Dr. Seybert states that the greatest amount of cotton ever exported from this country was $3,000,000 pounds in 1808. The whole quantity exported in 1815, to all parts of Europe, was about 81,000,000 pounds.† 6,000,000 *1.23,000,000 $100,000,000 Having discussed the subject of the cotton manufacture, we proceed to take a view of the woolen, which is equally deserving of the most serious consideration. And this all-important manufacture, for which the United States are peculiarly adapted from the possession of, and capacity of producing the raw material 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. of the subject forces on the mind! was equal to one-third part of all we exported in that year-and what is still more extraordinary, it was actually one-third part of the whole quantity imported in the same year into England, the most manufacturing country in the world! And it will not, we trust, be doubted, that a moderate degree of pro- By a report of the committee of commerce and tection would 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, 1816† 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 lamentable a sacrifice we have made of them! and $12,000,000 how prosperous and happy should we now be, had we made a proper use of them! In order to enable you, fellow citizens, duly to appreciate the advantages that would have accrued from the manufacture of the whole quantity of cotton thus exported, we submit a sketch of its results. The raw material amounted to 7,000,000 12,000,000 Value of goods manufactured Analysis. 19,000,000 50,000 100,000 dils. 81,000,0000 I. By this manufacture, articles were dlls. 81,000,000 We will further suppose that the whole of this cotton had been manufactured abroad, and returned to us in a manufactured state, and then exhibit the result. Clear saving to the country $19,000,000 7,000,000 12,000,000 II. Seven millions of dollars expended among the farmers, for the wool of above 5,000,000 sheep. III. A clear gain to the nation, by the labor of each person thus employed, of 120 dollars. The following table of the value of the national manufactures for the year 1810, will enable you, fellow citizens, to form a correct idea of the importance of the subject. It is an estimate deduced by Tench Coxe, esq. from the marshal's returns, taken with the census of that year. It is probable that during the progress of the war, they were increased to above $250,000,000. * Colquhoun on the power and resources Great Britain, p 31. Weekly Register, vol. x. p. 82. amount of 20, 30, 40, 50 or 60,000 dollars, for build ings and machinery, would require and fully jus tify extraordinary prices in the commencementTo bring this home to the cotton planters-and to enable them to conceive the force of the argument, we will suppose for a moment, that during the war they had for the first time to commence their plantations and to purchase slaves at 4 or 500 dollars per man-and plantations for 5 a 10,000 dollars. Could they, in the incipient state of their operations, afford to sell their cotton for 18 a 20 cents per lb? ̧ Certainly not. This is a case perfectly analogous and ought to set this objection at rest forever. Domestic Economy! One of our newspapers notes the following circumstances, as being "remarkable:" "In a milliner's shop a few days since, a fashionable lady actually declined purchasing a new Leghorn because it was too dear, and a respectable tradesman has been detected carrying home his own beef steak from market." To match this, these facts may be relied on, tho' they came to our knowledge by accidentthere is a merchant in Baltimore who lately failed, and it is thought will not pay 50 cents to the dollar. His family consists of himself and his wife, only who are waited upon by the following servants: 1 head servant, or housekeeper, at $10 per month, 1 cook and chief of the kitchen 1 chambermaid 1 man-servant The repetition of objections to which we have already fully replied, obliges us, fellow citizens, to resume topics which we had supposed exhausted. Among these, the most prevalent and popular is the extortion said to have been practised by the 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; but men of higher spheres of life, and superior order of mind and endowments, allow themselves to be led astray by it. Even admitting it to have existed to the extent assumed, the inference drawn from it, to prevent adequate protection to manufactures would not apply at present; as, according to the irrefragable maxim of Alexander Hamilton, founded on fact and reason, "the internal competition which takes place, soon does "away every thing like monopoly, and reduces by de"grees the price to the minimum of a reasonable profit "on the capital employed." But we will suppose for a moment that the allegations 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. With what propriety, we repeat, can the importer who, at the same period, sold his goods at 100 or 150 per cent. beyond the old prices-the planter who raised cotton at 12 or 14 cents, and sold at 30, and would at 40, or 50, or 100--the merchant who bought flour at 10 dollars and sold at 20 a 40-reproach the manufacturer for what they practised themselves? 10 8 12 3 In such an establishment, the support 43 60 $103 seamstress as well as a milliner is occasionally em Besides, the washing is put out weekly, and a ployed. It is likely, also, that the gentleman has his boots blacked "by the month." Now, if to this we add the support of the gentleman and his lady in a stile equal to the preceding supply of servants; how can we help thinking that the head of this family, who has reduced many families to beggary, is a very honest man? Want of Employment. The greatest evil to be deprecated in the present deranged state of things, will be the dead loss incurred by easting many thousands of productive persons into the consuming classes of the people. Most of our manufactories have stopped or are about to stop, and every branch of mechanical industry is 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 made duct; we trust that the miserable spirit that would prefer the consumption of fabrics manufactured in Hindoston, because sold a few cents cheaper per yard, (and thus exhaust the wealth of the country to support a distant nation, while our fellow citizens, who invested millions of money in manufacturing establishments, are bankrupted and beggared, and the workmen thrown for support on the overseers of the poor) will never influence the councils of a great nation. of imported goods, by bankrupt owners in England or bankrupt importers here. to raise money to riot upon until their accounts with their creditors are settled "according to law" the effect on the others is produced by the sudden stoppage of the circulation of money, in consequence of the frauds committed in banks, and the jealousy and far which these institutions have of one another; powerfully assisted too, by the apparent determination of the United States bank to eat up all the state banks, im But the enormous expenses of those establish-mediately. ments, in which investments were made to the l The prospect before us is-that we shall have, in and near Baltimore only-[if they can live here]- at least 2000 men, 2000 women and 2000 children, idle for the ensuing six months, who have hitherto been accustomed to labor, and are still willing to work, if they could get it to do. The men, mostly mechanics and hardy laborers, might earn one dollar, the women 40 cents, and the children 20 cents, per day, each, if proper employment were furnished to them. 2000 men, or $2000 for 150 days 2000 women, or $800 2000 children, or $400 وو First loss Add, for the cost of supporting those people in one way or another, levied upon the rest, not less than boats which leaves Philadelphia at 12, noon, and Baltimore, at 5 P. M. and respectively end the journey at from 9 to 11 A. M. at Philadelphia, and at from 3 to 5, A. M. at Baltimore. Goods (generally carried by the packets and the heavy waggons) commonly reach either city from the other in from 3 to 4 days. In the year 1818, it is believed there were about 30,000 full passengers between these cities, to and $300,000 from, besides-way passengers, and the freight carri160,000 ed by the sloops and waggons might amount to 80,000 $40,000. The following calculation of capital, costs, and $540,000 profit is interesting, though not pretended to be given as accurate: 50,000 Aggregate in six months' $590,000 Who, that is acquainted with the present state of Baltimore, will say that this calculation is extravagant? We believe it is very moderate; and here we see that, in a mere pecuniary point of view, we shall lose more in six months by the want of employ, than this city has made in any year, by its boasted commerce, for several years past. Further how much shall we suffer by the depre ciation of moral character?-how much by depopulation, caused by poverty and wretchedness?-how much by the dispersion of classes of people, the most useful of all to increase the national wealth, and give life to business by circulating money, which, it may be said, they can create? Every thing flags and must flag, when the laboring capacity of a country is unproductive. 5 steam boats, at $40,000 (on average) $200,000 5 sloops, 4,000 20,000 18 stages, 200 3,600 12 waggons, with gears 150 horses, Miscellaneous, say 10,000 .250,400 $180,000 20,000 Freight of goods, in the packets 40,000 240,000 We are seriously of opinion, that the general loss to the United States for the present year, by re son of the want of employment, is of greater amount, 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 the main-spring of the nation's wealth!--and congress, which every session spends week after week REGISTER for future reference, the state of the exAmong the many thousands of things inserted in in regulating foreign trade, will hardly devote an hour to consider and promote home industry! "Let change and prices current of articles, were frequent. commerce regulate itself," and a large part of our ly mentioned. A recurrence to the subject sug coasting trade would now be carried on by the Bri-gested the formation of the following table: tish. Travelling. The period of the general suspension of specie payments by the banks of the United States, except those of the eastern states, may be fixed in August 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, shewing the extent of the inter-general resumption of such payments, was in Fer course between Philadelphia and Baltimore, was brury 1817. [Vol. XI, p. 385.] furnished to the editor of the REGISTER by an intelligent and enquiring traveller, and is, probably, The means of the "Union Line," for the convey-U. S. 6 per cents, ance of passengers and goods from city to city, via 3 do. Frenchtown and Elkton, on the waters of the Chesa-Bills on London, peake, and New Castle on those of the Delaware, notes were as follows: Boston bank notes, as specie; 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, During the suspension of specie payments, the bills of the Baltimore banks were lower than those of any of the sea ports of the United States, except those of Washington city, &c. The preceding may shew the relative value as estimated to the east ward, and the following may serve as a general average of the same as to the southern cities t Bal imore.-Notes of the district of Columbia, 2 dis. of the banks of Virginia 5 a 6, ad.-North Carolina 4 a 5; South Carolina and Georgia 6 a7; New Orleans, fluctuating from par to 3 or 4 ad. But the bills of all the western banks were at a discount. At this time, July 1819, the bills of the Baltimore, Philadelphia, New York and Boston banks are more valuable, at the respective places, than those of any other banks in the United States, even of the bank of the U. S. unless payable at such places; and the notes ofall the banks south of Baltimore are at a heavy discount in the cities named. Williams, secured by stock at $125 per share-that these notes had been placed under the direction of the parent board-and that he had for himself on his own account, but $43,000-he also corrects some errors in Mr. D's aggregate. Mr. Donnel did not reply immediately, nor until again pretty severely urged by Mr. Williams; and when he did, he shifted the ground of his accusation or added to it, that of overdrawing; and gave a detailed statement, shewing that Mr. W. was responsible as signer or endorser, for 412,565, and that on the 15th day of 14 of the months from May, 1817 to May, 1819, both inclusive, Mr.. Williams had been over, from $845 56, the lowest, to 15,036 the highest amount overdrawn, Mr. Williams, in reference to several of the periods pointed out, shews that he was entitled to certain credits, and materially invalidates the force of Mr. Donnel's statement, though the facts partially 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 intimation which he thought Mr. D. would have understood, OFFICE OF THE 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 warmish pamphlets, having reference to certain proceedings had in, or with, the office of the bank of the United States, at Baltimore. Scraps about Banks, &c. one to bring a charge against him for having been "engaged in any transactions which can impeach his honesty, integrity or intentions," &c. The above, we believe, is as fair an abstract of the contents of these pamphlets as it is possible to give in the space we are willing to allow to it. A notice of them belongs to the history of banking, and we insert it without offering any opinion of our own, Bank of the United States. The following notice to the stockholders was issued at Philadelphia on the 11th inst. The first was given to the public by Nathaniel Williams, esq. a gentleman of the bar, and late counsellor and attorney at law for the office. He was dismissed, rather rudely indeed, in consequence, as it is alleged, of a presumed delicacy that he might feel to act justly against some of his relatives who were delinquent debtors at the office. Mr. Williams, with great spirit and under a sense 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, John 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 Monthe 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 given up the retainer which he held as assistant counsellor and advocate for the bank. Mr. Williams states that he himself was not incumbered by any proceedings with the bank, &c. די The second pamphlet is published by Mr. Amos A. Williams, late a director in the office at Baltitimore, and a considerable endorser for others who had speculated in its stock, though it does not appear that he was engaged in it himself. His controversy is also with Mr. Donnel-who said that the affairs of the office "exhibited a dd scene of plunder;" and, in describing those who had participated in it, he comprehended Mr. A. A. W. By order of the board of directors, JONATHAN SMITH, cashier. Extract from the said thirteenth article"Half-yearly dividends shall be made of so much of the profits of the bank, as shall appear to the directors advisable; and once in every 3 years, the directors shall lay before the stockholders, at a general meeting, for their information, an exact and particular statement of the debts which shall have remained unpaid after the expiration of the original credit, for a period of treble the term of that credit, and of the profits, if any, after deducting los. ses and dividends." Sect. 1. Enacts, that from and after the first day of August 1819, any of the banks incorporated by the act of 21st March 1814, (known by the name of the forty banks) which shall refuse to pay its notes on demand in specie, shall forfeit its charter; but shall still be liable for the payment of its debts in its corporate capacity, and shall be authorised to renew the notes or obligations of those who are indebt} 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 lat-tled," an act regulating banks "passed at the last ter, acknowledging that his expressions were hasty, session of the legislature, are comprised in the fol c. promised to give. After a su sequent demand lowing summary: for such explanation, Mr. D. states, that Mr. W. ap. peared as drawer and endorser, on notes to the amount of $385,125-that he was alarmed for his own interest-knew not how such sums were got out of the office, or of any security therefor to the bank except Mr. George Williams [who as well as Mr. A. A. W. was under protest] --and speaks of the loss of character to Baltimore, and the injury to those whose support had been made to depend oned to it, as occasion may require. expected dividends from the bank, &c. In reply, Mr. W. transmits a statement shewing that the notes on which his name appeared, had regularly been passed by the board that 221,875 of the preceding the month. Sect. 2. Enacts, that the fact of a refusal of a bank *Except May, 1819-which was on the 20th of to pay its notes, is to be proved before a judge of the court of common pleas, by one or more disinterested witnesses, after having given ten days notice to the president or cashier, in which case the judge is to give notice to the governor. But a refusal to pay notes held by professed money-exchangers, is not to work a forfeiture. Sect. 3. Requires the governor, upon receiving notice from a judge, of the refusal to pay, to issue his proclamation declaring void the charter of the bank in question. Sect. 4. States, that the forfeiture of the charter is to be deemed to have taken effect from the date of the proclamation. Sect. 5. Enacts, that if any bank, the charter of which shall have been forfeited, shall issue any notes, the directors consenting thereto shall be liable for their payment in their individual capacity, and if any new loan or dividend be made, the directors consenting to the same shall be individually liable to pay the amount thereof, to any person having a clain to an equal amount upon the bank, who, shall first sue for the recovery of the same. unless it is ascertained that the directors and stockholders of that institution have resolved to close its concerns and dissolve the act of incorporation. What is the amount of the distress which this bank has heaped upon the widow and the orplan, the aged and feeble, who put their money into it in the belief that its honest profits would afford them a comfortable subsistence! O, shame shame-shame! Banks suspending specie payments after the 31st day of December next, are also liable to pay the holders of their notes an interest at the rate of twelve per cent. per annum. The bank of the famous and favorite town of Plattsburg, has not suspended specie payments, as reported on the authority of an Albany paper. Banks in Massachusetts, TOTAL-40 banks-capital, 11,670,000; amount of debts due, 15,849,172 49; deposites 3,036,930 17; notes in circulation, 4,340,277, specie, 1,190,987 06. 4 Seven of these are located in Boston, with a capital 7,350,000; amount of all debts due, 9,401,875 11 deposites, 2,219,159 68—notes in circulation, 1,149,755-specie, 541,130 55. Sect. 6. Obliges the president or cashier of any Now-though "the land office at Jeffersonville" bank 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, [5 of which are, and 3 of ment, to endorse upon the same the day and year when it was presented, and the said note from thenceforth shall bear an interest of six per cent. per annum. Sect. 7. Declares, that the time for winding up shall not extend beyond the period of the original limitation of the charter, which is the first day of April 1825. This law of Pennsylvania, as well as that of Maryland mentioned below, if the people are not too cowardly to present the facts to the proper authorities, and these authorities are honest enough to give the laws effect, will relieve the citizens of these states of many banking establishments, to the permanent good of the present generation, and as a solemm warning to posterity. Extract of a letter from Pittsburg, July 7. The banks in this country have much to answer for; most of them having stopped paying specie; they think, I believe, that you insult them, by demanding what they promise to pay, and unfortunately it is too true, that individuals seem to forget the moral obligation of society to be honest and punctual. It is almost out of the question to procure eastern funds here; in some instances more than twenty per cent, has been offered. Many bank notes circulate which are considered 20 to 25 per cent. worse than current notes, and for change, we have nothing but our city tickets worn out years since. O tempora, O mores! Maryland banks. Extract from an act passed at the last session of the legislature, "To facilitate the recovery of debts due from the several banks in this state, and to compel the said banks to pay specie for their notes, or forfeit their charter:" "Be it enacted, That upon application made to any county court in this state, supported by affidavit, to be filed in the case, stating the fact, that a bank located in the county, refuses to pay specie for its notes, and upon the court being fully notified that such bank does refuse to pay specie for its notes, the said court may, and hereby is authorised and] empowered, to order its clerk to issue a scire facias, in the name of the state of Maryland, directed to the said bank, by its corporate name and style, to shew cause why its charter shall not be deemed FORFEITED, by the judgment of the said court." which never were existing, we have full reason to believe that our banks might make an exhibit far more favorable than the Boston statement. The lat ter institutions, however, possess the public confidence, much impaired at Baltimore by the outrages of a few persons. But, we are happy to say that confidence is returning-the best test of the general solvency of our banks is, that with so great a loss of it, they have promptly met every demand, though pressed as all the local banks are, by the bank of the United States, apparently determined to destroy them, or force a government paper upon the people. North Carolina State Bank. A New York paper says-We have seen a letter from North Carolina, dated the 2d June, which states that the following test oath is tendered by the state bank at Baleigh, N..C. to all who apply for specie: "The undersigned makes oath, the notes that he now presents to the bank for payment, are his property, (or the property of) and were not exchanged for, or bonght up for the purpose of making this demand on the bank." The letter adds "As might well be expected, this arbitrary measure is resisted with spirit, and has filled the minds of the citizens with indigna tion." We cannot believe that there is one word of truth in this. It is too impudent for a free people to bear with. Such a test would degrade the meanest negro that labors in a rice swamp. Any bank of fering such an oath, should be instantly annihilated by the public indignation, in refusing to it the countenance of every honest man. Winchester bank, Kentucky. The stockholders of this bank, by 300 votes to 220, have resolved to close its affairs and surrender the charter. Good. Tennessee. The branch of the bank of Tennessee, at Nashville, has suspended specie payments. Alarming propositions. It is proposed in a Nashville paper, to obtain a legislative act to prevent the collection of debts by execution-that as the banks are now under no apprehension of a drain of the precious metals," (having stopped paying them!) they shall extend their accomodations-that if a plaintiff 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 |