The Massachusetts spy, and Worcester County advertiser. [volume] ([Worcester, Mass.]) 1825-1831, 1826-01-18


Der has been much less. When the improved
state OF our morals shall tolerate establish
ments among us, OF the character OF those
I which caused the late riots in Salem, we shall
probably be as exempt from the crime charged
upon the person now in prison here, as are our
good neighbors in that County
We are pleased to find that the Legislature
are looking into the subject of Banking, and
that measures are in operation to bring those
Boston banks to an account, which have here
tofore evaded the payment Of the State tax on
a portion of their capital. If the Legislature
do their duty, fearlesaly, and the country
banks are true to themselves, the existing evils
will be renledied, and business will return to
its former channels and again revive. Let
ataries persevere, and those who have paid the
Tribute withdraw it, and the Allies will soon
become tired Of their attempts at coercion. IT
may accession some present Inconvenience, and
| reduce the amount of discounts for little
while, but the eventual good will overbaance
these temporary evils. Perseverance is all
that is necessary, because the inconvenience
and loss, attending reduced amount of circu-
latng medium, fall far heavier on Boston than
Oh the country. Capital is accumulated ia
the country by the product of labor, which
continues the same through all the fluctuations
Of trade, although, when business is depressed
it cannot so readily be converted into money.
On the contrary, the accumulation OF capital
in Boston is derived chiefly from the profits on
trade. Whatever, therefore, reduces the a
mount of trade, also diminishes the income
from it and where the reduction is owing TO
scarcity OF the circulating medium, the in-
come is diminished in greater ratio, because
business cannot be done at so great profit.
BY the course adopted by the Allied Banks,
considerable amount of capital is rendered
unproductive, and is lost, for the time being,
TO the community. The specie an transitu
from one bank to another, and the bills of 9TH
er banks on.hand, are dead capital, on which
loans cannot be made, because they will not
answer to redeem bills with. These together
probably amount to at least one quarter part
oil the specie in the vaults of the several banks.
If so. the amount which the banks can keep
in circulation a.ust be reduced one quarter
Allowing the amount Of bills heretofore to have
been equal TO the capital stock, the aggregate
, of which. in the State, is above sixteen mil
lion of doll rs the reduction in the circulating
medium must be about taco million dollars
, which, of itself, would create scarcity of
, money without the aid of any ether cause.
"A Discovery THE Newburyport Herald
Gays, We cannot discover that the Boston
banks have committed any other offence, than
compiling the country banks to redeem their
bills with spece.'' Indeed! When have the
country banks refused 10 redeem their bills
with specie ? and what did they redeem them
with, before the Allied Banks compelled them
RI so TO redeem them
We have little room to devote to the remarks
of the Editor of the Yeoman on the Panama
Mission In his paper of the oath ut. he occu-
pies half a column in structures on that subject
in the course Of which, he says, 6" 1t passes
our comprehension how it should be proper
for the President to announce Of himself, that
Public Ministers" to attend the Congress at
Panama will be commissioned; or even to
&C cept, absolutely and uhqualifedy, the invita-.
ton to send such Minister'S" And again
Had the invitation been from the confederat
ed Potentates of Europe, to attend Con-
gress at Vienna, and had the President thus
announced that it zoaS accepted, and that Min
listers zVouid be commissioned to attend the Con-
gress, q" the whole country would have re-
sounded with the cry of Il Uiolation of The Con-
stitusion-Gn usurpatiOn Of ipo7yers belonging to
a coordinate branch Of the government And vet
the measure, so FAR as it concerns the question
of authority, WOULD BE THE SAME IN
THAT CASE AS IN THIS.''
On the 9TH inst. he discusses the matter in
another half column, and arrives at this couclu-
sion -" When, therefore, the President ac-
cepted the invitation TO send Ministers TO the
Congress at Panama, he promised more than he
had authority to perform, and more even than the
Senate would be disposed TO fulfil, without the
r concurrence Of the peoples Representatives.
In the last Spy we expressed opinion that
the President authorized to accept the invita-.
tion' by an act of Congress- but the Editor of the
Keoman thinks we misapprehend the matter"
and calls for the chapter and section of the ia4y"
We refer him to the only chapter and section
contained in the law which appropriates one hm,i-
d''ed thousand dollars, " for such missions to the
Independent Nations on the American Continent
as the President 0f ths TTuiJed Ctofeo ,,o, xyse,,
PROPER" Such an appropriation is, we believe,
the only manner in which Congress authorizes any
mission. Under this ACT other missions have been