;: 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