r Href W fall with' a contraction, of tho currency.— j Hie meat arid Hour nml other necessaries to sup- port his family may cost two.prices, but his vtfages 1 remain slalionary. But let the roVorae tide set in. njiJ tho fifst curtaihncnl of the employers expen sis, Is to discharge his hands Or reduce ilietr daily compensation. U is, therefore, the great mass of tie people, thc labouring classes «f the com cjpunity,'the-millions who produce the wealth ofj <vcty. nation* the greatest contributions [ .jfo this unholy system* this crashing Moloch, in , ,lh‘e sweat and muscle of their stalwart frames, and in th 6 hunger atuiidespair of their many destitute and cheerless hours. • Tbe celebrated De IVilt Clinton in a message to Ihe leg lalaturepf York, in IHIH, while ha was-Governor of that state; boldly proclaimed that “a proposition to invest banks tße power ot c oining money would have no ml Vocates; and yet it might not he so pernicious os the au thority, already granted oi emitting hank notes, | To'suow: the power m ill** hanks m enhancing the prices of even teal CSliUe, I may mention that in the county I have tbe honor in hart to represent, the price of hind in 1809 Was from forty dollars to sixty dollars per acre—in 1813-l4,when tin* country was Hooded with nap-r enrren cy,issued by the banks, it wns Irom one bundled and fitly dollars to twb hundred dollars per acre —and in 181 U when currency was in a gienl measure withdrawn, it was from twenty-five dollars to forty dollars per acre. Tins WM about the relative vah»e-o£.iflod in this state during ihe periods named. Dunng the inflation in ISI3-14 land ,in■Tj>r]f-»«tPi- county rated at from two hundred and filty dpllart.to three hundred dollars per acre. When the de {iresglon came, valuable houses were sold in Philadelphia dr arrearages of ground rent, th® house and the ground ■TlOt. renting forasmuch as the ground formerly. *!•’ Why then extend this system in Pennsylvania? «itn f.allithe restrictions mid guards we cun impose upon it, it as I have before remarked, still too strong for the law * bid for the government. 'The present act of assembly, re :..'<jWiring the banks to keep their notes at par in Philadel i‘*pbla and Pijuburg, is practically a dead letter. Ills til - f . terly disrtgiraef. Heretofore the brokers bought up the I .bills of these blinks at live-eighths or three-lonrths per cent [ discount, end'remitted them l« the banks at one hall per cent discount,*! that the broker would realise one-eighth or one-fourth Mr cent and the bank one-hall per cent, by the Operation atSjvery purchase and return of these bills to be again put iipcjttulalinn, ami to pass again through the fcame routine. But'rcccnily a new arrangement has been entered into, and the brokers buy a fraction less to present the pflfchnJWof the note* by any but brokers, and Ilietr too speedy return to Iheir counters lor payment the banks now remit at three-eighths per cent, and the brokers fire not tolsgU to any one who would he like'y to demand u, coin frem the banks Tims the banks make three eighths 'percent mid the brokers one eighth bv buying up their bwn depreciated paper circulation, which IS added to ilk Other profits of these institutions, ami is considered a lair business transaction There is a tax. it is tme <■( two mills per tint upon the circulation of those hanks that disregard Jhelfiw hut 1 lime not been able lo discover that it has fiver been paid, by any report of Ihe accounting officers of the government. Instead ol two mills, th" tax . \iQUght to bfl two per cent, lo be at all efficient in restrain ing the evil. Why not then, let us keep from enlarging this sys tem in Pennsylvania bv rm.iimg II hoM o( few hanking institutional There i>> c-il.nnlv le-s demand for an m crease of banking capital, since Ihe great influx of gold into the'country by te.iv.nol inediM-overyot [hat precious metal ip California. I v c rv rum I dwress unless banka arc chartered -u ,e duu-ered isst.de and nauseates upop good taste and public prnpuetv y- Some of tfijidvoc.ue*. m the re charter of the Easton bank have raised th-- old te.ler.d panic cry "n ilns subjoc', such as what.wfi he.ud wh.-n the I m’fd •'t.ito bank was ■ trying to extort a re-. li.umi Imm ihe naiiomil government just as if th* Wealth d Mm country deluded upon a tew bank notes. If the IsrmeiH and <n.d dealers ol that region have grain and staple ptoducu to vend to market, it will bring back its return in real v.due, in gold oi Mixer of tts equivalent, if, there wie nui ,i bonk note m the wide world. I hold "m TOyhand, mi one of the for the re itharter of the Easton I winch h«\«iie ol many in precisely the same «n„|. who I, with allMue respect is positively disreputable m me n.iHiig-nce ol those who signed it It is a pe.,:,..,.,nc,c)..mte oi the city ol Phil adelphia for tbe ie chiii'"f ot ihe K.iMon bank, and they say among other (inn"-ih.ii— “The winding Up <>i i'j. ..irge discounts and cirrulalimr would inevitably pi-iuv < Urge portion of this trad* [tefening to tbe trade nnn.'ioued in a lormer part id lb .petition] reduce the vulUm me commonwealth—injure tl citizens and merrb.n '« oi T'nl.idelphia ami produce mar heavy losses bv lailmc. .a .odiv iduals Here are tie ‘M.or.ou - llvdia* ami Chimeras dh> s fluch as rsised then w !*»•«* th<- old monster tin* J* States Bank. rlf>nar><«tn re . barter at the pr-ce ami n der the (bmiltyed (e-nuliv ol the d«fclriu'lium ol the inti *■ -asls of the entire !-■ himhu iji’ \ sir. (hi* It'.)' I * us in **mpiiie into the Male of tl y*]»«tfin bank I fiml inmi tin' ii'inin# made by the bm to the AuditorlHiei.il <«>r the year IW. (or the li quarter of the vear. November, the lollovsing exhibit Bondi and Dmrtaaees, #.04,1 "'.‘l J'enna. 5 pet rent loan, .jyiint) U S r. Kentucky bock Slock ol »l«o«n hnnk —ns i 'li.uc Sundry olli« .lovks. *•1 1 : .iris Thus we find sr, that mil oi >'« <* ■> I *' T •' 1 1,1 ' OUI '’’l"'' 1 then«Md dollar' I has n.dred awl smenteenitlu «and tfiree lmrt l --l and thirt;, eight dollars and lei-M. cents, invested'in -to* ks and |>et loans and wnlnlraw n fr legi'imnte hoilk r.; business— leaving nl that timi> eighty-two «ix tiun«)i **<t <uj«l *‘ii d<»lwr« i •eighty-three cttm >n active blinking mjnt.i! It will perceived that Jib- ;«nk had then two bundled .uni Iwei two thousand! iii( hundred din! Ihutylive dollais * stocks alone V Well, sir, foi "" rear ending Xovembfr, Ifi.'m (lie same 1 i* returns show tbs 'be I>.tilk belli two bundled and three tUusand six bunlied nml ninety si* dollars -and thirty three cents in Bti.-s.aml two bundled nml sixty-one thou sand thirty one a>'l.trs ami seventeen rents in stocks and pet loans, leneiiijior'ilißt year but one hundred ami thirty eight thousand tne Inimli ihl and sixty erj|liL,.llollurs and eighty-three eeir> mjtive banking capital In I Slit it* cniiiiMi wn* somewhat improved The turns for the ipn uj ending in November. show that it | beld only one b Mud and sixty live thousand seven him j xlretLanu eleven w ami twelve rents m stock, and two ’huiwred and six "it ihmitmml three hundred nml tweti y •dollars and rents in slocks and pel loans, leaving • for that year on' tmilieil mid eighty three thousand six : hundred and SOX'- .p.me dollars mid eighty thiee rents ar tive hanking cop - ] But taking th-- .vmerly November statements nl tins. * hank for the l«r years, w e find that it* average ar j ' ‘ tlva banking cap'i i.ir that lime has been only one liuu dred and tlurty-ii- »...u-ami eighty »>x dollar* and eighty 3 . tl»K® C6n,, i nP|U 1 ‘l-'ty (IV6 tIIOUIHUId dollafß !«!*» thall tliy * amendment props') m leduce it ’ Caa there I* ’t-kUm a any great d.ingpr of a general 5- ,5 bankruptcy from ' mi lid raw aI of this amount ol capital • from the tank Bn>t p,„ mg U m the pockela ol the indi vidual stnckholdn. | li is ridiculous, sir, to talk thus.*— this part of tie ithp-i i, the hank musl bang on one ol « tvtp torus ol a (1 > r 'iiiia—either that she has not aircnumo ** dated the common , 111 wlm b she is located to imy great extent, or else she n|s issuing her own notes on the the stocks ic tudds, and at the Mime tune that ‘ft we is'drawing in , > , n.t on those storks, making them the basis pi the circa, .lull Ol her im n miles, as 11 such storks were.sperif and dieting three uiteiesti over again The latter is the more nahai liable ronslrurlion input upon her conduct, but 1 luj sir, on recurring to the leccut com rounicatimi from tin Auditor (Jenernl, transmitting the atotementi nf the buns, it m the true one On page 7 1 Total ■of that cominuiiTdinn I hud »' mio linn- during tin; jmri I on iliepßi m Vgv. : 7 :V t&xszzzz v" Vr«M todebl-l i., ,i e| ,ylo.« mn I'""'-"" 1 mi lundicd •»> '"'“’l tlip/e "7 1 ~Ul' , ™I l l '. 1 I 1 M I 1 In other bonk, miy «>v«;n ibonimnd liny " lur Wwteen cep'* —mukit>u n M-'l ifuni-.t.tt.' ") <»i ' honored ami inly eigbi (1.0.in.in.l d.ee hnn-ln-1 .md mne *' l ?y one dolllii and ,e„.ent fut r. R l.. vng d . bourn.,d \vio bundfaand hixt 1 'X l ' l dollar* mid m-wiil nine i entu .in Bpeele,tosWf ,( utib nnlen (lie slc.fk* it Inld are l<» be / opjnW irr*ed a* « »/«■«'«• biifin I l«ik. ibeie foTe,itpqlsthf mrUiul ol transacting bumuiCM by Ibis bank 08 otSetfionMr oid H adopting tin- principle ol (roe bank in# 6a &J upon inib\l' stocks. m it* «oT*t torm. No won derwTbtrik enabled Vn itelna t*r cent m . um mucl. In my in inhionc* l<> U,. ~ni VBut, nil. > in „( lW „ ,„»muiu.n_lh«l u mil my oil pfcuUf ml f' || W S |# commvinity have no reason to feat u» , • iettWO b> *»* / (i .. , \ ie ru well managed lor l\u> inleirM* 1 1 n «toeVb o 'd^r*i l * n ‘' * believe that this bank b.ts an \ \ » Ma'ierf* torn cbnrlcT at any olbef b.Klk ' * t S n whMT«o made , '*' s N ' l ""‘ r ' n ,ete ls "" "bjiriion *w•slU«tl.Kftow of. exiept ili.il the insliinium ik u><i n|.| ' A «?,J*P« f bnf* "I' l enough, mid l*eon engaged in .irim* nml Aolitoble busmen long enough In letire In {>m ,il<-lilc ,md ;jl - JrtnJ thr |mt of iIH (lays in luxurious ease and Hr” „■*. ' 1C' # If banks bf good they oii|fiit to go round and we ■Sw' ihould nul Miller the same eel ol men one Bene on alter ' another lo ei>|oy Himr peculiar udumlugcs Sm U a i-.miw : 2f-V. ifl unH-rennld...in II gives a sol of men (lie ;-o\iei In ninlrol (lie jmlinrui. socinl und men relignr.* .ili.inx m 'M til.- in wl'irll " '™! >« Im-.ili'il I' 11 » |T „l „ Ihi-Ii It 111 xml ill nil “ I,y, nlioitlil !«■ jiviimlli'il nml I'H'n m'" 1 '' 1 111 v l " l ".'' ■'* Il.i. li.ml, in iiiirlicnlnrly IntmriTill nl n cmlliii- I v0.1.' .in-1 11 1 m.ilv in lii'Ur, mill II ■» ««"l '* -V""". " L *nlite people of lliat region ol llic Mule ll iij'l' t't ...i.... 1 ... ... .... ...7 ..< ior.il ll icm-wi-il It. npi-lic-i tion in 180-1, cqmo again;'? We have a homoepathlc doctor in the town in which I reside, by the' name of JohnE.lSrtiilb, and a very good one I believe ho Is, too, of the sort.' He left the place, thinking lo do better, and.located ib York county—but in a brief space ot time ho returned, and &t the public housesi cbuld , be seen n card in large letters—“ Dr. John K. Smith back again ” Now, sir, whether this bank administers its doses according to the honurpathic or allopathic practice, 1 am not prepared to say, mid V-Kether its practice is adapted to cure the financial diseases of that section of the com ( monwe.dth, I am equally iguoiaut ; but I am strongly in 1 dined lo the belie! that tlm people there are Uml of its I .r-du-ine And why do IMY in’ From certain facts which air well known all own the commonwealth. In Ihe wlnier ol l-MO this bank hud a.i able champion on this floor in the person of my learned and venerable triend ihe Hon. .Ins. M. I’ortert who was then one of the represent*- tives of Ihe county of Northampton, and whom I have seen'in Ibis hall since Ihifdiscussion commenced, appar ently watching with manilest interest the lute of this bill. I hove known him from nr youth up, and have a right not ojfty to call him friend, hut instructor and counsellor, for 1 | was'-cnnm’i'ted foi some stars as a student in the literary i institution of which he w»s the honored head. Hut, ttr, in this mailer 1 would be recreant to my duty, ns 1 under stand 11. a« a representative on this flnor. were 1 Jo follow I,la ailtinn and counsel Well, in IShll he piloted the bill reeharlenntt tins hank lhnm B li tliin hou-r, and il was lost in the Senate hee.m-e the bank refuted to answer certain questions propounded to il by Ihe committee on banks ol that body, m relation to the employment of its capital The Sprakmi (Mr Rbey). The gentleman from Cum berland is mistaken —that was not the cause of the bill failing m the Senate. Il was from other causes entire- Mr. Bo SHAM it may be sir. 1 was not here. 1 only ' slate what has been told me. One thing. however, is cer- ' Inin, and that is all that it material—that the hill passed this House through the exertions of the honorable member from Northampton (Mr. Porter) and was defeated in the Senate . Well sir this gentleman was re nominated on the dem oemtic ticket m the fall o( that year, for re election, ns the open ami avowed friend of the re-c!Tft«er of the Easton bank, and hrth he nml his mileage were defeated laruclv on that i«sue in the democratic county of North niiipton, where they have usually Irom twelve to fifteen ' hundred democratic majority, and the two Browns sent here in their places. , , , , Mr Li lit. The gentleman from Cumberland must know that the two Browns wcie in favor ol the re charter ' of the Knsinn hank Mr. Bonham Ah! I do know that, but they were 1 firmer friends ol the charier o( the new bank, which they ' pushed forward (irat. and succeeded in getting through,and ' w Inch was the mam muse of the bill re chartering the old 1 institution being defeated, as the new one was considered, | hy the members generally as intended to occupy its pigf*. • the enpilal being aland tbe same in amount. Well, sir, what nest transpired 7 Why the bank enter ed with desperation into the last fall's election, determin ed to ‘ -ink or sw mi. live or die, survive or perish " She attended the township delegate elections, seemed and con trolled a ma|or ty ol the Democratic County Convention, and nominated two gentlemen for (he Assembly who were pledged to go tor her re-charter. And 1 saw in relation to that ticket what I never saw before, in relation to a Dem orralM' ticket it was published in a Democratic paper, the lending Democratic paper ol the county, with large tellers above it. in the following words; “Pledged to tbe re charter ol the Easton Batik ’’ Now sir, 1 never saw any thing like that in any oilier county ol tins commonwealth, and I think that kind of tactics was new m the history ol the Democratic part) of the Slate, It is had enough for Democrats lo vole (or bank charters, without being pub licly pledged to do so before the people But thus was this ticket pledged—-pledged 10 go for the te charter, the continued existence ot a gnat monied institution, which had grown fat upon the rpoils U had wrung from the com munity in winch it was located, hy reason ol the many privileges it had long enjoyed hy legislative enactment And what was the lesult of the election ? Why, my ex cellent friend lr»m Northampton on that ticket [Mr Mey ers] was elected hyu small rnajonty, by reason ol his gie.,| personal popnlimiv. and his colleague [Mr Mutterj a gen- ■ tleman ot high standing in the community. o( great intel ligence. the editor ol the leading Democratic organ ol the county, was deleated He way well adapted by reason ot hi# capacity and bufehuns halms, for the ot her for which he was nominated, hut he had the Easton bank on his shoulders, and standing like Atlas with the world upon his hack, it was too heavy to be borne, and he lell beneath its crushing weight, j Tux Svkakku [Mr. Rhey ] I must call the gentleman j from C'uiiilieil.ind to order The elections m Norlharnp -1 ton county have nothing to do with the question before tlie Mouse Mi Bnsimm I think, sir, 1 am in order It has been repiesented here by petitions nml otherwise that the pro 77 pic ol thal section ol the Mate are unanimously in luvor ol this hill being pasted, ami I huvf a right to show Dial ** n | whenevei it has been made n testppieslion at the polls. “* r j theie has been a decided expies-ion ol the peop'e a^.iiilsl The* Ser v urn 1 shall insist on the gentleman from ' CimJfoTland continmg his remarks to the merit* ol the l '* X | bill under sonsidr ration The gentleman will proceed _ I Mr Ho xii a m 1 have .n.d nil 1 have In say in Hatton the popularity ol this inh'Uiilion, and sliall turn my at -1 to other mniters j | have already releired lo I lie absence ol any necessity , (or more bank- and a ti.riher increase o( the lunknig cap "" Hal 1 come, the refute to Ibe second braru li ol my amend merit tlie (iiobibHi.'rt'ol tins bank should «he receive her 11,1 ' chatter. Irom issuing no'es o( n less denomination (Inn ten dollars As to this institution now is the time lo 1 h|>c,ik Dii thu subject she would then know what she ■' , had to depend on. ami would receive hei charier wilb her I'P'l , ryps open We must do somethin# in earnest on Unshoes >on- tun, as wo ore in gro.it danger «»| a retrograde movement, toon * rtn d the of whit few restrictive laws we have, pro "■in l.ihitmg the circulation of notes of n small denomination hut Tli,. great increase ol the precious metal* renders the nr and ril l,,non ol small notes entirely nrmoce*sury The pie I la* nous metals should, nt all events, lorrn the circulation he Milt : tween consumer*-the consumptive ch cnl.iinm (a» it <s m ! mIU-d by writers on political economy ) it nol between 1 traders, ~ It was the opinion of Adam Smith that the conn ry banks should not be permitted to issue notes ~l a less de nomination than five pounds sterling, or twenty lour dot lars in Federal money —and ih.il the city banks should not issue notes of a less denomination tli.ui ten [round* sterling or forty-eight dollars He believed that the nr dilation between consumer* should be the precious met n l, the circulation between dealers might be paper i ’1 hese views were adopted m Knglnnd, mini the snspen i <u specie payments hi I' 1 - 1 ' b) the Hank ol Lnal.md | I and permission was given lo ii ami to the country banks , I to issue nolcs ol as low a denomination as one pound stcr I ling or tour dollar* nod eigh'v c.-ni* | I 'I be Hank* *n*pcn*i>rn continued until ISI twenty I ! four ye.irs and the precious melals began lo !»' looked up I 1 on a- an nruiecessery no iirnhiance ami when hank notes I | passed a* a con-iderafllc discount many wnieis affirmed j ' that paper had imt (alien hnl tli.it gold had men m value | I'lu* led to an invest gallon nl (he rnib)ect in I’arli.i j merit, and Ihe famous report ol the Nullum Committee, made in tKI 1. which strongly advocated a leturn lo more I correct principles ol blinking and currency In accord- 1 nnce wth the « view* an an nl Parliament whs passed, I prohibiting the issue ol all notes ol n lens denomination 1 than tive pounds Nierlmg nfler a cerlatn day named in IS't I .' In IH.JH an effort was made lo repeal this law Inj a ilcdiate on tin* subp-ci on the 3rd ol July, IVi*. the ! l>uk« o| Wellington said die measure of Isoiwas not tminded on any theory bui on ex|>eTience which the lew last yean had confirmed 'lTi.it e>c|*ei lence bad proved Ihe fallacy ol a theory w Inch Muted that a paper currency wn» jrerfeclly sale ns brag ns u was convertible into gold ami silver. Kxperictice had proved this theory not to be 1 true It had likewise proved another theory not true—ihe theory that one pound D'lfe* and sovereigns could circn I lute together ' Mr. Hnskinson. Mr Lmnt I ami King, Lord Liverpool, and other distinguished mm took the same new ol ihe question, and the repeal vv.s successfully resisted |l theie he any one truth established in the laws of cur rency, it i*. that the baser circulation will take the place of the better ... , , The hank of France formerly ustied no note* of a less denomination than live hundred francs m- nmciy-lour did Jars in our currency, and at present. 1 believe, no hank in dint country is allow cdfo issue note* of a less dermimrm lion than one hundred (nine*, or eighteen dollars mid eighty cents, in Federal money. Now, *ir, it is a matter of surprise, and I may as well mention it in connection with the subject under considera- Hon (hat a bill ha* been introduced Into this Home re pealing the iHth and Ifrth sections of the act of IHfiH, pro hibiting the circulation ol notes of ihe bank* of oilier Mate* ol a less denomination than five dollars, and that it appeared in stand a (.nr chance in coiinectionwvith the ya applications lor bonk charters, of passing this body. -\ proposition was moved a* an amendment to tho hill 1 ll|S | mentioned, (o allow the banka of our own State ,Ju. nn,nil ~018. umlor 11,0 .un ol fivo dollnr., Now, .U such lc|p*h,u.m is to be sincerely deprecated. Suffer the»o foreilf ll note* to come in among ns, and the commit will .-.■■.■ly «e . gold dollar, or gd-rler MB ' ng.vm, except un i|,i counter of some hank Jho whole channel# ot uuuUi l( >„ will be Idled by these foreign rags. Ami wlfile wv Hi'i-iit io Ik) insensible of our danger, the surtomifuig Sun,.* , IM . awakening to the importance ol the M.hh-ct lint U,, iiMgiuitida of the evil they are enduring la Maryland u lf „ U|Httl , (v () f ,i,i H kind of currency has be | Mt weal (bat ihe |*.„ p | o have called loudly upon tha I l-eg.slnluM.iu |iMft,.SM , U(! circulation of the small bills of lUiik* ol other Sim,., 'lne „f De.lcgules did pa*s <urh a lull .ilmoM unanimously, but whether It has pa*H*d ilinr Scn.iti- Iwrume a law, I have nolol) erved. A cntii'vpmideiit ol ihe yitliomil infc/ligcmer, in \vriling ! rcc*ui) u, ... . t ] lC fojjowing testimony in ' icf'rc ire o io of small notes in Now Kng 1 !r‘ *» ■ ■ . KotwnbMaiulmg the LovernffiUiJ 6, 11 i good supply id small gold 0 I F.nghuid set thnr laces against it, and in .niniutM 1 all tlic KiiHicrn Males. I scarcely sue a gold com—V hill ones, Ivvos and llucc* of the banks. Could not *•« j Snh I rens.iiy nl Ik.Mon, by withholding coin over five dot bus, leu cc the imr i hil hi i and <|imtter and half oagtesinh). cirnilfilron ' That policy would compel a the ‘.•'•iindrrnic small issue* of all lhe w JcfirlMliP Si.iipk of yrnten insw*—v i -est sinners.-/' The Circulation of the New-England States, I expect, 16 nearly tKiHy-five'millibni, wltK little i! any more than three millions of specie. ;Thie is awful.” Major M'Carmw, the Senator Irom Greene, has made a movoment calcu!ated;to procurjfi the joint action of sever •nl States on this subject, and it has had the desired .effect of directing public attention to the evil. Resolutions have been introduced into the Virginia House ol Delegates, re questing the Governor of that State.to open a coirespond ence with the Governors of Maryland, Pennsylvania. Ohio. Kentucky,-Tennessee end North -Carolina, and urge them lo co-operate with Virginia in ihe passage ol a law to pro hibit the circulation of hunk notes of a less denomination than live l dollars. Another resolution ui'lnins tin* mem hers of Congress from Virginia to uigc tin* pissage ol a law to prevent the circulation ol small notes m the Dis tricl of Columbia. In a recent number of the Petersburg (Va ) /a/effigen rcr, 1 find the follow iug sensible remarks or. tins subject. It says “We should, it possible gel nd of all Bank Notes un-lei the denomination of #5, and tin, ran only he effected bv the joint action of the Stale Legislatures, aided by such legislation hy Congress as will break up ihe system of private banking ami <tmnll note issues in the District ofCo-. lumhiii. If tins can be accomplished, and an alteration made in the standard value of silver, small notes would soon disappear, anil in their stead we should have a silver circulation. A move on this important subject, we re- joice to see, lias been made in the Senate of Pennsylvania We hope our LegNalnie will, at its pirsent session, fol low the good example «»*t in Pennsylvania, and, at least, make an effort to ml the Slate of an evil w hich is already gnevoii*. and winch is steadily and rapidly on the increase. Should this effort tail, no additional harm can accrue, lor we should then be just where we are now. It is a self evident proposition that no separate-Stale action can ml ns of small notes ll Ihe Slate and the General Govern- ment do not legislate harmoniously on the subject, the This is one plan in reference to foreign notes, by those who are suffering from the effects of the trash issued in the District of Columbia In Pennsylvania, however, I think we can lake care of ourselves, if we but adopt the ptoper legislation. Since the foreign small bills have been dnveifout we have a tolerably good currency, with the ex ception ofthe relief notes, which 1 had hoped to huve seen entirely withdrawn Irom circulation, by an act to be pass ed at Ihe present session of the Legislature. That meas ure was defeated in this House by one vote. The small notes of our own banks were prohibited un- der Revere penalties ns far bark as (lie art of I2tb of April 1828. The spirit of llmt net has been tmthfnliy carried into effect ever since, willvilie single exception of the art of 4111 of May, 1841, whiith was rather a financial mein lire —to raise means to enable the sttjje to borrow money from bersell, alter she hail lillerntly gutted tin l banks, so ns to leave nothing m them but Ibeohl stools and benches Sbe could not longer borrow from tin- banks, and adopted tbe unjustifiable method of issuing Iter own bills of credit through them,ill defiance of the constitution of the United States Slip gave the hanks the privilege of issuing these bills of credit in small sums, to enable them to keep the coin of tbe country in their vaults, and gi\e them the prof its of the wear and leai and loss of these small bills as compensation lor their trouble. Now. sir, my amendment is a counter project to alt these movements of abolishing 'hel.uvs m relation to the circulation ot small bills either of our nw n or loreign ban king institutions It is entirely practicable In adopt the measure 1 hase pioposed, and Id the Legislature insert tins provision m each bank charter that is renewed, and | as they pass m teview belore you, the whole b inking m stitutiona of tbe state would in a short tune have this wholesome clause in their chatters Let no bank be chartered nr re-charted without it Then on tbe next re new al of their chm ters or in a few years, a furl her restric tion could lie imposed, so ns to prohibit 'be issue ot all notes of a less denomination than twenty dollar', ami then alter that, they could be restricted to notes ot not lets than fifty dollars—and in a reasonable lime by this grad iml and beallhlul iclorm in oui banking system we could eventually throw thepow'er of regulating the currency back again to the general government where " rightfully belongs We could then have. instead ot banks of issue, our banks ot Iransler and deposit, wlmb are all that are required lor commercial purposes, having a spene cur rency lor small business transactions and ilie consumptive circulation, and Unite.! Stales treasury drafts an.l treasury notes.arid bills ol exchange repir-enimg iiuiiimg less than their lull value, dollar loi dollar m sjvcie m the vaults ol the government us receives! at diflerenl point* bn customs or in the hanks of deposit nrul liansler loi me larger com mercinl transactions Tims we would get hack to the practical operations ol the cuiiency provided for in the constitution ol lire [frilled Stales. In the wise (miners ol I ihat instrument and the country will never be pennaneni ly anil truly prosperous until we adopt 'bis pulicv without tins all is uncertainty commene but a garneoi chance, piiv.oe enterprise m all its lonns die spun ol uu looked lot and ju/cted coni mgei.-.es and no man even ibe wi-est can tel] in luiancial affairs wlialaday may bring forth ' I have saul m substance tliat these vew® which 1 have submilled am not rtnmerical but piactnal The recent disrni cries ot gold will make a -real change in matters 10l finance and currency What vvill be iis effect we can [ not exactly nil but 1 lint it will prudm c gieat changes I will not be (<>r a moment dnnb'ed 1 Hy tbe disrovery ol Atnema tire supply from the ( mines of the precious meials wa» increased ten told and the rise in price-, rrorn )'>JO to In.'" was lour fold It is I perhaps imj»os*ible to ascertain w ilh any degree of accu r.irv die anniunl produced armuiUv Im ,mv given period ul time l-‘rorn a statement made In llrogrnart ol the production n| ibe precious mei.ils hum ITb-Mo IS'i'J, it is estimated at loily live milhom live hundred and eighty live thousand two hundred and Iml}’ one dn’lais annually The entire production from the mines of America Irnm 1 14P'i to Ih2-'). according to a table compiled liom the I statements of Hnnibol.lt and Ward amount iosi‘i , ,")ii 1 iimyuuii Tbe quantity existing in the R*Ai|.l at ibe time I ol the discovery ol Amerna and lint added Irotn other ! sources since ihat >4, ale m a great degree conjectur I n | it j.s snpjHisc.l imt to be utuier eight thousand mil huits ol dollars Mr (i‘.i(latin however estimated ll.e i stock ol precious metals on hand in be only between (out i and live thousand iml'ioiis ol dollars ham IMU to ; 1 s< m vvlien the A mein an mines ,n« lieln v e.l to liave tjers | niosl pioducl.ve hie annual supply was (ift\ millions of dollars In the tvvenlv years succeeding the latter pen- , I ,„) (nun IS"'.' to is.’" it has been estimated that there | \ was an annual production nt tlie precious metals of only . i t.weutv seven millions ol dollais. eighteen millions in sil [ 1 nrul nine milliuns m gold This included lire product I 'ol the SouUi American Mexican and liussi.m mines— 1 [ 'hiring the eiglit v’.ir* preceeding the ve.ir 1s IP the sup ' 1 ply limn the mines is supposed to have f.illen off one | ball owing to the (Hililicul troubles in South America Hut the slock ol pircmus metals has been and is likely to he greatly enhanced hy the recent discoveries m loiina It has been estimated by those Inn mg (be oppor lumlv to judge cone, tly, that the production ot gold from Unlifo has been considerably over one bundled million* ol dollais equal |u one lull the total coinage ol the cmintr y since ils separation limn tbe Hirtish Krnpire lu ailililnin to tin- large .inimnil received al (he mini, not far short ot one bundled nidlimi- .'( dollars, must he added large amounts re< ei ved and by dentists mid jewellers , considerable amoimls shipped from San Francisco .liter! I], Uv oilier crmnlnes; Ibe whole ivmounl nl the gold coinage and i uculaUmi ol ('alrloruia itsell, in eluding the filly dollar puces, stamped by tin- 11. S assay er , and all lln- gold in the baiuls ol ineichariu and miners mi live Pacific coast It would not be too large an esti ' male to pul down the enure production from the mines ol Calilornu to tin* period «t dine at two bundred mil Irons ol dollars Ihe present Secretary ol the Preasury m Ins burl annual rc|>mi prudm I ol gold in (■.iltlornm at Irmn seveuiy-trve to one bundr-d millions d ilollars per annum Plus may be too high but be has peculiar opportunities of know mg the trlre state of the (nets To (his large supply may be added an indelitulc amount likely to be obtained Horn recent disrovein-s of gold in Australia In n report submitted by the committer on Finance in ibe Sn,ale ol the United Stale*, so late as March 2111. ISfig, relating to a change in the coinage U is estimated ihat the niinunl pioduction ol gold and silver m ibe world is now and will be mio hniured and fitly imllmus ul dol lais, 1 have not that repor' belore me, but 1 rot oiled most distinctly (but suc.b is Ibe opmiun ul that Ummint eign invasion. Ami look al onr own hi«fory Look at the Provincial pnper money, mill at the two hundred millions ol dollars, .is estimated by .leth-rson, of Continental paper tii"ne),| which went far to corrupt themoruU ol the people,desiroy rd the fortunes ol thousands who hml ino“t confidence in H, anil crippled I'm a lons lime the trade, husbandry "'"I man ufacturing inteiesls ol the country. It was in view ol these evils, that the frames of the constitution ol the United Stalesleltthe necessity of inserting that provision which Inrbids any state to emit lolls ol ciedit, puss any law violating the obligations of contract®, or make any thing but gold and silver coin o tender in the payment of debts—ami so cautious were they on ibe suh;ecl of the currency, that they loibmle the stale* even to coin money, j vi Inch w on Id be lar less liable to abuse linn the po.ver to | emit bills o| credit And look also at the paper money <t« «of IS IT is I gl. —and oilier tin.es ol linin' or less com j memal distress in this country amen iln.-e periods Hank | niptcy became a familiar acquaintance and Inend—tb“ 1 riches ol in diy wcic hut the pieciu-<r ol the poveiiy ol j to monovv—lor times were lost in u dav, and despair and alarm were ihe constant attendants ol those who had hilh I ei in nothing hut ihe sun light ol prosperity beaming upon them _ 1 In this state the blighting effects of the over issnr ol ; paji<‘r by Ibe banks chartered in Isl I, inao . sfnkingly manifested In the month ol Lm** mine ye.n | 1 SVI, the shen/r ol Bedford cotmiy (died two new pap»-i i columns and a halt with Ins advertisemenlß The shenll ol Berks in the same month oll«ml lot sile three ihous.tnd acies ot land, besides town lots In August Idly seven lin ms vv ere olleied lor sale by the *-hei ill ol Wesi motel and comity. Sixty llnee pieccsofie.il e*t.ile by the i(f i«1 Nmth.unpton—and thirty-seven by Hie -hei iff ol Mill! n In October, the shenll of Cumlx'rlaiid mv own rminU ad veilised (or sale two Ihousand three bundled and eighty ucies of land, lie-ales twelve town 1 • >lh vulh hand-nine improvements In Heivmbei id (lie mine year the slx'i iff ol IWk» olleied I.>r sale the -propci Iy of lolly person- This was the «M'e nl tilings in only six mil nl thelillv two counties, then existing in I'enn-v Ivauia—among the oldest and most impoflanl ones il is tine, but the di-tre-s wasetpial d not greater m llie moic sparsely settled por tions of the comm mwealth The efTects of this large expansion ol paper currency did not stop m I *>.' 1 hut were tell on up to IVM-''. In May IKJfi the Mierilt ol Adams comi'v advertised thirty-three estate- lm -ale The -Ininata (..write in lull contained thirty two ndv erliscmenth by the MientT I‘ne Mienirol Fayette <■..■ int y in the month oi .lime, nil.-ie.l lor sale one bundled and eighteen trn '-oj land, containing forty live thousand acres, m "lie eleventh put "I ihe whole county In ihe -anm month the Shenll of Ib-.llnid comity nffcied for sale twenty three estates, and the Mienlf o! Westmoreland twenty «ux In l>ece.nl*ei lorli eight e* | tales logetliet thice fionsand three Inmdied ; and lm ly tw- ..c m- m 1 i"d woh I.m-m 1i mm-, Immv, gn.i j nulls, and o’l.cr imp. m ements. ledongmg to tliHtvone I <iilb'rent [wi-ons were nfiined l.n -ale by the ‘'hecflol I Herkscounty J|y the net o| I«l Man 11, IS i -I, Ail I \ one banking nit.li tuliona were cli.nlured, ihiity -ev.n oijvlndi Vvcnl into o)icration. and the bunking cnpii.il ol the Mate vv a- m cicii-cd nU'iil KCventeen millions ol dollars \ **l the nr dilution i>| the country bunks »t the yiem-d of the goo,test inti it ion m I S I.') was only five million- tluec bundled and (oilvnine thousand two hundred and (orty -even ibdlirs, and that id Hie nl) hanks was lour unllnni- eight hmnlicd ami ten tlmnsan.l five hnndicd ami -even doll.ni. making in nil ten miliums one hundred and (ilt\ nine ihoo-and I seven bundled and (illy loin doll, n*— being mu* million i seven hundred and seventy three thousand seven hundred j and two dollars less than ihe circulation ol ihe hanks at I the piesenl tune accoiding to the iec»nl leporl "I the I Auditor (.eiieial, The ciirnlalion ol the banks (ell (nun ! mnie than ten millions in 1 S I o to three millions twenty ' nine iboii-and three 1 wentv live d.dbus in I >, I i,i—,,'ie nil limn three hundred and eighty lour Mioosand I dollars l"r the country, and one miHi in six bundled and Ilm ’\ ||\ e thousand dollars (nr Ihe CJI v In tins eM. n lie ■ol t lie ei r cula i ion in Ib I I J the l>.mk »l N mill Ame i tea |is ii.>| mcliideil, ns I could lind no returns fiorn [hat hunk (ol those periods. It is now propo-e.l to nn'ieave the banking capital ol the Stale inoie than Ivventv one milboii- ot drdlai». according In the applications mi the hie. ol the tw o Houses, and tho-e I' advertised in the new spapeis, and, ot conise. a proportion ato increase ni nrcuhitioii We have seen the ellec's o( the expansion <d die paper medium in and its coni me I inn in IM'.i I may mention also tlial the Hank ol I the I'oi le.l Males ic.luceil Us circulation in 1K I h through j out the entile i numiy. better than seven millumsof dollais | This contiactn.ii nt live currency was the necessary onse ipnmce ol the expansion—the necessary operations ol the system when unduly stimulated by an increase nl banking ea pi ■ ul, w Inrb nupei lie luces necessarily an iuc reuse ol papei circulation Ho we wish, therefore, the scenes of IS'JI, and .betnre anil aflei that. peimd. enacted ovei again on a still largci scale, and with still more diHastrpuH e/Tecti, ' I look upon an increase ol banking capital at ibis lime, connected as it would be with the present railroad mania, and nulmcnp Inins ol slock to such roads by municipal and other coipo | rations, as building up such a stupendous system ol credit. I such a net woik such a concatenation ol sheer promises. as has never belme existed in this State, and the efTects nl , which would lie more disastrous than any heretofore expe rienced Ate vve the men who are to be the willing instillments And n gold currency is within oor grasp, unless it be ,(l ‘"dieting upon the people ol this Stale what mu«l end driven into the v.Mills ot the hanks by the in. ica>e ol m w ,d" spiead run. ' Are there no lee-ons of v isdom in banking capital, and the increase of hank piqu-t The the pa-t »—nr must we forget our duty to nurse:v-s. om amount ol coinage nl the Philadelphia mint alone limn constituents, anil our country, and listen only In the inlei .1 ami,vi y ISM to November last, amounted to lorlj six rcpieecntnlmns ol those w«bo wish to enneli them 'rnillionsonelHmilredandlliirtyi.mil ihousand one hun selves, il.ongh this may seriously cripple or destiny tin* died and thirty one dollars, according to the nliicial n- permanent prosperity id the fomnn.nweulih 1 Lei ns | Imve not the December n-lurti l.cinieme, but show that we arc acting for the unv— id the ]H.'ople, inxle,id tin 1 coinage tor the ilirce mniiih-n( the pie»cni je..r, .lan nl helng the jepreseniaiives of a lew stock jobbers and uury. Kebniaiy and March .nimnnls to eleven millions hmkers. scalteri’d throughout the State Let ns leel the one hundred and one tlioiu.ni}! three lnindic.l ami ninety tes|«m,ilnbty ol our jiositum, im.l that tin- powers six dollars, being an overage ol nearly (out millions til I rP ‘l "I’ 1 " 1 ,IB by the people shall not be wielded lor thow in dollars per'rnmitb. and llie vvlndc c.imige ilius .imonnls In | J l,T )' L<;t Us bo trim to those who sent ns here, relying 1 nearly fitly five million* "< d,dlai« lm die tear Foi ihe j "I*"" nut tntegrHy tn do them no evil, il ibey did not «x -corresponding three miriiis in Ihfu.tb* tmiuiio ww Ui I perl ..«v.,4-* wr limn thirteen niiHiols of vtotlar* wiv.l n»o»« tow \ nr th f ‘paper‘mener System' "‘Wh^.MhW.'VhnlV^we rnillmtis of dollars |>vr to""''' I enlaign its boundaries, and increase its power in Pennsvl With gold flowing ir opmi a- at tin- rale, wml< o v c { What a glorious epoch it would lie lor this good want with morn banks 1 no danger n our ung w ,f j lPr Legislstuic could moot and ml in want ol a circulatm* medium Hwe have i ( VV i,i loul dmileimg a single bank' ntodilics to pxchartfje, they will «iwa\ " r . ' „ n ,, furP .lablisbimml of hanks m the intmor. say silv cr if we <lei.it« it. Ll «*'•" ' " ,117,; a committee o, ...c .Senate ot Pennsylvania .n I KVI. (»f metallic circulation, com ( -,,iisi>v Tha supply winch cornmitici that stern Denmeiai. ( ondv Uagnei, w m only from gient natural or polilu- ' , J T c l„ nrim in) m llieir refxui on the lenewal of linnk charters. gold and silver ns a r 0uia....« mmlM «•« raHy ad ,ds , f( , lh( nlllt , hlimrl , r , fX . u . ri itsell to Ihe slate of trail' 'n dilT. r««) • I pnrod [j|l|p iiijnril | |y horrowill't "V u - |,,r tbonr produced u. pr»«» m this ,ri u |o „„ c or moie year. !*" m ** «*>»- could paper money is (he leading cutisn o( .liu o uan i. e nnu r L . l .wy tonnnd to him. LinharrusMuenls and fail.irrs. (a humbug idea so nmeli dejfrcculed l\y ■ ) . VrOseMlaya. woie scarcely know our husband being against us, and fhe ex r mt.on «l lb« »roiiou. mt J (1 society moved on by u legular sme. a„.| In.pp, nk We sell to them nt tUW flpecte ttatidard, ami they. our ci „i ß , on the contrary. wbe,e loans have sell to ns nl our in/iaied paper money prices. i, een c iiicily made by inCorpornled banks, we have seen a And Kir Li Id A. cort'° l, t ..when W 6 hoar art much con tim,eJ suefeaslori nl bankruptcies, and bad it not him i n<V '*.T tr y»* T t ' ,n * '*‘ oafi for the jwuclico m uiuvergtilly jirevaleul among utorrlinnia cryA^oP l r*v«»-»,, n cy ze '‘ lou * ni|v "' „r -ecuring the banks for the sake ot indorscrd, banking .‘WOiveV ’ ■ 0 { , '*'u>jyn\mev>bv the —f -Se'iiute Joltnial IH3D-J I, page ‘J.i'J I ntolJ uC ,^J KO^n| , b , > " K, ‘ pi'foaof f/m r^ f ’ , *v.n mas- f may remark in this connexion, sir. that hanking msti labor w Inch '‘"'er n><» the m.ujii/iirlnrcd aril 1 " ( * o»ly nd<i]itcd and designed lor trading and com not rnulili' I'"" lo * ll P{"’ fl f* l compim* uklwl'' i ""‘reial cnmmnniiios. Tlic hisj/iry ol thy. f’-.inmorivvpnhh maiiiilarlurcr —(|b 'tiese price* nppi* "J, J mud d! s i Mr^"| t || l I,r ' " his manufactured product ns well as to ihe.labor omLma-. teriahrbmjiloyed in its prodOclioff, yefthat inflptdPprlce inviteslmporlalious from abroad, and produces n compel!' Ron Much our manufacturers cunuot endure incur ,own markets. High tariffs ond expanded curr ncy- go hand-in hand, arid fltfpferindnco the necessity lor each other. .The best protection which our manufacturers could enjoy would bo it stable, Uniform and sound currency—one tlmt-did not raise the price of everything they consume to double its real value, when they have to sell at the prices established by the laws of iradenml the markets of the world No tar iff can piolect them under such ciuuunslaiu-ps unless it amounts to an absolute prohibition And it they had that, then a rush ol rnpitnl would enter the business w hicb rn p\rd this monopoly ut sale in American markets,produce over iiclnJn.tpid consequent prostration Inlima'ely connected with this view ol the subject, is another a-, to tin* suppo-ed deficiency «>( a cunem-y. were paper issues curtailed or lessem'd ( have alieady staled tin* large.jm re.i-ed production of the precious metal-. They « JiCjgo wherever they me win'ed The supply of , gold mid stiver conforms lo the lelahons ol supply mid \ deinntul, Ihe same as the demand and supply ol any other J commodity No prohibitions can prevent (he precious j metal* derailing from those countnes when* tlie txmr»U(i is beyond what llieir trade mid industry require No ' country can bo deprived of its just propoiinui ol the pre j cions metals, except by the use of paper as their substitute, j unless it be some extraoidinury cans'*, such ns wai.pesii 1 lence or latnine, which may rum the commerce and nidus 1 try of any nation. No obstacle except -punous money, can prevent the precious metals from (lowing into muti tries wliere wealth is increasing. The imilnrm testimony nl alt sound political economists is ihi-*. Unit there m no instance on record of a nation having arrived at great wealth, w ithout the use of gold and silver money as a currency. Neither is there, on the oilier hand, any instance of a nation's endeavouring to supplant tins natural money, by the use ol paper money, without involving itself in dis tress and embarrassment. Witness the blighting effects of the South Sea paper fraud m England, which although it lasted but a lew months, spread devastation ami rum among all classes of her people. Witness the effect ol the long suspension of Ihe Bank of England from 17P'I to IS‘2 I", when many hundred millions were added to their national debt, ami the amount of private indebeiltncss w .is swelled to a vast amount, ending in wide spread commer cial emharrassni l nt It may be said that was the legiti mate effect of the continental wars, to pul down Napoleon, in which England was actively engaged during most of that period. But tins could not be tin* real cause, for du ring that same period, with a steady unchangeable metal ic currency, France experienced all the horrors nl war. was twice invaded by a foreign army, Iter capital had been twice taken (jossession of by the Allied forces, mid she obliged to pay large sums ol money to foie gn countries, and yet she escaped *rnousfinancial dei alignment and mer Candle distress But she did not thus pass ’(trough the ordeal of Law s scheme, the Mississippi bubble. Lius rendered her public treasury bankiupi, spread desolation among her princes, nobles and 'peasant crushing thou* unda of piivale (oriunes ami throwing a blight upon the industrial interests ol France far worse than war on lor- .fijeted much,mprcoyil upon,the community than they have done good;" 1 here'is pot the-business which requires-tne* kind of lottos and accommodations in-thinly-settled and ngrjciiltural regions} which hanks must give ih their legiti-' mate b mking operations. Hence they are tempted to loan to those who .pright not to borrow, for they,.Have no' business in width Capital can be employed'profitably.— Hence young men' and others arc tempted to borrow ond get,their Iriends to endorse (nr them to engage,imddiibtful projects of speculation—rind many a bank established in the interior of Pennsylvania Milder such circumstances has become bankrupt itself,ami spie.id ruin in the whole neigh : horhood in w hich if Was located ; mid many, a rrlan iri af fluent circumstances has been tinned out df i|miKl»t' , -un I home with ahelplepn dependent family, because he was so iiiifortunate ns that there should bo a banking insti tution established in the little town in which his lot had been cast.. I affirm, sir, that bunks do far more harm than good in agricultural sectior.s of the country arid among an agricultural people This is the experience of Ilia past. “From the adoption of the ledernl constitution in 1788 down lo IBu4,”says a writer in the Richmond Inquirer, “banks were unknown in Virginia, with the exception of a branch of Ihe old United -States bank in Norfolk, about I 7US) or IBUO. The paper ol this hank scarcely foundjU way into tlie interior of the country; and it may be truly said, the currency of the country was metallic. Until lliu year 1708 no people enjoyed more happiness or prosperity than Ihe people nl the United Stales—nor did any country ever flourish mini* within tin® space of time The desk of every agi icttll urist in Virginia had some gold nr silver to spare il be was a prudent indusirious man • • • The cur rency of the country being specie was widely scatteied through the land, and in diversified hands, so that He con centration nr any particular point, was impossible, and con sequently its removal Irom the country could not happen to any great exteqj. ‘ I know there a#manv who in order to effect present objects, insist could not be carried on with out the aid of batiksV To this I an-wer, bow was com merce earned on hi-firc we hud hanks’ Will any holy deny thei e w as any r/mmerre in this country nt lb it time ' None will be found hardy enough to take this ground, for even* intelligent man of forty years, knows that before there were any bank® in Virginia, the foreign commerce ol the Stale was greater than it ha« ever been since, and jmu cili/.ens l.ir more piosperoos Nor was there tin; least incoinemenci* in transmuting rmuoy Irom one point to another through the merchants, whose credit then was as good as the credit ol the banks now. if not better Banks have destroyed the credit and confidence which men had in one another. "No people had more c;uisc to rejoice than t!ie jiropl«■ ol Virginia , I 1 "* alas. IW* 1 hanks came, ami 'til (lungs became changed Like th" Ifpn* tree they have withered and de , «tro\cd the healhlul condition of the country, and inflicted on Hie people political and pecuniary disease* ol the most deadly chancier." As IVnnsvlvani.ms wo can clasp the hand ol tins \ it ginian and exclaim, " Well ®aid hiother 1 Mr Speaker, I have given this subject a mo«t anxious and laborious consideration, and nothing hat n high sense ot dutv to tlit* Democracy ol the State, and the principles of (lit* Democratic patty, winch as Deinoriuli* understand mg mir position vse must ever reseie, compels me to say, so tar a® my voice is concerned that, I lor one cannot con ' sent to any further increase ol the hanking capital ' f the 1 Slate I say so with the rnoro reluctance, n# there is nu, application pending from myovvn county lor hanking privi leges. in which some ol my personal and political friends are niterritcd Hut as (lie represent Hives ol the people, sent hereto guard their interests, we would be betraying our trn«t to desert them in their hour of peril. The celebrated John Randolph, o! Roanoke, in the de bate on the charter of th“ National Rank in 18D5. to whirl) I hare already referred, said most (r.ily, • It was nn pleasant In put ones sell m army again*! a great lending I interest in the c immunity be they a knot ol land specula | tnr« p iper jold>er« or w hat not , lull evei y man you uiV'l I in this House nr out ol it. with mine rare exceptions, I w hi. h seoi'il only to pime llie general rule was either.! I stockholder president cashier, cleik.or door kerpei. me nn , cngi av it papei maker or ineclijmr in some w.._, or I oihcr to a hank One would suppose th it the distinguished gentleman liml some lime oi <> l l■ >*r <n his even'lul hie haen a mem- IKM o| til- Legislature ol I'enn ,y I vnnia. judging fimit tin till I ness .in,l scope Ol tils experience 1 deem it my do'V hel.ne 1 yield the floor to add one l word in relation to the growing ev.l in this conitiy ol granting • !ia i tens and special privileges, lor almost every i onceiv .due purpose (*rnnimg Inrik charter* his given a i v iliated taste in lelalmn to cii.u'ets |‘.*r other purposes It 1 t« die bane ol our legislation It n* not legislation lor the mass ol the people, hot legislation to c'cpnve the m.w ol Ihe people ot then |ost lights, nnd corffer them upon a (i voted tew It is very appro] a late 1 y i .died special legisla tion— [it iv ate Icgi-I ilimi Hv gian'ing clurteis to an mi- . iiiense n.imher ol corporations In ca 11 v into eflect ihe rnm tii i m pur p >siis ol ti <• \on de'arh trotn me independence and )msi iiiipm I the indi v ido <1 i Mirer> and gt v e an ad v iint ige in associated wa l '!! m 'he hinds ol heartless ,n Tift, oil h 'dies, n hose whole existence depends npui I) (ig ii ten I ol law the hi eatli ol the la w making po- \er Inn thus pi ire in this republican country th" independent <mi i/en ilo 1 line repi esen ’at iv e ol yum iMs'itnioms, m ,i snh ordmite posi'inn in munv ot the pursuits ot tile to these ar.i'n ml son'less prisons whose every m lem and lemlcn r\ are roniia'V 'o the spin! ol ' Demona'ic form ot governme it Rv ni" i i« o| the log ro'lmg system so we’l understood ill l"gi-I i'iv e tactics, the special stock jobbing interests combine an I r-jn'rol our h gis'o'ive action, and sometimes wiihon' veil being c.gio/mt ol the tact Trie llmd hni|se is (leipieo’lv -Monger Ib.u th" oihci Iw/V ‘ 1 lie liii we i h-'iuid the thiooe is gmiler than the ihnme ftsel I I'licic a.e evidence* o( a romhuiation now on the suli|"<-’ id rha i lei mg till- host ol hanks, tor which pm pose w -• aie e-|H-ciail\ ii"*’m l lill at this time by a special ordei ol the ,| ,• |, „ lorgone c inclusion su tha’ .dl these hank lulls aie to pa" - h it ihcie is another ordeal lor ihem to pass before thev ’MI I he ,nll c 'e-l upon the |*eop|c To I.M.k I "111 acts ol Asoun 111 v one would snppwe that otu government had been established lor llie special hi'iH-n |ol slock I d die r * and spec 111 ilors 11 l« s.i in neal 1 V uII the Males anil it h a crying evil--in evil that calls horn the giound like the blood of Abel lor icdjcss In IS-'i’ilm* IMu <•! mu nl Massac hnset l« declared that w Minn tin* prr< edmg live years < 11.11 I' M had been t;ralll■ J in cm poi arums wKlim ihnl ( ornmonwfaith, wnli nii'hoii ty to hold thirty millions ol property This was exciu sive ol chai lers to banking, insurance canal and railroad companies. 'The tJovemor ol .Massachusetts might Ml a worse talc (him that at this peii-sl That State is literally plastered over wnh charters There corporations and mi jxii .11 tor i inllnence constitute the government They aio no longer the ciealures ol the government. hut the govern ment has become their creature Theie. a man n> nubixly unless he is piemdeni or (■'•ntiollmg director of some inanunoili cor|ioriitton I 1 is sum n l New hjiglmul with |icih,ijir the exception ol New Miun[ishne uni Maine The people nl New Kngland hnvu clnrUis lor sp.nrnng rollon, making peg shoe*. nn<| 1 dont know but they may ha\e lot milking wooden hams and nutmegs Outing the Kossuth excitement here I was wailed on by a gentleman direct Imm Huston who hail brought a lot ol Kossuth (lags lor sale,ami with which lie inlemled to accompany the die Imgnished Hungarian mi his entire tour through the west ern codnliy I presume lie hail a chatter for then matin lactnre and peih pin patent right lor their exclnsiv e sale The (Mnniior oi Delaware sialeil in his ollicUl message j in ISJfi, that there were then eigh’y cmpmaiiniis in that ] small State I would have compisßion on the man who ; would attempt to them in Hei nsylt ania and their nnmher v* com purat i\ ely small mid then power compir.i lively Irehle In w hut they might had not (iov Shonk done much tin* species ol legislation— But as it is it is a vast evil m the legislation n( this Male, I and it is an evil, that 1 see no Mope ol reined\ mg, except by cimstiliilionnl provision In some Stales they aie begin mug to apply tins renj’dy It is a matter ol set ion* con sideration with the people of I’ennsylv ania, whether they I onghl not to provide some means lor the abatement of tins legislative nuisance Biennial sessions might do something toward* it, hui positive constitutional prohibition, I am In inly convinced, would he the only eirecliml romc iy The large mcieaHcof hankuig institution*! nnd oihei cor poration*, creates an artificial slain ol society, reverse* the iinliind order ol things, and destroy* ull lino uml iflanlv nidi pendonce. In »m large cities the pmwr of bank dl icclms is little less than that of petty UuftW I’rtncos , and the necessity of persons in emhornssed circumstances, or hugely engaged m commercial transactions, requiring nndei nuf exTended credit system, hug.) nccommodauon. Mom hanks, cmtmg the good willV ll ' , • ns u M iimlialing in the extreme. A nod Irom Nicholas Biddle in the clays ol Ins money power was con sidcied h most loilnrmic circnmslnnce, a great favor, by those merchants, wins were Irom the foree of nircnrmtnn ces his obsequious Haves. ‘ The servile deporulonco on hanks, m wlmh many.rili/.eiis pass their lues, was oh An veil by Mathew Carry as long ago us ill" year Jbl 1 Is such a system wmlliy ol being spread, mid Us power increased, among the people ol H tree Mate \ on. gen lemen me the judges. \\ nh yon rusts the unqioiisibil- \)u (ho subject of ilii! power of the banks, Mr Uan iloliih in the same debate, to wluelt I, liQ>o .l)c(0IP lll]ltib ;l J< ,n«*V.frp ““ r^T?l.V.VlfT“lfy rn might OlinflM hl« iimiUßVwlli llieii onehiindred and mm cm ty millions of |iafM*r nn eightytwo millions ol cujtitol.— However great tin* evil ol their eoudncl might be, olio wash* hell (he cal l —Who was in lake the bull by the horns >” The expression, Mr Speaker, of our nhl fneml William lically, would seem Irom (Ins not to have been original. Mr llnialol|ili eoiilmnes "Von might as well nllurk t.'ilir.liter with a porkel-pmlol, at lo attempt l» punish llieni * * Wfmc (it'if liaiut nml foot, ami liouml to eon rilinle Hus grand mnminoth, whicli is set up to worshipft* tins Chiisliiui land, we aro hound to propitiate (I 'J'/ju* wlnlsl onr government denounces lijurmcity» no nriviluged order for romliicling the service 01, iho inu| Cjcml , whilst ({'•denounces nobility tins ,n pnyil c 't>'‘ 1 onlcr ol new men grown up, the mcsfinre ol whosf loHtliO ui; (his moment felt on his nock lint lie said «" man I™#' j. hs well Ro (o Constantinople in prearli tfhristinnhyVJPJ d got up boro mul preach ngnniHi banksA I '.--'' f I am nlraiil, sir, that is about die mi Ibis floor, who attempts lo doC'btfii''*' l * 1 V kimwlodpcd lo he utterly '"l 5d period when hn dins spoke. .f Again. "He declared )'/j? ( f»ipinpd>ve/ ."■'milder. *V sra: h" ™ ihc inmost of ''.,o . . 1 r over whom he had any inflnipfce to do the BaJneJ.hecaiißC -was'-the-erection-of-a-grent privileged 'order-bLthe moat hateful kind to his feelings, and because hejwoulil rather •be the master than the slave. If he must have a martnr, let him bo one with epauletts—something that he conM (ear and respect, something that he could look up to-—but not a master with a quill behind his ear.” A.’writer in Nile*' Register, under dale of November 7th, •1818, thus forcibly expresses his views of this dangerous system of'banking and its mysterious power. By if, he says* “ an uukpo\va,,aju! irrcsiotable. aristocracy , h« raided up, secret as the‘Council of Ten* and remorselessan ibn'llnly thqnisillon * (31 ve rjo in live under any despot i ism. lint Th.it which fipriilgs fom the c.Omriiandol money; | lot it is the most bate and unpiinctpled.of alb" A rommittisc of the Senate of .Pennsylvania appointed to inquire into tf>e caused oitd o£i<>ik rt( tho made ft report ort'the 53th o( JntnlaryV 1820, iri>'whidh among other Ihingi they say: “ The’ <*anse is to.bo found chiefly in the abuses of the hlnking syat6nrv r wblch abuses consist, first, in the excessive number oi U.ankfi, pnd,..iCfoni/- hj, in their universal had administration. For the first of these abuses the people have fd reproach themselves, fur j having ttrgdd the Legislature to’deparl from that truly rh j publican doctrine, which influenced (he df-ottr eatlv assemblies, and which taught that lhe r ineprporatwn I nf the mnmcil inter cut itlfiitly tujfii ienlly powerful in itself, 1 HKii bn' llw rrrnl'nn of an odimts jttrtslncrarj/, hos'ile to the 1 spud of fret government, and subversive of the rights of the ( pmpir.'' Senate Journal, 1819-20, pdge 223. It will he recollected that the Legislature had in 1814. : chartered forty-one new hanks, with a capital of seventeen nnd a half millions ol dollars and the ronsequent authority ito issue hank notes to double that amount. It was of the j •• public distress" produced by this legislation, that tit* Senate committee was appointed at the session of 1819-2 U | to inquire into “ the coitses and extent. M * ] The moral effects of the system are perhaps (he most I objectionable features belonging to it. It render* the denl ! ini'* ot men uncertain, nnd produces ot necessity a laxity of ■ tint strict integrity, which should mirk the transactions be- I tween man ami man It ha•>a tendency to confound the great -1 e-»t mi-tortunes with the most s'ujirudmis (rands. It makes | men reckless nf consequences, and induces them to run i nnv risk, since nil mercantile nfTtifs. by reason ol the fluetu -1 minus of the system have become in some measure, a game ' ol chance A bankruptcy in olden limes produced Bs much ,1 hu css and m munuig in a lain 1 1 v. n« a tune rat." The house would he closed lor rl.ty s.uiiil all its iiimit'-s he borne down , with the deepest affliction A gloom would sometimes ; «i!itle down on a whole family Irom which they would • never recover. Now. in muiy cases, a failure in business , hut increases ihe lesoiuce-, wealth, unug.ince and display Ol the bankrupt. He merely tails to get n.l ol important ; ty ,md secrete his mean- of pa) men I liom his honest credi- I to--* There must lie something radically wrong in the lxi.lv politic, when «m*h events are of almost daily occur rence in our Urge cities, and when the public sense of pro pnelv has become *o blunted, that mich a stale of things is ■ looked iquin w ith app u.-ul mhtruence. The moral sense , o( lb,- community is i|e ideim! hy some poisonous canker wuim. winch'is pi e\ mg upon h>*yiti!s There is some ni'ual lepr-sy nhioml in the fatal ns the plague, which lill« the atmosphere and spreads broadcast the xeeffs ot ni'mil deatli and i.un. 1 c uinnl heller express ivlmt I mem lltnn l>y nt;ai>i ! in-' (nun Mr U.ui dphs cclehr.ituJ speech m Congress.— ’1 -)«*'»•* tnrhs an Hie always spoko them in a v'ay peculiar > hun-iell Up said ‘•The exit of the tunes was n spirit engendered in this ‘ republic fnt.il to republican principles—fatal to republican a spmt to live by any means but those ol honest industry ; a spirit ol profusion : in other words, the spirit ol Caialine himself —uhrni tivtdn* »m prn/utui —a spirit of expediency, not only in public, but in private life, the «)>!em ol Duller in the larce— livmg any wav and well , wearing an expensive coat ami dunking the finest wines s' a ll \* l»nly h expense ll we wish to transmit our insti in ion*, iimmpnred. to posterity, we must put bounds to Ibe «pint which Milks xxeilih by every path but the plain and regular pub ol honest industry and honest fame" tin tin* subject sir, I have colleetod norm* (acts which fully sustain the assertions o( Mr Randolph. A merchant tailor (iiiled in xvbaf wuh then the little town ol Vtfbk in this s'nte in IM I .', (or the sum ol eighty I,me ibons.iiid dollais il that xxeie so m the country, v bat transpire I in the huge cities 1 li. \i)e - Heavier iindei dite of June fitli of (hat year. I find tin* following • s () extenstx e xx ere the failures among the merchants east ol Baltimore. that it seerrie.l to be disreputable lostop piv men I lor less I ban one hundred thousand dollars ; the /.ifhinmihlf am.innt was Irom two to tbiee hundred ihoiis and d .11.« rs, and the tip top qn dny the support of whose families had rnst them fiom eight to twelve thousand dol lars ii \ear, were hoimred wiHi mi amount hi debt exceed ing li.e bnndred thousand, and nearly as much as a nidlion •ol d-dl.m 1 l»e |no.lig-diiy and waste ol some ol these weie almost b*y->mJ beltel we have beard that the )ur nitnie .<( -i single p irbu pnases-e I (we e.uinot say belong m" t"l by one n| ihem <• is-i (miy thousand dollars So it wa» m ail Ho* gieat cities —dash, dash, dash—venders ol tape and bobbins tianslormed into persons ol /iig/i blood, and the sc ms <H lesptviable i iizens omx ei led into knaves ~( , —through speculation, un-i the facilities ol the abominable pap* f sxsiem A xMi’er in tlie fame j"pe* utvW dlie of Tune 12lh, ■ it,a <onie year sar« “1 am told that one nierchinit. who | v |si led to the easlw aid. \el lives in a house foi which and its turn it in e be was ofh ted two bundled thousand dol l.iis in real money, and telnsed it * * * * "A pipe of Wine or u fnsbniere shawl compels some rtl'T (hauls to stop payment! I have heard ol one man who laded tor more than (tie hundred thousand dollars, whose pnvaie wu n vault, a* it stood at the lime hi his bankrupt rv. was estimated to have cost him seven thousand do) Tins is said to have happened in the sober city x»t Philadelphia ' '. Aga n inu'er da'e Ol AnguM IHh heSnts "Twenty or ilmt) years ago ll a man lulled lor one hundred thousand d.illais lb<‘ people sulked ul>out it, as about ibat tune the old women did ol the hiUilmenl ol Hive a prophecy, who 1,,,,] * I.- ih a t «ur wmld should come to un end be i lore the close -.1 (he 1.0 l ee.Hun Rot HOW, through the i blessing* ol the paper sjviem, the Incihties which it nflnr i .led, nod the s(»'cuhiiions it noiitisbed, it is not rffeen/ for | (i umi, 1o break t»i less than one hundred thousand dolin'?, and 1 1 a person would he I bought n »rs/»«t«Mf hitnkntpl he ought li) owe Iwo or tliree hundred thousand or more, If ' with ibis extent of credit it should appear that he had not 1 been worth one cent for twenty years,and was not entitled lin he (rusted lor a pair of shoes, so much the butter I —it is I evidence ol Ins qualities as a t'ntanofi And if,out ot other j peoples money, he has given his wife filty or sixty thous and dollais. it shows liis/uudtior in providing lor his fain • i'v n,.* fmlttie*. of iPi'dil dale are frequently above five hundred 1 lioll--itn< 1 (lulling ninl nil the abuse# incident to the RVHiem have been as n(e withm the recollection of oil ol n«, iih those ho vrnphii - ilI v dcnunhcd in IMt). Will the AmrniMM people, will li.e people ol I’ennsylvania, never learn wi*doin by these sad ami melancholy lesson* * I < an oid v «mv sir, in conclusion that we have arrived 1 n ni‘i j in the nione'arv j/T.iirs of the Slate ol I’enncyl* , Hinn We haie tw o course# lo puisne—the one, the cnuoe <>l Icinjioiarj evpediencf ami doubtful political integrity— the oilier, the pi.mi path ol pimriple ntul Bound ami so lerrin experience The people ol the State are notching n« with intense anxiety Their suspicions hove become excited, mid then leur# me alarmed lest we plunge them inlo ihe yawning linnncial gull, lioin which the wisdom of Simon Snvder in days gone hv. in vain attempted to guard the. 'The mas# ->( the people »*( the Slate, the great ag rtclll tllml cl««s of the cominunity, will leyl relieved, ‘'will h.eathe (h-cpei and I as Jhnnel Webster once said over ll.e „„.l, ol i, New I mil eUi'tiim they lean, tl.nl ll.i. Lemelal.iff ll.» .h>elul rnlamily u,.m. them .mil the I ~,T,m..imeal.h, ll.e Hjgns ol the (urns me omnium. ol evil and <il evil <»"ly. *' the hatch of hank hills now pending hetoie this t.egrsla tine should assume the Ini m ol legal en.iclment« e M.mld be thus enacting, that all experience is a liaud.aml nil htfloiy in a lie. . . “ Let -he A men cans. ’ said Wnt Till,‘adopt 'leu fuiu mu system. and go into limit banking institutions, and their boasted independence will ben mere phantom" The prpbMtn is not ytt solved, whether the ol thia gr<mL ; statesman will not be veiifie.d, inlbi once of the banking and monied nristocrncic* hi jqprej*o" derate in our legislative balls. 1 lour our Imbfffindence is tint likely to be one that makes ns indepenmnt of bonk influence nml the nmnoy power ot the country • Let i**- nK Americans and ns Temisylviunatis. adopt ». ol legis lation winch will not render mn imlepcmk-ip,. - 0 mete phantom, hut one dial w ill make uh lice nulc t ) —nu! pus tcniy will thank the people of this generated for Irons mining to them their liberties unmijmited. , I am tinder obligations to the House lor Ilf patience nml nllcntion with which they have listened tu »j|s tedtousf' position nl my views on this important stpjeat 1 hu'C * submitted ilium, sir. Jrmn no durespeot tothe opinions of olhejs. hui fiom a lull cqiiviclshi U- lLf.'.Mrutli end ticitluhiy 'The 11 otisc nml ihe country tv-yoke ’hem lot what they may l«e woilb I have follow&i -jo on this question. The wanderings of genlhs are A erratics—though tlujy emorge ia'iho bright > fact# mid fignies—Jh'l lo these f claim file attention people of line CWl..iig..whlil., 01 11,0 A frtflWrmmt of-.U I -’ to tvliicb ojiolj i \ ' .linloVfis onlium otH of tlio'nnnual Si f ,„/j comm,,,, schools him boon J li.il/lhan is duo l„ fif) innors lo o!;r ‘ fc rr no ' llC ''" ■''■tun,o,l A;„ Umioly. ro "" > " *'■"«» l/Llo ill IIJ <L'JIICU( |,y it
Significant historical Pennsylvania newspapers