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ANOTHER LAST WORD ABOUT TYLERISM. In our last Number, we gave a pretty but those whose conscience winged free vent to the feelings which had our words, were likely to misconstrue been gradually excited by an attentive a meaning so obvious. Qui capit ille observation of the course of things at facit. For them, our regret for the Washington,--and it has done us good. harsh severity of censure of which We regret that some of the friends of some of them complain, confines itself the very, sorry régime there prevailing, to the fact of their having deserved it. are less sensible than they ought to be Taking office under an adverse adof the gratitude they owe, for the very ministration-the case discussed by unequivocal terms in which we ad- Sir Samuel Romilly—is a very differministered to the administration some ent thing. That may often be done truths which were as wholesome as they without the slightest derogation of may have been unpalatable. They have honor, when all is manly and above quite disapproved of the severity of the board, and especially when its duties language extorted by a most righteous afford a scope for active public usefulindignation, from a pen to which neither ness congenial to the views and aims such themes, nor such modes of treat- of the individual. But this was an ing them, are very agreeable. Sidney administration recently hostile, and Smith on some occasion remarks, that still rotten at heart, straining every in the matter of cracking a certain very nerve to conciliate the party in whose animated class of the animated creation, ranks it has been so anxious to find whose monosyllabic name it is not recipients for its favors——to democratize necessary to introduce on our page, it itself, in the expression commonly imis scarcely customary to allow the puted to one of its own leading memlittle wretches a veto on the means bers. One of the means plied for that thought proper for that process. The end was this form of political simony, application explains itself. There are, this most corrupt and corrupting proshowever, one or two points on which titution of its official patronage. The such misapprehension of our meaning cases are not likely to have been nuhas been expressed by some of our merous in which it has bestowed its own friends, as claims for us Another favors of this kind without an underLast Word about Tylerism.
standing of expected reciprocation, We never meant, for example, to which it at least has meant to be intelapply to all Democrats accepting office ligible enough. Each individual must from these people, the strong expres- judge for himself how far his skirts are sions with which it was but just and clear from the contamination of which proper to stigmatize a certain portion, we have spoken ; but can have no right embracing, undoubtedly, the greater to ain of a severe distrust of his number of those whose political virtue purity of motive, when he is seen the is thus tempted and tampered with. recipient of office from an administraThere are, of course, many who may tion acting so undisguisedly on such have received appointments unsought, principles; while there certainly has unexpected, and unpolluted by any been, on the part of a certain class of corrupt understanding for their support noisy Democratic politicians, a flatterfor Mr. Tyler's pretensions as a Pre- ing court paid to Mr. Tyler and his sidential candidate. Such persons, friends for the sole object of his offices, honorably abstaining from all dissimu- fully meriting even stronger language lation as to their true sentiments, and than any of ours. from all deviation from the duties they It has seemed to us indeed a duty, impose, of course lie entirely beyond on the part of all the political honesty the range of our remarks; which of the country, to bear the most empointed only to those whose seeking or phatic testimony of rebuke against this acceptance of office has been accom- gross attempt, now for the first time panied by any of that meretricious sale witnessed, to build a Party on such a of their partisanship which it was right basis-to endeavor to buy a chance of for us to characterize asit merited. None renomination from an adverse party,
by a seceder from his own, through plained of as an excessive harshness in the bribery of Patronage. In Mr. Ty- our denunciations. ler's case, its contrast with so many On the whole, it is perhaps scarcely professions on that particular point, so to be regretted that this new experiment strong, so sanctimonious, and at the has been made in the working of our same time so recent, gave to the attempt system. It has demonstrated what a character of political profligacy to was always contended by the Demowhich the only difficulty was to do cratic press, during the disputes about proper justice in the force of language the alleged “ Executive tyranny" in employed. For the individual, a De- the old Jackson day,—that in truth that mocrat has little or nothing to care. great power of our Presidency, of His political insignificance, as a candi- which our opponents then so bitterly date, in rivalry to any of the eminent complained, is purely a moral and releaders of our own party, is utter non- presentative power, as the embodiment entity. With him, too, probably, as in of the public opinion and sympathy of so many other cases of smaller scale, the great popular mass.
Its mere much of what passes for knavery is patronage is rather a source of weakonly folly. He has fallen into the ness than otherwise, and can never hands of a miserable set, who have yield any strength, formidable to liberty, never allowed him to breathe any other to a bad or weak man disposed to atmosphere than one poisoned with all attempt a corrupt use of it. There is the foulness of their own flattery and but one way in which a President in falsehood. Mr. Tyler is freely wel- office for a first term, can recommend come to such palliation as is to be de- himself to the people for a secondrived from this circumstance. It was namely, to aim at it in no other way the act, the thing, which received, as than by deserving it. it so justly called for, all that is com
Forth! forth! thou minister of potent spell !
Rest not inert within thy zephyr bower;
At invocation of thy kindred Power,
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 lotty thought inspire,
And touch the lip of Eloquence with fire;
And deathless, ageless, hold thy magic, sovereign sway.
MONTHLY FINANCIAL AND COMMERCIAL ARTICLE.
Money continues exceedingly plentiful tion is invested in stocks, at call. In in the Atlantic cities, and with difficulty making these loans, the utmost caution finds employment even at the low rate is exercised. To obtain a loan of the of 3.4 to 4 per cent. Notwithstanding banks, a sound, dividend-paying stock the consequent desire of the banks to is selected, and deposited as collateral, invest, we do not perceive that any with a note payable on demand, bearing relaxation has taken place in their on its face a clause expressive of the views as to the character of paper dis- fact that certain stocks are pledged as counted. On the contrary, the effects security, (" with authority to sell the of the Bankrupt Law still upon the same on the non-performance of this market, with the taint of insolvency promise, in such manner as they in which has run through all classes, seem their discretion may deem proper, to have enhanced the caution of the either at public or private sale, and banks. There is, indeed, very little apply the proceeds hereon.”) In this strictly business paper created to com manner, an amount of money ten per mand the facilities of the corporate cent. less than the market value of the institutions, and all other is viewed security pledged, is obtained at 4 to 5 with suspicion. There seems, how- per cent. per annum. If the price of ever, a growing movement in the the security falls, the borrower is market, which may be attended with promptly notified, and the neglect of a great results; it is that, in making day in making good the margin carries large sales of staple goods, some dis- his securities under the hammer. This position is evinced to receive the notes indicates the present method in which of known dealers drawn to their own bank funds for the most part are emorder, on which discounts are procured ployed, and the rigid manner in which without endorsement. Should such a such laws are enforced. Banks being movement become general, and enforced the artificial reservoirs for capital, are by the combined influence of the leading subject, as now, to repletion, when the merchants, a radical change must take regular channels through which their place both in banking and the manner money is intended to be employed are of doing business. It will confine every choked up by the revulsions they man's business within his own means themselves engender, or by the unand responsibility, and separate those healthy action of legislative interferknots of mutual endorsers, which have ence with commercial pursuits. This been as harmful to themselves as to state of repletion may take place at a the institutions in which their business time even when many industrial emcentres. The banks would be deprived ployments, on which the real prosperity of the security of two names upon one of the whole country depends, are lanbill ; but it frequently happens in such guishing for want of the proper applicases, that the bankruptcy of one in- cation of that capital. Herein is one volves that of both, while, had the two of the inherent evils of the system. names stood separately, on their own At the late session of the New York responsibility, one would have remained Legislature, a law was passed, which good. The moral effect would be to went into operation July 1st, in relation induce that unremitting watchfulness to the chartered banks of New York, in ascertaining the financial standing, abolishing the office of Bank Commisindustry, and habits of their customers, sioners, and substituting quarterly pubwhich characterizes the Parisian bank- lications of the affairs of the banks, and ers, and which has greatly contributed also requiring the chartered banks to to the success of moneyed operations redeem all their old circulation, and in France. At present, however, the hereafter to deposit their plates with banks have a large amount of their the State Comptroller, from whom they funds unemployed, and a good propors are thenceforth to derive their circulat
ing bills, registered and countersigned calculated to exert a wholesome influin the same manner as are the notes or ence upon banking throughout the bills under the Free Banking Law. Union, inasmuch as it is from New This important difference exists, how York, as the great commercial centre, ever, that the free banks are required that the tone is given to the whole to deposit adequate security with the country. Comptroller before receiving their cir This being the state of money matculating bills, while the chartered banks ters on the Atlantic border, it becomes obtain them without lodging any secur- evident that capital ought soon to exert ity. This difference producing two its influence upon the vast agricultural circulating mediums, which it will be wealth of the nation. There is a great difficult to keep in circulation together, comparative scarcity of money in the is likely to create a conflict, and prove Western States, while they have all a check upon the movements of both; the means of commanding it. Low in the same manner that in 1839, when prices and abundant crops in the interior the Free Banking act first went into should be acted upon by plenteousness operation, the circulation of the new of money and cheap rates of interest banks rapidly drove in that of the upon the Atlantic border, filling the Safety Fund institutions, reducing it channels of circulation with actual from $19,000,000, January, 1839, to money, and drawing forth in payment $10,000,000, January, 1810, causing the proceeds of industry. That this great embarrassment to the latter, and process is now going on in some debreaking up the system of city redemp- gree, is evident from the great increase tions of country bills as then conducted in tolls on all the great public works. by the State Bank of New York. The The business of the New York State publication of quarterly returns of all canals will serve as an index to that of the banks will exert a restraint upon all the public works of the Union. their movements, inasmuch as they There has been this year ten days of must always keep their affairs in à navigation less than last year ; that is, condition to meet the public gaze, not in 1842 there were seventy days of allowing them, as heretofore, to relax navigation to 1st July, and this year after having made up their annual re- but sixty days; notwithstanding which turns. The necessity of self-defence the receipts of tolls and of flour and will lead the institutions to scrutinize wheat, at tide water, have been as each other's returns, and promptly to follows: detect any weak movements. This is
During the month, the Treasury stock to produce 5 per cent. interest. Department has succeeded in obtaining The market price of the stock is now a loan of $7,000,000, at 5 per cent., 2 per cent. premium, with one month's stock redeemable in ten years, mostly interest accrued. The proceeds of this at a premium of $101.01 per cent. loan are applicable to the redemption The highest offer was for a small of Treasury notes falling due, and noti
at $102.375, another for fied to be paid off on the 30th June, $101.55. These offers embraced less 1843. These notes bore 6 per cent. than $500,000. The balance was taken interest, and have been held mostly by a combination of individuals, at the by banking institutions. The amount first-mentioned rate, which is about outstanding was as follows : .50 more than the true value of the
Grand total outstanding $11,686,387 $11,632,075 $11,607,085 $11,548,245
The payment of these notes throws ticular interests than for the welfare of into the hands of the banks a large the whole country. A letter of the amount of money, which must be re- Secretary of the Treasury, received at invested, and may or may not be ap- the office of the House of Representaplied to the new loan, which has risen tives, in answer to certain resolutions to 2 a 3 premium in the market. of the House, passed February 23d, The finances of the Federal Govern- 1843, gives the following statement of ment seem to be constantly getting into the extraordinary means used to defray a worse condition, as must naturally be the expenses of the Government, for the case when, in regulating the tariff, the last six years, ending 3d March, the object of revenue is lost sight of, in 1843 : the desire to legislate rather for par
STATEMENT OF THE AMOUNT OF MEANS USED TO DEFRAY THE EXPENSES OF THE
GOVERNMENT OVER THE ORDINARY REVENUES OF THE GOVERNMENT, YEAR ENDING MARCH THIRD.
Thus, during the last three years, un- than the last, in order to fulfil their der the new administration, $42,567,019 pledge of economy ! of extraordinary means were used ; The natural result of this recklesswhile in the previous three years ness of expense is a constant increase $26,358,446 only were used. The of liabilities, the comparative amount new administration have therefore ex- of which is contained in the same ceeded their revenue $16,208,573 more letter, as follows:
This result evinces anything but a means has been exerted to roll up a strict observance of that economy large public debt. Under pretence of which the general stagnation of trade paying it, it has been increased 400 makes necessary, and the low prices per cent. This is one cause of the of all articles of consumption, as well great derangement in trade and finanas the suspension of Indian hostilities, cial matters which the country has render easy to be enforced. It is not experienced during the past few years. to be disguised, that since the accession It is always the case, when, by the of the present administration, every movement of the Government or that