Mr. Forsyth's resolution (see proceedings of stock, goods or lands, is supplied with his thous congress) may lead to some important results as to sands, tens of thousands, hundreds of thouour affairs with Spain. Certainly, the conduct of sands of dollars, and commands (too much) a that government, in respect to its negociation with us, has been most contemptibly provoking as well continuance of his accommodations, whilst the violently unjust, and it is time an end was put to it. middle class of regular traders, and the siAn expression of sentiment, by the representatives newy mechanics and manufacturers are squeezof the people of the United States, would probably ed for the little they have, and are denied an exeffect that which the executive has so long and so tension of further credit. Here is the evil-- "udored" Ferdinand and his whiskered dons-no patiently pleaded for in vain. With Spain, the one of the former fails---he "goes entirely to one fears a rencontre; nor do we wish it, if justice pieces," and drags ten, twenty, fifty others with him, if not into bankruptcy at least into is rendered as it ought to be. As the next number of the REGISTER will be distress: but the real wealth is in the latter chiefly devoted to documentary articles, we dis classes---they are cautious to borrow because Lose of a quantity of scraps that had accumulated they intend to pay; if they should fail, a large on our table, and which we were not willing to dividend prevents any great loss; and, from lose. Editorial Address. the stock of labor in their own persons, those that are honest generally bring up lee-way..-We closed the 13th vol. or 1st of the new My soul sympathises with the good man strugseries of the WEEKLY REGISTER On Saturday teresting is it, to behold him, by "the sweat gling against adversity:-how lovely, how inlast, under a grateful sense of favors receiv of his brow," rearing a virtuous family to ed, with an intimation that our attention would strengthen and adorn his country! A hunbe directed to "the demoralizing and perni-dredth part of the bank-accommodation excious business of banking; considering it as tended to one of these which is afforded to an the Pandora's box that is to fill the republic individual drone (who in a whole year does with all sorts of moral and political diseases." not produce one cent of value to add to the Awfully impressed with a conviction that Awfully impressed with a conviction that national wealth) would "put him on his feet," the speculating mania, through banking estab- and open the way to competency, if not to inlishments, has driven us to a crisis likely to dependence. And this might be done with be more redundant of evil than that which at- the greater safety-but the banks do not like tended the depreciation and final extinguish-to be troubled with "small accounts;" and, to ment of value in the "continental money" of the revolution, and alarmed at the spread of use a homely saying,---"the big fish must live the materiel to make the ruin more and more upon the little ones." extensive-grieved, also, at the faint and timid Lycurgus introduced iron money into Sparopposition made to it by those who feel pre-ta to preserve equality amongst the citizens of sent oppression and look with horror at futu- that renowned republic---the opposite of his rity, I feel it my duty to raise a feeble voice plan is the introduction, the excessive introagainst it, and to tell the people plainly, from duction, of paper money; and its irremediable many facts that have reached me, that the most effect is---to build PALACES and POOR extensive and ruinous bankruptcies are about HOUSES. I would that both might be disto take place amongst us that ever befel any pen-pensed with! Heaven forbid, that any man ple, UNLESS A STAND IS TAKEN AGAINST THE in the United States (as in England, the great BAND OF SPECULATORS, WHO, FROM THE MISE- Country of paper) shall give a guinea for a RY OF THE USEFUL CLASSES, WILL TAKE CARE peach, or two guineas for a pint of strawberries, and be able to afford it, whilst thousands, betSELVES. Without such a stand, bank after ter than he, suffer for a morsel of the coarsest bank will go by the board; and they who are bread. We wish a nation of high-souled freein the secret will so manage it, as to throw the men--a race of independent men, jealous of loss upon the honest and unsuspecting. their rights and ready to defend them. from the To prevent such a catastrophe is my object, result of their own reasonings. Herein is in speaking thus openly on the matter. I do safety. not see any necessity that the banks should so The effect hoped for, in bringing the banks fail, except through their own misconduct and "before the bar of the public reason," is that partiality, in giving vast sums of money to a they may be induced, more or less, to abandon favored few, and grinding the face of the in-their present course, and cherish productive dustrious and deserving classes of society. It industry, rather than speculation. They are is lamentably the fact, that a speculator, in fearfully powerful---but public opinion can put TO BUILD UP PRINCELY FORTUNES FOR THEM VOL. XIV-1. now them down, and down they ought to go if they held it: filling our cities and towns with a new disregard the public interest. breed of drones to wrest from the mouth of As, whenever a man ventures to tell a re-labor the bread it had earned. This is not the prehensive truth about banks, the "big little first instance in which the generous intentions folks" and their underlings, proclaim him a of a people have been used for iniquitous purdisappointed man, vexed because banking fa- poses--but so much have those intentions vors have been refused to him, it may be been abused, that many begin seriously to renecessary for me on the onsett to declare, that gret that the banks were permitted to suspend I am as independent of the banks as they are their payments, except as open and avowed of me that I have not asked any thing of bankrupts, to which should have been extendeither of them for several years which has not ed the same rules that they themselves apply been granted-feeling the force of the quaint to individuals, and which govern between man saying, "blessed are they who expect nothing," and unan. They regret it, because it was that &c. And, truly, I would rather be numbered which indicated every village in the United among the slaves, the worse than our negrotates, where there was a "church, a tavern slaves, of "Alexander the deliverer," than put and a blacksmith's shop," as a suitable site for my independence into the keeping of a board a bank, and justified any persons in establishof bank directors-meeting in solemn con- ing one who could raise cash enough to pay the clave to build up or to destroy, as whim or paper maker and engraver. They regret it, speculation directs them. I have felt the lash; also, because it has created a race of the wound is healed, but the mark remains. very important men who deal in and shave The time was when to the name of a bank bank notes, as a regular business. They rewas associated the pleasant idea of an institu- gret it, because it encouraged speculation to tion bottomed upon a solid capital, derived enter even the forest and drive the husbandman from individuals who had money to spare, and from his home. They regret it, because the conducted by men of high and honorable minds, end must be unparalleled bankruptcy and unon just and liberal principles-extending fair precedented distress, unless, as before observcommerce, encouraging honest agriculture, ed, the people interpose and frown upon those and supporting mechanical ingenuity and in- that care not who sinks if they themselves dustry, with a steady hand. Ihope, notwith- keep above the surface; who, indeed, siuk standing the spread of the contagion, that others without mercy that they themselves there are yet some such banks;* and, certainly, may swim. They regret it, because it has en-. to many persons interested in those institu-couraged, and profited, a spirit that would petions such dignified ideas may yet be attached: netrate interior Africa to tear the free-born inbut the common idea of a bank now is, that it fant from its mother's breast and sell it for a has only a paper capital, manufactured by slave, or enter into contract with the Enemy individuals who, instead of being able to of souls to supply his dominions with fuel! lend, really want to borrow money, and con- In every place where a money-shop, called ducted by men who prostrate every rule of a bank, is established, a knot of "little great right to subserve their own personal views.--men" is instantly formed, who withdraw themThe time, also, was, when the phrase, "as selves from the "vulgar," and ape the mangood as the bank," was familiarly used to ex-ners of three-tailed bashaws, feeling thempress an idea of the solvency of persons and selves even superior of certain of their brotherof the value of things. That phrase has lost directors. They meet each other and pass its point, and is exploded as obselete; and we with a smile, as if they "knew something, have to apply to the broker and shaver to as-whisper and look wise, as though the duration certain its meaning. They are the chief lexio- of the world depended on the result of their graphers that treat of it now. judgment; and "tread the air," seeming to The honest patriotism of the people sponta- think the earth too mean to touch the soles of neously burst forth to support the bank's in a their shoes. At first they throw out money refusal to pay their debts during the late war, profusely, to all that they believe are ultimatebecause it seemed that the country's good re-ly able to return it; nay, they wind round some quired it. Public opinion became paramount like serpents to tempt them to borrow-and to the law of the land; and those institutions the bait is too greedily swallowed; they then were magnanimously and efficiently protected affect to draw in their notes, agreeing upon by it. The deeply designing, the petit Castle- some tale to tell the public-but at the same reaghs of our quarter of the world, fastened time keep up, if they do not extend, accomupon this good disposition and converted it in-modations to themselves;-money becomes to a most powerful, an almost irresistable en- scarce, and notes of hand are shaved by them gine, to oppress and tyrannize over those that to meet bank engagements; it gets worse--the consummation originally designed draws nigh, I believe there are two such in Baltimore-the moderate traders and steady mechanics will name them. I shall not do it at present. *If this happens to hit any body-it is not my fauit. and farm after farm, lot after lot, house after tion belonged to our banking institutions, gehouse, are sacrificed:--the floating wealth, if nerally, that now exists only in a few of them: not the real property of a neighborhood, cen- that fatal event seared the heart of many as tres in a few, that some years before were hard to a sensibility about meeting their engageput to it to live decently. They mount their ments, and raised up an infernal spirit of spechariots, and look down upon the despoiled culation which has superceded regular trade, with ineffable disdain. and is the ruling fashion of the day. Who The effect in great cities is not so sudden, or would "sweat and groan under a weary life" at least so visible; but it is not less sure ac- of business, when, by management [no matter cording to the means afforded--for in these who suffers!] an independent fortune may be the director, &c. has to encounter more men as realized in a few months? Hence, that which cunning as himself, and as well supplied with was designed for the public accommodation the means of giving it effect. I I have no design and a public benefit, is devoted to the purpos to localize these remarks, much less to say any es of a dozen or two, and society sustains its thing personal, but--we have ten banks in Bal- loss in proportion as their wealth is advanced timore, whose presidents, directors and offi- for they fatten upon the productive labor of cers amount to about 230 men. Let us look others, producing nothing themselves. It is back a few years, and, in the mind's eye, ob- to the spirit just spoken of that we are to attriserve the progress of some of these to wealth; bute the establishment of the bank of the United enquiring, as we go along, what superior in- States (of which I shall speak hereafter) and telligence, industry or good fortune can have the most of two hundred other banking insticaused it? A few of them are of the old class tutions which have sprouted up within five or of bankers---gentlemen who had money to spare six years-whose effects have been more dewhen they entered into office, and amongst moralizing than war, more terrible than pestithem are as good, as honest, and as valuable ci- lence: substituting cunning for honest industizens as exist in the world---and there are try, and sweeping away whole families from others, differently situated, that are of the most the seats of their fathers. honorable cast of character; but some had no But some say, if the people will have banks, property to recommend them but intrigue and let them have them. If the people wish them, I cunning, which are so artfully used as often- shall not oppose them. But the people, (I times to deceive and mislead the preceding speak generally, for banks may be useful and into error---and there are not a few who are some are excellently located) have nothing to better fitted for any other place than a bank, do with the matter---it rests with ten or twenty because a just liberality and sound intelligence influential persons in a neighborhood, who blinil should govern at its board. Yet all, or nearly the judgment and lead the mass astray. The all of these are rich--how did they become so? alleged illiberality of one bank oftentimes, too, By urging measures at the board that threw affords a pretence for the establishment of the poor and needy into their power. I could another; which, in less than twice twelve mention facts in support of this assertion that months, is as illiberal as the other, settling into would almost make "a man's hair stand on a mere conduit of advantage to the directors end”---and some of them may be stated when and their favorites---then another bank is talktime has so far obliterated the recollection of ed of, and so they go on, ad infinitum, heappersons as to secure my informants from the ing fuel to the flame--district of a town against vengeance of the guilty. For myself, I do district, county against county, village against not fear them: village---shop against shop. "Lay on Macduff," And we shall see "who first cries hold, enough." no idea of. Every body sees these things, and their efWhat I have observed of Baltimore, applies, fects are universally deprecated---yet we subI believe, to every other place. But the secrets mit like slaves, and lick the hand that smites of the banking-house are imperfectly known us. The despotism of banking will not allow except to the initiated, and the "weak bro- the freedom of opinion, nor of the press. It has ther" is defended with more than Christian cha-dungeoned both in its vaults---and wo be to him rity, by ways and means that the people have that struggles to release himself! If the press had dared to speak of banks and bank direcBefore the suspension of specie payments, tors, as it finds freedom to do of other public a sense of honor and a spirit of accommoda- matters and public men, the present state of things would not have existed---but the printSome of these gentlemen have no accommoda. er is significantly told by some great patron. tions at all-but I feel justified in saying that the that they must not be touched; or, is himself regular and irregular accommodation of the rest so fettered that the existence of his establishamounts to not less than SIX MILLIONS OF DOL: LARS; perhaps, to a much larger sum, including ment depends upon a non-resistance of evil. certain things called stock notes,-more of which My patron is the people at large; and, blessed How then can we wonder that little folks be Providence for it, those institutions have hold upon me. If the first fails to s anon. are oppressed? not any port me, I have the pleasure to believe that I calculable advantages given by charter to the may yet preserve my independence from the bank of the United States, it would have rekeeping of the other. But I am of opinion that turned to the people these small accommodathe people are ripe for a stoppage of speculations. tion, and that even those who have speculated, But the exchange is not equalized, and it seems tremble as they look through the vista of time, designed to convert that great establishment and see the end of the bubbles they have raised. into a vast broker's office, where money may The excuse that the managers of banks make be bought and sold as in the little shops that for a monopoly of the funds, if they condescend now abound in our country. Already, an office to speak on the subject, is---that they are their at one place refuses to take the notes of an ofown, and that they may dispose of them as they fice at another, in some, the disgraceful fact please. This is like the reason that "Peter the exists (or has existed) that premiums are chargGreat," of Russia, gave for directing one of ed for drafts on others; at others the accommohis subjects to be killed, because he wished to dation of drafts is refused (i. e. the equalization see how the man would die under certain ope- of exchange is denied) to any except those who rations---for he said he is mine, and I may do keep their accounts, or do business, exclusivewith him what i like." But banks were de-ly, with such offices, to secure a monopoly: for signed for a public benefit, else they would not which purpose they have "black lists," referhave been chartered, and such monopolies were ing to them to ascertain whether such facility not contemplated in their establishment, even may be granted or not. Such reference has by those, perhaps, who originated them, except been made in Baltimore--and an application in the case of the bank of the United States; for a pitiful sum, in a draft on Philadelphia, which, I am clearly of opinion, was intended refused-after an observation by a clerk, on for a monopoly from the beginning and has looking at his alphabet, “you don't keep your already, every where, lost the good will of the entire account here, and we reserve such things people from evidences of the fact that it is se. for our particular friends," or words to that The space occupied by the preceding gene- effect-thus defeating one great [apparent] ral remarks has prevented the insertion of any object of the institution. This seems to be a more than the first part of an article which has common case. I have heard of a dozen in a now been nearly three weeks in type in rela- day or two. tion to the bank of the United states, about It is proposed in congress to alter the charwhich many ridiculous stories have been circu-ter of the bank of the United States in such a lated through the city---it was deferred one manner as to permit its notes, issued at the week, at the suggestion of an honest friend, several branches, to be signed by the presiand excluded from the last paper, simply be-dents and cashiers of such branches, instead cause the room for it could not be consistently of the president and cashier at the mother afforded. If any believed that I was afraid to bank publish useful truth, they will see that they The pretence is, that the labor of signing were mistaken; and, as to the laughable idea such notes is too great to be performed by two that my silence had been purchased, they might persons! I can sign my own name fifteen times have recollected the qualities of the Irishman's in a minute, and very leisurely ten times; let horse, which was very hard to catch, and good us say only five times-that is 300 times in an for little when he was caught! The first part hour; and, working three hours in a day, for is now separately published because congress 800 days in the year, the product is 270,000 may soon be called upon to act on the petition notes; average them at only $20 each, and of the bank; the second shall soon follow, em- the sum is nearly five and an half millions per bellished with new facts and adorned with annum-an amount that is far greater than more splendid exhibitions of the manners of the bank, and all its branches, can possibly the great. The general or special subject shall require, after the first year.* not be concluded here. The EFFECT will be, to keep up that uncertainty which exists in regard to the genuineness of bank notes; for we shall have to make ourselves familiar with from 50 to 50 signatures of presidents and as many of cashiers, and a vast door will be opened to counterfeiters, also to speculate upon and share the public. Put---I believe the DESIGN of the proposed The multitude of banking institutions-and the uncertainty as to the genuineness of their notes, as well as that of their value, if genuine, *If, however, this labor is too great, superadded made it desirable to have a currency which to the other things required of the president and cashier, let a vice president and sub-cashier be ap every man might know, and which should pointed, whose sole business it shall be to sign the have an equal value in all parts of the union. notes-any thing to preserve their uniformits and It was to have been expected that, for the in- protect the prople from imposition. alteration of the charter is-to give the notes The Secretary of State, to whom was referred the of the United States bank the appearance of resolution of the House of Representatives, of the distinct and separate characters, the more ea6th of this month, requesting the President to cause sily to reconcile the people to a refusal by cer- with the government of Spain, to which a letter of to be laid before that House, the correspondence tain offices to receive those of other offices; the minister of the United States at the Court of Mafor well do the "deep ones" who manage this drid of the 25th of October, 1816, communicated bank know how easily the people are imposed with a late Message of the President to that House, upon by appearances and they have cause to relates, has the honor herewith to submit to the esteem that knowledge to the value of fif- President a copy of the correspondence requested. teen millions of dollars; that being about the amount of profits made by it, or expected to be realized by it, in about a year, through their management of the stock. JOHN QUINCY ADAMS. It is to be hoped that congress, after having The Chevalier Don Louis de Onis, to the Secretary of suffered the establishment of an institution State. LOUIS DE ONIS. which can, and will, and does govern the local SIR-Under the date of 30th June, I am advised banks, and which I expect to see governing neral of Caraccas, and commander of the expedition by lieutenant general Don Pablo Morillo, captain gethe government of the United States, if ever which his majesty had destined to-establish trana season of serious difficulty with ENGLAND quility at Carthagena, that, with a view to acceler. arrives, will not now allow the people to be de-ate this important object, he is about to establish prived of the security they expected, or suffer the most rigorous blockade of the ports of the vicethem to be shaved by the bank; thereby cast-in consequence, every neutral vessel which shall be royalty of Santa Fe, including Carthagena, and that ing away the chief, or only, desirable features found, not oply in those ports, but on those coasts, set forth in favor of its incorporation. Let shall be made prize of, in order to prevent those something remain to stand as a little credit who have revolted from his majesty's authority, reagainst the exclusive privileges and extensive ceiving succors of any kind. powers granted to this institution; and rather I have thought it proper to communicate this to pass a supplement to the charter compelling juries may be avoided which would result to the you for the information of the President, that the inthe offices, at all times when applied to, to citizens of this republic, if they continue as hereto. furnish drafts at par in exchange for bills pay-fore, to trade with the rebels against the authority able by said bank, no matter from whence of my sovereign. issued, than afford facilities or allow pretences I renew to you, sir, the assurances of my respect, for refusing them. It was expected that such and pray God to preserve you many years. drafts might always be had-it was one of the Philadelphia Sept. 5, 1815. considerations on which the bank was chartered; the people have a right to insist upon it--and they ought to insist upon it, and to have it, "peaceably if they can, violently if they must." By "violently," I mean that the STATES should the forces destined by the king, my master, for the take it up; and tax the mother bank and theme, under date of the 19th of December last, that pacification of the vice-royalty of Santa Fe, says to branches out of every resting place except the after having compelled Carthagena to surrender ten miles square. In this right of the states is at discretion, he had found it expedient, for the the only hope of safety against the power of the complete re-establishment of the tranquility of the mammoth; and it is well, indeed, that that vice-royalty, to continue the blockade from Santa right exists. May the bank so conduct itself Martha to the river Atrato inclusive, and to give or as never to require its exercise to such an ex- than the mouths of the Magdalena, or farther north ders, that if any vessel be met with, further south tent as is here projected---but the state banks than the parallel of Cape Tiburoon on the Mosquito must be defended, as the "weaker vessels,"and Shore, and between the meridians of these points, the United States bank be reduced to the ne-she would be declared a good prize, whatever docucessity of honestly fulfilling the public expec- had left open to the commerce of neutrals, the two ments or destination she might have. But that he tation, or forfeit the advantages which the pub-ports of Santa Martha and Puerto-Bello. lic has bestowed. This is plain English; and there will soon be a proper understanding of it be interesting to the merchants of the United States I have the honor to give you this notice, as it may by all parties. [TO BE CONTINUED.] Relations with Spain. To the House of Representatives of the United States. Conformably with a resolution of the House of Representatives of the 6th of this month, I now lay before that House, a report received from the Secretary of State, with the copy of the correspondence referred to, and requested by that resolution. JAMES MONROE. Washington, February, 12th, 1818. (TRANSLATION) Don Louis de Onis to the Secretary of State. and to renew the assurances, &c. Philadelphia, March 2, 1816. LOUIS DE ONIS.. Mr. Monroe, Secretary of State, to the Chevalier de SIR-I have had the honor to receive your letter of March 2d, announcing the continuance of a bloc ade of the Spanish coast in South America, from |