-,_'L----.:*U-PPL,E,3f - .ENT - ,.:T0.,,......rp: 1 ,0.H • : . A41 i _1r!":: „ . CARLISLE : iIRODAY APRIL 24. 1838. • • - • . . .• -• 'E cora). §iiKE•cft,.. .. . ..- MU; ~: W_F, R, IV S•TE .:-,i • .. .- . ON TOE. SUIT,TREASETRY: ;BILi, -- -: , PILIIiEREI) ls TIIID__-SENATE OF, ,tuit: dtlirarin . - - --- ----,-. - STATES, WIWI -12,'183,8• - :-: '• ' .*•• • . .- . Mr. pres i dent:— if avipg l at .- .. an early stage, of ...•- the debate exiiressed,•ina; general.ntanner , *.,my '.• opposition to . this.bill..l 'most find•:.an.:apology - for again-.addressingsthe•Senate, in the •acknow. '.• Jedged importance of, the .meaSure, thenovelty .'. Of ,its character, and the dilision' Of, opinion re specting it.illfich is knins'n..to• exist in bUth -' . Houses of Congress.' . ,To be able in this state of things - . - togive - a --- preponderance toatthat side of the Atiestion which lembrace, is, perhaps More:than I citight .-.--;....-to-hope'; lint taliiLiuut_:feel.tliiit • i have. done:all ----Whielt."my. duty demands, until make ano ter •• - TO" function's of Oda' Coyerninent-which, •in • time of peace, most materially affect the haPri' , ' seas of the people, are, those*.whiCh respect commerce* :stria revenue. -- " - The -, bill7 , beforeAta - .touches both these greatinterests. ~.! tt firoikoSes L . to act directly on the..revenue and expenditure Of °Governmen . , and his expected fa act,' alSo, indirectly,r•on commerce and_curreneyt,iy_bile its friends and supporters -altogether ,gatainfrOni - other-measures, :deemed by . a great portion . of • Congress and of the country, to be inclisp - enss; - I' .bly &Mantled by the preaent exigency. : . ' ..• ~ .. We have arrived, Mr. 1,...5it1e-nt,-- towards -t .. close of a hair a century from the* *adoption - of • .. the Constitution: During the progress of these years, our population has inareased *; frointhree r tour millions to thirteen' or. fourteen. milli . S ~ yo our commerce,-from little or_nothingto a ex- ' „port a hundred - and . ninetiatfillions,..and an . • impart of It !Mildred anti twenttright and 'a'half •millions,in the) ear 1/336: • tiurmerrintile ton . , - nage approaches near•to two millions. We have . a revenue, and an .expenditure.-Orthietytnillions a year. .The Manilfactures of the country have -attained very great importance; and, up to the commencement of the of the'enr rency, were ili f it prosperous and.growing state. ". The o - die, fialierieu has become. vast: and - the. general production - of the 'and capital of the Country is incre'sing,• far beyond ' ill ex ainple .in Other countries or other tunes, ---Tarlfa-s-rdreatly.•"reaclied •an amount -which, to those 'who have not investigated the subject, w'. tild seem incredible.. - : • • . - .. -•.--• - Tlfe_C-oramerce--or-the-T,Vitited,States,sirois. - spread-over - the globe__ _lt pursuestts.objects " 'in -. all seas,- and ..finds ;lA - AVayinto every port - -:-witicirthe-laws-of-trade=do not. shut againstits aPproaches..- %% ith• all the disadvantages of more • -. costly materials, and of higher wage4.anileflen in despite - of AthequaLand unfavorable cortuner 7617egulations. Of other States,- the, enterprise; vigor, -and- ecOnomy. which .distinguish our iiiivi. , gating_ interesta,eilable it to -show ow flag, in 1 '..._*.ri-conripetition v . vitli the most favored; and-the most i skilful; in the various:citialters of the world: to i the r meaii time,-internal-,:activitydoesluotlagiar • loiter. - New and.'uSeful modca- orinte'remrse , • . 'and facilities-of, -transportation are established, 1 • or are in progress, every Where,.: - PuhlieVorks -are projected and..pusluid . forward, in .a spirit . - whiclr grasps at high and' vast objects, 'with a 1 bold •• defiance. of all-00015e. •'-The aggregate 1 Value - of -the . prOperty_ orthp- country-is aug- i merited daily. - -A constant demand for, new I • capital exists, altilittfgh a debt - has already been i contracted in- Europe, for_aums advanced .to I States, corporations, and individuals, for Put.- I • ' poses connected with internal improvetnent. • which debt . cannot less than a hundred i • millions of dollars. Spreading over a great ex- • / tent; embraCing different climates, and with vast • : - variety-clEpriadtietwelind an intensely:emelt?. :ed spirt--.of industry_ and enterprise to pervade ] the whole country; while its'exterhal commerce, 1 - . as I have already.said, sweeps over all seas. We - are connected with, all eonunereial countries and, most of all, with that which has established and. sustained the most stupendOics system . of eommerce and mantifactnres,"aild"Wliith Collects and disburses an incredible amount of annual revenue; and -which uses. to this end, and. as . means of currency and 'circulation, a mixed mo.: : _ney of metal and-paper.• . • .• , • 'Such .a mixedaystem, sir, has also prevailed i with us, from the beginning. Gsitkl and silVer, and convertible bank paper, haire.elwaysconsti- 1 tuted our actual money: - The - people - are - used to this system. It-- has hitherto commanded I their confidence, and fulfilled their expectations: 1 ' ' We have had; in-succession, two nationallanksi_ ' each fora period Of twenty years. Local or , Statellanks have, at the same time, been in elation; and no man of intelligence or candor , • can - defy - that, during :these forty years,,and with the operation of a national and these State - institutions, the currency of the countty;upon . the whole, has been safe, cheap, convenient and tWitfactory.• - • When the Government was estali lishad, it found.canvertible bank . paper, issued .. ..by_fitate Banks, already in circulation. and with , - this•Cirefilatitin it'aid -- iiiff - Tilterfere - 7 - 411 - e - Uilii; • ed Stites, indeed, lad themselves established 'a ~ .. a bank,, under .the sad_ Confederation; with ..an thority to issue, paper. A system of mixed cir --,-culation_therefore. was esactlys.that - system •._. : . which this Constitution, at its adoption, found ilicady m es'istenco7 --- There - ii - not.the - riliglitesf •.'._ --, . evidence of ,any intention; in establishing•the --- 7 constitution ; .. to -overthrow or abolish this sys . tern, although it certainly Was the object of the 'constitution to abolish bills of credit, and-all ' paper intended for cireulation,ASsued upon the , faith, of the States albite. ' Inasmuch. as' hate.. yet. thew existed, of the nature of money or Our " vency, rested On_State.legislation; and . asit was riot possible; that uniformity; general credit; and general confidence could result, from Weal: . and . separate acts •of . the States, there is •e . Vidences • I think abundant eiidence-,-that it- was the in: tention. of, the framers . of. the.• conatitution...tai • --rgive,-teXimgreas„a_e_ontsalling_PnWer dyer' the . whole subject, to the end that there would-be; ---for-thowlsole_country, - *curren4 -- iffktinifOrm value. , Congress has lieletelore.eseicised• this authority, - and*fidfilled "the corresponding chi, ties; it - has imaintained, fur foray years out forty 7 nine, is national inatittation,*Proceeffing froth . - its power;, and responsible to*the•C'enCial cuiV . 'ternment. - • • • With nitervali ',Of derangement, - brought'. about hy74 . iiii. and r'other occurrences, this whole systeni, taken .altogether; his. been . greatly'sdeCessful in its actual' operation, .'ritys __. . havefotirull;necasjon'tdcreate naidiffeteriCebe ---- 11ween - 'Gottranaent. and pepPlebetWeettintr , . _ney for revenueiand mcifityloe'the..igenerstuse of the cowry.- Until. the.".Coinineadelifeift of the liat *mask:if ) ; Government had manifested no ' disposilion',- look .Out - for , itself exclusively. Whit 'was ':good •' enotigit: ~ for ' itteloo6ple„::wini good ina`,4llfir,,GOOptneoe :. pkcofidescijicl. : - log and grac:tiontt.pofin'ettailittd; befOrediat - pe ~rind; ever-, been le,iiikkii, , t.4l l .iintibcivbc:: - Coni '-: gress, over other persons baying ef:4o 4 -•460 the public funds :,-. SOah.a".*:.aingtd - ar'iipeetiele ~had - , never,beeweXllifrited,'aa'aWltfnlOahleAfsinter; ester), • s, , and,, pitriptic •,tndeistakling,%l etieo those wh o : to taxe s the piipcie Of rePlenishingthe.Treasu .i : :•• !31 ,q . .... those-who; from the Trifiattry,'.dispensithe'Mo.: - isey back "again 4064 f7ilMii:::.ivigilliiit,':Aiiiiils. . ' on it. lit :,:.tltat , .rea . lioor : ilbilkli' , ,.the!..: s ,ctiti t .4, stands alone:.: "Ifenillfe•fitstrso:filr"fts,:ffctfovri n _hi par lopg list of ableVads:::orpepartrifint i , .. 4 7 4liohas - thought ifrkloll4llii OiOiOY,6 411 • in ,financial admidistnitioh,' .tti: WetarttPoll, bind and cunitilitisitnt Ur flop intereolk 'Ostltttvt , , - inakekh4th[sse",WhiFtipla the,.tax- 1 13 1 JS poweri th"6`iirst..whilse yriiiiideferetice-and.cortlial gai - d_fOr thembers,o,-COngiets led.),011tO and receipt, something , Valnaleert Vi provided, at, Ore time,;, fer'. i.h - e ll4;l l'o the thejudgea, the revolution:lT:pensioners , and, Abevarious classes of laborers.ip the pay%of the Government: . r; r 'through, Our, whole'bistory,' we. have tumid a convertible wiper currency-, ; under, proper Contrid,highlymefuktiy , circumstances, and by' its capatityrdt enlarge ment,reascumble degree, to meeiltliej.dif , mantis'" of a new. and.interPrls:Pg As 1 have. already said, 'sir, we pike iiierma - : nent debt of a hundred n\illions.abrOad:.andiri the -Present abiniclaiice Of Money in England, and the state, of demand here; this -.amt Mit will probably. be hicreased:-.Butit must be evident to every-one, thitt,_so.long as, by.,a safe nse paper,- we "giVe stnne reasonable espalision i to our circulatinn or itleast do:not unreaSoplibly ctmtracts it,'•Wedo to'. that' extent, create or maintain an ability ' forloans turning- mirselfefa; and so fartlithini.sh the ainolint of annual inter est pod abroad, , But let me now, •iir.,Presidert,,askiheatien tion of the Senate 'to another Subjeet, upon which,-indged„much:_has_already_beett. mean that which is, psually t called the onsatT tiirraxf , Sir, ' , what 'is that =system?- .Why'-ivereclit. a word _of_ so much ' solid irriportance; and"of,sn povrful charm, in 7 tltellliiiFecrState - 91 - * - Whyds it that a`shoek has been.felethrottgli all classes, atiii-all interests,:the mornerifthat this erect it has • been"disturbedr'`Doesita importance be long,_e.qually.;_toiall_corrimerciaLStatr there peculiarities in our candition, otic and modes of businesi,whith p4ke credit indispenable, - and mingle it moi.e. naturally, More intimately; with the 'life blood of outaystemt - A.full and philosophicatanswer to these three i . quirirs, lira President, would-demand that ,t should set forth until the ground work atid:the a'ritcture of our social' system.. lt-wo ld.sheW that the wealth and prosperity -of the country have as broad a-foundation as its populaeconsti tutions: - Undoubtedly there are -peculiarities .in that aystem, resulting from the nature of our, political institutions, from 'oUr elementary laws, and from The 'general character of the-people. These, peenliarnies most unquestionably give to credit, or to those Means and those arrange ments, by .whatever namesiWe.call thetn,which are calculated to keep the whole, or by fliF - the greater part,'of the capital of the country In _a state of constantactivity, a 'degree -of • impor tance far -exceeding what is experienced else -where, - In the Old eountries. Of -Europe, there is • a clear and a ell-defined line:between capital and labour: a, linewhich strikes through - society with a horizontal sweep, leaving on-onein - de wealth; in masses, holden by few hands, and those hay,- in, littjeparticipation in the laborious pursuits of life; on the other the thronging mohitudes of labour, with here - iindtheremily, an instance of - stic.h acciunulation of earnings_as to, deserve' the name of capital. distinction, indeed, is not universal and abiolute. in'aq Of the states of and_itgrows_leas and less definite as acminter_ce advances; the effect of comnit rce and manufactures, as all histcny slioara; tieing, every where, to. diffiise wealth, lind not foraid its ac cumulation in few hands. : . Bot- still the - line is greatly more broad - , ropean nations .than in the United States. in those nations the gains of clpittil; and Wages, orb the earnings of la - hour, are not only, - distinct in idea, .as elements.ofthe..selence . eco nomy, but, _id a greatilegree, also,distinct ig fact:and their respective claims, and merits, and modes of relative adjustment; become subjects 'of diaussion and of public regOlation. IsTaw, sir,; every body inay see that that is a state of things; which does not ex at with us. We have no such' , iisibleand_hroad.astioption between capital anal. labour: - and,much of the general - happiness — Oft all 'classes results from this. -I ,l"ith us, labour ia ' every day augmenting . its mean's by, its own in dustry; not in all cases, indeed, but in very niany. Its, savings of yesterday, become its • capital, therefore, of to-tlity: On the other hand, vastly the - greater portion-of the properti-of-the-omin try exists in such small quantities that its holders cannot dispense altogether with'their own per sonal industry; or if, in same instances, capital he accumulated till it rises to what may be call ed affluence, it is usually Hain - le-grated and br ken into particles again, in one or t ene • tions. The abolition of the rights of primogeni ture; rue'- descent or Property,of, eiery sort_in females as well as •males; ;the ?cheap and . ..easy means by-which property is tansferrOd and con veyed; the high_ price of labmil\t...lll§ low price of land; the :genius of our institutionii in fide, every thilk‘belonging to us, cotintracts large ac cumulation. \ This is - one •; actual systern. - Our politics, our cOnstitution, our etementatrylaws, our habits, all Centre in this point., or tend to this result. From where' now statul,, to the extremity of the northeast': vastly the greatest part of the picip,erty of _the country :'is in the hands and oWnership of these whose; personal industry is employed in some fotni of productive labour. .General . tion, enterprise, actlivity and• industry, ,such'-as never before pervaded any society, are the cha racteristics which distingui s ah the people who live,' and move, and actin this_ state o' things, such as.t have described it . ---Now,-sir,-if this-view-be -true,.aslibinlc-itis, all must perceiire that,' in the l_fiiited States, ca pital cannot say to labour and inditstry,' l4l Stand ye yonder, while I come up hither;" bfitlabotir and industry lay hold on capital; hreakit-into parcels, iiseit widely, and, instead ol leaving lito repose in its.own inertness, c t innpel it to act at once as their own stimulus-and their own instrument,:_; ': But, sir, this_ is not -all. There is another view still more immediatelyaffecting theoperk tion and use of-credit An every.wealthy corn munity, however e-qtfally property may be di vided,- there -will always. be _some_ property, ! ! holders whcillie on its income. lf this property, be land,,-ihey live on , rents 'iritlie - mcirceri-they lite_on_itsinterest. - ` - rheni hount - iir - real estate held in this country -- 0171 - eas - eTiiii - einiiiplratlyely. very small, except in the Oitim Eta there.. are individuals-and.familieaf=trusitees•'and. guardieni, and various,literaly 'and charitable institntionS, who lia7i occasion to inirest: ftinds for..thelittr pose of annual" moneyed -income. 'Whereldo they invest ,f where can they invest ?. ,The saver: to tliede questions showiraVonce amigtity difference between-the state of things ,liere; mid that' in ''England,z.. - Hisie, - theiteliwestniMits - e to produeea moneyed income; - aremade In,banks, in surance- companies,'"...tanal and po n itlons;:ituf other similar inatitntiona.'Pitteed thiTs - iinmedidiately in _activo'hanctiG:thii:capitall it is - evident . , .becomes atronei the baSiti cis iiai. nessi itgives - co:. , ctipation; :pais libmir--,-exeltes enterprise; ,and performs, -in short, all,thefune, tions of eniployed mon;ey. Eitglanch vestments fur such purposeluktiallytakeintithr direetion. 'There is, in England, a vast amount of public as. eight - Or . nine lions sterlingi-of - Publio'debtactualli exiat-ccep stitutirig, to.ilremnouittof its :Mutual. interest; a charge on ,Hier active_ capital and'industry.nf the country; the hand/roe indiv dnalsi por tiofia.of thisilebt are' are 'cajiital:- that is, ,they p '.ucq income , to the proprieties, and.incoille labdarewhile. in VOhlt-or vie* tt What' , was' obtaiitecitbilt,' or tinkon apcountor.whieh "tt,was'cOntractedi ueir apent' c itt tong andArtluritia Ward,-Which' the , coonttylpik snwtionedifrom ;the time.of 4;:ing ; 4V4 4112 tho liii4tolol,loYlllo7*- -Th4rk*if . • ' ' - thousands aindividitals, therefbi.e, Who's& fixed In.myopiniith sir, credit'is•ideitiential•totlit , income arises; not front the.. active use of pro. great _export of tie South, as to any other inter. perty k .,- ,,,either..in,-their own hands dr'the bath's of est. TM: agriculture of the cotton .and sugat•- ptliets , llnttrinuitlielliterest on' thatpart of this States partakes, in no inconsiderable iiithinitY:. ; charge .1.9. - „Wlitali?tll94aire entitled. :.If, degree, of the nature of commerce. The - ppu• therillirei•-ive--titte,'7,fli'elers,,niccijiti44fiiii-jkilierdUctand sale of one great staple only, is an one.' ifeinieler pttlit.ccid-;e:eititifitii.,•4astly;';thitt ast.;ifti , A - iiltiOlit'esseAlially • different from ordinary firm- PlYinitOTllateVehttlriCs;'.lnCtirrie:..,to..ti)(lll4ll:Cli;jlng'-..ofatiltiiriliee),,piitts. of the South,' in We'Ohd'ail:lillOistiitto'ii!abtiiiV:'Citiiiitii- deedijnikir;he Coltilderett.* * the - ii - ggiAtitr:re . ' stATio - 04 . 4kAuk 0 h . e mo..:tiiiskfif , . tive:Uper.S. iute,ooariona;f6irn;s'toidaitOileiE:tif itiditatryi Car: t011t . )" , •Ti'. , % - ;': - ..: ~ .'.:s '., 7 -'":" . : .‘ -71,.-,r 7 .; - ,',7," ? .,...`".-, ',,'; - - , ,-,::•;•1,.. ried i .tift,hic - ,2litt4t - iillfaltilitiliil iii'.vaiina B 444Oes, 376.illiistriate-thiililegifUrther;;liir;2letitl:snp, riatlierdlianas'•:tlie:iriere; :- Prod4o -6 f_iltel/Jailfa . POse-tbatCbyr anme,imeirrelieti't(Sete.b 7 iiii,'l,a der- .11OM:.":,,JItittlirbilifelltiOE;i0e4 1 ;7;',Iiets4s.titdi : ;'•: tainlY'neref to li,e-iexpeefed,(3..:lllit'iletit}..Bll9ol2lkitlViblePails iffidineahS:aretlistiitti:frOi.,:e;fifs, be P; ; ids.off-1 seppOhe atSjtaildere:Werelifirecewe .0 - a0: - '.cif . 411,0JTiiitni.,:'„Whtt,"lisitislsT;p!it'iiialijeti to-inbire*, Al ie i r full ankoitMis,` . .wlitit W onld they .'le!litherii4i'.laber i tti • •sijiplf itaele,o , eXCluOi,elr te dO 7 nilli't)tem ?''. •'-)YhY;.-..,!it;,ittliey,Werelcitiliged iliiretiltivutitiit ettlteie grefteartiblea ftitlexport? ttiloair,th . e:otielittarteK parrjni,:ts'. jko - :iiiiiog"ol c;e - j;iiiiilif.: * .i*su syfi c tilled;: , : because , :tihi OW kite: , ifiduOYlPL,il3-7'or44'4C,WfOr%iit.'ol-liP*4-..?fitftp,l4. O'ils a ,4eS for:prdvisl4 o andvlotHidgArutiPlirici.; tent-la',aalia!iiiaiaaa!ii -- - - aall• ill'Altionoafion itipinc?kilii:•:iiartr`,Pliat - ;:iiiidriCka:'lt , heiSinith could•he z. aecoitipanie&biOe.ilitWinteillgenee i . !leiteriiell; - 'aiillinot ;to:eotiittnieicaii4;o , 'lth thii , snd ihtleistrY,:toPOOKllie, a- peoPlZ:,.,wliii,ilf. 7 4o,efitil .liro'C'eeds pf.the Sayi it suppiies itself 4i 1 waif Ustlie reiitip.Woilid„alti r rriere;tOwardSiiiis:' ev . er...ti....4oi'oPnitililiitO'4 46 aliilio ; , 3 .Tildte" ..a rt' ing.the_cliarite - tei:Ofthe , l - aliodritig,- clito.46,''thla . : Px"c:cPt4tat3l;: - I?"titlfil'iia - tlie - iiceriti:ci.:ti . .ittli , .!' -: ITIni - 411 - rdilvai4 - itiryairithrenttfittsii - tnio - gtiiio F.- , ithrlititlonkilatine4ThibTFtsr s iliraittifc - inalc - c -6 ttnni !ideal :operationsi:! . :lt. t#fitild..he.ai;_it.thitCtlebt , e,artilfge-Inalrerii - prvw : Notili . ihe-`sPinnets sat had PeVeibieiZinif - ateTil, , iWifilteniiiii - 4•111111 Goarell: - atlqllie - ii)eai'ers at , t'hilitile:lol49,-iirei'ill • itei 'er r :. been,spent, :thia noW'OAliiejlePag'of,lJA: . .e]vdiitribitttii's trio th - egekeridpebtliatt b - etlitarebt; active of;drC.ibuti,try, - ,...'employed;iai,,th oh ‘ : ,,h04 . .Atl4P;' - 'for,expaye: fibr,oadi : as:. are ; -the business of lifp . ..;;lli'd'ibisidebtkase;luass,reiecd , Itvg-AtoJk" raisers' Of Kentucky. the gralif.groW an , enerMains.artnitiPt O,f-Iniiai,-.C....riEeti4ity.'3ition mg -farotera- all - ivlita produce:and-vend pro: the income, of.' whickitsOnAtirs 7- .ltve,'_gluch doks •y,isloWita Indiana; OhiCrand Illinois,- The'North hoi.„'require 'their labou r .rat, 'Shipiskitiett, •:and the niariner, vt.ho'', carry Others,,-.1-Me `gave, : % pci.; - Stien.dela . f; .W . e have. no these . produtis to. Market. arc agents ',acting to such, thodporiny'estnicntfn 3 / 4 14-114s-citontnsfaitce ttie,Saine -..end; _and_ so are they_ too,. vtdio,:littl gives:quite a , .differea : ::itiff*t! and. IL different thinking of cotton-fields, or sugar estates,--are Ireatity: to imr -- condition.„s . ~,-,' 7- . .,, t. ; •,_ • • ' ptirsiling their adventurous employment in the • •Iv,tuv, Mn. ere - sidefit, whit infiderhtand by the whale4slieries, • over the whole outface, and , s,"thrit that' Whic h epnnee6 6bor among all the islands of the Pacific'and the In: ..givitto Ca t- dnuroceans. ---- If - we - trdce - theamnuaj - cottotkerop . _ ~ words, inielligence;, good charac at sixty millions of dollars,7we may, pt:rhaps, ter, and•good morals, hesto w, oti those who have flint that the amount Istforty-five millions is ex; not. capital.• a. POiYer.'-ii '_ti9t . , a confidence, punted, either for interest on capital advanced; r Which :enablei:thein to obtainit - gaud to employ or for expense of clothing and supportinilsbor, it•tisefally'for'theinselVes and . otlfera._lliese ac- or in the charges which .belong to the !loose live Men of business bitild theirholies'Of success hold. the education of families, and to.the do oh, their activeness, their' eciniorny,,and their in. mestie expenditure of the prm.rictor. - • .- - tegrity. . - A wider thetitie for ,usefulactivity is . qints, sir, all-the laborious clitisesare, in truth, under their ,feet; , and iiriiiinil-..theni, than was Cottolf-grpwcrs and sugar makers. Each, snits efer_sitreati_before the ,c - Yes Otthe yip:mg - and own way;and to the extent of its‘own proditc eincrprisittg:•.tetterations of Men,- ori..any other tiveneVs, contributes to . Well- the'maghitude of spot eidihtened liy-thc-stin. 7 -Bcfor,e -them is tha t enormous export, - which was nothing , at the ocean:- Everything hithat direetiOn, invites the commencement of -=this Government, and them to efforts of enterprise' and ; lndAtry in the which now has rod up' to so , many --millions. pursuit of commerce and the fisheries, : Armpit! Through all these- 'operations -the stream of them, 'on all.hatubt, - ,are thrivipg and prosperous credit has • constantly ~ flowed and • there is not , manufactures, an iniprMing agriculture,. and.the one of them that will not, be : checked fincl inter daily presentatitin of new ;objects . of Internal im- rimted, embarrassed and thwarted,- if this stream Pro , meet: while behind them is 'almost half a be now- dried Up. • This connexion of the various continent, of the richest land,' at the cheapest interests of the country with one another, fortr pricA.tindvr healthful climates, .andLwashed an important and interesting' topic. , It is one oT by, the-Most Magnltieent riveritharmy airy part the hatiiral ti - of, - ilie - UitiMi. The. varlet:y* 7 bl of the - *lobe - .pay their_ homge to the sea.- -In production, .anal-mutual wants mutuallY sin:plied, the midst °fall these glowing and gloribui pros' ponstitute• a' strong - bond , between different ii - e - CESS,Ihey arc neitliertotrallied - by - ignoranc - e; States -- .and - Ibilg - may - that - kprrd - lasti --- grawing nor.smitten ilMiqti by the 'penury of personal cit.. with their growth,. and strengthening.with their cumslinces.. They are not compelled - to-con. strength. ' - . - .. • termlite,,ih hopelessness' - a nd despair,: all the • I3nt, Mr.,Presitlint,, that portion ,0f our pro advantagea thus liestewed•on their coittlidorChy duct ions which ,takes the • firm of expert, be Providence:'-: Capital tinaugh they may have lit. comps-distinct and- visiblecifis, , proinitient and tle - cir_notie, clixoty supplies its place: - hot as the striking, and is seefiand womlered_at -by every refur,e-of Elie prodigal.atid the reckless; 'ink ' as t i boilY. lite annual-returns lin show it, and every gratifying. present.wants with the certairityoF.day,'s commercial intelligence speaks of it. We f.ture absolute rain; but as, the of honor; gaze at it with salntiration,. l aind_the world is no able trait and,conlidence; as the blessing, vo • less admiring than thirselves. _ • . luntarilf,ciffered to-good character and to good 4.. With other branches •eirintluitry - the cue is conduct; air the benefieent agent, which assists, quite different. The products of these branches, hcetesty and enterprise in obtaining comfort and being put in the-train of domestic exchanges, hidepenclence.. - . , • ..- , ' and consumed in the',eouritry. do not get into- Mr. President, take away this credit;inil what statisticatialiles, arenot collected in masses; rcniains? ' 1 do not ask what remains to the few, and are seldom prekenteV, in the aggregate, to . but to the many f r !Fake away this system of i the public - vier. They arc not ofthe' character credit, and, thentell me what is lilt for labor and'of a few large an.l mightrriver,s, but ,of a thou- industry,' but , niere mittual toil and daily drudg,lsand little streams, - meandering through all the ery?..• If we adopt a:system that withdraws ca. fieltitfof business and of life, and refreshing and pita( from native erimloyMent..do we not dimi- fertilizing the whole. , IP . . . Inish the rates , of wages.? • -If we ,curtail the gene. "Pew of us, Mr. President, are aware of 'what ( rat business of - aociety,...does hot every laboringrould he the amount of the general production Ittfanfind his condition groW daily worse? In the of the country, if it could be accurately aseer politics' oriliFaiir,-lir,-ige-hearmitclisaid-alioutttikinett,"-- -The-Legislature-of-Massachusetts,unt idivorcea - -,and when we abolish credit, we divOrceder the recommendation of the intelligent-Chief 'labor•fronycapital; and depend upon it, sir, when ' Magistrate of: that State, has'cairsed,to be pre we divorce labor from capitll, capital is hoarded, pared and published a report on the condition and lahottstar,ves. - . -' . . and products of certain branches of,,its industry. ,• 'lite declaration; 'so' often quoted, that ,"all,for the year ending in April, IEO7. The returns Who-trade_on.borrewetleapintlooghtto break,_lof the authorities of each city and town were is .tlie most, aristocratic sentiment ever:utteredmade, apparently, with mitch - curevapil - the in this country. 'lt is a sentiment which, if car.would con. State, and the result distinctly stated, whole has been colla!ed by the Secretary of vied Cot, by political arrangement:- in well or-. i demit the great Majority of mankind to the per. ranged statistical tables: from a summary of the petoal Conditiotrof mere day.laborers. c . It goes statenrients - ;_in.these.tables,_l_will take the fiber to take away from them all that iieltice - did hopelty of select ing a few articles,•and.of .lu4verting which' arises from possegsing.aqmething. which to - them.lsere: as -instances; • or ' specimens, of they can call their own. : A man lovea his owls; the annual product of labor and industry in that iris -fit and.natural that be, should do so; and he State. ' - _ - , . .. .... will-loye his country and its institutions,. if he And to begin . witlic,a very necessary . and int. have, some stake =in it, altlioughlt be but a very pintant article: •I find, that of -booth and Thoes, small part oftlieieheral - mass of - prcifierty. - : - If the-value-of the Whole amount manufactured it be but a cottage,,an acre, a garden,, its, pos. within the year exceeds fourteen; millions' and a session raises him, gives. him self-respect, self-respect, and half dollars. • 'lf the.amount of other articles of strengthens hisatttachmetit to hi's - country. It the same class, or, material, be itddeil,,viz:- tea ls our,happy condition, by , the blessings of Pro- they; saddles,- trunks, harness, Ike:, the total will thatvidence, st Almost every Man of sound health, be, not far .11.ottreighteen millions and a half: of iridutitrioui , habits,, and good - morals; can ordi. dollars. '--• - - 3.. •.::- ' ,• \ nitrify attain, at least E lo. thik degree Of, comfort '• I will read tht.Vaarneer - Of some other article s and respectability; and it is a result devoutly. to and suite the amount of,,annual product belong be wished, both forts individual and its general ing to each: '7-. , - ~. _ -,:, - .". c • Cohie,infeja - cca t '_.... .-_ .- ,: • • Cotton fabrics i ---., 4. . ... -,. : 417,09,000 - But- even'tolliis degiii:74" 7 l6iiiiiiitli - ircliat Woollenfabries; - ; -7-------- - --'4--- 7 .- ----10,399,000 credit; of .which I have already said: so tnucir, Fisheries ", t -:•?: -• . ' - 7- • , 7,592,004 (as its , general effeet is to';rats.e the price of Books t and stationery, and paper . 2,592,000 wagep; aria , render indust productive.) is Soap and candles . ''- ' ' . -4,620,00 highlf' important .3 ;here s iti•coriditiOn so Nails, brads and.tacki •' .. ' . 2,500,000 Iniv . ,_if.,it_b.p_altekcleil - with industry -and - econo- la.cliinery. of various kinds .' ; • 1,235,000 My, Which this credit does ncit , benefit; as any Atiichltural implernents - 7 -- , --- '. ,-- - --. - 7, - ,' 645,000 one'will - find, if lie ,wilt. examine and folfoxr out Glass' ,•• ' . ' ..,. ... : . •:,-. 831,000 ifa.oPerations.'-; l .' -7" 1 ..., ',.: ". .: 2' 4 '- . .... ' . Hats, :.- _ ._.400,00:i `-'Supli#Mr.',Piesident; being . the eredit'sYsteni Clothing,_neckeloths, !cc. •.:• ' -."-. ~ 2,01,0010 in thelTnited States; As I. understand it, _I how Wont • ,-- .• -- ..7.:: °' .' -- ,_ 539 2T- 0 - add; that 'the.-,hanka have beets the agents,' , and 7 , 'Eliese, sir . ;we 'samples . . - 2 -The grand - total is their OirCrilation the instrument, by'whiehAhe ninety-one, million seven hundred-thottiand dol generatt,operations-iitthii credit - nave treen etin- lars.',". From this;-however; deductiohs are to be ducted. , 'Much-of the.. 7 :capital of the country, froide-for the cost...oldie raw-material when iol placed4i interest; is - vested in bank stock, and ported, and for„ - Certain articles: entunefated un theiseymiho blirroty, 'borro* at-the tapkivand der 'different'. heads... Bad, then, ; the whole discounts of bills,' - and 'antie.ipation of 'payments, • 'ementla confined-to - some branches of . in. in'all. it fkiiisitite . igular and kipropriate . duty dilstry_onlyi and.ti?'iresent sii , ..entire add_ eein , of k . ,itilis,'prevall universally 'i - - - -- - , , '.--- '.-----: prelienslye'.vieW;'....there : . should , be added- the ,+rt-licAlle__N:ortla, the. batiks have enabled the gaihs' o cif,Corimierce avi*tythe;yeuilliaLetirttings inii9uftietireispr all-clasieti to aliie - tlie .-- p 1., ofit , t_aVigatiolViifidlilMost.:ttie.Whole agrimiltueal eeedkef-their:indiistry:at an,earry thoineht.' The piodtiat'of the,State. , ... ! :,.!.,...-tt4 - _,_,;.:,-',, , .. , .•.,, , .:.„. ~, 49r:se lakheteni that the producers' or eolomo.. ~,'`r he = re- 71 4 1 1 4 Fit• - oust - oli diti*fiirAtMthici.O.,.consumptioni Jfavitig • des- eihibited together,- Woold." - !shbw. rttrat the,:annual pittel?eir 11fehlirodifets, ,, dravt`tlieir hills: , These product - or.ll,lassachnsetta capital andslitassan,liu billtrare-dlidounted:',43he'btiilkiio. with the sottoindustry exCeeda .one,hundred;:mdlinns,lof `p?riceeds:btliC.fsraW7. l Matrialls::' , ':bMagltt. atad; dollara ; ;;:•NOWr:....sirs MassachuSetta is t 4 small ?tlierliabili:'ll?4;.Slnct:,thnii 7 : , the - Fetter ,4 burl - fleas ,§lo6,)n:zia;itent-,;er , .teffitoik'':Yoir!:, 6 oTili , l i k 0 - Coht11106(1 in,fkogtii4.!Wlthis-14:i;411fiiiviij out lier dlthenlinns.:Seven. of j.ciete.,tiipecpit*e . td_thEio;.ivii,o,haycii*llili-0*i5ity,,,,,!?..1ie.10, map Tirgin!*; - • :,- 11'4 . Act', population ii s seven Valittiiiiii4li':iticti:iinti,Ma; •••' 1. ,:0 , -,-..i -,..: ,, : z47, litinsW - tlicisatid:ainititi,i-ittglAltcattlitiatiOnsli :Hitt' hank ciedit has nOt liOeti tittifencoesairy orthcir, latnniCtia intliiit§c , ticalinmilan4'ittb6 - r; • • ~ .. ... ..-, I . • V ' " r ''' 1 . ' ' .k 11' v ' tit 4 . ' ' -. '-' - ' ''' in".1114 . -Itl:ottivtitati:lCll*4out 1.-g , : ndectlino. is , !•• ! ta. e s . c .., , ,„...s: 1 : ,t• -i0..1, ; , .•..',....- , -s, ; : - ..:-., , ,, , ,.',,..r. , ,, WiterelipS;intere-Oieii-ItiglielV.l:.;theilerhaid ',;•Alt : ,•• • :rrealcietitii - Att. , :ittalcitte'aterlitta reault;li ftlr:OPital'ithatii•ii - p.tifttli iticlCat . nft - ertdit• lai,inost:giatifyint• ji,••, ; l4l4,Ahitvit s c„gfcat.:4li4B nant*indiapetisiiiiCiiiitiat in.„`th'e - iteiV 7 Cottint'=, kid do 07siit,s I9 , l"sirtielottiiihtlly Teitiential:'andiSertif attgiilt.gitnviiK,',states,J. , ',l`,,laW:getitlenien'_frotit P,Ciall,:classifC..Ake-IY. - ,ate . 'AtiSilivtlAiliff,'Llitiftie;, those Status , !fvtilii;' - ie.''.intf:aii? :' , l,l#o l 7l(tltithe tiOsttrici.,i4hitlenn4atia. 4. :' TI 4e1 61 14 . Je:',f464 - illailtilVata,;lineutliptglif;,"inni,'tlic:neneattary.„lal inC.:',cfothing,':,,to 'huttielisild"tdonVegettee,..ii;4ll4. pofoiooYetri:,t - a:a . ..iireat Vktiliti'S' - ii re- 4 r k tlif? '! lo 0tib 441 : 4 :' ,14 .-theY.',o7 o :g t o, io . 7 . o i tl in 'ti te` , o lo,ti' . - not.-„this,:•crectib..beentlilitained-',atltyier:Eiiq)o? piie4;:::iiie:.;krottf:titajaciy.:.'nf:ainiety, - .•ti,c , ctitnCi; Even- •Illia , 44•illpr liat;tilt(t c:fai,i,iiiii] . o.' l /4vittlaP" . .a illfttq'aii‘tatedot*ttat:laatriiiigd. ' ;altt Llial.PW' o,their.,Oi79o.9s'-o.ollortant'lll,-,iltlibliiit - ,thein,' , o its iii,l't.re.slie,cts-,'iflitiVe.lliitiltekttbrottgla . ..t l :ls Vti,host='' - 'osip`s sta:tilatikcil:'?,Altiyirjt*ii: had 'Whole:, liar, , air. „to 'fiii4;tklio - .thlcteA:latikit.i • 1= !i.T.:ll' itil:.crO - illt±ir,_.. , *l.lo4;ro6_iiet4Y.ttteM_ ; .)*4 rottithpliatty...oiiialip.iolig': - o.ie..liiili3O" 1*( ( :; - .. ProvioPiCl e t •- : 1 9 6 1'...R -g liAlt°4'...,vh 2 V; , -*PAI ,a2IIIII,; v rie4 l 4 74 ifei.finct 01.0filo (it+l (l ) 7, •ln 4 4 w l j 6/ .' beeni'at this.MunientaAliC: . slooOtiltoor,tiiiiig*i)i hainirctl,inilliont; I , firid , buti it OlicAncii - j anti aunt 4h'Mrn"; PS!'sl 4l * l 'lqi o l lo4 : 9 lliPY ,V14,'Arki411933. 'hit isKljiti,of tWoili„;titreetutnilied`thintitand. These Stateoi.sy 4 - Vll4:l'.Tenite.astie'fold the `iiiitl, dollars fors' '-ja4elleil'a : iclivey;rtinti silyo.plate,r‘ Atlantic sintea; . canatitittn , ,tlo,grei4i'clii i intiniCin s l ilitila , ,all tlt:heltfilgti,tvluattryi,lter.haf interest..-' _oat Piere . .itia:,b,eali';:lV•vaat...„4lll,*l4 o . r.;!liteCtif':a...littitdred•,.fittllinnift API •,-. ort fi iii,:riiii for piplial ta' be inves ted' in 94 1 . 4 400'e5i; Pi Atilt 4Ciiiitl'ilto' fa : i'gkeiter•piirtiCriAnt se n t 'geoid ficiently piOIe4;',V:VIS-higli.PriePli,aitt*et.;:the AtickyCf4ticarilallyi-siri,.9u.,,the.soi4:ketne4 #4 4,..fij0 k y,,.'. '.-_,„ -; N . .:. '''' ;,---- j ..i:',..`• .. , /,.!t,: - ,- 0011ntlii "o.lllth "ht4hi pinion' ti, ugiurAP- \ 7 4.2.-:'`..':',l:::',:', HERALD ANDEXPOSITOR. titres, and the operations of the ,credit system! Aristodracy, it is said, is.stealing upon us, and, in the:form Of aggregate wealth, is watching to seize volitical.power from the hands of.. the -peo ple. '.We' have been more' than once gravel) admonished that, in order to improve, the ti Les,l and restore a metallic currency for the benefit, of the poor. the rich_ ought 'to melt down their plate! 'Whatever such a melting process, mig h t find. to act• - ; Upon elsewhere, Mr. President, I t - Vitt • I (fr '- asoure. oti f. ya pssso insettp it "o lsco yerr` little, and other:si iirtiaes,.,:Sonier,Olitliiiiiil4o)olieri • int(' ',tank:4'4k; iiiii.. 7 ;*e;r: , Viet:inie riilkera. b• - •itiefliCsi;.ool4,b'T'Tltbotif tke-7*;b419,., - •, sir;- irt,tler•ba , , asf Setts,Ah:epePple.are4dlitiriskinraKll,epaiii:l* not 4 6: 47 e .ti,lere, cOn'crii of Pfieh; equiPagei of lio - rsda•-iithis,c,o4 I Am tot itSecii4iitiOwttO hititwph the, otljeiihatfif, filefe-tire;:feKiwiioare'liot ' lible.*earrribe: t y 4iVes4;ao44lF4hters4ol;hi - 40P 2 siim“i0epf. eany/snice.:''Jtis:MS,•,inatte&6lreiteC6i:..or:, row, ,t }ls. that fei{ ar very:- rich ;-but,i'ttis; w 'pride;and• - glarY,-'.ilutt7feuriare'•-,XeryTOO4t44: norstill higher:Pride; ~014: e ? ur,. ju ! s . ,oo;”it;,i4is' think,•ihst ; her:citikei*:_poiiieSil theatisiF. 4 s4, l l l ! elligenCe- and- edueatioru,smal tbSt4orill ber„lit, 6 : ductiOns;-she reckons; 'anioneille yerxefilefeitt those : Which sprikwfronitliriptilttire)qir ;And (lie heart. • . -Mr Presideht, - one; of.themOst,,,•sitrikitiketfa raeleristicailf this'age; is the,ets. ra, - Ordinsry'fia; greys which it has witnessed in• popitlin'.:ltnl)*= ledge. • A-rie* and powerful impulse has beep acting in the Social system this effect in a Striking. In morals, in,polities, in: art, in lieersinre, there is a vast accession fo theLM qiber otread, ers, 'and,to the number of proficient% The pre ient state of popular, knOwledg:is not. •the re sult ofa slow und,uniferin progress,.prOceeding th . rough- a lapse of years, with -the same-regular degree of motion. - It is evidently the resfilt . of, some new causes, brought into powerful action, and prcidtibing their consequences ispidly . 'stid 4trikingly,What; sir, are tnese cattiest This is not an occasion. nit., fdr - tililLenatlag such a gait ition at length—allowne - fp say, HOW; everithat the improved, state sof_ popular know ledge is but,the necessary result of the improied condition of 'theegreat ,mass Of the- People. Knowledie, is not bne of : opr hie,ly,..paysical wants. Life may be sustained without it. But, in order to liver:nen must-be fed, and clothed,, And sheltered: and iita state of-things in.whiahl one's whole lsbor can' do • ito, , more thanprticure lothes,v.food and nhelter, lie can +axe no time or - means - for mentarimprovernenti-7 - ICinofv. ledge therefore, is hot ittained, and cannot be attained, till there is Some degree offespite - f•orn Inily-manual-toil,-stri-never-ending-drudgery, Ant Vlenever - a less degree of labor will protl duce the alrsolide necessaries of life, then ther6 comes lei9Ure and _ means,. both to teach and to' --- _ „ , But ir this great and .wonderfu l- of populitr. knowledge.bethe result of an improved condition; it may,. hi the , next' plicei_well be asked,' what-are-the eansec.,whickhavethus end... denly produced that great impro vement' • How is it•that the means of fOnd; clothing; and shel ter, are' now so much - more-cheaply and abun dantly.procured than ,formerly? Sir, the.' main cause I. take to be the progress.Of scientific art, This it is, which has so much, distinguiihed the last halfeentury in Europe andln America; and itseffeets are everywhere visible, and especially among its... Man has found new alliesand'aux- Marie', in tle. powers - of nature, arlditt the in ventions of mechanism. The general doctrine of political economy is, that wealth consists in whatever is useful or con venient to Mall a and-that labor is the -producing cause ()fell this wealth._ This is very true: But, thin, what, is labor?' In the sense "of political viitera,Attul in common language, if means' htr, maw industryi. but, in a pitilosopfireal — vieT,Tf may receii.e a much inore ccirnprehensivemean , ing.' it is not, in that view,' human toil only— the mere action of thews apd..tnascles; : but,it- is any: active agency which,, ; working ;upon the materials with which 'the. Wityldis supplied, brings=-forth produe.ts- naeful-r.or --ConVeinent--toi Mall. The materials of wealth are - in the.earth,l in the seas, and in their natural and tinalided pro- 1 thictions.. -Labor.. Obtains Ahem. Avorki , npon them, and fashions them to human use.- Now, it has been the.obj ect' of scientific art, or• of the application of science to art, to increktettili ae five agency, to augroentits-pOWer t by creating millions of laborers - in thefortn Of automatic'init chines,' all to be 'dilige tl employed,' and kept at workhy the force of na ;al Rowers. lc') this end-these natural powers,l tinetßally'- those . of steam. and falling, water,: e'autiauliiel - ,iii - q, taken into human em ploy t. -. Spinning ma -epi fie 9; - powei.loems, and all t hernechanical de. %lees; acting, . among other operativei, in' the factories and work-shops, .are so nattily la. borers, They are usually . etiOritinated labor. Invittg. maphines, but it wou lt , e ;more - just to bell them labor-doing • madhinei. They :are rade to 'tie active agenta; to hive : motion, :and to produce 'effect; and though' without intelli gence, they_ are guided .).v..t.hose law of science; t k which are exact and pe r fe c t, and: ey produce results; .therefore, in gene . ' ral, m re :accurate than the :human hand is capable,O roducini. When:We ' look upon . ones'of tfiese, 4 tie- behold' a Mute - fellow-laborer, .of immense . power, .of mathematical-exactness, and of ever-during and unwearied effort: ,: - And. while he-604a Skilful and productiVe laborer,hin e is a mini JR& -con sumer=at least,,beYoinr 'the waiita ,- Orhis Me chimiCat being. lie is not elaterous-fin%-fited, rOnient.pr shelter, and • mates no demands:for the. eipenses of .education, -.:. The eatinfpand drinking, the realing;and vriting, od - . plothes wearing world, are benefited by - the, 4 llthoreTtif these:ce.operittives,,K: ill ii - c00 1 4%: , 14 , r:i . tta,,,if Pro`; ihdence had Ortivided for their , seriuce',MilliOns or beings, !Ike ouraelVea intextelmal app . - eon:ince; able to labor.ind to..toil:4lnd yetregthrnigiittle br,niithing for ; theif6WW:CiinSumptiowneettlaitit• Mice; or_rather .I . toi_if..l l ..rcvitlertes_jiad';9.realed-- . 1 1 race. of•giants::taeh:;:ef;*A liOrn,letnatidiiilnct more. for his iuppo4end'eanitimptiMithan a i st miga- I;o?ert;'shouldjei liic , tdile : .tikl ) _#4li . il . the.,:.* Mit A7l,iriTiiii. f,. - . 114. ' , k.4 ! ,-,1;:„, . NOisicr;,tir*6.li:-.4hs :Atiiikiiottisett ". i ta .,_ - tteipc 1 1 .0440tt0r i ... , mist . yam ',Aviltice . :oo:e a li theile,f, l 4,6#4lWilles,...Pyr .6_ 4 3oo4tric , iild tfiese,,,•poiVers,-,:patti s ro, - ; - tlitiil: 'enttiloyed, , ini4 plitect:',iitiiAi.„:•htiitigin,Oltectiteni ',which -.We etinlN . .-..i.lkautch;Pl4gMUtie,friat;r.tiCinanltiald.,.. ' Abegreattbiisine,t4;:brpreetpiht-"the..rifeiiiii , 4l 1i 9 1 *:.. ,- P,r aclilWorti-`l l .( l s ll :;4 l .• , *eilth;:*ija : Ates har,i9i.a.icolleit 'tie trfilluotil?iir iket,illl(4l i n , (htiOY-%:lint' . ii;i" . ikielief; tables ;wilee - ';* 3 ±o; ,. . sir' i,4if t ~11 64 . . Y•P'.'1 0 .41 1 .**Rit: -01. .litiiiii*' - iftiktett ljtk. i i i ii.t Itotkit4P o o4llo..Y.7.'4 o'6l c - 1it:40 ., `: iliii..Y4i*ol l ,/te - lhat gciktui!ili s d-t,f,do;OreMP! "ilikpuyiqttowle . .olo; , 'a#aiiiiiiiirleitiit,' , Omk. 406:#17'00) .I,l)l; . 644.itt , ;il4iitdispaiMile,;..,t4V - 7, - . inehtipktlie - ge.netirsystini;,'l7',:._lVlSal: : ',;:. : f3.;: - Ew:litai- 1 4 0 .u4P , A0 0 kYit'§A - Ftvi,o4 . ttri . # - oki:2l,iYl46rsAv?Aat.iseileto;';'oo.oto.4'', 04!..' , eclua 1Y1 .6 6 0,m41ii . 0 1 * 41 04iiPii"?.'44 7,4 g., P00.1 4 r. 4 c-ilikW,lollP:iolflf .l o.e i lk e i l P e * .-o° M‘ ir '' , sitypattieanywhere 'elpialleciapillike'pri l 'FlttOie:eiiirfolkz..Tpiiit sentliriOt.:* - 04 . extrati - i.' ) 141101Fli,ingrarm.r9afiritic Air th e;r.t4i;"f4 l . l Nkoile,';•sAtri:l'litikie dOntiMitli,..Massaehusetts,i, 44- net;')iraike-ilte9l4 , f! liar Sestte 9 ; of Alte-Revt littetWl'iihkw:iirei-Ot I.:s ii':o4 . )4; ':-...,. ....;,,,..-.,:. . , -` - '.l 4 o: l, fteoii,aolo o 4ch :icihi .state iit'll,iiigii. g( lii..4o . e*rstillit 1 ). 'dr .. - iarifitt, ilic.l. , ot:,whiaw:: ~tayo.:nOw giyenl§,u \ a 'liinip4, :::An4":1:0 thel: 4 iii,pirvi4 syhg.i.ipnrifilltly ehonct ivinitiltj). gni i state .of tliikig*', ',They call it grist : o9rue)% py•-'---•• .. beseech , thn• - Pit6r.;l9 make' war up 90414 16',"<:;', . white, in trutlii- they know not : who *Mc:, c'Z , ..?..1. , rich, or poor ."-.'..llie)' ; ',coniiil;ol). of omircool4 . • : v - speculation ' , -I..fntt.the'• pernicptlit. 1 nfl uenc e Of. an t 's , ctionitatedi:Witiltlr, . Thei. •erkolti ,limaly iii446st- . : -, ttlrfiinliii.Y l intt_corponitiona,:,innl - all•.theernAw hilWhicii494ll; : smntals becOme.uniteti.'ijr:prdo• to-kcidiice'litiportant. and ' , beneficial rianiria flier:C.ooy. on l a t :mi4: : lOttiitkng4i4t.all'lpcsti tiltibp4,taptit9titn*!'::l l icf 094 1 d*dh9 1 g041 0 .0 1 e - ..•. - kUlitiilt Ofiidui!ty, - *l'clif.ilo4stiet*s , ,;' l - ' ..:tii.igliiktiliktif.oll6li)lol liKoy:iiY:o l24 j * ', , . opAgkiipt iilliyeol4lC?! ; liil:i9untry ; ,it,tiOifeeP . - e.patitS4l . .ey:lwiinlit mori!tkOen , iitid.- . esith:-. ,'. 4 1 4i 1 4 1 :-prAilMtiand;w: 6ll . o tioliiii - 4: 1 00‘ki!?: 1 L - i...; - 0 1 40-, Y .Prolierti-I 6 'iiiine:- . ol4 ll K . AiVklt4.-il.hill.i,Z kr.:f3 :inf. Where else t 'tliky . .'re . Ml . tiy.„ - iiii.•:withilhOKi.A4' , ..- , ' 'sltoiAllyg :iOf 14rarian ~-..ilontrines...ll it' si4itiiii , ;''. - ''.';.. L A ~,;44...re. , :ttie*, w iigei''..9f.laborlirel .-,lt!iti:l6el'hil4;*-`V, A:ii,S . f..itlielinlid• . whilaintS.are,olieltp,r,n4ilye... 4. ... itit.3ll? of iiiting::l 9 l:::; -11)er . .).ypuld:titcli ,iialsk-'..sl ,: cti) . bprefl'.,t ti 9.CW is ; bur "an . .:oppressiiirsf e ,': av;':.t4':.l;'':V; kiili!., dt,t2it!.F l llle..O.:WiLlit! , „Whtit-.Ao'4l4'itin? - '..r;...ai 'lll , l' . .!'ale-*Ai . 4tliing,,-.:-alr,;=•but-,ten-enArlho . 7 - t!%,•:V:r fruits".2opither . -:"metiii tabrir. , ;;;They; -carranein.2'4n: iothing...,-tintqAtiihi,tiee:lincl iltsojxliii‘l6ilit... 7 K•: l „;:!, 4,9slo , ,t).,§rifipiffiriti6ili*iaMl4heii. - estinEffOn of,,the :niciral sfentnn:o3ll,:and.rncifal . `habits of fi6l•?, -'r.',; , sietv;l:•Aliceolionsness, of feeling nnit of.aCtion:: '....'N.,. , ' ) - 4 . , : t5 - diti_itixneiP.‘-prisrtieets.,bY:',.prosperity".. , itie/f:-:, ',...; r ',-. ,m!.i'iatifitit.....-aijiiej:kariirikos=terripratjoiito.fxi,,L:=qs - 'expiiiqdqii::;ttiV - ,r;erv:OhnFti . ,iict , ',..,: ‘ x okit.l6'b'otintii(Of..Pr.o7l(tOnckat,iiilki+4lT liaPl '-':::::'' I iitiir . igf their':Owry:CoMlitlent% - ni:,tlYt..fat§e3l-; nf "Our tikstitre ivilii sanetlines;klliiiiw - Ilir,olt - , - ;. - _, -- : , '.-` ligaiii4•lt.'s 'enelosures,. hreak env, frorn.. , _its con. fi.neiiktf,' ,nliii; feeling; nayvlcee:fromile4eg,s' ':::'' restratnt;.heti ke.:- hiniself ,tol* , mcippt and' .. bar - ..' • 'rend;- . w.liere , waiit: erelonifr bring 3 hin0:91,44' 6 car iees, lint! Stars , apon and iteatfrekriAii - ei! .llaving - said , scrmuCh;.sit.Z; - 9n the'keoirtil-con tlition hf. theicenintryi; and eKr)hiined' What .:,'' I Mi .! -, ~ lerit am; ' by", credit; - I -- preciell., to : COUsicter- the.. :-, tireWn . t adttlat state. 9f the - currekey:, .: ::' : '':,--.,! ' • -.:::::-: The most reerkTreasiiry estimate, which_l.: .... c •, . laVeseen;::'Su'ppogeS:i•that : theic . one eighty liOns'' of m etallic'' , nionek' -Vb i s:l; belieVe,-• to 4 good deal-too cannot, :helieve`'it exeeeds.sixtY; at rhinstilinit;;;.::-,; AuppOShig - one-half - :thlii : aunfta - , ye - ,.in'thetbattlts thirty Millians are - iii.tirctilitioni .-- orin ;private hands: We nave • ranches; with. capitals;44signed..for the seeurity:l'.':-.', notesof their . tiumuntintrio two. hue.. •:- di ed . nod Thiartiount' Of bin): notei in;actual: circulation is sup . posed ni, : be one liuMlred millions;: so . that our whple circulation one !Mildred and4hirty dinsuiit Of debts due to the:banks, - or the amanilf : of their:loatis., and • discolints,., May:be.talien tour hundred and fifty MilliOnd. : • • - NOW tir,lnis.very Shoit statement exhibits rt once a,g4ierat: toutdine-of - •our Cxstint:sy#tem - ; - , • fsairrency_aniLmeditL4lite e-a:greata oust of. money-or iiropertAin banks; as !ben' assign, • ,;, ed and appropriate capitaVand 'we'see - a.great ' amount dui to theie•banks.: , Theiebank . debe- • • . _ „ 'ors generally belong to the classee ef .active Int:' , sinoss,or are such as have taken iipioredits: for' purposesbf investment` in lands' oi..nierehandise; looltinglo future proceeds-aithe,Meani of re . ." 1 . 7; payment." If we comptce this - state of circulation; of bank capital and bank debt;' with the same -- thinri En il to irland, Jai - Portant differeliees • • - The, not whole paper circidation• - of England,' 6 1 the latest accounts, is tiventy.eight million. sterl: tig —made - up :of.eighteen millions :"of I.lank of. / - England notes,,arateninillioni of the'notea of , private: bankers,- andjOint-stoek companieil Lon in the •bankrnine and a half 'debts due the Bank of England,. twenty two and , a • half millions. The muciniit of loans and: dia.— , counts hy , private bankers and joint 'dear:rim- panies is not, usually, stated,, I believe, hi the , publiC accounts.'. If it bear thesameproporticau _ to their notes in circulation,,as in the ease' of the .- UAW - of:England,. it. .would exceedtwelizog - • mions„'LlVe - may, therefore, L take the amount of • - ITut•t,iluppose that, - of - )he securities held by the Bank ,of F.ngland, ~exchequer notes coniitt: tote' a large , part: in other wordif, that:si have Part .of. the 'bank debt • due, by Government. The amount of . coinin actual circulation is esti. • ,rnatedte be thirty_iind a half:_millions.`__The_whole_ ___4. lento:Milt Of circulation' in England, metallic and 'PaPer; is 'usually in.round numbeis, itt sixty thilli3nst - which, rating the pound if $4 80, is equal to - two landred arid eightreight_mil, lions of dollars. ",, •-, - It will - he seen, sir, that our paper eirctila... titin is one-half'ess 'than that'ti.g i nglatid, • but hank _debt is,' neVerthelesselVgretiteri since-thirty-five millions Sterling. aininint -to only :. • one hundred and - siy,ty.eight of , dollarsi and'this aim, :too, included the' amount• of ilieq - der -. .b1114 - or - Gevernment debt in the forti.; of such the bank holdt. T'ne se . facts are; very . " Material to any just comparison:of -LI , : the state of things' in the Awe .cOuntries. 'th e. - White, or nearly the-Whole capital rf a the Beitk of'England is lent" to G. °v 'e l 7.iitient,- . not- by means of exchequer tiote-...b0t on per m anent Atic private• and joint.' theugh.thekissue bats for cur. stocKeonniktir J. c . - 5 , , ,. culatietr theY'have2no assigned or. appropriated. r. - 4.:pleal: 'whatever. bills. circulate; oh the-":"';.: private._ credit` of the jnlividt alb; raker, o"r" of" those who coMPOSe. -the joint-stoelr,' compagies: In the United states an .amount of •capital, app. j Oofecl to. be sufficient to eustain the credit of the,:,•'' paper and seeure the .public against loss, 14 pro vided by law, in - the act of incorporation.; each bank.; and is . assigned'as a trustlgnil (4% the'p!tyitimit, bf the liabditiei of , thebank' if - tins, capital' be' airly-And sttbstggtially`;*dt :; vat*ed,' it. is secutiti;- awl oat_. cases: no it:. is:. ' 11 ,avrtncv4, The atis triiiibsha of ;this fond aiid ther ahliiibiti`both civilly and criminally;',tbr itaisela j . : , hstgeinent,. ertibe Ciliate/Ai:jar breach,. it; !That,' _This c arnoUnt;ooSeapital; Ahhieetiged;• l ,,theL-'. O . basis of leans and , discountar and Chi Is thp , on,why :or 1 4:1.T4Y,:icing loans firs,; banking s ope,l-.. , bolding;Klutict intended te,:beleaned; and act ..-S': ill,c ;. <; t tiefwi.eit s leqcjer;oa i)ortinieri this 'grls. Mi t his",heen=f4tliik 4 MCOOeAntlit*liVenihnt end 4'"7' "lii'sotteStitteitiistrkatly prif \ him:1(4001-- lateii . thongli-,illere o'6,h - then in . #ltialf imOrk: g a g e ' !teull44l.,',4'4WhitlteFfigaistlitoiifeninalsle- ;,•• thi,ob,jeotiod - oPinkti* . lif , OurAi?!lgti, 4 persainal, Vecur_ttt t - i,Tlic_Ayetetn, Anise, in Anir . tietilarinctanees.kereitiCY_'lie% - ; ,7- direators'"whei2tvilrugat tF.o:freelY,tothemsetiea ,ind eeir;.of ' . 00 , e the a . .llVeTi4nllAinfdeteted F•ari inVelol4>vili - be* ll6 4lY:trintaif;tta; ilikeriigtthetity ': n umber ; , biiia; thfae in= nantes,l.thity;artitkarkthlytew."-ingteti baiks-, and ' 'xe'ikliev'ta VI be sigient and girt: • haveof,- *tag in thh wink or circulation . l have no doubts sir, t at ; thetre `.'-.', •,timit'iery.iinpruper expansion somt yeat!aairo‘; Lheii „Preildenti4,shl4ichitt Iveit r th - e fptc*iituingAtte;Bank -, :cif 'kti4ey," .. (whielt 'tiet,"l.,eteem as the' true*lgintik:;:' , ,;* !,olirce,ol* till•the ; tilitortleia;.o. . (:* 6 . - .cdirkne.o) ai,t Addition wailinmetliatelY of Stateflanks. , 2, step°. ,ieswereivettiallylreinotiedlfixitnhe:Hantt'Of the ' itis:#eleeted" State 310,1‘9, of-etpAiiiiir bow -itiefilieittifwoulit;the =ME .:~ ~ 3 EN BE NNE MI
Significant historical Pennsylvania newspapers