!fa
6
. .
the expenses; or at any rate they will great
- ly assist in the 'Operation: -- ,
',Let no one, however, be tor/sanguine : of
, great and immediate profits; they wilt .conta
somewhat stow, but sure., •-„In
,some itfan-
.ce's the' . advantages of liming have b :en
made in such an alinost imperceptible it In
ner, thatlarmers have become discouraged.
. Generally,,however,' those who haVe used ,
• lime are' pleased, and regret that they have
' 'not tire ,mean's of doing it more extensively.
• -I..ime; like - all other alkaline manures,
„ shoUld be kept sometime on ;the surface,
lot the purpose above mentioned—that IC
may be dissolved, "and ; that the soil may be
-Immo SatOratedwith , the 6y: • It should not
be wet and lithipy when spread, or-it' will ,
' ' not be'dissolveth but become 'a carbonate
• and do little good.- It never loses any, thing
by evaporation,. and in that respect is unlike -'
, • : most other • kinds of manure, which we '
.• have" noticed: ' . •
' Some eight or ten years•ageo, a Mr. Nel
• .soli of this county eommeticed liming •his
'land afar/ expense 'of twenty dollars. an
Dore.: lie Was one - of . the - ; first, perhaps
the very first, and 'his neighbors • thought
'he was 'crazy. They found, however,- in
• 'a few years=virhen a field-of •twenty'acres
'produced" four' hundred barrels of corn, Olaf
is 2,000 bushels of shelled corn,---thatthere
was .•methodln his nriadttesV , ..
, .As it regards the price,at which a-farnier
bart afford to use-lime as a manure,. it must
be .regulated-by. the price Uf . wheat, Ae,- .
cortling to my estimate, a bushel of wheat
• should flay for five or six bushels Of lime
delivered.on• the farm. ' ' • - --... •
~
• ' --The sugar beet will-not-,Ve- miltivated in
this cotintry' to arty considerable extent for
the purpose of making sugar; but as — ftiod
•• for mulch cows, and fattening cattle,. few
... articles- of food will bear comparison, with
themi . AS to turnips, they. , are a very
. . worthless v • egetable,.and not worth the trOu : -
ble of cultivation.- fsix . or eight, bushels are
• as many as any farmer' need care about
raising.
.as
kind
knowafas itli?rceri,.or:GitkieS, aS • an arti-
• -ele, of fund; for men or beast, are exeelle.nt.
Itttr;;;liia
country. • Let. the farrner.be i34stied with...them as the 'ne phis ultra, i
. t) the way' ,of
Ootatties,-. not of your Rohans, your
...2 - __Otalo;e4nOr_y_Out._ Pinkeye-1).ot gi_
veme
Almonereerfor a •potatoe,.rd t will 'ask for
but little bread'.
the far
'
a few aeree•of- (
roots, far
' mer,will be enabled to': keep -a
-large stock
of eat4e; and-thus iMprove and.keep un'the.
fertility of his land. And-if he
- have a field
for a standing - meadow, lie May sell .becf
- cattle besides his crop of wheat, and keep
:; : his land at the same time in a progressico-
. .
state of improvement.
By letting land rest in clover a fe
----ivregaini - its energies which may haveMFew
.expended on otlie - rcrops,__ Besides:theiM7
portance of shade . sio. the 'soil, from the
scorching rays of an .almost vertical sun, is
not duly estimated; nue again; protection
from cold in winter is not less Important.
Observe how the soil is improved in
fectili
ly, where a plank - has loin is row , years
• e weir a Itatstone, br any thing to protect it
from excessive heat or cold .
POLILIOICA.L.
From the fiational Gdzet le.
Trite - Revenue 13i1t :and the
Constitution.
The PUblic Ledger of the 26th May,
• contains three several opinions upon the
constitutionality of the Revenue Bill, given
By Geo. M. - Halle% C. J. Ingersoll, and
W.m., L. Hirst, Esqrs., in reply to atiap.;;:
. plicatien to that effectliont several politi
cians,. calling themselves a committee, ap
pointed. for the purpose. .- The unanimity
with whit h three lawyers decide upon the
• ,r, ._.
unconstitutionality of the act may inance
the less learned of their fellow citizens to
nettle down.under the conviction that a nia-
jerity of two thirds (*the members-of-both
branchee of. trienegislature have palmed
upon their constituents a bill which, under
'the specious name-Of tlie-rellef bill, author
izes a violation ofithe-Gonatitutiow.9af , the
litnited'States, andsinits into-the escutcheon
of 'our State; a, mark of everlasting diagrace.
_ The quektion,..hoWaver, like every other,
has two sides, and
. I venture in Me face of
the opinions, giveni:torassert the constitu.
tronality'of the law r and herewith submit
my reasons far so doing:—' ... . •
FOr some time previoui to the revolu
tionary war, and up to the adoption of the
" ' rederaq%Onstitntion, most of the American
•• colonies or 'States were in-. the habit of is
' Suing or " emitting" - bills of credit that
were ,intended to circulate from hart& to
Hand, as the commort currency of the COllll
- The bills of those States Pt made
proper-provision for the, payment'of . thent,
paSsed at the same value of gold and silver: .
--:- .- Aut those of'other'Statea that ,side no such'
provision very soon depreciated. 'Congress
• Heingunable to obtain Money by taxation
fbr the 'purposes of war, also resorted to
bills of credit,. which for, about a year con
tinued, equal - . to . gold and' silver. But in
oonsequence of the large amounts issued,
thick . begart• after that time. to depreciate;
.. and in- the latterpart 'Of the year 1.780; they
'were so far reduced' that seventy-five , dol.
Ittre in bills' ,
were :equivalent to one' dollar:
- only.in silver: Themoney-fronifthell'ienelf ,
army, now. inade'part Of the,eireuie r tiOti in!
::: the States north of the' ,P,Oteniao,''an ' the
paper . bills of the GoVerritncint
_chi those
" States. were good for nothing: In , rginie
mid Isrottii caredinattioy were kept' up a ,
year :longer; and, after. ie. far depreciating
. thStOpe:silver, dollar could bought ,
~,
~,' Thr One:01000 :dollois of the bills,
',.., died a:natural.deith.,ludependentlY:orthe
, . Urge quantities' emitted by the States, .the
,-- gciveirtitnent, in the ,- mean - tinte:had; issued
:. 'about,2oo,ooo;ol:loSilsollarar . . - , Bin even after
'a
• this, nd up-to the foriiiatien - of the con,
stitutlon, the Slatouontibued .to: emit= bills ,
Oroiolit: ., ; , :.-:. - :. '..''' • '.
.
each « : 29 the exit that Wll% , staring.. the
fietnertv'oP• the Constitution:. 'the Thee;
whei'aseeihbled iirtimmention in the year
178%. disastrous 2 . 0400 *ere extend-
. _
. .
ed. over: , the whole 'country, an it watt a
, .„ . • -
ettmtrthavittoght, well demand the moat so
-,- 'skim attegoon, tit. a,body„,"el
.men;' upon
I ' g ' i,.
NM
EMI
Wkom had been 'Oast the responsibility. of
. framingla , congtilution . for the free - States
of-Amefii a.- r .T.4iguai.d-againat-a repetition
Or Wilier extension of, such a
,pernicious
system,' it tins 'accordingly. provided' that:
' tui State shall'?
'Phis inhibition was evidently dePigned . for
the particular ev r ilHand It, would be a se
•rious eneroachtlient upon. the sovereignty
of the State's to extend it beyond the actual
mischief on Whichit waS•intended to ope
rate. :In. seeking for .the . '•cmietitittional
meaning of thc,terms "bills of credit,"
will therefore be. proper to ascertain, what
interpretation they received when the Con
iitution .was, adopted:. And herein ‘`ve
shall find, that they refer only to that. par
tietilar elaiS of hills, which, we have, already
seen - were emitted:in stiehlarge quantities
-by the. States, before and -during the reirti
This view - . 61 the, cape is. sustained in .
Di.//la Vs. the Stale, 2 iVPCord's Rep. 12.
In delivering the opinion of the Coen, Mr.
JOstice Hugerisaid, bill Of credit and a
letter of. credit; are' ;used `as: "synonymous
terms in all the books, and such appenra:tO
be the wily - technical signification. ..of a
bill of crfydit: But a bill of,:credit
more 146131 : and genesal.significatioo: is
,a
promise; undertaking or order' iii' writing
- fortlre - pAynyent;' - of -- minieyi- issued on-the
credit of some- perSon_or_perSons, - or On the
credit of Th some particular fund.
: hat., bills
'or credit are not used •in their technical
sense in the'constitntiOn is too evident to
•• be disputed: -11'o . evils had Leon experi
enced and none were anticipated from the
:-emiS3ioll of (ethic of credit by the' StateS:
Nor were theylused to the extent Of their
'literal and general signification.. No inju.
irli .Lech sustained from the States
borrowing money, and issuing therefor
certificates of stock, or bOndsfor the pay- 7 .
•
merit of money."- . .
• kis further, ,snstained by the •Stipterne
. Court,Of the United States,-in the case of
Craig etal vs. 'The, State of Alissouri,'4'
riPeiers V,. S. Remirts-, '414: • -th tt
~e ,-
tamed aid - perlialisrliterahmeaning".-says
may Co - nil - ahem' any instrument by which
a„State -engages. to pay - money at:a.future
idoy,.thuS including a certificate given for
In- I ' ollo y • borrowed.. Brit "die language of
the-Constitution_ii.Sejf,...and
'be
. prevented;.w44li..we know from the
history of our cOuntry, equ'ally limit the
intn•pretntiini of the terms." •
.BriscoeThe
liani• of Ike-Commonwealth-of Kentuclry.
i.l Peters, 257, - Justice ,M7Lean,
delivering. the opiniOn of the Court said,,
-_" The_bills - of credit which were emitted.
prior to the Constitution are - those Which .
show the mischief against. which the in-
Jabition was designed to operate,: and-we,
'must look to that perhialiir - the definition
and-character of-a bill-of credit." r
To' these may be added the authority of
Chancellor Kent. "The-nonstitirtion
dently had' in view bills of credit issued by
law in the name - and on the credit of a
State, and of which our hi s tnr. v ,f...—:-/-0 - .2
'so many pc moons examples."-1 Kent's
Corn. 4.013 . (n0t0 A.)
These authorities establish the position,
that "bills or credit" as used in the Consti
tution, are terms restricted in their Meaning'
aluVapoicatimi, and refer 'onlym..thot par
ticular:class of bills Which. had been -emit
ted by the States,.as we have already seen.
ColfsideriOg this proposition demonstrated
- beyond cavil; we next inquire into the
character of those bills, and for that pur
pose, here introduce a-few ekaMples. The
form of the bills 'oftentimes varied in the
4anie.' State, but not so as *to affect their
_general character; One form
_of a Pennsyl-.
vania, Pill was as follows, viz:
the
"TWENTY 1111. LINGS, according to
resolves of the Sssenzbly of Pennsylvania.
of the 6th - of April in the 16th year of the
Twenty Shillings.
- Wsi. KENLY,
. ABEL EVANS,
C. Moonx.
Dated at Philadelphia, the 25th day of A-
pril, Anne Domini, 1176:
Another - form of .a Pennsylvania bill ivag
as fellows: .
" This bill , shall :pass ,current for One
accordir,g to an net of General
Asseinbly of the Commonwealth a Penn
sylvania,-passed the 20th of March, 1777.
Dated-the 10th day of April, 1777:
The Delaware bill was.aa'follows:
ONE SHILLING. This indented bill shall
pass current - for oiA"shilling according- to
an Act of General. Assembly of the Coun
ties of New Castle Kent; and Sussex, upon
-Delaware, passeiLin_the_lsth-year_of_the
reign of his majesty, Gedige 111. Dated
the' Ist day of January, 17'76. -
The.NeW-Jersey Bill was as folloWp
()NETrimlilLL^by Lew
shqll pass current in New Jersey equal to
gold and sillier for one shilling pursuant to
a Law of the. State for'riiaking current one
hundred thousand pounds', passed in the
year 17.86:•. . .• •
The • bills of Maryland. • and . Virginia
fiver similai in character to the aboie, but
expressed a pronii4cion the part of the State.
to pay. the . possessor the amount of the bill
in-,gold-or-eilver-at - u-speeified-tinie. • -
Fritm.the examples given we marnow
understand the meaning of a bill of credit,
ter the term is• used in- the- constitution:- It
•will-be-seen . •
First,•That they either expressed or im
plied-an undertaking or proinisti'on , the
part•orthe State to_ pay money to , the pos. ,
sessor.
Second,- They were isinal,in the
'and on-the credit of the State exchisiv - ely.'
• Thirri,• They were designed to -circulete
as money,
These three -characteristied. appear on the
face oF the bilk. in addition - to which they
possess anotherimpertant featurev, namely,
that the holder of , such a bill had . no,,icgat
remedy by which could enforce pay
ment. He necessarily ielied on' the, faith
of the State,.anil.he coult*-not sue-the ,
LEVI BUDD.
JOAN M'KINGEIr,
Tuos, COLLINS;
B. MANLovE,
J. EWING,
B:
...F4-t. j,.,:* . .:...4:.*4 - ,i,...10.-t.' : i.•.,1' . ; 7 : . J.,,;) : .i,i'''...(1.4 .0.-..-1 . .. 4 . #..0....V.* : :' 0=0.,.0.4 s . ,itti s .. 4.
. ,
if . her, faith was •violated -Nor could he
,
ine.the perSen,er poisons who signed the
hiD:- for -they acted-merely - an- the-agents
of the State, and in - so doing-.incurred
legal responsibility If the party signing.
a bill incurs any - legal - responsibility at all;
3/ is riot d bill Otcredit Within' the meaning
of the
,Cpnstitution, although it may peg- ,' sess every other feature of- a
,it
of credit,
Because it would not then rest exclusively ,
on
_the -credit of the State„ h - lit - on the credit
of.the Siate'and• the credit of •the party :
signing it; against whom the" holder of the
bill has a legal remedy.. Hence; +Mr: Jus
tice M'Lean in the case ,of Briscoe vs. The
Bank 'of Kentucky ,Says, " tnconstitute a
bill of 'credit' within the meaning of the
ponstitutipti,, it must he issued, by a State
on the faith of. a Stale, and :designed to
circulate aS money. It . must he a paper
which circulates on .the-eredit of
,(4 _Mate
and so received and used in the ordinary
busineskof life. The individual or com
inittee who - issue it-must have power to
bind - the State ; they Must act as agents,
and of course not - incur any per.sOnal re-:
sponsibility, nor isnpait ds individuals
any credit to the' paper. These -are the
Aeading' characteristics of the hill. of credit
which the Stalescannnt emit."
,A 0 -Mr. Justice Thernpsonin the *same
says,-"--the-two
. great infirmities Which
attehded the bills of credit which circulated
as' money, and came. within the mischief
intended to be guarded against by the Con-.
'Stjtutional provision, were. the' want . of some
real and subst,intial fund being prnyided foe
their payment and redemption, and PO
mode - 1101)MM for; eyorczwg - iia ytnen - rof
the same:" Again, "the bills were always
signed - by some person who upon , their
fate apppared to act in the : character :of
agent of the State; and who could not of
course be mad.e.persOmilly responsible for
their payment; and the State •was% not sua,
ble under the old •confederation, nor under
the present-constitution, even - before the
'amendment in that respeet,'Lfy' eitiZens of
the sitOnSitite;". -- “Tkere being-i therefore;
?if) '97lth cf_cnfarcing paNnent Of suck
1 04 - gith5n:F74,1744:41e:1400,A44.040}04:
"f4i.th - and w te
were therefore; purely bills.of credit."
The' only..ecnisideratien that could' haVe
induced the 'eonventiow:to-introdnee such
-an--inhibition into'. the._ e.onstitutioni-m.ust:
• have been, that' the bolder of a bill of credit,-
as the term pas-then-understood and-ap
plied,. was without remedy in case of non- - '
pay ifent. -- Extensive ati . the •the
iohibition-was-earried byn majbrity of one
-vote only, apt,. it• is:reasonable. to__ suppose
thit had there. been-any means by which
the holder7f the bill.nould have enforced.
payment, the evil Would •not have' existed,.
'and the inhibition would not - havebeen cal
led for.; But all speculation-aside, the au
thorities which I have quoted2a - fe;Siifficient
to establish - :the point; that if •-ihe holder of
a, bill has a remedy by which he can en
-force the_payment of- the .bill, or the con
tract expressed en the face of the bill; al : .
thougliit (nay poisess all tit.'
ur a norm credit, yet it is not such a bill
'of credit as the constitution'conremplates
and does not fall within the prohibition.
Having thus shown what a bill of credit
is within the. meaning, of the Constitution,
I proceed to inquire into the charnetetl.- of
the notes which the banksauthorized to; is
sue,.by the Act of Assembly,.passed. May
the 4th, 1841,;and Which Mr. Dallis, Mr.
Ingersoll, and Mr. Hirst `pronounce to be
bills of credit. • In order to this, it becomes
necessary' to refer to these sections of this
act, which particularly relate to them. •
• L'Fhe act having been published at length
iii - the National .Gazette, we presume_ our
readers who are-interested in this, question
are sufficiently familiar. with the_ provisions
referred to in --the argiimelir — WO - there
fore omit them.] .
According_toAlle provisions of the lath
_Seed on,.the_G overlie r_has. weed lie (Inform_
and the notes will be signed by the proper
officers, on behalfof the bank .that issues
them. For example,
"The. Bank of Pennsylvania- will pay to
tote. beareron . . demand, Two -Dollars, as
directed by the Act of Astiembly; ,Passed
--MnY 4tlt, 1841.17 JOS. P. 'NORRIS, Pre
sident. • •
J. P,ROWTER, Cashier.
Now what are the features of this Bill ?
First, It is a promise on the part of the
Bank to pay the bearer Two Dollars, ac
cording to the Act of Assembly. '
Second, It is issued by Ake Bank and
, ,
in the name of the Bank.
Third, It is designed to circulate as. mo
ney. - .
Upon the face- L of--- - tlii - billithen, it differs
from tho bill of credit in two important par
ticularS, namely: . • -
---,First, The_pr i elmispl_to_pay 7 ia....made_by
the Bank instead of the State.
Second, It is issued by.the Bank and in
the-name-of-the-Bank,. instead of, - by and
in The name of the State. •
But it is alleged' by Mi. Dallas and Mr.
Ingersoll that the, Bank is the agent of the
State, and that the paper is therefore the
_paper of the State, for .the redemption of
which the Bank is not responsible. New,
if this be true,,the act is clearly u'neonstl
tutionll. But it is not trum--it,is a fallacy
anti I will prove-it to be so.
What does the-Act of Assembly direct?
Does it direct the bank to issue these, notes?
Not at all ; it first authorizes the bank to
issue them: they may or may not be issued,
according to the .pleasure of the,stockhol
ders. But if it be the pleasure of the bank
to issue themi-then-the act--direeta-that the
notes shall be payable in ascertain way by
the bank. The holder of the notes when
he properly, presents them at the bank froth
which they ,were issued, "shall be entitled
to demand. and receive" an order ,on the
AudiTor — General - for a certificate ,of - State
Stock, '`l'Vh - On - the stock is transferred, the
bank's liable fort-the interest. The Act
further direct,s , that the bank which origi
ginally issued any of the said notes ; shall
receive.the eame m payment of debts, and
on deposit payable in like currency, except
in' cases of special, contract for the payment
of-deposits.
The, bank then on. issuing these notes,
binds iteelf to do as the act directs. Every.
note-that , itt.issued 'ex'presses this .contract
on its face: that the bank.will live to ;the
bearer for.a certain anaotilit of the notes, an.
corder or a Certificate of Stote.stock_ ;:that
she'llirPayAlle interest on that stoc k: that
she - will - receive - the, — kites from =the bearer
in paYment or debts, due her, and on de
posit. Thid'promisels voluntary; it is not
exacted &ern the,banks, and there is noth
ing in the'Act which. binds_the State for
its 'performance; The faith of, the State is
pledged for the
.re'pOyment of the loan 'with
five percent. interest, butfor nothing:ln . ore.
That loan is represented by. the certificates
.cif stock ; which bear interest, .and not by
;the - small notes Whipli,bear no interest, and,
representthe certificates only in which they
are .redeemable.. Before the banks can
bind the Stnte for the redemption of the
notes, it Must: be ShoWn that; the Act 'ex.;
pressly delegates to them "authority, to do
so. The Act delegates no such authority:
the - bank is, therefore no 'agent ; . but acts
uponits own responsibility - , makes . the con
tract as a principal, and is legally re,sponSi
, ble for, its.faithful performance. • •
Again, suppinm the holder ;of . one liOn
'&01 dollars in amo.unt.of the,notstS in qttes
vtion, should take Mein thn'AiiilitorrGen:
etai-and aslt him to redeem them' by a 'eer
tificate of State stock; 'rho : answer- would
be; the stock tilion Ourbooki belongs to the
Barih, and can't. lieJr4nsferred Without,an .
ordei from the bank, for the' net. gives no
authority to the Auditor general to, grant a
. _ .
certificate . without sueli an order; hirtit - Trr•,
rides th at
..
vidat tho notes shalr be-redeemed by
such an order from the bank • tliat issues
them and' no other. .and this. is 'the only.
way p'rovided fort heir redemption'. NOW.
an agent 'has no power thai cannot he exer
-cised lit , lii - s - pritteipah - lif Ode c.:i'SO; - lietii.:
-ever, it is clear that the bank has a power
that-the State. cannot exercise orcontroll
namely, that •of redeeming the notes. It
follows then, that the tank is not an agent.
And if she refuse to redeem. the . notes in
the way pres'cribed, the .common law gives
the holder a remedy by whidt he can recov
er 1:11e•-amount from her in gold or silver.
• - But .wc need not travel -out:of - the act-it
-self Arrprciie - thatte has , a-Ternetly.•_.'fite.
.tau gn age . td_the.. thirtl_,seetion is,_tliat the
Itais4Pki.bie - ,.. 4 &1 4 :444 1116 '44 -
ireirriiiiropiri"o7lTh"Trolic ., iEelPittrqn
miler'- - -en. - the - Audi* -General,.. entitling
him 'to receive a. certificate of stock". *To
'demand' a Thine- Paeans to claim it or seek
it_as_d tie, 4,,Tig, Itt, Ili a .ri g hi. - to " - demand''
carries widrit_a• legal remedy in ease of
refuSal..:,.(See JohnsOn',s : Dictionary.) . In-,
Psmuch, then,•as the* entitles him to de- I
mind and recciVe 'the order, it-arms. him
with the means of enforcing payment/from
the bank_by.legal process, if necessary:;--
This also, disproves the agency; for an
ageht cannot he Made iesponSible fermi not
authori'zed by his principal. _ ,
I have now shown that tile-bank is'legally
responsible for the redemptionorthe uotes.
But her responsibility does not end here
it continues until' her order;is . accepted by
the State, -the certificate given„ mid the stock
transferred:. For if the Statoshould refuse,
to accept the order, the bank may be shed
uvivp ~I.4avuluc., u,y, toe person.wito- bolds
it; with as much reason precisely, as the ,
drawer of a bill of exchange - May be sued
on a protest for non-acceptance- -
My argument proves, Matto constitute a
bill of credit within the meaning of the con 7
.stitution, -it 'must be =issued by a State, on
the faith of the State, and must circulate on
the credit of the State exelasiVely. - That:
the party signing it must be 'the agent of
the State, with power to bind' the
.State.
And - that no bill can properly be called such
a bill of credit as the Constitution inhibits,'
on which the holder has a..legal remedy
to enforce payment. .
' It further' proves, that the bills authoriz
ed by the aevenue Law, instead of 'being
bills of the State, are essentially bank bills,
'that not. only is the State not botind to
redeem theni, but has no power or authori
ty to redeem them.. They can be redeem
etl,only_ b.y the_ba_n_k_that issues them, 'flint
the party signing them, (namely, the bank,),
is not the agent 'of the State, and has no
authority to bind the State. dnd the holder
of the bill has hirlegal remedy by Which'
he can enforce payment.
'ln one feature only do .the bills in .qiies
tion reseinble the old bill of credit; namely,
1116 , are designed to circulate as triciney.
But so are - ordinary .bank--notes: . The
Bank of North America - which was first
chartered . by Congress, and several State
banks were in -operation - when the Consti-
Motion was framed, and their noteseirculat
ed' in the community; Yet no limitation, is
Placed on the sovereignty of the Statesio
prevent them froin incorporatinetaults:
All the powers which the States exercised
before the.:..adoptidn•Of the Constitution,
and - which are not inhibited by•the Consti
tution,. remain With-them still. Hence the.
Stateshave_a_rightio_create_sucli_eorootaL-_
tions, and therhaie been in' the constant
habit of exercising' it to this day. •- It _is
therefore etident, that bank notes,-although
designed to circulate as money, are consti
tutional. But bills of credit are Nor con
stitutional, therefore bank notes are not bills
of credit. Inasmuch„then,-as, that feature ,
does not constitute bank notes bill's of cred-
ititithin the meaning of the Constitution,
it cannot-of itself ntake bills of credit out
of the notes iii question: .
. One word more in reference to the elle
ritionsv of -Mr. -Dallas and. Mr. Ingersoll,
that the act makes die notes a legal twofer.
It is an absurdity itiiaY so: Here are two
parties, the State an the Bank, each legal
ly competent to mete oi-contract... They'
respeetively-agrec..receive the notesin
: payment of debts du to them. No citizen
is bound to keceive , tliern, no bank to receive
them unless she or: Daily .issuedthem. ! —
- , How then can those entlemen say, that
,the
agreement.of a ban
.th receive her own.pa
per in payment• of de to due her; constitutes
1
thatpaper - alercitt6 • efiritlire7o3nin4;iiiire
H eying, ae.:l . bet ye,_ demonstrated ',the,
act to tie..conetitutiotti l, a Word remains to
be e said .in reference to •its general provis
ions.
, ons. It has already been, shotvii by Mr.
Wm.-B: Reed, that '6- levitate :to be de
,lh
rived 'from taxis the:imposed : bY: the' net;
together with . what ' e,•shaltle•,,inteeeitit
of
. .frOm ••• other: sour! , - ei - ;Vi ill :' Oreb " ablY be
,
more than .suffieitint't pay the'-interest on
Our State debt. : ' Thi -albite•shiitild reeorn;
mend it le: every gdo
is. tito tissis Of!a7stoelievenuei
plaCe Abe credit or. out State oli a founda.
tienlis broad seller boundaries and as last
ing-se - .her Menntainti.' . • _The — credit °Lithe
State-is the • credit of her citizens. - •It, is
every . body' s interest to sustain' it. It is
the 'Magnetic Jower that will attract hither
and, spread amongst our people, the boarded
gold that is guarded by bolts .and bars' and
grows rusty for' want of use. It will open
her mines'of.wealth,.keep the fires burning
in her. furnecetii direct • each mountain rill
into a channel of miefulfiess, and Cause `two
blades orgrass to grew where but one
grows.now.' .Isis to be regretted,-.that,all
cannot move limit] in hatid, when "all are,
lio dirdctly and equally interested;' that
should conspire to cast odhirn upon an act,.
that will secure so•rich a reward to the in
dustry of our.pcople.f • •'••.
• .. - PENNSYLVANW
SUPPLEMENTARY NOTt:
.:• Since the aU,v . e article was ',Written -I
haveseen another argument against the con
stitutionalhy of the .12:evenue Bill,-publish
ed in •the North American' of the :31st
. of
May, tilt:, over .the -siguiture, -of "PLAIN
SENSE." It• will beloimirthat much of his
argument has •.licen: -- anticipated: in what I
- have already said..• Tbere are tivo or three
poidtm however that deserve to be noticed.
" PLAtivSEI4SE alleges,.that " the
- n a l notes' are made a:legaltender as to
the banks; mid-are void; both because ifie-y
-are bilks of 'credit; an.drhecause the taw re
quii•es lhat.:Certain ' should .receive
them -in payment of thejr-debts." • .
.. I do not understand that, to be a law,
which leaves a-partratiiherty-to-determine
which he will do, before he is pound to do
it. In Blackstones Commentaries' ,vol. 1,
page 45, latO is said to be- a matter of in
junction.. It is called a ruic; - tordietingnisli
it from a compact or agreement.: for. a coact-
Oct . is a promise proceeding from laiv
is a command, direct to is. l'he language
of a compact is, "I will or . wil.l not do this, '
that of alaw thoU shalt, or shalt not
41e:It.:";. -It. ja, true, • there is, an
which a' compact. , cairiee .with if; equal-in
4a - of law ,:lnit - then.
lii _conipacts, we.-_ourielves deterniine 'and
promise What shall Pe - thine,. befemice . are
; in -law we are. Obliged 'to
ad. without ourselves determining or. prom : .
ising-any
ISTOW'the_banks are todetermine to do or
not, to do: what the . act -of Assemblrex-,
presses; before they- are obliged to, do it;
Should they determiee:to do, it becomes
their own act;it ia a ."Corripaet" or "agree-''
ment" • tyith the State and the people, and
it is upon this compact that they issue their
notes and receive theta . on deposite' and in
payment- of-debts ; not by . virtue •of any
" law" .or " Nunction "coming froin the'
H - 81 - 'at'e. The language of the Constitution
is " no State shall-''-" make any-thing but
•gold or-silver coiii a tender in payment of
debts." . This is an inhibition on the lath
fribit.;.16.14.041.10., It J.o. - not -I,v, Wit ally
citizen from receiving in payment of debts, -
• due-to bier - any thing that he seed proper
to - receive: And-so a_bank -has afigyt; and
a State has a right, to . say to the public,
that they will receive in payment of debts,
paper or any thing else, as a subStitute-for
gold or silver coin. Such a state of things
is--now actually existing by tacit consent.
We give and receive in payment of debts
irredeemable paper as a substitute for gold,
and silt er, and the State receivesit in pay
ments taxes. Bank certificates containing
no pron ise to pay Money; or any thing else
to the bearer, make up our chief circulation.
"The Girard Bank in the'city, of Phila..
delphia Will ieceive' this. obligation as FIVE
DOLLARS whenever presented in payment
of debts due to :the institutiOn.' . This
certificate does not even contain a promise
to receive en deposite ; -but We . all receive
them and pay them away as so much money.
'Lis- a tender of the .bank, not..made so by
any law of the State, but by- the agreement
Hof the
. bank -herself; 'yet no' one will say
that bank in issuing. such paper is Vio
lating tbe Constitution of the United States!
The Khali notes proposed' to be issued,
stand precisely' on the same footing, so far
as regards their constitutionality on the
ground of tender.. • . • .
--,- 2: " PLAIN SENSE " again- errs in sup , .
posing that even a tender law would make
the notes void. Such alaw would certainly
be 'unconstitutional, but it would in no wise
effect the character of the notes. Suppose
the Legislatere 'should pass a law,.making
the notes -.of the bank of Pennsylvania a
tender. in payment of debts: 'These notes
are now constitutional, :,. Could
_their con- .
stitutiOnality be. destroyed by an unconsti
tutional law ? Certainly not. " Plain
Sense" is referred to the remarks of Chief
-Justice -Marsh all 7 upon-th is---poi n t,-i n-the
case of Craig et al; vs. The State of Mis- '
souri,.cited in my former argume nt.
- '3. " PLAIN SEI4SE " errs again in assum
ing that the banks act merely as the agents
of the State. • I have already . shewn that I
such is not the fact. He also assumes that
the notes issue:and circulate exclusively on
the credit of the State. If such an assump 1 1
lion be correct, I think it will follow, that,
if the credit of the State -be entirely des
troyed, the credit of the notes which de
pends.uport the credit of -the State must be
'alio . . destroyed: and that the notes must
regularly accompany the , State. Stock -in its
depreciation.. Now some': of the - banks
have already accepted
,the act„ and issued
notes -under it. The State'Stock is- worttr
eighty-one dollars, but the mites are- eke&
lating at par; and persons. are - glad-, to
get them .at that. Here . then is a fct
worth more than all the speculation upon
-this subject.. Why.islt.lhnt die notes are
at par, when the credit of the State is 20
per colt beloth-par?,--Because-the--- , banks.
by, their. compact with the State and the•
people, i
mpart a credit to .the notes, by re-'
ceiving_.pem on depasite and. :in-payment
of debts; , just as the-Certificates of 'the Mr!'
and bank are kept ai'par• tiy ilitrag, eement
of..that bank to, receive , them iikpsy ent of
'debts. Then stir*, it: wilrno; l' ker btr
3 4 n
contended; nOteseirculate e liiiive=
ly on die creditof the State:, I have slieWn
in my former argument ; -that, unless, they
do so'circulate, they'are.notibilltof credit'
within the nieening of:the constitution. .
, , , .
PENNSYLVANIA:
MI
• Plan of zi• Hank and fiscal •
, -Agent.
Letters from the-Secretaiy of the Treasu
ry, 'transmitting to the Senate, in corn
. pliance with a renolutionlf' that body,
. a plan of a Bank and Fiscal agent.
TREASURY DEPARTMENT, June 12, 184 h
To the President- of the Senate of the
United States: :
Sti: In obedience to the instruction of
the , Senate, contained in their , resolution of
the 7th instant, the• Secretary of the . Trea-,,
-sury-has-prepared-and-liere-wiih-submits, - -
a plan of a Bank and Fiscal Agent.
. In the . generali plan and frame of said in
stitution, helias . .erideavorett,to free it from
the" constitutional .objections which have
been urged againstthose heretofore created .
by Congress; and,. as far as .pfacticable,
without impairing its- usefulness, to guard
it in its dethils, against the abuses to which
Such institutions are liable. And he now
.respectfully submits it to the Senate with
the hope that,-in the, process of considera
tion and enactment; it may become, what
he did not .presume to promise„ but which
he earnestly desires to .see in the posses
sion of the nation; a Bank and Fiscal Agent,
free from; constitutional objections, .and
adapted to the wants of the. country; and.
:convenience of the Government.
It is proposed to ineorpbrate•a,B_aolriin
he-District. of Colurribia_b_y_tbe nom& of
he . Fiscal Bank Volted.States, hav-
•
ing a capital of thirty millions of dollars with
power to establish branches or 'offices .pf
discount ariddeposite in the:several States,
witli_the assent of. the States _ ; ,that the.
Governnieut subscribe one-fifth part of the
capital ; and on the supposition that it is
the purpose of Congress to direct thatthe
fourth_instalment, appropriated- by_ the, de
posite apt of June 23d, 1836, shall be paid
into the treasuries of the several States,
it is also proposed that a pubscription.: to
thatramonnt be made in the name of the
United States, for the Use . of the States
respectively; the :Stock to be assigned to,
and beccime the property .of; such=Stra - te - s
as shall accept: thesmne,in theinanner.and,
*A - „llitrprc!pg.T4i.J2WitzP•ollayffrekt,illif':
codetionsliOqaerand: tinfroWrfirtiraT
.
And for the anufniut of the six million M .
be subscribed by the United Sfates on th - eir
own account, nuddlso for 4he amount.to be.
subscribed for the use of the severnl Soles,
t is proposed that a 'Buick be created, bear
ing an interest of five per cent. per annunri
redeemable at the pleasure of the 'Govern ,
inent at any time after fifteen years.
--In-case Congress_.should_nbt see fit_to_
make suchTh provision as is proposed for
paying to Afie'Stares the fourth instalment
under the deposit act, it may ba . tvol worth.
while, to consider whether the St.dteigliti
not.be perinitted to take the, stock of • the'.
Bank according to their respective . amount
extent the
in all, issuing therefor Stock of their own,.
.
t
,
bearing auetr - intoroot, d raimburaable a
such period :might, be prescribed; -the
dividends , on the'sliares thus held by'the
States, respectively, to to applied, in the
first place, to the paymeht of-the interest on_ i
their. Stocks ; ''with a further provision, if
thought necessary, that, in, case the 'pro
ceeds of the public lands should be assign
ed to the, States', those. peeeeeds. should be
applied to 140 reimbursement of .the
their - debts, or' Stocks, created - or
issued for the purposes, aforesaid.
In -the opinion of the Secretary, it is de
sirable that the States should be' permitted
to take an interest in..one of the foregoing
modes, or some' ether • mede, in the new
institution;
,but,_if. Congress should think
otherwise, then it is recommended that
the Government of the United States sub- .
•
scribe for ten millions of :wick, leaving
tiventy to be subscribed by individuals..
It proposed that the affairs 'of the Bank
be . managed
.by seven directors, two of
them to-be appointed:by -the President; by
and with the'advice and consent of-the Se
hate., and five to be 'elected by 'the stock
holders, a . 4 their annual meeting. A pre
sident.to be chosen by the directors out of
their own body.. • .
That the breaches be aged by. not
more. tlian seven ; nor 'less than five'direc
tors, two• of them to be. appointed' by the
States in which the branches may be situa;
ted, if, such State be a stockholder, and
'the rest to be appointed by this - directors of
the Bank. • .
It is propodad - that the Bank be the 4561
- agent of the Government. That the pub
lic moneys be deposited'in it; and when
there, that they be,deemed and taken to be
in the Treasury, of the United States, and
.that.the deposites be not removed except
by law, and that the notes of said Bank be
aeceivable in paymenkfof publie'dues,ll6ll
that—payments—made—by-the-Treasurer-of
the United States may be by oltimiceion
said Bank...,
That the said Bank receive the Annie of
he .Vaited States ; 'that it Illinoinit 'them
from one part of the Union to another, and'
distiibute them for the payment of public
creditors, and perform the duty of pension
agent free of charge..
The ordinarfpowers and privileges of
banking ibatitutions' being conferred upon
it, and the ordinary liabilities and duties
imposed in order , to prevent over-banking,
ekeessive issues, fluctuations ih the price
of stocks and consequent speculations there
in, and4O secure the bill holders and other
creditors of the Bank from danger of loss,
if is .proposed. •
To limit the dividefids to six , per .cent.
per •annum, but if they fall short in ,any
ydar, the deficiency,, with interest thereon,
to be after Wards made good; and when a
surplus accumulates,exceeding two mil
lions, the excess to b passed to thS credit
of Ahe , Treasurer-of-the-United-StateEt.---
That the amount of - debts vihichit may
at' any time -Kiwi:, shall not' exCeed!twenty
millions over, and above its deposites.--
That the debts at, any time dne to the' Bank'
shall not-a - X . 6(A the airiount , o, its capital
-
and seventy-five per Cent thereon ; and
-that when the innount of balk in circulation
.ehall exceed , three thies the.ainount of spe
cie in its vaults, no new ibari shall be made.
That it shall not'deal any,thineexcept
coin, 'bullimr,•prtimiesory, notes, and, Wand'
bills of bxehange: • ' • • •
• •That tako no morn than--six .per
cent,up,onloann.: '
.
. That, it shall discount no . promissory
note, , and "purclMse no bill of exchange
which has more than one hundred and
eighty ':days to run, tir make, any loan for
a longer time.
That no debt shall . be rene wed,
That it shalLAo . 4At.any time loan the;
United States more than three millions of
dollars, nor any
. State more , than 100,000
dollars, nor. either for a longer time than
one year.
That it shall issue no note of a leis' de
nomination_than_ten_dollars.
That theofficers of the institution shall
not , be permitted to. borrovi Money from, or
contract any debt , therein, in any manner
whateirer; a note or bill of such
. 'officer,
is maker, drawer, endorser, or -acceptor,
is
-forbidden to be discounted. The direc
tors of the branches not to be considered
officers within. the meaning of this pro
vision,.
To prevent or expose any fraud or in
direction in the management of the institu
tion; to, prevent also, large and
. improper
loans to individuals, to 'the injury of the
Stockholders and the public; 'and ,to prevent,
likewise, false imputations when such •lir -
vegularitie6 do not exist, it is proposed that -
the books of the institution, including'the
accounts of all individuals therein, b,s MAL
times open to the inspection of .the Secre
tar of the Treasury of the United States;
To a commit ce o ei ler Houge - of - eongress;—
to each of the directors of. the Bank, and"
to a. committee• of the stockholders, with
power to, make public • whatsoevthey
think fit. •
It is proposed to provide that the Wench
es shall not issue notes or bills adapted to
and intended for circulation, but' may sell
draft's, not less irr arnount.than fifty dollars,
for the purpose of transmission and e.t
change. .
• That the Bank shall not suspend specie
payments-:-that it shall not pay out any
thing but coin or- bullion, or its own notes.- -
That'its existence as a corporation-continue
for twenty years; but`that it -- be*.allowed'
to - ,its corporate' !tarns, for -two 3Tars
-10ge3„,i0F4,ing.pp
Congress Auring-the- existence-of .the chat
_
. And providing, that it shall not 56 deeMed
an:_infringernent _o_oe :privileges__granted _
- by - the charter, if Congress shall order 'the.
said corpciration .to.place Vffices 'of discount
and - deposite IVherever =the-same =may •be
neeesiary_ for the collection, safe-keeping.:
and disbursement of-the public revenue.
ofiv_hich is resp.ectfully Subinitted.
-
T. EWING,
,
." Secretary of 'Tree:Bury.
THE SUGAWBEET.--
- The. Editor of the N. Y. AmeriCan, who
"dabbles a.little in farming," gives.the_te
suit of his ownexperithents in the culture
.of this root. We give • the result in his
own werds
. "A patch of
. three quarters of an ache
was tivice...,plougbed very deep, and very
richly manured with stable manure,' after
having been well limed (one hundred l bush-.
els to the acre the preceding year. The'
seed was planted by hand -in -drills, and
when the , plants-were up they were thinned
out by hand, so - as to leaVe them about a
foot and a half in the drill: The ground
ivas kept - tolerably - ftee - ' - of weeds till the
plants had obtained 'considerable groivth,.
after which they were not much attended
to. The beets were gathered during the
first week of October, and the produce was
600 bushels—weighing 14 tons 600. The
hogs., and cows eat them greedily, either
raw or boiled. The Value,• however, of
these vegetables for milch• cows is very
great. It improves both the quantity and :
quality of. the-milk, without 'imparting to
it any disagreeable flavor.
11.4" IR t. MOSS TtrR4. SSE S
or dou le and single tse s, fors e at die
store of •
June 2,1841.
• To Millos :
. CHEAP BOLTING CLOTHS.
The subscriber bas just received fine and com-,
plete assortment, of the very best quality, of
Anchor Bolling Cloths. • .
which will be warranted and sold cheap; purchas
ers will find it to their interest to call and examine
for themselves. .
WILLIAM LEONARD.
Carlisle; June 2, 1841.-Bw.
• ' N . • ' NOTICE. ••
Estate:of Jonathan Reese, dep'.d.
LETTERS 0}", ADMINISTRATION
on the esaz of Johathan Reese, late of the bor
ough of Mechanickburg t in the .county of Cumber
land, deceased, littork s tlitl day been issued by the .
-Register in and-for-said -countfito -the--subscriber i '--
who resides in the said borough of-Mechanicsburg.
All-41e, , rsons having or demands against/ the
ettate of the said deceased; are requested to make
kntiwn the same without.delay, and those, indebted,
o make payment to •
• . •
WILLIAM HINNEY.
• Adtu'r. of Jonathan Reese.
.6th May, 1841.-6 t. . '
Citrpetings & rillattiligs. .
liMported Ingritin Carpets, Hemp and Cotton !kat,:
also White nod Colored .11IattIngs, all widths, just`
reccivcd and for sale cheap, by • • .
CHAS. 001tIllr::
Juno 9,1541. , • • .- •
.. ...
13011iNgTS ,--, . ,
Justreceived at the New Store; . a large and splen7'
did assortrnentl of-' English Straw and Florence Bon-'
nets; offered for sale al low pricesly• , • .
:TOLD .8s ABRAMS."
Muth 91,1841.
Damask. Silk
florasOd this day from Philaiolphia,aloeof'46- .
glint silk shawls. Now style.
CH 11s. 0 . - •
Curlisle, June 1,1841.
-- WAINTED,.. ,
ThreeJourneynien—MitiWrights, 7
Ctinstant employment will be given to OM , titeadY
hands, at the millwrighting bustnessay,„... ~,,,,,,,
ear)isle June 2d, 1841.—C. '
IP'rjocp's Polish;
A superior crtiiie fdr cleatisinV liver &
IlraVe, also Bross ihd.Cercper arejust received
by the subscribers. •
HITHER ik t PoIMVANY.
May 10,
.
• jfientit r ilf 'BOAkeig ti •
Floretiee, Stkaw, told Itutlaadlllolo24ls,
a new supply, of the tieweslohape4tilit'rget 4 T 64 : l 14 1 .
for sale cheap , at - hit stoma , ' •,'
- ,
Julie 2i1.541. 0 '.• " .
CHAS. OGILBY