sil) . , ... .. .cf.,, .. .. , .. . t . . , t . ', . :- - ~- , ‘ ' . .. . 41 . , • i l t, i ' '-- t 4 ' s . . . ~. ..:' ROBERT 111.111DLET011.] 'RIBM 1116/0a1.613113)0 •'With sweetest Bowers enrichid, From various gardens mill'd with care." ?Olt TIM ONITTIUDIURCIN STAR AND BANNER. BED JACKET'S MUSING. By Mrs. Lydia Jane Peterson. ON to the west! Still to the west! • They urge the red-skin race. Which like a billow of the deep Can find no resting place. By mightier waves, and winds of heaven, With sullen murmur onward driven, Till, dashing on the echoing shore, broken, lost forevermore! So is the red wave rolling on Before the pale fac'd race ; With whom the breath of heaven seems blent, To sweep us from our place. Where once our chiefs, and warrior sires, Assembled round their council fires; in vaunted hall, with cushiou'd scat, In childish pomp debaters meet. Where once our fathers' voices rose Like thunders dread and deep; The pale face talks as if he fear'd To break an infant's sleep. Where once we chas'd the savage beast, Drest the wild deer, and held the feast; Or battled with a hostile band. The cities of their dwellings stand. Our fathers' hunting grounds arc now Green glades, and cullur'd fields; O'er which pale menials guide the plough, And reap abundant yields. They gather riches from the sod That drank our butchcr'd fathers' blood; And cat the yellow cars that fall Above their graves' My soul be still! Be still proud heart! 'Twere well to break With smother'd grief and ire; But hopeless, bootless, now, to wake The warrior's ardent fire. The white man came by stealth and wrong, But now his arm is great and strong; While we, who were so mighty then, Are now a few degraded men. They call'd us Brother! and besought A place with es to dwell; And, with the guise of friendship, bought The lands we chose to sell; Till firmly rooted by our side, They spread their branches far and wide; And strengthening on the land we gave, Began to dig for us a grave! With instruments of fearful sound, They piered us trunk nod limb; And blood streams from the ragged wound Made the red war-paint dim. And then in peace, with serpent wile, They stab'd us with a treacherous smile; Presenting the accursed bowl, Whose venoli'd contents kill the soul. And now - by river, cliff or bay, Along the Atlantic shore. The Red Man's track is wash'd away, His voice is heard no more. And we who dwell the lake beside, And o'er its silver waters glide, Are melting silently away, Like snow drift in the sun of May. And westward from their fathers graves Our brother tribes roll on ; Till soon from all his heritage The red man will be gone No moccasin will print the Where once ten thousand warriors trod; No wamprun'd bosom heave the sigh Where low in death his chieftains lie. Bat soon beyond the rocky hills, Beneath a stranger sky, The remnants of our mighty tribes Shall pine away and die. Who then that fills the Red man's place, Will mourn for his extinguished race? Oh! who will shed one generous tear Above the last poor Indian's bier? italsl Fil2Y2@aral(ol-2.40 FROM THE ISALTIMORE MONUMENT. E ./G E-. 4" PEIRCY: A LEGEND OF THE REVOLUTION. SY Mill. LYDIA JANE PLIRSON. [COICLIIDED PROM OEM LAST.] She watched him from her window as he walk= ell slowly away in the direction of a small duster trf buildings that still retained the name of the town. Her heart would not bo quiet, and the tears stood trembling in her blue eyes like dew in the bosom of the violet. "Oh, Dudley !" she cri sd,.nwhat change has come over thee I 83 cold, ao desponding, so unhappy now when restored to thy tome and love! Where is the ardor of thy mature? where thy trust in Omnipotence ?" and sgain she sought for consolation to Him of divine compassion. She then applied herself to her va rious tasks, and hour after hour passed on, and Carlton returned not. What could detain him I Dinner was ready and yet ho came not. She waited, and wondered, and wept. At length, as the afternoon advanced, he came, accompanied by a young Officer who had been his fellow soldier in the campaign and had returned with him. He was a man of much personal beau ty and the most insinuating and captivating man ners, and from whose tongue every argument came with double weight. He also possessed the art of accommodating his manners and sentiments to the dispositions or opinions of those whom he sought to please. In short he was a most sedu cing companion. Carlton introduced him to his wife es Col. Benton, an intimate friend, and she was happy to see returning cheerfulness in the gay smile and animated conversation of her hus band, who, during dinner, seemed like his former lett Benton spent the evening , with them, in course of which Carlton informed Ellen that he had obliged them by loaning him a sum sufficient to establish him in some business, by which ho could repair his losses and attain his former Inds pendence. She thanked Benton fervently ; for she felt herself not only obliged to him for pecunia ry aid, but for a richer blessing—the returning ease and cheerfulness of her husband, whose hap piness was dearer to het than any other earthly treasure. The time passed joyously till a late hour, when the Col, took leave with apparent re luctance. Front this' time be became a constant miter at Carlton's, who -; soon removed from the poor cot that had sheltered his family in their des olation, to a neat and comfortable house, which he furnished in a plain, but handsome manner, far more consistent with Ellin's ideas of propriety than the elegant style of their first fair home. And now she expected to be once more happy ; but when day slier day passed, and Carlton enter ed into no business, but continued to devote all his time to the society of Benton and a few other officers, her Gems returned. How hardly is the nneophisticated heart convinced of error in those it loves! How slow is the innocent and confi ding bosons to discern evil in others ! Ellen had *Pen and Wind many things before she suspected that Col. Benton was an infidel and a profligate. AT that her heart's idol was imbibing the poiscia of tails sophisms or catching the infection of his di:mi. rrthas. -But at length the trholo, truth burst upon her at once like a thunder bolt upon a green willow, shivering its verdure and rending its heart asunder. Carlton, with Benton, returned home late one evening so evidently under the influence of intox ication that she could be blind to it no longer.— She was inexpressibly agonized at the conviction, and.as they vented their bacchanal mirth and jest ed on the most sacred and awful subjects, she felt as if life itself was deserting her very soul. She proposed to retire, alleging indisposition. Carlton bade her go, swearing that his friend and himself wanted neither women nor preachers in their company. She went to her chamber, and beside the pillow of her child wept with broken supplica tion to heaven, while the thoughtless couple revel led on. Poor Carlton was indeed lost. He had entortit the labyrinth from whence so few ever es cape. The toil, the privation, the exposure, the sufferings of his soldier life had given him a relish for the strong liquors which he bad at first used as stimulants to his wearied nature and preven tives of disease. The poison fastened at once upon his brain, reason staggered, and Benton had gain ed an ascendency through which he instilled his deistical sophisms; for Carlton, though a profes sed christian, wan not an experimental one.— These are some of the evils scattered by the hand of the war demon; many a strong trunk, round which the tender vines are clinging, is levelled to the earth, and many, very many seared, withered, stripped of their foliage and beauty, and left to in volve the sweet dependent plants in their loath some decay. Ellen saw it all and resigned all hope of earthly happiness, only entreating support and assistance to boar her lot as became a Christian. Oh, how bitter was that hour ! To see herself at once the devoted victim of despair, poverty, dishonor and content! To see her idolized babe made to share all the bitterness of her cup, and instead of enter ing on the stage of action, supported by a father's fortune, honor, and interest, obliged to feel oven in his childhood, want and scorn ; and if ever he rose in the world to surmount the base prejudice which even in this land of equality, will still whis per ..Me son of a drunkard ;" and worst of all, to see the man whom she had so loved—on whom she had, in full confidence, built the citadel of all her hopes, lost to honor, to society, to her, and to his God. Bitter is her grief who lays a loved companion in the deep, dark grave ; but no grief can compare with hors whose husband plunges into the vortex of dissipation. He no longer lives to her or to himself; but walks the earth a moving pestilence—a living mourning to his friends, suf fering himself a continual death and hell, in the pangs of sickness, the reproaches of conscience, the pity of the philanthropic, and the scorn and reproaches of the hard-hearted and self-sufficient. Well may she exclaim with the lamenting proph et, "Is it nothing to you 1 all ye that paw by, be hold and see if there be any sorrow like unto my sorrow !" Surely the victim of intemperance is the very vampire of which superstition has dream ed—the wretched and vindictive creature, con demned for his sins to come from the grave and feed on the life of hie best beloved ones, until none who were once dear to him remain to furnish the revolting feast. Poor Carlton ! on the next morning bow hum bled, how wretched ho felt, while Ellen arose with a weight of grief upon her spirits which forbade her to wear hitr usual smile. They sat down si lently to breakfast. Carlton leaned his forehead upon his hand and sighed profoundly. His wife felt her heart choking her, and neither could eat. The poor babe looked for the wonted smile from ono to the other, and missing the fond caress, wept its first bitter tears. Carlton arose and took his hat. "Dudley !" said Ellen, hurriedly, "I wish you could content yourself to remain at home to-day ; I have projected some improvements in our garden and grounds which I wish to submit to your con sideration, and I have a new and very interesting book which I cannot half enjoy unless we read it together;—and then we shall have our favorite dish for dinner, and make amends for our light breakfast. We can pass the day very happily ; and when both weary, hero is our pretty plaything, Henry, to amuse us." "I understand you," said Carlton; "I could stay with pleasure, but I have a pre-engagement.— Good morning; :' and he walked into the street; but his heart smote him, his conscience upbraided him fearfully. What was ho doing thus to sacri fice all his treasure and happiness to a monster who would ultimately devour him. Ho turned and looked wistfully towards the house. Had he been but a novice in intemperance, Ellen's gen tleness might have won him ; but he had indulged in inebriety for months—his brain was effected, his vitals • were on fire, the unquenchable thirst was kindled. He sighed as he thought of the rgisery he was creating. A big tear fell on his hand. He dashed it away. "Fool !" said he, "catch the pleasures are they fade ;" and quicken ing his pace, was soon with Benton at the tavern. This day a young man fell into their company who refused to drink with thorn, alleging that, were it even a present gratification, it would be certain death here, and perhaps eternal misery hereafter. This remark caused a roar of merri ment, and Benton answered, "Well done, super stition ! so you say your creed with the rest of the fools 'I" oYes," ho replied, know that fools hold what ever creed is taught them, but thousands wiser than we youngsters, after examining all sides, weighing all arguments, and investigating history, art, and nature, have subscribed to this creed and lived respectfully by it, an honor to their race, and a blessing to the world, and died tranquilly and happily, rejoicing in their faith in God their Sa viour. Even if their creed was a delusion, it was a blessed one ; but, 0, gentlemen, if it be eternal truth-1f christianity is indeed a divine revelation!! Oh; think of it. It is a matter of dreadful im port:, • Benton hod been bred an infidel, and only laughed the louder, but Carlton felt the full weight of the all-important If. That evening he returned early and alone.— Ellen saw him approach with real pleasure, and met him with a smile, if not of joy, of heaitfelt satisfaction. The evening was passed almost cheerfully. Carlton inquired for her new book— it was produced, and some time devoted to it, and the child was caressed by the hither, who bad, by looking coldly on him, almost broken his mother's heart. Her fond hopes revived. How like the "I WISH NO OTHER HERALD, NO OTHER SPEAKER OP MITT° AOTIOIIB etatuelreparanallau, aq,ll anxious nurse of a consumptive patient i$ she who watches the progress of intemperance . upon a be loved husband or son. At times elevated by the most flattering hopes only to be made to feel more intensely the bitterness of despair. • Carlton did certainly meditate a reform, and that night. on his pillow, surrounded by darkness, he heard "If it be eternal truth" still sounding in his ears. He could nut sleep. He thought of death. Some invisible power scorned to say to him, audibly, "You must die!" He could not hear to hear it. Annihilation seemed almost as dreadful as eternal misery, and most fervently did he wish that ho had never doubted. But his faith in Christianity he could not win hack, and now • his only resource was to be firmly established in his new creed. He repented every argument in favor of deism, but all would not quiet his mind, or chase the phantoms attendant on the tremen dous if. Ho would have prayed, but he remem bered to have read in the blasphomed book, "He that cometh unto God must come believing that he is, and that he is a rewarder of all such as dili gently seek him." Ho, therefore, could not ap proach, end he felt that it was an evil and bitter thing, to have forsaken the Lord. Ho arose unrefreshed and gloomy, and as soon as he Could excuse himself, sought Benton in hopes that his subtle arguments might chase the gloom from his mind, and assure him that ho was indeed on a level with the beasts that perish.— Glorious ambition in a reasoning creature ! And what is reason 1 The treasure of the wise, and the idol of fools ! It is even so ; a treasure em ployed by the truly wise in the attainment of knowledge, religion and eternal life. An idol that fools "set up and bow down to, receiving item Deity, when, in reality, 'tis a poor perverted facul ty of which the poor beast partakes, and which he uses to a better purpose than his sceptical master. If, indeed, the superiority of reason were the only pre-Cminence of man above a beast, it would lie an unenviable possession. The reason of the brute is sufficient to enable him to perform all the func tions of life without retrospection, or anxiety for the future, while man is perplexing himself with vain speculations; looking, with useless regrets,on the irrecoverable past, and dwelling, with tortur ing anxiety, on a future which no forethought of his can direct or control, while death, inevitable death is ever present to his mind, embittering all his enjoyments. •Did not ration point to heaven and illumine the page of Divine Revelation,it would truly be a curse to its possessor, as it is no longer upright, but like a warped and contorted mirror, shadowing forth every thing erroneously, and for ever presenting images of past and future ill,with out presenting any right way of prevention or es-- cape. Poor Carlton! ho had sworn to follow no other light than that of reason,and his reason he was fast loosing in the whirl of intoxication. It was already ruined, darkened. depraved; yet it raised its voice against the 'course ho was pursuing, and he firmly resolved to drink to excess no more. - Benton, ever gay and amusing, soon discovered tho state of his mind, and levelled all the artillery of wit, ridicule, and merriment at the spirit that oppressed him. He shrunk, with a false shame, before the laughing eyes of the company. Alt, if ho could have seen their naked souls he would have discovered nothing to move 'his envy. Miserable, doubting, tormented creatures were they all; yet, deceived by their show of assurance, and taking their faith upon trust, ho banished his uneasiness, or drowned it in liquor; and that day he became so much intoxicated as to be unable to return to his house. Benton procured a carriage and con veyed him home. Ellen commanded her feelings, and when she had assisted to put her lost husband to bed, she desired Benton to sit flown and suffer her to remonstrate with him for a few minutes. "You, Mr. Benton," she continued, stare a wealthy old bachelor, and therefore at liberty to act as you please. Ido not wish to censure your conduct as far as it concerns only yourself; but look at my situation. I have no relative on this side the wide ocean, except that poor helpless child; and you well know that, for some time, we have been living upon the loan your generosity favored us with. You also know better dam I do, n what a deplorable manner my husband is spew ing his time. You must be conscious that he and his family aro on the brink of irretrievable ruin. Oh, think, if you had a family, would you thus devote them to misery, want, and scorn I Your influence over Carlton is groat. If you would ex ert it to restore him to himself and me, the bless ing of her who is ready to perish would be forever yours. Do, I beseech you, prove yourself truly his friend, by endeavoring to persuade him to go into some business, and forsake .this dissipated course, which you know must undo him forever." Denton seemed touched. 4 feel the truth of your appeal, madam," he replied, "and I cannot but grieve for you ; yet I fear Carlton is irreclaim able. I know that no earthly power could win me from my present course, and so I judge him by myself. I would advise you to bear with forti tude, and seek happiness in your own resources. 'Tis folly for a person to be dependent for happi ness upon the caprices of another. You aro a lady of respectability, and, come to the worst, can main tain yourself; therefore I advise you to give, your self no farther uneasiness about him. Good night." As he spoke she felt her heart rising with bitter emotions, and as he loft the house she burst into a passion of weeping, crying like a deserted child. She resolved, however, to make one more effort to expostulate with her husband freely, whether ho would hear nr not; and next morning, at break fast,.after an uncomfortable silence on both sides, she observed him press his hand on his forehead with a heavy sigh. “Dudley," she said, nI see that you are unhap py ; I see that I am superlatively so. We were not always thus. We wore once the happiest of the happy. We loved and ware beloved ; we were conscious of performing our duty, and blest with the approbation of each other, and of our own hearts. 0, Carlton ! could we have believed, two short years ago, that we could over have sat thus unhappily together I It was not in the power of any changing circumstances to render us thus.— What then has caused this change t 0, Dudley ! dear Dudley ! let your heart answer. Listen to its dictates—suffer the monitor within to plead, not only in behalf of me and this poor babe, but for yourself. Oh start from the abyss on the brink of which you stand, and into which your fall would dniz your wife and child. If your strength TO KEEP MINE HONOR PROK OORRIIPTION.",-.-.43HAXB. 111114 , a earPt.P2lXElD,lfilft is not sufficient, we know Him who is mighty to save, mid who will give good gifts unto all those that ask . .him." "Then, in that faith, Ellen," be replied, ""ask him o r pity and support; for you will soon have no I am lost irretrievably. Ellen! Ellen ! I have lost my faith in Christianity ! I cannot pray, to him whom I have denied I will revel on yet awhile, and then die. You may live respectably, and then exchange earth for heaven. Oh. Ido hope you may. lam undone—lost for ever I" "Dudley !" she cried, in an agony of broken sobs, "only forsake the company of Denton and his associates, remain at home, and all will yet he "No, no!" he answered, PT cannot stay at home ; I must mix with company to dissipatelhe horror that haunts me. Benton Is my friend.— We are living on his bounty. Ho values my company and wishes my welfare." t'Oh, say not so ! ho cannot desire your welfare, or ho would not seek to win you from the heaven of domestic love hero, and the heaven of divine love hereafter—to plunge you at once into the eternal hell of remorse and agony ! 0 be entreat ed to forsake his company !" She clung to his bosom and wet it with tears.— He supported her in his arms, and sho felt a few hot tears drop on her neck. She plead on—it was in vain ! Oh, horrid control of vice when once the soul has submitted to its sway ! That once noble and devoted husband turned from his sob bing,. heart-broken wife, and sought his dissolute companions. He forsook "The Fountain of Mercy" and the spring of e.onsolation,q.aud hewed out for himself cisterns, broken cisterns that could hold no water." His history is soon told—beast liness, poverty, contempt, cruelty, remorse, distrac tion and disease. Ellen Carlton found the power of religion suf ficient to sustain her under the anguish of her lot, and she supported herself and child comfortably by her skill in fancy and other needle-works. But she sometimes felt keenly the injustice of the world, which implicates a man's family in his guilt and disgrace. She could not always retain her meekness when she saw the uneducated and ungenteel loaded with honors because they were connected with wealth and honor, while she her self was utterly neglected because her husband had undone himself and her. Some looked on her with that degrading pity which it is so bard for the generous spirit to endure; others, if any one, struck by her gentle and polished manners, inquired her name, replied, carelessly, aO, 'ii., that drunken Carttan's wife" and she was no more thought of. Often did she feel the cruelty of society, which sees no farther into the charac ter than the texture of the dress or the contents of the pocket. The woman who is bereft of a kind husband by death, and of an affluent fortune by fire, or other calamity, finds sympathy and aid, while she who is more bitterly and utterly heresy . Arrshrs,,ounsi of inteniperanCe, rinds herself de. heglected, and forgotten. The artinkaid's suffering family are outcasts from society, however keen their sensibilities, however delicate their c ucation, !lowerver refined their intellect. They are classed with the low and despicable; must bear the tortures of a broken heart, the agonff.§ of a wounded spirit, the contempt of the cruel, and the bitterness of want unpitied and alone, while the remembrance of the past and bleak prospect of futurity, aed their pangs to every present sorrow. But Mrs. Carlton was not forsaken of Him in whom she trusted, and she found "strength accord ing to her day." Peace had been proclaimed. The independence of her country was achieved,, and although it had cost her all she held dear, she did most fervently thank God that the sacrifice had not been made in vain. She had received no intelligence from her parents since she saw them depart from America ; but now the white sails again swelled over the green waters, and she began to hope that her mother, if alive, would write to her. 0, how of ten had her thoughts reverted to that dearest friend, and how did she long to hear of her wel fare—to peruse the sincere traces of her deep and sweet affection. • These thoughts were working busily in her bosom as she watched the vessels sweeping landward, apparently between the wave and the sky, when her mother entered her apart ment ! There passed then a few indescribable moments ! Each clung to the bosom of her only and long absent friend, while images of all that had passed since they parted crowded on each heart, and came in broken sentences from their lips. Joy and sorrow, pain and pleasure were strangely mingled in their feelings, and it was long ore they were, in any degree, composed. At length Mrs. Peircy informed her daughter that Mr. Peircy had died about a year previous, and she had disposed of her property and come over in quest of her children. Deeply as she mourned the lost ones, she rejoiced to find one re maining, and to be able to make that ono wealthy. Ellen was restored to the rank in society which she so richly ornamented, and her boy received an education that set off to advantage the rudiments of knowledge and piety instilled by his mother in his childhood, and placed him amongst his fel lows. But ho never forgot the generous friend ship of some, though lowly their lot, or dm heart less pride of others, although they endeavored by numerous apologies and servile condescension to obtain the favor of those whom, in adversity, they had slighted Ellen enjoyed the mournful satisfaction of smoothing the death bed of her self-immolated but evoi , loved Carlton. Sweet fell his murmurs of penitence and returning affection upon her with ered heart, and his deep repentance and humble reliance on his once rejected Redeemer, and hope of acceptance with God through the mediation of the sinner's Friend, remained a solace to the heart of his mourners when they had watched by 'his death bed and wept over his grave. LIBERTY, PA., 1837. From the /Vankiin Repository. NAY—judge not harshly of. thy . Brother's mind, Though ignorance doth o'er it hold her sway: Though superstitution's dark'oing mist doth blind His spirit from the light of perfect day. That shincth on thy more exalted way— Despise him not, if to his feelings cling The rites wherewith his youth was taught to pray; Look not on him as some inferior thing, Sunk far beneath Truth's bright and cheering ray, Unworthy of his birth-right; he cau claim As deep an interest in that glorious stay As thou would'st yield the gifted—and the game Which burneth now , so dimly, yet may be; Thy bencen-star throughout eternity. B. a. asatta tivahlaDa - eD@ atatootalgao 2100atte2.8 From the President of the U. States to both Houses el - Congress, at their Sproul Session, held Sep tember 4, 1837. Fellow-Citizens of the Senate and House of Repreaentaves: The act of the 23..1 of June, 1836,regulating the deposites of the public money, and directing the employment of State, District, and Territorial banks for that purpose, made it the duty of the Secretary of the Treasury to discontinue the use of such of them as should at any time refuse to redeem their notes in specie,and to substitute oth or bunko, provided a sufficient number could be obtained to receive the public deposites upon the terms and conditions therein prescribed. The general and almost simultaneous suspension of specie payment:, by the banks in May last,rendor. ed the performance of this duly imperative,in res. pect to those which had been selected under the act, and made it, at the same time, impracticable to employ the requisite number of otherP,upon the prescribed conditions. The specific regulations established by Congress fur the deposits and safe keeping of the public moneys having thus unex pectedly become inoperative,l felt it to be my duty to afford you an early opportunity for the exercise of your supervisory powers over the subject. 1 was also led to apprehend that the suspension of specie payments, increasing the embarrass ments before existing in the pecuniary affairs of the conntry,would so fur diminish the public rev come that the nem uing receipts into the Treasury would not,with the reserved five millions,be Both. ciorit to defray , the unavoidable expenses of the Government until the usual period for the meet ing oftiongrege; whilst the authority to call upon the States for a portion of the sums deposited with them was too restricted to enable the department to realize a sufficient amount from that source.— These apprehensions have been justified by sub. sequent results, which render it certain that this deficiency will occur, if additional means ballot provided by Congress. The difficulties experienced by the mercantile interest in meeting their engagements, Induced them to apply to me, previously to the actual sus. pension of specie ,payments, for indUlgence upon their bonds for duties; and all the relief authorized by law was promptly and cheerfully granted.— The dependance of the Treasury upon the avails of these bonds, to enable it to make the deposites with the States required by law, led me,in the out set, to limit this indulgence to the Ist of Septem bon but it has since been extended to the Ist of October, that the matter might be submitted to your further direction. Questions were also expected to arise,in the re ctal:4in respect to the October instalment of those deposites,requiring the interposition of:Congress. A provision of another act, passed about the same eime,and intended to secure a faithful corn Ounce with the obligation of the United States to satisfy all demands upon them, in specie or its equivalent, prohibited the offer of any bank note not convertible on the spot into gold or silver, at the will of the holder; and the ability of the Gov. ernment, with millions on deposite,to meet its en gagements in the manner thus required by law, was rendered very doubtful by the event to which I have referred. Sensible that adequate provisions for these un expected exigencies could only be made by Con- R erun convinced that some of their would ha in dispensably necessary to the public . service,before the regular period of your meeting; and desirous also, to enable you to exercise, at the earliest mu. mont,your lull constitutional powers for the relief of the country, I . oould not, with prorriely, avoid eubjebting you to the ill/ COll ven ion GI) ofassembling at as early a day as the state of the popular, ;op. resentatton would.permit. lam sure that I have done but justice to your feelings, in believing that this inconvenience will be cheerfully encounteted, in the hope of rendering your meeting conducive to the good of the country. During the earlier stages of the revulsion throe which we have just passed, much acrimonious discussion arose, and great diversity of opinion existed, as to its real causes. This was not sur prising. The opordtions of credit are so diversi fied, and the influences which affect them so tin. morous, & often so subtle, that even impartial & well informed persons areseldom found toagree in respect to them To Inherent difficulties were also added other tendencies, which were by no means favorable to the discovery of truth. It was hardly to be expected, that those who disap. proved the policy of the Government in relation to the currency, would in the excited meteor pub lic feeling produced .by the occasion, fail to at tribute to that policy any extensive embarrass. mont in the monetary affairs of the country. The matter thus became connected with the passions and confficts of pal ty; opinions wore more or less affected by political considerations; and differ ences were prolonged which might otherwise have boon determined by an appeal to facts, by the exercise of reason, or by mutual concessions. It is, however, a cheering reflection, that clrcum. stances of this nature cannot cannot prevent a community so intelligent as ours from ultimately arriving at correct conclusions. Encouraged by tho firm belief uf this truth, I proceed to state my . views, so far as may be necessary to aplear un derstanding of the remedies I feel it my duty to p ropose, and of the reasons by which I have been led to recommend them. Tho history of trade in the United Stated for he last three or four years, affords the most con• vincing evidence that our present condition is chiefly to be attributed to over action in all the departments of business; an over action deriving, perhaps s its first impulses from antecedent causes, but stimulated to its destructive consequences by excessive issues of bank paper, - and by other fa cilities for the acquisition and enlargement of credit. At the commencement of the year 1834. the banking capital of the U. States, including that of tho napunal bank then existing, amounted to about 8200,000,000; the bank notes then in cir culation to about $95,000,000. and the loans and discounts•ot the banks to $324,000,000. Between that time and the 6rstfofJanuary,lB36,being the latest period to which accurate accounts have been received, our banking capital was increased to more than $251,000,000; our piper circulation to more than $140,000,000, and the loans and diet. counts to more than $457,000,000. To this vast increase aro to be added the many millions of credit, acquired by mans of foreign loans,contrac. ted by the states and state maitutions, and, above all, by the lavish accommodations extended by foreign dealers to our merchants. The consequences of this redundancy of credit, and of the spirit of reckless apeculation engender. ed by it, were a foreign debt contracted by our citizens, estimated in March last at more than $30,000,00 0 ; the' extension to traders in the trite-' rior of our country of credits fur Fktpplies greatly beyond the wants of the people; the investment of 839,500,000 in unproductive public lands,in tho years 1835 and 1836,whilst in the preceding year the sales amounted to only 000.000; the efea.l tion of debts, to an almost countless amount, for real estate in existing or anticipated cities and villages, equally unproductive, and at prices now seen to have been greatly disproportionate to their real value; the expenditure of immense sums in improvements which, in many cases, have been found to be ruinously improvident; the diversion to other pursuits of much of the labor that should have listen applied to agriculture, thereby contd. buting to the expenditure of large cams in the importation of grain from Europe—an exiiendi ture which *Mounting in . 1834 to shout tiM•000 UVOLe..'Bo,4lloi t , ••7 . , • o ~•1, .....);.$ was, in. the fi rst two galactose_ __cif this ~ • ;t . increased to more than 112,0011,0001114 1 ,i i . t;•4,- , without enumerating other . htitaintie'rein I. :,..., ; rapid growth among ell classes, andd • ... ' i.; .:; • our crest Cdfnmercial towns. of luxuriolkia7.; ;1• '4-' founded too otten be fancied weallb,ann dein' ,''. • •.',- tal alike to the industrY; gie - tesiciordei;, f ' i , 1 1 .5, , " morals of our people. ,' , .' .• *7- - .g•N't •.."..,, n It was so impossible that sillik a itittli'ef li i ii could long continne,that the p - frect,iirt, • 4...,q was present to the minds of ixentitieretiVT::: fore it actuelly came. Mino t hoarsest!, kimitsii. reedy anticipated its severity. A etmOisMailiC :f:: . circumstances inadequate of th nntens - eintailiiit ifi'''" ;j• innur d duce such wide spread end cala '7•:,-.=• meets, tended so greatly to aggravate thalkbliftli;f 4 ., they cannot be . overlooked in corisiderlig,ithelcV•l history. Among these may.be -ntintliatetn: failo7. most prominent...he great kiss ofealtitatistiettlite -;,, by our commercial empotium .in 311 , 11101 Or Po6!tii - ,': 1835—a loss, the effucts of which • were undht it.'.. led at the lime, because postponed fora sintsion.ll# - ;' , ,f,',' the great facilities of credit then exigible .tIinALW , . - „' turbing effects, in our commercial Ifids";.,c transfers of the public moneys tatinkeid ,by.` he , :' , 3,' deposit° law of June, - 1836; and therneastri/ea:::a:: dopted by the foreign creditors of our merchants - '-' to reduce their debts, and to withdtaw.frettiltbff:'' -. U. States a large portion of our specie. ' ' '''.:.;;-. • ' However unwilling any of our tiltheinis ntay.:, ~ heretofore have been le assign to these eadieillitC, -, chief instrumentality in preducing the priteetil: - , state of things, the developments substeqoanny made, and the actual condition of, other nommer. Mal countries, must, as it seems to me,74lititad ail; ! ' . .. remaining doubts upon the subject:: It has 0644 •i.' . appeared that evils, similar to those suffered by ~., • ourselvos,have been expetiencsdinGreat Britabitil:: 7 on the conunentand. indeed i throtightnit the coin= s :;;• .. marmot world: and that in other'countriesote tablE - .', as in our own, they hive been uniforinly preceded':' •,,, by an undue enlargement of the boundaried* trade, prompted, as with us, by unprecederiteo l lS;' , .' pensions of the sistems of credit.. A , rofitionostl*,...~' the - amount of banking capiti.l.- and tbe iisiiiitalif. •",‘7. - paper credits put, in circulation in Oreat,"Britailii:, ' by banks, and in other ways, during the years' ~...., 1834, 1835 and 1836 ( will show an augmentutiort ~.•'; of the paper currency there, as much disprepor s „ ~ tioned to the real wants of trade as in the U.Bteloinr-.-.: With this redundancy of the paper curieney;lliere . 4 . -, - arose in that country altos spirit of adventurous sitics....:?. ~ ulation, embracing the whole range of human eater..., 1- prise. Aid WWI profusely gives:fie projected impro v e.;;:. ' meets; large investments were made in 'Waist 'NAO . and loans; credits for goods were granted with rui. -.• . bounded liberality to merchants in foreign! stonoteleal and all the means of acquiring and employ's:lr eastillit `...•,, were pot in active operation, and extended their; .-, effects to every department of bovines.; and tnete*.. .... quarter of the globe. The reaction was ItMWI.. Wilt in its violent:o. to, the extraordinary diameter of ',* so, .., events whichloicle , l it; The eontuiremia/ etennut, ~_.• . city of Great Brintin.were subjected 49, thet:llreaffir ' • ''' difficulties,and their debtors itk this country ettranot only soddenly deprived of accustomed and.expeetint ' .', . credits, but called upon for payments.whlsh b irithatts' teal posture of things here,coold only Wrestle ihnoighq . ~-, •, &general pressure,and at the:Most rulootd(*sactirifiese.',„.. - In view of these facts,it would seem iniptissitilefor, ° • - sincere inquirers after truth to resist the toircietian,..7.'-`, that the causes of the revulsion in both qopqritir haire,7. , ;:. been substantially the same Two noitioas; , thit'to6lor. , ; J. commercial in 'the word, enjoying but. recile ll l.,thor , .' : the highest degree of apparent prosperity, aodwiehiC.. taining with each other the closest relations*wae& -- denly, in a time of profound peace, mid 'withosa; mat national disaster. arrested in their careerslesity.,.. plunged into a state of embarrassment and distresa,..4 . ~. In both countries we have witnessed,thesameieshia: .; . daey of pspermoneyand other halides of crodlybe • y . same spirit of speedationt, the same Partial" — wiesteosi i .'-. : the same diffienklea and revt*wes; inutatierilfttOtit ii ,. - - 7, - . ly the Atatite oveirwhettning catastrophe. Theme* . ; material difference between the results in the two countries has only been, that.' willies there hit trios .- occurred an extensive derangentement to the theill'Afj fairs of the Federal and Cate Govertunents.aoessiesi. '.• • ed by the suspension of specie payment.bytheliankso...: • ' The history oft hese causes and tffects,in Greet Ifrb. - • ~, tale and the U. States, is substantially thehirtef. the revulsion in all other commercial eounifiee. itt presen t & visible effects of these circurnstances on nisi ' . . ' operations of the Government& on the industry ofthe • : people, point oat the objects which call for your litt; , '.;„•,- mediate attention. ' ... . • , '..- . • -;• -..'. They are—to regulate by law the safe kiijklnie r , , :', transfer and disbursement of the public isorieyisj, :15 ; designate the fends to be received and Paid byjits: Government; to enable the Treasury to meerprompe,..,,, lye Very demand upon it; to'prescriWthe-ternas be' . indulgence,and the mode of settlement to be addiotild: , as well in collecting from individuals the reventeletbat has acerued,as in withdrawing it item forawe tories,ard to devise and adopt such' further mebuiree; • within the constitutional competency of Vongreally;alr will be best calculated to revive the enterptieeitinflet.,2,. ; promote the prosperity of the country..ror the doper. A'l. , ; ne,transfer & disbursement of the revenue. Kationnll &State banks have always,withtemPorary & exceptions,beun heretofore employed: but,thoughad.„. , vocates of each system are.still to be found, it , ill parent that the events of, the last few, nxenha hare;':.' . greatly augmented the desire, long existing mums':. the people of the U. Statee,to separate the &saliva. - rations of the Government from. thole,si or corporations. Again to create a National Thisll,4 a fiscal agent,would be to disregard the popular wit?. twice solemnly and unequivocally expressed. Ostia° question of domestic policy is there stronger evidence:. that the sentiments of abuse majority are deliberate.- ly fixed; and I cannot concur with those whaAbitilr. they see,in recent events, • proof that - these Hatt: meats are,or a reason that they should be. shallot.; Events similar in their , origin and char. acter have heretofore frequently occur, , . without producing any such change; atid the. _ . lessons of experience must be forgotten' tf, we suppose that the preeent overtkrovii . iftf' credit would have been prevented by the ex• istence of a national bank. Proneness to excessive issues hwi ever been the vice :of : the banking system—a vice as promickept iA national as in State institutions. Tb:s pro ! pensity is as subservient to the advancement of private interests in the one as er; and those who direct them both, beinij principally guided by the same , views nti • influenced by the same motives, wil l be equally ready to stimulate - extravagance of enterprise, by improvidence of credit. . `- Bow strikingly is the conclusion sustained by es• , perionce l The Bank of theNnited States, with the vast powers conferred on Congress, did not, or could not, pievent for mer and similar embarrassments; por hits the still greater strength , it bay been said to possess under its present charter enabled it. in the existing emergency, to ebeCk other institutions, or even to bare itself. in Greet Britain, where, it has been seen, the ears . -causes have been attended with the ion* effects, a national bank, pusasstng powers,far greater than are asked for by the weitp". est advocates of such an itunitistiott hem, has also proved unable to Prelim* dd 0040 expansion of credit;and the evils that" from it. . • - • J . : Nor can 1 4ntl any telitt*grehlid (Otto re•eotablieliment of a natiorladisulk film - . derangement alleged at - irlitiiit s te i the demeatic exchanges of the • •t - • • • 4 in the facilities it maybe eepttliole • • ingthem..-Althoughtelvantsmak i r . were antitOuxt when the filet United States was ontamil,,l* . ity . ; garded as an • one which this Peden' r - 14 bound. or could be cal lid op= ill
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