Slike strani


Treasury Circular.

(Dec. 22, 1836.

siderably beyond the actual increase of the currency. It In confirmation of these facts and views, he would beg is to this cause alone, and under every circumstance leave to read a letter which has been published; it is which, as a nation, we can be placed, that I attribute from no visionary theorist, or anti-bank man, but from a the whole of the speculations, now and heretofore, that responsible officer, the cashier of the Branch of the have appeared to begin in prosperity, and to end in the United States Bank in Baltimore, in 1830, and was ad. distress and ruin of thousands.

dressed to the Secretary of the Treasury. It bears date “The speculative rise probably exceeds the addition February 15, 1830. to the squares added. If 2 per cent. is added, prices “Looking back to the peace, a short period, fresh in will rise 8; if 8, 32 per cent. if, on the other hand, there the memory of every man, the wretched state of the cur. is a contraction of 8 per cent. it will be attended with a rency for the two succeeding years cannot be overlook. fall of publ c credit and confidence in buying and selling. ed. The disasters of 1819, which seriously affected the These are the evils, and they are evils of great magni. circumsiances, properly, and inclustry, of every district in tude, that attend the use of the paper currency. There the United States, will long be recollected. A sudden is a range of contraction and expansion in the use of pa. and pressing scarcity of money prevailed in 1822; nuper, that does not belong to a metallic currency, and merous and very extensive failures took place in New which, perhaps, does more than counterbalance all the York, Savannah, Charleston, and New Orleans, in 1825. advantages to a nation from the use of paper."

There was a great convulsion among banks and other Extract from the Edinburgh Review', rol. 4, No. 2.

moneyed institutions, in 1826. The scarcity of money

among traders in that State and eastward, in the winter “In a country so opulent as this, and so rapidly in. of 1827-'8, was distressing and alarming: Failures of creasing in wealth and population, the too great ardor banks in North Carolina and Rhode Island, and amongst of speculation, and the miscalculation of producers, must the manufacturers of New England and this State, (Manecessarily sometimes occasion over-trading, and couse. ryland,) characterized the last year, (1829;) and intelli. quently gluts and depresses of the market. But were gence is just received of the refusal of some of the prin the currency in a perfectly sound state, the excitement cipal banks of Georgia to redeem their notes with spearising from such causes would almost necessarily be con. cie-a lamentable and rapid succession of evil and untofined to one or a very few businesses, and would be very ward events, prejudicial to the progress of productive infar indeed from being either general or universal. Industry, and causing a baleful extension of embarrasspoint of fact, all periods of general excitement, or periods ment, insolvency, litigation, and dishonesty, alike subver. marked by a general tendency to speculation, and by a sive of social happiness and morals. Every intelligent general rise of prices, have, both in this and other coun mind must express regret and astonishment at the re. tries, been uniformly distinguished by some extraordi ciirrence of these disasters in tranquil times and bountinary facilities in obtaining supplies of money or of credit, ful seasons, amongst an enlightened, industrious, and or of both. We are bold to say, that no single instance enterprising people, comparatively free from taxation, to the contrary can be pointed out in the history of in- unrestrained in their pursuits, possessing abundance of dustry in modern times."

fertile lands anci valuable minerals, with capital and caMr. N. said that the opinions of these two enlightened pacity to improve, and an ardent disposilion to avail ourwriters, in pointing out the evils of a paper currency, selves of these great bounties. contained a satisfactory explanation of the true origin of “Calamities of an injurious and demoralizing nature, the pecuniary difficulties which now exist in this coun. occurring with singular frequency amidst a profusion of try. There was no Treasury order in England, no tam. the elements of wealth, are well calculated to inspire pering with the currency, so far as the Government was and enforce the conviciion, that there is something radi. concerned, yet the same evils bad been experienced cally erroneous in our monetary system, were it not there.

that the judgment hesitales to yield assent, when grave, A paper currency was, from the very nalure of it, un

enlightened and patriotic Senators have deliberately an. stable, and subject to constant Auctuations. Such had nounced to the public, in a recent report, that our sys. been its character in England, and in this country pas. tem of money is in the main excellent, and that, in most ticularly. Since the establishment of the late Bank of of its great principles, no innovation can be made to ari. the United States, it had been more unstable. Those vantage." who suppose that reactions and periods of distress were Mr. N. said that the leller which he had just read con. oniy occasional, and the result of extraordinary causes, tained more truih and honesty than all the communicawere entirely mistaken. They are evils inherent in the tions which had ever appeared from the head of that system, and inseparable from it. Whoever will look banking institution, of which the writer of this letler back to the period of the establishment of the Bank of the was an officer. It presented a faithful but melancholy United States, will find that such has been the case in this picture of the operations of our banking and credit syscountry. The severe and universaldistress which prevailed tem. throughout the Union in 1819 and '20, will long be re. With stich facts as these, and the experience of the membered. In 1822, money again became scarce, and last twenty years before us, he thonglie it was trifing in 1825 there was great distress in the United Stales, as with common sense to talk about the Treasury order well as in England, where the pressure was universal being the cause of the existing difficulties. Sit, (said and desolating in its consequences. So great was the Mr. N.,) the cause of these evils lies deeper and calamity, that it was found necessary to take away, in bruader; it exists in your paper currency and banking part, the monopoly of the Bank of England, and autho system. The order has, no doubt, in some small degree, rize the establishment of joint stock banky, as a means of contributed to increase the pressure; and this is also true relief. In 1826, money was scarce in New York; and of the deposite act. They have served to bring on the in the winter of 1827-'8, in the Middle and Eastern crisis a little sooner than it might otherwise have come, States, In 1829, many banks failed, and there was but the disease was upon us, and must have its course. great distress among the manufacturers in the Eastern If we were to look to any secondary causes, that of a States. In the latter part of 1832, money again became wild spirit of speculation stands pre-eminent, and parscarce; and nearly the entire year of 1834" was distin-ticularly speculation in public lands. But speculation guisher), not only for a pressure, but for a panic, unex is stimulated by our system of currency and credit. The ampled in this country. The evils of this period are 100 immense purchases of the public lands during the fresh in the memory of every one, to render it necessary I last two years have filled your Treasury to overflowing; to enlarge upon them.

Dec. 22, 1836.]

Treasury Circular.


more than forty millions had been received from the something to increase the use and circulation of specie, sales of the public domain. This immense capital had and discountenance bills of small denominations. With been withdrawn from its accustomed employment. This, regard to this important object, Congress had, perhaps, of itself, was sufficient to derange the whole business of done all that it could by direct legislation. It has suthe country

perseded the act of 1819, and legalized foreign coin; it The period of distress to which he had particularly has raised the standard of gold coin; it has established referred, was also distinguished by speculations in the additional mints and greatly increased the annual coinpublic lands. They commenced in 1818; the sales that age, and particularly that of gold, which has already beyear exceeded seven millions of dollars; in 1819, they come a new and important part of our metallic currency. vere more than seventeen millions, and the first two The amount of specie in the country is greatly increased quarters of 1820 amounted to the enormous sum of the last three years, for which this administration is entwenty-seven millions. In July the law went into ope. titled to great credit. ration, requiring cash payments; and so entirely did ihe Mr. N. said that he could not assent to the proposition sales depend on credit, that they were almost entirely of the Senator from Massachusetts, who, if be under. suspended, and the last half of that year amounted to stood him, contended that it was the right and the duty only about four hundred thousand dollars; and, for the of Congress to regulate the whole currency of the counfour succeeding, did not average one million a year. try. By this, be understood the Senator to mean, that Speculations in the public lands again commenced in Congress had the power to regulate the paper issues of 1834, when the sales amounted to about eight millions; the State banks. If he did not refer to this description in 1835, to fifteen millions, and the present year to more of currency, it was difficult for him to conceive to what than twenty-four millions, including the sales of the his remarks were intended to apply. But whilst we Chickasaw lands, which do not go into the Treasury. were so emphatically informed that this was the duty of That a reaction should follow this reckless spirit of spec. Congress, we were not told how it was to be done. In ulation was inevitable.

what way can Congress regulate the paper currency Mr. N. said be thought that the attempt to charge the supplied by the State banks? The gentleman did not embarrassments and pressure for money upon the Treas. inform us: he seemed to have a studied caution and re. ury order had entirely failed. He believed the order to serve on this point, and thereby hangs a tale. Mr. N. be legal, and was satisfied that it bad had but little thought, however, there was no secret in the case. agency in causing the existing crisis. Still it was, in his The views of the Senator have been heretofore disclosed. mind, a question whether the principle of that order Sir, said Mr. N., the Senator would regulate the paper ought to be maintained. He considered it as a tempo. currency of the States by a paper currency of the Fed. rary measure, well calculated to remedy existing evils of eral Government; he would regulate the banking institu. the most alarming magnitude. But he was not pre. tions of the States by the agency of a Bank of the United pared to say that it would do as a permanent regula States. This was the secret. A national bank is to be tion. The strongest reason for its adoption was to guard the regulating power.

But the country thought the against the flood of paper money which was flowing remedy worse than the disease; they had twice tried it, with a swelling tide into the deposite banks from the and knew what sort of a regulation it was. He was sales of the public lands. This evil he hoped would be speaking of a national bank in a mere financial point of corrected by legislation before Congress adjourned, view, without any reference to constitutional or political which, so far as that object was concerned, would super. objections; and, in this aspect of the question, he did not sede the Treasury order. But still the question is be. hesitate to say that the proposition of establishing a na. fore us, and may have to be decided, in what currency tional bank, as a means of restraining and regulating the sball the public revenue be collected? This was a ques. State banks, was the most preposterous one ever sub. tion of great delicacy and magnitude. Great as he con miited to a deliberative body, and the boldest attempt sidered the evils of our paper system of money and ever yet made to practise on the gullibility of the peocredit, he did not see how this Government could pro ple. That such an institution possessed, and would nevide a remedy. It certainly could not do it by any cessarily exercise, great power over the State banks, he direct legislation; it had no power over the State banks, was not disposed to deny; but the question was, whether or their issues. The only power it could exercise upon that power would be exercised for good or for evil. the paper currency of the State banks was indirectly in The question is not whether it is a regulator, but whether the collection and disbursement of the revenue; and this it is a safe regulator; whether it tends to keep the paper was no small power, especially at a time like the pres currency of the country more stable, or to render it ent, when the revenues amounted to more than forty more fluctuating. He appealed to the experience of millions. A large portion of the whole currency of the the country in the last twenty years to settle that ques. country passes through your Treasury annually.

tion. When the great national bank throws out its Mr. N. said he was not prepared io say to what er. money plentifully, the State banks do the same; they tent this power could safely be exercised. He was are invited to this course, and it is their interest to pur. satisfied, however, that it would not do at this time to sue it. When it curtails ils discounts and its issues, collect the revenue in specie, exclusively. Congress had, The State banks are compelled to do the same; so that no doubt, a right to do this; bui, in the colleciion of so the result of this mode of regulating the paper currency large an amount of revenue, we must have some regard of the country, through the agency of a national bank, to the business of the country, and to the ordinary cur. is, to place in the hands of a few individuals the power rency used in commercial and other transactions. It is to make money plenty or scarce at their pleasure. The evident that we might adopt a rule which would occa currency of the country is made to depend on the inter. sion great inconvenience, and perhaps injustice, be est, the caprice, or the passions, of one or more individ. cause the large sums of money received into the Treas. uals. This is a power greater than that possessed by ury cannot well be collected in a currency not in gen. your Executive; and its terrible effects were experienced eral use. Whatever principle is adopted as a permanent during the memorable year of the panic. regulation, ought to be uniform, and applicable to the Mr. N. said that the present high prices of provisions customs as well as the lands. That, in the collection and and the necessaries of life were supposed to be incondisbursement of the public revenue, it will be proper to ssistent with the existing scarcity of money. There was attempt to remedy some of the evils of the paper sys nothing, bowever, extraordinary in this state of things; tem, he had no doubi. We may, by our regulations, do it was the case in 1819. The reaction was felt first upon


Treasury Circular.

(Dec. 22, 1836.

stocks, and those kinds of property which bad a more the principle of distribution unpopular. Sir, said Mr. N., intimate connexion with the money market; whilst the the opponents of that principle do not desire the aid of products of labor were less easily or immediately affect any stratagem or artifice; they will not even lake ad. ed. When the prices of the necessaries of life are once vantage of embarrassments and difficulties which the raised, by an undue expansion of currency and credit, execution of that law has occasioned. These were temand consequent speculation, it takes a long time, often porary evils; they were foreseen at the time. He was years, to bring them down. Labor is the last thing that one, and perhaps the last, who had come into the supis raised in price; but when it is, all the produc's of la- port of that measure; but he did it with the full belief bor will of course be advanced, and may remain high that its immediate effect would be to increase the existing for years; but the reaction which is going on must bring difficulties. In supporting the act, he did not conthem down to their proper value.

sider that he sanctioned the principle of distribution. The Senator from Ohio [Mr. Ewing) has given a Had the Senate then been told, as it had now, by very novel explanation of the present high prices of the Senator from South Carolina, (Mr. Calhoun,] that breadstuffs. He says that this country will no longer in passing that act they would establish the principle of export wheat or four; that there is but a small beli of distributing surpluses from year to year, the bill could three or four degrees of latitude suitable for grain; and not have passed the Senate. Deeply and forcibly as that, from the establishment of manufactures, the demand many of us felt the condition of your Treasury; unwilling at home is greatly increased; so that bereafter we can as we were that forly millions of the public money should do no more than supply ine domestic demand. We remain, for several years at least, in the deposite banks, are told, also, that Europe is a great grain country. to be used as a capital, multiplying all the evils of our But the Senator seems to overlook the great and im- inflated paper system; anxiously and deeply as we were portant fact of the difference in the population of the impressed with ihese evils, we should not entertain even two continents.

The whole population of the United a thought of relieving the country from them by States is less than that of the British isles, which for sanctioning the principle of distribution. No, (said Mr. several years have supplied the entire breadstuff for N., ) that principle bas not yet received the sanction of their whole population. At the time of the union, in this body; but, it seems, it is to be pressed upon us the 1750, England and Scotland had a population of seven present se-sion; and he trusted the opponents of the millions and a half, and the agriculture of the country measure would be prepared to meet it, here and else. produced barely a supply of grain equal to the con where, before the tribunal of public sentiment, where sumption; and since that time the population had more all questions affecting the great inter<sts of the country than doubled, yet the last two or three years no wheat and the safety of our institutions must ultimately come, had been imported. The production, by the improve and where the decision is not only final, but always safe, ment of agriculture, bad increased considerably above and usually correct. The opponents of this scheme one hundred per cent. and to what extent it might be want no extrinsic circumstances, or even temporary conincreased remained to be known. Comparing this siilerations, in bear on the question; all they ask is, to country to England, he did not doubt that its resourc s meet the principle in free, open, and fair discussion, for grain, when properly developed, would be found upon its own intrinsic merits. If it is a sound and safe sufficient to sustain a population of two hundred millions. principle, in accordance with the constitution, consistent The Senator's own State, and one adjoining, could pre- with the rights of the States, and conducive to the genduce grain sufficient for the present population of the eral prosperity, it will doubtless be sustained; but it it whole Union.

shall appear to be in conflict with the spirit of the coliMr. N. said he would conclude what he bad to say, by stitution, fraught with mischief, tending 10 corruption, noticing one observation of the Senator from Chin, (Mr. and dangerous to the rights and independence of the Ewing.] That Senator did not seem to be satisfied with States, it could not stand, either bere or before the condemning the Treasury orsler as unconstitutional and il popular tribunal of the country. legal, and as the cause of the distress which has prevailed, Nr. N. said he had concluded what he had to say, and but be seemed to think it necessary to assail the motives had detained the Senate much longer than he intended. of its authors. He more than insinuated that the measure Mr. RIVES said he thought the observations just made did not originate with the President or the Secretary of by his friend from Connecticut (Mr. Niles) showed conthe Treasury. He seemed to allude to a power behind clusively that there were insuperable objections to the the throne, greater than the throne itself; but with whom adoption of the resolution proposed by the honorable Senthat power existed, we were not informed. He expect. ator from Ohio, (Mr. Ewing,] for rescinding the Treasury ed every moment to hear that it was the “ Kitchen order of 11th July Jast. In the first place, the form of Cabinet;” but the Senator had not expressly alluded to the proceeding was altogether unusual and inappropria that famous council, which once exercised such potent ate. It proposed to rescind an executive act. But the influence over public affairs.

business of Congress was not to invalidate or to confirm He thought that common justice required that the executive acts, but to pass laws; or in other words, esmotives of the President should have been spared. This, tablish rules operating in futuro, to which executive achowever, had not been done. The Senator appeared tion would thereafter conform. The action of the le. to think that there was some wicked motive the gislative authority ought to be original, independent, Treasury order; that the object of its authors was not and prospective, and to bear on its face no reference to what it imported, or what had been assigned. He says, the acts of any other department. the real object was to create embarrassment and distress Indeed, it is difficult to conceive what reason there throughout the country, and to charge the same to the can be for giving the particular form proposed to the acoperation of the deposite act of last session, and thereby tion of Congress in this case, unless it be to imply a cenrender that measure unpopular with the people. This sure on the act to be rescinded. But however unpre. was the deep-laid plot which the Senator bas discover pared I may be at present, said Mr. R., to make the proed. Mr. N. said lie would only say, in reply, that if any visions of the Treasury circular the permanent policy of sucb purpose had any influence on the issuing of the the Government, I will not concur in any proceeding Treasury order, it was the silliest scheme that ever which shall cast a censure on the Executive for issuing originated from the fatuity of man. It could not be sup- it. Whatever may have been, or may still be, its actual posed that the act of last session was to be repealed, and, operation, (and on this point the diversity of testimony of course, there could be no other object but to render I and opinion among those far better informed than I bave

Dec. 22, 1836.]

Treasury Circular.


any means of being, is so great as to render any judg. the under-valuation of the gold coins; in the largely in. ment I might be able to form of but litile weight,) of creased coinage and importation of both gold and silver; one thing I am well persuaded, that the motives which in the salutary influence exerted by the Treasury, induced the Chief Magistrate to direct it to be issued through the collection and disbursement of the public were of the most honorable and patriotic character. I revenue, over the leading State banks, and in the enmust say, also, that notwithstanding the ability and talent lightened policy adopted by a majority of the States, in displayed on this, as on all other occasions, by the learn beginning a suppression of ihe smaller notes. It can be ed gentleman from Massachusetts, (Mr. WEBSTER,] he carried fully into execution only by a continued co-ophas not, in my humble judgment, succeeded in establish eration of the General and State Governments, on the ing any want of legality in the measure adopted by the same sound and practical views. Like every other great Executive. Whatever rule, therefore, Congress may reform, it must be gradual and progressive. In unduly deem it necessary and expedient to establish for the fu. precipitating the process, there will be danger of inausture collection of the public revenue, I shall, for one, picious reactions, and in the view of the great body of be opposed to any mode of action on the subject, which ihe community, whose material interests are always liable shall imply a censure for the past.

tu be bruised and shocked by sudden and violent changes, T'he honorable Senator from Connecticut (Mr. NILES] the remedy might unfortunately come to be looked upon bas, in my judgment, presented the executive order of as worse than the disease, July last in its true light, as a temporary and occasional While, therefore, I woull steadily persevere in the act, growing out of an extraordinary state of things then wise policy of enlarging the specie circulation of the existing. It was designed to meet that state of things, country, (the first efficient commencement of which has and may have been wise and salutary as a temporary act, been made under the present administration,) I would to operate until the meeting of Congress, while its con. carefully abstain from compromising the success of 90 tinuance as a permanent legislative rule would be inex. important a reform by any premature or precipitate expedient. The President limself evidently regards it in -periment, which might endanger reaction. The present this light. In his message, at the commencement of the occasion may, with great propriety, be embraced, 10 session, he submits the whole subject for the considera make another safe advance in the prosecution of that retion of Cingress; and while he recommends to them form, by laying a restriction on the receipt, in public earnestly the adoption of some measure for limiting the collections, of the notes of all banks issuing bills under sales of the public lands, he attaches but little impor. I certain denominations. The joint resolution of 1816 tance to the future requisition of specie in payment for ought to be remodelled, and adapted to the present conthem. Now, sir, I beg leave to say, in advance, that any dition of things. Some of its provisions have become practicable and equal measure, which shall be digested obsolete. Of the four media of payment, in the collec. by the gentlemen of the West, to prevent the great evil tion of the public dues, recognised by it, two no longer of a monopoly of the public domain in the hands of spec exist, to wit: Treasury n tes, and notes of the Bank of ulators, shall meet with my hearty concurrence. A bill the United Stales, as a national currency.

of the refor that purpose is already before us, and, without hav. maining two, specie and the notes of specie-paying ing examined, or being prepared to express an opinion banks, the latter ought in my opinion to be subjected to of its details, I hope it will receive the prompi considera- additional restrictions, especially such as may have a tion and action of Congress.

tendency to promote the great practical reform of a But to return to the Treasury order. The President suppression of the small notes. But, while the notes of has done what he deemed his duty, under the pecul ar specie-paying banks are created by all the world, in pri. and extraordinary circumstances of the emergency. Vale transactions, as equivalent to specie, I do not think We are now called upon to do ours, in establishing some the Government would be justified in refusing them in definite and permanent rule for the future colleciion of public collections aliogether, until gold and silver shall, the revenue. An indispensable characteristic of any by the previous suppress on of small notes, have taken permanent system must be its uniformity. The genius the place more generally of a paper currency. of our constitution demands equality in the laws, and What bus appeared to me best to be done, under ex. especially in the fiscal operations of ibe Government. It isting circumstances, is a revision and modification of the does not allow, as a permanent regulation, that specie joint resolution of 1816, adapting it to the present conshall be required in payment of one branch of the reve. dition of things, and providing ihat all sums of money nue, while bank notes are received for another-that accruing to the United States, whether from customs, one rule of collection shall prevail in the West, and an public lands, or oherwise, shall be received only in gold other in the East, Whatever medium of payment, and silver, or in noles of banks paid on demand in gold aod Therefore, Congress shall prescribe for one portion of silver, but with the following restriction as to such notes, the public dues, ought to be extended to every other. with a view to encourage the disuse and suppression of the

Shall that medium, in public receipts and disburse. smaller bank issues, and there by enlarge the specie cir. ment, be specie exclusively? Even if this should be the culation; that is, from the passage of the law, no notes ultimate policy of the Government, the country is, in my to be received in public collections of any bank, though opinion, not yet ripe for its adoption Specie must first a specie.paying bank, which sball issue bills or notes of a diffuse itself more generally through the ordinary busi less denomination than five dollars, and the like prohiness of society, the common channels of circulation bition to be gradually extended, (allowing due time for must be better filled with the metallic currency, before the change,) first to the paper of banks issuing bills of a the Government can, with justice to the public debtor, less denomination than ten dollars; and, finally, to that of sternly demand payment of its dues in gold and silver banks issuing bills or notes of a less denomination than exclusively. The only effectual means by which a lar. (wenty dollars. I would add also this farther limitation: ger circulation of gold and silver in the general trade and that not even the notes of specie-paying banks of the business of the community can be obtained, is the sup- above descriptions sbould be received, unless they were pression of bank notes of the smaller deno ninations such as the banks isi which they were to be deposited, This is that practical reform of the corrency which has should agree to pass to the credit of the United States as been held steadily in view by the present administration cash; obtaining thus a double guarantec for the soundand its friends; and in preparing for which, much has al ness and safety of the public collections, and making the ready been accomplished in the important steps of putting whole transaction, to every practical purpose, equivadown the Bank of the United States; correcting by law Jent to a payment in specie.


Heirs of Colonel Philip Johnston.

(Dec. 26, 1836.

A measure of this kind would, in my opinion, best On the 1st of August following he was promoted to the satisfy the exigencies of all the public interests involv- colonelcy of his regiment in the brigade under General ed, whether of the revenue, the currency, or the gene. Heard, destined to form part of the flying camp, then ral business of the community, and would conform to assembling, for the defence of New York. It was then the sense of the country at large. I have drawn up, well known that the enemy, with a powerful fleet, and a Mr. President, a resolution, founded upon and imbody. well-disciplined and appointed army, was menacing New ing these views; but I am embarrassed by a question of York. This was, indeed, “the time that tried men's order, in placing it regularly before the Senate at the souls.” The timid sought safety in retirement, and the present moment. I will, however, take the liberty of wavering were dismayed. reading it to the Senate, and will cheersully conform to At this moment the earnest and soul-stirring appeals any suggestions which may be made as to the best man. of the Father of his Country to the patriotism and bravery ner of disposing it.

of Americans, roused the patriotic spirit of the sons of The call of the ayes and noes on the second reading New Jersey: of Nir. Ewing's resolution was then withdrawn, and it

And from the snds of grove and glen, was passed to a third reading by general consent, in or.

Rose ranks of iron-bearied men, der to admit a motion to amend: and it being then allow

To battle to the death." able to offer an amendment, Mr. Rives moved to amend The reputation of Colonel Johnston for patriotism, it by striking out all after the word Resolved," and in. bravery, and talents, enabled him speedily to enlist his serling in lieu of it his own resolution, as follows: regiment, and at its head be marched to defend big

Resolved, That hereafter all sums of money accruing or " bleeding and enfeebled country." He was then in becoming payable to the United States, whether for the vigor of manhood, in the possession of a moderate customs, public lands, taxes, debts, or otherwise, shall competency, and the prospects of the future bright be. be collected and paid only in the legal currency of the fore him. These, and all the endearments of the do. United States, or in the notes of banks which are paya. mestic circle, a young and beloved wife, and three ble and paid on demand in the said legal currency, un daughters of iender years, he left at the call of his coun. der the following restrictions and conditions in regard to try. such notes: that is, from and after the passage of this The morning of the 27th of August, 1776, found Col: resolution, the noles of no bank which shall issue bills or onel Johnston at the head of his gallant regiment, on the notes of a less denomination than five dollars shall be re battle.ground of Long Island, resolved, in the language ceived in payment of the public dues; from and after of his illustrivus cominander-in-chief, " to conquer or to the first day of July, 1839, the notes of no bank which die.” He fought near the side, and under the eye of shall issue bills or notes of a lese denomination than len his immedinte commander, General Sullivan. It was a dollars shall be receivable; and, from and after the 1st post of danger as well as of honor, and demanded both of July, 1841, the like probibition shall be extended to courage and conduct. Never did any officer more gal. the notes of all banks issuing bills or notes of a less de. lantly fulfil the expectations of his country, or more glo. nomination than twenty dollars; but the public debtors | riously earn a title to the blessings and praises of his shall have the option of paying either in the said legal countrymen. He fell at the head of his regiment by a currency, or in the notes of banks of the description wound in lois breast, and bravely struggling to turn the above mentioned, in good credit: provided, however, fortunes of that disastrous day. He died for his country, That no notes shall be taken in payment by the collect and under its banner, fighting for the general defence, ors or receivers, which the banks in which they are to and to secure the blessings of freedom for his whole be deposited shall not be willing to pass to the credit ofcoustry. the United States as cash.

Yes, sir, he died in the cause and service of America, The amendment was ordered to be printed; and then, for the liberty and rights of all, and left to his country. On motion of Mr. HUBBARD,

men an inestimable legacy, the example of his pure pa: The Senate adjourned till Monday.

triotism, his devoted courage, his chivalrous gallantry,

and his glorious death. Who can calculate the extent, MONDAY, DECEMBER 26.

the influence, and the value, of that example upon the

fortunes of our country at that gloomy and trying periHEIRS OF COLONEL PHILIP JOHNSTON.

od, when even “hope was sinking in dismay?" Well, Mr. WALL presented the petition of Maria Scudder, sir, may New Jersey glory in the example of such Martha A. Lloyd, and Elizabeth Johnston, the children It marshalled the way to those “heroic deeds" which and heirs of Colonel Philip Johnston, for compensation bave immortalized our revolutionary sires. for his revolutionary services. Mr. W. remarked: On presenting this petition, I feel

"Tis to the virtues of such men man owes that I should not discharge the duty which I have under.

His portion in the good thai Heaven bestows; fuken for the respectable petitioners, nor do justice to

And when recording History displays

Feats of renown, though wroughi in ancient days, the State which I have the honor in part to represent, if Tells of a few siout hearts who fought and died, I did not avail myself of the occasion to make known to Where duty placed them, by their country's side; you the merits and services of one of her most gallant The man that is not moved by what he reads, and patriotic sons. Colonel Philip Johnston, the father That lakes not fire at their heroic deeds, of the petitioners, was among the first of her sons which Unworthy of the biessings of the brave,, the devoted patriotism of New Jersey offered on the

Is base in kind, and born to be a slave." altar of American independence. Never, sir, was there

Sir, no monument has been erected, by the gratitude of a more pure and noble sacrifice made on that altar. his country, to the memory of Colonel Johnston; no re

At the declaration of independence, Philip Johnston corded honors thicken around his tomb; no history diswas a lieutenant colonel in the New Jersey militia; he plays his " fears of renown;" for, unfortunately for his had been appointed to that rank by an ordinance of the memory, the revolutionary history of New Jersey is yet Provincial Congress of New Jersey, passed on the 14th

to be written. His fame resis in the memory of his few of June, 1776, providing to raise, by voluntary enlist. surviving gallant companions in arms, or happily may be ment, 3,300 militia, to reinforce the army at New York. faintly recorded among the memorials of frail and decayThis ordinance was passed in pursuance of the resolution ing memory in the Pension Office. One memorial of the of the Continental Congress of the 30 of the same month. “heroic deeds” of Colonel Johnston, gatbered from the


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