;: QF FUBtXQATIQN. g 2 00 'per annum; in advance—or g 2.50, if not paid' within theyear. '• Ifd sabscriptaon-tukVp for a less term than six months, apd tin' "dUcdntiuuance; 'pefMtted until all arrearage&Vrepaidi A failure to notify a disconlinUante : at the expiration of .aterm; will he Cdnalddrdd anew engagement. ‘ , , , Mnerttscmcnls —*£l Op; per square ..for the firsttbree insertions, and twenty jive cents for every subsequent one. ■ ... t LEMUEL TODD, "' ;.;. ■.Attorn bt'AT . t-vw* ; ; O FFICEiNe.-10,_Harper’s Row, inilho room formerly, occupied by Isaac. Totld, E5q,..." ; Carlisle,.August2o, 1841.., . SAMU E LT RVJH AM IL L , ,: ! . AWORNEY AT'LAW. ? Will practice in the soveraj,courts of Cumbor , land county; Office m Main street, tliaoflico now occupied by "James H. Devor, Esq. Carlisle, tjeptember 30, 1841. WILLIAM! Ht. I.AMBERTOIT, ; attorney at law. TRUST lit practice and attend to coUectiona ia the Tpw counties of V.ksasoo and Clamos, In any business that be entrusted to. him. be will bo as sisted by Samuel A. PonTt.isca, Esq. of Butler. Olficc two doors coat of Evans' Hotc). Franklin; Dec. 9, 1841. A liIST OF LETTERS Itomaming in the Post Office at Shippsksbubo, Pa; on the Ist January* 1843 Enquirers will please say advertised A sUlen Mongomcry feurkholder Joseph Beaver George Bidlemnn Maty B Butts John or II Ross Jjarnet Mily , Britten Root Bachera Natan Cowan Diana dolman Jacob Cambel John D w Dcsse Geocge . QavU Mary , ; Duncan John’Esq - ,jjj ' • ■---f * ■ ‘ F, .■ Dowatt Sami r. Dooly Thomas ~I)q\yall featur Eckard David - • Fulw\lorJ.'ilm v Frick'J oilii - ■ Gibson Eliza Ann Green WilUara Otiffen James Givens John Hippehstcei II * Haiiim Amos ! : Jlubly Wilson Jenings "Martha Kelts Peater Kyner John Kenower David _ Keonard Catherine Leas.W U Marlin Mary widow Matear Alexander Million Robt Eikirk Sara’l Pedldw Rachel .Robison Theadore Reed' Gehew Dro.er Shermanhorn J Esq Shields David Smith Sam’l Slink J N ' , Slrawhridge Joseph ■SmilhSam’l Snlenbarger Sam’l 2 Sheafer Elizabeth Ullz Margare.lt Williams Joseph Williams Joseph Wallace Agriess 1 Waidler Ruben OP PJGNNSYI.VAKIA. CUMBERLAND COUNTY, SS. - ' „ir», ' The Commonwealth of Pennsylva nia to' Abraham Scavers, Jacob Seav , ers, David Seavers, George Seavers, JoliiL Bnchrmip, a'tfd John Tlinish, heirs at liiw of Mary Seavers, late of Dickinson tow nship, deceased.. \ ■ —■' • - GREETING: .Whereas Frederick-Walts, Esq. Attorney for some of tbe.heirsjat, law of. Mary. SeaVeirs'jdaiQ of Dickinson township„deceased, filed a.paper ip the i Registers 1 Oiffice of Cumberland countjvrequest -iiig that a Registers 1 Court bo donVehed -for the determination of the validity of certain installments of writing purporting to be last wills aftd tcßtirnents of the fsaid Mary Seavers, dopensedr_-i-ThiB_js: therefor© to notify you that I-have appointed, a •Registers 1 Court to - be : bolden,‘at the Register's •Office, in of Carlisle, on l Monday the ” natiompf the.purpQses-aforesaid,. when and where you* may attend if.yon think proper. . " In witness whereof £ havd hereuntoeet my.hand and seal of office, ibis 2lst flay of December 1841. t ! ANGNEY, Register. ; ; Wiluable Property PRIVATE SAXE.- valuable properly'situated in Papertown, ' jljabqutfiye.mUes,south of Cbrlislpi'Pa., on the: turnpike road leading from Carlisle to Baltimore, ‘known by liib name of the . . . JPJIPER ' is r o&&red for salfe. ItdsjbnVof tpe largest class ~dfMiHs;andhas recently been thoroughly repair- 1 ed'and fitted rip' ivHh hew antkexpchsivb machin ery,in which the paporls.dried on SteamtCylin defo. ‘' •'. ' ‘i There are two engines'in, the mill, with water power sufficient todrive two tnpre, 1 Jn comiexion' withtheahoTq property, there are about 108 acres pffirdt rate land, Paving thereqh erbcied.a ~ ... , withtjiußppurtenancek fortbeaccqmmqdatidnof .lilt) manager—besidea S substantial Tenements,.. , ' Applicaliqncari beipadbto.Wtn. B.'Mollep pit . tee promlsesVor-tdf ■ wMiB. Kt#OK, : ; P(ro.'l;jd-w.:.^:-.v(\uyf 0 ;^i [ ,jpnfetk, Carlisles fjl -M-M. vV.ntf. V;; Ali perBnn&^o^knpw r .ilion\BplyeB indebted to tbe firm of call and . settle their accounts on or ‘-'day' of Jufpfocy" IfftSfas £ftef IJiaCdaiq ,;theieVwill rib ‘ ‘ : ■-:] MR BI’CHANAiVS SPEECH. B . V Brackenridg John 'Barlih P J Duller Sami Brown Mary Brown William • Bower Jacob Olomanco Edtfardf CroigGW , Ferrce John GrumWufJolm « Green Join T “ Green William of Jacob llarlline George Hochenb'erry Robt- Jamascn Catharine KohrMichl Keogh Thomas Kindig Margarett Lautspaugh FreiTk M ickey James Rev Miller John Mainus Serah A. Redatt Joseph Esq. Richard Rodger? forwM Swancy Joseph R Sturgis James Esq Sharp Jane Miss Smith George Stouffer Isaac Shapley Jhel Scott William Wolf Henry •Woodhurn Elizabeth Wallace James J. PEAL, P. M. 'J# ri! 'V,' i ■ BY GEO. SANDERSON.] Wbo l.o »0., ! 3L43 4 Against the Establishment. pr the « JEXCUEQVER ' r Delivered in .the Senateofthe U. S. Wednesday, Dec. 29, 1841. ' Mr BUCHANAN observed, that when this subject had been.before the,Senate a few days since, it.had. been, at: that time, htsjn tent ion to submit some remarks upon 'll and subsequent reflection.had strengthened the conviction that it was his duty,now, to ex press his opinion of the letter of the Sec*. retary,of4he.-Treasury ..and ..the ilratt ot a bill for the establishment of a Board of Ex chequer by which it was accompanied. Were this a mere recommendation trum the Sec retary, containing the individual views.and opinions of that officer alone,-Mr. B. should nut deem it proper; in the preliminary stage of the proceeding, to go into an investiga-, tion of the subject., But such wis not the case. This.fiscal plan came before the Se nate in a novel, and imposing form. 1 They had been told in. the letter itself, that it was a. plan in favor of which.the President and his-whole Cabinet were united after much deliberation and reflection; The,bill to es tablish this Exchequer board had been drawn with the utmost care, mid the letter which preceded it contained an argument in sup-, port of the measure as able as any ho had ever seen presented to Congress. .It was clear in its statements, logical in, its deduc tions: from the premises assumed, and well calculated to produce a striking impression upon'the country, ■ Under such .circumstances, and partitu* farly.^as-it.has-been everywhere circulated, thar^lT.'brjof-the plan;it-w«S.a duty he'owod to himself and nut less to the pmrty wtth whielvit was hislhonor- to act, to stiite briefly liis opioioiis in regard to it. He could say, with the most perfect truth,, that he. had feltr’ahd 'still .felt, every desire to support ,any measure which should- be re commended by President Tyler for the col lection, safekeeping, and disburseuient of the public revenue; because in common wi th millions of his fellow-citizens, he owed him a deep debt of gratitude 1 for having arrested bv: the. two vetoes of the last session, the' “Fiscal Bank” and the "Fiscal Corpora tion,” then presented to him for his . sanc tion. He had never been-more sincere than when, at the close of the'last" session;’he jp\d. declared ‘himself ready Ur take almost atiy measure temporarily, which- the Presi dent might recommend for.the,fiscal purpo ses of the Government. He was disposed to put into his hands a carte blanche , pro vided he confined his recommendation to the constitutional objects to bo' nccumplisli ed. But when the. President.extended his plan beyond that limit, when he proposed to issue a Government paper currency, and put the public money in Jeopardy-, by jda ciii"- it in the hands of speculators, or lend ing 0 ! t to merchants, or to anybody else, the plan must encounter his determined oppo sition. It was right that the.country should know the opimonsiof Senators on this sub ject, and know them now. The energy and industry: which marked the American cha racter- were such, that if the people, were left to themselves, they would.soon relieve thW country from its present depressed con dition, and elevate it to its former prosper ity. - But, as long as the people were look ing to Congress for relief, their energies would he paralyzed —they looked to a source whence no effectual relief could ever come;, and, while- thus waiting and-; hoping, they were led' tb neglect thatindustry and econ omy which alone could elevate them to their liigh destiny.- Mr.-B. went on to'sny that he had viewed the plan subipitted by the Secretary in every hspec'j and he ; -could, see’nothing, nothing-in Tt bu t a gi'earGovermiVent Bunk; ifsbusi-- ieSs wa.s to be conducted exclusively-by the Government; its capital.was to be fur nished exclusively, by the Government; its paper' was to be issued exclusively by the Government —-from first to last it w’i.s no thing but a Government" Bank.' - WlTat were tbe functiuns of aßank?of a' Bank of the .moat general -.character? It received depnsiteß. it issued a papercurreny, and it loaned money on bills of exchange (ir on 'promissory '■ notes. • These were all the three 1 functions which could properly belong to : any Batik. And were not each andallof-these-functlnnstubedischarged by this new "Exchequer Board?” Yet with the greatest appeara'nee-pf naivete, the Sec retary told Congress that • this-was nut a Government Bank. : Now, Mr. B. would first briefly state what this plan was, before stating his objections to it. " The bill proposed tlib establishment.qfiih Exchequer Board, to consist iiif fivo itiem bers;and to be located pt the seat of Govern ment. The'Secretary of the Treasury and the Treasurer dfthe United States were ea:- hjficio do constitute tWo Pf its members. ;i'n addition to : whom;,.there, Were (b he; three commissionefs, appointed hy’the Prjsiderif; bz ‘arid with the advicp artd cp'nserit df the Senate; "who' - were to hold 'their offices fpr six years;;arid iniglit be reappointed. One of the' three was. uf first fo.b'e appointed for two yearsjiihdlher fur four; and the! , third for Six;'so' that there might be a change of 1 One commissioner every two years. 'These! officers were tu be removable at pleasure; he wis wrongt they wiire to bevemovhblein case of physical inability," incbmpetence; and ne glect of violatidn of duty. And what was j lobe the power'Pf the Board Ibusconstilu leil? • They wefe’fo establish fifty rlwo' sub ordinate -boards. Which ‘might be scattered tilf'over, llie country.' There were to bC State of' llieUiiioiU 'Train letfee pf- the Secretary Ball; 11- iliiglit; be‘-Tt(irlyr in fefred‘,;tlial; 'ihete 'would fieithreeipriheifml there'couldrt6t be 1 less thah twoj 'so' thatliiSher.branches thefe''woul(ilbe'abodyof , ls6'officersVBcat‘ tried tlirofighout every: fiortioff qpthe Union '! v \ ‘to perfoVra.’the business .of..this Exchequer .Board.- , All- these .Branch officers were to be .ap pointed by-llie .Secretary offhe Treasury .•.‘on..the recommendation .of the Board of Exchequer; and the said Board shall have power; to.fix^-tho,amount of. the respective compensationj*of, such officers,- and. provide regulations for the ; governraent'of such a gencies.” These officers were all remova ble by the Secretary of the. Treasury. , What duties: were tp; be -discharged by this central Board.and .its agencies?./They ‘were to receive, keep, and disburse, the pub lic, money: they were to act as commission ers of loans, and they were to perform the duty of pension agents. And here ha would remark,;that these humble and useful du ties had been,.under'the act to establish the Independent. Treasury,., performed,, the whole ol them, by four Receivers General, in additiuh to the present. officers of the. Government. - For .the. mer.e performance of those duties,.'Mr,: Brjtad;no objection,to, almost any plan which the President might propose. . To-be sure, if the.present magni ficent project should be cut down to the dimensions of the Independent Treasury, four additional officers only, instead of one hundred and fifty-nine, - would -be ainirat were necessary .to carry it into execution. But what wece the remaining powers to be exercised by this Exchequer Board and its branches? Were they not the powers of a.great banking institution? First, they were to receive private -deposites not ex ceeding $15,000,000,. which might be,cut up at the pleasure of the depositors, into certificates of de'pnsit which, assuoling the form of bank' notes, were to become a cir culating- mediu(p. , This particular part of the-scheme was left by the bill in ’great obf sturdy, .as it was not expressly declared lliat these certificates should be. received in payment of the public-dues. - He did’nut’ know whether this $15,000,000 would con stitute a part of the active banking capital or not; or -whether it-would. remain on de posife merely to* meet the‘payment of the. cerl’tficatcs issued! He supposed it was in tended tu constitute a banking capital. If it were not, he should feel less hostility a guinsL. this, part of the plan. Some.of the best banks of the world were mere ddposite banks, and their-only issue was bank certi ficates which represented gold and silver, dollar fordollar. .-•■What was'the next function of this Board ?- They were to put in'circulatlon a Govern ment paper currency hot exceeding $15,- 000,000, in -notes of a denomination not lower than five nor higher than one thous- and dollars; and they were expressly author ized,. according to.the-iules uf-banking, to issue three paper dollars for every gold and silver dollar in their possession. Then it was a bank (if issue. Was it also a batik of discount? Cuuldany rnan duubt.it? It was the Exchange Hank of an hunorable friend near him, £Mr, Berrien,] only withdrawn altogether Irom the control of private indi viduals, and transferred to the Treasury. ' That was the wholc'dlfferencc. Whether the Board should Buy a bill of exchange, nr discount a promissory note, it came to the same tiring; it was neither mure or less than anaccummodation loan.. And it was a loan subject to ail those risks to which banks, brokers, and speculators could expose it. No' prudent man would ever be willing to put-his own money into such hands. Mr; B. therefore took it for grunted that it could mi t.a ml would not be denied that this Ex chequer Board was shank. But it had another, bank feature, lie meant no,disrespect to the honorable Sena tor from Alabama when he said it was a bank.purely, on lire Alabama principle. If the bank , should' run down', us it might be expected:.-soon to do,,there was a provision in the bill that the United States Govern : -ment-shouldrwind j t up by-advancirig-iClive millions of five per centr loan, redeemable after twenty years, which loan might be sold in the market at any rate under par that it would'bring. Now when the General Go-' yernment 'undertook .to deal.in banking, it might calculate on the,.same fate which had' . attended banks owned by. States, From statements Mr, B. had lately seen, it ap peared that .the. Alabama bank had got through fiyeMitillions of. its capital, and was in. a very .fair way to get through with the residue.;, £A- laugh,]. This would bea'gov ernment bank, Conducted with great extra - vagahce aiuHillle care. as all Governmerit banks must be,, where private and individual interest was hut brought to bear on its con cerns. ■. Mr. B.said he. would-now proceed to state' a few objections to.this plan. - . And, in; tlio, first place, the Whig parly of this country had ever professed to regard the.curtailing of Executive influence as the great polar stai of all their political move ments. -Every distinguishedvjVhig Senator :liad deprecated; tills influence as one or the greatcst of-all.enis. vcry distinguish ed Senator from Kentucky QMr»Ci,AY[) had this, morning repeatedton this subject senti ments- which he had heretofore- presented, over/nmf over, again* in that Chamber,'and the poor JudepehdentTreasury of Mr. B‘s : party' assailed, ami with the ut most iffoct, .on that very ground. The coun try-had been alarmed at the vast and“extert sive patronage to which it would give occa sion. - ' The' thought mf the appointment of four receivers general had st ru ck terrorand afarnr through the hearts of all his Whig ■friends* ,i But; \Vhat_ had- we here? There .were .three eoomiissioners.hesides the. Sec retary of iheTVeasdryandT’ rensurer* to be anjiiiinted atiT'to resident Wnshingtoii with fiftyitwo subordinate agencie's'-alf overilhe opudtry,' each rretjairihg 'the. additional np liointinent.nilf ’tfiree; principal officers, to say hottithg of subordinates.,;- Here -was-a corps offofflcetslof lndivi dpals* great.and small', presenting, two, hund reds places.; very . oonveiiient /.indeed Tor the fricndsiuf ony' Administration which, might deSife' to'secure and reward their services. , “pun COUNTRY RIGHT OH WRONG.” Carlisle, Fa. Thursday January 3o, 1849. Mr. B. here again protected that he intend ed no .personal, reflectionon, thepresent Chief Magistrate in the remarks: he now made., l^e.didVnot entertain the remotest fear that President Tyler would ever abuse his. trust. , Public; liberty . was not in.the least danger-from him. Mr. B. was gov erned entirely-in the /ground he now-tpuk by general principles'of policy, and not by the slightest possible disrespect to the pre sent Chief Magistrate. What" he. had “stated ..was,: ho wever.-the smallest objection to the, bill; for it went.to effect a perfect concentration in. the hands of the Executi»e-of; both the political and the money powert How could it possibly be supposed that any. honorable. Senator belonging to the party with, which.it was Mr. B’s happiness to.act could ever adopt a plan of this discriptioiif -That parly had always been strenuously opposed to. any j Bailk of the United'States, and especially, to the two “Fiscalitiesi” which bad been vetoed by President Tyler. And why? W’ithpu t adverting to constitutional objec tions; chiefly because the United States were to be large stockholders; because the Presi dent was to appoints portion of the direc tors, and because these directors were to re--, side at Washington, under the immediate influence-,of the Executive. , 'they had al ways condemned .the; connection of a great money po'vrerwith the political power ot the Government.. But here in this hilt .all masks , were thrown off. Here was a Government Batik, not, owned in part or controlled in part by .the General Government,but belong ing altogeter to .that Government, and ha ving, all its officers appointed.by. Executive authority.' And yet they,were told, forsooth, that tlifts was an “injenTiediate measure.” Su far «fsepr libii of the repeal.:it was an ' ex treme,, measure; it went,far beyond the Na tiuu’al party had'always.op posedl Tfiere vvas an institution'not merely connected with the Government, but in all respects a complete Government Bank. And yet the. Senate were told that, this mea sure presented “a common platform on which all might unite,’’Would to heaven that it werei All Mr. B’s habits and feel-. ingVwpuld induce him to rejoice at thedis covery_of a measure of. that character, and j he would be. one of the very first to rush iiito unioii on any such common ground. - He remembered well, he never could for get, the* speech by .the honorable and distinguished Senator from Kentucky [Mr. Clay] .on this subject. _ A printed report of that speech .was now be fore hiai. The title page, as it was.a very | long one, he should not read it. [Mr. Clay here Interposed, .to ask that it might bd read by all'means.] ■ Well, Said Mr. B. since the Senator de sires it, I Wilt read it. • A poet has said that “the World’s all a title page; there’s no con tents.” But that remark would not be just if applied to tills speech, for. there is a great deal of good reading in it besides the title. [He then read the title page in full, the great length of which produced much laugh ter. It is as follows:- “Speech of’thc Hon. Henry Clay of Ken tucky, establishing a deliberate design, on the part of the late anil present Executive of the United States, to break down the whole banking systeih of the United States; commencing with the .Bank of the United States;and terminating with the State banks, and to create on their ruins a Government Treasury ■ Bank, under the exclusive con trol of the Executive; and in reply to the; s'peech of the lion. John C. Calhoun of South Carolina, supporting the Treasury Bank. " Delivered .in the Senate of the U nited States, February 19, 1838.”] There’s a title for you! Now, on what principle had the Hon. Senator contended that ■ Mr. B. and his party Were in favor of a great Government Bank? Th^y-lnad r: not; proposed to lend any money; nor to issue any bank paper. Their plan, the Senator had contended, contemplated n bank of is sue, aml whatdid gentlemen tlimlc "tluTissue was to’ be? Simply drafts bydlie Treasurer of the United States on the depositories in diderentsetitiunsoLUiecuuntry, in discharge of debts due by the Government, a practice which: bad prevailed since the origin of the Government, and must continue as long as it was a Government. Yet the Hon. Sena-, tor, snuffing danger in every tainted breeze, considered these drafts-ns forming the paper | currency of atrememlous Government bank. I And although the drafts were required to be paid within ns short a period as possible after the date of their issue, still it was to be a great Government Bank. What must the Se.nator’think of his own political friends? liven the Senator’s fears of what the Inde pendent; .Treasury might become, were thrown perfectly into the shade. Instead of Treasury drafts payable within the: shortest period; mere was. a regular issue of paper bills; at the rate of three, for one dollar in specie, with as complete a system of exchange as wuuldf'have resulted .from the adoption 'of. the Exchange Bank bill, .so properly ve tued at the extra session. VVhat would the President: become, according to" this plan? He was already, the great fountain of polit ical patronagcj.and he was to become the head of; an immense moneyed institution. If this hilt.should succeed, thespcculators and. politicians of the whole country would becoming here to court the President.or his Secretary, for, loans, ijust as eagcrly-as men now crowd to Washington for offibea. Pro testing always that no remark heshould now niukehad the remntest application to dent Tyler, heput thacase of am afnbitiouS ami dungeroushian-Being at .the head df go vernment— an .Aaron Burr being . in; the chair—amli let him have it in his power to control the .wholeßf the public revenuej let him have at his. disposal at! the money of the people;- with wldch'fo' purclmsedhe,services of political pm lizans .oh the;eVe of h-gfeat Pteaidcrttinl election, hml What would to-, coirio irf, the All they had -formerly-: heard about;a.anion of .the parse [AT TWO DOLLARS PER ANNPM* Now Series—Vol. 6, N 0.3 2. ' and .the sword .was mere-idle declamation; but here was that union in reality, and with out, a veil. All the money of the people was to be subjected: to the Executive dispo sal, and the: President was’ to become at once ' the fountain of individual;wealth as well as, of. political power. The Treasury Bank was to bejiompletely hpd exclusively .under the control of the Government; and an able, who Should be, .at the same time a bad man, would be in circumstances, by the-use of this double-power,-, botlnpoliticah and 'fiscal, tu spread unbounded corruption throughout thecommunity, to subsidize the the venal to the purpose of his ambition, and so to corrupt and to impair the liberties of his country, that they would be no longer worth preserving. " ' Mr. U. went on to observe, that it might perhaps bc .urged, in reply, that by this plan I the ~ bills of exchange in which the bank . could deal, were such only as had but thirty, days to ran, , Very true;—that was the re j striction on the bill; but let this great bank once get fairly into operation, let the tnoney of the Government become the capital of the bank, and how easily might'that limitation be extended? But even as it bow stood, .there was, in fact, as much danger to be ap pieliended as if’the bills wcre allowed'to.’ run ninety or one hundred and twenty days.— It was said that the dealings of the bank were to be confined, to bona Jide business transactions; but that was impossible, utter ly impossible. There was no attempt to do this.on the face.of the bill, and if thcrewere, it never could. be-caVried out iti fact. A man in Philadelphia would go, to the bank and present a bill of exchange on Boston, duly accepted, and get. the money for it; when the bill became due, the acceptor, in Bubton would .draw a new billon- the first. \Vrawcv inP hit ad e 1 phia', and, With the pro ceeds, pay the original bill; and thusia,per fect, system of kiterflying and horse-race bills would take place, just as it.wjtuld have done under the. Piscal Corporation. The only diffcrencewoul.d be, that here the kite could fly only for thirty days at a time, ao<j the kite-flyers would have to repeat their operations, every thirty days, instead of every ninety or one hundred and twenty days. Mr, fi. further insisted that the-issues of the -Exchequer Board ■ would be purely-a Government paper—that, and that Let this Bank get fairly underway, and its history would be the history of the- Bank of the United States over again. Tile public treasure would pass into the hands of specu lators, and the “suspended debt,” within one year; would amount to millions., Mr. B. here quoted from the bill, to show of what the'issues of the 'board were to consist, namely, of bank.notes in which the United States'would promise to pay, signed by the Treasurer,- countersigned by the President of the Board, and payable to the order of the principal agent at the different brunches. The chief means relied upon to give this paper money an extensive circulation, were the operations of llie Exchange Bank.— Without this, in the opinion of the Secre tary of the Treasury, the scheme would prove to.be-a failure. Let him speak for himself t • . - “These notes says he, “can get into circulation, and botkept only in two ways: first, by payment in auch.notcs of debts and demands on file Treasury; and, second, by buying domestic exchange* And it is file liist of these modes,which is-most confidently looked to as furnishing an active and continual circu lation Of this . pape'r. When issued in Government payments, at distant-points, the general tendency of 1 the notes will be from thosa points to the great Afian tic cities, according to the course of trade; thus leaving the place of their first issue without the benefit of their circulation. Blit it iVeviJent.that if the agencies at those distant points shall bo authorized to purchase bills df exchange, a new source for the issue of sound .circulating paper will be opened, and the exchange thus bought would be remitted, wherever the demands of trade should call for it.” , Now, these were called blit with what justice dr "propriety? What was a Treasury note? merely a 1 mode of borrowing a sum of money by the Govern* nient instead ofrfunding the public debt.— Treasury notes were issued to Government creditors.or in payment of a Goveqgment loan. But with what justice could these were payable pn demand, but did notj.repre sent dollar,for dollar in specie. For every five dollars iii the vault, fifteen .dollars of dds.paper might be issued: ■ and this was to be used, not.in discharging the debts of tlie -United-Slates;-not-in-consideration-of+loans eifected for the legitimate purposes of the .Government: but inbuying billS of exchange from private individuals.' And this was te .be done for the purpose of regulating the 1 exchanges; when we ail,know that they will be regulated the moment the banka shall honestly and in. good faith, resume specie payments. These notes constituletl in every refpect a Government paper money.; And what had..tlte past history of the world inva riably demonstrated to be the. fate of such money? /Was.there one country, um)er, the ■su'fi which ever had tried it a.ud had. not been a, sufferer from the ex peri me.nl B, / Every where its yalue had depreciated from day Vo day,, until at length.it had sunk to nothing. Tlte two moat striking examples of this were to ho seen ini the assignats issued during the French revolution; and the*continental mo ney of-.uur own Revolutionary days. , In both cascs|, .indeed,itho 'paper.'.Accomplished a giojnitfis' purposer-it established and ids tuined public liberty, and enabled each of these nations to .resist ami to overcouip n despotic powers but ns a currency, as money, 1 it sank and sank till at length it .lost,; all value.' And should‘we, in these piping, people, were abunl - able .to, payv/.alj the expense*; of; Governnieniv jerortilmap expedient.suited l only to the most desperate. emergen,cy,;npd of/ao .tempting and Seducing a character os to have heed abused hiy every Government that e*cr had resorted'to it? v Then tiiia. Bank-was to havO a cifcOlntion Of. fifteen millions, an'amount, beyond the averagacirculatjußorthepld-tfnitedStateS .V AGENTS.- John Moore, Esq. NewvUlei ' - Joseph M.'Means, Esij. HopeweUtownshlp. Tao>t*rf H; BnifTON, Shtpp«H«WEB* ' ; ■ Willi'ak M.Mateer. Esq,' Uce’ft X Roads : John Mehafty .Dickinson township,.. . Johx Clebdenix,Jr. Esq.; : Hoge»totyn., George F. CAtjf, Esq.,Mechanicsburg - ; FnEDERIck WoNDEHLICH, do - . , ', ' . John iji'oucn, Esq. Sloiighstown. Daniel KuYSiiHn. Esq. Cliurchtown. 1 Jacob Lononeckeb, Etqi Wormleysburgi ~ J. B. Dhawbaugu, Cedar Spring, Allen tp. Martin Ci. I lupp, Esq. dbiremanstown. / Bankin its palmiest days. • The average of her circulation had been but front "eleven t 6 twelve millions! but hero was a great Cen tral Board, .with'fifty-two agencies, and a circulation of fifteen milUonsl . This would expand* the paper'currency of the country, promote speculation, - produce : a delusive' prosperity, and, in the end; when, the bubble burst, would .place us in-a condition touch more,deplorable.than we are at presents But the " facility with which -the issue of paper money by-a government bank might bb abused in in debt"al most without its knowledge, was demonstra ted by the 'provisions of the present bill.— This was a bill, in effect; to burrow fifteen millions of dollars. That was palpable.^- Oh five millions actually' in the Treasury, the Bank was to issue fifteen millions.— Here was a loan of ten millions at oheef then,, when the; Bank should run' down. which it soon would do, Government wns to lend it ttve millions more; in certificates of loan issued by the Treasury - Department to the. Exchequer Board. Here were lerf mil lions of debt incurred ut once, on the one-to three principle, and the five millions more .of the Government make up, in fact, aloari of fifteen millions^—a loan of which no man. womaii,-or- child could have dreamed,-on n mere perusal of the bill; ;yet it was-demon strable; it must be so/ It was the issue of a paper money,..without even the prelcoce of a specie basis beyond one for three for its support. , ■ •' ' ' Mr. B. said he he had never been a"great friend to the existing banking system of the United States; he believed it was fast going to ruin; it contained the elements of its own destruction within Bet it go; lib should give it. no impulse; he would leave it to itself/' ... whether this, rieW Work good or evil; but certain it was (hat it Wbu(d-sdoffitnake,att.'end.of the State banks; It. went tdMnviide-their pro- • rogafive.- It was empowered to issue five dollar bills, whereas hitherto Treasury notes bad never been permitted of alessdenomi-. nation than fifty dollars,. In issuing- notes of so low a denomination as five dollars, it would ' come , into immediate competition with every peflyjocnl bank in the country, ' and they must-go tbnvn. It'was d sad ret rograde movement in another respect, pcrience bad shown that, there never could be a sound specie basis maintained ,for a paper Circulation when bank bills“were al lowed to be issued as low as five dollars.— The Democratic party bad been struggling to get twenty dollars fixed as the lowest point, and leave all sums below that to be paid in specie, so that laboring men might icceive theirwages in gold arid silver, and leave the merchants and capitalists to receive the bunk bills; but here the denomination was,to bo' reduced to five dollars. and that with a circulation exceeding by millions the average circulation of the old Bank of the United States; £Mr. Benton, speaking across. Yes; and they will ,soon have it down to one dollar.] Yes; they may get it down even to that;- Mr. B. said he should feel much'greater alarm in contemplating this new scheme of a Bank, were it not that he believed'in his soul'that, as a financial measure, it Would wind itself up in six months. Why; where would the. centre be at which' these notes would accumulate? The Exchequer Board might send, its bills north, 'south, east, and west, but the point where they would arrive at last, after performing their tour of'circu lation; would be Walt street. New York was and must be the settling place for.t)ie. Union. There specie was demanded' for exportation. These notes Would be ,hoarded in the West to pay debts contracted in N. York and the other Atlantic cities. They Would be be better fur this purpose than the local circulation, because they were rcceiv 1 - able in payment of duties. Tben lct fhe balance of lrade against us at any tiihe pro duce a sudden demand for specie Iro'th abroad;’ on whom must'it fall? The focal banks would take.care to protect thcmselVed its well as they could; they would hoard these Treasury'notes in their vaults, and this first run would be on’thb Treasury of the United - Stales. Aud in 'what condition would; the Treasury be to sustain a rtiti, after the issue of fifteen millions of paper on five millions in specie? The Treasury itself must blow up.- The scheme would succeed in one way certainly—-Captain Tyler; would be hcaded by-it mare efTectuany than by all— the-contrivances ever yet thought of. Then the cry would immediately be heard;' "Well, you see the lust experiment has failed; and - now there is nothing else for it, but we must have;.a good old fashioned Bank of the U; States.”, However, exclaimed Mr; B.' in any event. Uncle Sam will be safe—he can’t be sued! £A Ihugli.] It is certain,- hs cannot .take the benefit of the'Bankrupt law< But this may be highly useful in another re spect. . Political, speculators may!; incur debts, to any- amount by ; borrowing from onr Exchange Bank-, and may ,then pay them by taking the benefit of the-Bankrupt act. The two plans, wilt work admirably together. [A laugh, j : They of: Mr. B’s party had-luijfr been making vvai pn tho principle of allowing the " money of the people to ho Used for ariy pur- • pose .but‘paying the public debts. !( Was this-, which lifld-ruined.the deposife banks} yet that veryv thing which ;had' ruined them, this Government .whs asked to do, anil-yet to expect nnt to lose a great part oj'tha money.loaned. -In the veryable letterof ; th®Secreta'ry of the Treasury; it was stated tofieonßofthegreatcstrecommcndatidtis of - the new Exchequers scheme,' that The mohey. of the .people .would nbt-be-locked up 4 . but would. .be ioaned out; through thd agency of tluslGdVrrnment-Banki • for'uba benefit of the people! ••• >«*■-r-.; - .Vfrith all personal •respedtYotr th’erPresi dent pf the-United StnteS, Mr. B. confessed ■ that ho viewed this scheme with dismnv.— Whai was it that Itad impaired fheVpubVic morals* itod; beyond all othef thifig»;anjuri»d
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