ncr did I, when I first heard it, certainly apprehend | legislative business of the board in session; in the scope of the operation of the fact. But I re. which, I feel pretty confident, he has been favorable collected that in the little remittances made to me, to the accommodation of the middle classes. in "United States' money" as it is called, 1 hardly 2. "The stock loans. There were no loans granted ever received a note payable at the place from whence, on stock at this branch UNTIL the government of the or nearest to which, it was remitted. I remembered, United States withdrew from the bank 14,000,000 of that a few days after the branch at Boston went into the United States 6 per cent stock," &c. Whatever operation, that bills payable in Baltimore were pub. the gentleman says, which I presume he must know, licly advertised for sale in the newspapers there; I accept as "truth," and respectfully bow to it. and I can furnish an account current of a money But still, I think, there is some mistake here, at transaction at Charleston, wherein my friend in Bal- any rate, it may be well to examine the matter timore receives a credit of one per cent. discount about the STOCK NOTES,—and, as a cashier of one of for money of the mother bank, payable at Philadel our banks said to me a few days since, when phia, remitted to him, by his friend at Charleston. speaking of the essays which had appeared in the And this day, I put the question to several gen REGISTER ON banking, the examination may be "like tlemen, "what sort of paper do you receive at the a good sermon at church; which, if we cannot office?"-the answer of every one [eight or ten] exactly apply it to ourselves we can always find who recollected a transaction (for the notes are some neighbor that it will suit." I have not said used so rapidly that few take time to examine that stock notes were originally granted at the them) was to this purport; that they had seldom, lat-branch established here; and the gentleman says terly received payment for a check in U. S. bills they were not "until" the United States withdrew payable in Baltimore, though they often received the 14 millions. This branch being so far excul"U. S. money," at the office. This hour, also, I my-pated (and I had not condemned it), we must fix self received payment for a check at the office the practice somewhere else; for such notes were here in notes payable, one at Philadelphia, one assuredly received before the United States withat Norfolk and two at Washington, though bills drew the "14,000,000.” payable at Baltimore were requested. The fact The stock of the bauk was to consist of seven which I asserted is thus established, as to the man-millions in specie* and twenty-one millions in stocks ner of paying checks and drafts; the rest of the of the United States, or other specie, besides the matters stated are left to the public decision, not government shares. This was the law; these were - having leisure nor inclination to particularise. I can the express conditions on which the charter was fully account for the gentleman's error, by believ. granted. Have they been fulfilled? ing, that (not being a speculator in the stock) he has only attended to what may be called the [local] ment was due July 1, 1817, and the like payments required as for the second. At this time the law presumed that the bank would possess the actual sum of twenty eight millions in cash and stocks of the United States, exclusive of the 7 millions of stock specially created for the subscription on behalf of the United States. 1 venture to say that it never possessed, at any one time, much more than one half of the capital as designated by law. The subscription books were opened July 1, 1816, when $5 in specie and 25 in stock should have been paid in-the second instalment was due The object of this operation, admitting it to be January 1, 1817, where $10 in specie and 25 in general, and, indeed, I must believe that it is so,-stock when required; and the third and last instalis this "You will keep out our notes, we will keep out YOURS," and thus, though the aggregate quanti. ty desired is kept in circulation, a very efficient obstruction is presented to demands for payment of the debts of the bank. True, the notes issued are received on deposit, and checks thereupon may be paid in specie, if required, as suggested by "Truth"-but there is a delicacy in demanding specie for a check which amounts to a prohibition to all except the very rich or very independent cus- If we get a faithful report from the secretary of tomers of a bank. As paper, a bill of the Boston the treasury, in obedience to certain resolutions of branch, if received at Baltimore on deposit, does the senate of the United States at its last sitting, me the same service as if issued here; yet if I wish-[and I trust that we will get such a report] we ed money for it, I could not require it. But every one the least conversant with banking business will see the effect of this operation, and confess that it is wonderfully calculated to accomplish the purposes designed. shall not have to grope about quite so much in the field of conjecture, or argue from inference, as we now have to do; for every body knows that the secrets of the banking house are faithfully preserved from the uninitiated. But to make the best use of the few facts that we have: It is the great secret of banking to keep the bank bills in circulation with the least chance of a de- On the first day of July, 1817, the bank of the mand being made for their payment. It has been United States ought to have had twenty eight milnotoriously the practice of some of the little mo-lions in cash or stocks, besides the 7 millions subney shops that started up when banking honor was scription of the government-but the CAPITAL may buried in the unfortunate suspension of specie pay-have been as follows: ments-the very moment that they had the paper prepared, to hire a parcel of decent looking horses and well looking men to carry it into far countries, and "truck" it off. See the report to the legislature of New York, page 39, &c. It is the grand confederated banking mystery "to relieve one rag with another. In speciet United States stocks STOCK NOTE, for balance 2,500,000 13,043,737 13 16,543,767 13 11,456,232 87 28,000,000 00 Capt. Symms-see "Chronicle," believes that the earth is hollow and habitable within, and per- I use this word "legislative," as appropriate to haps inhabited!-Ilis design of exploring the hol- the word "executive," used by the writer of low, may afford some petit banks an opportunity of sending off their notes so far that they will never return; which would be a grand speculation! "Truth." Please to mark the words in Italic. +Or notes of "specie paying bunks," so called. I feel confident that the allowance for the "specie" subject, must not be named-to use the language is liberal-general rumor, not always to be depend-of one of them, "their hand is in the lion's mouth, ed on, gave the original sum in stock notes, as captal, at twelve millions; add the 25 per cent. advance on the stock as allowed, and we have a gross amount of about fifteen millions in stock notes, as heretofore calculated-[see present vol. page 21, &c.] The amount of the United States stocks is determined by the purchases of the treasury depart. ment. See the documents accompanying the report of the secretary of the treasury, at the commencement of the last session of congress, vol. XIII. page 264. The losses occasioned to the United States by getting of the bank only thirteen instead of twenty-one millions, as "WE THE PEOPLE" had a right to expect to get, are explained in the present volume, page 21. But we got "ALL" that the bank had-See vol. XIII, page 242, for the secretary of the treasury's assertion of this fact. Common fame says that several large subscribers were accommodated with promises to pay, in lieu of payment, for the first instalment!-I have not any reason to believe that this was the case-it is hard ly possible to believe that it was suffered;-but it is perfectly notorious that much of the second in stalment, payable January 1, 1817, was paid by stock notes in lieu of gold and silver and stock of the United States. Whether there were any such accommodations at the Baltimore branch I do not know-The gentleman says that there were none "UNTIL the government of the United States with. drew its 14 [13] millions"-the accommodations, then, of certain Baltimore stockholders were receiv. ed for the instalment of January, from the mother bank or from some other branch, for every body knows that they were received (as well as for the third instalment) from some quarter. The United States retired no part of their stock that had been paid into the bank as capital, "UNTIL" April; and I believe, but cannot say positively, not "until in or after July," when the whole bank capital should have been paid, and stock-notes must have become useless, as to enabling any one to pay for his stock. The heading of the treasury document (see vol. XIII, page 264) designates the stock as purchased from the "1st of April to the 1st of Sept. 1817which, though it shews us that none was purchased BEFORE Apri, leaves us in the dark as to the exact time when it was purchased.* The board has not only an undoubted right, but is it also its duty to "exercise an honest opinion" as to the responsibility of paper offered for discount. I stated the fact as to the great scarcity of money from the seemingly universal clamor; many of my acquaintance have complained of a deprivation of their expected accommodations from the office, and some regretted that they had ever opened accounts there. The persons with whom I converse are generally of the productive classes, or of moderate and regular businesses. But such is the nature of the case that any of those who have spoken to me on *Reflection, and some little calculation, led me to fix an opinion that no part of the stock that be.. longed to the bank was purchased BEFORE July, 1817. It was very agreeable to find, just as this sheet was going to press, that that opinion was founded on correct principles; for an examination of the treasury books at W. shington, made at my request, shews that the stock alluded to was purchus d BFTWEEN JULY AND S›PTEMBER LAST-CHIEFLY IN SEPTEMBER: that is, chictly in at least two months after the whole capital of the bank should should have been paid in. and they must get it out as easily as they can." "But the exchange is not equalized, and it seems designed to convert that great establishment into a vast broker's office, where money may be bought and sold as in the little shops that now abound in our country. Already, an office at one place refuses to take the notes of an office at another,*-in some, the disgraceful fact exists (or has existed) that premiums are charged for drafts on others; at others the accommodation of drafts is refused (i. e. the equalization of exchange is denied) to any except those who keep their accounts, or do business erclusively with such offices, to secure a monopoly for which purpose they have black lists," referring to them to ascertain whether such facility may be granted or not. Such reference has been made in Baltimore—and an application for a pitiful sum, in a draft on Philadelphia, refused-after an observation by a clerk, on looking at his alphabet, "you don't keep your entire account here, and we reserve such things for our particular friends," or words to that effect-thus defeating one great [apparent] object of the institution. This seems to be a common cuse I have heard of a dozen in a day or two." To conclude-for really I cannot, dare not, occuPy the whole REGISTER with the business of banking (though think it the most important subject that has come before the people of the United States since the adoption of their constitution,] some may have expected more from the bank spoken of than it could perform; but the "truth" is that the public hope has been sadly disappointed. The gentleman is not one of those that I call "bank speculators"-it cannot be doubted but that he has "paid" for his shares. He says so; and the list of subscribers that I have shews that he took only a few, which he was well able to pay for, without an accommodation on them." The paper system-No. VII. [Last of the series.] ADDRESSED TO THE EDITOR OF THE REGISTER. SIR,-Having in my last letter detailed the modes, manner, and means by which bank charters have sometimes been obtained, I will now proceed to explain how their capitals are for the most part constituted. A few honest tradesmen, and persons having a little money to spare, are persuaded by the knowig ones-the speculators-to subscribe, and these in reality are the only subscriptions that are ever paid until the time arrives, when the great specu A partial revolution, pay though a expo. ffect. Sure of the reprehensible practice, has been ed in this respect, since the date of our ex ract, and the opposite extreme is used to accomplish a similar purpose! Jators can sell out to advantage. The residue is tremble at the situation in which they had thus taken by a knot of speculators, and directors, to placed the nation and the stockholders, who had the amount of bundreds of thousands, nay in some appointed them to a trust wbich they had thus particular cases millions of dollars, for which in shainefully abused and betrayed-that they should reality they never advance a farthing of real value. at length, to make the best of a desperate case, re. The first operation of the bank is to discount for fuse to renew their accommodations to the specue these persons, to enable them to pay each instal.lators--and demand the payment of these millions. ment as it becomes due. For these discounts the In such a case, might noi the exaggerated wealth speculators pledge their script, and gives notes of of the mightiest of these mighty speculators prove hand, renewed aci infinitum. 'It is important to dis- inadequate to this sudden emergency? Might not sect this plausible security, on the validity of which bis property-nay, is it not quite certain that it the people are eventually to rely, for the redemp-would-fait under the unexpected pressure of this tion of a great portion of the notes of the institu- enormous debt, when sacrificed as property always tion. The scrip thus pledged, is simply the re- is in such cases? Far be it from me sir, to insinuate presentative of the very instalment, for which it the remotest possibility of men whom the world has been pledged. It is merely pledging one piece gives credit for being worth millions, being in re. of bank paper, for the payment of another piece of ality and to all intents and purposes bankruptsbank paper! Thus this mighty pledge, is nothing and still further be it from me to even bint, that but the simple process of borrowing of a man the men of real substantial wealth, have already some of his own money, to pledge as security for quietly sold out, and realized a moderate profit on its payment-except that paper is here the sub their stock, leaving the bank entirely to these begstitute for money. The exchange is fair enough farly speculators in millions, who if the stock were between two individuals for their mutual accom/ by any chance to fall below par, would be bank. modation; but when it is practised as in the case rupts to-morrow. Thus is the public left with the of the banks, for the purpose of deceiving the peo. security of a scrip, depending for its value, on the ple with a semblance of real capital where none ex. pledges of men, who in turn are dependent on this ists, whatever may be its polite denomination in very scrip, for the means of redeeming their pledgbanks and brokers' shops, it is nothing but arrantes! Such sir, is the situation of a great portion of swindling: For let it be remembered, that unless the newly erected banks. Destitute of any real the capital of a bank is bona fide paid in, its scrip capital, they are every day increasing debts to the is of no real value whatever, and the only security public, to an amount almost beyond the reach of the public has for the stability of an institution so calculation, while the besotted people continue to constituted, is the personal security of the specu- take their notes with as much confidence as if they lators. If by practicing the usual arts, by which were silver and gold, although one every day hears public credulity is made subservient to the gains of banks becoming openly insolvent, in many parts of the worthless, the stocks of the banks can be of the United States. In addressing a people thus raised above par, the speculator sells out and pays voluntarily bowing to wholesale imposition-so dothe bank; but if on the con-rary it should deprecile in submitting to be cheated by every piece of ciate by any accidental insight into the true state pictured paper-I feel as if I were wasting my of the matter, he cannot redeem his pledge, the time, and occupying a space in your valuable paper, bank fails, or goes on secretly renewing debts to that might be devoted to more salutary purposes. the public which it can never pay. Thus it is This letter shall therefore conclude the series for clearly perceived that the basis of the present pa. the present, and like many 'a well meaning man, I per system, is nothing more than the responsibility must sit down and solace myself with the exam. of knot of desperate speculators, dependent al ple of poor. Cassandra, whose prophecies though together on the public credulity for their existence, always fulfilled, were never believed, until it was and who will break, and run away or take the be too late. nefit of some convenient hankrupt law, wherever It is utterly impossible that the present system the bubble shall burst. The system sir, is a paper of banking can endure five years. It cannot impose system throughout-paper guarantees paper on on the people much longer, and if it could, it would all sides-speculators bolster up brokers, brokers perish by its own corruptions. A little while, and are cats-paws to bank directors--and it is in vain it will become necessary for the banks to pay spe. that we look for what alone, can and ought to be the cie, and then will their solvency be severely tested. basis of a monied institution,silver and gold. The It will not be long before some great question will system is not even gilded on the outside, and like be agitated, and decided in this country very gudgeons we swallow the naked hook. *Some village Hampden, that with dauntles breast, “The little tyranit of his fields withstood Suppose sir-one may suppose almost any thing, Will enrol his name among the benei.ctors of not impossible in this age of banks and bankrupt- his country, by prosecuting these frizvlegert gentle. cies-Suppose one of the great speculators in the men who do not choose to pay their debis like stock of the bank of the United States, should other people, and finally ascertain whether the spifail, in debt to the bank a million and a half, for rit of justice yet wakes in this bank-ridden land. money borrowed of the bank, to pay his instalments But say the jackalls of the banks--we do not reto the bank. Imagine that in order to prevent the fuse to pay species--we pay every body that asks for depression of the stock by such an amount coming it. True sir, but it is well known, that whoever all at once into the market, the remainder of the dares ask for it is from that time a marked manknot of speculators assume the whole, pledging in he becomes obnoxious to a body of men that can like manner, the scrip, and their own notes of hand destroy him if he be a trader-mechanic or mer. for the payment--renervable, until they can sell out chant- and which will assuredly make an example to a great profit. Imagine then that the additional) of the offender, in order to deter others. What weight of stock, thus assumed by the remainder, unheard of insolence then, to present to pay spe. and the additional discounts required to enable cie, and annex a penalty to he demand. them to retain this enormous amount, till the bub- The belief of the generality of banks being able ble is fully blown, should bear so heavily, that the to pay now or at any future period the amount of directors of the institution, at length begin to their debis in specie, is worthy of the people wir have submitted to the galling impositions of the the evidence of facts occurring every day-will paper system. The reckless, and unprincipled tell me that this catastrophe of the paper system is issue of notes, by which they are enabled to make so distant as to pass the limits of a distinct antici such enormous dividends, will forever preclude pation-that it is like the end of the world,them from the possibility of specie payments. nobody thinks of predicting it but crack brained There is not specie sufficient in the whole universe, enthusiasts, laboring under the delusion of fancied to redeem the paper of England and America. inspiration. Sir, they may tell us so-but they don't True it is, that the difference between bank notes believe it-they know better-they feel that the and specie is but a few per cent. just now, but only bubble will soon burst-the knowing ones are at let the public confidence in this paper system be this moment quietly extricating themselves from once fairly shaken, and one shall then see the real the consequences that will soon take place, by exdifference in the value of specie and bank notes. changing their bank stock for real property, leav The first will be worth twice as much as now, and ing it to the wretched beggars, or dupes, to stand the latter will be worth nothing-it will gradually the storm when it shall come. Not only this sir, sink as the public confidence is withdrawn from it, but the more prudent banks—those that really merit and finally like continental money, be stowed away in confidence, and mean to pay their debts, are graduat. old pocket books, to remind the owner of past delu-ly withdrawing their notes from circulation, but at the sions, and afford another lesson, from which his posterity will derive no benefit, same time are too many of them practicing a most unpardonable imposition on the public, by assisting to Among the many privileges of chartered banks, circulate the notes of petty banks, unworthy of the that of running in debt to three times the amount, public confidence. The consequence will be, that ere and only being liable for the amount of its capital, long the great mass of notes in circulation, will be is not the least preposterous. I should like to those of the most worthless and unprincipled institu know by what authority any legislative body can tions, which never meaning to pay their debts, are anxthus exempt men from the payment of their debts ious to run in debt to the public as deeply as possible. -are not all men obliged to pay their debts, or sub. And here sir, a most momentous question arises, init to the disgrace of open palpable bankruptcy? which I hope to see one day decided in this counYet here is a case where men may grow rich out of try. Whether, the bank which thus pays me a the spoils of the bank, and then quietly retire, debt with the notes of another bank, does not in leaving the funds of the institution, no matter what effect guarantee the validity of these notes?-Comthey are, to answer for debts to three times their mon sense says yes-and justice says yes-and anaamount. I am no great special pleader sir, but I will logy will fully justify the doctrine. If I pay a man venture to say, that such a practice is at war with a debt in counterfeit dollars, am I not liable to be every principle of law, equity and common sense, made to pay it again, whether I know of the counIt is a privilege abrogated by its own palpable ab- terfeit or not? If I pass away a note of hand receivsurdity-by its direct opposition to all the laws and ed from another, am I not obliged to guarantee the customs of general society-and above all by its payment of the note-and does not this rule run unequalled partiality and justice. You will for-through every transaction of business? Under what give this digression, but the truth is, that as I ad-statute of law, or principle of justice, then do these vance into the subject, so many points of folly, banks hope to escape the penalty which every ininjustice, iniquity and abuse present themselves, dividual incurs in similar cases, and how will they that I am embarrassed with a multiplicity of ma-screen themselves from the consequences of thus terials. paying their debts, in the worthless paper of our I have little doubt but it will be argued by ma-insolvent banks? Let them reflect seriously on this; ny, that the banks will in time acquire a basis of and assure themselves, that as yet, there is no pow real property, by exchanging rags, for houses ander in this country that can exonerate either indilands, and the creditors be thus secured in the viduals or corporations from the operation of the last resort. But sir, let it be remembered, that fundamental and inflexible principles that lay at when the time arrives, that the banks must sell the root of every system of law. their real property to pay their debts, a state of Such sir, are the great features of the present things will occur, fatal to its value. Universal dis-paper system, as I have faithfully endeavored to detress, doubi, apprehension and dismay, will deter lineate them in this and the preceeding letters. almost every man from purchasing,-all will be It was, and is still, my intention, to develope some sellers, where none will be found to buy, and the of the moral effects, certainly not the least importconsequence be that the banks will never be able ant consequence of this system, that have fallen to realize the amount for which this property was under my observation. But this I shall postpone originally pledged. Thus, the debtor bank, and awhile, for I am conscious that your liberality in afthe holder of its notes, will share one common fording me so large a portion of your valuable paper, fate, and wide spread distress, difficulty, and ruin has been not a little inconvenient. My letters have be scattered over this smiling land. This is no been too long-but the honest truth is that the subfancy picture. In the event of a loss of confidence ject opened so many views of mischief, that I in bank paper, which must very soon result from hardly knew where to begin, or where to end. For the present mode of administering the great paper the present, I shall conclude this series with a few system-and when the public shall cease to be observations, leaving it to you, to bring forward lieve in this new doctrine of the transubstantiation those statements, which your practical knowledge, of rags into silver and gold, the demand on the and more extensive sphere of observation, may banks for specie will be general-consequently the have enabled you to collect. sale of real property pledged to them will be ge I think I have given sufficient proof in the course neral. The inevitable consequence of such a vast of these letters-that the paper system under its property being ali at once thrown into the market, present slovenly, not to say unprincipled character, will be a dep ciation in the land, almost equal to is highly injurious to every class of people but one that of paper money. -to wit, the band of brokers, bank directors and But sir, the advocates of the true paper faith-speculators. It impoverishes every order of men, who believe against the experience of all ages, and by diminishing the value of the gains of honest Fourth of July Societies. It is insertold patriot (judging by his hand writing), has sent the following 600 miles to me. ed with pleasure, and may furnish matter for future remarks. labor—by enhancing the price of every article of necessity, without affording any equivalent advantage-by seducing the farmer into ridiculous and An ruinous prodigality and speculation, to which he finally falls a victim-by rendering it impossible for the manufacturer, to exist in consequence of Mr. Niles.-You have done so much, sir, tothe high price of his materials--by lessening at wards inspiring the American people with a proper least one half, the real value of incomes arising national pride, that it may appear, in some degree, from any permanent source--and by depriving our gallant sailors and soldiers of one half the comforts a trespass upon your patriotic and philanthropic exertions into a new channel. I will not say, sir, they could procure, if their pay were not diminish-Principles to invite the application of your efficient ed in that proportion, by the depreciation of the that you have inspired the naval officers of the medium in which they are paid. The advocates, United States with the noble spirit which actuates and those who revel in the corruptions of the sys-them-It would be an injustice to them, so to say. tem, dare not deny this-they only hug themselves But I believe it may be truly said you have done in the security of public credulity, and legislative much towards enlightening the public mind with folly or corruption, and smile with contempt on the an adequate sense of their invaluable services. I ineffectual resistance of a few dispersed, and im- believe, also, that those who are delighted with poverished victims. the prospect of the extinction of political parties But respice finem-Gentlemen-look to the inevit in the United States, owe more to the officers of able fate foretold in the examples every day occur- the American navy for that result, whether consiing, but which are so immaterial, of so little con- dered as in itself beneficial or not, than, on the sequence to the people that they pass without no-one hand, would be willingly acknowledged, or tice. If the city editors make any remarks on than, on the other, there is any desire of claiming. them, they assuredly forfeit their discounts-the The extinction of the late, or if you please, of the bank directors will throw out their notes, and en- present political parties, is, or would be, a nation join it upon all their wretched dependents on al blessing. Alle good they could have done is change, to withhold their advertisements from already done. All the evil is comparatively little, the impertinent meddlers. A year or two ago a and may now unquestionably terminate. The rebank failed in Alexandria indebted to the public sult is to be ascribed, in my humble judgment, several hundred thousand dollars-another in New more to our glorious naval victories than to any York state in the same predicament-and the other other single cause. I can compare it to nothing so day we heard of a similar catastrophe bappening to aptly as to a long contest between nations, or betwo banks to the westward-the German bank of tween individuals, where, after volumes of negociWooster-and the Farmers bank at Canton. It is ations or correspondence, the difference is at no wonder sir-banks without capital, administered length definitively settled by a treaty, or a bond by people, who even if they are honest, are igno- for the payment of a given sum. Parties will rant of the first principles of banking, or by hun- undoubtedly arise, and it is for the public good gry unprincipled speculators determined to grow that they should arise. But they ought to be enrich at the expense of the public-must and will tirely new parties; both as to their principles, and fail, the moment they are called upon to pay in as to their objects, and ultimate views. specie. For my part, I wonder they don't nearly all I am not apprehensive that what I am about to fail, for fail they most assuredly will ere long-leav-suggest will have a connection with party views of ing it to the good people of these United States, to any kind. I rather presume that all will unite in pocket their losses,-io wonder at their delusion- the object, without animosities, or collision of and to fall victims to the very next bubble, that sentiment. It relates to the celebration of the na may be set afloat. I take my leave for the present, tional anniversary. with a repetition of my thanks to you, for your ex- Some person at Washington, with laudable and ertions in a righteous cause-for the good you generous views, has proposed, not so much the have done already-and for that which I am satis-extinction, as the absorption, of all anomalous and fied you will yet perform. Whatever may be the detached associations, whether for patriotic, or beresult of our joint labors, for the public benefit,nevolent, or scientific purposes, into one great in. it will always be to me a source of honest pleasure, stitution. The name, "FOURTH OF JULY SOCIETIES, to recollect that I was once a fellow laborer, in a has been suggested. Without reference to the good cause, with a man, who I have ever noted, particular name, I cannot hesitate in saying that the as always to be found administering those princi- object is worthy of promotion. ples and supporting those doctrines, most conducive to the glory and happiness of our native land. You will hear from me occasionally, when I shall be furnished, as I have been promised, with a free and true exposition of the occult mysteries of brokering, banking and speculating, as they are now generally practised. Be assured I will not let this subject rest, until some of the evils of the system are cured, or all hope of cure is lost. The editor trusts that he never has suffered an opportunity to pass without improving it, to the best of his skill and ability, to lionor our invalua bie seamen, whose labors have been so splendidly productive of national character-but the art must not be cast in the shade; it contained as allant spirits and devoted hearts as ever carried the "bunting" over the deep, and maintained as sereje combats with the enemy. But-certainly, as the My friend might have added three in Mary-navy was one of the points of policy about which land that are "as good as gone," and several in Pennsylvania that are preparing to "give up the ghost." The same is to about to happen in other places. I pray the people who owe these banks to collect their notes and settle off, whilst such notes are yet received in payment-and then "be at quits" forever with them. parties differed-its victories over England, though the legislature of Massachusetts solemnly declared it "immoral to rejoice at them," had a most powerful tendency to affiliate the people; one party, through a gratification of the pride of opinion; the other, in the positive results of its operations. hence, my correspondent may be entirely correct |