medicine. H UNT’SDOTANICEILLS. After much suffering from Fever and Ague, du ring the spring and fall, for tile Inst four years, and the pecuniary injuries-attendant on-the in disposition of one on whose exertions a large fa mily was dependant foy support,: ard having wUhout.siiccess tested the ski It of. many, medical advisers, at an expense I could not well afford. -Jo the fill of 1838, finding the premonitory symp toms ol the disease approaching, Twas induced by it Irieml who bad tried vour medicine, to pur chase a package uf your Botanic Pills,' and now have tiie happiness to inform you—and through you, those who may he similarly afflicted—that they counteracted, the disease, nor hav&X been; troubled willi'it since and ,niy confidence con tinues tojiph,old,me. in the belief that' your Bo tanic Pills,are the most safe, the cheapest, most efficacious, and radical cure for that disircssing disease Fever and Agile. Ail I can fortbe pre sent offer you for the blessing you have been in strumental iii conferring on me, is niy “assurance of unceasing gratitude and esteem. P. M. McGORMICK-. ! '' Newark,N. J-, July 31, 1839. , 1 Dyspepsia, or Indigestion, Effectually ■ -■ . Cured. ... Mr. Win, Tucker, iiavingjateljr been restor ed to a sound state of health; through the effica cy of Dri Hunt's Botanic Plltt; thinks it an in dispensable duty to state’certain facts relative to tlie disease u nder which ho had so long suffered -' The syntptoms were n painful obstruction, with a constant rejection of food; head-ache, pialpith* ,'tion of.tlie heart; lowness of.spirits;:a trouble soniedry cough, dizziness, tightness at the cheat and difficulty of, breathing.lalitiost constant pain in'the side,. loins,-' 1 and'shoulders', accompanied with muchlanguor and debilityV ' These afflic tions, together withanunusual-dcgreeof flatu. Ic cc„br.night on such a' stateofextremeweaki ness.as topreventhifTifrnrnaltendi]igto his hut siness, and his; health appeared lost '-beyond -re* cnvcryV HisfrlendV and relalivea beCnme a larmtd at tire ihelanchnly prospect ;■ and strongly recommended Hunt’s Botanic Pills-—they were admjnistered. aiid in n few days prnduced astim ishingrelief.and finally realized a perfect resto ration to sound health. • :V,UV‘ ” , ~; " - WIIiI;TAM TUCKER. , ;Sewareof CotmteffKi , s. ■ ' - (CTCantioiu'—Be-particular in purchasing',in set that the labbl nf diis tice of its entry according to Jfc.t.i) Congreve.— And belll(ewliepart)c.ulHr. : in«btainingthefn!it tSfi, .Qhiphaitf st-VNe w. lar : Bgro^'l" i HAKft’fON&GßiEii.'Carlißlc.v Carlisle, Pd. Thursday January 9,1840- ■|H'E::S; E:'v’ ; : /• <• /* ■ FROM-THS;- i President ofthe United Slates, TO BOTH HODBES OF CONGRESS, AT THE COMMENCE- MENT OFTHE FIRST SESSION OF THE TWENTY-SIXTH fcONORBSS. 1 , p . (Concluded*) The continued agitation of the question keeping and. dis bursing the. public money,, still injuriously affects the business of the country. The suspension of specie payments in 1837", ren dered the use of deposite banks, as prescrib ed by the act of .1836, a Source of rather em barrassment than aid; and of necessity placed the custody of most: of. the public, money af terwards collected in charge of the public officers, . The,new securities, for its safety, which this required, were a principal cause of my convening an extra session of Con-, gross; but'in consequence of a disagreement between the two Houses, neither then, nor at any subsequent period, has there been any legislation on the subject. The effort made at the last session to obtain the authority of Congress to punish the use of public money for private purposes as a crime, a measure attended under 7 other Governments with sig nal advantage,-.was also unsuccessful, from diversities of opinion in that body, notwith standing the anxiety doubtless felt by it to afford every, practicable security. ~ The .re sult of this is still to leaye. the custody of the public money without those safeguards which have been for'several years earnestly desired by the Executive; and as the remedy is only to be found in the action of the Leg islature, it imposes onane the duty of- again submitting.to you the propriety of passing a law,-providing forihep,safe keeping of the public moneys, and especially to ask that; its use for private purposes, by any officers en trusted with it, may be.declared to be u felo ny, punishable with penalties' proportioned to the, magnitude of the offence. ‘ : These circumstances, added to known de fects in the existing laws, and unusual de rangementin the general'operations of trade, have, during the last three years, much in creased the difficulties attendant'on the col lection', keening, and disbursement of the revenue, and. called forth corresponding ex ertions from those having them in charge.— Happily these have beeh. .successful beyond expectation. Vast sums have been collect ed and disbursed by the several Departments with unexpected cheapness and ease; trans fers have been readily made to every part of the Union, however disfanl;'aud defalcations have been far less than.might have been an ticipated, from the absence of adequate legal restraints. l.Siuce the officers of the Trea sury and Post Office Departments were charged .with thecustddy of most ofjhe pub lic moneys received by them,, there have been collectedusixty-six millions of dollars, and, excluding the case of the late collector at New York, the aggregate amount of losses sustained in the - collection-.cannot,, it is be lieved, exceed, sixty thousand dollars. The defalcation of the late collector at tlmffcity, of the extent and .circumstances of which Congress has been fully informed, ran through all the.modes of keeping the public money that have been hitherto in use. and was dist inguished by disregard of du ty, that broke through the restraints of every system, and cannot,.■therefore, be usefully referred to as;a test of the comparative safe ty of'either; Additional information will also.be furnished by the report of theSccrc •tary of the Treasury, in reply to a call made upon that officer by, the House of Represen tatives at the last session, requiring detailed informationon the subject of defaults: by public officers or agents under each Admin istration, frohrl7'B9 to 1837’: This docu ment, will be submitted to you in a few days. The general results, (independent of the Post Office, which is kept separately, and .wilLbr tated by itself.) so far as they bear ic st; tyi' upon this subject, are, that tile losses''which have been,&are likely tobe, sustained,by any class of agents, have been—the greatest by banks, including, as required in.the resolu tion, their depreciated -paper.-received vfor public dues;, that the next largest have been by disbursing officers, and: the least by coir lectors aiid receivers. If the losses on duty bonds ifre included, theyalbne wlir be three fold' those by both collectbcs and receivers. Our whole experince, therefore, furnishes the strongest evidence that the desired - legisla tion of .Congress.is alone wanting to inspre in those operations the highest degree of se curity and facility. Such also appears to have bceirtlie experience of other'nations. From the results .of inquiries made by the Secretary of the Treasury in' regard to the practice-among. them, I am enabled to. state that in twenty-two.out of twentyvgeven for eign Governments,' from. which undoubted information has been obtained, the public moneys are kept ia charge of public officers. This : concurrence of opinion in. fayor of that system is. perhaps nsgreat as existsonany question of internal administration. : ' In the. modes of business and official re straints ort disbursing officers,'nulegalchange was . produced suspension of specie payments..- This report last.referred towill be found to contnin also much useful infor mation iii relation to tltfs subject. il have therefore assigned to Congress my teasonsTor.believingjthat thesedtiffilisjitneiit Jfatlonaf Treasbryivis. contemplated by the Constitution', is, hecesi sary to the safeaction of theFcderal ...fjbv-- ernnient.KThesuspensipn of specieipiiy nieiiis inl 1837 j by the bankshavingithecqs tody of-the public money .showeffiifSo a larminga .degree ourdependerfee-onthose ioßtitulions: fop the pecformanpetifcdutics re quired by law, that I then ceejimwended the recduimemlationhasbeensiibjectcd.'asl'der sired it should be', : tb’ f severe Scrutiny aiid low: roysel f to nataWWif: ycrsitießofopinionwhich-maybbanticipa- “ODR'OOVNTay-r-lUOHT OR WRONO.” ■ ju ted on all-subjetts involving such important considerations,;it lias secured in its favor as a- general- concurrence of public sentiment as couidjje expected on onepf such magnitude.. - Recent events.have alqu continued to dc velope - new objections to. sUch a. connection. Seldom!is any bank, under the existing sys tem and practice, able, to, meet; on demand, all its liabilities for deposites-and notes in circulation. It maintains specie payments, and transacts,a profitable business, only ; by theconfidencejif-the publ.ic-indts solvency; and whenever this, is destroyed, the demands of, its, depositors and noteholders—pressed mure rapidly than it can, make collections from its debtors—force; it to stop payment. This loss of confidence vyithitsconsequcnccs occurred in 1837, and afforded the apology of the banks for their suspension. - The pub lic then acquiesced-in the validity of theexr. cuse; and, while the State Legislatures did not exact from them their forfeited charters. Congress, in accordance with the recommen dation of the Executive, allowed them time to jjiyr pver the public money they held, al though compelled to issue Treasury notes to supply the obficiency,thus created. “It-now appears that, therejare other mo tives than a want of public confidence under which the.banks .seek to justify themselves, in a refusal to meet their obligations. Scarce ly were the country and Oovernment'rcliev ed, in a degree,, from the difficulties occa sioned by the general suspension.of 1837, when a partial ope, occurring within thirty months oPthq former, produced new and se rious'embarrassments, though-it had po pal liatiop in such circumstances as were alleg ed in justification of that'which had previous ly taken place. There was nothing in the. condition of the country'to endanger a well managed banking institution; commerce Was deranged by no foreign war; every branch of manufacturing industry was crowned with rich rewards; and the moi:e,than_unusual_a bumlunce of our harvests, after supplying our domestic wapts.had left our granaries and store houses filled w iiff’a surplus for.expor tation. itis in the midst of this, that an ir-. redeemable ami depreciated paper currency is entailed upon the people by a large portion of the banks. They are not driven to it by the exhibition of a loss of public confidence, or of a sodden pressue from their deposi tors or_note-:holder3, but they excuse themselves by alleging that the current of business, and exchange with foreign countries, which draws the precious metals from their vaults, would require, ih orderto mcot.it, a larger curtail-; merit of their loans to a.compardtively small pqrUori'of.flie'coinmuniiy* than it will be convenient for them to bear, or perhaps safe for tho-banks to exact, The plea has ceas ed to, be-one of necessity. Convenience and policy are now deemed sufficient to-warrant' these institutions in disregarding- their sol emn obligations. Such conduct is'not mere ly on injury-to iridividual creditors, bht.it is n'wrong to the whole,community, from whose ■liberality they hold most valuable privileges —whose rights they violate,whose business, : they derange, -and the value of whose pro perly they render unstable ariil iiisecure.— It must be evident that this new ground for bank suspensions, in reference to which their action is not only disconnected, wholly independent of, that of the. public, gives a character to their suspensions more alarming than any which they exhibited; be fore, and grcafjy increases the impropriety of relying on the bapk8 s iu the transactions of -the Government.. A large and highly respectable portion of our banking .institutions are, it-affords mo unfeigned pleasure to stale, exempted from all blame on account of this /second, delin quency. They have,' to their great credit, not only continued to . meet theif engage, ments, but have even repudiated the grounds of suspension'now resorted to. It 'is,'only, by, such a course'that the confidence and good will of the community can be preserv ed, and, in tlie,sequel,- the best interests of the institutions themselves promoted. New dangcrs to''the~bankfiTi:re~also~daTly disclosed from the extension of that system of extravagant credit of’which they are the pillars. .Formerly our foreign commerce was principally' founded on an exchange of com modities, including the precious metals, and leaving in its transactions but little foreign debt. Such 1 is not now the case. , Aided by (lie facilities' alfuifdcdV'by the banks, mere credit has become too commonly the basis of trade. Many of the batiks themselves, not content with largely, stimulating this system, among others, have usurped the business, while thcyMmpaic the• stability, of the mer cantile Community: they have become bor rowers instead of lenders; they establish their agencies abroad; they deal largely in stocks and - merchandise; ;t{my encourage the issue of Siate securities until the foreign market is glutted with them; and, -unsatisfied with the legitimate' use of their Own capital and the exercise of theif lawful privileges,, they raise, by large loans,, additional'means for every variety of speculation. The-disastgfi; attendant on thia deviation from the'former course, of business inthiscountry.arenow shared alike by banks and individualsftoan; extent of which therejs.perhapa no previous example in fheannafs'btour country. " So long as a willingness of the foreign-fenderi' aniraTsufficientcxportbfourpfoductionßto meet apy.;hfece6safy partial, pay meats', leave thcfltttyprcredituiidisturbed,all appearafo be prosperous; but ;as soon as it is cjhecfeed abfoad,; oriby an inability to • make! pay m ertt‘ therein onr| prod ftctfdns; the evils of the system are disclosed.: The paper-currency which ’might, serve for do mestic purposes, . ir useless to pay the,:deW claejn-Bilfopei' dold'and silver are there fore drawn,-tn exchange/or theirnotesifrom the banks. To keep up their suppjy .of coin, -these institutions are. obliged .to'call; upon W themiasTtliey are .to to nieet. the fureign demand. c The cal Is of the banks, ithefefure, in snch emergencies, of necessity, «xceedr, that demand; and produce a cbfres- [AT IT W.p. DGLL ARS PER, ANNUM, NowSorio9~iVol.4 l i‘To. 30. pondingcprtailmchtof tlieiraocoinmodationa and of fitc currency, at the very moment when . the state of-trade renders it most in con vemeot'to ,bff borne’.The intensity of this pressure on the community is in propor tion. to. the. previous liberality of credit arid consequent expansion < f the currency;,fdrced sales,of property are made, at the time when’ the.means.of. purchasing are most reduced,, and the Worst calamities to individuals are only, at last arrested, by an open violation of their objigatidns by the banks, a refusal to pay specie fur their noteh, and an imposition upon, the.commuriity of a fluctuating and de preciated currency. - \ . These consequences are inherent in the present-system. They are not influenced by flic banks facing large or'small, created by. National or Slate Governments. They are the-resuits of the irresistible laws of trade and credit. In the recent events which have 'so strikingly illustrated the certain effects of these laws, we have seen the bank of,the largest capital in the Union,' established un der a National charter, and lately strength ened. as we were authoritatively informed, by, exchanging that for a State charter* with new arid unusual privileges—in a condition too, as it was said,' of entire soundness and great prosperity—not. irierely unable to re sist, these effects, but the first' to yield to them, " • »" • Nor is it to be, overlooked that there exists a chains of necessary dependence among these institutions-which obliges them, to a great extent, to follow the course of others, notwithstanding its injustice .to their own immediate creditors, or.injury-to the pai ti cular community in which they are placed. This dependcnce-of a bank, whieffis in pro portion to the extent of its debts for circuiri jion and deposites, is riot merely on others in. its own vicinity, but op all those which connect it with the centre of trade.. Distant banks may fail, without' seriously affecting those in our principal commercial cities; but. the .failurc.of (.he latter is felt at the extrem ities of tlie Union. The suspension at New York, in 1837, was every wherei with very few exceptions, followed/ as soon as it was. known; that recently at Philadelphia imme diately affected the banks of :the- South and West in a similar manner.,_Thts-depend ence of our whole banking system on tne in stitutions in a few large cities, is not-found in the laws of their organization,- but in> those of trade and exchange. • The banks at that centre to-which currency flows, and where it is required in payments for merchandise, hold tjte-power of controlling thbsein regions whence it comes, while the latter ppsscss no means of restraining them; so that the value of individual property, and the prosperity of trade, through the whole interior of the coun try, tire made to depend on the good bi- bad management of the hanking institutions in the great scats of trade on the seaboard. But this chain of dependence does nut stop here. It does not terminate at Philadelphia or New York. It reaches across the ocean, arid ends in London, the centre of the credit system. The same laws of trade, which give to the hanks in our principal cities power ovci the whole banking.systcm of the United States, subject the former, in their turn, to ttho money power in Great Britain. It is not denied that the suspension of the’New-York banks in 1 5 37, which was followed-inquick succession throughout the Union, was pro duced by an application of that power, .and it is.now alleged, inextenufatiori of,the'pres ent- condition of so large a portion of our banks, that their embarrassments have arisen from the same cans.?. . From this influence they cannot now .en t rjly escape, for it-has-its origin in the cred it Currencies of the two countries;, it is strengthened by the current uf trade and ex cliangc, which centres in London,'and is ren dered almost irresistable by the large debts contracted there by our merchants, our banks and our stales, |t is thus jhat'an introduc tion of a new bank into'the most distant of our villages, places the business of that vil lage wi thin-t he influcnce-of-the-money-power in England. It is thus that every new debt which we contract in "that country, seriously affects our own currency, and extends oyer the pursuits of pur citizens its powerful in fluence. We cannot escape from this by making new banks, great er small, state ,or National, The same chains which bihd those now -existing io-the centre of-this system of paper Jprcdit, must equally fetter every sim ilar, institution ,we create, It is only by the Extent to which fhis system has been pushed of late, that yve have been made fully aware of its irresistable tendency to .subject ourown banks, and currency to a vast controlling power.in a foreign land; and it adds a new argument to those which illustrate their pre carious situation. Endangered in -the first placeby their qw.n mismanagement, and a-! jpdn by the conductpfevery institution,which ponnects them with the centre of bade jn our own coantry tliey areyct subjected, beyond al.Mh,is»l-,<p the pffept, of >yhateyer ; ;nieaBui;ea,' policy, .necessity, or caprice may induce those who control the credits pf England to resort .to. .1 mean not to comment upon these’,measures present or .past,' and much less .to discourage, theprosecution of fair commercial dealing between the two coun tries,,; based oil .reciprocal benefits,' but- it havingnoWbeehmademanlfyatthatthepow injuries*, is; by the resiptless. law of qcredit currency and credit . ; trode* ; .eqnsl.ly|fapable of .extending their.cqiMequenceS through all the ramifica .tiong'qf our banking system, and -by. that .meansjndircclly obtaining, particular lyrwheri our banks arc used aadepositories of the piib lic moneys, ad angerouspolitical influence in the tjnited States, 1, have ileeiped it.my dut v fp bring the subject Jo youi notice and ask. for U-yoor serious consideration. . -IsanargumeiU rcquiredbeyoiidthe expo sition of-these facts, to show the impropriety of using ourbankiiiginstitutious qßdepqai turics of the notdnlytqehcqafater-ilii^risfc.qf v thcirindi !> yidiial ijind iputq^^ J&Jnnlb ■timbc'fe yatWear^l^^'iiwVdct. ; ■•. AGENTS, John Moore, Esq. Ncwville ■Joseph M. Means; Esq. Ui>i>owcll towusMp. John Wunderlich. Esq. SUiplipilaltuVg,’' Mather, Esq. -Leo's ;*! RoaSU, : -John Mbuaffy, Dickinson townsliip, Jons CLENDENIK, Jl'. Ein-* Hogcatuwiu' . , George F. Cain, E.q.Mcclianicbimrg, Frederick WoNoEßLiq)!,' ’do." ' James Et.liott, Esq. Springfidld. ' ■ , Daniel Krysheh; Esq. Chuioluown. Jacob LoNgnkcker, Esq. Wonnleysburg. George Ernest, Cedar Spuing, Allen tp. rnestic policy entirely under the control of a. foreign monied interest? • To do so is toim pair the independence of our Government, as the present credit system, lias.already im*. paired the independence of oiir banks. .It is to submit all its important operations, wheth-, -er, of peace or war, to be controlled or tlnvar- , ted at first by our’own'banks, olid then by a power abroad greater than themselves. I cannot bring ‘myself to depict-Ibe humilia tion to which,this. Government and people, might he sooner or later reduced, if the means for defending their rights arc to bo‘ made dependent upon those who may have the meat powerful of motives to impair them. ' Nor is.it only in reference to the, effect of this state of" things bn the.independence of our Govermngpt or of our bunks, that thu subject preaenTts itself for consideration; it is ,to be viewed also id its relations to the gen eral trade, of our country. The time is not long past when a deficiency of foreign crops was thought to afford a-profitable market Cut the surplus of our industry; hut now we a wait with feverish anxiety (lie news of the' English harvest, not so much front, motives of commendable sympathy, but'fearful'lest its anticipated failure should narrow the field of credit there. Does not this speak volumes to the patriot? Can a system bebcnefi'cicnf,” wise, or just, which creates greater anxiety for interests dependant on foreign credit, than for the general prosperity of,.our own country, and the profitable exportation oftlio - surplus produce of our labor? ‘ ’ The circumstances to which I have thus adverted appear to me fo afford weighty, rea sons, developed by late events, to be added ..to those which I have "on former occasions offered, when submittingtoyourbclfer knowl edge and discernment the propriety oftsepar ating the custody Of the public money 'from banking institutions. Nor lias any thing oc curred to lessen, in my opinion, the force of ■ what has been heretofore, urged. The oply on which that.custody can fie desired by.the banks, is the profitable use which they may make of the money. Such use would be> regarded in‘individuals as a breach of trust, or "a crime of great magnitude, min yet it may be reasonably doubted, whether, first and last, it is' not attended, with more mischievous- consequences, when permitted., to the former than lo thc latter, ~,Ttie,pract ice of permitting the.pilblic money to be used by its keepers as lier.d,,iH believed, to be • peculiar to this country,.and to exist scarcely any whereulse. Toprocure it-hcre, improp er influences are appealed to; unwise con*" nections -are established between the Gov ernment and vast riumbirs of powerful State institutions; other motives than the public good are brought to bear both on theExccu* tive and Legislative departments, nnd selfish combinations, leading to special legislation are formed.. It is made the interest of bank ing institutions & their stockholders through out the Union to use their exertions, for the increase of taxation and the accumulation of a surplus revenue; and, while an excuse is a (Fumed, the means are furnished for those' excessive issues which lead to extravagant trading and speculation, and arc the fore runners of a vast debt abroad, and a suspen sion of the banka at hipnc. ■ Impressed, therefore, hs I am, with the proprietor of, the funds of the Government being withdrawn from the,private'ti'«d of ei ther banks or individuals, and the public money kept by duly appointed public agents; and believing ns 1 do, that such also is lint judgment which reflection and experience have produced--on the public - mind, 1 leave the subject with you, It is, at all events, essential to the interests of the community, arid the business of the Govern* ■ ment, that a'decision.should he made. ' Most of the arguments that dissuade ua from employing hanks in the custody and disbursement of the public money apply, with equal force to the receipt of their notes for public dues. The difference is only in form- In one instance the Government is a creditor • for its depositee, and in the other for the .notesithulds. Th ey. afford Jhcsa m e.. 0 p por- trinity for nsiqg the public moneys, and e quallyjead-to all the evilsettendarit upon it, since a bank can as'safely extend its dis counts on a deposits of its notes in the hands of a public officer, as on one made in itsown .vaults. On the other hand it would give to - the government no greater security; for; in case of-fuilure,-the-claimlbf.thoJ.iioteluilder would be no better Umn that, of h depositor. ;; I- am awaVo that the danger of, inconveni- ence to the public and ii.nrcjisunable pressure upon sound banks have been urged as objec tions tbrequiririg the paymcnt 4 of the revenue in gold and silver. These objections liava been greatly exaggerated. From the best estimates we may safely fix the amount of specie: ip the country at eighty-five millions ofdollars.and the portion of that which would be employed at any one-tune iirihe receipts and disburements of the Government, even' if the proposed change were made, at once, would riut. it is now, after fuller investigation, believed, exceed four or live millions. 1 1 the change were gradual, several.ycare ,would elapse before that stint would be required, with annual opportunitiesV iriilje mcau tiDie, to alter the law,. ; Bhould { expenence:prpye.it to bp oppressive or |nconvenjcpt.*|;T.he: tions of the community qn w hrisebusinesg live;; change would immediately operate. are com paratively small, ; iioi is,;it bcliovi'd that its effect, would he writhe least unjust or injuri ous to them;; ■->' —f. - 'lll the-payment of .duties, whiqh cphstltatg ' by.far the gi cater portion of ; the revenue; a very large proportion is'derived from foreign commission ‘bouses ami , agents, of foreign.-.' manufacturers, who si'll the goods coufsigucil to them generally;ut auction, and a tier pav ibgthe,du lies out of the avails, reiji'il the rest abroadiu specie or its equivalent. - That aroquiit;of; ; dutiei.shQnlil,riu^euch i cMbebV ,()•'. also retaihcil in specie, can hardl,y be minle a matter ofcainpiaiiiu ; £jQby/,tw«impi>rt)ng; 1 merdiahtßi by whotii llie residue,of the du* tiespfa,^l4 u iiiteres ted jii maintaining-s-fidumfw cßpctuUy-i>r»> » 'f.
Significant historical Pennsylvania newspapers