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port, and from the fort; a public dinner was given, || request, two of the neighboring magistrates, Mr. and great joy was manifested.

Arundel, of Landulph, and Mr. Tucker, of Tre-
maston Castle, attended the funeral; after which

Acts of the PENNSYLVAVIA LEGISLA. they accompanied him to read the will to colonel

TURE.

executed a codicil to his own will, wherein he
gave all the property bestowed upon him to the
colonel's children. Traits of character like these
require no eulogy-they speak for themselves.

O'Dogherty's son and three unmarried daughters, who were not even mentioned in it. When the From the Trenton True American. will had been read, Mr. Carpenter, in the handThe legislature of Pennsylvania adjourned on the 30th March, having passed 164 acts, 9 resolusomest manner, renounced all his right to the tions, and one address for the removal of a justice property bequeathed, which he immediately asof the peace. The acts are mostly of a private signed over to the colonel's four children, to be and local nature. Among those of a public cha- divided between them, in such proportions as Mr. racter, we notice an act to prevent the imprison- C. Rashleigh, formerly a trustee in the family, ment of females for debt-an act relative to ha- should direct. What adds more credit, if possi bitual drunkards, which provides for the appoint-ble, to Mr. Carpenter's conduct on this occasion ment of trustees to take charge of the property is, the fact, that when an express reached Redof persons of this description-an act respecting ruth, where he then was, with colonel O'Dogherthe fisheries in the Delaware, which is a mere raty's will, he, without loss of time, and lest an actification of the act passed on the same subject incident might occur before he could return home, his state-and a supplement to an act entitled, An act regulating Banks; which enacts that any of the banks established in that state by the act of March, 1814, which shall, after the first of August next, refuse to redeem its notes with specie, shall forfeit its charter, and on proof of such refu sal being made to the governor, he shall issue his proclamation declaring the charter of such bank null and void, except for the purpose of paying and collecting their debts, and continuing and renewing the notes or obligations of those who may be indebted to them. If after the date of this proclamation, any such bank shall continue to is sue its own notes, the directors consenting to it shall be liable in their individual capacities for the payment of the same, &c. All notes presented for payment, and specie refused for them, are to bear an interest of six per cent. from the day of presentation.

PERSONAL FREEDOM IN FRANCE.

ed from Paris (says the London Star) a curious
Sir James Gregan Crauford.We have receiv-
paper. Sir James Gregan Craufurd, heretofore
British minister at Copenhagen, has addressed a
Stuart, in consequence of his being ordered by
printed letter to our ambassador, sir Charles
the French government to quit the French terri-
tory. He complains grievously of this harsh and
unprecedented measure, and attributes it to the
busy interference of a high French nobleman, in
James. We have heard the particulars of this
a dispute which has arisen in the family of sir
dispute, but sir James does not explain them. He
says, "I was three times cited to appear before
the police as a malefactor, or at least as if I had
been the most obscure Bourgeois of London;

places I have filled in a manner to merit the ap-
probation of one of the greatest statesmen of the
age, lord Grenville, might have given me some
right to an audience of the minister. I wrote to
the comte de Cazes to complain of the order I had

SINGULAR CHARACTER. From a London paper of 2d February, 1819. Died lately, at Notter, near Landrake, lieut.although I may flatter myself my birth, and the colonel O'Dogherty, of the Royal Marines, one of the most eccentric characters, perhaps, in Eng. land, who, for more than twenty years, occasionally visited this (Plymouth) market on an old white horse, lean as Rosinante, whose lank ap. pearance, combined with his own singular habili-received to quit France, but I was refused a moments, formed together a spectacle of wretchedness fully equal to any thing described of the celebrated Elwees. In his last visit to this town, a few weeks since, he seated himself on the steps of our door to eat an apple. His dress then consisted of a dirty night cap round his head, surmounted by the poll of an old hat without a brim, a rough waistcoat, patched all over, greasy leather small clothes, kept up by listing braces, outside the waistcoat, with wads of straw round the bottom of his legs. In his hand he wielded a large hedge stick. Amidst all this seeming penu-France, on account of family tracassarie, in ry he possessed some very excellent freehold estates in the above parish, well stocked; yet he chose to quit the family mansion, and lived in a small cottage in its vicinity, without a pane of glass in the windows; he nightly entered it by a ladder, which he drew after him, and slept in a corner of one of the rooms upon a wretched pallet.

This eccentric character had, previous to his death, made a will, by which, after bequeathing 1,000 in legacies to various persons, he left the residue, amounting at least to 40,000, to C. Carpenter, esq. of Modifonham. At this gentleman's

ment of audience. Am I viewed with an evil eye
by the ministers of the august house of Bourbon,
because I was ill treated by Bonaparte?" Here
sir James gives a short narrative of his arrest by
Bonaparte, and of the reason which made him fly
from Valenciennes, where he was confined on
parole. He then gives a detail of all that he and
his brothers did for the Bourbon cause, and pro-
ceeds thus: " But after all this, could I expect
that, instead of giving me a mark of honor, they
were desirous of chasing me from the territory of

which a great French lord thought proper to in-
terfere? And this is not all a second grand
seigneur, one of the chiefs of that noblesse to
whom my brothers and I have rendered such ser-
vices, taking up the cause of the first, has not
blushed to demand of your excellency to prevent
me from appearing at court. I know the fact,
because he does not conceal it." Sir James then
goes on to reason on this strange proceeding.
Against what law has he transgressed? A French
gentleman cannot be banished for a
de famille." "Why then (says he) banish me.
All men live in France-foreigners and French

06 tracassarie

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ca.

A letter from Paris, dated February 25, says-"The fury of duels increases every day; twelve officers of the guards du corps, and twelve of the garde royale, were to have fought, on the 18th, 24 of Bonaparte's half-pay officers."

men, under the protection of the charter. I deAn advance of hire and pay for two months mand, then, Mr. Ambassador, that they will shew is made immediately, and for one month more ine the law which gives to the French govern- when the vessels arrive at Cadiz. Insurances to ment the power to banish a foreigner. I have any port in South America are effected at 7 or 8 received an order to quit France in three days. 1 per cent. I have been treated in France, where, as yet, there is no alien bill, as a Frenchman might be treated in England-nay, I have been treated more severely, unless they wish to assimilate me with General Gourgaud." He concludes with stating to sir Charles, that he is thus banished for The estimates of the army services for the year having made a representation (bien legitime,) to|| 1819, have been printed by order of the House of the captain of the king's guard, and which was Commons. The total charge is stated at 16,582,802 imperiously demanded by his duty as the father 12s. 3d. which is nearly the amount of the whole of a family. • What were in fact my representa-surplus of the annual revenue, after payment of tions to the duc de Grammont and the duc de Guiche? They were simply the result of a rigor ous domestic and paternal duty." But he does not give any explanation of the nature of this squabble. An account of it was sent to us some time ago from France for publication; but we thought it unfit for insertion, as it related to the conduct of a lady, and we never interfere in fa-quer last night, that cash payments would not be mily disputes.

LATEST FOREIGN INTELLIGENCE. By the ship Rosalie, captain Merry, from London, to the 6th of March, 1819.

The earl of Liverpool stated in the House of Lords, on the 4th of March, that in a day or two

he expected orders from the Prince Regent, to lay the late treaty with the United States before their lordships.

the interest of the national debt.

africal career at Brecon, in the character of the Another young Roscius has commenced his theblooming Norval, whose age, it is said, does not exceed 13 years, and who, by his performance, has astonished the Welch critics.

The assurance of the chancellor of the exche

resumed in July, and that the bank had not nar rowed its discounts, had, in the early part of this morning, a favorable effect on the funds; but they soon again languished, and at 1 o'clock were as flat as they were at the conclusion of yesterday's market.

As the bank has not narrowed its discounts, and

yet the funds have fallen considerably; as the asin July do not raise them; the speculations in the surance of the non-resumption of cash payments city are that other causes exist for the fail, and the non-existence of those causes first stated has rather an unfavorable effect, since, if the small disthese might soon be removed, the stocks, it was counts at the bank had occasioned the fall, as supposed would recover.

At the close of the late election in Westminster for a member of Parliament, to fill the vacancy occasioned by the death of Sir S. Romilly, a most serious riot ensued. There were three candidates, Lamb, Hobhouse, and Cartwright. The former Las carried his election. The total number of votes for Lamb were 4,465, for Hobhouse 3,861, The general and strong inference, therefore, and for major Cartwright 38. Majority for Lamb is, that the minister intends to raise a loan by fanding. Several great capitalists, known speculators, Markets at London, 5th of March-Cotton have been, and continue, selling stock without Georgia Upland 14 1-2 a 15; Rice 35s in bond; faultering; and as there is every appearance of a Turpentine 14 a 14s 6d; Flour American 42 a scarcity of money, it is supposed they lock up the 45s, Sour 36 a 38; Pot Ashes 48s; Pearl 56 a 57s bank notes to effect their purpose; that the mi6d; Tobacco Virginia best 9s. Inferior 6 1-2, Ken-nisters shall be obliged to fund at a very low price. tucky 4 1.2 a 5 1.2-Stock on hand 22,000-6,000 of which is Maryland and Kentucky; Quercitron

604.

bark 18s a 20s.

3

United States Stock, 6 per cent. 99. per cent. 64. Broker's office, Change Alley,

London, 5th March, 1819. London, March 1.-By letters from Paris, we are informed that two large houses have stopped payment-Messrs. Boucherot, of Paris, for about one million and a half of francs; and M. Mareave, of Havre, for about one million.

One of these capitalists, it is said, can hold S800,000 stock. We agree with a morning paper, that if the minister were to make a loan of ten millions, the funds would recover. If he were to deny that he would make any loan, they would rise highly. The speculation is that he must have a loan of thirty millions, and this depresses the funds greatly.

United States Squadron in the Mediterranean. Captain Hodgkinson, of the ship Winifred, arrived at Alexandria from Messina, left at latter place Advices from Rio Janeiro mention the failure of on the 6th January last, the United States squada great mercantile establishment in that city, to ron, consisting of the Franklin, 74, commodore the amount of 600,000 milreas. A run on the Stewart; Guerriere, frigate, captain M'Donough; bank at Rio had recently taken place, the conse- United States, do. captain Crane; Erie, sloop, capquence of which appeared so pregnant with dan-tain Ballard; Spark, brig, Nicholson. Sailed in ger, that it was thought prudent to suspend specie payments; and the government had so far interfered, as to prohibit the exportation of specie during eight months.

March 2-The Spanish government has engaged thirty transports from different merchants of London, to form part of the expedition preparing at Cadiz, to carry out troops to South Ameri

company for Palermo, with commodore Stewart and captain Crane. The United States frigate was to sail for the United States in 15 or 20 days. The crews were generally in good health. The Winifred stopped at Gibraltar on her way down, and left there on the 12th February. Understood that the plague continued very bad at Tangiers and Tunis.

No. 17.]

WASHINGTON CITY, APRIL 24, 1819

[VOL. VII

Printed and Published, every Saturday, by Lawrence, Wilson, & Co. ut five dollars per annum.

Contents of this No. of the National Register. ORIGINAL.-Observations on the recent measure adopted by the Bank of the United States-on Banking generally-and on Economy, 257.-Editor's Cabinet--Board of Claims-Brief Notices of Events-President's Tour-Bonapartists, 272. SELECTED.-Documents accompanying the letter of Mr. Adams to Mr. Erving, 260.-Interesting judicial decision, 265.-Interesting conjecture as to the author of Waverly, 265.-Extracts from the Memoirs of the Family of Napoleon Bonaparte, 265.-Murders in Kentucky, 266.-American Prisoners, 267.-Thunder Storm at New York, 267. -Evacuation of Pensacola, 268.-Notice of Brutus, or the Fail of Tarquin," a tragedy written by J. H. Payne, 208.-Latest foreign intelligence, 269.-Verses, by "Croaker & Co." 271.

Bank of the United States.-Banking generally-Economy.

The Bank, as we understand the order, has is

sued directions to its branches (we presume eve

ry

where alike) to bring suit upon all notes un

a scarce article; but it is equally certain that the conflicting interests of rival banks have produced an artificial scarcity. Were the currency uniform, specie would not be so much required for home circulation. It is the suspicion created by the multitude of insolvent state banks, which makes people shy of notes, and induces them to cry out for specie. These remarks are deemed proper, as preliminary to the following observations:] §1. Of the Bank of the United States. The Bank of the United States has just adopt[The readers of the National Registered a wise measure; calculated as well for its own will recollect, that, during the late ses-security as for the suppression of the depreciating sion of Congress, we took part against influence of brokers and the future welfare of the the abuses of the Bank of the United community. The measure is caustic, to be sure; States. Whilst we were under the im- but the prevailing disease of the banks in genepression that those abuses would be con- ral require it. tinued, we preferred an entire repeal of the charter to a continuance of the institution. But seeing that a sincere desire prevailed in the House of Representatives to correct those abuses, and that the national legislature has, in fact, corrected the most gross of them; being assured, moreover, that Langdon Cheves, esq. the president of the bank, aided by the new majority of the directors, is determined to take efficient measures to reduce the operations of the corporation within the just limits of its legal powers; we feel ourselves called upon, by the principles of good citizenship, to second those efforts, and to advocate the proceedings of the Bank-whenever they inerit support. We have never been the friends of the numerous state banks; we have always regarded the corporate qualifications granted to so many of them by the state legislatures, as usurpations of the constitutional authority of the general government; and in our strictures upon the abuses of banking, we have invariably, more or less, included them. The state banks and the Bank of the United States are virtually at war with each other; and, upon the same grounds that we support the federal constitution, we will support a well directed national bank. Thirteen separate and independent states would never have made a great and flourishing nation; and two hundred banks, independent of and counteracting each other, will never make an uniform currency. Specie is, no doubt,

der protest, unless satisfactory security be given
by the debtors. This part of the order, it is ob-
vious, arises out of considerations connected with
the welfare and stability of the national bank it-
self. Under the former president and directors
it had over-traded. Mr. Cheves, the present pre-
sident, like a man of sense, as he is, seconded by
the new direction, determines to strike at the
root of this evil of over-trading, and it is resolved
to call in the capital of the bank by compulsion.
During the calling in, those who have gone be-
yond their depth, with a view of speculating on
the community; those who have, in the common
phrase, burnt their fingers by borrowing more than
they are able to pay; they will feel it severely.—
But what right have they to complain? Why
should they be allowed to bloat and swell them-
selves into a fictitious importance upon borrow-
ed bank capital? The Bank, we think, acts wise-
ly in this case. The property of many of those
who have borrowed of it throughout the United
States is in a very precarious situation. It is laid
hold of by creditors on all sides; and if the Bank
does not make haste, it will lose a great part of

what is due to it. The effect will be to reduce

speculators to their natural size and proportion in
society.

Another part of the direction to the branches,
we have been told, is, not to receive promissory
notes for collection. This is a heavy thrust at the
brokers; the shaving brokers. These worthy
gentlemen are, for the most part, in the habit of

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depends wholly on the circumstances and occupations of the individuals who deal with them. That the present system is an improper one cannot be doubted.

keeping a cash account in bank; and, upon the strength of that, they send the notes they shave to the bank for collection. Now, by refusing this accommodation to these worthy money-traders, they are, as far as it respects the Bank of the United States, cut off from the machine by which they work. This is a merited punishment, and we should like to see a similar rule adopted by all banks. It is the brokers who mainly promote depreciation in the currency. They live by the depreciation; they gain by the differences of bank exchanges; it is their trade; and whatever is the trade of any class, that class will, if possi-incessant and varying depreciation of a conflictble, countenance and increase it.

A third regulation, which, it is said, the branches have been directed to enforce, is the refusal to receive the notes of certain banks on deposite. This, also, is a blow aimed at the brokers. They collect notes from all quarters; and it is a convenience to them to be allowed to deposite them in bank. Why should the institution be troubled with paper money for which they can draw no specie? The brokers check for the amount, and embarrassment ensues. The proper remedy is the one which has been resorted to. The shavers may cry out, but who will pity them?

$2. Of Banking generally.

The circulating medium of a country, being the representative of value, should be uniform, and passable every where, in that country, alike; if it is not uniform, trade is obstructed. Where an anomalous currency prevails, debts cannot be readily collected, nor remittances made from one city to another: but the greatest evil of all is the loss actually sustained by the community from the

ing currency.

Nothing will be urged here as to the ready payment of bank notes in specie; for, under the present system, that is almost impracticable.

It may be safely asserted that there is not, at any one time, more than twenty millions of dollars, in specie, including gold, silver, and copper, actually within the limits of the United States and their territories. The capital of the Bank of the United States alone is thirty-five millions of dollars. It is, therefore, obvious, that if that single bank should trade up to the extent of its capital, it could not redeem its notes, upon a sudden demand, if it even had all the gold, silver, and cop

*

Banks, in truth, however avowedly, are never in reality, founded entirely on a specie basis. Their capitals, strictly speaking, are of a mixed nature; partly specie, and in part the soil and im.

There are some disputes which may be pro-per, coins in the country at its disposal. nounced interminable; not because they are unsusceptible of being determined, but because for one man that reasons there are an hundred that rail; and of those who do reason, a great portion discuss the effect of principles more than they doprovements of the country. The specie portion principles themselves.

is deposited in their vaults: The soil and imWith respect to the controversy which has provements are retained by mortgage. Thus, in arisen concerning the utility or inutility of banks, some towns where banks exist, all the property a thousand frivolous things have been uttered, to of the inhabitants is pledged to a bank for the the great confusion of the public mind. Banks, sums of paper money borrowed of it. Hence it like every other institution, are relatively good or is perceivable, that the paper currency of the evil. To the trader who can turn his penny United States is, in a great measure, the effect of quick, and make a large profit upon the money. a conversion of real and personal estates into an the banks may lend him, there cannot be a doubt active moneyed capital. Upon this view of the but what they are very useful: but to an individu- subject a leading question presents itself: What al who procures loans whereupon merely to live, portion of the community can profitably employ a ca. or to invest in a pursuit which yields only a small pital equal in amount to their entire possessions, and profit, banks are pernicious: that is, if he meddlesbay thereon an interest of eight per cent.? The anwith them. Such a person ought, in looking towards these monied establishments for relief, always to bear in mind that goodly passage in the Lord's Prayer, which says, "Lead us not into temptation Every one, by the use of a few figures in arithmetic, may easily ascertain for himself whether he ought to be a borrower of money

or not.

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swer to this question is quite easy: No part of the community can employ such a capital with advantage, unless they carry on a business which affords fifteen or twenty per cent. profit. In this case every man may readily compute for himself.

It will not be denied, that it was intended, by the framers of the constitution of the United States, that the general government should exclu

Whether banks are beneficial or injurious, issively regulate the currency of the country. In one question. Whether the present system of banking is a proper one for the United States, is another. That banks are useful or pernicious,

the first article of that instrument, it is provided that "Congress shall have power to coin money, regulate the value thereof, and of foreign coin."

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VOL. VIL]

THE NATIONAL REGISTER.

259

tradesman of any kind, it is useful to inquire, Does he work upon his own, or on borrowed, capital?

The evil will, probably, correct itself in time. The legislature of Pennsylvania has commenced the reformation of bank abuses, by compelling those establishments to close their concerns where they are unable to conform to their engagements. But the grand corrective is to be sought for in the community itself. Let individuals practise Economy-above all, let every family live within its means-and let no person venture in trade beyond his certain funds: The banks will then, in a considerable degree, wither and disappear, leaving

And further, in the same article, it is ordained that "No state shall coin money, emit bills of "credit, or make any thing but gold and silver "coin a tender in payment of debts." These provisions were, no doubt, in the year 1788, con ceived to be sufficient to protect the people from the evil of a spurious circulating medium. The states, however, have, by means of the banking system, found out a method of completely evad. ing the constitution in this particular. They do not, it is true, coin metallic money, nor emit governmental bills of credit, nor yet, by acts of assembly, make any thing but gold and silver coin a tender in payment of debts. But do not the states do all these forbidden things through the instru-only the number necessary for the prosecution of mentality of Banks? Are not bank notes considered by every body as "money?" Are not bank notes "bills of credit?" And can you in genera! get any thing else but bank notes "in payment of debts?" It would be futile to say that the banks and not the state governments are culpable, since the state banks exist only in virtue of the laws of the state governments. The mode of doing what is prohibited, will not justify this palpable infraction of the constitution.

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a safe and lucrative business.

§3. Of Economy.

What, then, is this ECONOMY, of which so much is said and so little practised? Suppose a man has no means, how shall he live within them? In that case he ought to labor.

If a calm view is taken of society in the United States, it will be found that one leading feature of the people is an overweaning desire of wealth. This desire, it must be allowed, is a great impulse Frequent and loud complaints have been heard to industry; but it is also a sharp spur to what is from the special friends of the state authorities, || called speculation. A spirit of speculation: is esagainst the ambition and encroachments of the sentially founded upon a gambling principle; for general government. The danger, nevertheless, it depends upon chances, and is therefore a busiseems to lie the other way. It is the state go-ness-game of hazard. It is this spirit which invernments that threaten to usurp the powers of duces men to incur expenses, and to borrow mo. the national authorities. As it regards money, it isney, upon loose grounds and shallow expectaevident that we are not an United People. Each tions. After an individual has, by speculation state assumes the right of sovereignty in this re-and by borrowing, raised himself to a certain spect, and palms upon society a currency of its own coinage. And yet, considered in this light, the several states have much less constitutional right than the United States to institute banks The state banks, in brief, ought to be suppressed, or consolidated into one system with the Bank of

the United States.

point of elevation in society, his pride induces him to make every effort to maintain it; and in critical cases he is apt to exceed the bounds of strict probity. These bounds once passed, no matter how little, the speculator gets into the path of fraud. Ruin eventually follows-perhaps infamy; and the bankruptcy or delinquency of one person frequently devours the property of many others

This violation of the constitution by the states, is felt by every class of the community. The price of every article purchased is greatly en- True economy in household affairs, where hanced by it. Take, as an example, a single pro funds are scanty, consists in purchasing nothing fession; that of a tailor, who borrows money (and but what, upon a judicious estiinate of a family's who does not borrow money?) of a bank to carry situation and circumstances, may be actually wanton his business: In addition to his own peculiared for its comfortable and decent support. In profit, he makes you pay, in the price of your ap- the United States, the poorest man, if he be not parel, the interest upon the sum lent him. It is lazy, may maintain, by manual labor alone, a wife the same with other professions. The carpenter and children with respectability. If credits are who builds your house, and obtains a loan where- obtained for the sustenance and clothing of farmiwith to complete it, allowing you a credit for a lies, they should be founded, not upon vague exportion of the payment, charges you sufficiently pectations of the future, as to the receipt of mo high to secure himself a profit independently of ney wherewith to satisfy them; but upon expe. the discount paid to the bank: And if he builds rience, upon a knowledge, amounting almost to a house to let, he demands of the tenant a pro- a certainty, that a sufficient sum, from a known portionally exorbitant rent. In employing a "source, will be forthcoming. If this distinction,

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