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Di
ISHED WEEKLY BY ALEXANDER HAMILTO
STR PN IEE NAGE TS CRE TT RR
MONDAY, FEBRURY. 20, 18
RSE NOSSO TT FRE RYT
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In senate.
Monday; Jan. 30, 1815,
Mr. Coles, the President’s Secretary, re-
turned the bill « to incorporate the subscri-
bers to the Bank of the United States of
America,” with the foilowing message :
Ts the Senate of the U. States:
Having bestowed on the biil, entitled
« Anact to incorporate the subscribers to
the bank of the United! States of America,”
that {uil consideration which is due to the
great importance of the subjecty and dicta”
ted by the respect which I feel for the two
houser of Cengress, [ am constrained, by
a deep and solemn conviction, (hat the biil
ought not to become a law, to reluri it to
¢he Senate, in which it orginated, with my
objections to the si
Waving the gu of the costitution-
al authority ofthe Logiiatnre to establish
an incorporated bank, as being precluded,
in my judg ment, by repeated recogmritions,
andor varied ctrcumstances, of the validity
. institution in acts of the iegis-
f
of such
fati eh
the goverument, accompanied by indicati-
ons. in different modes, of a coucurrence
ofthe general will of the nation ; the pro-
cuiive, and judical branches o
posed bank does not appear tobe calculated
to answer the purposes of reviving the pubs
lic credit, of providing a national mediuny of
eirculation and of aiding. the treasury by
facilitating the indispensable auticipations
of the revenue, and by affording to the pub-
pic more durabic loans.
1. The capiolo the bank is to be com-
pounded of specie, of public stock, and of
Treasnry notes convertible mto stock, with
a ceftaiu proportion of each of which every
schscriber is to furiish himsell.
The amount of the stock 10 be subscrib-
ed will vol, itis believed, be sufficient to
produce, ui favour of the pubitc credit, any
considerable or lasting aleviat.on ofthe mar-
kel price, wiilist this may be occasionally
depresscd
carry into the market the allowed
sy toe bank itself, ibd snonld
proport-
on of its capitol consisting 0: pubiil SEK
in order to procuie specly, winch It niay
find its accounl in procuring, with some
sacrifice on that pat: of is cap Lo)
Nor will any adequate advantay
ic credit from the subscription of
re arise to
the publ
Treasury Notes. The actual issue of these
notes nearly equal, at presciily and wiil
soon vxceed the amount
The divect cliect of this epe-
vert fifteen milions of
to be subscribed
to the bank.
ration is simply Lo co!
i 1to fifteen millions of six
Tresury Notes
per cent. sto k with the collateral effect of
; : Rs a ey
promoting an additional demand for Trea
BUTY Notes, beyond what might otherwise
o
be negouabie.
Pubtic credit might indeed be expected
vo from the establishment
to derive advantag
bank, without regard to the
of a national
formauonof 1s capital if the full aid and
co-operation of the stitution were secured
to the government auring the wary and du-
ring the period of irs fiscal embarvassinents
—But the bank proposed will be free from
all egal obligation to co-oporate Ww ith the
public measures ; and whatever might be
t iotic disposition of 11S divectors Lo
he pat
contributed to the remoy al of these einoar
‘vaulis, and a
_ ssite, that the government, in return
rassments, and to invigorate the prosecution
of the war, fidelity to the pecuniary and
general interest of the institution according
to their estimate of it, might oblige them to
decline a connection of their operations
with those of the national treasury during
the continuance of the war and. the: difficul-
ties incident to it. Temporary sacrifices
of interest, though overbalanced by the fu-
ture and permanent profits of the charter,
net be ing re uirable of right in behalf of the:
public: might not be gratuitously made 3 and*
yo flection,
4 sxWhich [ attach 10 them, they
N, BELLEFONTE. (Pa) NEXT DOOR SOUTH OF TH
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those extraordinary concessions to the bank
should huve a greater security forattaming
the public pbjects of the institutioi, than 1s
presented in the bill, and particitfarly for e-
very practible accommodation both in the
temporary advances necessary to anticipate
thestaxes, and mn those more durable loans
which are equally necessary to diminish the
resort to taxes. id
In discharging this painful duty ofsta-
ting objections to a measure which has un-
dergone the deliberations and received the
sanction of the two houses of the National
Legislature, I console myself with the re-
that if they have not the weight
can be consti-
e ane ’ > ul 1 WC a 11 - ‘
the bank would veap the ful bench of the eutionally overruied; and with confidence
grant whilst the public would lose the equi-
valent expected from Jit. For it must be
kept in view, that the sole inducement to
such a grant, on the part of tlic public
would be the progpect of substantial aids to
its pecuniary means at the preasent. crisis?
and during, the sequel of the war Iijs
evident that the stock of the bank will, on
the retury of peace, if not sooner, rise in
the macket to a values which, ii the bank
were established in a period of peace, would
authorise and obtain for the public a bonus
to a very large amount. Inleu of ‘such a
‘bonus the government is faiiiy entitied to,
and ought not to relinquish or nisk, the
needful services of the bank, “under the
pressing circumstances of war,
2. The bank, as proposed to be constitu-
ted, connot be relied on during the war, (0
provide a circulating medium, nor to fur-
nish loans, or anticipations of the public re-
viénue.
Without a medium, the taxes connhot be
collec. ed ; and ur the absence of specie, tie
medium understond to be the “best subsi-
tute; 's that of notes issued by a national
pank. The proposed bank will comrncnce
and conduct its operations, under an obii-
gation to pay its notesdn specie, or be sub-
ject to the loss of its charter, Without
sudh an obligation, the notes ol the bank,
though not exchangeabic for speicie, yet
resting on good” pledyres, and performiog
the uses of specie, in the payment of taxes,
‘and in other public transactions, wouldas
experience has ascertained, gi ify the bank
to supply at once a circulating aicdium,
and. pecumary aids to the government.
Under the fetters imposed by the billy it 18
manifest, that durliig (he actual state of
probably during the war; the
such a medi
things, and Ww
period particularly requiring
umand sach a reseurce ior toans and advan
ces to the government, nics for whic a
bark would be’ compeiiabic to.give specie
in exchance could not be kept in
tion. The mos: the bank could efiect, aud
thie most it could be expected (oalm at,
would be to keep the instituilon alive: by
limited and focal transactions, which with
the interest on tiie public stock in the batik,
might yield a dividend sufficient for the
cli’'Cthra~
Purpose, until a change from wir 10 peace
should enable it, by allow ot specie lito its,
removal of the external de
mand for it. to derive i's contemplated em-
olumenis from a safe and full extension of
ts operations.
On the whole when itis considered that
the proposed establishment will enjoy a
monopoly for the profits of a national bank,
for a period of twenty years; that tire mon-
opollzed profits will be continually growing
with the progress of the national populati.
on ‘and weaith; that the natioh will, during
the same period, be depending on the notes
of the bank for that species of circulating
medium, whenever the precious mettals
may be wanted, and ‘at all times for so
much thereof as may be au eligible substi-
. tute for a specie medium, and that the ex
tensive employment of the notes is the col-
jection of the augmented taxes, will, more-
over, enable the bank greatly to extend its
issues of them, without the ex-
profitable
suppert their cir-
pense of specie capital to
culation; ir is as reasonable as 1t 1s requl-
for
that, in a contrary event; the wisdom of
Congress will hasten to substitute a more
commensurate and certain provision for the
pubiic exigencies. :
JAMES MADISON.
Washington, Jan. 30th, 1818.
The message was read, and ordered to
“be printed.
eT © (EUR ——
THOMAS DOUGHERTY, of Kentuc-
ky, is appointed Clerk of the House ot Rey
presentaiives, vice P. Magruder, Esq. re-
signed. ;
REWARD OF MFRIT.
We are miich gratifi-d to learn, that the
President of the U. States has conferred on
Capt. John A. Burd of the Aruiy oithe U.
S. the rank of Major by brevett—ito rank as
such from the 3ist day of October, 1814.
Fed. Gaz.
m———
A NEW FRIGATE,
We understand, is coutemplam:d by the
citizens of New-York, to be buiit by sub-
sceiption immediately for the gallant Deca-
tur, in the place of the President.
N Y. Col.
Masoxic ~~ BenNeEvoLexce.—The
Grand Lodge of Massachusetts, with char-
acteristic benevolence, have appropriated
R500 to the relief of Masouic bretheren,
British prisoners of war at saiem. They
: ’ i . i
ackndWiedge reciprocal favours to our bre-
trren among the enemy, hope for the re-
warn of peace, and declare, on the true prin-
cipies of Masontry, their support of the
constituied authorities of the couniry in ail
. measuies of peace or war, which ticy may
direct. With respect to captive brothers
amongst us, tcl sentiment 1s: “1 ne nio-
ment the sword.of the warrior is sheathed,
thedechings of the mason return with re,
douined force ; and Charity, dispiaylug her
“tanner of love, conducts the capuve Dbro-
ther to the Lodge, the only ? city of re-
fuge”—Col.
co names
NEW ORLEANS.
Camp, 4 miles trom New Ovrlesns, January
«3th, 1815.
We have had another and most giorious
baitic Un Sunday morning, the 8th inst. at
day light, the encmy advanced - nr regular
colum.s with nearly their whole force, and
commenced a most rigorous anc gailanl at-
tack within tweniy pacts of our lines, at the
same time keeping np a constant caniona-
ding from two batteries, throwing Congreve
tockels lo cover their light troops; but we
expected an atiack, were ready to receive
them, and gave them such another recep-
tion as they have not eX nerienced this war-
—In fact, the annals of History scarce bear
testimony of such another. The enemy
lefi on the field of Battle better than 500 kii-
led. 700 wounded (mostly dangerously be-
ing generally irom our cannon ) and 300 pri-
a
soners. Nearly all the killed and 350 ot
E BANK.
5 Ari '
the wounded, fell into ou
300 officers and men prisoners unhurt; and
astonishing as it may appea” to'you, but
not more so tian true—on that ever mem:
orable day was but 6 privates Kilie. and 12
wounded! The enemy’s loss in officers
was immence—I{rom 50 to 60 in d,
wounded and prisoners, and those theo best
in their army. Lieut. Gen. Packeniam,
their Camamander in Chief, was ki'led ear=
ly in the action by a cannon ball. (venerals
Keane and Gibbs were both wounded. and
said to be dangerously so. Col Rauey,
and several other field officers, that paid 2
visit at Washington, were killed The en-
emy took possession of one of our batteries
Wy
¢ hands, besides
on the right, but were soon killed or taken
prisoners and the battery regained. The
baitie lasted about an hour and an half, aud
while glory covered our arms on this side
oi the river, we had 4 party of militia that
disgraced themseives on the other. The
enemy sent over a party or about 600 mea,
mak 0g an attack at (he same time that
they engaged us on this, when the militia
made a shameiul retreat after the first fire.
Tne enemy advanced a mile or two to-
wards Orleans on that side, took 3 batteries,
burnt s¢verai sugar pl antations, spiked 8 or
4 guns that were there, burnt their carria-
ges and retreated down the river oppe site
their main force and re crossed belore we
could get a reinforcement a cross.—>Smce
Sunday both armies have remained very
quiet. ‘The British army is commnded
by Gen Lambert. itis the geueral opini-
of; in camp, that the enemy are about to
leave ns, but i think it will depend upon
their fleet getting past Fort St. Philip.
P.S You wiii perceive by my catculatis
ons the enemy’s lors to be 1500, but I bes
licve I have underated it. Two dee lers
have just come in and say it was 2000 on
Sunday last, and it supposed by some of
our Officers to be ncarty 3000 men.
Naichez, Jan: 16.
Extract of a letter, cated,
Camp JACKSON, Jan 9.
¢ I have news which asa patio. it will re«
joiee you, though it is the news of carnage,
—Oue of the most blogdy engagements
which has occured during ihe war, took
place yesterday morning. o
i he British under a heavy discharge of
boribs, rockets and cannons, attacked our
columns on the right and centre. The as»
sault was furious and brave, almost beyond
exawple—lut was as bravely met and re-
pulsc.« Tocy advanced with fascilics and
scaling ladders even to the very dich, un-
der a fire which surpassed all discription.
Many of them got into the ditch, and being
unable to ascend, were obliged to surrender,
The column was (wo or three times repul-
sed and still returned to the charge, but
were ultimately compelied to retreag, being |
literally mowed down by our bullets, grape
ang cannister shot.
The field, (Madison Hall Plantation) is
strewed with their dead; and all the after
part of yesterday was employed in bringing
in their wounded. We have 300 wounded
prisoners, nearly the same number nog
wounded, and their Killed is estimated at
111 Many itis
from five to eight hund.ed
Then
known were carried off the ficld.
left column succeeded in getting possession. ef
of our right bastion on the river; but it pros
ved a slaughter pen to them, as they wet
2p: