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flock back to the once betrayed and on the part of the Democracy to sustain abandoned standard, having found him, had his course been such as to that they had gained nothing by their challenge their sympathy, and to setreachery- the truant lover does cure their respect and confidence. penance for past fickleness, and be- But he fell short-far short of those seeches a renewal of the former smile. expectations and hopes which not a This is all well; Mr. Clay will not be few were well disposed to cherish of too obdurate; and he is now once him, that he would at once take a more in his proper and rightful place, strong and bold position on the high as the acknowledged head and repre- ground of Virginia principles-frown sentative of his party. This is the sternly down the whole bad set of second post of honor in this country- measures which a bad set of men, to be the head and representative of placed in the possession of power by the majority in their hour of triumph the most abominable of political frauds, and dominion being the first; and as were endeavoring to fasten on the Clay is a man who would always pre- country-and by manfully braving, fer to be the Cæsar of the village than from the outset, the worst hostility he the second at Rome, we have no doubt had to expect from the baffled cabal he entertains a sense of pleasure and thus deservedly punished and exaspride-and most rightfully and wor- perated, rally to his support, as against thily--in the eminence of his present their opposition, that great mass of position, far greater than any inferior the Democracy who care far more for rank under any other chief could yield the ascendency of their principles than him, however it might be accompanied for the possession of place by their with the outward trappings of power politicians. No, he still clung to the or place.

ghost of the old imposture of “ Whig Between the two parties, Mr. Tyler Principles," of which he made several falls to the ground like lead. In the demonstrations that went far to disgust course he has pursued he seems to the Democrats. It is true he vetoed have exhibited great weakness, at the Bank Bills, but in the manner of the same time with a commendable the act he showed such a miserable firmness in some respects. It is a pity want of any distinct and fixed ideas on for his fame that he did not, early in the subject, and such a desire to keep his administration, come out with a still on the sunny side of Whig favor, declaration of adhesion to the “one- as effectually threw the most freezing term principle,” which, coupled with discouragement over any tendency of their professed and promised “ prothe Democrats to open their hearts to scription of proscription," was almost him and to identify with his person the sole distinctive principle which the the cause of their principles. It is Whigs, as a united party, carried into true, too, that he has now again given the election. There were, on the con- to the country another veto, for which trary, several indications which made he deserves well; yet the best that can it manifest that Mr. Tyler did che be claimed for it is that he has thereby fish the idea of a possible re-election ; simply taken the sting of another bad and the course he has pursued ever measure which he ought to have vetoed since, endeavoring to organize a at the last session. His course, too, in middle party for his support, between the Rhode Island affair, in suffering his the opposite extremes of the two main mind to be swayed so weakly and so bodies which divide the country, has widely from the truth and the right, resulted only in provoking suspicion of by the strong federal and anti-demothe disinterestedness of his motives cratic advice that stood next to his on the part of all, without attaching ear, would alone have sufficed to be to his administration any considerable utterly fatal to any possibility of strength from any quarter. Mr.Tyler awakening a friendly feeling on the might have become the candidate of part of the Democratic Party. His the Democratic party for re-election. promise of interference with the whole No statesman has ever had a more force of the armed hand of the General glorious opportunity than that afforded Government, was one of the most to him on his accidental accession to flagrant acts of invasion upon the inthe Executive chair. There was a dependence of State sovereignty that most liberal and patriotic disposition has ever yet been perpetrated; while it

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was put forward on the side of a cause Whigs, soon found himself so abused and a principle irreconcileably hostile by the Clay press and Clay politicians, to the first elements of the democratic and so harassed by the opposition of political theory. To that promise, the Senate in the performance of his too, in its moral influence upon both Executive duties, that a mutual exasof the parties to that controversy, is peration of the angriest character more directly to be ascribed its morti- arose between the united body of the fying and disastrous result than to any Whig leaders and himself. Nor has other cause,-and it could never be either side been sparing in the most forgiven to Mr. Tyler, nor forgotten in candid expression of their mutual feelthe account of public opinion to be ings; to the signal entertainment and settled with his administration. Nor edification of the Democrats standing has he gained much more credit by quietly by the while, and generally dishis singular course on the Apportion- posed to regard both as not far from right ment Bill-a measure of high-handed in their mutual opinion of each other. Federal usurpation,and clearly contrary Who may be the candidate whom to the contemporaneous views and the Democratic Party will select to understanding of a majority of the ori- beat Mr. Clay, we neither can know, ginal parties to the compact of the nor do we regard it as a point of much Constitution. A statesman may enter- comparative importance. There are tain " serious doubts” as to the con- half a score it would be easy to name, stitutionality of a measure on the first among whom it would be safe enough blush of its presentation to him; but that a choice should be made blindfold. to remain so long in such a state of The object of our efforts will be, less opinion as to be able to sign a bill only that a great statesman, of this name or under protest, after so thorough and of that, of this section of the Union or protracted a discussion as had taken from that, should be made President, place, argues a feebleness, and a want than that the Divorce of Bank and of all clear and manly decision of State, involved in the policy of the Inmind, calculated to forfeit still more of dependent Treasury, should be consumour respect for the head, than it can gain mated; that the indirect and partial for the heart, of a President so acting assumption of the State Debts by

Mr. Tyler, then, has no chance now means of the distribution of the land left with the Democratic party. He revenue, to be replaced by customlost them, irrecoverably, while he was house taxation, should be rescinded; trying to maintain his foot-hold among and that Federal Taxation-the proper the Whigs. The latter attempt proved name for a tariff-should be kept down as futile in its results as it was feeble to the lowest possible point. These in its mode of action. Clay would not are the three main branches of the tolerate the idea an instant. Early issue now to be contested between the perceiving the aspiration Mr. Tyler two great parties of the country- the dared to entertain, and for the promotion one under the guidance of Clay, and of which the latter had the power and the other under the lead of we little influence incident to the actual posses- care whom. We have now a fair sion of the administration, he exhibited field, and ask no favor. And if the his characteristic energy and prompts American People—as we have, indeed, ness in the means he adopted to drive little apprehension--should hesitate him off into a hostile relation toward to decide such an issue, thus distinctly the main body of his party ;-an object made up, in accordance with that enin which he so well succeeded, that lightenment we are wont to ascribe to poor Mr. Tyler, though then guilty of them, it is enough to say, that they no other serious offence against his will well deserve the infliction of the party than the veto of the Bank Bills, worst consequences to result from the and though straining every point in consummation of all the measures, of his power to enable himself to remain which Mr. Clay may be regarded as a Whig, and retain the favor of the the embodiment and expression.


SINCE our last Number the aspect of greatly reduced volume of the currency financial and commercial affairs has un- of the interior, which diminishes the dergone no very material alteration. means of remittance to the Atlantic The general state of the country is such merchants on their old indebtedness, that the rapid recovery of its commer- as well as the availability of the Bank cial activity might be safely looked for, assets. The condition of the Western were it not for the untoward action of Banks has generally improved, since the federal government. There are our last, with the exception of the now no revenue laws, or, at least, none Bank of Illinois, at Shawneetown, the validity of which is undisputed, which has refused to resume. There and the imports are wavering between is, therefore, now no sound bank in that free entry and high protective duties, State. One only of the New Orleans affording so broad a sweep, that, in the Banks , has maintained specie payextreme uncertainty which attends the ments,“ viz.: the Bank of Louisiana. result of the present movements at The Mechanics' and Traders', and the Washington, but few merchants are Union Bank, having again stopped beinclined to speculative enterprises, the fore the opposition of the suspended success or ruin of which must depend banks. All the others have failed, alone upon the fortune of desperate po- and their circulating bills are from 10 litical partisans. The holders of those to 40 per cent. discount. The Banks goods on which a high duty is proposed of Tennessee have agreed to resume to be levied by the advocates of pro- on the 1st of August; also, the Miners' tection, are firm in their demands, and Bank of Dubuque, Iowa. This will by no means anxious to sell. On the leave the following as the only States other hand, buyers and importers have where an irredeemable paper currency not given up the hope of receiving is now tolerated, and in Virginia the goods on more liberal terms. The in- Banks have held a consultation as to fluence of these conflicting opinions, the propriety of immediate resumpgrowing out of the state of the tariff tion, which resulted in a resolution to question, causes all branches of trade resume on the 15th of August next. to be exceedingly inert. There is no demand for money for business pur

Depreciation, poses, and the banking institutions con

Illinois, . . . 50 to 60 tinue to find great difficulty in employ

Arkansas,. . .

50 to 75

Alabama, ing their funds to advantage.

• The

35 to 40 Banks of this city have more specie in their vaults than circulation outstand While the currency is thus purifying ing, so that the volume of the curren- itself and approaching a sound basis, cy would absolutely be increased were the productive wealth of the country is the institutions to redeem their liabili- greatly in excess of that of any other ties. A large proportion of the capital period, and the elements of prosperity employed in banking is now idle for exist in greater abundance than ever. want of suitable investments; conse- Agricultural products, which are the quently the institutions have been chief source of wealth in this country, obliged, some of them, to pass their exist now at the close of the year, just usual dividends, and others to declare previous to the receipt of the new a reduced per centage.

crops, in such quantities, that prices They are all making efforts, generally rule lower now in the New York marwith fair success, to collect the old ket than for any period within ten debts due them in various parts of the years. The following is a table of the country. This process moves very prices of the leading articles in the slowly, !, meter, in consequence of the month of July of each year since 1833:



1833. 1834. 1835. 1836. 1837. 1838. 1839. 1840. 1841. 1842. Beef, mess, $9.50 8.75 13.00 11.00 13.00 15.00 15.50 15.75 9.50 7.69 Pork, “

13.75 12.75 17.00 19.00 19.00 20.00 18.00 14.00 10.00 8.00 Cotton,

11a15 11a14 17a21 15a20 81a12 9a13 12a 15 71011 10a 12 5010 Flour, Western, 5.50 5.00 6.50 7.00 9.50 7.50 5.50 4.75 5.50 6.00 Wool, Am.,

42 44 50 50 52 36 37 40 42 30

In the abundant products and low every bill of goods shipped, and every prices now presented by the above quantity of produce sent to market. table, we have the sure indication of These take the form of foreign bills of great national wealth, as well as of an exchange, internal exchange, and the absence of paper credits. Where those notes of all grades of dealers, coming credits cease to be the means of pur- between the importers and manufacchase, only those become the possess- turers, and the consumers. These bills ors of the product of the farmer's indus- are all based upon, and represent actual try, who can give him an equivalent. property, the equivalent values of All these articles enter into the cost of which are all measured by the constimanufactured products, the prices of tutional standard-gold and silverwhich must be proportionably reduced. which is itself the product of labor, and The abundance and cheapness of agri- therefore an actual equivalent. In cultural products become, therefore, the England a stamp duty is paid on all cause of abundant and cheap manufac- similar bills, which is necessary to their tured goods. The interchange of these recovery at law, consequently the goods and produce forms the great trade quantity in circulation may be pretty of the country. Every canal and every nearly approximated, and was ascerrail-road carries the produce in one di- tained to average for five years, outrection, and transports the goods back standing at one time, £116,000,000 or in payment. The great medium by $580,000,000. In the United States, which these exchanges are effected, by data derived from the late census, are the private bills of the dealers, these bills outstanding, or running to which are created in representation of maturity, may be estimated as follows:

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This amount of private paper forms fore equal to the wants of the commuthe real credit system of the country. nity, no longer sufficed to represent the This paper in a great measure cancel volume of paper afloat. Instead, then, led itself ; that is, the notes given for of requiring specie in payment of these imports and manufactures in one sec- bills, the promises of the banks became tion, were cancelled by the bills drawn substituted. An immense fictitious against the crops on their being sent system became thus engrafted upon forward. At the close of the accounts, and interwoven with the regular busithe existing balances required to be ness of the country, burdening it with settled in specie, in which all this pas most oppressive taxes for the support per was payable. This paper was, of the banking machinery by which however, seized upon and made the the false paper was engendered and basis of the banking system. Through kept afloat. The operation now going the instrumentality of the banks, ac- forward is to sift out this false paper commodation paper began to be mixed from that wbich represents the real with the mass of business paper, and wealth of the country, to confine bankliabilities to a great extent were set ing to this latter description, payable afloat, to meet which no actual wealth in the constitutional standard. existed. The specie, which was be. We some time since gave a table of

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the comparative cost of the paper and the whole loss to the nation by the
specie currencies of the United States, use of a metallic currency. Let us
France, and Great Britain Events now examine the cost of the paper cir-
recently transpired in London enable culation furnished by the late National
this comparative cost to be traced more Bank. It has been ascertained that
closely. The government of England the mere cost of the material to manu-
issued a proclamation calling in all the facture paper money is 1 per cent.
light sovereigns in exchange for those The highest circulation of the late Na-
of standard weight, preparatory to a tional Bank was $24,000,000, which
new coinage. The result of this move- must have cost $240,000 to make it.
ment exhibits in a clear and tangible From the creation of the bank up to
light the economy of a specie over a the time when the United States goy-
paper currency. We refer now to the ernment dissolved partnership with
mere expense of keeping up the circu- that precious concern, its circulation
lation, without taking into view the im- had averaged per annum $8,500,000.
mense losses growing out of the dis. The committee of examination at that
astrous revulsions incident upon the time, with the concurrence of its presi-
fluctuation of paper money. Of 50,000 dent, allowed $900,000 for circulation
sovereigns received at the bank, 15,000 worn out and lost. This for sixteen
were light-averaging about 3$ per years was $56,250 per annum, or .66
cent. short weight. These sovereigns per cent. of the circulation. Here are
were mostly of the coinage of 1817, two items of expense which are more
and the average time of the circu- than equal to that of the gold currency
lation of the whole was computed of England; but there is a far more
at twenty years. The whole gold important consideration. Specie gets
circulation being estimated at £12,- into circulation in exchange for the pro-
000,000, one half, or £6,000,000, may ducts of industry as a fair equivalent
be considered as light. This would without extra charge ; on the other
give a loss of 1.25 per cent. upon the hand, every emission of paper money
whole amount, or £150,000 for the is attended with a charge of at least
wear and tear of the gold circulation 6 per cent. We may now compare
of the realm for twenty years, equal to the expense of the two currencies for a
1-16 per cent. per annum. This was period of twenty years.

Expense per annum, Expense 20 vears.
English gold currency, 60,000,000 17 per cent. 37,500 - - $750,000
United States bank paper, 8,500,000 6 “ 510,000 - - 10,200,000
In this enormous expense of the paper the actual wealth of the country, to an
currency to the public, consisted the extent probably equal to its own value.
chief source of the profits of the bank, On the other hand, it has decreased the
and enabled it during twenty years to wealth of the country by promoting
divide 8 per cent. on its capital of consumption instead of production, and
$35,000,000, which dividends amount sloth instead of industry. Burdened
ed to the enormous sum of $59,000,000! with the enormous bank tax indicated
Of this, amount $37,333,000 were sent in the above figures, it is no wonder
to England. This was the case with that the people have found themselves
the United States Bank alone. The too poor to pay their debt, and have in
other bank capital in the United States some instances had recourse to repu-
averaged, in the twenty years from 1820 diation.
to 1840, $251,000,000, on which ny per We have here treated only upon the
cent. dividends were declared, making actual cost of the paper money. The
the enormous sum of $351,400,000 ruin and distress caused by its disastrous
taxes paid by the producers of this fluctuations and revulsions are incal-
country to the banks for the use of their culable. These effects are described
credits as paper money to the average in a parliamentary speech of Henry
amount of $105,000,000 per annum. Lord Brougham, as follows:-
A large proportion of this bank capital “It is monstrous, my Lord, that any
was fictitious. One half the remainder, man or body of men, corporate or other-
say $100,000,000, would, if applied to wise, should have the power of making
the prosecution of productive industry, money cheap or dear, at will, combining
have been instrumental in developing the office of regulator of national cur-


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