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New seniks. No. 8—Vol. IV.] BALTIMORE, APRIL 17, 1819. [No. 8–Vol. XVI. Whole No. 398
The PAST-The Piles ENT—FOR THE FUTURE.
PRINTED AND PUBLISHED BY H. NILES, AT $5 PER ANNUM, PAYABLE IN ADVANCE,
SuppleMENT to Vol. xv.–If any gentleman who, made by national or private ships; and the latter may either by a general or special order, expects this sometimes, constitute the strongest part of the nati
supplement, should not receive it in the course of the mails of next week, he will oblige the editor by informing him of the fact. To pro serve the debates on the bank question, and on the proposition to forbid the introduction of slaves into the intended state of Missouri, and record many other articles indispensable to that fulness of the history of things for which we wish the RegisTen characterised, the editor has already resolved to publish a supplement for the present vo: lume—which shall be so managed as to be finished at the time that the volume is closed. This resolu...tion has been taken with unfeigned reluctance; we arc not fond publishing these large suppleurents, ‘the trouble of them is not compensated by the profit—but, we can't help it. We invite attention to the article headed “National Interests.” We have rarely seen any thing in which correct principles were better driven home. The subject too, is beginning to come home to every man's feelings. “Sovereignty of the States,” No. 3, next week.
War has been defined to be the “unprofitable contest of nations, trying to do each other most harm;” and is considered prosperous by one party as the greater harm is inflicted upon the other. We are of those who most sincerely wish that mankind would agree to mako justice, instead of force, the umpire in disputed cases. But this is not to be hoped for in the present disposition of the human heart, nor will the state of society admit of it.' Hence, we do not regard all wars as unnecessary or unjust. Sovereigns will not acknowledge any governing principle but power; it is on this principle that monarchies exist, it is only by it that a people can recover possession of their natural rights. Under these views of the subject, we have thought it just that the inhabitants of South America should make war upon Spain, and have most truly wished them success; feeling also willing that they might derive every aid from the United States which was compatible with our own local laws, and those which are pre
scribed for the government of civilized nations. The capture of private property on the sea, either by public or private armed vessels, is held to be a kegitimate mode of warfare, and is practised by all maritime nations at war. The cffect produced on either party is the same, whether such captures are
onal force, as directed to the purpose of distressing an enemy. We have therefore been pleased to hear of the capture of Spanish vessels by other vessels under the flag of Venezuela, Buenos Ayres, Chili or New Granada, that Spain may be compelled to acknowledge the independence of the people of those countries. But these flags are now so much abused, as in many cases to cover acts of sheer piracy, and especially that said to be the flag of Mrāgas, that our wishes in respect to them have suffered a material change, and we are almostled to desire that the whole of them, as attached to private armed vessels, were swept from the sea. We can hardly take up a newspaper without seeing an account of some outrage committed under one of those flags, upon the property and persons of citizens of the United States—some attempt to smuggle the plunder into our country;-whilst mutiny and murder makes up the horrid catalogue of offences. The actors in such things are too often our own fellow citizens, and the vessels in which they sail may have been fitted out and owned in our own ports, in defiance of the law of the land. The depreciation of character caused by those things, is lamentable. No man becomes suddenly vile–the heart grows callous to virtuous sensibilities as it is familiarized to scenes of iniquity. It is step by step, that we arrive at good or evil, the mind is chastened as it receives light, and hardened as it indulges itself with thoughts of crime. In the begin. ning of the contest between Spain and her late colenies, especially those of Venezuela and Buenos Ayres, we thought it easily possible that many person, might have sailed under the flags of those states, par. tially induced by their love of liberiy, as well as for the hope of gain, and their acts could not be wholly regarded by those of mere plunderers, the quo ano. mo giving a character of their proceedings. But when to get money is a man's sole purpose, whether on the land or at sea, or in a public or private station he gradually retires from the rules of right whics he had prescribed for his own government; and, sti. mulated by good luck or exasperated by disappoint. mant, he casts down every barrier between himself and his object, and is restrained only by the fear of detection and punishment.’ The fidelity and good dispositions of our seamen have suffered materially from privateering under the patriot flags. Hitherto, we seldom, if ever, heard of a mutiny on board of an American vessel (and they were very rare,) without being able i:; to trace it to some one who had received his education, on board a British man of war; and if murder was ad. ded to mutiny, it was almost a certainty that the ringleader was a foreigner. But now we hear of both, and are awfully led to believe that some of our own countrymen are the chief actors; and so it is that the owner of a valuable merchant vessel will not ship any seaman who has been engaged in such, privateering, if he knows the fact, and can provide himself with others The poor seamen, too, are wretchedly defrauded of their hard earned short o," the plunder, and sometimes turned ashore from o long cruise, which was apparently successful, to tally destitute, with a prize ticket, perhaps, who, generally produceslittle or nothing to them. These ore serious matters. Our gallant seamen constitute a large portion of the national defence, and honor is strength. Never may they be disposessed of that high souled feeling and ardent patriotism which distinguished them in the late war, by plundering on the one hand, and the custom of insulting the flag of their country and of abusing their countrymenon the other, Never may the hand that strikes in behalf of the United States be the hand of a slave-a machine, without sentiment, impelled only by the direction of a superior. There is nobeing so deba: edis the man who fights simply for his pay. ..It was for this that the Swiss were degraded in the eyes of the world, for they hired themselves out for soldiers to neighboring despots. Whenever this is the case generally in any country, the impressment of seameo and conscription of soldiers naturally fol. lows: we have not yet said any thing about the loss of reputation which is sustained to the United states, by such conduct. If privateering goes on much further, and continues to progress in atrocity as it has done for the past year,” we must expect.” considerable reduction of the high estimation in which we are held by the enlightened world, for our liberality and love of justice. Still, the fact is it is difficult wholly to restrain those things, and six a line beyond which our people shall not pass. They eertainly, have a right to enter the patriot service, or lend their money to the cause of liberty in South America; but then, they should do. it under direct and indisputable authority from the independent go; vernments, and consider themselves as alienated from their o, n, and the fitting-out of vessels in our ports, for either party, except for bona fide sales to the citizens or subjects thereof, should not be countenanced any longer. The government has endea: vored to prevent this—but public opinion must come in to aid the government to give efficiency to the laws, or the laws will continue to be evaded. It ought to be added—that the independent, governments by no means sanction the piracies which we reprehend; and perhaps, since privateering began, no vessels nave been managed with more propriety than such as have been regularly commissioned, at Buenos Ayres, and most places in Venezuela.
* Circumstances similar to the following, frequently occur—“The patriot brig La Irresistible :as risen upon by her crew, assisted by those of the brig Criole, in the port of Margueretta; taking advantage of the absence of the officers, they got her under way, appointed officers among themselves, and went out to cruise on their own account. By a proclamation of gen. Arismendi, outlawing the irresistible and her crew, it subsequently appears, that though the crew of the privateer, La criole, joined in the mutiny and chiefly went off in the irresistible, that the vessel was saved from them.]
or a cent's worth of gold or silver to each individual. Now calculate— 1st. Loss in transportation, by sea, from port to port. 2d. Loss by abrading. 3d. The consumption in gold and silver leaf for furniture. 4th. The consumption in plating. & 5th. The conversion into watches, spoons, plate, &C. After this estimate how much will remain for a circulating medium?” Now—what of all this? In this specie-paying land, and with three or four specie-paying banks within one minute's walk of me, it often happens that my whole family, and perhaps, too, all the persons employed in my office, more than twenty in the whole, may not have one cent's worth of gold or silver coin, though the value of many dollars, in good paper, might be found amongst us. Still, it is the certainty that this paper may be converted into money at pleasure, which gives it a superior value to its weight in such old rags as it is made of for we do not want gold and silver, at present, except for the purposes of change. If “Homo” doubts this, he may overhaul my desk, where he will find several pieces of paper beautifully marked for five dollars, which I will sell to him at 50, 70,90 or even 99 per cent. discount— five dollars for the “five penny piece” he speaks of. The real value of gold or silver is less than that of iron; but all the civilized nations, with some that are rude and nearly uncultivated, have accepted these metals as standards of value, because of their scarcicity, for they have not any intrinsic value in themselves. And, notwithstanding this generally ascribed value, the worth of the precious metals fluctuates considerably, less however than almost any thing else except the worth of labor, as applied to produce something desirable; and this too, is affected by various circumstances and contingencies, though the original and most permanent standard of value, and still in use by a large majority of the population of the earth. Polished nations, finding the earchange of labor inconvenient, have fixed upon gold and silver as the best substitute to regulate commerce between man and man; and, on these metals for a foundation, others have issued bank notes and stocks, and various other kinds of paper money, all which are very useful when wholesomely restrained: but this can be done only by securing its redemptionin gold and silver, the common test of value, on demand, or at such periods, and in such manner as may be voluntarily agreed upon between the parties. The time has been that two guineas in gold would buy three one pound notes of the great bank of England, and 75 dollars in silver purchase 100 in treasury notes of the United States, bearing interest at 6 percent. though the dollars in silver, lying idle, would not produce any interestat all. Why was this?—because faith was given to one as the most steady representative of value, whereas that of the others was local, and might be annihilated by untoward events in the countries which they belonged to. Except a few destructive merchants and traders to China and the East Indies, &c. whose business ought to be annihilated, there are few persons in the United States that want much specie—but every man sees it is the only thing that can balance, or controul issues of paper. We have had melancholy proof of this, at the sacrifice of millions on millions of dollars, by the industrious poor, to pamper the pride and glut the inordinate appetites of speculating scoundrels. I use these words deliberately:
notwithstanding all the shavings, quirkings, twistings
and frauds which the people are generally acquaint. ed witb, I feel authorized to say, that the history of modern banking, particularly in the middle and western sections of the United States, is as yet but very imperfectly known. The imagination of an honest man can hardly conceive the stupendous villainies that have been contrived, and which must, and will, forever exist in every country where paper can be forced upon the people in lieu of money. What is here said will be severely recollected in a year or two, if the present wholesome purgation of the system is suffered to go on unimpeded; and some exposures will probably be made that will half frighton many people out of their wits. If the writer here: of could tell what he knows, there is no one would say that this picture is too highly colored; private honor and his pledge as a gentleman, yet forbidsand may forever conceal, several things which, if they had been received without that pledge, would have been published. Expediency too, the vile doctrine of expediency, may have some effect in certain cases—and a question might arise, whether in our present state we are able to bear the truth? It is reformation that we have always aimed at-a retirement from the waste and extravagance of the paper age, to the economy and simplicity of honest times.
But to return a moment to “Homo.” His division of the 64 millions of dollars, coined at the .Mearican mint, is so far fetched as almost to prevoke ridicule. He would teach us that this is the whole amount of the value of the precious metals raised in the world for the period stated, and intimates that each person on the globe should hove a part of it!—He knows better than to believe that any one can receive such ideas. Three fourths of the population of the world know nothing of the Mexican coinage, or of the produce of its mines new modelled, except as a solitary matter of ornament, if they have ever seen or heard of it at all; and three fourths, perhaps, of the remaining fourth have little, if any thing at all to do with it: and with the few who use it, it is a simple thing of traffic, passing through a thousand hands, performing a thousand offices, and fixing the value upon a thousand things in the course of a year, And herein is its essentialu • , and the exercise of an indispensable quality to keep speculation in check and protect honest men from oppression.
q-POne year's practice of the principles set forth in the address of the Philadelphia society for the promotion of home industry, is worth more than all the schemes about money-making, from the time of Law's Mississippi fraud to the founding of the Owl Creek bank.
Banking Scraps. Bank of the U. S. - A short time ago the following silly article appeared in a Raleigh, N.C. paper, as a communication: o “go United States bank.—The stock of this bank is again looking up; having passed the ordeal, ho fears are now felt for its future prosperity –$5125 per share, was offered in this city, for 50 shares a few days past, and refused sales.” We had hoped that the day of such things had gone by. At the verytime that this puff was published at Raleigh, the price of the stock was quoted (and every body knows what a stock-broker's quotation is!) at about 112. No sales were mentioned as hav. ing taken place, at any price; and now, the nominal value of this stock in the United States is only 104 or 105; in London at 20 to 211–388 80 to 93 24! We do not wish to say any thing more on this particular subject—it is agreed upon by all best in
formed men,that neither this bank,nor any one out of ten others paying their debts with money, can safely and honestly divide more than six per cent. per annum, for a long time to come, unless there is some great change in the commercial relations of the world. Any thing, therefore, like the preceding communication, ought to be severely reprehended. as if intended wilfully to deceive the public. Col. R. J.M. Johnson would not vote on the bank questions before congress, because as the assignee of James Prentice, for the benefit of col. James Johnson (his brother) a large amount of the stock stood in his name. Further, a Kentucky paper says—that “if the situation of Mr. Speaker Clay and col. R. JM. Johnson, of this state, had allowed them to vote, their unqualified disapprobation would have been given to a repeal of the bank char. ter.” Semi-reciprocity. The British papers complain that many of the forged bank of England notes come from France. This may be apartial attempt to return the compliment of the British government, which officially caused the late paper currency of France to be forged, and sent off by waggon loads. The probability, however, is, that the forgers of English notes at Paris, are Englishmen.
From the first steps—The legislature of Georgia in its last session, but by a small majority and after a warm opposition, wisely resolved to establish a new bank at a flourishing town called Darien. We see in the “Ilarien Gazette,”avery respectable newspaper, that the subscriptions for this stock were lately made, and that some swindling, “business of sharp. ers,” or, as we politely call it, speculation, took place at the beginning.—But, indeed, how can we expect any thing else in building up a new bank, in times like these? We will give a reward in a piece of paper marked 5 or 10 dollars, on either of the following banks, to any person who will seriously assure us, that any new bank has been established in the United States within the last five years, free of . speculation: to wit–
Of the Merchants bank of Alexandria—of the German bank of Wooster, and two or three others in Ohio; of the Parkersburg and Saline banks, of Virginia; of several in Pennsylvania; of the bank of Somersett, or the Elkton bank, of Maryland; or, the privilege of selection from a large heap of trash which we unfortunately have on hand, consisting of counterfeit bank notes and bank notes counterfeit. ed. ~ .
A bill to incorporate the Exchange Bank at New York, was rejected in the senate of that state by the overwhelming majority of 12 votes. Good.
- The Hoo Hoo Bank.-The Owl Creek Bank has given public notice, that, in order to counteract the injurious tendency of the United States branch banks in that state, it has thought proper to follow the exam. ple of the other state banks, and has therefore stopped payment of specie, and will probably “stay stop. ped,” as the expression is, for some time. So says an Ohio paper. The Western Herald, a newspaper printed at Steubenville, the intelligence and zeal of whose editor we have several times commended and always had reason to respect, is headed thus—“The United States' bank—every thing! The sovereignty of the states—nothing. At the close of some nervous remarks, he says “Our opinion is, that if the U.S. bank is permitten
to tar us without our consent—to locate branches among us without our consent—and said branches to be free from taxation for state purposes--we had better, instead of calling a convention to amend our 'constitution, call a convention to offer it up, unconditionally, to the general goverument, and return to the territorial grade.”
.7s it should be. The legislature of Pennsylvania has passed an act annulling the charter of any bank (exécot for the purpose of immediately closing the concerns of the institution) that shall refuse to pay its notes in the legal coin of the United States. The process to be by proclamation of the governor, ex: cept in the case of brokers or others in the habit of buying the notes of such bank at a price below their nominal value: and if after such proclamation any bank shall issue, its own notes, grant any new loan or declare a dividend of profits, every person consenting thereto shall be liable each in his individual capacity. There is also a provision for the recovery of interest on a note not paid, on demand, by any person, after the fist of August next.
We are thus happily retiring from the madness of paper-money-making—and trust, that in areasonable time, we shall get back to a wholesome curren
The legislature of Pennsylvania has passed a resolution to amend the constitution of the United States, so as to forbid the establishment of a bank by congress, except in the district of Columbia.
Iretiring banks. Far be it from us to believe that a majority of the persons who latterly engaged in the making of banks are dishonest—though we must believe, that, as a general rule, the chief promoters of them were—speculators. the honesty which we hoped existed, in the resolutions of the stockholders of several banks to close the concerns of their institutions and dissolve their associations. - Bank of Wilmington and Brandywine. . A numerous meeting of the stockholders of the above bank, was held at Wilmington, Del. on the 5th inst. and a committee of six stockholders appointed, in conjunction with the board of directors, to examine the affairs of the institution, and to report to an adjourned meeting on the 10th May next, “whether it will be most consistent with the public good and the interest of the stockholders to close the affairs of the bank, or to take measures for restoring its credit.” WESTERN BANKS. A Cincinnati paper of the 23d ult, gives us the following, as an arrangement of the treasury of the United States, to relieve the pressure upon certain Iocal banks, and thereby, also secure the collection of monies due the United States, for lands sold, &c. It is considered as very beneficial to the people of Ohio. Conditions on which the secretary of the treasury is willing to employ the Farmers’ and . Mechanics' bank at Cincinnati, as a depository of public monies. 1. The bank will receive from the receivers of public monies, and others having monies to pay on Account of treasury of the United States, the notes of the banks, a list of which has been deposited in the office of the secretary of the treasury by the cashier of that bank, and credit the same to the treasurer of the United States as cash. The bank may, however, discontinue the notes of any of the said banks wheuever it may decin it necessary; but in
We see evidences of
such case, it shall give immediate notice thereof t
New bank in Wheeling.
No note will be received under five dollars... . - the fist will be extended to several other Ohio banks, so soon as the necessary arrangements can be made—and probably to some of those of the distict of Columbia.
Jackson—Clinton and Scott. The following are the indignant terms in which gov: Clinton repels the insinuation of gen. Scott, that he was the author of the anonymous letter to gen, Jackson:
To the public. Gen. Scott, of the army of the U. States, having, in a letter of the 2d Jan. 1818, to gen. Jackson, insinuated that I had written, dictated or instigated an anonymous letter to the latter gen: tleman, from unworthy motives, and for improper purposes; and having also concealed this imputation from me, until the publication of a pamphlet which reached me on the 4th instant, I have considered it proper to declare, that I have had no agency or par. ticipation in writing, dictating or instigating any anonymous letter whatever to general Jackson— that i am entirely ignorant of the author--and that the intimation of general Scott is totally and unqualifiedly false, to all intents, and in all respects. This declaration is made from motives of respect for public opinion, and not from any regard for gen. Stolt, whose conduct, on this occasion, is such a total departure from honorand propriety, as to render him imworthy of the notice of a man who has any respect for himself. -
It is not probable that I can at this time have any recollection of having had the honor of seeing gen. Scott, on 9th of June, 1817, at a dinner in N. York, or of the topics of conversation as he suggests: circum; stances so unimportant are not apt to be impressed on the memory. But I feel a confident persuasion, that I did not make use of any expressions incompatible with the high respect which Lenorain for gen. Jackson. DE WITT CLINTON.
...Albany, 6th. April, 1319.
By referring to the statement published in our 1ast, it seems to be implied by gen. Scott, as if he liad only on one occasion expressed an opinion of gen. Jackson's order. The New York Columbian says that gen. Scott has “a most treacherous memory—his inculpations of gen. Jackson were almost as public in this city, as his intentions of defacing our battery—he was open and explicit in expressing these opinions,” &c.
The Richmond Compiler of the 10th inst. contains the following letter, addressed to the editors.
GExtory EN–On the 18th ultimo, I commenced multiplying manuscript copies, with notes, &c. of the correspondence into which I was accidentally drawn in 1817, with major genoral Jackson, intend
ing to have made out some twenty copies in that shape, for the public. Before I had accomplished that intention, some friend, no doubt, availed himself
now appears, that the correspondence, from that im pression, has found its way into several of the public papers. I confess, that a circulation has thusbeen given to it, much greater than was expected or ntended. The printed copies, which have fallerunder my observation, are, however, with the exception of certain typographical errors, correct. My present objects are to disavow the printing of the correspondence, and to recal the word “garbled,” twice used in the address “To the Public.”— Have the goodness to append hereto, the letter and extract of a letter on which the charge and the recantation are respectively predicated. I will barely add, that although the first letter appeared to have been cautiously written, I should immediately have desired my correspondent to re-exa. mine the subject, but that I had reason to suppose, . from himself, that he had left New York soon after the date of his letter.—The above retraction is voluntarily and cheerfully made. I remain, Messrs. Editors, your most obdt. WINFIELD SCOTT. .April 9th, 1819.
Copy of a letter addressed to major general Scott, dated at .Vew-York, . March 2d, 1819.
DEAR GENERAL–I trust that you will cxcuse mo for troubling you on this occasion, but I considered that you might be ignorant of the circumstances I am about to mention, and perhaps they may be some, what important.
General Jackson, during his late visit to this placc, was at some trouble to cause to be widely distributed his correspondence with you. He left with a gentleman (late a lieutenant colonel in the army) a copy—say of the anonymous letter, his letter to you, your reply, and his rejoinder, all certified by his A. D. C. This late lieutenant colonel has even, in conversation, proposed, that it should be published; but I have understood that general Jackson was averse from this—but had no objection that it should be circulated in MS. o
lated in M. S. here. My accidental omission of the
of one of the first copies put into circulation, and last of the series, has induced you to suppose, that caused it to be printed in a pamphlet form; and it the agents of general Jackson had suppressed it.
For this I am very sorry, and to atone to my own
the westein country. . The bank is as good as any feelings, must state explicitly, that the whole series other in Baltimore, and has very properly changed was included in the manuscript circulated here, and
its plates, though the counterfeit notes are easiy
were true copies, I believe, of those now in print,
detected, by those acquainted with the genuine with the certificate, in the commmon form of capt.
ones, ... b. Rec.