, 1840-09-26

being made from the towns; because their
inhabitants are mostly on their books, and
there on suflerance only and during good be-
baviour.
In this state of things, we are called on to
add ninety millions more to the circulation.
Proceeding in his career, it is infallible.
that we must end where the revolutionary
paper ended. Two hundred millions was
the whole amount of all the emissions of The
old Congtess, at which point their bills ceas-
ed to circulate. We are now at the sum;
but with treble the population, and of course
a longer tether. Our depreciation is, as yet.
but at about two for one. Owing to the
support its credit receives from the small
reservoirs Of specie in the vaults of the
banks, it is impossible TO say at what point
their notes will stop. Nothing is necessary
to effect it but a general alarm; and that NAV
take place whenever the public shall begin
TO reflect on, and perceive, the inpossibillity
that the banks should repay this sum. At
present, caution is inspired 10 father than to
keep prudent men from selling property on
long payments. Let US suppose the panic
to arise at three hundred millions, a point to
which every session of the legislatures has
tens us by Tong strides. Nobody dreams
that they would have three hundred millions
Of specie to satisfy the holders of their notes.
Were they even to stop now. on one suppo-
ses they have two hundred millions in cash,
or even the sixty-six and two-thirds millions,
to which amount alone the law obli.es them
to repay. One hundred and tlirty-t three
and one-third millions of loss, then. is thrown
on the public by law; and as 10 the sixty-six
md fyrn fhIrIs uhtoh fho,, ora1 ar.I - hound
to pay, and ought TO nave in their vaults,
every one knows there is no such amount of
cash in the United States, and what would
be the course with what they really have
there? Their notes are refused. Cash is
called for. The inhabitants of the banking
towns will get what is in the vauIs. until i
few banks declared their insolvency; wheG.
the general crush becoming evident. the 9th,
ers will withdraw even the cash they have.
declare their bankruptcy at once. and leave
an empty house and empty Golfers for the
holders of their notes. In this scramble of
creditors, the country gets nothing. the
towns but little. What are they to do! Bring
suits? A million of creditors bring a million
OF suits against John Nokes and R0ber,
Styles, wheresoever to be found? All non
sense. The loss is total. And a sum is thus
swindled from our citizens, of seven times
the amount of the real debt. and four times
that of the Fictitious one Of the United States.
at the close of the war. All this they will
Justly charge on their legislatures; but this
will be poor satisfaction for the two or three
hundred millions they will have lost. 1t is
time, then, for the public functionaries to
look to this. Perhaps it may not he too late.
Perhaps. by giving time TO the banks, they
may call in and pay off their paper by degrees.
But no remedy is ever to be expected while
it rests with the State legislatures. Person
al motives can be excited through so many av-
enues at their will, that, in their hands, il I'LL
continue to go on from bad to worse, until
the catastrophe overwhelms US. ! still be-
lieve, however, that on proper representa-.
lions of the subject, 4 great proportion Or
these legislatures would c,de 10 Congress
their power of establishing banks, saving
the chartered rights already granted. And
this should be asked. not by way Of amend
ment to the constitution, because until three
fourth should consent, nothing could be done;
but accept from them one by one, singly, as
their consent might be obtained. Any sim
gle state, even if no other should come into
the measure, would find its interest in arrest.
ing foreign bank-paper Immediately, and its
W by degrees. Specie would flow in on
them as paper disappeared. Their own
banks would call in and pay off their notes
gradually, and their constituents would
thus be saved from the general wreck. Should
the greater part of the States concede, as is
expected, their power over banks to congress-,
besides insuring their W safety, the paper
oil the no%n-conceding States might be so
checked and circumscribed, by prohibiting
its receipt in any Of the conceding States,
and even in the non-conceding as to duties,
taxes, judgments, or other demands Of the
United States, or of the citizens of other
States, that it would soon die of itself, and
the medium of gold and silver &c universally
restored. This is what ought to be DONE
But it will not be done. CARTHAGE non de-
lebitur. The ove-bearing clamor Of met-
chants, spectators, and projectors. will
drive US before them with our eyes open, un.
til, as in France, under the Mississippi bub.
bic, our citizens will be overtaken by the
crash of this baseless fabric, without other
satisfaction than that Of execrations on the
heads OF those funtionaries, who, from igno-