MADISON'S ADMINISTRATION.

463

diversity of opinion was found to prevail, not only as to the constitutional power of congress to establish such an institution, but also as to the principles upon which it should be modelled. After weeks of animated debate, a bill, incorporating the "Bank of the United States," with a capital of thirty-five millions of dollars, passed, and on Wednesday, April 10th, received the signature of the president.

Of the stock of the bank, seven millions were to be subscribed by the United States, the remaining twenty-eight by individuals. The affairs of the corporation were to be managed by twenty-five directors, five of whom were to be chosen by the president, with the advice and consent of the senate; the remainder to be elected by the stockholders, at the banking house in Philadelphia. The charter of the bank is to continue in force until the 3d of March, 1836.

Sec. 61. The summer of 1816 passed away, without being marked by any events of peculiar moment. The country appeared to be gradually recovering from the embarrassments induced by the war, and that asperity of feeling, which had agitated the different political parties in the United States, was visibly wearing away. Congress met in December. In the conclusion of his message, at the opening of the session, Mr. Madison, anticipating the speedy arrival of the day, when he should retire from the presidency, took occasion to express his attachment for his country, and his wishes for her future peace and prosperity:

"I can indulge the proud reflection," said he, "that the American people have reached in safety and success, their fortieth year, as an independent nation; that for nearly an entire generation, they have had experience of their present constitution, the offspring of their undisturbed deliberations and of their free choice; that they have found it to bear the trials of adverse as well as prosperous circumstances, to contain in its combination of the federate and

elective principles, a reconcilement of public strength with individual liberty, of national power, for the defence of national rights, with a security against wars of injustice, of ambition, or of vain glory, in the fundamental provision which subjects all questions of war to the will of the nation itself, which is to pay its costs, and feel its calamities. Nor is it less a peculiar felicity of this constitution, so dear to us all, that it is found to be capable, without losing its vital energies, of expanding itself over a spacious territory, with the increase and expansion of the community, for whose benefit it was established."

Sec. 62. In December, 1816, INDIANA became an independent state, and was received into the union.

Detached places in Indiana were settled by the French, upwards of a century ago. The exact period, at which the first settlement was made, is uncertain.

In 1763, the territory was ceded by France to England. By the treaty of Greenville in 1795, the United States obtained of the Indians several small grants of land within this territory; and, in subsequent years, still more exten sive tracts. During the war with England, which broke out in 1812, Indiana was the scene of many Indian depredations, and of many unusually severe battles, between the hostile tribes, and the troops of the United States. Until 1801, Indiana formed a part of the great north-western territory, but, at that date, it was erected into a territorial government, with the usual powers and privileges. In December, 1815, the inhabitants amounting to sixty thousand, the legislature petitioned congress for admission into the union, and the privilege of forming a state constitution. A bill for this purpose passed congress, in April, 1816; a convention of delegates met in conformity to it, by which a constitution was adopted, and Indiana became an independent state, and a member of the union, in December following.

Sec. 63. 1817. On Wednesday, February 12th, the votes for Mr. Madison's successor were counted in the presence of both houses of congress, when it appeared that James Monroe was elected president, and Daniel D. Tompkins vice-president of the United States, for the four

years from and after the fourth of the ensuing March.

NOTES.

Sec. 64. MANNERS. The only noticeable change of manners, which seems to have taken place during this period, arose from the spirit of pecuniary speculation, which pervaded the country during the war. Money was borrowed with facility, and fortunes were often made in a day. Extravagance and profligacy were, to some extent, the consequence. The return of peace, and the extensive misfortunes which fell upon every part of the community, counteracted these vices, and restored more sober and industrious habits.

Sec. 65. RELIGION. During this period, extensive revivals of religion prevailed, and liberal and expanded plans were devised and commenced for the promotion of Christianity. Several theological institutions were founded, missionary and Bible societies were established, and a great call for ministers of the gospel was heard.

During this

Sec. 66. TRADE AND COMMERCE. period, trade and commerce were crippled by foreign restrictions, our own acts of non-intercourse, and, at length, by the war with England. During this war our carrying trade was destroyed, nor was it restored by the peace of 1815.

On the return of peace, immense importations were made from England, the country being destitute of English merchandise. The market `was soon glutted, prices fell, and extensive bankruptcies were the consequence.

Sec. 67. AGRICULTURE.

Agriculture, during

this period, cannot be said to have made great advances.

An excessive disposition in the people for trade and speculation, drew off the attention of the more intelligent and active part of the community, and directed much of the capital of the country to other objects. Upon the return of peace, however, when mercantile distresses overspread the land, agriculture was again resorted to, as one of the surest means of obtaining a livelihood. Men of capital, too, turned their attention to farming; agricultural societies were established in all parts of the country; more enlightened methods of culture were introduced, and agriculture became not only one of the most profitable, but one of the most po pular objects of pursuit..

During

Sec. 68. ARTS AND MANUFACTURES. the war which occurred in this period, the intercourse with England, and other places, being stopped, the country was soon destitute of those articles which had been supplied by English manufactories. Accordingly, the people began to manufacture for themselves. Extensive manufacturing establishments were started for almost every sort of merchandise. Such was their success at the outset, that an immense capital was soon invested in them, and the country began to be supplied with almost every species of manufacture from our own establishments. After the peace, the country being inundated with British goods, these establishments suffered the severest embarrassments, and many of them were entirely broken down. A considerable portion of them, however, were maintained, and continued to flourish.

Sec. 69. POPULATION. At the expiration of Mr. Madison's term of office, in 1817, the number of inhabitants in the United States was about nine millions five hundred thousand.

Sec. 70. EDUCATION. The pecuniary embar

rassments experienced throughout the country, during the latter part of this period, sensibly affected some institutions devoted to science and benevolence, especially those which depend, in part, upon the yearly contributions of the patrons of learning and religion, for the means of support. In several of the higher seminaries, the number of students was for a time diminished. Nevertheless, parochial schools, academies, and colleges, upon the whole, continued to increase, and to qualify many for the common and higher professions of life.

A theological institution was established at Princeton, New-Jersey, in 1812, by the general assembly of the Presbyterian Church. In 1821, the theological seminary of the Associate Reformed Church, in New-York, was united to that of Princeton, and its library, consisting of four thousand volumes, which cost seventeen thousand dollars, was transferred to the latter place. This seminary has three professors, and in 1821 had seventy-three students.

During the same year, Hamilton College was incorporated at Clinton, New-York; it has been liberally patronised by the legislature, and by individuals.

In 1812 the American Antiquarian Society was incorporated by the legislature of Massachusetts. The American

Board of Commissioners for Foreign Missions was incorpo⚫rated. Five missionaries were ordained at Salem, Massachusetts, with a view of preaching the gospel in Asia. These were the first missionaries from America destined to foreign parts. In 1814, the Medical Institution of Yale College was opened. During this year also, the American Tract Society, and the Massachusetts Baptist Education Society, were instituted. In 1816, the American Bible Society was formed at New-York.