1iousan3 dollar of properly to qualify him
far it, when no dttier. office in the Common
Mjelih requires similar qualification.
Ivor" do I know that experienoo shows thai
it "is a wise standard to measure a man's in
telligenco or capacity by tho length of1 his
nurse. Nor can I bcHove thai in this en
lightened age, such a standard ought to be
adopted.
As respects the State directors in the
batiks referred to, it appears to me, that tho
interests of tho public Will be far more likely
to be secured, by the election of stale direc
tors who hnve no stock, or a very small
amount, than by the election of those who
ore interested in having so large an amount
of slock as this bi'l requires. Tne stock
holders in these several banks are fully rep-;
resented by tho diroctorf, whom iho elect
themselves, and the State, which has not a
full proportion oFreprescntation in the board
of directors, according to the amount of
stock she holds, is supposed, in theory, at
least, lo be represented by ihe State direc
tors elected by the Legislature. Is it not
unreasonable therefore, to require that those
who are to represent tho interests of the
State, which may sometimes bo adverse to
those of the stockholders, should also be so
deeply interested in representing the stock
holders, who have more than their fair share
of representation already I I cannot approve
this feature in the bill.
The provisions; in tho 18th section, re
quiring the Banks of this Commonwealth
to issue and pay out none but their own
notes, without "the consent of tho parlies to
whom tho same are tendered, is rendered
wholly nugatory, by the exception of "spe
cial contracts." Banks can very easily
evade the operation of this section by mak
ing a special contract with all thoso who
deposit money wilh them, and obtain dis
counts from them, to lake payment for the
tame in current bank notes, or in such man
tier as they may choose to specify. It is
useless to enact a law, which can be so ea
sily rendered inoperative.
The authority given to tho Stockholders
of the Bjnkof tho United Slates to reduce
its eanittil from thlrtv-flve lo fourteen mill
ions of dollars, has never been asked for by
either the directors, or the stockholders of
that bank, and in the form which this bill
prescribes, seems to me to be unwise and
unnecessary. Jf tho Legislature is of the
opinion, as a great many of tho citizens, of
the com.-nonwcaitn unuouoicaiy are, mat
the capital of that bank is too large, this bill
should have provided imperilively, that in
order to entitle the bank to enjoy the indul
gence which it gives, tho capital should be
reduced to such sum as seemed compatable
with the public safety and public interest.
This bill however, leaves it entirely to the
discretion of the stockholders, whether its
capital should be reduced, and in case the
from iho obligation imposed upon it by its
charter, of making a permanent loan lo the
Commonwealth, not exceeding six millions
of dollars, and a temporary loan not exceed
ing one millios of dollars, in any one year,
at en interest of four per cent. The bank
is to continue to enjoy all its exclusive priv
ileges, for the length of time for which it
Vas incorporated, and to be released from
this obligation, which at the lime of its cre
ation was considered one of the most bene
ficial to the public contained in its charter.
The bank effects to treat ils charter as a
contract between its stockholders and the
Slate. It has very recently succeeded in
pleading that contractus a protection against
the provisionrof the resumption resolutions
passed 3d April, 1840. A highly compe
tent court has decided, that, under tho laws
nnu constitution, this charter exempted it
from the operation of thoso resolutions of
tho Legislature, without proof of the assent
of tho bank to be bound by those resolu
tions; and now it is proposed by this bill
to extend a most liberal boon to the bank,
without subjecting it to the laws and regu
lations of the Legislature which conttol the
oilier banks of tho Commonwealth.
But in relation to this paction of the bill
a much moro grave question is presented.
The 25th section of the 1st article ot the
'Constitution of this Commonwealth pro
vides, lhat"no corporate body shall bo here
after created, renewed or extended, with
banking or discounting privileges, without
six months previous public notice of the
application for the same, in such manner as
shall bo prescribed by law. Nor shall any
charter, lor the purposes aloresaid, be grant'
ed for a longer period than twenty years.rod
every such charter shall contain a clause,
reserving to the Legislature, the power to
alter, revoke or annul the same, whenever
in Ihcii opinion, it mav be injurious to the
citizens of the Commonwealth, in such man
tier however thai no injustice shall be done
lo the corporators."
It is conceded that no notice, such as
'Te.qnired by this section of the Constitution
-anil the act ot 1st June, isau, passed in
pursuance thereof, has been given in relation
to the bill now under consideration. The
17th section of this bill dijes certainly ab
solve the Bank of the United Stales from
some of the conditions imposed upon it by
the act granting its charter, and if thoprovi
eions of flint section do not come within the
letter of the 25ih section of the 1st article o
the Constitution, they certainly come wilh
in iho intsnuon of it, which was to give il
nublie notice of all intended applications fo
creating or changing the charteis of monied
institutions. If this section of the bill in
utifstton should be deemed lo come within
the section of the Constitution quoted,
omU the very important provision which
lite Constitution requires, of a' reservation!
to the Legislature, of the "power to alter,
revoke or annul the same,1' when Jnund in
jurious to tho citizens of tho Commonwealth
upon tho terms of doing uoinjusticSfo the
Corporators.
These aro tho principal objections to tho
form and details of this bill, that present
themselves to my minds and in addition to
these, thero aro others, which would rendei
this bill, as a measure of ro'.icf, cither to tho
banks or lo tho public, wholly unavailing.
I havo retained this lull without returning it
to the Legislaturolmost to tho latest period
wnen i couiu uo so, with the power ot re
turning il with my objections, for tho pur
pose ol ascertaining, if possible, Iho views
of tho tno3t elightcned practical business
men in .no community, m relation tons va
rious provisious; and I sneak advisedly
when I say, that if this bill were to become
a law, it is questionable whether one tenth
of tho banks of the Commonwealth would
accept of its provisions. Indeed I can
scarcely find among either the friends or the
foes of the banks, or among any party, not
withstanding the exSent of my intercourse
vilh iho citizens of tho Commonwealth,
from all quarters, any intelligent person
who now believes that this bill ought to be
come a law. When it first was presented
lo me, I examined it in vain for a single pro
vision which promised eitfier lo givo relief
lo the banks, or to tho people, and I feel
strongly fortified in my convictions upon
the subject, by the coincidence of the opin
ions of almost all practical persons who, so
far as I know havo expressed opinions in
all quarters of tho Commouwealth, and en
gaged in all pursuits of life.
The present condition of the banks tthe
citizens of Pennsylvania is calculated lo awa
ken our most earncsl&serious consideration.
With an ample amount of resources to meet
all their liabilities. with the assurance that
those resources aro hourly multiplying, our
pecuniary affairs aro suirounded with em
barrassments and difficulty, and iho fore
bodings of many, for the future, seem to
afford little to cheer or encourage. I do nol
myself believe that there is any real ground
for Iho despondency that seems generally to
prevail' We meet a sligln evulsion of for
tune, and without waiting to estimate its
true extent, ate seized wilh panic and ap
prehension. I fear that neither the measures
adopted by the Legislature, nor the language
held by many of ils members, is calculated
to dispel this panic and apprehension. It
is one ot the incidental evils of a govrn-
inent like ours, that not only the condition
f the public, but cveiy action of those en
trusted with the government, is liable to
innocent misunderstanding, or to interested
misrepresentation The instant a slight
disturbance in tho prosperous business of
ancemont o'ftTie gcneraVTaws of trade, or
from the mismanagement of tho banking
institutions of the country, or from any
combination of causes, not easily developed,
t.?.?. iiii i .
i is scizeu noiu oi, ami maue a tnemc ot
partizan declamation, against those who
happen to differ in their political opinions
from the declaimer. Truth is too often sac
rificed to expediency, and the welfare of
the public mado to yield to iho private or
personal interests of those, who aro con
teding for power. By such means as these,
is the public mind harrassed and disturbed;
business men checked or driven from their
avocations; the resources of the country de
preciated, and the measures designed Tor
tho relief of the people thwarted, and ren
dered fruitless. What but the operation of
such a state of things as this, could have
produced tho prevalent impression that the
great aud substantial State of Pennsylvania,
with tier riclt and cultivated fields her in
exhaustible coal mines her numerous fur
naces and foundries, was on the verge of
bankruptcy her citizens within tho very
jaws ot ruin her business men ol all kinds
languishing on the very point of general
prostration and annihilation T It is true
that the banks of Pennsylvania have sus
pended specie payments, and many of iier
citizens have, by engaging somewhat too
extensively in business or speculation, ba
come considerably iifolvedin debt and em
barrassed; but hor banks, with possibly one
or two exceptions, have ample means to
meet all the demands upon them; and those
of her citizens who aro embarrassed, wilh
few exceptions, have abundance of proper
ty, which may nol do convertible instantly
into money, sufficient to pay all their debts;
but tho resources of the entire people of the
State, would almost in a single year, liqui
date all tho demands that can be made upon
them lrom abroad. U nder such circumstan
ces as these, communities must regulate
themselves by tho same general rules of
wisdom, prudence and economy, which iier
er fail to cxiricato individuals from similar
difficulties. Tho substantial means of the
people of Pennsylvania to pay off all their
liabilities, aro not in the slighest degree im
paired. I ho people of this Uommouwcalth
need nothing but a littlo time, reasonable
patience under temporary evils; the appli
cation of their own persevering and hardy
indusliy, in producing and transporting to
market, her two great staples, coal and iron
and the propitious blessings of Heaven up
her harvest fields, to replace them upon that
solid ioolingofprospenty and independence
which they so proudly occupied, before thoy
were hurled from it, by the rash and head
long spirit of speculation. Thoso who
with their eyes open lo these things, will
persist that Pennsylvania and iier citizens
havo been precipitated iuto the bottom o
tho gulf of bankruptcy, must bo permitted
to chprisli Iho phantoms of their owii crea
tion, and watt until tho common sense' ot
tho people, and the return of prosperous
times, have convinced them Of their error.
Those who believe that llieir own Interests
or thoso of the political party with which
they happfen lo bo associated, will bo pro
moted by (raducing tho credit of tho Stale,
and representing her condition to be one of
hopeless indebtedness and distress, must be
allowed ft) pursue the course which they
havo seen fit to adopt, until tho unerring in
telligence of the people has detected the de
ception, and held them up to the reproof of
an nonesi men, lor attempting iu pracuuu
upon their credulity. Pennsylvania, like
most of the sistci Stales of the Union, and
some of tho commercial nations of Europe,
has engaged beyond her available menus,
in trade, enterprizes' of improvement and
speculation, but her recuperative energies
will enable her to tako tho lead of all of
them, in extricating herself from the em
barrassments which beset her. Herrcsour
ccs are of a nature that seldom fail tn fur
nishing an annual supply, and never can
want a market. Tho industry of her citi
zens is untiring, and they lovo not only
their own State, but its independence too
well, to repine at the payment of a few
dollars tax, of the suffering of a temporary
inconvenience, to see that Slate placed be
yond the reach of fruitless demands made
upon her justice, or unanswered calls upon
her honor. A few may bo found, who
would persuado them that their property
and industry aro to bo taxed forever, and
who would inculcate tho unworthy senti
ment, that those who aie in favor of main
taining the faith and honor of the State un
tarnished, are the foes of the people, but
thov meet with no encouragement from the
great mass of honest men, and aro justly
regarded as faithless of interested advisers.
On this important subject, public feeling is
sound and united, and will do much to direct
the efforts, and inspire confidence and res
olutinn among our citizens.
Owing to its peculiar gedgrphical position
the city of Philadelphia is made the great
distributing mart of foieign and domestic
goods and manufactures, for a largo portion
of the Western and Southern stales of tho
Union. This circumstance has rendered
both tho banks and her citizens debtors, lo a
lar?e amount, to New York and North
eastern slates, and to Europe, and rendered
the purchassers of lliesc commodities in the
West and South, in the same manner
indebted to Philadelphia. The moment
the banks of Pennsylvania resumed specie
payments on the 15th January last, large
demands upon the banks, merchants and
citizens of Philadelphia, which had been
held in reserve in New York and Eastern
States, both on the account of the citizens o,
those states, and on account ot the lorcign
.mA !l.- -,,f. I) l.ilr' Ulnliln ft- H.-O-'ll Oil 1V
tho Philadelphia banks lor paymment in
specie. Nearly eleven millions of dollars
in specie, or specie funds were, I believe,
drawn from the Pidladelhia banks during
the uinleen days they continued specie
payments, and immediately taken out of
the Stale. This enormous sum, so drawn
out of the Philadephia banks and the
manner in which it was disposed of,
srongiy leads us to tne bciiei.that incur must
have been some combination or understand-
ng among those by whom it was obtained,
to make an almost simultaneous rush upon
tho Plnla'drlphia banks, either tor the
purposo of compelling' them again to
suspend, or ol restraining in some way
their general operations.
It lsbcleved UiaVlhefo are sums still due,
from tho banks aud citizens of Philadelphia
to tho citizens of dtlicr states and to foreign
creditors. Under the laws of this Common
woalh.imposing penalties & augmented rates
of interest upon the banks, these demands
will undoubtedly bo made, and their cliorls
for the relief of the citizens of tins Common
wealth, bo fatally restrained and crippled
The banks of Pennsylvania having been
established for the benefit of the peoolc of
Pennsylvania, the enforcement of the pen
alties to which they aro subject, may be
safely left in the hands of the people. So
long as tho existenco of the banks is be
lieved to be uselul, and their general con
duclis such as to descrvo and secure the con
fidence of the public, they will not be dis
turbed, although hourly liable to the inflic
tion of tho penalties which tho laws pro
scribe. Experience on former occasions
during suspensions, clearly demonstrates
this. If il be the interest of the public that
tho banks should continue to exist, it is the
interest of the banks to conduct themselves
in such a manner as to satisfy tho public
that such is tho fact. It the public for
bear towards the banks to cniorco tne pen
allies, the banks should doubtless forbear
towards tho public to produce disltess and
embarrassment. Tho banks can do much
by the mode in which they treat their debt
ors, to create or to diminish our pecuniary
difficulties. Thoy havo not only a light,
but it is their duty to qxact adequate securi
ty from their debtors; but should thoy press
them unreasonably should they bring lo a
Sheriff's sale, and consequent sacrifice, the
propeity of those who, by a safe and reas
onable course.oT treatment, might have paid
them, thoy w II peril lhat publie confidence
which under1 the lav is tho shield of their
protection. ,Iu times of hardship and diffi
culty like the, present, mutual justice and
mutual forbearance on tho part of the banks
and the people, is the great guaranty (or the
rights and interests of both. Let the banks
of Pennsylvania therefore act wilh discre
tion and justice, and they have nothing lo
fear from tho citizens of this Common
wealth. UUt tne citizens or Diner muica.
and the foreign creditors to whonl I have
above referred, havo neithel thb same inter
ests nor perhaps the same inclination in ex
tending indulgence lo tho banks of this
State, to promote mutual advantage. It will
be within their power to uarrass inemi anu
thus lo augment, in a very groat measure,
the difficulty and embarrassments under
which tho citizens ol this Commonwealth
silffer. It seoms to tne to bo tho part of
duty arid I can see no injustice whatever,
in protecting tho citizens ot tins Uomnioh
wealth from this impending calamity. I re
gret lhat the Legislature, after a session of
three months, shohld not havo devised and
presented to mo something that would se
cure this salutary object. I would most
cheerfully approve of any measure lhat will
protect the banks of tins' Commonwealth
from being crippled in their operations, and
from the forfeiture of llieir charters, by
combinations of brokers and sharpers of
other states and of Europe, to exact the
penalties which were originally designed
for tho safety and security of tho people of
this Uominonwealih. Let thoso persons
having demands against our banks he do
prived of no civil rcmecy, which can be af
lurded by iho laW; let our courts remain o-
pen to them; let them recover judgements
and cniorco thorn by execution, with such
interest as is allowed in other like Cases of
debt; but Iho penalties, which can bo enact
only at the hazard of creating embarrass
ment and difficulty among our citizens,
should be reserved to bo cnlorccd by our
own citizens, who aro so deeply interested
in the consequences. Let those who arc to
feel the effects, judge who thus will strike
the blow. Such a law as this, would be a
measure of self preservation, and could give
no just ground of complaint to those who
would be deprived of no legal right they
now enjoy, and of no privilege, but that of
annoying and disturbing their neighbprs,
without obtaining any bcneiit lor them
selves!
In all our Legislative acts wo should re
member, that without encroaching upon
the rights of tho citizens of other States,
our first and highest duty is to take care of
the interests of Pennsylvania. 1 his is ex
pected from U3 by tho people, and less "than
this would be an unpardnnablo shrinking
from our duty. DAVID R. POUTER.
EXCCUTIVD CllAMBKIl,
April 8, 1811. 5
NO JEFFERSONIAN DEMOCRACY
By tho following from the Boston Couri
er, a leaning leuerai organ, it win ue seen
lhat they aro not willing to keep up the
"delusion" played off by the federal party;
in attempting to assume tho name ot Jrfer
son and Democracy, thev prefer "their
own name." to "oxpress their own princi
"THE SHEEP IN WOLF'S CLOTH
ING."
Wo find in many of the proceedings of
tho Whigs, since thoy became in powur.and
in tho language ol their messages, resolu
tions, and oilier official papers, a disposition
very extensively manilesting itself, to as
sumo the phraseology, the modes of man
agement and oven the principles of the par
ty which tho country has so decidedly con
demned. Jeffersonisin and Democracii aro
continually complimented, and modes ol
action, stilled omy lo impose upon the ig
norant, or gratily Die vulgar, aro adopted
This phraseology and theso practices seem
to have been received by tho dominant par
tv from the dcfea.cd ono, as a sort of inher
lance an inglorious mantle which has been
heretofore tho cloak for all iniquity, and
which 6ccms to be now strangely assumed
by those who Have been called to power
expressly to expose and punish the vcrv
iniquity which it has covered. Thai the
bad should sometimes assume tho garb' and
phraseology ot the good is not surprising
but in this ease, tho sheep seem (o be most
unaccountablyputtingon the Woll S clothing,
Aro there or not, Mr. hdiior, any real
Whig principles that are capable of being
openly and honestly expressed, and made
to appear just and equitable in their nature,
and salutary in llieir operation i Or are
Whig principles nothing but Democracy,
Locolocoism aud Jcllersonism, alter all t
If so, tho country has made a great mistake,
and it is destined lo meet with a great dis
appointment, il lias aroused itseit to an
extraordinary effort to cast out one set of
men, supposing lhat in rejecting tho men
they were rejecting their principles too.
It would seem, therefoic, lhat it is not only
tho duly ot tho Whigs, but, under tho cir
cumstances of the case, their truo policy, to
tako tho ground to which tho country had
called tnem, in llieir own name, to use
llieir own language, and adopt their own
modes ol action, and to express their own
principles in an open, manly and dignified
manner, and not to attempt to gain a miser
able popularity with tho noisy and unprin
cipled portions of society, by adopting the
political cant ot their condemned predeces
sors.
Tho Courier should remember that hy-
poency is the homage that bad men pay to
virtue. Dissembling Christians, who hale
religion in their hearts, in putting on the
disguise of sail lily, bear the strongest pos
sible testimony toils value in the eves of
the world. So the Federal leaders show
that thev understand well the estimation
with the people which sncceesivo Democrat
jc Administrations iiave won. For this rea
son they assume tho name make earnest
professions dress themselves out in the
form of Democracy that thoy may give pow
or iv uvormiuw -urjwoc.
Farming.
If one half the zeal, otieitfy sndexneiutf
which have been exhibited for electioneer
ing purposo were bestowed upon agricul
ture if the people were half as anxious to
improve and beautify their fields, and half
as angry with their thistles, thorns, undbad
fences as tnoy ore wiiu ineir poimcai oppo
nents, wo should have moro ptoductivrj
fields, loss complaint of poverty moro abil
ity for charily, and abundantly more good
ploughs as his father did before him, and
tho great mass of farmcis aro as stationary
in theory, as thoy am in practice; nine in
ten believe at this moment thai book-farm-
iiur is tho mere, useless, visionary dreamiiiif
of men lhat knowing nothing of practicLf
agriculture. The real benefactor of maft
Iritwl I a lin tolirk nnl!RP UVn hlntlDa r1 tTTllOnt
to crow where ono grew before; his fields
aro his morn and cveniug themo, and to fer
tilize and improve his farm is hi3 prime ob-
jeet. All national aggrandizement, power
and wealth may ue traceu to aggricunure as
its ultimate source commerce and manu
factures are only subordinate results of this1
main spring.
Wo consider agriculture as every way
subsidiary, not only to abundance, industry,
comfort and health, but to good morals and
ultimately oven lo religion. We regard the
farmer, stripped to his employment and cul
tivating his lands, as belonging to the first
order of noblemen; we wish him bountiful
harvests, and invoke upon him the blessing
of God in all his undertakings; may be with
in his walls. selected.
CIRCUMSTANCES ALTER CASES,'
The batiks refuse to pay their debts, and
the Legislature grant them all the indulgence
thev ask.
l'lic Stales find il inconvomont to pay
their debts, and taxes arc laid to provide the
means.
Is il not as ho nest for a State to suspend
payment as a bank I
When tho banks suspend payment, fVte
people are cheated.
To prevent the aiaics suspenuing pay.
meni, the people arc taxed.
why this dmcrcnccj
Thai speculators may not be obliged lo
sell their property at low prices and pay
their debts, tho banns suspend paymont.ana
the people are cheated.
Thai speculators and banks may not lose
upon State stocks held by them, the Slates
are loudly called on to preserve ineir lauu,
and thepeople arc taxed.
in one rcspcci, too principle is iuu same.
TVic people are BOTH CHEATED AND
TAXED TO SAVE THE SPECULA-
1'ORS FROM LOSS.
But what hypocraey it is, for men who
sustain banks in the violation of all faith, to
declaim so "zealously about too unpurtnnco
of preserving ihe faith of tho States I
Democracy goes fur UOOU 1- A1TU USS
ALL SIDES: Let tho Slates pay; lot tho
banks pay; let tho speculators pay; let eve
ry body pay that can; let there bo such in
dulgence as banks and other creditors can
grant without injustice to their own crcdi-
tors; oui no viuiaiiun oj uim puuuc vtjiti
vele, sanctioned by law or countenanced
by authority.
All such acts arc blows aimed at inn pil
lars which sustain society itself. Kendall's
Expositor
Washington and Jcllcrson.
Washington was not a man of tho new
era. in no senso was tic tne representative
of tho revolution which he was tho military
chief. Jefferson was its master mind, far as
ho was from possessing those practical qual
ities which would have titled him lor Hie
great task performed by Washington, of
guiding it to success1 through all the diffi
culties that encompassed ils strggle for exist
ence. With divine prophetic gift of genius, he
understood the Revolution and had a glimpse
far down the vista of its future, of the yet
unknown glory and greatness of humanity
to which it was to lead. Jollerson was in ad
vance of his day: Washington was just up to
the line, wonderfully as ho there towered o-
vertho men who encompsscd him;and there
fore was tho latter was the man to do the work
of the day both to sec the thing to be dona
and to understand tho oxact praoiical way
how to do it. The limes were not yet ripe
for tho realization of tho Democracy of Jef-'
ferson: lie could only plant the seeds of its
great ideas; and though they met with an
apparent universal, as it was an enthusiastic
asseut as they were embodied in tho Dec
laration of Independence, yet the assent was
not understand that "au men are born frco
and equal," or, if it did, the idea wa3 yet an
abstrct one, an unparalizcd speculation, a;
something destined hereafter to become the
prevading animating principal of our social
and political organization but nol yet realey
and practically inwrought into the general
texture of tho habits of opinion and feeling
of tho age. Nor is it indeed yet much more,
though it has made some sensible progress
of which we believe that the tendency is tor
a constantly and increasing acccleiaiion.
M, Guizot,
The While House. Tho family of Gen.
Harrison were to leave the While House
on Monday last, but wero probably proven'
teu oy mo storm.
A Lucky Atan.Mr,'l'yeris a lucky
man. tie Was made Senator bv tho death
of his predecessor; Governor by the death
of his predecessor; ami uow President by
the'saine means, ,s