TERMS OP PUBLICATION. 552 00 per annum, in advance—or g 2 50,.if not paid within theyear. No subscription taken for a less term than six months, and no discontinuance permitted until al arrearages are paid. A failure to notify a discontinuance at the expiration of a term, will he considered a new engagement. ' .Advertisements —-gl’ 00 per sqiiare for the three first insertions, and twenty five cents for every subsequent one. s,. DR. WM. EVANS’ OAMPMILB '.PILLS. jjT- A severe case of Piles cured at 100 Chat ham street.— Mr. Dan’l Spinning of Shrewsbury, Kden Town, New Jersey, was, severely afflicted with Piles tor more than 20 years. . Had had re course to medicines of almost every description, also the.advice of several emminent Physicians, but never found the slightest relief'from any source whatsoever, until he called on Dr. Evans, of 100 Chatham street and procured some medicine from him, from which he found immediate relief, and subsequently a perfect cure. ■ " - Beware of Counterfeits. tv (jj-Caution.—Be particular in purchasing to see that the label of this medicine contains a no tice of its entry according to Act of Congress. — And be likewise.-particular iu obtaining tbem at 100 Chatham sWNew York, or from the regu lar agents,' Hamilton & Grier, Carlisle. DR. HUNT’S BOTANIC PILLS, INTERESTING & APPLICABLE TO THE 1 AFFLICTED WITH Diseases of tin* Stomach, or Nerves; Such a Dyspepsia, cither Chronic dr Casual, un der the worst synaptoun of'tgsUeiitne&sj Low nesi of Spirits, and GcnerafEmaciation: Con sumption, whether of the Lunge or Liver; Liv er Affections; Jaundice, both biliary k Spas modic; Costiwcness; Worms of every Variety; ' llheumalism; whether Acute or Chronic; to gether witli GoutTSerofula, Taint in the Head, , Hack, Limbs, and Side, Typhus Fever, Scar let Fever, Tutrid Sore Throat, Fever fc Ague, Spasmodic Palpitation of the Heart and Afte ■■ l ies, Nervuuslrritability, Nervous Weakness, Hysterics, Tic Douloureux, Cramps, Female Obstructions, Heartburn, Headache, Cough the Gunnnun or the Dry' or the Whooping; Asthma, Gravel, and Dropsy. " ‘ The Blood has,hitherto been considered by ’Kinpmcn and others,-iis.Dw-gr^^reniilatop--<sf the human system, and such is'the devoted ot the adherents to that erroneous doctrine, that they content themselves with the simple posses sion of this fallacious opinion, without enquiring int» the‘primary sources, from whence Life, Health, and Vigor emanate, and, x'fcvr vena p-iin', sickness, disease and death. Nut so with i)H. liutiT, whose extensive research andprac tical experience so eminently qualify him fur the profession of which he has been one of the most useful He contends—and a moment’s reflection will convinp.p.any reasoning mind of the correctness of his views-rthat the stomath, liv er, and the asv>ciatcd organs arc the primary and great regulators of health, and that thc blood in very many instances is dependent on these or. gans, and that unless medicine teaches THE ROOT-OF THE DISEASE, the Bufterfieud ano'iynm usu dly prescribed, serve but as foils to cuter the ravages of'deep-rooted maladies ,U rider these convictions, at the expense of ye» ra t\i clnse application, the doctor has discovered a pedicinc whose searching powers-are-irresisti*- hlr, and in prescribing, it is with a knowledge of its being a radical cure in the various dist-ascs already enumerated, even if applied in the most rritica.l cases, but he docs not pretend to ascribe to HUNT'S botaniclßlls a supernatural agency, although from positive proofs within the knowledge of hundreds he is prepared to shew, 'hat when every other earth ly remedy has been Riven up, ' HUNT'S BOTANIC PILLS . have never been known to fail'fa effecting two very gratifying results, that of raising from the bed of sickness and disease those who have test ed their efficacy, and thus smi'lv rewatdlnß Dr. H int fir liis long and anxious study to attain lhl« /infection in the Healibg Aut. The extraordinary success which has attend ed the use of Hunt's Botanic Pills, is ♦ lie best criterion of their superior virtues. They have been the means of raisin" a hast of-1 anguishing patients from the bed of affliction, as jt is clearly evinced in the following CERTIFICATES. PETER AND AGUE CURED Hunt To Dr. Dear Sir—Believing it a duty I owe yon ns a "successful practitinnerras'wellasrthns-SvlSnniay he similarly -ißlicti-d, 1 take,pleasure in acknow ledging tl)e‘beneiU 1 have derived from the use of you valuable medicine. HUNT’S BOTANIC PILLS. ..\ fti'r much buffering troni Fever and Ague, du ring the spring and fall, for the last four years, and the pecuniary injuries attendant on the in disposiliouof one on whose oxertions a large fa mily was dependent for support, and having without success tested (he skill.of many .medical advisers, at nu expense I could not well afford. In the fall of 1833, findihg-the premonitory symp toms nf the disease approaching, I whs induced by a friend who had tried your medicine, to pur chase a package of yonr Botanic Pills, and now have the happiness to inform you—and through vou, those who he similarly afflicted—that they counteracted the disease-, nor have I hecn troubled with it, since, and my confidence con tinues to uphold rpe in the belief that ynur Bo tanlc Pills, are the most safe, the cheapest,' most efficacious, and radical cure for that distressing disease Eever and Ague. All I can for the pre sent offer you fur the blessing yon have been .in strumental in conferring on me, is my assurance ot unceasing gratitude and esteem, P. M. McCORMICK. Newark, N.J., July 31, 1859. - Dyspepsia, or Indigestion, Effectually Cured . Mr. Will. Tucker, having lately been restor ed to a sound state of health, through the efficacy • of Da, Hunt’s Botanic Pills, thinks it an, iu dispensible duty to state certain facts relative to the disease under which he had so long suffered: The symptoms were nmainfiil obstruction, with a constan.t.rejcctipn of food, head-ache palpita tionof the heart, lowness, of spirits, a trouble* some dry cough, dizziness, tightness.at the chest and difficulty,of breathing, almost constant pain hi the side, loins, and"shoulders, accompanied with much languor amTdeblllty. These nfilid tions, together with an'unusual degree of ttatu lenceV brought on such a state of extreme weak* ness, 'as to prevent him froin.nitendlng.tohis’bU' sines*, anil his.henlth appeared lost beyond re-, coyery. His friends anil; relatives , became a- Isrmcdatthe melancholy prospect, and strongly recommended Hunt's Botanic Pills—they were administered, anillh a few days produced aston ishing relief, and finally, realized a .perfect restot, ration to sound health; . - ~ ■ • NVILU.Ut TUCKER. jtppiirchqsiiigtp, see that the label of this medicmer.no tn in a n np* tice of it? AodbcJikesU3epAtti6!iiiirjn.ohiainmgJ.hejirLat 30 0 Chatham st., New. y«rk,, or, front thg regu lar .agients,' ‘ ■'• " ~ s; ■“ . Hamilton & Gmer, Carlisle. - BY GEO. S ANDERSON. J Whole. Kb. 1364. DR. WM. EVANS’ SOOTHING SVBUP, FOR CIhtiDREN TEETHING. To Mothers and Nurses. The passage of the teeth through the gums produces troublesome and dangerous symptoms. It is known by mothers that there is great irri tation in the mouth and gums during this pro cess. The gums swell, the secretion of the saliva irihcre:fseo,thc'childi3Beiacd-witlL.fre(iiLeitl and sudden 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 precursory synip toms are tiot speedily alleviated, spasmodic con vuisions,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 Syrup, which bus preserved hundreds of infants when thought past recovery, from* being suddenly attacked with that fatal malady convulsions. This infallible remedy lias 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 so inno cent, so eficacious, and so pleasant, that no child will refuse to let its gums be rubbed with it.— When infants are at the age of'four months, though tberef a no appearance of teeth, one hot, tie of the syrup should he used on the gUms to open the pores. Parents should never he with out the syrup in the nursery where there are young children, for if a child wakes inutile night with pain in the gums, the Syrup immediately gives ease, by opening the pores and healing the gams; thereby preventing Convulsions, Fevers, See. Beware of Counterfeits. Be particular in purchasing to see that the label of this medicine contains a no tice of its entry according to Act of Congress.— .And.be likewise partifcnlar in obtaining tbemju 100 Chatham'st., New York, or from the regu lar agents, Hauiltox & Grier, Carlisle. ’ t DR. WM. EVANS' Camomile ft' Jtperient Fills- Another very "severe case of Inflammatory Rheumatism cured by J)r. Evans’ Medicine. — Mr. John A. Carroll, of the county of Wes'ches ter, towil of North Castle, New York, had been severely afflicted with inflammatory rheumatism for fourteen months with violent pants in his limbs, great heat, excessive thirst, dryness of skin, limbs much swollen, was not able without assistance to turn, in bed for six weeks. Had tried various remedies to no effect. Was advis ed by a Triend of his to procure some of Dr. W. Evans* medicines of 100 Chatham street, N. Y,, which he'immediately sent fori and aftef taking the first dose found great relief, and in continu ing its use according to the directions for ten days, was perfectly cured. Allows me to refer any person to him for the truth of the above statement. Beware of Counterfeits- J7*c,mtitm Be particular in purchasing to see that the label of this medicine contains a no tice of its entry according to Art of Congress. — And be likewise particular iu obtaining them at 100 Chatham st.. New York, or from the regu lar agents, Haßiltor & Grier, Carlisle. Oct. 10, 1830. EXVJABEE DISTINCTION. IN the midst of a general and,.in many instan ces not unfounded prejudice against many of the medical remedies of the day, Dr. VV. E VANS’ PILLS have the enviable dictinction of, an universal approbation. They are perhaps the only medicine publicly advertised that has the full and unreserved testimony of medical men in its favor, ifnot the only one.which gives full satisfaction toils purchasers. Dr.VV. Evans has the satisfaction nf knowing that his CAMOMILE OR TONIC TILLS arc 1 not, only regularly recommended and pre scribed hy the most experienced physicians in their daily practice, but also taken by those gentlemen themselves whenever they feel the symptoms of those diseases in which they well know them to be efficacious. He knows this to he generally the case In New York, Philadel phia, Albany, Boston, and other large cities in which they have an extensive sale. That they should thus conquer professional prejudice and interested opposition, and secure the agency rf the most eminent and best informed physicians in the country to render them useful to all class es, can only lie fairly ascribed to their undenia ble and pre-eminent virtues. More conclusive firoofs of the efficacy 6J Dr. Il r m. Evans' Camomile and jijterient Fills. . CERTIFICATE. —The following certificate was' handed to us by Mr. Van Schaick, of Alba ny, a highly.respectable member of the com 'ninnity, and whose, veracity cannot be doubted.^ Mf., Septeroius Kendall of the town of West erloo, county of Albany, was for 27 years trou bled with a nervous and billious affection, which for 7 years rendered him unable to attend to his business, and during the last 3 years of his ill ness was confined to the house, nis symptoms were dizziness, pains in the head and side. pal pitation of the heart, want of appetite,.. Wc.— Affcr expcnding during his ennfinement nearly three hundred dollars without obtaining any permanent relief, he hy accident noticed ati ad. v'ertisemeht of Dr. Wm. Eyans’ Camomile and Aperient Pills, and was consequently induced to make a trial, of them. After using them about a fortnight, he was able to walk out* in four months hecould attend to business,'and consid ered his disease entirely removed.. The above informationwas given to the subscriber, by Mr., Kendall himself* there can, therefore,he lm de ception. STEPHEN VAN SCHAICK. The above invaluable medicine together with DR. EVANS- SOOTHING SYRUP (lor.tepth; ing) are sold-wholeaale at 100 Chatham. ; 4t, -Ni York. ’ . Beware of Counterfoils, C,;, -.njfCaution.—Beparticulaivin purchiisiiig t 6 .see that the label of this medicine contains a no- Hi'entry according to Act of Congress.— Aiid he likewise particular in obtaining them at iIOO Chatham st.. New York, or from the regu lar agents;' -.- ‘ ; .... 'r Hamilton & Grier, Carlisle." Of whom may ne-had. Or. Ilmn. Evans ’ Camomile Id A/cricnt Pills. I Do. Soothing Syruft. 'Dr, Hunts Botanic I‘Jth, „._j Dr. Goode's Female. Pills.' ■ . . . Do* Fever drid-jlgue Pitln. Dr. Evans’only Office, 3,'South Seventh street}; 1' Philadelphia, : i_• ■_ _r _ !. Bjt‘i Hamilton 8c Grier, Carlisle, \ J. R.-Kirbypand W.. V, Davis, Chambersbur'g, ■Wrh.. Brtj. //arrisburg, , W. L.J,affortv.& Cb.i Brownsville, B. Biinnon & .InhnTl'Werner, Pottaville* Xiippihcult 8c BrotliersViM.ti Pleasant, .. •' B. Camphell&tJo-Waynesburgh, . frwtn fc'Arther, Pittsbnrgjii: -y R;:.Wj Cunningham, Newcastle; ■ ’ li P: 01mstofiU,. : Beth«iiiy;< ■sw • -it 'Jhnuary IS, 1840. . . ", ' f~" ‘ - Carlisle, JPa. Thursday July 9, 1840. SPEECH OP MR. RAMSEY, OF PENNSYLVANIA. - In the House of Representatives, Saturday', •. June, B4o—Un the Independent TVeli suryhilfr ■ .< Mr. RAMSEY Voss’and said: • 'Mr. Cimirjuam: The bill under considera tion lias been so fully discussed, tliat I can scarcelyjiojie to influence tllei'delibcratiohs of the comruittee by beUeror sCundcrargu ments than'have already, been advanced. But," as a Representative of the people, hold ing an important trust, accountable to a' generous and ounfiding constituency for its proper discharge, a sense of duty to myself nnpelsitic to ask indulgence whilst I briefly assign the reasons 'that govdrn niy action in relation to this great financial measure: The law presented to us for adoption is plain and simple. It proposes the establish ment of depositaries for the collection, safer' keeping, "and disbursement of the public moneys, at different paints in the Union, in the legal currency of the country. In other words,, the bill provides for the separation of the Guvcrnmont from, the banks, and requires the collection and disbursement of the reve nues in gold and silver, instcad of paper. It will be preccived at once that an impor tant change is contemplated in the fiscal ac tion of the Government, and, as it is my in-- tention to point out the advantages, likely to result from the adoption of this system, it will be,Accessary fortbeintimate connectionm of the subject with the operations of banks, i that 1 should recur to their history, fur the purpose of exhibiting the legitimate inllu euce exercised by them over industry, com merce, and the affairs of State. " / Banks are usually divided into two great 1 classes —-banks of deposite and batiks of cir culation. The : term bunks of depos-ite is meant to designate those that keep the money of individuals, and circulate it only; while the term bank of circulation is applied to those that do not thus confine their circula-1 tiun, biitissue notes of their own payable 1 on demand. The bank bl Venicc seems to have been the first banking establishment in Eu rope. It was founded so early as 1171, and subsisted till the subversion of the Republic in .1797. It was essentially a depusite bank,- anil" nothing else. The Bank of Amsterdam' was established in 1G59. It was a depusite j bank, and payments were mude'(accurding to authors) by w riling off sums from the account j of one individual to those of another. Ac cording to the principles on which this bankj was established, it should have had at all' times in Us cullers, bullion equal to the full amount of the claims upon it.' But the di rictors'privately lent IU.iUU.UOU florins to the States of Holland and .Friesland. This ! circumstance transpired wbuti the French! invaded Holland, and caused- the ruin of the i bank. , The. Bunk of Hamburg is a deposite J bank, and its affairs are managed according! to a system that ensures the fullest publicity. ! -Thus the Banks of Venice, Amsterdam, and I Hamburg, were all simply banks of deposite;' sud the Bank of Hamburg continues such i to the present hour. The Bank of France was founded in 1803. The exclusive privi lege of issuing notes payable tu bearer was granted tbit fur forty years. The capital of! -the ..bank at . g rlt 0 (- 45,0110,000! francs, but it Was"subsequently increased to’ 90,000,000 franca. The only notes issued are for five hundred francs and one thousand francs. The Bank of England was found ed in 1694. It was established upon a loin of £1,300.000 to the Government. In, 1708 tlic bank having advanced an additional sum ! of-£400,000 for the public service', the char- [ ter was continued, ami the capital increased | to £4,402,343. It'subsequently became ( £15,000,000. This institution issues hills,/ receives—deposttes;—amh-discounti; —As -'a consequence, its history presents a series of expansions ami contractions, with all their attendant ills. It has frequently, been af fected by panics, amongst the holders of its notes. In 1745, Iho alarm occasioned by. the'advance of the Highlanders under the Pretender,'as far as Derby, led to. a.run upon the Bank; and in order to thin ,time to con cert measurcs for.avcrting lhc consequences, the directors adopted the dcVicq.: of paying in shillings and, sixpences. 1n';'17 ; .92, an ovcrjssu.e of paper, caused another rim upon the Sank,and on ,the!2s.lh of February; 1797, it had'6hry-£t,272',00b of cash and bullion in-its coffers, witli every prospect of a violent tun taking-place.- In this emergency an order of council, was issued on the 26th, pro-, hibiting the directora from paying,their notes in specie. Early in 1810, the paper of-the BapKway at a discount of thirteen and one half per cent.; and'this extraordinary fall having-attracted the attention of the legisla ture;'the. House of ..Commons appointed a committee to’inquire intothecuxumstances by which ithad bccn occasioned. The re-' port, which, was drawn up with gfeat ability justly ascribfcd tlicTal 1 to the over issue of bank-paper, and recommended that the-bank should be 'obliged speedily. to resume specie’ pay ments. -It did subsequently resume; On the lStli October, 18S9;-this bank had notes in circulfttion. aml deposit's, .to the amount' of twenty , four millions of poimdsi sterlings and but two millions five hundred lind.twen ty-five thousand/pounds in specie in. its vaults, showing.a proportion of about ten to one between hsdinbiiities-and bullion. As ,q consequence,'iit was upon-tlia eve of sus pension, and was, obliged to'-resort to the bank of'Franco for a loan. . It is yery/true that the Bank of England ponducts-tiic whole banking business; of. the 'British GoVernmcnt.' “It nifls.pqt only,” says- Dr. Smith, “as antordinary bank, but (is a great engine of-dptate. .It receives and pays-tbe greater part ofthe annuities;'whi«h ,nre donto-the Creditors.of the public; it cir culates; exchequer bills; and it advanccs/to Govcrnmehktheannualaniountbfyiic' land and nydt. taxes, which are frequently pot paid tilts'dipe"yiears-thereafter^*-'./This. vancefl to thcißritiah Goyernmept. in 18147 000,000; in 1813,426.000,000; in 1816 ‘‘onit bouNTitv—maut or wrong.’* £23,000,000; in 1817, £27*’060,000; and in 1818, £28,000,000. In point,of fact, how ever, a very large part of these advances lias been nominal only, or, whaihasbeen the same thing, lias been virtually cancencd by the balances of the public money in the hands' of-the Bank, Thus, frojn 1800 to 1810, both inclusive, (says McCullogh,)' the average ad vahces to the Government amount* ed to £14,000,000. But the- average bal ance of the public money in possession of -the Bank.during the same period, amounted to ! abput £ 11,000,000, so that the real ad yancewas equal only to the difference be-! two, sums, or about £3,500,000. The bank {being enabled to cmplby the greater part of the balances of public money in her hands as a capitalrthcy- have formed one. of the main sources of the profit she has derived from her transactions. It will thus be per ceived that the charter of the Bank of Eng: land was built upon the necessities of the Government,and, in fact,exacted for a loan! of £1,200,000, subsequently-confirmed by another bonus in the shape of a loan, and at the present time she continues the agent of the Crowq, in the manner of an exacting creditor towards a spendthrift debtor. i ■- This is o hasty glance- at some of.thc.prin-- oipal banking establishments of Europe.— Until a very late period, however, commerce and the arts seem to have flourished almost wholly without the aid of these institutions. Egypt, under Alexander and the Ptolemies, 'became the emporium of the world. Phoeni cia, with a sterile soil and a confined domin ion, built up the magnificent cities of Sidon and Tyre, “whose merchants were princes, and whose trafficcrs \vere the honorable of the earth.” Carthage,.the proud rival of ' Home, owed her greatness to the frugality land industry of,her citizens,combined.with an extensive commerce. Venice, the humble owner of a few, insignificant islands in the Adriatic, became the mistress -of the seas,- and at .one period, besides several extensive,! populous,.and well cultivated provinces ini Lombardy, was possessed of Crete,-Cyprus, the greater part of thcTMofea, and most of the islands in the TEgean Sea. She had also | secured a chain of forts and'fortifications that extended along the coast of Greece from the ; Mgwa (o Dalmatia. In the.biginning of the fifteenth century, the annual.value of the goods"exported from Venice by sea, exolu-! sive of those, exported to the States adjoin ing her-provinces in Lombardy, wasestimat-.j cd by cotemporary writers at 10,000,000, \ ducats; the, profits of the out and home voyage, including freight, being estimated at 4,000,000 ducats. At the period in ques tion, the Venitian shipping consisted of 3000 from 100 to3oo tons burthen, carrying 17,000 sailors; SOO ships with 8000 sailors, and 45 galleys of various size, kept afloat by the republic (or the protection of her trade, hav ing 11,000 men on board. In the dock yard, 16,000 laborers were usually employed.— Their trade seems-to have been conducted principally by ready money. So completely were the pretensions of Venice to. the sove reignty of the Adriatic maintained, that when, in the yearTGSO, just before the con clusion (i of the Mantuan war, a princess of the Spanish dynasty wished to pass by sea from Naples to Trieste, to espouse the son of the Emperor; the Senate'refused to allow the Spanish squadron to escort her, as an in fringement upun their right of excluding every foreign armament from (ho,gulf; but they gallantly, offered their own fleet for her servicef The. Spanish Government at first rejected the offer, but the Venitians, says Giannonc, boldly declared that if the Span iards were resolved to prefer a trial.of force to their friendly proposal, the infanta fight her way to her wedding through fire and smoke. The haughty court of Madrid was .compelled to yield; and the Venetian ! Admiral Antonio Pisani,then gave thc-prin ! cesa?;h . conveys in splendid bearing to Trieste with i squadron of light galleys. Such Was Venice, without the assistance of "paper money; Venice for whom the whole habitable globe'was ransacked, for whom the caravans of the East were continually in march, and and whose ships covered the .remotest seas. the city of palaces, rivalled Venice in her extensive commercial enterprises.— Portugal, Spain, and ’ Holland, afterwards successively contended for the.trident of the ocean, carrying on -the trade of the world, , causing ohscurs fishing villages to rise by de grees into splendor and magnificence,-end pouring the wealth of the Indies intovtheir cullers, almost- wholly- through the-medium of hard money. r; --At the present day,haVc tVe not a continu ation’ of this commercial system to" a great extent in all most every country on thS face of the globe? In Austria,'Prussia, 'the -German and Italian States; France;' Spain, Portugal, and Holland; there is'.hut an insignificant circulation of bank paper, when compared with that of Great Britain United States; indeed, in some of these countries, gold and silver is the Only currency recognised, and yet the condition of 'Holland has ? a 1 utrysbc cnm o re prosperous than that of any dthey nation, as history will prove, in despite, of their limited territory and the unproductiveness of the soil. In 1690, Sir William-Peltyestimated thc-shipping of Eu rope’at about 2,000,000 of tons, which he supposed to'be distributed as follows: Eng'- ; land, 500,000; France; 100,000; Hamburg,; Denmark, Sweden, and Dantzic, 250i000;; Spain, Portugal,’and Italy, 250,000; that of the Seven United; Provinces, amounting to 900,000. tons or to nearly one half of the whole . tonnage,, of. Europe! The. foreign commerce and navigation of Holland during tlie seYenteenth, century was of course greater, than,that of all Europe besides; and even: at: this present .moment,- after .being trodden under foo t .by ifio-inyasidii of 'hps t.Ue mcrcial &npiilent pifoplc of the wortd>Th,eir territory notjarger than.ope of our smallest States* reclaimed ia,a, great measure, from the-sea, sustains apopulation of 2,000,000, has .maintained wars of a bitter & sanguinary character against the most powerful king- [AT TWO DOLLARS PER ANNUM Xevtr Sorios—Vol. 6, »o. 4. (loins, and hasbeon enabled to loan hundreds of millions to foreigners, after constructing her immense dykes and canals. Holland, is and always lias'been, a country of short credit; and, m consequence of the preference given (says a distinguished writer} to ready money transactions, it is not 4 country in which adventurers without capital have much chance of speedily making a fortune: blit this austerity is not a disadvantage, but the reverse. It prevents commerce from de* generating,-as it hhs too often done in other .places, into gambling adventures, 1 and places it oh a comparatively solid foundation. And it should bet mentioned to the honor of the Dutch, and as a proof of the. excellence of this system, that notwithstanding the dis tress and loss of trade occasioned by the invasion and occupation of their country by the Trench, the bankruptcies in 1795, and subsequent-years, were hot. comparatively, so numerous as in England in ordinary sea sons! Holland, top., has always maintained free institutiohsramkwas the ftrst to sympa thise with us in our Revolutionary struggle. From these historical reminiscences, it may be inferred that long credits are not necessary to trade, and that despotic coun tries- arP.not the -only, nations that carry on their- commerce through tho medium of gold and silver,, ns asserted by the gentleman from Massachusetts, [Mr. Cushing.] Such is the dull and hazy atmosphere through which we are permitted .to glance at : the operations of banks, that their preroga tive would seem to be ranket), like that of the King of England, amongst* the arcana iniperii, .and their mysteries, like.those; of the bona ded, are not suffered to be pried .into by vulgar.mortals. With profound re verence, nevertheless, for.the mighty power .they wield, I. purpose-continuing my exam ination into the nature.of these institutions, by the aid of the few’glimmering lights 1 have before,me. .. . It appears that, prior to the twelfth century gold and silver"constituted the currency of Europe; but at a stilt earlier epoch, cattle arc nVentibned by Homer, at the ineaSurP of value. Up says the armor of Diomede cost only "nine oxen, but that .of Olaucus one hundred-oxen. Salt is said to have been a summon medium of exchange in Abyssinia; a species of shells-in some parts of India; hides, or dressed leather, in other countries; iron in Sparta; and copper amongst the Ro mans. Money, however being the.standard _pr"measure by which the worth of all other commodities is estimated, it being essential, too, that its own value should be invariable, and, the precious, metals, 1 possessing this quality to a greater perfection than any other commodities, they were adopted by civilized nations. Paper (says a- learned writer) possesses only conventional, not in trinsic value. Coin not only measures.-dhe value of commodities in exchange, but it is the real equivalent for them; it is the veri table substance of which .paper, currency is only the representative. Whether paper money is worth any thing or not, depends on the guarantee under which it is issued; but coined money depends on.no such contin gency—it is its own guarantee, the universal medium of commerce, and in every market in the world will be accepted as an all equiv alent- for merchandise in proportion to its weight and purity. Such conditions do not attach to a currency of paper. A parcel of bank notes, if they arc not valuable as money, are valuable- os nothings No one can make a profit by converting them into any thing else. If the bank becomes worth less that issued them, thcy.bccbme worthless 100, and they canndt.be;transmuted into.any thing of value. It is different with' a piece of gold or silver; if it .cannot be returned to the mint, it can be taken to the goldsmith or dealer, where it can be exchanged, for coin wf another sort; oHbr soint -artiele uf uso pr ornament. ■ Until within these few years, banking and money- making have been most improperly confounded. No two businesses, however, can be more distinct. .One may be safely left to individual competition, the other can only be safely confided to the State. The chief business of a banking establishment is to expedite, the making of payments, to dis count bills’, to make advances by. loan, and to form a sieurc deposite forbash. ,The object of money making is very different; it is to establish an invariable standsrd of-valne-fer- tile general convenience of the community; & this is a duty it ft incumbent on the Govern ment to discharge, as If is. fur it to establish a standard weight, or a standard measure of length and capacity.. What confusion and mischief would ensueif these wesgleft to the caprice of individuals, more especially .if they had an interest in gradually elongating tlie” yard nr enlarging the bushel; and then again,„without notice or responsability,;re st oring'thcm-to-their former dimensions.-r-. Tlie conscnuenccsMiavc been precisely simi lar in-leaying bsnks-to issue money, or its representative; without check, security or responsibility* - ..... . . The most, essential requisite in money is stability in value. AVhere the power to is sue is vested, is vested the power to alter itff value, to alter the fate of wages, and the terms of contracts. Can a power so univer sal in its operation, touching every one from the richest .to the.poprcst, bp safely wielded by any other authorify ; jess.; than that of the State, - whose ■lnterests,nt mny. ; he/nupppsed. nre. not ipartlal.fbut identifiedAvith those’ of of bur .monetary.- system, there has. been sih.- gidaf inconsistency,-, The guarantee of the volue]of ,the coinage is the purity abd .weight df. tliq bullion it contains, arid tlie public stamp i'inpvessed Upon it; anthenticiftes both'. But a bankers note Which' represents the coin, executesiillitsfunctions,and.o.n which a profit Ts. realized,'lias been buffered , ti> cir culate .'-without any 'other than a promise, ihat inight be valid or allusive, ac cording to the l'ully pr,knayery, good qr ill fortune of the issuer.' . b ’ The profit arising from the issue of a »i -tional currency should not be conferred by AGENT'S. • John Moore, Esq. Newville ■ Joseph M. Means, Esq. Hopewelltownshipi Jouh-Wundeht.ich, Esq. Sluppcnsbiin;. • - William M. Matekr, Esq.Lee’d, X Roads. ■John Mehaffy. Dickinson township. John Clendknin, Jr. Esq., Hogestown. George F. Cain, Esq. Mechnnicsbuig. , Frederick Wondkrlicii, do. . James Elliott, Esq. Springfield. Daniel Krysher, Esq. Chnrchtown. Jacob Lononecker, Esq. Wormlcyaiuirg. , George Ernest, Cedar Spring, Allen tp ' Martin, G. Ku¥p, Esq. Slnrenianstown. acts of legislation upon private corporations. ; Is there any reason that the slinuld share the whole; or any portion of this rcye ■ nue, any mqre than the hianufaetßrers, far mers or merchants? Most assuredly not; it is not a commercial profit, arising from the. risk and trouble of buying and selliiigcom modifies—it is >a perquisite appertaining to the people iri theiy national capaciiy, The. privilege of-making and issuing money is ■ one of the oldest prerogatives of the State;, it may be delegated,.but it never can bo nli 7miflid7^^d~mrmS“drlegitimate“snurco—of — public income, not individual emolument. But the bill under discussion does not propose any restrictions. Upon commerce or the banks, as has been alleged. It simply - provides for the collection, safekeeping, and disbursement of the revenues of tlie.Govcrn ihcnt, which no onil will pretend to say should be converted into capitalfor specula- r tion, either in trade or hanking. 1 bill maintains the principle that the money of tlic public is to be held sacred—that it is to be set apart*fd'r-the support of Government, . and is,'not to be diverted into other channels? Is there nny thing wrong in this? Are we violating any privilege belonging to individ uals or.corporations? No. But tlyc argument is, that under its operations commerce arid the banks will be prostrated, and the wages of labor reduced. 1 meet this issue-most, fearlessly, and will prove conclusively that no such results can ensue. ■! deny that sound trade or legitimate commerce can. be injured by-the possngeot thialaw. It is true that a check may be given to the ruinous ex pansions and contractions of the banks,' and , to the insane system of gambling that has . characterised thetrafiicings of our merchants; but this salutary effect will, in a great meas ure, be unlelt, in consequence of the ante cedent operation of the natural laws oftrade, which have, within the last year, reduced the bank circulation of the country from ©ISS,- 000,000 to 8106,000,et’0, sad, as a conse quence, ruined, thousands of those, who with out capital, and- prompted by a vain dcsiro © of suddenly amassing wealth, embarked most rashly on the wide see of speculation, .with out compass or chert to guide them in their ■■ perilous navigation. It stem*, howeYcrrin'-' - liercnt in man to'eeneuro the whole world," rather than himself, for the misfortunes that result from hi? own,stopidity, folly,.or igno rance; and whilst the unerring principles of political economy point out the causes that have produced disaalora.that oughfto. hav& been foreseen by every well-regulated mipd, .gentlemen shut their eyes to self-evident truths, and continue to and delusion from the Circean cup. The Ad ministration is denounced lor all the, disrp ;pointment» that have resulted from multitu dinous speculations in town lots, wild lands, and foreign merchandise, whilst the U. S. Bank and its thousand auxiliaries;rcpo9e on the laurels they have achieved, contented that the Government,shall be made respon sible for every species of swindling and ex tortion practised under the “broad seals 8 * of their charters. We are gravely informed that the cqun try nerersuaered pecuniary embarrassments to the same extant with, that which now weighs upon tier. This may be so, but .t.im magnitude of a present evil is always felt at the moment to be greater, than that which preceded it, and I deny that, su.rh’is the fact. For the laet twenty-fire years the history of / the United Slates has prcseiilcd but one cun- ’ tinuod series of expansions and contractions by the banks, followed periodically by dia ticss and commercial prostration. Even at the close of the Revolutionary war, when re lief was sought from, the disasters of the con tinental currency, ye discover the issuo raised by the illustrious Washington be tween paper money and’sfiecie, in a letter to a member oEtl'.c i.ogisiarurc of “Maryland, Jn which he, declares- his' hostility to bank bills as the “shadow, and not (he substance” of a Bound currency* In 1814, that wise and virtuous statesman, Simon Snyder, Gov ernor of Pennsylvania, being importuned by die-Legislature of thirt-State to co-opcrafo with them in the passage,of'a law creating forty-one new banks, with a capital of sev enteen end a half.millions.of dollars, for thy benefit. as whs asserted, of agriculture, com merce, and manufactures,.responded as fel lows', in a message to the (Wo Houses; - “The bill entitled an act td regulate banks, Wad presented to the for my approbation on tbeiOth inst- J have given t 6 its consideration hll the faculties of my mind, and tbo, feelings of my hear*, hn.d re- , gret to say that my conviction of duty to the com munity trill not permit me io approve of its passage into a law. I cannot divest myself of the fear that its passage would tend only to enrich the wealthy and the speculator, while it would in various forms, heap burdens on the poor arid industrious. , “I ask a patriotic l.egislatnrc, is this an Suspi cious cxa.to try so vast an experiment? v Shall we increase this pressure? Shall wo individually aid - oiir internal and external enemies to destroy cur • funds, and embarrass the Government? Is'there si this time an intelligent man in Pennsylvania who believes that a batik note of tiny description: is tin* representative of specie? Is there hot just ground for fear? I may confidentially say, that industry' is . - the only permanent source of wealth; it secure* subsistence, and k ndvahccs out interest by slow; jet sure and regular gains; and is the best preservative of morals. Not so speculation, wKich ells'bin seems to invite.;,, Jl lias the; direct, contrary effect; depending on no fixed principle, It epens a .field forthe exercise' of ingenmty.c ver oh the nlert m take'advantage ofemvnry inlbn secidenlal vena tion of Hungs. Th" siicccss of the spSOUlator by ' profession tcmptsithe fariher and mechflnifcto for sake his accustomed honest pursuits; launched on the wild sea of Speculation; cver exposed to devi ations from rectitude, bis moraVprmciplcs hecojjm weakened,and eventually all Stnßqpbcommutatiye justice is destroyed.’’ " , ,1 , . Thustlowo find Gov. Snyder forewarning hlsooutitrymeniofiiierriisastcrfi that;were to> folliAv-thOocreationioffthis svvp.rm flfi.riew - banks’: Tho bill; however, was passed'into itTatv by the Constitutional mnjonfy’hf -two* thij-iis of the teglslatiir?,‘ah(l; : in ailtlitiOh, two years afterwards,. theßhnkof.theU- S. was'chartered. The prostration,land -em - barrassment that ensued, is th.ua 'described in i a of th^‘ lipusp of ReprOfentatlVcs’of Pennsylvania, nVado thro 1
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