men by their wire-pullers in Wall-street. And who celebrated house of Merrison, Cryder & Co.; Mr. Palwere the members of this committee? The same gen- mer, jr., son to Horsley Palmer, now (or late) Govertlemen who went, cap in han,' to Mr. Biddle, in nor of the Bank of England. Nor, Mr. Chairman, were March, 1837, begging him to save New-York from an- these "allies" seen alone in Wall-street; their visits nihilation; and who in October, 1839. a ivocated a were extended to the capitol; and since the commence. suspension of specie payment by our banks-fit in- ment of the debate upon this bill in the other House, struments to be the tenders of such a petition. There they have been in the lobbies, attentive and apparent. has also been presented a memorial from the Chamber ly interested listeners. I make no comment: comment of Commerce of New-York, praying for a similar is unnecessary. I state facts-un leniable facts; and it favour. I have a word to say as to this memorial.-is with feelings akin to humiliation and shame that I Unsophisticated gentlemen, unacquainted with the stand up here and state them." way in which cliques contrive to manufacture public sentiment, would not think it possible that a memorial "We need not a government bank to regulate excoming from such a source could be any other than a changes; they are regulated by the immutable laws of representation of the opinion of commercial men: but, nature-by supply and demand. Artificial remedies sir, in this instance it is not so. Our Chamber of Com- for currency disorders are alike artificial stimulants to merce is an association of about two hundred gentle. the prostrate animal-the resuscition, to be permanent men: there were but fifty-six present, when a resolu. and hea.thful, must be produced by the inherent vigor tion was passed to memorialize Congress for a bank of the system, which depends upon the internal vitality thirty-six voted in favour, and twenty against it. Un- of itself. What is exchange? It is simply the transfer der this resolution, a committee of five was appointed of property or its representatives. If banks confine to draught a memorial-and were they merchants? their business to the legitimate objects of their creation No, sir, there was but one merchant on that commit.-making loans upon short bona fide business paper, tee. This is not an empty assertion, without authori. and no other-exchanges cannot be deranged, because ty; but is the fact, as I will convince the House, by pro- then the notes discounted represent commolity; capital ducing their names and occupations. is loaned, and not credit-which, as all writers on com. “The first named gentleman was James G. King, se loan. We require nothing to regulate exchanges, if mercial banking agree, is the only thing a bark should nior partner of the house of Prime, Ward & King, an old established Wall-street banking-house, largely conour nine hundred banks do their duty; but if they will nected with British capitalists and British interests-only in part perform it-one portion of the country sus a banker, (or in common parlance, a broker,) and not a merchant. I intend no disrespect when I character ize him as a broker. This word, in its original and true definition, has nothing disreputable in it; its present taint has arisen from the fleecing propensities of the modern order of that profession. Among them are many honorable exceptions, and I believe him (Mr. K.) to be one; but he is not a merchant, and, consequently, is not the proper person to speak through the Chamber of Commerce what the mercantile interests of New-York require. "The next is Mr. James Brown, of the house of Brown, Brothers & Co., another banking establishment, largely connected with capitalists across the Atlantic, and, as I believe, a partner in a similar firm in Liverpool or London. As a representative of the commercial classes, he is in the same category with the former gentleman. I intend no disrespect. "Well, sir, the third is Mr. James Depeyster Ogden not a banker, it is true, but a cotton operator, or in other words, a cotton speculator. This gentleman (whom I understand to be a very worthy man) is the author of several labored treatises in favour of a bank. and is the reputed author of the memorial. He is not a merchant, and cannot speak for the merchants of New-York. The fourth is Mr. John R. Hurd, president of an insurance company, who is a gentleman of respectability, but not a merchant; nor can he with propriety speak for the merchants of New-York. "The fifth, and last, is Mr. William H. Aspinwall, a bona-fide merchant, practically and theoretically, and one of the most enlightened and prosperous of the class. He was the only merchant upon the committee. In connexion with this point, I will add, that, at the time this cheat was in preparation-this merchant's petition being drawn up by brokers and speculators for the Congressional market-there were conspicuous British bankers in Wall-street, anxious observers, if not colabourers in the movement. Among them might be named Mr. Bates, partner of the celebrated house of Baring, Brothers & Co.; Mr. Cryder, of the equally|| pending, and the other paying specie-the exchanges will become disturbed, and human ingenuity cannot devise a National Bank to remedy the difficulty. "But, sir, granting that every merit you claim for a National Bank was well founded, and that it would perform all the beneficent action promised, it cannot be put into successful operation, nor can it ever obtain public confidence. The people of our country have had a surfeit of their banking system. Of all the evils of corrupt legislation, the creation of banks, whether State or national, has been the worst. I think the assertion can be established, that nearly, if not all, the periodical derangement in our monetary affairs has had its origin in it. Banks appear to be the instruments selected by man to subvert God's blessings. Look abroad upon the face of our beautiful country; see its expanse of empire stretching almost from the rising to the setting of the sun; its climate of every variety-the North; its soil sending forth spontaneously, almost soft zephyrs of the South, and stern frigidity of the of earth's bosom; its bounteous supply of rivers for without the force of man's labor, the richest products navigation, and watering streams for tillage; its mighty oak, for the construction of the world's commerce, and the skill and energy for its speedy monopoly. And were these not given-had God not lavished upon us these gifts-look at the governmental fabric bequeathed to us by the sires of whom we are the degenerate posterity! See its adaptation to our physical and mental being; its invisible operation upon our cohesion and fraternity. Again: see the resources of our strong arms, native intellects, and in lomitable enterprise, raising us aloft in all the attributes of gifted man; but, alas! turned upon ourselves the weapons of our own destruction-the engines by which we perpetrate a suicide upon our own prosperity. It is ourselves, then, and not God, who produce, by the creation of credit, and not capital, the evils of which we complain. The munificent Bestower of all blessings has allotted to our portion of his domain fair verdure, congenial climate, and individual adaptation of character; but by our own hands have we fallen, victims to the abuse of what was intended as blessings, sacrificed by legislation, destroy ed by turning our back upon the benevolence of God, looking to banks and not industry. "Sir, do you know what banks have cost the people? I will show you. this bill-charter your bank-fasten this iniquity upon the country; the mighty shout of repeal has gone forth from my lion hearted constituency. Ay! repeal! repeal!! repeal!! From that ground from whence "In a report made to this House by the Committee first floated to the winds the bright banner of 'Divorce of Ways and Means in 1830, it was estimated that, pre-of Bank and State'-borne aloft by the stout arms and vious to 1317, the government lost by loans made to it in depreciated currency, and paid in specie, $33,000,000 "The late Secretary of the Treasury, in a report to the Senate, tells us that, since then, the government has lost, "That the people have lost directly by bank failures, "Losses by suspensions of specie pay. ments by banks, and consequent depre ciation on their notes, "Losses by destruction of banks notes by accidents, "Losses by counterfeit bank notes, be yond losses by coin, "Losses by fluctuations in bank cur rency affecting prices, extravagance in living, sacrifices of property, and by only a part of the other incidents to the bank. ing system, not computed above, at least, honest hearts of the down trodden but indignant masses-now is heard, trumpet-tongued, the cry of repeal. New-York has spoken-she never speaks in vain. I echo her voice in these halls. It is the proudest mo. 15,492,000 ment of my life that I have been the first in this debate to ring into the ears of great men's satellites-' Bind 180,885,721 the chains of this bank upon us, and the Democracy will rend them asunder by a speedy repeal of its char. ter.'" 95,000,000 150,000,000 413,943,497 "But, sir, we do not stop here This is an enormous aggregate, but this not all. The losses by fictitious banks and their notes-operations of mere swindling are very considerable; and they are justly chargea. ble to our system of paper currency. Besides, there are the frauds, robberies and defalcations connected with the banks, which might be properly set down under this head; but these are not easy to compute. "The amount paid by the country to the banks, during the last ten years, for the use of their agency and their notes, after deducting six per cent. interest for the use of bank capital and the reasonable expenses Copy of a letter from ↑ John, Bishop of Charleston, South Carolina. From facts and circumstances within our knowledge during the past several years, the Federal Whig party have resorted to all kinds of manoeuvering and tricks, Catholic citizens, and induce them to cast their votes promises, &c., to withdraw from the Democratic party for the modern Whigs: failing in this, their first attempt, another plan was resorted to, to deprive at least the laboring portion of their votes, and that, too, through the odious Registvy Law; and, failing in this, they now again resort to promises, &c.; what shall be done for them at the next session of the legislature? We would respecfully say to our Catholic friends, do not trust these modern Whigs; "depend upon it, they will prove snares to your feet, and compel you to sssist to complete the chains they have so long been forging for the working classes. That you may have other opi. of managing the banks, is computed at, $94,000,000 nions than our own, on this momentous subject, we "Being an annual sum of, 9,400,000 annex the following letter, whose author is unimpeach "Of the aggregate losses sustained by the community |able, both morally and religiously. since 1789, Mr. Woodbury computes that there must have happened, within the last ten years, an amount of, "Which is at the annual rate of, $200,000,000 "Charleston, S. C., Sept. 1840. "Gentlemen-I was yesterday honored with your 20,000,000 || invitation of August 26, to meet the Vice President of the United States on the 28th inst., at Detroit. "Is not this a frightful exhibit of what banks have cost the people? But it is not all. Where is the gatherer of statistics who will attempt to compute the losses sustained by men who, seduced from the small earnings of an honest avocation, have been ensnured into the temptation of a bank discount? What masterhand shall delineate the wreck of morals and loss of character, to say nothing of domestic happiness, produced thereby? Who will furnish us a record of the defalcations, forgeries, dishonest self-appropriations, with which our press is almost daily teeming? Sir, these are evils of the system. The wisdom of this, or any other country, never created banks, as such, with out these concomitants. These evils appear to be a necessary consequence-a certain result. Is it not strange, ther, we find in this House advocates for a bank as an agent of the government-as a keeper of the public finances-men willing to strike from existence a law with which they have not, and cannot, justly find fault; and place in its stead one, the result of which all experience proves is pregnant with the worst of evils-the very impersonation of national disaster? "The compliment which you pay him is one of those political movements from which I have kept aloof, though, I am free to confess, my opinion is, that the ad. ministration of which he forms so conspicuous a part, has acted for the benefit of our Union, and does not deserve the vituperation with which it is assailed. "It may perhaps tend to show the spirit of some of its opponents, when so humble an individual as I am, and for so many years a citizen, though I must confess to the crime of having been born in a distant land, and of having voluntarily come hither, dare not express this simple opinion without being denounced in unmeasured terms, and the persons whose religion I teach, threat ened with extermination if it be discovered that FROM ANY CAUSE there shall be found a majority in favour of Mr. Van Buren, in any dristrict where Catholics are numerous. "I have suffered insult and oppression under the penal code against my religion in Ireland, and I came hither, flattering myself with the expectation that there existed at least freedom of thought, and liberty for any citizen to express his opinion that the public officers of the Union were not guilty of that mal-administration which was imputed to them by their competitors. I have more than once been convinced of my mistake; "Let the government of the United States-which means the people's immediate representatives in both Houses of Congress-create three hundred millions of stock, bearing an interest of 4 per cent per annum, and let this be appropriated among the States on the principles of Mr. Clay's land bill." The New-York American, edited by Charles King, notorious and extravagant aristocrat, now making stump speeches in behalf of Harrison, seconds this suggestion with congenial zeal. It says: "I am aware, gentlemen, that they who are thus By no human agency could more immediate relief disposed in our regard, do not form the American peo-be effected, than by the conversion of the debts of the ple, but I know that they are numerous and active, and States into a United States stock." I should regret, for the sake of our republican institu- The commercial Advertiser-a newspaper that glotions, that they had the power to work their will.ries the avowal of the rankest anti-Republican doc They would indeed begin with the Catholics, but oth-trines, and fights for Harrison as its legitimate chiefers would soon feel the effects of their success. "I take the liberty of sending you a couple of papers, which will show the occasion of my remarks. "I have the honor to be, gentlemen,, "With great respect, "Your obedient, humble serv't, "JOHN, BISHOP of Charleston." After the above, is there a Catholic who will for a moment FALTER in giving in his vote for Democracy and Equal Rights? Assumption of State Debts by the Government of the United States. says: Let the Federal government issue a national stock, bearing say 4 per cent interest, in exchange for the State stocks. As to the other objection-the creation of a new public debt, it has no terrors for us. But we re. serve the discussion for another day." While these organs at home thus boldly proclaim the new national debt of three hundred millions of dollars, which Harrison is to create, their British al lies, with a coincidence which proves a secret but absolute concert. issued in London, in the same month of November, a circular through the banking house of the Barings, who were for years the confidential agents of Nicholas Biddle and at the head of which are the We have often been told that the leading Federal present Chancellor of the British Exchequer, and a Whigs never DEVISED nor WISHED the State debts to be peer of the realm of Great Britain. In that circular converted into United States stock-had we no other a more comprehensive guaranty than that of individuthese allies of the supporters of Harrison say, "that evidence, the late proceedings of Congress, in the dis-al States will be required." "A national pledge," tribution of the public land bill, is sufficient to substantiate what the Democratic party have said on this subject: however, be that as it may, the following, from a publication issued last fall, settles the question; also shows the part British fund-holders, and leading news. papers, &c. took in the affair, also the deep interest they felt in England for the election of Gen. Harrison, and the defeat of Martin Van Buren. &c. : they say, "would undoubtedly collect capital together from all parts of Europe;" and they intimate to their American friends that the works of internal improve. ment of the States must stop, unless some general system of combination is adopted." For the fartherance of this system of combination"-this gigantic scheme of joint international stockjobbing, at the expense of the people of the United States, the election of Harrison is looked to on both sides of the Atlantic. This circular of the Barings has been followed by the published correspondence is kept up; and the London promote the "system of combination ;" an active tion of Harrison, because on that they depend for the newspapers teem with articles in favor of the elec fulfilment of the "general system of combination"the establishment of a "national pledge." In the month of October, 1839, the National Intelli-establishment of English agents in our large cities, to gencer broaches this magnificent scheme of corruption, by announcing "that distrust has reached our State engagements, and the bonds of some of them are down at a very low price," and it then makes this pregnant intimation of the plan that Federalism had already concocted: "Would it not be a wise provision if Congress were to set aside certain amounts of the public lands for their ultimate redemption ?" That is, take away the portion of revenue derived from the public lands which is now used in defraying the expenses of government; apply it to redeem the debts of particular States, and impose new taxes on the whole people to make up the deficiency! In November-the next month-the scheme was more fully developed by the leading party organs at New-York. "This plan," says the New-York Herald, "is so far matured by the leaders of the Whig party, as to be officially promulgated in the Courier and Enquirer." The Liverpool Standard of the 4th of September, 1840, says: "At present Great Britain exercises a powerful influence over the social, political, and fiscal affairs of the United States." A letter in the London Morning Herald, of the 3d of September, thus discusses our elections: "If the people do not now succeed in throwing off the oppressive and humiliating yoke of charltans and knaves under which they groan, the result will ulti mately be a revolution of force. The mass of the community will not consent to tolerate such a combi. nation of schemers and profligates in any longer domi. nion." The Courier and Enquirer-the special supporter of Nicholas Biddle, Harrison's intended Secretary of the "The improvement in stocks is to be partly attributed, Treasury, the purchased stipendiary of the defunct Na- no doubt, to the abundance of money-seeking investtional Bank, and the acknowledged organ of Harrison ment; but chiefly to the promising results of the -accordingly promulgates the matured plan as fol-western elections, which have given a temporary buoy. lows:ancy and life to the market. I do not imagine that it can be permanent, nor do I hope for permanent improvement until the presidential question shall be final. ly settled. "I do not believe that there will be any positive change for the better in our affairs, until it is effected by a change of administration, and an entire reform of our financial system." Resolved, That we respond with applause and enthusiasm to the earnest and general voice of the people, in favor of abo lishing the odious State prison monopoly; that we rejoice to see the too long neglected claim of the mechanics of our State, for a prompt and radical reform of this system, rightly under stood, and energetically met by the people. That we believe the present State prison policy to be a kind of trading that transcends the just limits of government-as a violation of that equal providence which every State should show alike toward all classes-and, therefore, is not equal right and equal justice to all men. We believe it to be a sacrifice of the great The next President of the United States. We regret interests of the mechanics to the mistaken idea of criminal re to see the several nominations that have recently been form-that it is contrary to the true principles of a broad mormade, through newspapers, &c. of individuals as De.ality-because it fills our workshops with poor, depraved, us mocrtic candidates for the next Presidency-we regret the self-respect, and contrary to the best interests of the workreformed convicts-that it is alike insulting to the feelings and it because we do not think the time is arrived to agi-ing men. And, finally, it is not in accordance with the maxim tate that subject. For ourselves, we will support the of the "greatest good to the greatest number," and therefore candidate that may be regularly nominated by the ought to be reformed. great Democratic party with all the means and ability in our power; but we do think it advisable to let the subject rest until that time arrives. It is true, every one has a right to express his opinions and views of the subject-under this privilege we say, that we are decidedly in favor of the re-election of Martin Van Buren, and we feel persuaded that it is now the wish of a large majority of the American people. Nobly have they responded to the "Sober second thought of the people" in the recent elections in Vermont, Maine, Maryland, Georgia, Indiana, Pennsylvania, Ohio, &c. State Prison Labour Monopoly, &c.-We, in common with the Democratte party, are opposed, not only to State prison labour and monopoly, but to all other kinds of monoplies. What is to be done to prevent State prison labor coming in contact with the labor of regular mechanics, &c., is perhaps a difficult problem to solve: we regret not having seen some feasible plan to remedy the evil so justly complained of, published by mechanics themselves. If this were done it would undoubtedly aid members of the legislature in their deliberations on the subject-we did expect to have seen this embodied in an "" Appeal of the Whig Mechanics" of this city; but, lo! we find it nothing more or less than a Federal Whig trick to catch the votes of mechanics at the approaching election. These distinguished appealers acknowledge that they, the modern Whigs, have for the last "four years" had "the ascendency in our State councils," and now, on the fifth years' sufferings of the mechanics from State prison labor, call on mechanics for their votes to overthrow" State prison monopoly: why did not these Federal Whig friends!!! to mechanics overthrow State prison labor when they have for four years had the power to have done so? But now forsooth, when they find that Sober second thought of the people" is withdrawing power from them, they call on the mechanic for help!!! the 46 A friend, devotedly opposed to State prison labor, has suggested the following plan to prevent State prison labor from coming in contact with regular mechan. ical labor, which is this: "let all the articles made or manufactured in the State prison, be sent to a market out of the United States, and there be disposed of to the best advantage, and the proceeds credited to the State, on account of State prison labor." We think the above plan a feasible one, and, if carried into ef. fect, would remedy the evil, at least as far as State prison labor is concerned. Democratic Mass Convention, composed of the real bone and sinews of the river counties, held at King. ston, Ulster County, N. Y., a few days since, the following is one of the resolutions passed with great applause at that meeting, which shows the feelings of the Democratic party in relation to State prison labor, &c : Federal Whig Tricks to obtain Votes.-The day be fore the last fall election, the modern Whigs sent shoals of notices to voters in each ward; the following are ex. tracts from one we received: "A course of policy has been pursued during the last few years, by the administration at Washington, which almost every man in the country, except the office-holder, has found to be not only injurious to his individual interests, but hurtful to public and private morals. The laborer finds it difficult to get work, and when obtained he generally receives but half or threequarters pay. The mechanic finds that HIS avocation cannot flourish when COMMERCE, its twin sister, is stricken down. Every man who will reflect calmly and without prejudice, must say that WE NEED A CHANGE." "WE WANT A CHANGE, and a change we must have, or we shall all be beggars together. If you have been a supporter of Mr. Van Buren, and have felt the general distress, or observed it in others, will you not TRY the candidate opposed to him?” Well, Federal Whigs, by frauds, &c., you got "a change" and what have you done for "the principles of Reform" and "prosperity of the country" you so boastingly promised immediately on the change being made? It is now evident the promises, &c. were manufactured for the purpose of deceiving the people, and making them "all beggars together." Col. Hamilton, of a strong government" memory, his plan for electing electors of President of the United States." Which electors shall be chosen by the citi zens of such States having an estate of inheritance, or for three lives, in land, or a clear personal estate of the value of one thousand Spanish milled dollars of the present standard."-Madison Papers. This plan is rather more modest than the one of Squire Sidney. Working men, reflect and consider well what you are to expect at the hands of the mod. ern Whigs, if you listen to their insidious promises, smiles, &c. and suffer them to put the chains they have so long been forging round your necks. Definition of Aristocracy, by Col. Mason, a Virginia Democrat.-"His idea of an Aristocracy was, that it was the government of the few over the many. An aristocratic body, like the screw in mechanics, working its way by slow degrees, and holding fast whatever it gains, should ever be suspected of an encroaching ten. dency. The purse-string should never be put into its hands."-Madison Papers. THE AND PRIVILEGES ARE ALL THE PELE ASK FOR. GUIDE JACKSON. THE blessings of Government, like the dews of Heaven, should be dispensed alike on high and low, the rich and the poor. WE being sincerely desirous to promote and extendable reception, and be published in your Journal, an all possible useful information to the producing and working classes, offered a premium of fifty dollars for the best Dissertation on Political Economy and its collateral branches. It affords us pleasure to state, that several Dissertations, embracing the topics mentioned in the published proposals, have been received, from which one has been selected, and is now published, with the following note from the author: opportunity will be given me to present you with such "A WORKING MAN." "Agreeable to the offer made, through the columns of the public prints, for a Dissertation on Political Economy, &c., deeming the subject to be of the highest importance to Democratic principles, &c.; although my time To the conductors of The People's Democratic Guide. many.' is pretty much taken up in toiling for the support of my family-leaving me little time for reflection to 1st. "The course a republican nation and its peodigest and compile a Dissertation on the plan you sug-ple ought to pursue to the best advantage of the gest; besides this, my literary acquirements, to say the most, are only on a par with many of my fellow-labour- No citizen of a "republican nation," under any cirers; these facts, and being fully aware that a production cumstances whatever, can consistently claim prerogafrom the pen of a working man (if not rejected) would tives over his fellows, independent of those, the gifts be liable to criticism, almost deterred me from attempt- of Providence, as they may be associated with the ing to write; but on reflecting upon the ever memorable natural results of industry, economy, and true conwords of Martin Van Buren, viz., "the sober second servative action. This position of necessity abrogates thought," I made up my mind to go on and present at one blow all legislative acts of preference in confor your consideration such a document as I felt capa-formity with the constitution; excepting the protection ble of producing-which document accompanies this given to authors and inventors, the exclusive right note. Although I am willing to confess that it is to their respective writings and discoveries." 66 nothing more or less than a common-place production, Necessarily the true position and policy of a citizen VOL. 1. NÓ. II.-DECEMBER, 1841. E |