Sentinel of the valley. [volume] (Woodstock, Va) 1841-1848, 1843-04-13

S>0ank, were ]. c.. Calhoun, II. S. G. Tucker,
ttheh member ofcongress from this district)
Gen YIN. McCoy, (member at that time from
Rockingham distlict) VIM. H. Crawford, Chen
member in congress from Georgia) who was
run for The presidency in 1894, with j. G. Adj
ans, Andrew Jackson and Henry Clay, and
received a large nlsiofity Of the votes OF this
county to my knowledge over all his compet'
tors. Mr.: Stuart asked if MIR. Madison, Gen.
Mccoy. Gen. Tucker, and Vim. II. Crawford
were frderalists He showed most conciu-
sIyeiy that the bank chartered in ol7 was a
democratic and not federal measure. He
stated that we had national bank for forty
{ years. during which time the country was ge-
morally prosperous-and that when we had no
bank, the states had greatly increased their
banks the lsspes of these banks had been ex-
cessve, the currency and exchanges frequent
ly deranged, and confidence between differ
eat parts of the union lost Healso stated that
the bank during its existence had collected
Rfand discussed millions fer the national govern
ment. aud ne loss had been sustained by the
S oyernment. he observed that well reguia-
ted national bank was sslutary check upon
the state banks, preventing them from mak>
ing excessive issues, and til the paper of the
fatonalSbank when the deposltes were reno
we'd was equal to specie, and at a premium in
many paris Of the union. Ne also mentioned
as an instance of the almost total destruction
of confidence now prevailing, that money, tho
>Ss-L.-ssSarce in this state, IS ahundant IN New
Ia the rate of interest very low, from
4 to S Or ct, that friend of his living in Au-
gusta, wishing to procure a loan of money in
New York, requested him to write to a friend
Mr.. Stuart had in that state on that subje
from whom Mr. S. obtained an answer stating
that his friend nigh. have money at 5 pr ct
interest if he would give good personal secu
rity in the city of New York or a mortgage on
property there. The New York merchant
you'd not take personal security and deed
krust On property worth more than the loan
Acusta. III. S. therefore Inferred that a:
national bank would be the means or aid con-
Ssiderablv in restoring confidence. MIR.
S. advanced many other arguments in ia
yor of national bank which have escap-
ed my memory. Mir. Stuart gees for
snixed currency in the States-that is
currency consisting of gold and silver,
and paper, at all times convertible into.
specie. He is not, like Mr.. Taylor, a
hard money man. He told an excellent
anecdote while dwelling on this topic. of
an old graZier who was very hostile to
banks, and had taken it into his head that
they were monsters--but on becoming
better acquainted with them and making
profitable speculation by means of
them, changed his opinion. am vo
ter in this country, and do not like Mr..
Taylor's hard money system. ! will tell
you why. Mr.. Taylor, in order to intro
duce his puse metallic theory, will have
to destroy all the State Banks. We.
were told several years ago by the great
Hamburger 'Ehos. II. Benton, that gold
would be so abundant in the West, that
i. would ascen.! the Mississippi, and eve
~ mans pocket would be full Of it. But.
ahe prophecy has entirely failed, and is
no nearer fulfIment than Miller's in re
gard to the destruction Of the world-one,
theory consider just as reasonable as
the other. Missouri 1.-THE State which
Mr.. Benton represents in the Senate of
the U. 81 SO far from having gold in a
bundance as she was promised by him,
has been compelled to adopt stay law
to prevent the collection of debts. / beg
leave TO make short quotation from
published letter of an acquaintance OF
mime on this hard money doctrine. He
says ''It you owe 40 man any thing but
love; il you have plenty Of hard money
in your chests, OF deeds Of trust on the
property Of yoar neishbors, you may af-
ford to be bard money Democrats. If
Oh the other hand, you or your friends
are in debt; il you owe the one fourth es.
timated value of your property at a fair
price, fly, besecch yoa, from the clatch
es of the hard money democracy-ior if
they succeed through your aid 10 effect
ing their projects, yoa are gone past hope
lit will be beyond the power of surge
ny, Or even of galyanism to save you"
Now, fellow-citizens | ask you which do
you like best MIR. Stuart's CT Tayor's
aloctrinesin regard to the currency? III
Mr. Stuarts doctrine is federal, then was
James Madispn's, James Monroe's, Geo.
WashiDgton's and host of other great
men, as they all thought as Mr. Stuart
does on the subject of the currency. Now
what ''Old enemy is in the field" &C
cording to the principles Of the address
oil the Democratic central committee, you
will have to contend with these ilIustr;-
Gus names, whose memories are cmbalm-
ed in the hearts of their countrymen. In
whose ranks then do you find the men,
bers of the committee? in those CT the fe-
deralists of l817-(when the last bank
was chartered )-Mr. Stuart next advert
ed to the tariff question, on which he,
eLyclt with great ability for. some time.
He is in favor Of tariff system adjusted
with an eye primarily to revenue, but so
among the articles upon
Zhich the duties are inneseI as tn afford
Incidental protection to domestic indus
try. Thls is the kind of tariff which has
been supported by every president from
Washington to Van Buren, inclusive. NJ.
Stuart was opposed to system of direct
taxation to raise revenue, and to the
system of free trade which the South
Carolina nullifiers advocate-that is to
=. liz u, itich Ill