The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-01-07
EDITORS CORRESPONDENTS
NEw Yonr, January s, Is46.


To The Editor ef the Union:
SsM On every side, and upon every occasion, the
snui-Osegon party do most pertinacioasly and most
Yobssnusey persist in changing the Issue in the
81 the United States Crsai Briiai, In the matter
Of Oregon, With great respect, l would represent
thai The issue made by Mr. Calhoun was s@ or
pssrs--ihe same Issue had already been taken by
Messrs. Archer and Webster upon General Cssss
resolutions IL Was To be expected that the lntclli-
gcncer, Tribune, Journal OF Commerce, and other
wing papers, would make the same issue. Upon
Mr.. Adams's violent lin my soul believe ~ psacs
speech, the COMPOUNDED anti-Oregon party again
raise lhe same unprneiped ssne Of peace war, as
II the only question 10 be decided by the adnnisira-
ton, by the people, or by their representatives in
Congress was, Shall ice declare icar against Grsai
D1tain5 This mornings New York Courier and
Enqsirer, in commenting upon the speech OF Mr..
Adams, whom Il chooses now 10 berate, undervaluo,
and disparsge, says; John Quincy Adams and the
venerable edtor Of the organ both contend that 'hs
only hue seey 10 seek psscs' is to bully Engiandl"
Now. Mr.. Editor, allow me again and again 10
rs<essss that The question at issue 10 not psscs or
rar, but our RIGHTS in Oregon. Are they clear
apd unques,onable' John Quincy Adams takes
ground, ideutca with the administration, that they
perfect and complete. Mr.. Adams, the Courier
says, sis peculiarly erraiie at intervals" May he
so, or not so; but IL he had had physical strength
equal TO drawing from his exhaustess store
house Of historical knowledge the facts ne
eessory TO subsantiate his opinions, would the
Courier say that his facts and Arguments are "eua-
tie" They might, indeed prove most uncomforta-
bly, 50 to those who would find more pleasure in
discovering flaw in title, than in its invulnera-
ble perfection. Suppose this morning, on arriving
at his Office, Col Webb had found me installed 10
his editorial chair, with one hand using good DEM
oeratie pen for the benefit Of the Couriers readers
and with the other brandshing bowie knife; while
should stou,ly assert claim 10 occupy one half or
more Of the Courer's editorial columns with the
aotle af fnw NUN hraIn yNb ua he
gallant colonel do' Would the fear Of fight pre-
vent him from asserting his rights, Would he al
low me 10 go on day aher day In the joint oecupan-
cy' For peace, would he give me one-half OF his
parer And while his friends talked of the colonels
rights would he insist upon negotiation, arbitration,
mastery inactivity, and peace at all hazsrdS Would
he give me no ''notice" to quit In short what is
sue would military friend takei IL he believed
his right and title clear and unqueslionable to
py the Courier's urea Of freedom as he pleased,
would the dread Of consequences deter him from
kicking me oct Of his ofice'
I protest. in behalf Of the people whose rights
at stake, against changing the question at Issue.
British cannon constitute element in the investi-
CATION Of our title 20 Oregon. And if the process Of
Invest alton establish the validity Of our title to this
farm hen, in legisa,ing for this farm, and plough
ing and fencing Il we please, British cannon still
constitute no element until we meet with them
The questions at issue are questions ofiitle and of
ploughng and fencing, and these We are TO decide
priseiples Of right and justice, no matter wheth-
er the opposite claimant be strong or weak, wise or
foolish, simple or crafty. ! have no patience with
this eternal din Of British power, and British cour-
age. What have they To do with our exercise Of
awful American rights, and our discharge ofimper
alive American dutiea Be British courage what it
may il is unequal facing the open front Of honest
truth. Be British power what II may, il is unequal
to invading the serried lines of right and justice.
Thrice Is he armed who hath his quarrel justr
Yours, truly, ESBE.
New YoRK, January 5, 1916.
Our stock markets were, during the whole OF last
week, in fucuating state, and the battle between
,iths bulls I'D the bean" yexsd very vsrm. 'The
bullsp originally began this Waterloo cohtcst under
the Impression that their ancient allies (the banks)
would come to their assistance, if wanted But
their old friends, instead Of being able to afford
them any succor, have been obliged to call on "their
advsrsaries, and fortify themselves from attack
which General Constitutional Treasury threatens
them with; SO that "the bulsn will not be so fortu-
nate in Wall street were the John Bulls" at
Waterloo, when Butcher joined them. The battle
will doubtless be severe and furous and when II Is
over, the number of killed and wounded, on both
sides, will be severe. To-day there was moderate
business done at decline, on the average, of one
per cent. ). a..,as, .s-.. et
The flour market was, in the beginning of last
week. in difficulty; but it made forward movement
in the middle and -four reached six dollars per bar
on Saturday it had retreat to its former position
of Is rs, where il remains to-day.
In my letter of the 29th ut l gave you an ac-
count Of the specie capitals Of France and England
to the year 1856. After that period the effects of
paper currency were horrible indeed; but do not
intend to touch on them in this communication. At
the period aforementioned, the (money) gold and
silver capital Of France exceeded that of England by
nearly four times 10 amount. To account for this
deficiency on the part Of England, reference must
be had to her species Of funding, which operates
to multiply paper, and TO substitute il in the place
Of money in various shapes; and the more paper is
multiplied, the more opportunities are afforded to
export the specie; and it is possible, by the issuing
of small notes. to increase paper till there is no
money left.
properly speaking, credit. II in effect creates upon
paper the sum which it appears to borrow, and lays
on tax to keep the imaginary capital alive by the
payment Of interest, and sends the annuity TO mar
ket to be sold for paper already in circulation. If
any credit be given, is the disposition of the peo
pile to pay the tax and not Of the government which
imposes it for when this disposition expires, the
credit of government expires too.
| In 1856 England claimed, and no doubt did pos
sess, the sixh-part Of the commerce of Europe; yet
she had only 20 600 5000 sterling of money (god
| and silver) capital. NJ Neckar, however, shows
| from the registers Of Lisbon and Cadiz--the two
ports into which gold and silver were then imported
that the annual amount was 900 900 sterling This
statement was not made on single year, but on the
| average Of fifteen succeeding ones--from 1863 to
TIT both inclusive-in which time the amount was
seventy-fve millions sterling From 17l4 the period
| Of the Hanoverian succession, to 1876, the time
Mr.. Chalmers made his report from the royal mint,
the quantity Of gold and silver in circulation in
England, including Scotland and Ireland, was TWEEN
ty millions sterling, is seventy years; and the guam
tity imported into Europe in that time would be
three hundred and sixty millions sterling. The
proportion which England should draw, by means
Of her commerce, to keep herself in a proper pro-
portion with the rest of Europe, would be a sixth
part, which is sixty millions; and after all allowance
being made for waste and accident, the amount re-
manning would be about 6fy-two millions sterling;
and this sum ought to have been in the nation in
1885, in addition to the amount In it in TIA, which,
after having allowed for waste and accident il,
would have made the whole at least sixty-six mil
lions sterling; for it must be recoeced that prior
the reign Of King William iii before the establish
ment OF paper, the money capital was twenty mill
lions, which sum she only had in 1856, instead of
sxty-six millions; she had forty-six millions