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money to give for it. That the soldiers did not want. All paper money was alike to them. They had been ruined by it. Their own certificates the price of their scars and unclosed wounds, were in their hands-the best paper money then in circulation. They wanted bread. Virginia was then the land of corn; the very Egypt of the United States. They did not buy. They chose to keep their wheat in their storehouses, rather than put soldiers' depreciated certificates, a kind of old continental money, as they said, in their pockets. With Washington, like the pious Patriarch preaching righteousness to antediluvian sinners, even with him preaching patriotism and public faith, they would not believe-would not barter bread and relieve hunger-no, not of a soldier-for any such consideration. "When this Government was established; when this nation redeemed their high pledges, by funding and providing for that medium which patriots alone had with that hope received, or patriotic soldiers who were able to do so, had retained, then public justice did, as future mercy will do-reward all who, with faith in her high integrity, had fed the hungry and clothed the naked.

"Here is the deep fountain of the gentleman's abounding anathema against New-England: They began the Revolution; they relieved the army who conquered the colonies from the European nation, and gave the American people their independence; they received from this Government, by the funding system, the recompense of their patriotism and public confidence. These are injuries too high to be forgiven by one who has no goods but other's ills-no evils but other's goods.

"This Government,' says the gentleman, 'was, by the Constitution, made a hard-money Government, because that Constitution gave them the power to "coin money." New-England has made it a paper-money, cotton-spinning Government.'New-England, Sir, although not entitled to the honor of having introduced the Banking System, is yet entitled to the credit of never having departed from the principles of that system, by refusing to redeem her bills with silver or gold. The Government, by establishing the funding system, established the great banking principle in the country. All these sons of Mammon,

who look on gold and silver as the only true riches, will regard, as the enemies of all righteousness, all those prudent statesmen, who consider money as merely the great circulating machine in the production of their country. It, therefore, becomes highly important to furnish so necessary and costly a machine, at the least practicable expenditure of labor and capital.

"Every nation must be supplied with this circulating medium, in amount equal, and somewhat more than equal, to all its exchanges, necessarily to be made at any one given time. The same medium, or part of the whole, may operate different exchanges at different times: but there must, at all times, be in the nation an amount equal to the amount of exchanges in operation at any one and the same time. This medium may be all money; or what the laws have adjudged to be as money. It, however, in all trading nations, or which is the same thing, in all rich nations, does consist of several other parts. All the stocks representing national debts are one part of this medium. All the stocks representing the debts and capital of all incorporated companies, are a second part. All the paper, representing all the debts of individuals, and unincorporated trading companies, is a third part of this medium of circulation. The whole money, or what by law is adjudged to be as money, makes up the fourth and last part of this great machine of circulation, sustaining and keeping in full work, all the money production of any country. This money was anciently, in most nations, gold and silver. The modern invention of banking is thought to be an improvement.

"If the money circulating medium of this nation be, as probably it is, fifty millions of dollars, the cost of furnishing that amount must be equal to that sum. The yearly cost must be whatever the market interest may be in the whole country. To this must be added the amount yearly consumed by the wear of all the metallic pieces, whether gold, silver, or copper, of which such money is fabricated. This may be three per cent. The very great cost of transporting such a weight of money, to make all the ready exchanges of the immense trade of our country, cannot readily be appreciated or even conceived by men accustomed to the accommodation of bank bills for all such exchanges. Six

per cent. per annum would not be a high charge for this cost. The whole expense would be per annum, fifteen per cent. at the least, and in the whole amount, seven million, five hundred thousand dollars.

"If the banking system be, as it is, substituted for this hard money circulation, what will be saved? The whole success depends on one principle. If men receive bank bills, because they believe they may, whenever they call for it, at the bank, receive, for such bills, their amount in silver or gold, they will never go for such exchange, until they want the silver and gold for some purpose for which the bank bills cannot be used. How often this may be, cannot, a priori, be stated. Experience has solved the question. It has been found that not more than one dollar in eight, will usually be wanted for any such purpose. If, therefore, an amount, in gold and silver, equal to the one eighth part of the circulating money medium be kept in the vaults of banks, it will answer all calls for specie, in exchange for bank bills. With a money circulating medium in your country equal to fifty millions, you must keep in your vaults six million, two hundred and fifty thousand dollars, in silver and gold. The yearly interest of this, at six per cent. is three hundred and seventy-three thousand dollars. If your banking houses and all other implements of trade cost a like sum per annum, or three hundred and seventy-three thousand dollars; then the whole cost annually, of your money medium, will be seven hundred and forty-six thousand dollars. The whole saving to the nation equals six million, seven hundred and fifty-four thousand dollars. That is the hard-money Government of the gentleman from Virginia, sustained by the tobacco-planting and slave-labored culture of Roanoke. This the banking and cottonspinning Government of New-England, sustained by the freelabored corn and wool culture, and the manufacturing skill of the North, the West, and the East. Which is most productive of national wealth, comfort, and independence, has been abundantly demonstrated; that each is equally honest and constitutional, no man, who ever looked into the world, or up towards heaven, or into his own heart, the gentleman alone, always excepted, will have any cause ever to doubt.

"One objection more made by the gentleman to banking, and I leave him, to his own mercy. He has charged the banks in New-England, with the whole moral guilt of him, who lately, by fraud and peculation, possessed himself of the funds of a certain bank in Virginia. He has quoted the great canon of the Redeemer, 'lead us not into temptation.' Thus stands his argument had not New-England invented and brought into use, the banking system, this Virginia Bank would never have existed; and, therefore, his friend, the cashier, would not have been trusted, or tempted, or have transgressed. The gentleman from Virginia, (Mr. Randolph,) seems to have, and what can be more natural, a great sympathy for all but honest men. Sir, had God never given thee aught, that is thine own, he need never have said unto thee, 'thou shalt not covet aught that is thy neighbor's.' The gentleman has discoverd a new mode of preventing crimes: destroy all property, and you lay the axe to the very root of all transgression. Not so, robbery, defrauded of his spoil, and changed to hungry, lean, gaunt murder, would still plunder, for blood, when nothing else was left to be plundered.

"To justify the Virginia cashier, the gentleman lays the sin at the door of New-England. They tempted, and but for this temptation, he had now been a pure, prosperous and high-minded gentleman. This apology is not new in any other respect, than in its application. He must have drawn it from a book, written in the second century, by a Jewish Rabbi, who calls himself Ben Mammon. The title of this labored work, is 'An Apology for Iscariot.' The whole argument may be thus shortly stated. "The Nazarenes,' says this Hebrew doctor, 'accuse this man, Iscariot, without cause. Nay, they themselves were the authors of their own calamity. Jesus himself made Iscariot the purser of the whole family; and by putting money into his hands, tempted and seduced him into avarice and covetousness. If this had not been done, this much-injured man never would have delivered up his master to the high-priest, or sold him for thirty pieces of silver. It is also manifest,' continues the Rabbi, 'that, had the Nazarene continued at home, where he ought to have continued, and in his carpenter's shop, and at his own

trade, he never would have appointed Iscariot for his purser, nor ever have been betrayed by him. Iscariot was therefore a just man; and has been grossly libelled by Matthew the publican, who wrote the story. The guilt of this man's blood who hanged himself, and of the innocent blood, as he says, of his master, is on the head of Jesus himself, the founder of the Christian sect.' Thus, Sir, Ben Mammon justified Iscariot, and blasphemed Jesus; and thus, too, the gentleman from Virginia justifies his honest friend, the cashier; and calumniates the whole labor, capital, morals and piety of New-England; and thus, too, mutatis mutandis, would he have placed a diadem on the murderous temples of Barrabas, and planted a crown of thorns on the head of him who redeemed the world.

"Whence all this abuse of New-England, this misrepresentation of the North and the West? It is, Sir, because they, and all the patriots in the nation, would pursue a policy calculated to secure and perpetuate the national independence on Great Britain. It is because they are opposed by another policy, which, by its entire, and by every part of its operation, will inevitably bring the American people into a condition of dependance on Great Britain, less profitable, and not more to our honor, than the condition of colonies. I cannot, I would not look into the secrets of men's hearts; but the nation will examine the nature and tendencies of the American, and the anti-American Systems; and they can understand the arguments offered in support of each plan of national policy; and they too can read, and will understand the histories of all public men, and of those two systems of national policy. Do we, as it has been insinuated, support the American policy, in wrong, and for the injury and damage of Old England? I do not; those with whom I have the honor to act, do not pursue this course-No, Sir, • Not that I love England less,

But that I love my country more.'

Who, Sir, would wrong; who would reduce the wealth, the power of England? Who, without a glorious national pride, can look to that as to our mother country? It is the land of comfort, accommodation, and wealth; of science and literature; song, sentiment, heroic valor, and deep, various, political philos

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