II
IEI
II
iPitifijilE XL.-111). 29.
, POETRY.
—"With sweetest Rowers
Fronivarious garden's eull'd with are."
from a late Englieh.Paper
_ .
TH. .E CLOUDS..
VW! MiSIVMARY ANNIIROWNE.
ThO clouds! .the clouds ! they arc biailtiful
When they sleep on
,a summer sky,
As if the swi to rest could lull
Their, snowy company r• • \ •
And as thi wind springs up . , - they - start,-
And career o'er the azure plain, •
- And before•the course of_thelbreezes dart
To scatter their rain. -
The clouds! the clouds I - how changed thCic~rma
With every passing breath ;
And now .a_glancing sunbeam warms, •
' And now they look cold.as death. ..
often•and ofteii have lescape(t •
From-the stir of the btisy crowd,
And aAhousand fanciful visionsshaped
On the, face of a paSsingl cloud. •
"Tfie:einud Et ! round the sun at . night
Th 4• eMnt; : like,a_band.of slaves
That are only bright in their master's light;
And each his glory_laves,,,_ —
• -
Oh, they are lovely, lovely then -
When the heaven around them glows; -
NOw toughed with . apurple and - amber - stain; "
And now with the hue of the rose,
The elduds! , the clouds !:in the stir-lit sky,
How-they float on the wiugs—
Now' restitik - an - initant, then
In their le wididerings: ----- ‘'
S43W they bide the deep blue firmament - ,
- Now it shows their'folds - between.
-- - -Aw if Over 'yell were rent.'
- From the jewelled brow of a queen, •
• The clonds! the clouds ! they are the lid ___„
:To the lightning's iisslting,e4r4_, • -
..And in Their fleecy folds - is hid -- The thunder's majesty',
-- Oh, how their warring is proclaimed
- By the shrill blast's battle song,
AndAlte tempest's deadliest shafts are aimed
From the ridst . of the dark cloud's throng.
, . Are past--nip heart is old—
' Buthere and there a feeling stays
. _ Tlfat nevercan grOw cold. -
And the love of Nature is one of these-,
• • That nmea_witm-never.shrrulds_t__
. :And oft and oft my Sold finda peace •
In watching ihe paltaTiog ohm&
.
. The WorldAst aright •Befbiis
•
-- 111' FITZ GIIIKEYIE ;.„
The world is bright before thee t
• Its summer flower is thine; -
Its calm blue sky is o'er thee'; _
'Thy bosorn virtue's shrine;
And thine. the sunbeam given . .
To Nature's morning hour •
Pure, warm as when frori'f heaven .
. It burst on Eden's bower.
son , of sorrow--
Im2
.The death diiii3•6f the gay—i-
Thattells, ere dawn Of Morrow,
• .These charmsmay Melt away ;
That.sun's bright beam i be
That sky be blue - no - More, ---
The summer flowers be faded,
And youth's - slarm,proplise
Believe it noti though lonely • ,
Thy - evening home may be;
- - ' Though- Beauty's bark - can - only -
• ' Float on a 'summer sea ;
• Tho Ugh Time thy blobm is stesliiik, '
, •
There's still, beyond his art, • .
'The Wild-thrver wreath of feeling—;
'.The sunbeam of the heart!
, • ,
Frosi t he Jlfother"a Magazie. - •
tfis noChardlo
aOh ! mother, , sayonust we all die
'fon, sister, dear papa, and I?
I 'donut like to think I shall .
deep, — grave, so still:
, Mother, I'n; fond of life and play; •
And like . not to be borne away, '
•To.lie wherelt is always niglit."
•
Ciune.bither, child, and thou shalt place .
Within the eartit o _in yonder vase;
Thispretty.grain." • • , •
Oli it is smooth hnd round ! • `r
'lltopie'r put .not in the ground
• - piistty grain.", • •
DM
"Do it •rny love:
I' or by Ali* good I wish-b:bprovei
; Thal hard tp dio;',
'"
in th6ldoqi;tlitik to !ie.+ ,
. •
" How sweet a fragrance fills.the 'room !
!}Other, your ilowerenre now, in bloom ;
And, ol; !, how heautiful they seem
While standing in the bright sunbeam!
"Mother, I'm glad you made me place
That *month round Seed within the vase
For more delighted now,-I see
•The binational en .t . hia pretty tree,
Wh oh from that haried grain has iiwung."
thee c iny lovepeitti children poling;
And loved of (IA their hfidiefidie;-
- -V - ,_Agii; like.tliat grain, in ea,rtil lie
• ' this flower, from henee, shall
beopty_inlhe
. And. quickly oprinkitig from the' tomb,2,
' • • A PI Paradise sholl,evepbl pm
.; •
. , . .
c •
A. FAMILY NEWSPAPER: - DEVOTED TO NEWS, POLITICS, LITERATURE, THE ARTS AND SCIENCES,,AGIUCULTURE, AMUSEMENT, &C. &C.
SUM TML,E,
- THE MERCHANT'S , DAUGHTER. •
A SKETCH, FOUND IN THE POE
' 44 wo :vor%
At the Close of a fine si
. nmerday; at an
,pen window, ina large acid elegant man
sion in B--`,street, - Roston, sat Leuisa
Harcourt. Her'head reclining qn her-hand,'
which wasjartly caficealed by her' dark
chestnut hair,. which linng in graceful ring
lets; over, her face: She appeared lost-in=
thought.
:At'a little distance from the Window sat
ber mother an aristocratic looking lady; in
a rich dress, which, sparkling with jewels,
contrasted- strangely, - with her daughter's
white_muslin dress, and beautiful hair, orna
mented only with a - gold, band. -
" Louisa, dear," said her mother, ." how
dull_yonare this-eieninir, you lave pat said
a word, for an heur., fexpect Mr. Palmer
eyery - moment, - and - 1 hope-you-will-stay
and see hini."
The young lady raised her head and dis
played a most beautiful countenance.-,Her.
features were small and very regular., Her
skin of alabaster whiteness. Her cheek , was
pale,. and the: eyes,,which were deep blue;
were filled with tears. Rising to leave-the
room she displayed a beautiful, slender form,
rather smaller than f the ordinary height:
Leuisa - _Hateourtovas_ eighteen,: years,of
age. When twelve years old, she
. becaine_
acquainted with a young- maned Henry
Seyitioar - r - twe - years - older 2- than -herself:
Their acquaintance ripened into fribridship,
from friendship, into-Love. Jr .._ •
Henry.. always met e with_ a, welcome at
Mr.-Harcourts,- -until he .begari see the.
.course things were taking. Abdut two.
Months i preVious to.the commencement of
my tale"; - -:Henry; 'after passing a pleasant
- evening at the Harcourts, had taken leave
and was just closing, the-door,, when a ser
vant stept-up, and said 'Mr. Itarc'o - urt wish
ed to say a few , words_with him. - Entering
a room, and closing the door., he begun_as
"s4r. Seymour, I haVe. observed,.
of date, your acquaintance with miodaugh
ter has been more intimate thara - couldwish
With - your Means; you •are nol, -- ble to -sup
port her, (if she became your wife) in the
style and splendor, to which she has been
accustomed.. I am, therefore „under the
painful necessity of requesting you would
discontinue your visits for the future. I
Spe - you - will - notii - offendedilor myask
ing this of you. I feel, it my duly to do it,.
and I hope our friendship will continue as
unbroken as heretofore."
Henry sat fora moment, atupified. Then'
startint_from_his_seat_without _making any_
'eply left the: house never to_enter it again.
The night was dark antigloomy. Making
his way as rapidly through the street, as the
darkness would permit—and going which
'way he knew not—he had unconsciously
returned to the-house just left. He - paused
—and while looking up to the window of
'the room he, knew to be Louisa's chamber,
a- I)ersorr entered the room with a light. It
was Louisa! Coming to the ,Window, she
thised the shutters~ and all was dark again:
Rushing alai the place he exclaimed, "Oh
God! must I suffer thusl•and for the Want
of money?"
days ElNlVareV . evas - lit - searinra - ,
voyage to India.
Henry Seymour 'was an orphan. His
xnother_died, when he was about two years
old, and ateleven he lost his father. An
uncle, the nearest .
surviving relative, was
appointed his guardian, and being a profes
sor in academy, some miles from Boston,
at his request Henry went there, to reside.
Here he received a superioreducation. And
it was-here;hp first - met-Louisa-Harcourt;
who, after having finished her education,
returned to the city. .
Henry being deprived of her - soCiety and
not relishing the duties of.teacher, for which"
his uncle: had intended him, reqested him
to obtain a situation, for him, in some store
in the city. A merchant froni,Boston being
in - that town;
-Henry-applied-to-him-for- in-_
formation. Pleased with his manners, he
proposed taking him into his own store, on
trial, which- proposition was accepted,• and'
the - next - week - Henry - was - installed - clerk - in-
I a dry good Wholesale, store in K,ilby Street. ,
By' his correct deportmen 0. - strict -- atten. --
tion• to huaineas,heLp:ne the love and
esteem of his employers, and, on his twen
ty-first birthday, was to have-become a.
partner in' their establishment. -- Instead of
villa, he was on the way to India, where'
we. will now leave him for the' present and
return to the Harcourte.l • -
On the afterniipn of the: day following
Henry's tineourteeuir disfnissal, , Mi. and
Mrs. 'Harcourt with their daughter were
.sitting •by the .fire—Louisa reading a new
.workwhieh Henry. hadleft with her' the
evening before. , She' had. riot been inforrn
ed of the state of . thing's—when just as Mr:
H. wasentiout to toff her, the servant an
moirneed .111 r. :Palnier. "Show him. up,'
immediately,”.said Mr, Harcourt..,
walked- Auanstus Palmer, Esq., the rival
-
Henry Seynapur. ' •
He was rather shOrt and slhit. Hair dark,
and a spair of whiskers adorned his face,'
which if they' ray belonged there must'
have had more time--to grow than himself.:
He was dreased.in a green. frockcoat,--liglid,
colored pants—and was, on the tvliole,% a
complete dandy; - :with n. sort of what;do
you-want-to-know-for -leolv,--.whiehrender
ed him very disagreeable. •
,Harcourt 'received' him ,With great
cordiality.' Mrs.ll. was all smiles. :But
Iburea S'eareel3'r' lifted lier - reyes - lrout - the:
bq'ok, to say ," 4 Good afterneoursir.!'!-7,-And
it •
then continued reading, as if no, person be- 1-Mr. Harcourt., He resided here about
"side herself 'was in the room. twd-years:ago." 6 , • - 2 • •
"IVliii - iii — th - Cmatter With yOur .friett4 "Yes sir,-,but father said he las failed:
Seymour?" asked Mr. Augustus Palmer. He had 'a ship taken by pirates, and burnt.
"As I passed his house this mottling, a Thtl i t made him fail two months ago—and
truckinan was carting away some furniture he has not been seen since." •
=which-I-took to be-his - I API II I •ke_itlith--nairflaabg!l uOtin Henry's
. . .
,TOLIOtEi THE LATE
to enquire; he returned bringing irre:*did
it was Mr. Seymour's, who was to leave For
Panton_in_the_shipLeo,_at_t*elve_e_Clobk._.
"ImPossible !" exclaimed'Louism.ldYing
down her book, and looking at Mr. Palnier,
to , see if-he was-not trifling with •ter
in s. -c
1. '
• "Impossible !'' - • .
"Positively true," observed Mi. Palmer,
'taking the evening paper from his pocket,
and' read: "Passenger' in - the ship Leo,
:cleared for Cantori this morning" Mr. Henry
Seymour, 'of this city."
Miss Harcourt-_sprang frpm her seat.
Taking the paper, she read the paragraph'
and sank motionless into her-mother's arms.
Mr;--Palmer took his leave. • In a short
_time Louisa revived: She asked her father
if Henry had said any thing abdut it. Mr.
Harcourt then told her of his interview with
Henry and of his leaving the hpuse without
returning any answer. • - ' _
• That night Louisa was seized with a vio
lent fever, which_threateried, to prove fatal—
bLit in the bourie.of . a nionth'she was able
to leave the r00m... . •
From that time she refused to "see any
one and never went abroad-; her longest
walks, were in the - garden back of the house.
Augustus , Palmer, after repeated visits
without_onde_seeing.:Louisa, _we heard to
say (whew leaving the house for' the-1-fty
-1 sixth time unsuccessfully) that
_‘..‘ Miss-Har
court must be a vulgar young -lady not to
- .
Apriremate the worth off a young gentleman;
that half,the - girls in Boston Were running
after."
T'Things continued thus' about two Years,
till — one evening, Louisa and. her mother
:were waiting• for Mr. Harcourt. .• It was,
.some hours behind his usual time of leaving
his business. ' 'Mrs: H, had thought of, and
- told, every reason • fer delay, that her imagi.,
nation could suggest, and was On" the point
,i-Jf•sending a servant to ascertain: the cause,
_when_the_ door was. opened violently and,
Mr—Harcourt_rushed_in, threw himself on
the sofa, and exclaimed,
"I am a ruined man! ""a bankrupt! a beg
gar!" Mrs. Harcourt nearly fainted. As,•
soon as she was composed enough, Mr. H.
- stated the circumstances. He had risked
his fortune in one°_eat enteprize. All he
was worth was in a ship at Canton; about
to cross, the ocean, and on *hich, he could
not effect an insurance. She sailed in com
, panywith another vessel. When five days
out, they were attacked by pirates, who are
~numberleds in thatliart of - the. -
ocean: The
ship - belonginglorHareourti -was-captured.-
- The other escaped. 'On he# teturn, the
captain waited int_Mr.•_llarco art_ andln-,
formed him, that his ship was set on fire
• about three, hours. after the capture, and
from the long continuance of the light,
must have been entirely destroyed. •
But how did Leuisa "meet the dreadful
tidings? Far different from either father or
mother. When Mr. Harcourt had finished'
speaking, those features that had not been•
seen to smile for two years, were now radi
ant with joy. "Thank heaven!" she ex-,
They cannot'
d eny, Henry admittance now!"
From that moment it was evident het
health was restoredt -.The feeble step was
exchanged for one proud and firm, which
indicated - anything but a fall from wealth to
poverty, The.next, day, all their remaining 1
property was taken. They were obliged
to leave their elegant mansion for a.small s
house in an obscure part Of the city. • • -
--- Lciada — iiiiistrioW work to obtain
a liveli
hood.. Was she ashamed of •it? No! With
a heart full of joy she applied (under
.an'
assumed name, which Mr: Harcourt insisted
upon) to an establishment, for the employ
ment of female poor, and obtained work for
her needle, By her industry they were
enabled to live comfortably, and even happy.
;._HenrySeymour reached Canton in safety,L
and immediately commenced trading and
speculating. In all his undertakings dim
cess attended him. .His small Capital great
ly-increased:, A chance—for-alargspecur_
lation presented 'itself, Henry embarked his
all, was successfull'-':-He-realized a fortune,
A vessel ;vas to leave for his native coun
try. e immediately took passage. t
was Hareourt's ship.' As has been stated,
they were captured by pirates, who after
leaving their own vessel, set fire to it.
, Having 'confined the crew of the ship be
low, the} begin-to examine their prize, and
finding a barrel of rum, they drank 'to in
toxication. - For several hours the air was
rent with their cries. \ At last all was Still.
Presuming the Pirates were in a state of in, -
-sensibility, the •crew broke through the
hatches,' „and' fotind then "stretched- around
the about forty in number. Placing
them-in the, boats, they lowered them. into
the water, and cutting the,,rope sent Ahern
adrift.' Hoisting all 131til, they steered for
home- But 'Ov,erse winds, and bad weather
kefirtliem two months beyorid7tlie tine: in'
which a passage is usually made ? -ind im
mediately on his arrival. at New York;
Henry ; • left for •Boston; He reached' the,
city about dark, and 'proceeoled to the, house
formerly occupied by the llarcourts. I-le
rang 'Oe bell. 'An Irishman came to the'
door.'
Does-Mr. Harcourt reside here ?"
" Meister. Harcourt?" asked the Irishman.
. .
"
'. O No indade, hot he," 'was 'the reply."
wahti Pat
rick?" said;ilitdc'bov l .coiningito the door.
• . .
, . .
~ . .
. b. ; ; - .
• 1- _ ' -- -.-
aftv .
r 1
ittr
A . ICI let i
,
A ) , All
- , -. : - .
. . _ .
` • ' - . imismENEMMIIIMMI-
TU
4 1 1,4111, 01-P1111124,
Mind: 'i Ile no doubt thinks —said Henry t e mere agem
to himself as he left the house not knowing have no funds not already lent out to the
Which way to go: ' "He no doubt thinks people, of whose property and'industry . they
lost - iiid -- hTlitielf ruined
the ship is Oh- areAhe-.-representatives.—T_hey/are_only
God!-what" can hakre heconie of Louisa: other names for the farms, the comniefee,
perhaps:at this moment suffering front want; the factories, and the internal improvements
among'strangers." The thought maddened of the. country—and. the enquiry-whether
him:
~ -I't must fltid her,..--I will find, her, the banks are ready to resume is only ano
/WWI" he exclaimed, still pnisuing his Way ther form of asking whether the-peopleare
in any direction he -happened to Jake: .' A . ready to pay their debts to the banks:
~
plan occurred to - him. He would - go td,the 'l' he true wiestionihen after all, is wheat- .
crier, and have it declared "throughout the et the flake has 'arrive d when the banks
city, that the Ship C supposed to , should announce that the causes of the sus
have been burnt by pirates had arrivedlafe pension, Which then satisfied the communi
at:New York.: The - Fir - courts, 'if-they ty,- hat* .deased.to exist; and that the sus
.were . in the city, would hear of it, and all pension itself, with all its necessary .atten
-Would again be right ' =-- ._' dants of restriction, need no longer be con
'Turning down ---.--;-- street, he observed tinned. To :that -- e - tiquity I now proceed.
a young lady come out of ahouse, on which A n d— . • .
was a large sign, "Employment given to I. ' What *ere the causes of the suspenz
Female Poor."Fronk the slight glance he sion ? . They were the2Specie Circular,
„
obtained of her facei he thought it Was Which forbade the receipt of any thing but
'Louisa. Hcfollowed her; she'turned up 4 gold or silve - eat the offices=--the mis
cant, and entered a small wooden :building management of the deposits; whieh "scatter
a few moments , afterward Henry knocked at eEthenito thelliintiers—theclamor raised
the door. - It was opened by Louisa ,Har- by the Executive - against harikiiiiiii;Whi - eli
court. She did not 'recognise him, he was alarmed the people for their safety and cans=
so altered. - , .. , ' . -,..ed_a-run upon the banks fof specie. NoW
"Po you know me, Louisal- Have you
_has: 'iny one-of these causes ceased? _-_ On,
forgotten me so soon ? Have your forgotten the- contrary, have they not acquired tenfold.
Henry Seymeur?” - . force? The Specie Circular is'not tepeal:- 1
— She'll - ado 'nUataswer hutlainted - and , fell-ed; -- On the.contrary; - it= been extended,
into his. aims';, _ lie called for assistance; Mr. I for bank 'notes are proscribed; not merely
and-Mrs. Ilarcourt came;" Henry-gave Lou- from, the'land offices, tint from all payments,
isa to Mrs. Harcourt, and requested to speak 1 of every description to the governinent.—;
with Mr.-H. They a room ,lienry The distribution of the surplus is over, be-_-_.
made himself known; 'communicated.the ',. cause there is no longer any.siirplus to dis-. 1
joyful intelligence.; and concluded:by say-,;_tribute ; but the great disbursements on-the
ing, " Lhave now one favor to ask. Per- ! southern s and western flontiers_ - ppetate as
mit me to Visit your family as one friend I injnrionsly by requiring the tranifer. -of so
- visits anothet.'l -Mr.._Harcourt seized : .his I much revenue from the, pciints:_whereit is
hand. "Henry, we will never part. Take ; colleeted. Lastly and mainly, the alairta
my 7 daiightet - for your wife:- if you think 1 abouthank *notes -propagated by the govern
her worthy of you.. Try, to forget all that mint,- has been deeply spread throughout
has pasied, and' it will , not be my fault if the country, till what was , at first npassing_
we are not happy. Outcry, has settled into an implacable hos
- Louisa and het mother entered the room: tility No man ;
-- I_ think can doubt fot a
___. ..- 1 • - - - -
all was exPlained. . Henry passed the even- , moment that . the -Executive of the United
ing relating his adventures, and returned to 1 States seeks to maintain his power by exci•
his lodgings, the happiest being alive, with ' ting popular passions against the - credit sys
the exception of the Harcourts. item—and that the whole influence of the
"I wonder," said Mrs. Pryer, (one of two government is employed to infuse into the
ladies , whotad been coining scandal all the minds of the people, distrust and hated Of
-M0 Mila - trhfattervirolrterlive - la - that - -altbankr.'For-thitrputpose,-the-malst-in
elegantly. furnished house in M— street." sane ravings ate addressed tp the cupidity
. "font you know?" said Miss Findout. I
of' the ignorant, who are taught that gold
~ t Why you knew Harcourt, " - who failed 1 and silver fre the - only true richesiand - above
about three months since?" . all, that these shrewd metals would enable
" Yes - wc - wete - intimately - acquaintedt l "--us-to outeritthe _paper dullness of England.
replied-Mrs.--.,Pryer,-who_ had _never teen .1! Sir,"._ said lately_ one_of_these_ _politicians_
inside of their house. - ,_, in the Senate of the United States," Sir, a
." Well they_ ate to live : there : ' Young. man loses all by any_ circumstance that but
Seymour, who went to Canton two years 'for that circumstance he waild - have made.
since, has married their didgliter, and is* to Although England is a paper country, yet
stay with them." - . if we were exclusively a metallic country,
"Indeed! "thought they refused him we should make more out of our intercourse'
because - he'was poor.", ( . ' with" her. And why should we, because
"They did::. • But he _made a fortune
Al,. she chooses to maim,herseY by ber paper
."
while in Canton 'system ,
~ , follow. her example? ' The gov.
"How some'folks get rich," said Mrs. I ernment, it may be said, is comparatively
Pryer, taking leave of her. friend. "Fare- ' harmless, because its expenditures exceed
welt, - Mrs. Findout."' - its income. Its regUlar income, no doubt
FAREWELL, READER! . • , '—but while it can pledge the public - credit
_-__............____
----..,&____________ for Treasury notes at a high rate of interest,
LETTER FROM NICHOLAS BIDDLE
TO J. Q. ADAMS.
To the Non. John-Q:dncy".4dams, Washington.
MY DEAR SIR:—I propose to say a few
wordy on, the question Whether the batiks
should resume specie iaym'enti in May
_next.__Lda.thisheCittiee my-position'seems .- ;
to justify, if not require it.: For nineteen
years I have_been connected with the in- ,
stitutiori which caused the last, resumption, ;
and during all that period my efforts. have
been directed to secure - to - the - country the
benefits of a sounteurroney, and , to banish
from circulation every thing but the precious
metals and notes always convertible into
them. I think 'that no other currency is .
safe — c - fr - tolerable ; and-that - we - should- now-;
return to it at the first moment it can be done '
.permanenfly.. For' this purpose the, insti
tution to which I belong has made great ef.
forts.-- - Since - the suspension-itMay-last-it
haslifought_and, added_td its vaults nearly
three millions of dollars in gold and silver •
and - tiouvvithweiipitirolthirry:fivenTiillions,
its notes in circulation are six millions, while
its specie, after paying-mory_than half a mil,
lion to the' government of the United States,
amounts to nearly four millions, and it has'
eight or ten millions of 'funds in Europe
Our principles therefore. ificline"us to 'an.
early resumption ; our preparations would
justify it—and if we wore at all influenced
by the poor ambition of doing-what others
cannot do 'so readily, or the still , poorer tie
sire °of profiting by the disasters of others,
the occasion would certainly be tempting..
But the Bank of • the United States makes,
COISMOII cause with other banks, and the
character and prosperity of the country are
identified with its banking systeni. They
'Mint stand or fall together—and it is of vital
importance that the banks 64041- aciwiselY
and act harmoniqusly, andaboid all that they ,
should not suffer themselves . to be : driven,
by the dread Of being thought weak; into
rask andtazardous enterprises. The great
prerogative of strength is not to be afraid of
doing right: ;and _it _belongs to th9ke- whci
have no -fear that prutlent 'counsels 'will be
Mistaken for, timidity, •to examine calmly
'whether the general interests oirthe country
recomtnend the voluntary , resumptioiv of
specie, payncient*iff May next. I sas7. , _th
voluntary rescmption, beeaus , , re is not
384
now, tior has there ever ' been, any legal sus
pension Of 'specie payments al3 there was for
more than twenty years in England: The
suspension is vihallyOthiveMitmal between
the banks. and the community, arising from ,
their mutual conviction that - it la .for their
mutual benefit.' in truth the patiks are but
Thfirof . thatcommunitv - 'hey-
/ich every man's propertriiniTottga - -7
ged, and buy specie with them , ' there can
never be .wanting thmeans of oppressing
the banks. There is therefore no , one cir
cumstance which occasioned the
,suspen
sion, su ffi ciently removed to'ju stify a change,
and the most prominentcause rernainX"Witli,
Accordingly—
11. The credit system of the .united
States and the exclusively metallic ,syiterri
are now , fairly in the field, face to face with
each other. One or other must fall. There
can-be-no other issue. -s-\lt-is not a. question
of correcting errors or reforming abuses, hilt
,of absolute destruction'; not which shall
conquer, but which shall survive; The
present struggle tq must be final. If the
T banks-,resume,-ino-are--able,-by-sacrificing
' the coTmunity, toontinue for a few months,
it Wilt be conclusively employeg at the next
elections to show that the schemes of the
Executive-ire-not as_destrotivi as they Will
I prove hereafter. Si
byvih
again are comb__ . _ - _ -.
new triumph, will rejoice at , this new triumph, and
they will fall in the midst of a universal
butcry_againsttheir. weaknesi. , . This is per ,
fectly understood,' and accordingly all the
influenee' of the Executive is directed to
drive the--banks, by popular outrage and
clamor, into . a premature resumption; not
a business . resumptiott, general and porn's
nent, but 'a political and ••forced resumption, 1
which may place them at the mercy of those 1
in • power; They whO have, ttpecial Charge
of these interests, must then beware of being'
decoyed from their. presentpesitien.' They
are now safe and' strong,:; and they,should•
not venture beyond •their intrenchrnents
IWhile the enemy is in the plainliefre o them.
If they resume, one of two things, willhap
pen ; •their notes will notbe received by
,the
overnment,- or they will be ivceiVed., If
they are not received,e government, to
the extent bf the 1 , .• • . i.ue, will , force the
holders of the notes to draw specie from the ,
banks , to be deposited'With the collectern 0f,,,
the 'revenue. For e difference between
the revenue and th , expenses, ' the govern...,
- ment will issue ir asury notes, -to be • sold'
for bank notes, - ,and converted into specie,
and as the disbursements aretnadc at points-.
on tlje frentierti remote from the places of
collhetion, it will „not:return to the banks:,
"issuing It ckeicpertifeutiouslk: -- -But-. if -the
-- - ~
~1. ,
MEM
ut if they resume, an
Micusperui„the execu-
notes are reeeiii ed; they AVill,rtot, nrmet-
ly, be deposited 'in. banks and drawn out..
again, so as to _enter Into the circulation,
-leaving:' the public - creditor—his- choice of
specie Or notes, but. they will be left in spe
eitd 'deposits with 'the receivers,• When
warrants are'drawn on these receivers, they
wilLeat_at_thelankalciLapecie to - psi - the
favoredpul4ic creditor, selecting, of s ,courq,
the bank on whom they will dravi , accord
ing
_to its servility oi Opposition to the tx
ecutive,- and this - Plieing - tlielfillTuTfrehii - s - -
Control. • Now, under such cii'cumstaiices,
is it _Wise for.the banks to disarm themselves
in the, presence of their enemy?
lII. `i'h~disorderrt of-the-cUrreinqie
too deep for superficial remedies, and these
pallistiyes hisitate withoutkstring. Con
gress, and Congress shine; cairapply ade
quate relief. What Mr. Madison said. to
Congress in 1816, is even - more true in
1838 :--" Vor the interests of the column
nityat hirge "- said_ he, " as_tvell as for the
purposes of the l'reaeury, it is essential that
the nation should posAess - a currency of equal
value, credit and use wherever it may - cir-
Ciliate. The Constitution has entrusted
Congress exclueivel.y, - with the power - of
,creating 'hid regulating a 'currency of .that
description.". • The only reform in the cur
rency'which that:body has yet made;-is the
issue . of ten millions of irredeemable• paper!
-Whitey, and-a proposal for ten millions more,
Is it worth While then; so long.as Congress
fails to exercise its legitimate powers, to
waste the strength - of the country in efforts
to accomplish - what we all know to be . im
pfacticable? To resume now without some
clear underitanding with 'the Government,.
seems to be throwing= away thebenefits - of
experience; and the lessons of misfortinie.
We haver gone through all the Mortification
'anti all the inconvenienee of suspension.-
- Let us endeatror Lto-profit by them--to fix
the - future on some solid basis--have some.
gitaiantee of_ the, stability ofithescurrency,
"and - net set everything, afloat agaiif without
knowing.where we may he . drifted. For.*
IV. Compare the situation of the Banks
at the last resumptiOn and now. 'After a
suspension for nearly three - years, Congress
_applied all its powers to induce, to persuade,
to assist the Banks in their efforts to re
sume. They passed thi'resolution of 1816,
authorising the receipt of the of - specie
I paying Banks; But this alone was insuffi
cient; and at the name time they established
the Bank of the United States, with a capi-
Ad Of thirty-five millions. That Bank call
ed a Convention of State Banks, and agreed
that if they would resume specie payments,
it tvould • _
1. Assume an their debts to the Govern-
Ment of the United States.
2, ,Disemint to those who had payments
to mai , to the governMent, the whole amount,
of theft bonds ; and in addition
8. -biecount to - those not nldebtedlothe -
Government two millions in New YOrk, two
millions in Philadelphia, one•and a halfinil
lions in Baltimore, and half a million, in
Richmond—and -
4. Would sustain.the resuming Banks in
case the resumption brought them into diffi
culty.
The Bank at the smite time imported, at
Ail ekpense, of more than half a millfOn, the
sum of seVeh' millions of specie ; and two
months after the resumption its discounts
reached, twenty millions. compare , with
this statement, our condition now. -
Then_ths_ vcgsx._..ll.nmfmt. agreed to receive
for all dues the notes ofiheßank - of--thci
United States-,-now all Bank notes 'are re
fused and discredited.' Then the Govern
ment endeavored to sustain the Banksnow
It is striving_tiLdestroy-them.---Then it es
-
Wished a . new and vigorous. Bank capital
—now-it Wines to create , a new Bank, and
seeks to cripple them in existence. Then
we had two hundred iiinljaixty Bank's—now
We have nearly nine-frundred. •
In short, t :what reliance have the Banks
now with the. Executive hostile to them?—
What protection like that df the late Bank
of the United States have- they',to sustain
them? ' None whatever. -
,
, The only circumstance not-wholly unfa-
Vorbleiin_the cOmparison, is the low rate.Of
exchange with England. Buinithiqieif- -
eral or permanent can he inferred- from this
circumstance; which-frequently' occurs, and
on present oceitiion - is wholly accidental
inTNew-York"-isfiom-the-unnaturafcondition
inte - Whiehlittfineasures.:_:of *_extrentesiger,
have driven ettery,thing. If under Ordinary
circumstitrices,. while Other things tinder
went'ne depression; exchange-on—England
should • decline, irtight - be -- inferred : - that"
Englantirowes le the 'United States,. more
than:We have yet drawn front her. But it'
is not'expliange alone that has fallen. Ex
change' On . 'England has not- fallen in-New
-York as Mtich as the internal exchanges, or
stecis; or real estate, or house . rent have
.This fact reams decisive as' to 'the,
cause. But can this depression continue ?
Certainly-not. • -These Agorousi measures
are 'understood to be only. proliminitiy,., :only
prerailthins for an 'expansion by .. .the 'Banks
of Now York, which is .to 'restore - ease and
confidence: AW.ell, the I. in ontent_. th ease
mid .confidenCe. return, all things will rise,
.and exchange of course among the number.
Besid6s, ibis unnatural condition will work
its o,Wn' remedY,'. as all irregularities are
cured by their own excesses. To. sell eve-.
ry 'thing iindlo,bufnothing impractica
' ble,. and When -the -E4lish have bought all
the produce - we have to spare, we ,must of
coursebuy from betn . What-marit*turett.
' theybave to•spare. 'Ae soon - as the roeeeda
.of our industry are realized- iri
ivbilis'iVe have gradually Oxtlansted our sup- .
;ply of English goods, .our 6 . wn' rneroharits:
ME** S 141.1G.e.--..il
to b,e broughtover; orif this process betbo .
slowi the English manufacturers themselves- •
will send their own goods for gale. •In
ei
ther case', the exchange will'recover its mini-
librium, and of course will rise here, for be:. . •
tween two such countries as America and .
England, a--permanent inequality of ex
change, as a basis, of the metallic currency
Tite - ither, is impossible, " . .
V. Perceiving nothing in the conduct of
the Government to justify an early resump
-tionTlet-us see4-there-he-any-thing , in-the
state of the country which. recommends
'Now,what_is_th.e_caridition_ofouraff.airs?
The suspension found us-with a heavy debt
1-to-the-banks--not less_prciliably,Alian five
hundred millions—with-large, balances from
the Southern and Western States to the 'At
lantic cities,. and with_ a ' very considerable_ _
debt to Europe. All parties were willing to ,
pay almost all we able to pay; butgreat,
forbearanee and great indulgence were ne- .
cessary from the creditor, and above-all, af
ter such a convulsion, the - great.resiorer was
dine ; dine to - settle ;-_ time to adjust accounts; -
time io send the debtors' crops to market ; -
time to dispose of his property with the least
saciifice.; tune -to - bring out hieresourees to
pay his debts. In all the large movements
of human affairs, as in the operations of na
ture, the great law is gentleness--violence ,
is the last resource-of weakness, The dis
ease of the country wa,s an overstrained and.
distempered. energy:' The remedy' virast& - • -
pose. The 4ues non Of the currency, theugh
important, was only ,secondary, The first -,
concern was to pay 6ur debts, and especi- • '
ally not to - depreciate the value of our means' -
of, paying them. Accordingly-it - seemed - to
-me-that after thesuspension; the-true-course.•
of this country -was to - begin_ a gentle-and:-
gradual .diminution • of loans 'sufficient to
prevent the hazards of eitpaigon while the
restraint_of _specie _payments was removed;
and to prepare for the resumption, but with
-no rash competition, as to the amount which
'the SeVeral banki could curtail-to make no •
violent changeSin'the standard of value, and'
give time for a settlenient with foreigners, •
and , among ourselves, on the same or nearly
-the-sarrie basis_upon_which_these mutual en--
gegen:tents Were contracted; letting the crops
go to their destined markets withont.depre
mating their price,- • After this, the resump- _
-tion, with-the aid of-Congress, _would_have
been easy and Spontaneous.; -It was_in this
spirit that the Dank of the United States has •
not diminished ten per cent. of its loans—
while it added about three millions to its
specie—and will - have given the necessary
facilities for shipping the crops of the South,
- and - West to - the - amount - probably - orfifteerr
or twenty millions of . dollars:- placing its
ow confidentialagent in England to pro
tecte great commercial and-pecuniary in- •
terti63 of the country. This seemed to be
itsLproper furiction: It was thub that it ho--
ped to discharge its dutyle . the whole Union.
It was thus, too,- it' could show its , fidelity to
Pennsylvania, by aiding its public improve-.
ments—by keeping its business Wits peo
ple in comparative ease, and . by not suffering'
the, prosperity of its commercial capital to
be,prostrate,d--objects these, far more im
portant than whether specie payments be
resumed a few months sooner or later.
. The injurious effects of a contrary course
are seen in all the relations of business.—
Take for instance the debts to bar.kke and-to
individuals. The debts are mainly contrac
ted when the currency was abundant..-
They must now be paid in a very altered
-stale-1111w current—and it is necessaryto
proceed with extreme caution w, en e re
, ation of the debtor to his creditor is chang
ed by events which 'neither could control, '
-because - if - this7change - he - tint", -- rnede - Ver ,
gradually se as to bring atthe, same time
the" other relations -of life to the same sten
dard, you inflict,_ injustice or - perhaps . ruin
oil-the debtor. It, was. thus that 'England
je_ontinued her suspension for tvirenty-five•
years and by net of Parliament gave, several .
years notice of the progressive resumption
in order that all the business of the country
should adjust, itself to the approaching
change. Of the eflectof any sudden movc
mentz we have before use strikingiristance.-
It appears by' the published. Statements of
- thetarikeof - the= 4 citr'ortNewL -- -York,:tha
since.the suspension to Marchl, 1838, theta.
have reduced their loaneand discounts freni
forty.-six millions to thirty - millions e (ind ' •
their 'circulation from nine . millioiris to two'
millions—an ag - gie — ate .. 7diminutiOrtfrom - fif.-',,, -
trfive..millions. to t 14 :Three
If this, or any thing near this, be:the rt4c-''
tion, what is the 'consequence ? A man *he
--Contracted a-debt to thb_banks in.N.SAV
before the suspenSion;; finds his 'ability to •
- Provide means for the paYment of,thatdebt
reduced one=third or -iiearly.pile-half;--that •
is tee 'say', the dollar ho now pays is equiya-- , .
lent to'one,and'alialf or almost two dollar .
When' leborrowerit, - besides the interest , . '
Such' a process of reduction would' have •
been , wholly intolerable; if the-citizene halt
nOceseaped, froth' it and sought alleviaticti , , •
by loans .elsewhete. , But if the other cities f
had felloviced the example of New Itorltiancl
'made 'similar reductions, the' whole".catnitt r Vl .
would hive sunk under it or revolted again: t,
These inequ4lities' betwe — en' memberatt
the same community' bees)* more stiikinr.
;when- applied _ to engagement , betvreen.dif- • -
ferent 'parts ,Of the- - ! The' A,tlantiel
eities„forj instance, were creditors of the -
Senthern and Western States,tbrgoods sold
to. thenti—tek-he paid_ for_Aither those;
.States, or in the-Atlantie ciiies, their eurreu- -
ioles being so' nearly the '44:mB , i:hat the
'change would not cost as much as the mere. ,
transportation - of - the, .speeie.
dttr of payments arrives,• the , ere:l , ll6o 6
airgitifi.6ll`6-ear6ity-617:-T-