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ANOTHER LAST WORD ABOUT TYLERISM.
In our last Number, we gave a pretty free vent to the feelings which had been gradually excited by an attentive observation of the course of things at Washington, and it has done us good. We regret that some of the friends of the very sorry régime there prevailing, are less sensible than they ought to be of the gratitude they owe, for the very unequivocal terms in which we administered to the administration some truths which were as wholesome as they may have been unpalatable. They have quite disapproved of the severity of the language extorted by a most righteous indignation, from a pen to which neither such themes, nor such modes of treating them, are very agreeable. Sidney Smith on some occasion remarks, that in the matter of cracking a certain very animated class of the animated creation, whose monosyllabic name it is not necessary to introduce on our page, it is scarcely customary to allow the little wretches a veto on the means thought proper for that process. The application explains itself. There are, however, one or two points on which such misapprehension of our meaning has been expressed by some of our own friends, as claims for us Another Last Word about Tylerism.
We never meant, for example, to apply to all Democrats accepting office from these people, the strong expressions with which it was but just and proper to stigmatize a certain portion embracing, undoubtedly, greater number of those whose political virtue is thus tempted and tampered with. There are, of course, many who may have received appointments unsought, unexpected, and unpolluted by any corrupt understanding for their support for Mr. Tyler's pretensions as a Presidential candidate. Such persons, honorably abstaining from all dissimulation as to their true sentiments, and from all deviation from the duties they impose, of course lie entirely beyond the range of our remarks; which pointed only to those whose seeking or acceptance of office has been accompanied by any of that meretricious sale of their partisanship which it was right for us to characterize as it merited. None
but those whose conscience winged our words, were likely to misconstrue a meaning so obvious. Qui capit ille facit. For them, our regret for the harsh severity of censure of which some of them complain, confines itself to the fact of their having deserved it.
Taking office under an adverse administration-the case discussed by Sir Samuel Romilly-is a very different thing. That may often be done without the slightest derogation of honor, when all is manly and above board, and especially when its duties afford a scope for active public usefulness congenial to the views and aims of the individual. But this was an administration recently hostile, and still rotten at heart, straining every nerve to conciliate the party in whose ranks it has been so anxious to find recipients for its favors to democratize itself, in the expression commonly imputed to one of its own leading members. One of the means plied for that end was this form of political simony, this most corrupt and corrupting prostitution of its official patronage. The cases are not likely to have been numerous in which it has bestowed its favors of this kind without an understanding of expected reciprocation, which it at least has meant to be intelligible enough. Each individual must judge for himself how far his skirts are clear from the contamination of which we have spoken; but can have no right to complain of a severe distrust of his purity of motive, when he is seen the recipient of office from an administration acting so undisguisedly on such principles; while there certainly has been, on the part of a certain class of noisy Democratic politicians, a flattering court paid to Mr. Tyler and his friends for the sole object of his offices, fully meriting even stronger language than any of ours.
It has seemed to us indeed a duty, on the part of all the political honesty of the country, to bear the most emphatic testimony of rebuke against this gross attempt, now for the first time witnessed, to build a Party on such a basis to endeavor to buy a chance of renomination from an adverse party,
by a seceder from his own, through the bribery of Patronage. In Mr. Tyler's case, its contrast with so many professions on that particular point, so strong, so sanctimonious, and at the same time so recent, gave to the attempt a character of political profligacy to which the only difficulty was to do proper justice in the force of language employed. For the individual, a Democrat has little or nothing to care. His political insignificance, as a candidate, in rivalry to any of the eminent leaders of our own party, is utter nonentity. With him, too, probably, as in so many other cases of smaller scale, much of what passes for knavery is only folly. He has fallen into the hands of a miserable set, who have never allowed him to breathe any other atmosphere than one poisoned with all the foulness of their own flattery and falsehood. Mr. Tyler is freely welcome to such palliation as is to be derived from this circumstance. It was the act, the thing, which received, as it so justly called for, all that is com
plained of as an excessive harshness in our denunciations.
On the whole, it is perhaps scarcely to be regretted that this new experiment has been made in the working of our system. It has demonstrated what was always contended by the Democratic press, during the disputes about the alleged Executive tyranny” in the old Jackson day,-that in truth that great power of our Presidency, of which our opponents then so bitterly complained, is purely a moral and representative power, as the embodiment of the public opinion and sympathy of the great popular mass. Its mere patronage is rather a source of weakness than otherwise, and can never yield any strength, formidable to liberty, to a bad or weak man disposed to attempt a corrupt use of it. There is but one way in which a President in office for a first term, can recommend himself to the people for a secondnamely, to aim at it in no other way than by deserving it.
STANZAS FOR MUSIC.
OF POETRY TO
BY MRS. R. H. FAUNTLEROY.
FORTH! forth! thou minister of potent spell!
O'er ocean wave that girdeth around the earth,
Seek thou rich strains of pathos and of mirth;
Where shine the glories of uncounted spheres,
Their reign assert, as Twilight disappears,
The noble deed and lofty thought inspire,
And touch the lip of Eloquence with fire;
MONTHLY FINANCIAL AND COMMERCIAL ARTICLE.
MONEY continues exceedingly plentiful in the Atlantic cities, and with difficulty finds employment even at the low rate of 3 to 4 per cent. Notwithstanding the consequent desire of the banks to invest, we do not perceive that any relaxation has taken place in their views as to the character of paper discounted. On the contrary, the effects of the Bankrupt Law still upon the market, with the taint of insolvency which has run through all classes, seem to have enhanced the caution of the banks. There is, indeed, very little strictly business paper created to command the facilities of the corporate institutions, and all other is viewed with suspicion. There seems, however, a growing movement in the market, which may be attended with great results; it is that, in making large sales of staple goods, some disposition is evinced to receive the notes of known dealers drawn to their own order, on which discounts are procured without endorsement. Should such a movement become general, and enforced by the combined influence of the leading merchants, a radical change must take place both in banking and the manner of doing business. It will confine every man's business within his own means and responsibility, and separate those knots of mutual endorsers, which have been as harmful to themselves as to the institutions in which their business centres. The banks would be deprived of the security of two names upon one bill; but it frequently happens in such cases, that the bankruptcy of one involves that of both, while, had the two names stood separately, on their own responsibility, one would have remained good. The moral effect would be to induce that unremitting watchfulness in ascertaining the financial standing, industry, and habits of their customers, which characterizes the Parisian bankers, and which has greatly contributed to the success of moneyed operations in France. At present, however, the banks have a large amount of their funds unemployed, and a good propor
tion is invested in stocks, at call. In making these loans, the utmost caution is exercised. To obtain a loan of the banks, a sound, dividend-paying stock is selected, and deposited as collateral, with a note payable on demand, bearing on its face a clause expressive of the fact that certain stocks are pledged as security, ("with authority to sell the same on the non-performance of this promise, in such manner as they in their discretion may deem proper, either at public or private sale, and apply the proceeds hereon.") In this manner, an amount of money ten per cent. less than the market value of the security pledged, is obtained at 4 to 5 per cent. per annum. If the price of the security falls, the borrower is promptly notified, and the neglect of a day in making good the margin carries his securities under the hammer. This indicates the present method in which bank funds for the most part are employed, and the rigid manner in which such laws are enforced. Banks being the artificial reservoirs for capital, are subject, as now, to repletion, when the regular channels through which their money is intended to be employed are choked up by the revulsions they themselves engender, or by the unhealthy action of legislative interference with commercial pursuits. This state of repletion may take place at a time even when many industrial employments, on which the real prosperity of the whole country depends, are languishing for want of the proper application of that capital. Herein is one of the inherent evils of the system.
At the late session of the New York Legislature, a law was passed, which went into operation July 1st, in relation to the chartered banks of New York, abolishing the office of Bank Commissioners, and substituting quarterly publications of the affairs of the banks, and also requiring the chartered banks to redeem all their old circulation, and hereafter to deposit their plates with the State Comptroller, from whom they are thenceforth to derive their circulat
ing bills, registered and countersigned in the same manner as are the notes or bills under the Free Banking Law. This important difference exists, however, that the free banks are required to deposit adequate security with the Comptroller before receiving their circulating bills, while the chartered banks obtain them without lodging any security. This difference producing two circulating mediums, which it will be difficult to keep in circulation together, is likely to create a conflict, and prove a check upon the movements of both; in the same manner that in 1839, when the Free Banking act first went into operation, the circulation of the new banks rapidly drove in that of the Safety Fund institutions, reducing it from $19,000,000, January, 1839, to $10,000,000, January, 1840, causing great embarrassment to the latter, and breaking up the system of city redemptions of country bills as then conducted by the State Bank of New York. The publication of quarterly returns of all the banks will exert a restraint upon their movements, inasmuch as they must always keep their affairs in a condition to meet the public gaze, not allowing them, as heretofore, to relax after having made up their annual returns. The necessity of self-defence will lead the institutions to scrutinize each other's returns, and promptly to detect any weak movements. This is
calculated to exert a wholesome influence upon banking throughout the Union, inasmuch as it is from New York, as the great commercial centre, that the tone is given to the whole country.
This being the state of money matters on the Atlantic border, it becomes evident that capital ought soon to exert its influence upon the vast agricultural wealth of the nation. There is a great comparative scarcity of money in the Western States, while they have all the means of commanding it. Low prices and abundant crops in the interior should be acted upon by plenteousness of money and cheap rates of interest upon the Atlantic border, filling the channels of circulation with actual money, and drawing forth in payment the proceeds of industry. That this process is now going on in some degree, is evident from the great increase in tolls on all the great public works. The business of the New York State canals will serve as an index to that of all the public works of the Union. There has been this year ten days of navigation less than last year; that is, in 1842 there were seventy days of navigation to 1st July, and this year but sixty days; notwithstanding which the receipts of tolls and of flour and wheat, at tide water, have been as follows:
During the month, the Treasury Department has succeeded in obtaining a loan of $7,000,000, at 5 per cent., stock redeemable in ten years, mostly at a premium of $101.01 per cent. The highest offer was for a small amount at $102.375, another for $101.55. These offers embraced less than $500,000. The balance was taken by a combination of individuals, at the first-mentioned rate, which is about .50 more than the true value of the
The payment of these notes throws into the hands of the banks a large amount of money, which must be reinvested, and may or may not be applied to the new loan, which has risen to 2 a 3 premium in the market. The finances of the Federal Government seem to be constantly getting into a worse condition, as must naturally be the case when, in regulating the tariff, the object of revenue is lost sight of, in the desire to legislate rather for par
Internal Revenue, &c.
TREASURY NOTES OUTSTANDING.
STATEMENT OF THE AMOUNT OF MEANS USED TO DEFRAY THE EXPENSES OF THE GOVERNMENT OVER THE ORDINARY REVENUES OF THE GOVERNMENT, YEAR ENDING
March 4th, 1841 March 4th, 1843
Thus, during the last three years, under the new administration, $42,567,019 of extraordinary means were used; while in the previous three years $26,358,446 only were used. The new administration have therefore exceeded their revenue $16,208,573 more
This result evinces anything but a strict observance of that economy which the general stagnation of trade makes necessary, and the low prices of all articles of consumption, as well as the suspension of Indian hostilities, render easy to be enforced. It is not to be disguised, that since the accession of the present administration, every
ticular interests than for the welfare of the whole country. A letter of the Secretary of the Treasury, received at the office of the House of Representatives, in answer to certain resolutions of the House, passed February 23d, 1843, gives the following statement of the extraordinary means used to defray the expenses of the Government, for the last six years, ending 3d March, 1843:
8,616,151 3,010,740 19,806
LIABILITIES OF THE FEDERAL GOVERNMENT.
than the last, in order to fulfil their pledge of economy!
The natural result of this recklessness of expense is a constant increase of liabilities, the comparative amount of which is contained in the same letter, as follows:
means has been exerted to roll up a large public debt. Under pretence of paying it, it has been increased 400 per cent. This is one cause of the great derangement in trade and financial matters which the country has experienced during the past few years. It is always the case, when, by the movement of the Government or that