« ForrigeFortsett »
, Pended to this report, when it, together with
years in operation, with its business much less
the 30th of November to the 16th of January,
* received such as related to the three per
and counsellors for the bank are not in the amount given. The committee addressed the following inquiry to the president of the bank, believing that it involved a fact which will be useful to Congress in its future legislation on the subject of its charter: “Did Mr. Ellsworth, or any one else of the State of Connecticut, as assessors of taxes of that State, write to request you to give him a ist of stockholders belonging to that State, for the o of taxing them according to a law thereof.” The president replied: “In December, 1829, Henry L. Ellsworth, of Hartford, in Connectiout, addressed a letter to me, requesting to be furnished with a list of the stockholders of the bank residing in Connecticut, for the purpose of taxing the stock. The request was declined or reasons which will appear in the correspondence hereunto annexed,” to which the committee refer, marked No. 43. The committee, in calling for various statements, have collected a number of useful document, otreferable to any particular head, but *containing a mass of useful information, they Present them to the House, subject to their future order, and, if found necessary, to be ap
the Paperstowhichitrefers, shall be published. e majority of the committee feel authori*d to state that they have not been able to give oven the parent bank that investigation which * extensive operations deserve, much less the ranches—in some of which there have been *bjects of complaint, but which they have been compelled to abandon for the want of time. The committee that investigated the affairs of the bank in 1819, when it had been but two
**ied than at present, were engaged, as it would seem from the records of that day, from
before they reported, and then they had not ** shorough an examination as the transotions of the institution seemed to require. At the present time, with a greatly enlarged bu*of sixteen years' accumulation, and twenty-five branches, whose operations have been with signal instances of irregularity, * bank requiresa much more minute examina. "than the committee have been able to give it. They have been many statements called for which the business of the bank and the shortof the time allowed for the investigation, would not admit to be furnished. The com** were particularly desirous of ascertain*; how for the payment of the public debt, "d throughout the whole term of the exist. * of the bank, affected its operations, and * for all the resolutions and correspondence relating to that subject since 1817, but have
*al loan, and the circular of the 7th of Octoherlast.
ability to make loans to the Government—the influence of the operations of the bank upon trade—on the increase of the paper circulation of the bank—its agency in diminishing or enlarging the circulation of local banks, andthe means of permanently regulating our general circulation, so as to prevent its injurious ef. fects upon the trade and currency of the coun try; all matters of vital importance in the reorganization of the bank; concerning which, the committee submitted a number of inquires to the president of the bank, who has not been able, from the press of other indispensable duties, to answer; and which queries are appended to this report. The investigations, however, which have been made, imperfect as they were, fully justify the committee in saying, that the bank ought not, at present, to be rechartered. It is pbvious, from the statements submitted, and the correspondence with the treasury concerning the public debt, and the fluctuations of the revenue of Government, that these have hitherto essentially affected the general circulation and operations of the Bank of the United States. It would, therefore, seem to your comimittee to be most judicious not to act upon the question of rechartering that institution, or of chartering any other national bank, until the public debt shall have been paid off, and the public revenue shall have been adjusted to the measure of our federal expenditures.
THE GLOBE AND ME, ADAMS, On Tuesday, we said:
“The Globe of yesterday claims Mr. Adams as the advocate of the measures of the administration. 'Who could have believed that Gen. Jackson would have purchased the eulogies of an insolveut partisan of Henry Clay, or that he would have been reduced to a dependance upon the support of John Q. Adams”
We regret to learn, that some of our readers have applied the term “insolent partisan,” to Mr. Adams. It refers expressly to the Editor of the Globe; and our article expressly repudiates the idea that Mr. Adams is, or will consent to be, a partisan of Mr. Clay.
Mr. Adams, in the remarks for which he is eulogised by the Globe, vindicated his own measures. In this, he was consistent; but what must be the humiliation of Gen. Jackson, when he is compelled to seize upon such a vindication of the late administration as a justification for the violation of the principles on which he came into power? It is truly, as Mr. Adams says, a political turnstile. We have got back to the place from which we started: we have changed rulers, but not principles, yet we are told that this is reform! Who, that has any regard for his character or that of his country does not pity the condition of General TABLE referred to in the of the Select Committee appointed to examine into the affairs of the Bank of the United States.
*b, by the bank, in 1824 and 1825, and its) Jackson?
: A STRANGE FACT.
We have said that the pensioned press act upon the axiom, that it matters not how bad the act, it can be cured by the comment. No matter how cerrect, it can be damned by the comment; for cominent can make vice, virtue, and virtue, vice. Thus instead of giving to the public the report of the Secretary of the Trea. sury, and the bill which is to compromise the tariff, acting out its principle, the Globe suppresses the official documents, and gives garbled extracts and false comments. Yet all the collar men, Thomas Ritchie and all, must throw up their caps and huzza “admirable” tariff,
Anecdote.—A worthy old sea captain of our acquaintance once took on board a large numbef of passengers at a port in the Emeral Isle, to bring them to this country. On approaching our coast he as usual sounded, but found no bottom, “And did ye strike the ground, captain,” inquired one of the Irishmen. “No,” was the reply. “And will ye be so good as to tell us,' rejoined Pat, “how near ye came to it?” .
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- Meditor of the Baltimore Republican, who,
through this press. He has never written any artlele whatever, so far as we know, for the Telegraph. It is, however, a strong corroboration of the statemeat of our correspondent, that Mr. Harker should attribute his communication to so distinguished an authority. The Hon. Senator knows, as does his colleague and the representative from Delaware, that the
communications in question have always been attributed to the present Secretary of the Treasury, and if either of those gentiemen will say that we have done Mr. McLane injustice by holding him responsible as the writer, we will cheerfully make the amende honorable. But if neither of them will come forward, and we are confident that neither of them will do so, we must still consider Mr. McLane as the writer, and treat him as such. The billingsgate of the Globe in relation to Mr. Calhoun and his friends, is in
the accustomed strain of that press, and unworthy of a reply.
The object of the assaults made upon this press by the Hon. Mr. Patton, in the House of Representatives, is now palpable. He would have suppressed the publićation of all the evidence, and also of the debate upon the outrage committed by Houston, until after the trial, while the organised band of letter writers, and the pensioned press, would have preoccupied the public mind. He would have suspended the publication of the evidence until after the interest excited by the enormity of the outrage had subsidel, while the trained corps were manufacturing “public sentiment,” to be thrown back upon Congress itself, preparatory to the acquittal of the offender. Accordingly, the Richmond Enquirer, the Baltimore Republican, the Courier and Enquirer, the Columbus Sentinel, the Cincinnati Republican and Advertiser, the Louisville Advertiser, the Frankfort Argus, the Albany Argus, and their associates, have justified Houston and donounced Mr. Stanbery as a slanderer. The object has been to put Mr. Stanberry, and not Houston, on his trial. But this will not do. Mr. Stanberry can prove all that he has said and more. We have no expectation that the report of a committee can be obtained, sustaining what he has said; but if a committee be appointed, and witnesses are fairly and fully examined, the evidence convicting Eaton of an intention to give Houston a fraudulent contract, will be such as to satisfy, an intelligent public.—
* that out correspondent is the honorable Mr. Stanbery has said, that all that he wants * Clayton. This is untrue, notwithstanding|to enable him to prove the fraudulent inten
*Copied into the official paper. Mr. Clay
tion, is compulsory process, to compel the
ten * not the author of this or any other com-lattendance of witnesses. Mr. Polk has . "nication which has been given to the public|himself to move for an investigation; why
he not fulfilled his pledge? It will not do to say, that other business has precedence. This is a matter in which the integrity of the admi
nistration is involved; and we venture to affirm, that if the friends of the administration ask for the inquiry, it will be granted. We have forborne to press the evieence within our reach, because we considered Mr. Polk pledged to ask for an investigation If he does not do so, we will take the guilt of the parties as confessed. If he does urge it, all that we have said will be fully sustained by the most conclusive testimony. Certainly, as far as the examination has progressed, Mr. Stanbery's statement is fully sustained. The attempt of the pensioned press to justify Houston, on the ground that he was slandered by Mr. Stanbery, will be made to recoil on his advo. cates. Of the matter before the House, which is the assault upon one of its members, we do not speak; but we do assert, that there is no candid man, unprejudiced by party, who has read the evidence already given, can doubt the truth of the charge alleged against Eaton and Houston; and if presented fairly and freely, there will not be a loop to hang a doubt upon.
By a typographical error of the 7th ints-, we were made to date the celebrated woollens bill in 1816, instead of 1826. By a reference to the Journal, page 245, we find that it was laid on the table, February 28, 1827. The yeas and nays were as follows: YEAs–Messrs. Benton, Berrien, Bouligny, Branch, Chambers, Clayton, Cobb, Eaton, Hayne, Johnson, of Kentucky, Kane, Macon, Randolph, Reed, Ridgely, Rowan, Smith, of Maryland, Smith of South Carolina, Tazewell, and White—20. Nars–Messrs. Barton, Bell, Chandler, Dick erson, Edwards, Findlay, Harrison, Hendricks, Holmes, Knight, Marks, Mills, Noble, Robbins, Ruggles, Sandford, Seymour, Silsbee, Thomas, and Woodbury—20. The Vice President voting in the affirmative, the bill was laid on the table, and its passage thus defeated. It will be seen that Mr. Smith, of South Carolina was present, and voted with the Vice
President. He now asserts that Mr. Calhoun was in favor of the measure! Comment is unnecessary.
MR. RITCHIE AND Mr. McLANE'S RE
we have at length received Mr. Ritchie's comments on the report of the Secretary of the Treasury, on the tariff. We anticipated the awkward position in which his comments, in advance of that document with our remarks would have placed him. We have not been disappointed... Never was poor wight more awkwardly situated—nothing can be in more perfect contrast than the report and Mr. Ritchie's cornments—the latter proposes a tariff of from 20 to 25 per cent. ad valorem as a mazi. mum, with a gradual diminution to the legiti
mate and constitutional wants of the Government. The report on the contrary abandons the ad valorem principle almost entirely, and adopts specific duties, some of which instead of Mr. Ritchie's maximum of 20 to 25 per cent, range upwards of 100 per cent., and the average of the protective duties will, we have no doubt, taking into consideration all circumstances, average at least 45 percent, fully double Mr. Ritchie's maximum. To this must be added the new, dangerous, and unconstitutional principle of a protective housty, a protective auction, a protective valuation in this country, (since corrected by the Secretary,) and the oppressive and monopolizing scheme of cash payments, which we understand, some of the intelligent manufacturers estimated to be worth from 10 to 15 per cent. to them. Between his previous commitment, and the report of the Secretary, which are so opposed, Mr. Ritchie, is put to the utmost shift to preserve a show of consistency, and maintain his allegiance to the “powers that be.” To come out at once, throw up his cap, and laud the report would be too strangely inconsistent-that he, therefore, leaves to his Washington corres. pondent, who doubtless is Thomas Ritchie, speaking in another character. The difficulty on the other side is not less embarrassing—to come out manfully--in maintainenance of the position he had taken-to condemn the report as unconstitutional and extravagant, as sacrificing the interest of the plan". tation States, and as courting the interests of the monopolists at their expense, would have been a forfeiture of his claims upon those in power. In this dilemma, he takes his usual course. With a show of candor, he condemns parts of the report in a feint tone; with a view, doubtless, to be retracted hereafter, he speaks of the extravagant rates upon some article", but immediately qualifies it with praise upon some others not much less objectionable than . those which he condemns. It condemns in an under tone the bounty and auction system, but mark, he says not one word as to their unconstitutionality, we might say their dangerous unconstitutionality, as a part of the protective yotem. . That system only requires these additional qualities to give it perfection. With these it will have the utmost pliancy. By their dexterous use every cent of burden may be taken off of one portion of the Union, and every cent laid on the other. There was a time when Mr. Ritchie would not have been silent under so dangerous an infraction of the Consti. tution. His press was then the advocate of liberty, but it is now the servile tool of power. There is one view of Mr. Ritchie's remarks which deserves the severest reprehension. He aot only assumes to be the sincere advocate of a fair adjustment ef this question, but undertakes to cast imputation on the motives of those whom he charges with a design of defeating any fair adjustment of it. We leave those whom he attacks to defend themselves; but as far as we, and those with whom it is our pride
to act, are concerned, we pronounce his assertions to be false and calumnious. There are none more sincerely desirous of seeing a termi. nation of this controversy than ourselves according to our property and prospects, no one has a greater interest; to none could a conflict, should any unfortunately arise, prove more disastrous; our all is at stake i but we feel assured that no adjustment can take place ; we mean any thing deserving the name of being called an adjustment—one which would not leave a rankling, more dangerous than the wound itself, unless based upon justice, which shall exact from the tax-payers not a cent more than is required by the legitimate wants of the Government; which shall leave the burden that remains as equally imposed as pos sible, and equalise the expenditures of the Government as far as the public service will permit, Will Mr. McLane's project effect this, or any thing like it 2, Will it reduce the reve: nue to the legitimate wants of the Government? These, we conceive, ought not to exceed ele ven millions at most ; whereas Mr. McLane estimates the income upon the duties alone, on his scheme, at twelve millions; to which, if we add the proceeds of the public lands and bank dividends, estimated at least at three millions, we have a revenue of fifteen millions. But he has greatly under estimated the imposs under his proposed scheme, which can be easily shown; instead of twelve mil tions, it will certainly exceed fifteen millions : which, added to the proceeds of the public lands and the bank dividends, would swell the revenue beyond eighteen millions, and leave a surplus of at least seven millions of dollars What is to be done with this surplus * Is it to be applied to an extravagant pension list 2 to the building of sea walls, excavation of harboro, improvement of the navigation of creeks, and, finally, to open the dangerous question of omancipation which must annihilate the south it semitted to be agitated Will Mr. Ritchie call that a settlement—a safe, constitutional settlement—which would leave such a surplus ? So, much for the surplus; but will the proPowed project leave the burden equa upon the *''''', 'we mean as equal as may be practioble' for we know that perfect equality is not *ainable. So far from this—so far from equal. *"g, the scheme will greatly increase the ex*ing inequality, whether we regard the coun o “divided,between the planung and the other States, or between capital and labor. From the *althy most of the takes will be either entirely taken off or greatly reduced ; while those that Press with severity on labor, with the excep* of negro cloth, are very inconsiderably re. ouced. Viewed in the other light, between * Plantation and the other states, the inequaMy will be still greater. Almost every burden * taken from the latter, while almost the en*Possure of the system is left on the former. Will Mr. Ritchie say that such an adjustment is * and constitutional or will he even von"*" assert that it will not leave the country
in a condition at least as dangerous as it is at present What, then, is to be done * We answer, as Mr. Ritchie did himself, before he was bidden to eulogise Mr. McLane’s report, let the duties be reduced to 20 or 25 per cent. ; let the act contain a prospective diminution, gradually reducing (we scarcely care how slow, we are for allowing ample time) the revenue, to the legitimate and constitutional wants of the Government; to the point we have already stated. On this basis, and on this alone, we feel assured the only permanent adjustment can be made, and we do conscientiously believe, that the manufac.urers themselves are as deeply interested as the south in suco an at justment; which, placing it on the basis of justice and quality, will heal the districtions of the country, avert pending calamity, and restore harmony, peace, and concord. An adjustment producing these blessed fruits would give permanency to the pursuits of the country, and stadility to our Constitution, , our Union, and our liberty. We conclude by remarking, that Air R tchie's attack on the distinguished son of the south, who has freely sacrificed his Lolitical prospects to a sens of duty, in this great crisis, is quite in character with his subserviency to Mr. Van Buren. It is of the same description of the attack recently made by Judge Smith, in his Spartanburg speech, for a refutation of which we r fer to our article in the Telegraph of last week.
An interesting and useful pamphlet in rela. tion to the true principles of the Federal Constitution, and the rights of the States, has just been issued from the press of Jos Arhan ELLIotr, containing upwards of eighty pages of close matter, embracing as much reading as is usually spread over 200 common octavo pages. Besides the celebrated report of Mr. Madison on the Alien and Sedition Laws, Virginia and Kentucky Resolutions, &c., it contains, at large, among other important political questions, Mr. Calhoun's Address, opinions of Jefferson, McKean, Tilghman, Marshall, and others, on the extent of the powers of the federal judiciary, and Mr. Jeff, rson's original draught of the Kentucky resolutions. To borrow the words of the preface to this pamphlet, we may add that “these documents sh; d a broud and clear light on this subject, [the Constitution,] which will remove from the unind of the ca...did inquirer after truth every doubt as to the true theory of the Constitution-the boundaries of jurisdiction between the Federal and State governments- the rights of the States- and the consor. vative principles of our political system.” the publisher merits he thanks of the public for Producing this pamphlet at this m inent of political animation. We hope he may be reward
ed for his labor in the sale of the edition, waich, we learn, is very extensive.