Southern telegraph. (Rodney, Miss.) 1834-1838, 1837-08-22

adapted To the wants of0ur people can ever
be abandoned for one of an governmental
character. II was the work OF Hamilton,
approved By that Immaculate patriot Wash
ingion, and has been productive Of SO nuca
prosperity AMI happiness to all c!ds es Oh
our citizens, that it never ought 10 be de-
parted from; as Il never can be without m
jlry The unhappy relations which now
exist he'woon the Treasury on tho one
hand, and the banks and morchln's on the
o'her, has prodnced a panic most ruinons
in lis consequences, which nothing b1t the
aa'ion Of Congress- c1a remove. And IN
order 10 shaw The baneGiIl' efFaets ofi general
panic AMI ss of conf lence in paper soca-
rites, whether issued by banks or govern
N nts, in the shlpc Of ocks or bills. | need
only remind those who m3y.read dis anl-
Gle, that daring The war, after the burning
Of The capitol, the Treasury notes tlcn in
r;raIlalion were greatly mler their par
valuc, in Bank papo', and world uo' he re-
ccveI Oh Deposit, or in payment by ta'
/ Binks, aI,h)rgh they Ind all suspended
/ specie payments, excepting some in New
| En-land. Treasury notes were ,hon rci's-
I ci in payment 1r the necessary supplies OF
orr armies, while the notes of the State
! d INKS were freely received by all GLASSES
OF oar people, and circulated without the
sii1htes; dsrast. And let one readers also
/ bear in mind the fact, rh1i n ,twithst'n.ling
! the Blnls in our Soahoard ci les might have
been thus destroyed at a blow by the enc
NV, who hid ilst burnt our capitol, sill
/ Treasury n ties, the obhg RioaS If the ma
t'o7, would not be received Ly III SO banks,
/ which were at dcDreciltion of % to p
per cent. below coin; at the same time the
public debt, hearing an Interest of6 per cent
! per annum could not be negotiated by the
Government on better terms than so Gems
| in the dollar, payable in bank notes, being
in flct bat go cents in the ,lIar for specie ;
and remembering these things, let all in
authority who have now 10 act with refer
once to the currency, also bear in mind that
| they occurred when orr country WIS depriy-
ed OF, the regulating powei and aid Of a Ma
! tlonl Bunk; Cor the want of which the Ma
ton sustained losses during the late war
| equal in my opinion to twenty five millions
OF dollars; and Us corroboratiye of this fact
| will state circumstance which occurred
at period otlhc greatest oppression of the
public debt. A bank in the District oil
Columbia, chartered by Congress, loaned
to the Treasury Il considerable amount of
It's own notes, not rcdaemabIe in specie.
and received in payment the stock Of the
Government at 50 cents in he dollar, there
by rcalizinga profit Of twenty dollars on
caah hundred, by the mere act of mannllc-
turing the amount Ioanod in Bal, mites
The day after the burning of Washing |
ton. | received letter from the Secretary
OF the Treasury, George ". Campbell, who
was an able md zoalols officer, soliciting
my aid in the procurement of a temp,ruy
loan 10 supply the pressing wants of the 20
Yornment, until the meeting Of Congress,
ana Offering to give an interest ut the rate
OF eight per cent per annIm. Having been |
engaged in making Io1ns to the Govern.
men psior to that period, and indeed from
the commencement ofthc war; was indnc-
ed from the purcst motives, at that glo,my
period, 10 enter into stipulation Wj;h the
Treasury to loan 100000, p1vabIc in
monthly instalncn'S of s 10000 each, at
the rate of $50 in money for one hundred |
Of the G1ycrnncnt stock, and | hid the
god fortune 70 succeed in mixing all my
payments to the Treasury tn meet its wants
nj the periods stipulated. but not without
dlli uIty and sacrifice, as the capitalists
generally at the North hid refused to buy
stock, or to loan upon it any rate Of interest
after the destruction of the capitol; and the
Bnks in the states had become unwiInr
to extend their loans upon the government
securities.
Subsequent to that event no Other inlvid
nal would make any offer for the loqns which
the Government needed; and mine is the
only name to be found on the books of the
Treasury as a lender, from that period un-
I'll the conclusion Of the peace, except for
very limited amonnts. If that happy event
had been delayed but two months longer.
the last great loan which Icngaged to nuke
under the most fearful apprehensions, would
have proved my utter ruin; bat the enemy
were at oar doors devastating our country,
and resolved to risk all my pocuniary pos
sessions in its defence; and was stimnlat-
ed to do 80 by the valor and p,riotism of nv
ellow-ciizens in Maryland, in driving the
enemy from our shore at every point at
which he attempted to land At this mem
'rdble crisis the drafts of the authorized ;
agents Of the Government were under pro- {
est in all p1rls Of The U. States, for want of
unds, and every thing apportaining TO pab- {
&c credit was utterly in a state of doranLe t
nent and uncertainty; and these things I
nPpened when we had at the head of the ,
ioyernmentonco of the purest AMI most en- 4
ghtened statesmed that our country has .
yer produced. ! need not say that it was {
Ames Madison. lam aware that it will be T
aid that these things happened during the t
'ar, aud could not have occurred in time
fpeace--but as we may be again involved {
4 war, and have occasion TO experience {
Ike occurrences, it should be the duty of /
ne representatives of this great Republic, /,