« ForrigeFortsett »
can be thus cbaffered while one of the fathers sage.. We do not know what will be the vote of the revolution yet lingers on the verge of in the House ; but presume tbat the combined existence?
influence of the bank and of the opposition, Why should Mr. Ritchie denounce the south?, can take through any bill which the Senate Does he believe that her patriotic sons a-k too may pass ; and under such belief, we are left much?
Are they not willing to contributt to the Executive veto as the only hope against their full proportion, and more, to the public its becoming a law. Our objections to the intreasury? He will not dare say that they do stitution are known. The amendments, in our not. Have they refused to accept any modifi
. opinion, increase its powers, and render their cation of the taxes which approaches this pointpassage doubly dangerous. Situated as public He will not venture to say that they have. Way opinion now is, we are not prepared io say then does he, a recreant son of he south, dare what the President will do. We incline to denounce her patriot sons as ultra ? Ulira, in hope that he will veto the bill now before the what? In nothing, except it be in attachment Senate ; and we are confident that he would to the Union, and a disinterested devotion to gain more than le would lose by doing so. He the country. The question before Congress is shall have our feeble support to sanction him one of reduction. The capitalists of the north so far as that act goes, if he will but summon have clamored for protection; they have loid us up courage to go through. But we would say that if we will give them protection now,in a few to the triends of the bank, we bave our appre. years they would protect themselves. We hensions that he will not do so; aud sure we venture to assume, unjust and oppressive as are, that he would not veto a bill with such the present onerous system is, yet let there amendments as would remove many objections be even a remote hope of ultimate relief, of 10 the bank, and yet leave the ebarter accepta. such a reduction as 'Mr. Ritchie himself desble to the stockholders So much for the conmands, and they will acquiesce. He cannot sideration of the bank and i's friends. say, he will not venture to say, that those whom
We would make another suggestion to those he has stigmatized as ultra, against the tariff', whose duty it is to legislate on this subject. are not prepared to make every concession for The stock is now worth say 125 dollars for 100 the
sake of peace and union, that they ought to paid in. The renewal of the ch:rter 10 the make; yet he speaks of them in the same present stockholders would be worth to them breath, he identifies them in the same cen
per cent. on the amount of the capita sure with those who are ultra for the tariff; can stock, or equal to seven millions of dollars. such unfair,such false and traitorous profligacy, This is a bonus given by Congress to a privi. admit of any ano her explanation than that Mr. leged class beyond the advantages to be deriva Ritchie, in bis devotion 10 Mr. Van Buren, based from the use of the public funds and other sacrificed all his former principles. If he were, advantages. Why should they not be reas he once was, really opposed to the tariff, he quired to reduce the rate of interest? They would not hesitate to make coinmon cause with are entitled to charge interest at the rate of six the suffering south, instead of weakening all per cent., but in consequence of the advan. her energies at this important moment is the tages given by the charter the rate of their cavery crisis of her fate, by making war upon her pit.I is increased twenty-five per cent. If by principles, in the persons of her ablest defenders, their charter each $100 of the capital is worth But hark! we hear a voice from
the south; the $125, then they should be allowed to charge spell is broken; Virginia, N. Carolina, Georgia, only that rate of interest which would give six and the soutli, are awakened. Not all the Arco- dollars on the nominal value of the stock. ers, the Stevensons, the Forsyths, the Ritchies, Thus, as the stock advanced the rate of interthe Spéights, and the other little dependanis est would decrease. We do not expect such a whom they have purchased or cajoled, can seil principle to be engrafted in the bill, but the the confiding, the brave, the generous south. pr. priety of it must be apparent. Yet the No! we bear the watchword re-echoed, the bea. suggestion shows clearly the justice of reducing con fires are blazing; the south is in motion; the rate of interest to be charged by the bank the time is at hand when neither Jackson's from six to five per cent. The beneficial efname, the magician's spell, nor the wiles of the fects of such a measure upon the general practised intriguer can longer deceive. The welfare” of the country cannot be doubled. charın of Mr. Ritchie's influence is broken. It is unnecessary for us to urge the objece He will be viewed as he is, the degenerate
tions so forcibly stated in the Senate.. We son of a tory father! and can he transfer, can heyet cast our hope to the President; let him do sell, in the political market, the descendants of bis duty; let him veto the bill, and we are with the whygs of the revolu.son? It were disgrace him as far as that goes, but we have our fears. o calmly answer such a question. No never.
The Van Buren Conventfon has, so far as its
friends are concerned, tallen dead upon the THE BANK OF THE UNITED STATES.
country. Even the purchased press, with a The bill for r chartering this institution has few exceptions, dare not muzza for Martin Van now been for some dayş debated in the Senate; Buren It was conceived in sin, and has and the votes taken on the several proposed orought forth " iniquity.” But although the amendments indicate, clearly, that a decided disgust is so great as to silence and alarm its majority of that body are in favor of its pas- (venal projectors, it has removed the scales.
from the eyes of many confiding citizens. It committee of arrangements. Flags were hung
“ The argument being exhausted, we will
“ The table gruaned under the best that the We see, we feel, that the nomination of
coun'ry afforded, and I presume that not less Martin Vai Buren presents the crisis, and that than 500 sat down ane as many more stood up. the sou b have now no alternative but to sub.
“The regular roasts I shall send you if I can mit, and die slavesmor to resist, and live obtain a copy time enough for the mail, but I freemen-and she will resist.
want words to ex iress the enjoyment and deTHE BALTIMORE CONVENTION.
liglit of every one at the elquent and explana
tory speech of your chivalrous Hamilton; equal. The New York Evening Journal says: ly was I delighted with Preston's masterly pro
“We observe, among the delegates from this duction. Georgia was represented by those State, to the Baltimore Van Buren Convention, who had rode upwards of 100 miles to attend the Comptroller, Secretary of State, Adjutant (the celebration. Letters were received and General, two Canal Commissioners, one Bank read at the table, from many whose engage. Comm ssioner, nice Judges, and several small ments prevented their attendance. The letter fry office holders."
which appeared to vive the most satisfaction, A similar expose from the other States might was one from a Mr. Howard, a representative cast some additional light on the proceedings of the State Legislature for Baldwin county, of this famed Convenion.
(Geo.) It will be here necessary for me to
mention that he was the first public man who GOV. HAMILTON.
openly avowed this doctrine, and the first man
elected after having done so. After the readThe following notice of the dinner lately given to this distinguished son of the South, is taken ing of his letier bis health was drank and his from the last Charleston Mercury:
name was echo d and re-echoed through the • Extract of a letter received in this city, dated building, and a short and complimentary speech
made by Col. Butler, of Edgefield, in his usual "AUGUSTA, (Ga.) May 27, 1832. happy manner, in which he spoke of the grati.
fication that the sentiment of Col. How«rd gave “Our Festival, the Georgia and Carolina Fes. to the State Rights' party of South Carolina, as tival, given in honor of Gov. Hamilt N, took it was the first voice from any of the States place yesterday at Hamburg, and it was flatter- which openly and fearlessly re-echoed their ing to his Excellency, as well as to the fri nds sentim nis of the cause that he so boldly advocates, that it
" A band attended, and cannons were fired was so nunerously attended. The Governor arrived at Upper Hamurg about 12 o'clock, during the dinner, and <njuyment appeared on when he was received by he commitee of ar- every countenance around. rangt ments, and with them atiended the shoot. "I left them at about 10 o'clock, reading ing matches, which you will see by the Chroni. letters from invited guests. Colonel Noble, cle of yesterday, were to have taken place. Wardlaw, and many others from Abbeville, Exch medal was suspended upon a bead cha'n were at the dinner. A paper with the pru. handsomely worked by the fair hands of the ceedings will be sent you as soon as published.” Hamburg ladies, with the following Carolina motio; " millions for defence and not a cent for tribute." About 2 o'clock the Governor, in his
GEORGIA AND SOUTH CAROLINA. carriage, accompanied by General MONTGOME
The Georgia Chronicle, published at Augus. By, and other carriages following, were escort. ta, brings us an account of the late celebration ed to the tavern at the Lower Town by the at Hamburg, in South Carolina, of which menanited committee of arrangements and the tion was made in the letter which we copied Hamburg troop, when bis Excellency received from the Mercury yesterday. These proceedhis friends, and where the procession was form ings breathe a tone which no intelligent reader ed to march to the dinner. The building ap. can mistake, and they are but a precursor of propriated for dining is about 250 feet; ibere that union which is to achieve an entire change were four tables spread half the length of the in the measures of the Government. The feta builing, and one table running across, at which ters which have so long bound the south in sat the Governor, the guests invited, and the slavery, are arog&N.
UNITED STATES' BANK. it may be legitimately exercised. But, in a
matter of so much delicacy, I wish to place the CORRESPONDENCE
views of the department beyond the reach of WITH THE SECRETARY OF THE TREASURY.
Allow me, therefore, to assure you, that those (COMIDENTIAL.)
charged with the administration of the Govern: (No. 1.)-TREASOBY DEPARTMENT, ment, relying for support only on the intelli
July 11, 1829.
gence which shall discern and justly appreciate SIB: I herewith transmit a copy of a confi- lihe cbaracter of their acts, disclaiming all desire dential letter received from the Hon. Levisio derive political aid through the operations of Woodbury, Senator of the United States from the bank. And though, under other circumNew Hampshire, containing a complaint against stances than those which exist at present, such the president of the branch bank of the United an arowal would be unnecessary, I find myself States at Portsmoutb. Complaints of a similar called upon explicitly to state that they would nature have also been suggested from other learn with not less regret than that which has places, particularly Kentucky and Louisiana. prompted this communication, that any suppos. These, when presented in a more distinct form, ed political relationship, either favorable or will also be communicated to you.
averse towards them, had operated with the The character of Mr. Woodbury justifies the bank or any of its branches, either in granting belief that he would not make such a charge or withholding pecuniary facilities, which apart up n slight or insufficient grounds; and, from from that consideration, would have been difsome expressions in his letter, it may be infer- ferently dispensed. red that it is partly founded on a supposed
I am fully aware that the officers of a bank application of the influence of the bank, with a must be considered the best judges of the view to political effect. But, in whatever as claims of applicants for its benefits, and that pect it may be regarded, I would invite the se- their motives for refusing them are very liable rivus attention of your board to the alleged evil, to be misunderstood. At the same time, it is and if it should be found to exist, I cannot easy to practice the abuse now presented to a doubt that you will apply an efficient remedy. considerable extent, under very colorable pre
You cannot be insensible that the power texts. It is difficult, therefore, to ascertain the
Having discharged the unpleasant duty of be an object of serious and deserved jealousy: presenting this important subject distinctly be for it is in vain that fundamental laws are esta- fore you, together with the views of the admiblissed fur the security of property, if the arti- nistration in relation to it, I take the occasion to
ficial institutions created to facilitate its acquisi. express the great satisfaction of the Treasury tion, shall be permitted to disturb its just rela- Department at the manner in which the presitions by exerting their power in subservience to dent and directors of the parent bank have disthe pass ons or prejudices of local or party charged their trusts in all their immediate relastrife. And hence, the very high obligation of tions to the Government, so far as their transacthose who are charged with administering the tions have come under my notice, and especial
. concerns of such an institution as the Bank of ly in the facilities afforded in transferring the the United States, to introduce into the arrange funds of the Government, and in the prepara: ment of its officers such checks and counterba- tion for the heavy payment of the public
debt lances as may be necessary to maintain a just on the 1st instant, which has been effected by equilibrium in its movements.
means of the prudent arrangement of your The basis of credit are to be found in inte board, at a time of severe depression on all the grity, industry, economy, skill
, and capital and productive employments of the country, withthat unity of action which may be necessary to out causing any sensible addition to the pres. give efficiency and preserve harmony in the opo sure, or even visible effect, upon the ordinary erations of a bank, is essentially secured by operations of the State banks. regarding these considerations alone as consti
I am, very respectfully, tuing the proper claim to the benefit of its
Your obedient servant, credit.
S. D. INGHAM I cannot doubt that these views are in har.
Secretary of the Treasury tony wito trose entertained by you and the
NICHOLAS BIDDLE, Esq. other gentleinen who are associated in the di President Bank U. S. Philadelphia. rection of the bank. Nevertheless, I feel it due to the relations which exist between this
(CONFIDENTIAL.) department and that institution to present them on this oc as on to your notice.
PORTSMOUTH, N. A., I will not uppose that you would, under any (Enclosure.)
27th June, 1829. influerice, intentionally permit the power of the DEAR SIR - Your situation at the head of the ban: to be made an instrument for the accom. Treasury Department, and the deep interes plishment of other objects than those for which'which the United States posseas in the concemne
of the Bank of the United States, must be my mouth, and urging his removal. This com nu-
nication has been submitted to the board of di-
In the mean time, I take occasion to state,
doubtless, well known to you. Mr. W. is supThe objections to the continuance of Mr. posed to have had much agency in effecting Mason in office are twofold-first, the want of this change.' This statement naturally proconciliatory manners, and intimate acquaintance duced in your mind the impression that the with our business men-and, secondly, the charge against Mr. Mason " is partly founded Auctuating policy pursued, in relation to both on a supposed application of the induence of loans and collections at the bank, together with the bank with a view to political effect;" and the partiality and harshness that accompany the obvious inference from it was, that, under them.
the influence of Mr. Webster, a former presie
subject is entirely erroneous, and perhaps the
changed. The late president, Mr. Shapley,
increased a dollar. Mr. Mason was employed
lation whatever to his other duties as president. With high consideration and respect,
3d. Mr. Webster had not the slightest agen-
LEVI WOODBURY. nomination wag resolved upon without the
knowledge either of Mr. Webster or Mr, Ma.
that, after the agent of the bank charged to
make a choice had determined to recommend
Mr. Mason, Mr. Webster was requested to en.
July 18, 1829. which the agent naturally made of Mr. Web-
Wondbury wrotein you on the 27th of Jun ; der to induce him to give up so much of his on the same day he wrote a similar letter o valuable time to the service of the bank, an es. me. I answered, thanking him for his sugg. s- timate was made of the provable amount which tions, and requesting him to guide my in Juires we would have to pay for the professional ser: by statig what was the nature of the com-vices of a lawyer, and, by eng ging Mr. Mason plaints against Mr. Masun. To this h- repled in that character, we were enabled to obtain on th: 31 in-tant, and that letter has the follow. his consent to accept the appoin ment. Since ing de laration:
ne has heen in office, he has been exceedingly “ From the confidential characier of this useful-bas saved the bank from great 1038-s—
it is due in pertect frankness to state, his secured the bad debts-nor, until Mr. that the president of the present board, as a po Woodhury's letter, was I informed of any comliticia., is no very acceptable to the major typlaint against him. What is, moreover, to be in this town and State. But it is at the same inuch considered, is, that while he has been timer.otorious, that the charges against him, in graduully reducing the old accommodation his preseni office, originaled exclusively with his loans, he has actually increased the amount of political friends, and it was not till they creatihe general loans of the office. Thus when a prtsonal rancor and inflamed condition of th: he went into the bank, August 25, 1828, the public mind, seldom if ever before witnessed loans werethis region, that others interposed, from a sup Notes discounted,
$280,072 56 posed danger to the interests of both the towni Bills of exchange,
22,622 94 and the bank." It appears, then, from Mr. Woodbury's own
302,695 50 statement, thai, so far from employing the in fuence of the bank" with a view to political
In July 6th, 1829, effec," it is a no.orious fact, that the com Notes disdoun:ed,
198,601 44 plaints are made hy Mr. Mason's own political
Bills of exchange,
122,263 33 friends; so that, in trutki, if there be any politics in the n arter, it is a question between Mr.
320,864 77 Mason and poi icians of his own persuasion; which shows a conversion of a portion of the that is to say, (for, after all, I suspect it wil re- old permanent debt into the more active and sult in this,) at Mr. Mason has had the courage useful form of business transactions. • to do his duty whether he offen is his political On the whole, I incline to think that it is a friends or not. ma have done his duty too mere question of the securing and reducing a rigidly: that is a fit subject of examination, and part of the od debt, which onight never to shall be examined; but Mr. Woodbury's own hac been incurred, and as there is obviously declaration to me se ms 10 be irreconcilable no political feeling connected with it, it is a wiitliis lelier 10 you.
matter of much delicacy to intefere with the Having said thus much, I think it due, in operations of the board. further justice to Mr. Mason, to state to you Mr. Mason is only one member of that board, the real stuation of the whole matter. The consisting of the same gentlemen who have bad office at Portsmouth had originally the misfo: - charge of the branch for many years; and even tune to have at its bead a Mr. Cuts, who end- supposing him inclined to measures of extreme ed by defraidu.g the United States of upwards rigor, his colleagues, judging from the ordina. of $20,000 of the pension fund, which the ry sympathies of our nature, would naturally bank was obliged to replace, and last year the be disposed to act with as much lenity towards office was nearly prostrated in the general ruin their townsmen and neighbors as would be at which spread over that country. Out of all consistent with their duty to the bank. $460,000 of loans, $148,000 was thrown under). I have run the risk of fariguing you with protest; still further protests were expected, these details, because I am anxious that you and the actual loss Eustained there will not be should understand the true state of the case, less than $112,000. Al this period, the late and because it furnishes a good example of the president, a worthy man, but not calculated sort of reproach to which the officers of the for such a state of thi.gs, resigned his place, bank are often liable. and it became necessary at once to adopt the I shall be happy to hear from you whenever most energetic measures to save the property you obtain the communications from Kentucky of the bank. A confidential officer was des- and Louisiana, which shall receive immediate patched to Portsmouth, who found the affairs attention : and, in the mean time, of the office in great jeopardy, covered with I remain, very respectfully, your's, the wrecks which bad management, and the
N. BIDDLE, Pres. most extensive frauds, had occasioned. To Hon. S. D. INGHAM, retrieve it, it became necessary to select a Sec. of the Treasury, Washington. man of the first rate character and abilities; such a man was Mr. Mason. of his entire
[CONFIDENTIAL ) competency, especially in detecting the com
BANK OF THE UNITED STATAS, plicated frauds, and managing the numerous
July 18th, 1829. law suits which seemed inevitable, there could DEAR SIR : I have had the honor of receive de no doubts of his political opinions, we ing your confidential letter of the 11th instant, neither knew nor inquired any thing In or- reserving for the separate communication en