The Times, uud the Remedy.

No. I. Conceiving that I could do nothing better for the community, at this thai', than to throw before them my views upon the present state of the limes, and the rentarly essential to their change; and that the discussion of these topics, even it Wrong myself, might lead to beneficial results, induces me to take up these important questions. The first thing that strikes every one, is the extreme scarcity of money You go to the met. chant, he is confounded. The post brings nothing but protests; the brinks, nothing but rejected offers. His stocks nothing but ruinous depressions; his goods nothing but credit; his debts nothing but delays: his tenants no rent. You go to the mechanic, the trader, the accountant, the doctor, Tire lawyer, the laboring man, all present the same gloomy aspects!arid even the great State itself has neither money nor credit! Every body en quires what has become of the money! Where are all the millions of gold brought into the country by President Jackson! Where are all the millions of specie that our cotton brought! and where the immense sums that foreign capitalists send here for investment! The answer isall is goiae!--all is gone!! Wise men of all parties look all around the monetary business for a speck of hope, but none is to be found. Let us, then, find out the leak that threatens to sink the ship, and see what we can do to restrain it. I contend that its cause is of foreign and domestic origin. First, as to the foreign cause. The great foreign cause is the irnmene importation of foreign merchandise and produce, that has come to our shores nearly free of duty. This has turned the balance of account against us, and made foreign exchange so high, that those who had to pay for it have been industviously at work shipping specie abroad, instead of buying bills of exchange; whilst the sums paid the Government for duties have not been adequate to discharge the Government oxpertses! Again--a vast deal of foreign grain has been brought here that had to be paid for in specie. A new era, it is true, in this country, but admonitory of disastrous results for the nation, if we do not profit by it, to change our course. Our country then, notwithstanding all its great power of producing, presents the lamentable spectacle of being so much in debt to foreign nations, that we are nine and a ira/f per cent. below them in exchanges, with an accumulating debt that threatens to strip us of every dollar of our specie; and which, to accomplish, needs but the return upon our hands of our stocks sold abroad. Let these be sent home upon us, and our Banks will be forced to suspend specie payments. Look at the state of things with the Banks. Throughout New York and all the Eastern States, the drain of specie for foreign account has been so great, that those states have all the small channels of circulation filled with one dollar notes, of every hue and character, so that not one man in ten can discriminate between the genuine and spurious!--Yet, with this decided banking advantage in their favor, the line of discounts by those banks has been drawing tighter and tighter, to the imminent peril of the mercantile and manufacturing interests--and their almost certain destruction. Now look around us, here, where the spirit of speculation has been kept somewhat in check by the moral tone of public opinion, what is our condition? Are we any better off than our neighbors! I have too often in the last fortnight, heard the complaints, and witnessed the throes of our community not to be fully aware we are no better off than they!-The interests that have mainly suffered in the last two years has been the commercial and mariut'ac. turing. The agricultural, although a sufferer from the failure of the crops, did not sustain the same set of reverses as did the others. Their recuperative energies were blasted but for a season. The others for an age. The Agricultural sufferings are now about to coinwenceand unless they come to the rescue the country will be plunged into irretrievable difficulties. The crops of the country are vastly abuadant, the seillers however must find bayes, and these must be payers alsoor the harvest is reaped for nought. Upon this theme I will at another time enlarge. Having stated the foreign cause 1 come now, to the domesticAnd this may be fairly stated to arisefirst, from the failure of the crops comprising the bread stuffsand secondly from the enormous multiplication of corporate companies for banking, railroad and other purpo see. These have rolled like a tide of evil over the countrycreating a thirst for speculating, trading and improvement far beyond tire abilities of the nation or its essential want. Whilst like so many sponges they have sucked up the real capital of the country, thus putting it in a state ofdistension, incapable of beii.g aroused to available purposes hence the tendency of the stock market is down ward to the lowest point of depression. The foreign demand increases with every ship that arrives in our portswhilst inability to satisfy it increases in the some ratio! Here let us pauseAbroad our statesmen speak of the closeness of those ties which make the prosperity of America depend. ent upon those of England! At home we hear the same remark, from all classes of men. Humiliating, despicable tiesThat bind the energies of of a free and great people to the fortune and destiny of a Foreign Notion.The farewell warnings of the good and great Washington have fat len upon marble ears "EavTAN ;LING ALLIANCES WITH wows." Now every wind that blows, tills us with fear that on entangling alliance, will involve us in ruin! where let roe ask is the Independence of the Nation! C. J. J

lor the Arnei err critiriel.

For the AmericaS Sentluol.

The Times, and the Remedy.

No. III. In the discussion of the topics under notice, I wish it to be distinctly understood, that I do not mean in any way to become the advocate of the Banks. I mean to do them justice, and that is all. When the charter of the present Bank of the United States was grarted, and ever since,! have been its opponent, upon theground that it could not accomp,irh the objects desired. The main object of these essays is to rouse the nation and the pe.tple to independence. I invite discussion upon all grounds. I ,eieh public attention directed to the controversy, that all may be sensib!e of its importance. I wish it also to be under stood that I am no lactiontat, nor have any ulterior views. But to the subject itself. Are we sensible, intelligent and reasonable people! Have we the sense to kricw when we are right and when we are wrong? The last ten years would seem to negative these questions. Stilt there is hope. The old saying, 'Whilst there is life there is hope,' comes in to toy assistance, and I cling to the affirmative. Because as a nation our tace has been strange and unprecedented, and our success wonderful, we must tot always look for good fortune. Vt e are but met,: it is our fate, both as individuals and as a nation, to he subject to reverses. Let us then re k to establish fut.dameittal principles of national policy, arid in these we may find security. But if we are tout about upon the wares of expediency, we shall have nothing but a succession of reverses. Before we come to these fundamental principles, let us hear the complaints of the people There is now a great outcry against the Barks. Wherever I go I am assailed withYour views were sound; youropinion correct; the Banks have not dons what e expected; we live become hostllc to them; there is something rotten among them; we must have an inveutgatiorr, &c Now, part of this is true and part false. First, it was impossible for the Banks to provide the funds that the cornplairiants required. They are mere agents to dr. cutate specie and its representatives, their own notes. But they have no 1,50cc over the circu. lating medium, the gold sod silver, of the nation. 'l'tey could not increase it; they could not control it; they could not make it; they could not keep it All these acts spring from agencies distir,t from the Banks. Neither are the complaints against the Government any more just. The Government could do no more than the Banks. The real party in the case is the People. When both of the former parties fall out about it, I hey appeal to the umpire, the most interested of the three, and the people throw the weight from their OVVU shoulders upon those of the Banks and the Got eroment. But what have we gained in the controversy! Is the specie of the country more abundant! Is property more stable! Is commerce, agriculture, and manufactures more prosperuu? Is the nation more tree? Does she hold hi r hands proudly up, and say, behold my independence! Are the people more happy! Des industry reap mote. rewards? Alas, Its! This is the universal response. Here we are all to blame, unstrubtedly. The batik,, the government and the peopie and instead of pulling different ways, let us all reason togetheract from clear, cool, and deliberate jridg. snouts, and we ehailyct do well. First, let us see hat a dtfferei,t state of things would create. boost with the banks! well, will 'firs help us! Look into the vaults of these institutions. Does any man in his senses suppose that their destruction would make money plentier! What we all want is money. If the supply was equal to the demand, there would be no outcry about its scarcity. We shall make nothing fry this project. On therontrary--we would diminish the tircula. tioti, and thus tggravate the evil, we feel Aye, says another, but down with the government! By wltrcli, I understand, down with the present adnotrtistratirn. Well, would this make money plentter? Could any change of administration change the habits of the people! Would there be I ny more stability to the great pu suits of life or roperty! 'I'hie government can do nothing in the matter. Indeed, opposed as I am to some of the measures of this administration, yet, I must in candor say. I lelieve that s c/iqngc at this time would only tncreave the evil Even a now Na. ttonal Bank could at this time do nothing to allestate our situation. Depend upon it, that so tier or later we meal, one and all, make op our rriinrls to sever the union between our country and Enrol a. To be ft e, it must not only be so written in our constitutions and laces we must break the foreign yoke. It will require great nerve, arid sound Prttcrpiesz but we will yet come to it, so the waters that roll between us and the other us. lions of Europe are no longer barriers betwreri a free people, witH free institutions, ar,tl an enslaved people, with monarchical institutions! It we world be truly great, we must never lose sight of our original destination The land of liberty nrust nourish the growth of principle and integrity. We must keep clear of the corruptions of the Old World, or our institutions Csniitot stand. These it i, that imperatively demand of us to be on our guard, and to resist the inroads of foreign i flu. ence. But how stands the case'! Are we not already ingulled! Are the affairs of Europe a mere matter of pastime to us Are they of vital importance to our irtiersst5? Grr, into the street, and ask the news! See the anxietyhear the inquiries. Consult your newspapersyour businessyour fnieridrall are swallowed rip in the grand connexirtit of Europe, who lays anew the foundation of her old wicked and corrupt social and political systems, in every frank, ratl road, state and county stock in the Union! 0. J.J.

AMERICAN SENTINEL
AND

J7&NTI1L ADVERTISER.

PHILADELPHIA:
Monday, September 30, 1539.
TON THE AMERICAN SENTINEL.

The Times, and the Remedy.

No. IV. A friend has suggested that it might be important to go more into the subject of the banks' ability 10 assist the community in this cri,ia, and I adopt the suggestion, and devote this number to it. Banks are the mere barometers of commerce. Properly managed, they are of the greatest public benefit improperly managed, they are on the contrary a public evil. It is, however, a mistake to suppose that the present times have been caused by the banks. That many of these institutions have been improperly conducted, and that such things will constantly occur under the present system, is as certain as that day brings light or; night darkness. But we roust not argue from this fact against the utility of such institutionsas well might we Contend against the existence of ministers of the gus. pel, because some of them forget their high and holy calling. What are banks! Institutions conducted by thirteen direcrors and a president and cashier, having power to coin money of paper. and circulate it upon the credit of the institution, and its ability to redeem this money in specie. I speak now of them merely as circulating. This is the basis upon which they all stand; they lice or die by it. When, therefore, the country is full of specie. banks may be safely created, because by good management they can always tadeem their notes in circulation; whilst by their a14 e real capital of the nation is increased, to the enrichment of the peoplearid it is safer to delegate the power of the state thus to coin paper money, to the individuals composing the hank company, than to repose it any single individual, as from the fact of their tieing many interested in the use of it, there will be more prudence anti judgment and integrity displayed in so doingand this is the main argument in their favor. So long as these institutions act upn the principle of making their loans to those whose actual wants for business purposes require(hem, they will be always safe It is the abuse of ihi5 power that has given rise in part to the present complaint against them. All loans founded upon mere money or stock speculations, are a positive injury to the banks and the public. The spirit of gannJLirig like 'he. agi.i.cir of evil,, is always alive, active and increasing, to prey upon the thought less and the unprincipled. Open the doors of the batis to this monster, and you spread destruction and ruin upon all. For it is one of the evils of stock gambling, that the injuries arising from it do not only affect the immediate parties, but they affect the bank itself, and all the other stocks and banks and the community. One of the poisitimeduties therefore of a bank properly.. q9nducted, should be to discountenance all such operators and opeations. the banks, I assert, in every commu nhty', have full power and ability to control this monster and check his injuries. But have they done so? Pubic clamor says they have not! The people say that the host of brokers who cloud the I'xchange to make a living off of the wants and the cupidity of the community, have found favor with these institutions! If this be the fact, it is a capital error, and should be immediately and radically corrected. But we should not too soon admit the truth of this allegationthey are measurably guilty I believe, but not wholly so; they have acted inadvertently in not adopting prompt measures to correct the evil; but, because it has grown imperceptibly upon them, they are not to be wholly blamed for it. In is further asserted, that the ollI. cers of the banks have not only fostered this brood, but that many of them have become active partners and participant in their transactional This I cannot credit. It can hardly be believed that those who sit as sentinels upon the watch towers, should themselves join the enemy in involving the interest committed to their safe keeping, in ruin Yet I am free to say, that to make the institutions be respected and have full public confidence and credit, they should be like Cesar's wife, above suspicion. And the fuJsmental rule of of action with the banks, should Ire the loaning of money in all cases when they have the ability,to those whose wants properly entitle them to it There should be no favoritism in administering the funds of the bank, except in that just discrimination called for by public duty. Banks thus administered, in a time of public stress would have the the support afl.I confidence of the community, kecatise they would deserve it. But to the main question, are the banks to blame, for not increasing the paper circulation of the country '! and would this increase. if made, relieve the present pressure ? I assert they are not to blame, and that a different lane of conduct would aggravate the evil now felt, and in all probability lead to another and mist fatal specie suspension. Let us see whence comes the present difficulty. Is it not mainly, because the rate of foreign exchange, and the do. rnsnd for foreign account are to great! certainly, no man denies it. If bills on London, Paris and Holland, were to be had freely, at six per cent. there would be plenty of specie, and money would be at five per cent per annum! But so long as bills are at nine and a half per cent., and these scarce even at that, specie will be exported. The amount of circulation of paper is increased with the shipment of every dollar, whilst in the same ratio is the inability of the banks to redeem their notes Hence, they are unable to meet the exigency by increasing the litre of their discount I But say some of the New York writers, the de. posites are heavy, and if the banks do not in. crease their diScount, the high rates of interest will cause these deposits to be withdrawn, and thus their circulation will necessarily be increased, this is begging the question. They assume as a fact that the deposits are heavy. Now for one, I do not believe any such thing. It is against the spirit of the times for capital to remain unemploy. ed when there are so many temptations to pur. chases in stocks that a ould pay eight and even ten per cent. I without risk and without usury! But again, it is argued that there is nothing wanting to set every thing afloat, but confidence I strange indeed is it if this be truly the state of the case ; confidence, just now, would stand us as much in help as Falstsff's humor can honor set to a leg 'I' No, neither can confidcnce 'set to' the broken legs of credit. The fact is, there has been too much confidence It to this that has ex. 1iandcd so free and wide the bounds of credit, and brought on the present crisis. Again the sign ment is wrong,--the dopoautes could only be re moved in part all such deposits as are in the usual course of business would of necessity remain; they are specifically pledged to meet business transactions. The course of the banks ste-is, what ever it may have been heretofore, is wise and prudent. It restrains the spirit of speculation. It prevents another specie ausperrein, and we must make up our minds, that it is better to ruff,, these ills, than to have the banks annihilated by another suspersimmn. 'lo conclude this I resjrectfully suggest to 'e merchant and trader whm-1over this business requires it, that when they have remitancr.0 to make abroad. to buy foreign bills. and in no case is ship specie. Beers sbtpmeJut of specie is a blow to the country, and diminishes tile pow. er of the banks to increase the pape circulation, and tends to incuesse the pressure. Evey one who acts upon this principle will assuredly in a degree inirtigate the distress. C. J. J.

IMERHJAN SENTINEL
Sattirdaw, October 11

, L39.

FDATSI ANISICASa*fllEI.

The Tiflieg, amid the Remedy.

No. V. Having diepose4 of the several questions appertaining to the Banks, I am desired to give my views in relsiioh to the subject of a legislative in qulry into their condition. It is Cot to be denied, that there is a large party in the nation entirely Opposed to the institution of Banks.-'.'l'hat this party have been miskd and mistaken in their course upon this subject, is of no consequence, In considering their influence upon the public 4nind. This is th.ir position, and they avail theinselves of every occasion to advance their favorite tenet.. Unfortunately, for the public safety and public_ "o d;- the condition of the times has been a pow. erful engrire in their favor, and now they point with exultation to the 1fulfilment of all their evil I prophecies against (he banks. This class of men clipped their bands with delight when they saw the man of the people, 1s1 popular giant, Andrew Jackson, issue his veto. It was the consummation of their hopes. They saw in it that glow of mischief towards the Banks that has since so amply . manifested itself in all that syetaina to th!,coyfl '.. 1r aid thO cerrency. This party is the real Rad. .ical party. It is not deirrocraric, although at present incorporated with it. it is not whig. It 1 is not national. It is not American. It is strictly an English party, deriving its principles, its views, and iss concealed hosriljy to the prosperity of this country, itOi* that foretn source. I nom ask it, the better to. understand its operation.. Alt this party are now loud in their clamors for an investigation. What is to be gained by it to the people. Would they po-fit by it! 1 answer emphatically--no! What we all want to make us prosperous and happy as a people, is stability and Jernailency in the principles that guide th :msnuIaclu , trade, and currency, and the exchanges of fit.- nation.'The national policy, like the national laws, should be clear, simple and comprehensive to every mind! It cannot be 'lierued, nor doubted, that the uncertainty which has existed upon these cardinal points, boo mainly conduced to that confusion, distress and over trading, which is now the subject of our corn plaints. Hence ha@ arisen that unsteadiness of public and private action in all the departments of life. The first thing, therefore to, accomplish, is the restoration of the proper axis for these oe,alions to revolve on. Now, all ins, atigatiori by the legislatures of the diflererut statss into the curidi. lion of the banks, instead of bringing public corufi. deuce to their aid, would deprive them of it alto geher! Not that their condition would tend piopeily to such a result, because this is not the true state of the case; but simply, because of all people in the wo lii, the capitalists. I tiiean, the inert of real wealth, are the roost timid, and would then instantly withdraw their investments from their,, and thus throw them ubolly open to the mercy of speculating! Again, such an inquiry wouli lead the Banks into a gresier circumscription of their circulation; and thus the circtulsliiig medium of the nation would be lessened to annihilation. The people would, therelre, be more pressed for manes, and the distress frightfully magnified. Ihe people have nothing, therefore, to gain by such all un - deriaking. but this Radical prty have much.-upluse, for fliere argument sake. that a legislative iriqitry would totally desttoythe Baruits, what power is to make a curtency--paper row? *h say the rsi.itcals, we *aiu a real metallic cuttreac,e We want no paper. Indeed, this is easily - but what would be our contlition at this time ii there were no banks, and no paper currency!'Why, we should be utterly desii ute of any! We should have neither gold nor silver, because the state of our foreign exchange would sweep sway every dollar, as it has already done ever e.ugle!-r. 'The, f.-deed, shuld we be at the mercy of ireigtd nations, and gsurit poverty and worse disease" be the characteristics of a great, magnanimous, arid free people. Heaven save nay country. and countrymen from such theorists and such calamities, But, says another class of liberal radicals, let the states coin this paper money. and give it crrcula. lotion. To irate a thing, or state a priiciple, it easily done, but show us, from any quarter of the Union, any practical scheme, except bankir g, that could Ierforni sun h a duty. Has arty one cccli ill Has any one heard it? Has any roan ex1lained it! Now, then, we clime hark to the question. Is it better for the state, to turn bank. rug institutions, subject to all the fluctuations of patties, than for them to delegate their power. as is is now done for these purposes, to the Bsruk!-Few rational, intelligent, or pairitic minds would embrace the stfirnrative of ibis question. Banks are as necessary ti the happiness, prosperity and perpetuity of our republican ins itutionrs, as the at moelbete is to the dietetics of the people.Neither can live separate and apart But it is said there are abuea in the administration of the Banks, arid these demand legislative inquiries.-To this! reply. Tbee abuses, it they exist, are all now as much within the control of the people as they would be if there was a legislative ii.qulry. 1 be stockholders can meetthey ciii appoint corn. mittees - they can examinethey change the Direction, Presidents, (ashier,, or any officers who may be in default upon this head. It is fur-her urged, that some principle of legislation should be adopted to regulate these abuse,. I reply - this can be done, if necessary, its well without such an inquiry as with it. It will be my pleasure, hereafter, to suggest when the remedy should be applied, upon every view of the goes. him. It is apparent that neither the people, the I stockholder,, nor the public, would derive any advantage, but po-irive injury, from yielding it to the wishes' of the radical,. What then should be doris! - rlooi around ne in amazement. I bO men of capital Irking on with gleirig eyes upon the fields of ripe and proper speculation for them, without an eliort to stretch Out their hands ti gather in the rich harvest. I here they stand, full I of doubt, hesitation and dismay! What do they - want! Goin for their irivestzr,ents, interest for their loans; rnt for their house,; security for them. ,elves and their property. Let them discard their fa )fish fears, and by prompt action crime forward and sustain these irsstituttoa, upon whose cxi.- truce all these things aa.ureiJly depend Let them not wait to hear the whispering of the sea breezes, that bear foreign news upon, their- wings; but let them, as /. merrcsna and philanthropists show their sense and their patriotism, by aiding by their purchases in thy stocks, the public distress! They learn this folly in their pride. In is their duty and their interest, and every just con. ,ideratio,r impels then, to rt. Let not the an, of foreign iac;iuriiste, nor the vaiut fear of Imsees, nor the yet greater crime of foreign detendence, reStrain. tboin at this crisis. Come f rw.urd. I say. and help yourselves and your counutrmen. and the name 01 the rich man shelf no longer be ouhious to the people. n-r a rallying cry for the enernuies of the repblic. Public confidence will be secured - under such operations, and the money of the I country fl.mw like the blest principle of our government, equally to the poor stud to the rich c - J.J.

)BEK 2153 1839.

Tile TLinc, and the enaedy
No. VII. Before the Ink was dry upon the paper of my last article, the Banks had suspended payments in specie. That I did not announce that this would take place, is tine, because I foresaw that such announcement would only aggravate the evil. My only object in these papers is to serve the people to bring them bock once more to indeiendentte I and real prosperity, 1 hate foreign yokes upon the necks of a free people, and I wish to see industry, economy and prudence, once more become the characteristics of a fee people But the suspension comes in, like Aaron's rod, to swallow up all the others. It shall have its day, as Skakspeare says: 'time and the tide ran through the longest day. But what is to be dine. Let us see. The state of trade has swept off the millions of specie, and left us unable to continue our resumption. Sines he first day of July last, there has been more than seven millions of dollars in specie sent to New York!! A greater amount than there was in all her Banks throughout the State in the,* ear 1837! Before me lies their return; it shows a total in their vaults, up to the first of January, 1837, of six millions five hundred and fifty-seven thousand and twenty dollars. I understand, if the Banks here had not suspended, that there would have been sent to New York, by the first day of November, nearly twelve millions of dol. lars! How then, could these Banks have justified themselves to this community, if they had gone on, and let every dollar of specie been stripped from us by such operations! By the same return, the Banks of the State of Pennsylvania, on the first day of January, 1837, had only three millions, one hundred and thirteen thousand, nine hundred and ninety-nine dollars of specie in their vaults. In the short space of two years and nine months, these Banks increased their specie to more than four times this sum! independent of the sum actually paid out to, and in circulation among the community. That these institutions have therefore enabled the public to sustain their credit by paying such an enormous sum to foreign credi tors, should not be forgotten at any timer more particulaly, when we remember the occurrences attending the resumption. New York is the centre of our commercial transactions. She is more closely identified with foreign interest than any city or state in the Union. She deperds upon this foreign connection for her trade and her opulence. Finding her credit down, her standing impaired and her trade diminished, she made certain foreign arrangements, and upon their basis she commenced the resumptionhaving first obtained from her legislature the right to the banks to issue their notes of one.two and three dollars; upon this foreign credit she commenced her career. It was a bald push to maintain her superiority, but its failure must sink her lower than she was before. Without a check to foreign importation, the banks never canmaintain a currency of convertible bank paper. However some persona may sneer at the balance of trade, the fact is lamentably apparent in the two suspensions that have so lately occurred. By looking at the report of the Secretary of the Treasury for 1837, it will be seen that the state of the trade stood thusimports $140,989,217, and the exports $117,419.376, leaving a balance against this country of thirty three millions, live hundred and sixty nine thozrsand,eighi hundred andfifty one dollar-*!! Whatever theorists may declaim upon this subject it is as certain as that day brings light that this sum has to be paid in specie, be--use we have nothing else to pay it in. In our trade with foreign Countries we send them all we car, spare so that this sum must be made up of specte. Let us edd to it the annual interest due to foreigners fir their loans to us, at least twelve millions more, and we have a specie debt at the most favorable season, of FORTY Sax MonLIONs annually to pay over and above what we export! Now, bow can any man in trade expect to flourish, who has a yearly balance of trade against him I Neither can a nationwhen staperadded to this forty six millions, we have returned upon us, the loans we made in foreign countries, which is sold at any price it will bring, and then converted into specie, to be carried out of the country, and when we also take into consideration the vastly important fact, that specie is a raw material, of which thousands if not millions is annually worked up by the manufacturers, we need be at no loss for the why and wherefore o this suspension. The fact is, that as soon as the resumption began, the stocks went down and have so continued. Foreign capitalists sent their stocks into the market, and the foreign fabrics, and they, together, have never left the banks one moment of ease. Since that period, it has been a struggle to meet the public wishes, without the ability to do it. The losses sustained by the banks and the people, in this contest, have never been taken into accountsod these, being entire and not partial, lessened the ability of both to meet outstanding responsibilities. New York began the resumption without concert as she began the suspension! she will ultimately be compelled to fallow in both. Her partial resumption, her flood of the 1, 2 and 3 dollar Rotes, her suicidal course in placing the specie of tha country in the arasp of foreigners, will turn the tide of public opinion against both her wisdom and virtue. If, therefore, the banks have actually paid out, since the first of January lost, twelve millions of specie, and if this has been, by the operations of trade, and the conduct of ourselves, all sent away from them, so that we have crippled the banks, and not the banks us, let us at least be patient until we have right on our side. If these institutions bad the specie in their vaults, we might ju'tly complain if they suspended, but when they have supplied us with with so many millions 01 gold and silver to meet our foreign debt, let patience and prudence direct our counsels, and not radicalism. Let us remember the fable of the goose and the golden eggs, and not do like the foolish farmer, who killed the goose to get the eggs! The Banks, I understand, have more spcie in their vaults than during the first suspension They do not desire to keep it in their vaults, because it is against their interest to do so. These institutions make the most money when trade is fiouritting and specie abundantly in circulation. The sus. pension will have the beneficial effect of checking the immense foreign importations, and also of the sales of foreign capitalists of American stocks. It will thereby advance the steps of the country towards greater independenceand who does not desire this! I say, we will find good comae out of apparent evil. In a republican or democratic point of view, the suspension is a real and positive good. When we get too rich we are apt to forget that we are not nobility. I am quite confident that the mass of the people, the many and not the few, will be benefited by it. Mark the result. C. J. J.
For tire Atoertean Sentirtet.

for the Awerican Sentth& strained. They are only required to have a The Tinies and the Remedy. reserve fund of two millions of specie, over No. VIII. I and above the amount of their liabilities. In discussing the great question of na- Thus if the assets on hand exceed by this tional currency, it is due, not only to the sum, all is right and legal. The list of dis subject itself, but to the community, that counts, as furnished, show what are the the institutions used in foreign countries as nature of these assets. Let us not, thereaids to the supplies of gold and silver, should fore, be deluded by such shadows of prosbe carefully and candidly examined. The perity as these. In another number I shall writer of this has no prejudice whatever clearly show the national causes of French against any project. His only object is to prosperity. C. J. J. serve the country and secure its indepen- p S. i cannot pass over the attempt at dence. He is happy to observe, in all parts imposition so manifest in the French Directof the nation, a strong and growing un- ors' Report. Do they assert that at this pression, that this independence cannot be time the Bank of France has not more than maintained until a strong check is given to forty-eight millions of paper money in cirthe unlimited introduction of foreign manu- culatioul Not much more than one dollar facturesand he is fully persuaded that by for every individual in France And yet the time congress is in session, the show that their discounts exceeds three voice of,, the nation will imperatively demand hundred and twenty, nearly twenty-one the establishment of a high tariff. But, to millions! This is too much to believe in a the examination of the great banking in- christian country, as a deceased General Stitutions of France and England, this of this state used to remark. If we take article will be devoted. I have already ad- their discount we shall come nearer the verted to the many false theories, which mark. the times will bring into being. They are fast rising into notice, and their turns are as apparent as their numbers. From this source, the impression has been almost universally produced, that the riches of France in specie, was derived from her bank; and that the bank was one merely , of deposit, and not of discount. This is a capital error. The fact is, that the bank of France is a bank of larger discount powers than any other bank in the world! an enumeration of these powers will fully sustain this assertion. The operation the bank consist in discounting bills of exchange, or to order, at dates which cannot exceed three months, stamped and guarantied by at least three signatures of persons of undoubted credit; in
. .

advancing money on government bills at fixed I dates,in advancing money on bullion orforeign gold and silver coin ; in keeping an account
for voluntary deposits of every kind, government securities, national and foreign . shares, contracts, bonds of every kind, bills of I exchange, other bills, and all engagements to

'

order or to bearer, gold and silver bars, national and foreign coin, and diamonds, with a charge for keeping according to the value
of the deposite, which cannot exceed an eignth of one per cent. for every period of! six months and under; in undertaking to

recover the payment of bills on account of individuals, and public establishments having accounts current with the bank; to receive in a current account sums from individuals and public establishments, and to pay the engagements it thereby contracts to the amount of the sums entrusted.
All those italicised powers are properly discount powers, upon which the bank receives an advance or profit, and for which it makes advances, and becomes liable! Now the party lending have ~ondavorod, with great succes to produce the impression to which I have adverted but, aware that their arts might be detected, they have mainly arguein favor of the Bank of France, upon the ground of its immense specie basisan argument as unsound as the other was untrue. There is no country in the world that has received from the other nations of the earth as much Specie as the Celestiaf, or Chinese Empire. But how has that enriched her people! It is a fact as equally well established as the other, that there is more real suffering and poverty in China than in any other civilised nation of the world. The people, as a mass, are more needy, ignorant, and enslaved, than any other. Here, then, the argument tried by the faithful test of a parallel case, falls to the ground. What then else do we discover in that, and other nations of similar receipt of coin.Spain, taking the last century as the criterion, has, in like manner, received more specie than any other nationyet, the people are almost in a semi-barbarian state.They have no manufmtures, agriculture, nor commerce, comparatively speaking. Thus, we find,

in the Nations that have had the greatest quantity of specie its circulation amongst them fbr the last century, that the condition of the people has not been improved! The argument would, therefore, be Just as sound to say that specie has been the cause of this oppression of the people, as it is the other way. There is no sound argument to be drawn in this way. Let us examine, however, the state of the specie accounts of the two great Banks of France and England. Reported condition of the Bank of France. Specie, $50,900,000 Obligations, 48,000,000 Balance in favor of Bank, two millions nine hundred thousand dollars. Apparently this is all very well; but what are these 'obligations' Are these the circulation of the Bank? If not so, the institution is not one single dollar more sound than our Banks, at this identical moment! By the law of France, the Bank is compelled to have in hand a reserve fund, answering to our contingent funds, of ten millions of francs. So that taking their "round numbers" as furnished, upon the authority of the Directors of that Bank, they have not a single sons beyond the sum required by law!! Nor, is this all. From the same source we gather the important fact, that the discounts of that Institution, in the year 1838, amounted, at twenty cents to the franc, to the enormous sum of upwards of

three hundred and twenty millions, six hundred and three thousand dollars!! a sum equal
to one half of the whole foreign debt of this country! to meet which amount, the Bank of France had just one-fifth of specie! or in "round numbers, they had $50,900,000 to pay $320,603,000. Now let us contrast this boastful situation, with that of the Banks in the United States, in the year 1837, taken from the Report of the Secretary of the Treasury, viz: STATE or THE BANKS IN THE UNITE)) STATES IN 1837. Circulation, $149,185,890 Specie Funds, $5,366,500 Specie, ' $37,915,340 which in "round numbers"Ieaves the Fcei tage of a little better than three and one-eighth of specie for their obligations! thus showing a difference in favor of the American Banks against that of France, of one and threequarters per cent! So that the comparative situation of the Banks, is decidedly in favor of this country. One other view of this Bank in contrast with our own, will also help us to dispel the mist of party and I prejudice, from the minds of the people. The shares of the Bank of France are 1000 francs each, or in our money, two hundred dollars; by this same report, we are informed, that the dividend per share, in the year

1838, was twenty two dollars! or eleven per

cent! Now, with all the outcry against the Banks in this country, averaging them all in

the year 1838, not seven per ceiit, was paid by

them! So that, whether viewed as to their specie ability, or as to the dividends, the Banks of the United States present more rational and just operations than that of FranceS In disabusing the people upon; these important points, I have no other object than to snake them be truly possessed of the facts, that they may draw their own conclusions.Afraid of making them weary of the discussion, I shall make the Bank of England the subject of a distinct article; one closing remark will finish that of France. How were these immense discounts done, and profits made Were they done upon the specie in the vaultsl or were they made upon the property of the Bank! Any man, in his senses, can respond that they were all made upon the paper of the Bank. There is no other way by which these operations could be effected. The Bank of France has authority to issue $100 notes, and the amount of these issues is unre-

?O1 THE AMERICAN SENTINEL.

The Times, and the Kelnedy NO Vt

The first step in the great cause of monetary reform, is the prevention of any more bank charters being granted by the legislature; this is indispensable to the safety of the community. The avarice of some men, the disappointment of others, and the want of principle of many more, have pushed into existence, in a premature season, too many Banks. As I have already remarked, when sped is plentywhen agriculture, manufactures and commerce are flourishing, Banks may be safely brought into exiotence to meet the extended wants of the community--But it is idle, absurd, and wicked, to create, or rather attempt to create, an entirely different state of things. New BanksI have observed, with pain, some fifteen or sixteen intended applications for new Banks! This, no doubt, has been done principally from the mistaken motive, that these new Banks would make more money for the community, and thus ease off the present pressure; but this is a great error. It seems to have entirely escaped the observation of those who desire to start these new Banks, that specie is an indispensable ground work for their operations. All the difficulty that has attended our affairs, has been owing to the scarcity of the precious metals: Were these abundant in the country, all would be peace and plenty. Yet, these gentlemen, and many more, are for starting institutions, who could linger out but miserable existences to the violent deaths, Every scattering of the precious metals, or greater division of them, lessens the ability of the Banks to serve the - publie. 11 we had nothing but paper coin, or batik notes in circulation, then, indeed, new Banks might serve to increase the current; but with a mixed currency, and gold and silver only being a legal tender, it is utterly impossible for any new institutions to meet with any other fate than I have foretold. They would go into operation against the public sense--they would stagger onward against the public interest, and they would reel over, and fall under the weight of public odium Not to such institutions are we to look for relief. We have only to cast our eyes to Now York State for full assurance upon this subject. Look at the effects of the General Banking Law. A set of political emsi'ics in that great State under. took to cure the disorders of the Slate by making real estate, and not specie, the basis of their operations. They set afloat any quantity of these theoretical Banks. That State, I may observe, has been characterised, for the last twenty years, for bank-cobblers. Well, they got charters, stockholders, dlrectors, officers; and having the power to coin paper money, they ajon were at work. Money, said they, must beget money. We shall ao,u have the specie basis; then all will be safe. Now, we all know it is easy to make paper money, or notes every man can do so; but only let an individual out his own notes afloat, without the ability to redeem them when pay day cornea He will tailso there is a pay day with the Banks, In New York. their Real Estate fund will not pay fifty cents in the dolla! and we shall see those Institutions explode one alter another, as we have seen our own Manual Labor, and Loan Companies do. The Italians have this among their proverbs - " The foolish ..41chyrnist thought to make gold of his iron, but alas! he made iron of his g,hi," which rendered into English means, that the philosopher thought to convert his iron into gold by his experiment, but in the time he wasted, and the money he spent in the pursuit of his favorite theory, he lost all his property, and poveny brought him to the iron doors and windoses of a prison! Let this axiom of political economy, Warn us against the dangers of such new ffoctrines. Misa fhe public are asked to sanction such fallacious projects, let them bear this in mind. I do not wish to be understood as the champion of monopoly. I am none. But the power to coin paper money, is a sovereign attribute. ' It should be delegated only in the clearest cage of great public necessity, and then only entrusted to the most competent hands. When the waves are lulled, Qvhen the Heaven, are bright and serene, and the winds sleep, many halt found, half built, half rigged and half manned vessels, may float in security, but when the ocean rise, in its power, when the Heaven, grow black and the winds rags in their tempest might, how few of these will survive! So with Batik.. Banking is a science. It is a great mistake to suppose, that an individual is fit br a Banker, because, be can write a fine handor keep accounts or tell bow many debts his neighbour owe.or is firm of speechor comely ipers.itee wig asdly4.ach us -....ss. N$ that all these do not make a Banker. When the Nation was young, our population sparse, when our wants were .imp%e, and our desires fewarid our commerce limited, there were but few Bank., and scarcely one banker. Then banking was as easy as book-keeping, and such men as I have described might safely stand at the helmfor the points of the compass were plain and tangible, and could acarce'y be missed. Now, however, the time., the people, the commerce, the went,, the wishes, and the taste of the country are entirely changed. And we must have a totally different set of navigator., to steer these ships of hate. The state of our foreign trade, bring, us into the grand struggle for national supremacy. Our sIBaitcee abroad, are of the most extended character; in fact, every thing at home and abroad takes the most smile range. Banking therefore, must be. come an object of immense public importance. It is in fact incorporated in the pursuit of life, liberty and property. To set op new and untried princ plea of political economy, is to be expected as a matter of course; almost every man has his favorite theory. And we mut make up our mind, to hear them patiently, and discuss thorn calmly. But when we are asked to give them the aid of the great powers of the State, that they may riot only delude themselves, but ruin others. Let as pause. Let us look at our reckoning, and see if they may not wreck the ship of state. Suppose our Legislature were in session-those applicants come to it and say, grant us charters Let us turn to our Auditor General, and enquire what is the amount of Banking capital authorised by the State! Without reference to the report, I shall state it at what I believe it to be at this time, seventy millions ! Here is power enough for this slate, for the next twenty years. it is amply sufficient for all its purposes. But, say some of these gentlemen, the Bank of the United States does not employ all its capital in ibis state. ']'list is tim'-, but she may do so, and she ought to do so. If her operatss.ns were confined to the state, our banking condition might be better at this time. But at all event,, the people have granted power enough fer all feud purposes of a banking character, and they ought to grant at least for the present, no more ! 'I'bls is the language of patriotism and good sense. Look at our situation now ! With all this immense power vested in banking institu ions, our Slate is in debt, anti her credit sunk to the lowest ebb. The credit at the great banking i,,titt.itions is almost as low as that of the State, and individual credit rocking to the fouridai,uunhil,t the demand from abroad for our specie increases every day; 'the cry is stilt they come.' Here, then, I say again, lotus pause as men of reason and at judg mont, and coo if we have not carried too much sailif we cannot with safety take in arty, at least let ii, not set'sny more. C. J. J.