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1. The importation of American cotton has not
Another view of the subjeci. quite doubled in seventeen years.
| Let us examine the result of 90,000,000 lbs. of II. That of East India cotton has in the same cotton, manufactured in this country, at the preSpace of time increased 3000 per cent.
sent prices of cottonIII. That of Americans has increased but three Dr. The United States. .
Cr. per cent. in the last year.
To 90,000,000 lbs. of
By 270,000,000 yards IV. That from the East Indies has increased in to clear profit carri."
cotton at 16 cents 14,400,000 of cloth at 30 teous 81,000,000 the same time 110 per cent, and the total increase of ed to amount of importation in that year has been 55 per cent. general prosperity 66,600,000 V. That of Brazil has more than trebled since the
dlls. 81,000,000 .. . Alls: 81,000,000 year 1808.
In order further to evince the importance of the According to the report of the committee of cotton manufacture to the wealth and prosperity of commerce and manufactures, which we have quotations was
ve quot; nations, we state its extent in, and gain to, Great ed above, the consumption of cotton in the United Britain
The fabrics of that staple consumed in, States in 1805, was only
and exported from that country, in 1812, amounted But in 1815, it rose to
• .. Sterling 1.29,000,000 Containing
The cost of the raw material : 6,000,000 · So rapid was the increase of this manufacture, with no other protection than that afforded by the Clear min to the nation. . *1.23,000,000 war, in excluding foreign rivalship.
Equal to, above- - - Dr. Seybert states that the greatest amount of
- $100,000,000 cotton ever exported from this country was
And this all-important manufacture, for which the 93,000,000 pounds in 1808.*. The whole quantity
United States are peculiarly adapted from the pos. exported in 1815, to all parts of Europe, was about
session of, and capacity of producing the raw ma81,000,000 pounds. i
terial to a boundless extent, has been half strangled It thus appears that the quantity actually consum. by our tariff! What agonizing reflections this view ed by our manufacturers in 1815. viz. 27,000,000 lbs. I of the subject forces on the mind!'.'ini was equal to one-third part of all we exported in that year—and what is still more extraordinary, it Having discussed the subject of the cotton manu. was actually one-third part of the whole quantity im. facture, we proceed to take a view of the woo!en. ported in the same year into England, the most manu- which is equally deserving of the most serious confacturing country in the world!# And it will not, we sideration. trust, be doubted, that a moderate degree of pro. By a report of the committee of commerce and tection wonld have increased the home demand to manufactures, submitted to the house of represen. such an extent as to consume the whole. What in- tatives, March, 1816f it appears that in the year preexhaustible mines of wealth, far beyond those of ceding there was invested in the woolen branch a Golconda or Potosi, have we in our power! How capital of
$12,000,000 lamentable a sacrifice we have made of them! and The raw material amounted to 7,000,000 how prosperous and happy should we now be, had The value was increased by we made a proper use of them!
12,000,000 In order to enable you, fellow citizens, duly to | Value of goods manufactured appreciate the advantages that would have accrued annually
- 19,000,000 from the manufacture of the whole quantity of cot. Persous constantly employed 50,000 ton thus oported, we submit a sketch of its results Occasionally
100,000 Dr. The industry of the United States. Cr. Tu 90,000,000 pounds of cotion, By 270,000,000 yards of cloth at
Analysis. at 30 cents per lb. dls.27,000,000 30 cents · dils. 81,000,0000 1. By this manufacture, articles were To clear profit carried to amount of ge
produced in the United States, neral prosperity 54,000,000
which would otherwise have been dlls. 81,000,000
imported, to the amount of . . $19,000,000 We will further suppose that the whole of this Deduct price of wool, which, but for cotton had been manufactured abroad, and return
e this branch, would have been exed to us in a manufactured state, and then exhibit ported. the result.
Clear saving to the country . - 12,000,000 Dr. The United States. To 270,000,000 yards of cloth at By 90,000,000 Thy.
II. Seven millions of dollars expended among the 30 cents • dils. $1,600,000 cotton at 30 cepts 27,000,000 farmers, for the wool of above 5,000,000 sheep.
By balance carried to
III. A clear gain to the nation, by the labor of each
| The following table of the value of the national *Statistics, p. 92.
manufactures for the year 1810, will enable you, tidem, p. 152,
fellow citizens, to form a correct idea of the imporTo these facts particular attention is requested tance of the subject. It is an estimate deduced by a The imports of cotton into Great Britain in 1815, Tench Coxe, esq. from the marshal's returns, taken were 270,000 bags; in 1816, 369,000; in 1817, / with the census of that year. It is probable that 377,000; of which considerable quantities were during the progress of the war, they were increased exported to the continent of Europe. Whereas to above $250,000,000. the actual consumption in the United States in warm 1815, was, as before stated, 90,000 bags: a striking Colquhoun on the power and resources o proof of the laudable enterprize and industry of Great Britain, p 31. our citizens.
1 Weekly Register, vol. X. p. 82.
Maine (District) . . . 3,741,116
| amount of 20, 30, 40, 50 or 60,000 dollars, for build Massachusetts - - - 21,395,528 ings and machinery, would require and fully jus. New Hampshire . . . 5,225,045 tify extraordinary prices in the coinmencementVermont - - . . 5,407,280 To bring this home to the cotton planters--and to Rhode Island ..
4,106,074 enable them to conceive the force of the argument, Connecticut .
- 7,771,928 we will suppose for a moment, that during the war New York . . . 25,370,289 they had for the first time to commence their plan. New Jersey ..
7,054,594 tations--and to purchase slaves at 4 or 500 dollars Pennsylvania - . . . 33,691,111 per man-and plantations for 5 a 10,000 dollars. Delaware
- 1,733,744 Could they, in the incipient state of their operations, Maryland.
afford to sell their cotton for 18 a 20 cents per 16? Virginia - - .. 15,263,473 Certainly not. This is a case perfectly analogous, Ohio . . . . . . 2,894,290
and ought to set this objection at rest forever. Kentucky -
. 6,181,024 North Carolina
- 6,653,152 Tennessce ·
Domestic Economy! · South Carolina - - '. 3,623,595
One of our newspapers notes the following cirGeorgia . . ... 3,658,431
cumstances, as being "remarkable:"_ Orleans Territory. - 1,222,357
"In a milliner's shop a few days since, a fashionaMississippi Territory . . 419,073
ble łady actually declined purchasing a new Leghorn Louisiana Territory .
because it was too dear, and a respectable tracles. Indiana Territory .
man has been detected carrying home his own beef Ilinois Territory .
steak from market." Blichigan Territory .
To match this, these facts may be relied on, Columbia (District) . . 1,100,000
tho' they came to our knowledge by acciilent
there is a merchant in Baltimore who lately failed, 172,761,977
and it is thought will not pay 50 cents to the dol.
lar. His family consists of himself and his wife, only The repetition of objections to which we have - who are waited upon by the following servants: already fully replied, obliges us, fellow citizens, tol 1 head servant, or housekeeper, at $10 per month, resume topics which we had supposed exhausted. I cook and chief of the kitchen - 10
Among these, the most prevalent and popular is 1 chamberinaid . . . . 8 the extortion said to have been practised by the 1 man-servant . . . . manufacturers during the war. This theme is hack- 1 boy, a slave, worth - - nied from New Hampshire to Georgia, not merely by men of little minds and narrow views, with whom such an objection would be perfectly in character; In such an establishment, the support but men of higher spheres of life, and superior order of each of these must cost $3 per of mind and endowments, allow themselves to be week--for the 5, per month 60 led astray by it. Even admitting it to have existed to the extent as
8103 slinied, the inference drawn from it, to prevent ade-i Besides, the roashing is put out weekly, and a quate protection to manufactures would not apply at seamstress as well as a milliner is occasionally empresent; as, according to the irrefragable maxim ofl ployed. It is likely, also, that the gentleman has his Alexander Hamilton, founded on fact and reason, boots blacked by the month." "the internal competition which takes place, soon does! Now, ifto this we add the support of the gentleman array every thing like monopoly, and reduces by de- lan
duces by de and his lady in a stile equal to the preceding sup. "grees the price to the minimum of a reasonable profiilply of servants: how can we help thinking that the "on the capital employed.”
, ,head of this family, who has reduced many families But we will suppose for a moment that the al
to beggary, is a very honest man? legations are all just-and that the manufacturers of|| broad cloth sold, as we have already stated, at 12 a 13 dollars per yard, what cost them only 8, or 9.
Want of Employment. With what propriety, we repeat, can the importer who, at the same period, sold his goods at 100 or The greatest evil to be deprecated in the present, 150 per cent. beyond the old prices--the planter derunged state of things, will be the dead loss in- . who raised cotton at 12 or 14 cents, and sold at 30, curred by casting many thousands of productive and would at 40, or 50, or 100--the merchant who persons into the consuming classes of the people. bought flour at 10 dollars and suid at 20 a 40-re. Most of our manufactories have stopped or are about proach the manufacturer for what they practised to stop, and every branch of mechanical industry is themselves?
reduced from one third to one half of its recent We pass over the inconsistency of such con- amount: the first, by the great sacrifice that is inade duct; we trust that the miserable spirit that would of imported goods, by bankrupt owners in England prefer the consumption of fabrics manufactured in or bankrupt importers here, to raise money to riot Hindoston, because sold a few certs cheaper per upon until their accounts with their creditors are yurd, (and thus exhaust the wealth of the country to settled according to law?! the effect on the others support a distant nation, while our fellow citizens, is produced by the sudden stoppage of the circulawho invested millions of money in manufacturing tion of money, in consequence of the frauds comestablishments, are bankrupted and beggared, andmitted in banks, and the jealousy and fear which the workmen thrown for support on the overseers these institutions have of one another; powerfully of the poor) will never influence the councils of a assisted too, by the apparent determination of the greatnation.
United: tates bank to cut up all the state banks, imBut the enormous expenses of those establish-mediately. menis, in which invesiments were made to the The prospect before usis-that we shall have, in
and near Baltimore only if they can live here]- at boats which leaves Philadelphia at 12, noon, and least 2000 men, 2000 women and 2000 children, idle Baltimore, at 5 P. M. and respectively end the for the ensuing six months, who have hitherto been journey at from 9 to 11 A. M. at Philadelphia, and at accustomed to labor, and are still willing to work, from 3 to 5, A. M. at Baltimore. „Goods (generally if they could get it to do. The men, mostly me. carried by the packets and the heavy waggons) chanics and hardy laborers, might earn one dollar, commonly reach either city from the other in from the women 40 cents, and the children 20 cents, per 3 to 4 days. day, each, if proper employment were furnished to In the year 1818, it is believed there were about them.
30,000*full passengers between these cities, to and 2000 men, or 2000 for 150 days $300,000 from, besides-wayfpassengers, and the freight carri. 2000 women, or $800 »
160,000 ed by the slogps and waggons might amount to 2000 children, or $400 »
The following calculation of capital, costs, and
First loss $540,000 profit is interesting, though not pretended to be Add, for the cost of supporting those peo
given as accurate: ple in one way or another, levied upon
5 steam boats, at $40,000 (on average) $200,000 the rest, not less than 50,000 5 sloops,
20,000 | 18 stages,
3,600 Aggregate in six months $590,000 12 waggons, with gears 150
1,800 Who, that is acquainted with the present state of 150 27 state of 150 horses,
100 ' 15,000 Baltimore, will say that this calculation is extrava
10,000 gant? We believe it is very moderate; and here we see that, in a mere pecuniary point of view, we shall
.250,400 this city has made in any year, by its boasted comsted com. Cr. 30,000 passengers-at 86
$180,000 merce, for several years past.
20,000/ Further-how much shall we suffer by the depreal · Freight of goods, in the packets: 40,000 ciation of moral character?-how much by depopulation, caused by poverty and wretchedness?
240,000 how much by the dispersion of classes of people,
je | Dr. Fuel for steam boats $30,000 the most useful of all to increase the national wealth,
Wages of 150 men, 300 and give life to business by circulating money,
days, at 81 per day 47,700 which, it may be said, they can create? Every thing |
uWear and tear,” 25 per flags and must fag, when the laboring capacity of
. cent. on capitał
62,600 a country is unproductive.
30,000 We are seriously of opinion, that the general loss
To cover all losses, superto the United States for the present year, by re son
intendance, wharf-rents, of the want of employmeni, is of greater amount,
&c. &c. and for profits 69,700 as a simple matter of money, than the aggregate of our exports. Still, we have statute upon statute to protect and encourage commerce, as though it were 6Course of Exchange!" the main-spring of the nation's wealth!--and con. gress, which every session spends week after week,
Among the many thonsands of things inserted in in regulating foreign trade, will hardly devote an
| Register for future reference, the state of the exhour to consider and promote home industry!. “Let
change and prices current of articles, were frequent. Commerce regulate itself,” and a large part of our
Ily mentioned. A recurrence to the subject sug: Coasting trade would now be carried on by the Bri.
gested the formation of the following table:
The period of the general suspension of spccie payments by the banks of the United States, except
those of the eastern states, may be fixed in August Travelling.
1814. [See WEEKLY REGISTER, sup. vol. VII, p. 176; INTERCOURSE BETWEEN PHILADELPHIA & BALTIMORE. |
et seq.) What may be considered as the period of a The following, sheving the extent of the inter-15
general resumption of such payments, was in Fer he course between Philadelphia and Baltimore, was
brury 1817. [Vol. XI, p. 385.] . furnished to the editor of the REGISTER by an in
In August 1813, vol. V.p.41) at which time there telligent and enquiring traveller, and is, probably,
was not much shaving of bank notes, the prices of pretty accurate,
Yo stocks, &c. stood thusThe means of the “Union Line,” for the convey-. S. 6 per cents,
At Boston. New-York. Philad'Baltimore 90 25 90 25
92 ance of passengers and goods from city to city, via d o.
53 50 en 5350 Frenchtown and Elkton, on the waters of the Chesa.
Bills on London, 84 50 86 50 peake, and New Castle on those of the Delaware,
At Boston, Feb. 1, 1815, the prices of stocks and.
notes were as follows: Boston bank notes, as specie; are
the banks in New York, city and state, from 19 to 3 steam boats in the Chesapeake,
20 die, Philadelphia banks 24; Baltimore 30; treasu2 ditto in the Delaware, 3 sloops in the Chesapeake,
ry notes 24 to 25; and United States 6 per cents, 2 ditto in the Delaware,
forty below par' See sup. Vol. VII, p. 176.] 18 four horse stages,
In August 1816 [see vol. X, p. 398,] the prices 12 heavy waggons
were as follows:
At Boston. N. York. Philad'a, Baltimore. Employing about 159 men and 160 horses. Specie
par 5 ad. 10 a 12 ad. 14 a 15 ad.
ia 8 ad. 12 1.2 a 15 ad. U.S. 6 per cents. 85
90 99 1-2 102 1-2 or Baltimore early in the morning, and make the Bills on London par 4 ad. 15 ad. 17 1-2 a 18 ad. journey between them at an early hour in the even. The rates of exchange were about thus, at Boston, ing, via. Elkton and New Castle. The chicf inter- for private bills or bank notes, at the date last given: course liowever, is maintained by the line of On New York 54 to 6'dis. Philadelphia 15 a in
Treasury notes, 5 1-2 a 6 dis
Baltimore, 18, on Virginia, about 8 or 9; North Caro. was as the endorser of stock notes for Mr. Geo. lina, 9 to 10; South Carolina and Georgia 7 to 8, Williams, secured by stock at $125 per share-that
During the suspension of specie payments, the these notes had been placed under the direction of hills of the Baltimore banks were lower than those the parent board and that he had for himself on of any of the sea ports of the United States, except his own account, but $43,000-he also corrects those of Washington city, &c. The preceding may some errors in Mr. D's aggregate. shew the relative value as estimated to the east- Mr. Donnel did not reply immediately, nor un ward, and the following may serve as a general ave. til again pretty severely urged by Mr. Williams; and rage of the same as to the southern cities
when he did, he shifted the ground of his accusation, O Bal imore.-Notes of the district of Columbia, or added to it, that of overdrawing; and gave a 2 dis. of the banks of Virginia 5 a 6, d.-North Ca. detailed statement, shewing that Mr. w. was rerolina 4 a 5; Soath Carolina and Georgia 6 a 7; New sponsible as signer or endorser, for 412,565, and that Orleans, fluctuating from par to 3 or 4 ad. But the on the 15th* day of 14 of the months from May, 1817 bilis of all the western banks were at a discount. to May, 1819, both inclusive, Mr., Williams had · He this lime. July 1819, the bills of the Baltimore, been over, from 8845 56, the lowest, to 15, 036 the Philadelphia, New York and Boston banks are highest amount overdrawn. more valuable, at the respective places, than those of Mr. Williams, in reference to several of the peri. any other banks in the United States, even of the lods pointed out, shews that he was entitled to cer. bank of the U. S. unless pavable at such places; and tain credits, and materially invalidates the force of the riotes of all the banks south of Baltiinore are at Mr. Donnel's statement, though the facts partially a heavy discount in the cities named.
appear as he has given them, for the want of such credits being entered on the books. He speaks
very free to Mr. Donnel and refers to an intimations Scraps about Banks, &c.
which he thought Mr. D. would have understood, OFFICE OF TRE BANK OF THE UNITED STATES, AT to settle the dispute, to which the latter made na BALTIMORE-Within a week, we have seen the pub- reply: and Mr. Williams, in conclusion, defies any lication of two warnish pamphlets, having reference one to bring a charge against him for having been to certain proceedings had in, or with, the office of "engaged in any transactions which can impeach the bank of the United States, at Baltimore. his honesty, integrity or intentions," &c.
The first was given to the public by Nathaniel The above, we believe, is as fair an abstract of Williams, esq. a gentleman of the bar, and late the contents of these pamphlets as it is possible to counsellor and attorney at law for the office. He give in the space we are willing to allow to it. A was dismissed, ratlier rudely indeed, in conse-notice of them belongs to the history of banking, and quence, as it is alleged, of a prestmed delicacy we insert it without offering any opinion of our own. that he might feel to act justly against some of his Bank of the United States. The following notice relatives who were delinquent debtors at the office to the stockholders was issued at Philadelphia on the Mr. Williams, with great spirit and under a sense | 11th inst.- . of injured honor, repels the insinuation, and at. “That in pursuance of the thirteenth article of the tempts to make it appear that it was only a pretence eleventh section of the act of incorporation, a ge. under which the president of the branch, lohn Don-neral meeting of the stockholders will be held at the nel, esq. veiled personal enmities. He appeals to banking house, in the city of Philadelphia, on Mon. the gentleman of the bar to resist such an impu. day, the first day of November next, at 10 o'clock tation on the honor of the profession, and states that in the morning. Mr. Pinkney, in consequence of it, had promptly By order of the board of directors, given up the retainer which he held as assistant
JONATHAN SMITH, cashier. counsellor and advocate for the bank, Mr. Williams Extract from the said thirteenth articlestates that he himself was not incumbered by any “Half-yearly dividends shall be made of so much proceedings with the bank, &c.
of the profits of the bank, as shall appear to the di"The second pamphlet is published by Mr. Amos rectors advisable; and once in every 3 years, the ul. Williains, late a director in the office at Balti. directors shall lay before the stockholders, at a ge. timore, and a considerable endorser for others who 'neral meeting, for their information, an exact and had speculated in its stock, though it does not ap- particular statement of the debts which shall have pear that he was engaged in it himself. His contro. remained unpaid after the expiration of the origi. versy is also with Mr. Donnel-who said that the 'nal credit, for a period of treble the term of that affairs of the office sexhibited a d d scene of credit, and of the profits, if any, after deducting los. plunder;" and, in describing those who had parti. ses and dividends.'' cipated in it, he comprehended Mr. A. A. W.' Pennslyvania banks. A writer in the Aurora, says
'On this Mr. W. sent by gen. Winder a note to _«The provisions of a supplement to an act entiMr. Donnel requiring an explanation, which the lattled," an act regulating banks “passed at the last ter, acknowledging that his expressions were hasty, session of the legislaturc, are comprised in the fol. &c. promised to give. After a su equent demand lowing summary: Por such explanation, Mr. D. states, that Mr. W. ap. Sect. 1. Enacts, that from and after the first day peared as drawer and endorser, op notes to the of August 1819, any of the banks incorporated by annount of $385,125-that he was alarmed for his the act of 21st March 1814, (known by the name of own interest-knew not how such sums were got the forty banks) which shall refuse to pay its notes out of the office, or of any security therefor to the on demand in specie, shall forfeit its charter;. but bank except Mr. George Williams (who as well as shall still be liable for the payment of its debts in its Dr. A. A. W. was under protest) - and speaks of the corporate capacity, and shall be authorised to re. loss of character to Baltimore, and the injury to new the notes or obligations of those who are indebt; those whose support had been made to depend on ed to it, as occasion may require. expected dividends from the bank, &c. In reply, Sect. 2. Enacts, that the fact of a refusal of a bank Mr. W. transmits a statement shewing that the notes on which his name appeared, had regularly been. *Except May, 1819-which was on the 20th of passed by the board that 221,875 of the preceding the month.
to pay its notes, is to be proved before a judge of unless it is ascertained that the directors and stock. the court of common pleas, by one or more disinte. holders of that institution have resolved to close its rested witnesses, after having given ten days notice concerns and dissolve the act of incorporation. to the president or cashier, in which case the judge What is the amount of the distress which this bank is to give notice to the governor. But a refusal to has heaped upon the widow and the orphan, the pay notes held by professed money-exchangers, is not to aged and feeble, who put their money into it in the work a forfeiture.
belief that its honest profits would afford them a Sect. 3. Requires the governor, upon receiving comfortable subsistence! 0, shame, shameshame! notice from a judge, of the refusal to pay, to issue Banks suspending specie payments after the 31st his proclamation declaring void the charter of the day of December next, are also liable to pay the bank in question.
holders of their notes an interest at the rate of Sect. 4. States, that the forfeiture of the charter twelve per cent. per annum. is to be deemed to have taken effect from the date The bank of the famous and favorite town of of the proclamation..
. Plattsburg, has not suspended specie payments, as Sect. 5. Enacts, that if any bank, the charter of reported on the authority of an Albany paper. which shall have been forfeited, shall issue any notes, Banks in Massachusetts. Total-40 banks-capi. 'the directors consenting thereto shall be liable for tal, 11,670,000; amount of debts due, 15,849,172 49; their payment in their individual capacity, and if any deposites 3,036,930 17; votes in circulation, new loan or dividend he made, the directors cop- 4,340,277; specie, 1,190,987 06.
senting to the same shall be individuallıliable to · Seven of these are located in Boston, with a capi. · pay the amount thereof, to any person having a claina tal 7,350,000; amount of all debts due, 9,401,875 11
to an equal amount upon the bank, who, shall first-leposites, 2,219,159 68-notes in circulation, sue for the recovery of the same..
| 1,149,755-specie, 541,130 55. Seet. 6. Obliges the president or cashier of any Now--though the land office at Jeffersonville" Dank under a penalty of 25 dollars, in a case of a re- with “exemplary caution,” will not receive the bills fusal to pay in specie, any note presented for pay-of eight Baltimore banks, 15 of which are, and 3 of ment, to endorse upon the saine the day and year which never were existing), we have full reason to when it was presented, and the said nole from thence believe that our banks might make an exhibit far forth shall bear an interert of six per cent. per annum. more favorable than the Boston statement. The last
Sect. 7. Declares, that the time for winding up ter institutions, however, possess the public conshall not extend beyond the period of the original fidence, much impaired at Baltimore by the outralimitation of the charter, which is the first day of ges of a few persons. But, we are happy to say that Xpril 1825.
confidence is returning-the best test of the general This law of Pennsylvania, as well as that of solvency of our banks is, that with so great a loss of Maryland mentioned below, if the people are not it, they have promptly met every demand, though too cowardly to present the facts to the proper au- pressed as all the local banks are, by the bark of the thorities, and these authorities are honest enough to United States, apparently determined to destroy give the laws effect, will relieve the citizens of these them, or force a government paper upon the peo. states of many banking establishments, to the per- ple. manent good of the present generation, and as a so North Carolina State Bank. A New York paper Jemn warning to posterity.
says-We have seen a letter from North Carolina, Extract of a letter from Pittsburg, July 7. The dated the 2d June, which states that the following banks in this country have much to answer for; most test oath is tendered by the state bank at Baleigh, of them having stopped paying specie; they think, N..C. to all who apply for specie: I believe, that you insult them, by demanding what “The undersigned makes oath, the notes that they promise to pay, and unfortunately it is too true, he now presents to the bank for payment, are his that individuals seem to forget the moral obligation property, (or the property of ) and were not of society to be honest and punctual. It is almost exchanged for, or bonght up for the purpose of out of the question to procure eastern funds here; making this demand on the bank.”
in some instances. more than twenty per cent, has the letter adds "As might well be expected, 'been offered. Many bank notes circulate which this arbitrary measure is resisted with spirit, and
are considered 20 to 25 per cent. worse than currenthas filled the minds of the citizens with indignac notes, and for change, we have nothing but our ci- tion." ... ty tickets worn out years since. O tempora, O mores! We cannot believe that there is one word of
Maryland banks. Extract from an act passed at truth in this. It is too impudent for a free people the last session of the legislature, “To facilitate the to bear with. Such a test would degrade the mean. recovery of debts due from the several banks in this est negro that labors in a rice swamp. Any bank of. state, and to compel the said banks to pay specie fering such an oath, should be instantly annihilated for their notes, or forfeit their charter:"
by the public indignation, in refusing to it the coun« Be it enacted, That upon application made to any tenance of every honest man. county court in this state, supported by affidavit, tol Winchester bank, Kentucky. The stockholders of be filed in the case, stating the fact, that a bank lo- this bank, by 300 votes to 220, have resolved to close cated in the county, refuses to pay specie for its its affairs and surrender the charter. Good. notes, and upon the court being fully notified that Tennessee. The branch of the bank of Tennessee such bank does refuse to pay specie for its notes, at Nashville, has suspended specie payments. the said court may, and hereby is authorised and Alarming propositions.-It is proposed in a Nashempowered, to order its clerk to issue a scire facias, ville paper, to obtain a legislative act to prevent the in the name of the state of Maryland, directed to the collection of debts by execution—that as the banks said bank, by its corporate name and style, to shew are now wunder no apprehension of a drain of the precause why its charter shall not be deemed FORFEITED, cious metals," (having stopped paying tbem!) they by the judgment of the said court."
shall extend their accomodations that if a plaintift The editor of the Register feels authorised in execution will not receive their notes, the defento say, that the force and extent of the preceding dant shall put him off twelve months longer, and act will be tried against the City Bank, before long, that no officer shall sell any property that will not