all descriptions of labor and commodi- only commodity. If he cannot sell it ties at the same time in an equal de- to-day, it is lost to him forever. gree. The usual effect of an increase These are the influences, said Mr. B.; of issues, appears to be to raise still these expansions and contractions, higher those articles which are rising which the friends of the amendment profrom some natural cause; and the effect posed by his friend from Fayette (Mr. of a contraction, to sink still lower those Fuller, are anxious to prevent. They which are falling from some natural do not prefer any system which will, cause. Malthus has observed, the ten- like the bed of Procustus, extend their dency of paper money, is in some in- business transactions, or contract them stances, to sink prices to their lowest, at pleasure for the advantage of specuand raise them in others to the highest lators. point. Of rise of prices produced by expansions of Bank issues, we had striking examples in 1825 and 1831, and melancholy proofs of contraction in 1820." Wages appear to be among the last things that are raised by an increase of bank medium. The working man finds all the articles he uses in his family rising in prices, while the money rate of his own wages remains unchanged. In the year 1831, which was a year of great expansion, rents rose enormously in many parts; store goods advanced in price; and such fresh provisions as are sold in the market, were higher than they had been at any time since the resumption of specie payments after the suspension; since the war of 1812; but the money rate of wages was hardly affected. Suspensions and resumptions of spe. cie payments only make the effects of contraction and expansion more obvious. The money of the country is paper money now, as it was in 1815 and 1816. Its countibility finds limits on its expansion; but frequent contractions are necessary to keep it countible; and expansions and contractions are followed by very pernicious consequen ces. The author quoted from, further says, said Mr. B.-"If the speculator is a bank director, or a favorite with bank directors, happy is his lot. Is there a scarcity of money? It affects him not. Money is made more scarce with other men, that it may be made plenty in his pockets. Whatever may be the condition of others, he is in no danger, but is benefitted. In the language of the report of a committee of the New York legislature, made in 1818, he, Mr. B. would add, "Of all aristocracies none more completely enslave a people than that of money; and no system was ever better devised so perfectly to enslave a community as that of the present mode of conducting banking establishments. Like the syren of the fable, they entice to destroy. They hold the purse-strings of society; and by monopolising the whole of the circulating medium of the country, they form a precarious standard, by which all property in the country, houses, lands, debts and credits, personal and real estates, of all descriptions, are valued; thus rendering the whole community dependent on them." And Mr. Jefferson has, on this subject of banking institutions, remarked: "They have taken deep root in the As in the case of all public evils, the hearts of those from which our legislators system leans with most hardship upon fable, has become history. That paper are taken, and the sop to Cerberus, from the poor. The rate of wages is, as we have seen, the last thing affected by an money has some advantages must be expansion; and one necessary conse- admitted; but its abuses are also ineviquence of a contraction, is to deprive table, and makes a lottery of all private some men of employment. If a rich property." man cannot sell his merchandise to-day he can sell it to-morrow; and if he cannot sell it for full price, he can sell it for half-price. But labor is the poor man's General Washington, in 1780, in a letter to a friend, writes as follows, relative to the avarice of speculators, &c. Friends and foes seem now to com bine to pull down the goodly fabric we have been raising at the expense of so much time, blood, and treasure; and unless the body politic will exert themselves to bring things back to first principles, correct abuses, and punish our internal foes, inevitable ruin must follow. Indeed, we seem to be verging so fast to destruction, that I am filled with sensations to which I have been a stranger until these three months. Our enemies behold with exultation and joy how effectually we labor for their benefit, and from being in a state of absolute despair, and on the point of evacuating -America, are now on tiptoe. Nothing therefore, in my judgment, can save us, but a total reformation in our own conduct, or some decisive turn of affairs in Europe. The former, alas! to our shame be it spoken, is less likely to happen than the latter as it is now consistent with the views of speculators, and the various tribes of money makers and stockjobbers, of all denominations, to continue the means of their own private emoluments, without considering that this avarice and thirst for gain, must plunge all, including themselves, in one common ruin." Having now said something of the origin and progress of banking-the danger of the influence of money upon community and government, and the apprehension many good men had, that the liberty of this country would be jeoparded, undermined, and destroyed through the instrumentality of commercial intercourse, and the late United States Bank, he, Mr. B. would, as briefly as he could, speak of the chartering of the present United States Bank; and in doing so, he desired gentlemen to understand, that he would not willingly wound the feelings of any. It was not in his composition to wantonly insult any man or set of men; but having a duty to perform in this matter for his constituents, he must discharge it and take the consequences. If the Bank Presidents, Cashiers, Directors, Stockholders and others, who might hear him, should set upon him, as certain officers of the army did upon John Randolph of Roanoke, after hav ing called them in debate, and while Congress sat in this city, Ragamuffins, he must speak what he believed to be the opinions and will of his constituents. The President of the Convention has spoken of "war to the knife." Does he remember, that the wise and good Nathaniel Macon, saved Mr. Randolph from personal injury, by presenting himself as his friend, with no other weapon than a common pen knife. Another, a larger and a better knife was, on this account, afterwards, presented by Mr. Randolph to Mr. Macon, and subsequently, the same knife was given by Mr. Macon to the fearless Col. Benton. So much for the knives. However unwilling gentlemen might be to hear it, he must, in the language of the gentleman from Luzerne, (Mr. Woodward) say, the act of assembly, authorizing the charter, came upon the people "like a clap of thunder from a clear sky;" and although the gentleman from Indiana, (Mr. Clarke) had been severely rebuked, for using the word indecent, in reference to the haste with which the act was passed, he would take leave to say, that in the opinion of his constituents and his own opinion, it was so passed. The gentleman from Indiana, had, he supposed, used the word in a comparative sense. And if the time usually required for a bill to pass in the legislature, is the decent time, then the act of incorporation for the United States Bank, was passed with indecent haste. No bill incorporating a turnpike road company, bridge, insurance, or other company, that he had any knowledge of, ever was passed in such haste. Gentlemen may complain when they hear bribery and corruption intimated or alleged against certain Senators. He would not say, that either senators or representatives were guilty of either of these things-it was not necessary on this occasion, that he should; but he would say, that many of his constituents, and many of the people of the State, believed there was something improper something savoring of fraud practised upon them by the passing of the act of February, 1836, authorising the char ter of the United States Bank. They monster; and' well it might being the are jealous of their rights, and rightly production of a most unnatural union— so. Our constituents, he said, are so of to say nothing of perfidy—a union of us. I wish gentlemen, to remember, fragments of parties, as essentially difthat "love is strong as death, and jealousy cruel as the grave." ferent as vinegar and oil-of substançes repulsive as the elements of fire and It was this idea which caused the edi- water, and yet attracted, when a com*tor of a newspaper in Bedford county, mon object was to be gained, even in and the organ of a portion of the peo- the production of a monster. It was a ple of that county, to publish that, un- law of nature, that monsters never proless the people of the State would get duced their like, and such another relief from the oppression of this insti- would not soon appear in Pennsylvatution,they "wouldraze it to the ground, and strew salt upon its foundation." nia. The illustration given by his friend Let gentlemen turn to the act itself, from Susquehanna' (Mr. Read) for the and after noticing the appropriations purpose of satisfying the committee of made for one object and another-a the impropriety, on sound moral princiturnpike road here, a rail road there, ples, of the suspension of specie pay-a bridge in one place, and a branch of ments by the banks, in the month of the United States bank in another, and May last was, in his opinion, conclusive. tell him whether there was any thing He had learned, that when driven to the “passing strange," or wonderful, in the wall, and no room or way left to escape, suspicions of the public. even homicide might be justified. But to allege that the suspending banks had money in abundance to satisfy their creditors, and yet refuse to do so, was, in the estimation of the uninitiated, what in individual transactions, would be condemned. Sir, said Mr. B. suspicion is fastened upon them (the actors in that drama) as they fastened the Bank of the United States upon the Commonwealth; and like the shirt of Nessus, it cannot be're moved without tearing the flesh! life, as it might be, would unhinge socie ty, and cause the destruction of commerce, credit, and every institution in the State and country. He hoped for better things, and would never despair of the Republic. It was scarcely necessary to occupy It was, he said, painful to contend the time of the committee in rehearsing with gentlemen on a subject of this the belief of many of his constituents character-a subject involving every and others in the State, that stock of the thing dear in civilization-and which, if Bank was purchased during the pending the principles contended for here, should question in the legislature, at depressed be carried out into all the relations of prices; and which, after the charter was allowed, was sold at twenty to thirty per cent. advance-aye, and by certain Senators, who, it was supposed, had sworn upon the altar of their country, never to aid, by word or action, in the passage of such an act. He knew they endeavored to excuse themselves, by asserting, that the condition of the finances of the State required the withdrawal of their hostility, and moreover, their aid in the project. And he knew also, that it had been said, "necessity He had much to notice in the arguhad no law." ments of the gentlemen from the cityNone that were conversant with, and the gentlemen from Franklin-the genunderstood the condition of the com- tleman from Erie the gentlemen from monwealth at the time could seriously Allegheny, Butler, and others on that believe in the necessity. The cloak was side of the question, but he would not not large enough to cover itself. Occupy any more of the time of the When the question relative to repealing bank and other acts of incorporation should be reached, he, Mr. B. would, if he had the opportunity, take occasion to speak more at large on this subject, it was an important one. The institution had been called a committee.. ड He would conclude by expressing his confident belief, that if no notes of less denomination than ten dollars, were issued by the banks of the State, the vacuum would very soon be filled with gold and silver, as had been the case after the passage of the law prohibiting the circulation of notes of a less denom ination than ten dollars, and which, as a member of the legislature, he aided in passing. Gentlemen here and else where, might avow that they would pre fer five dollar notes to half eagles, rags to bullion; but without any reflection upon such expressions, he must entertain a different opinion, and vote ac cordingly.. NOTE: Mr. Banks was prepared to answer banking system had cleared our lands-built our the arguments of gentlemen, that the present houses made our towns, and villages, and cities what they are. been accomplished by labor-the labor which He intended to show, that these things had caused the sweat of the brow. of the President, that commerce is every thing He was also prepared to answer the avowal to man-that life itself had been lengthened by it! He intended to show, that letters the sciences the arts (particularly printing,) had done more for bettering the condition of man, than commerce. But he, without taxing the patience of the committee, which had already indulged him very favorably, could not do so, and he therefore desisted. TO THE PEOPLE. The subjoined extract from the Pennsylvanian, is a graphic sketch of part of those low, long, black, tricks and manœuvres put into operation by the shin plaster party in the Reform Convention, for the nefarious purpose of defeating reform and retarding or obstructing the adoption of an improved system in the monetary concerns of the Commonwealth; and to effectually fasten the leech and pirate aristocracy of avarice upon the Body Politic. The people will profit by this additional evidence of shameless prostitution of honor and honesty, on >the part of the suborned advocates of irresponsible chartered corporations; and the cause of reform and human improvement must and will acquire additional impetus in its onward march, by the detection and public exposure of the sneaking, sinisster meannesses,and Sergeantisms of its opponents. REFORM CONVENTION. It will be seen by our report of the proceedings of this body, that an amendment restricting the Legislature on the subject of Bank charters has been passed by a vote of 85 to 29. conservative ears for two hours, reading from magazines and newspapers. &c. beginning with the discovery of this country by Columbus, and ending with Oseola in Florida, the interim filled up with all the low political slang of the various ages through which he passed-all of which was pronounced by the President to be "in order." Having read all his newspapers and delivered in detail all the elegant epithets he could find in these "all decency" papers, against Gen. Jackson, Mr. Van Buren, Democrats, Radicals, "Loco foco," &c. none of which however were either listened to or noticed by the reformers, he took himself off, as had done Dunlop and some other of the great conservative leaders. The friends of reform now again attempted to get a vote, when another of the hundred motions to adjourn was made. The rule of the Convention does not allow the yeas and nays on motions of adjournment, but to prevent erroneous decisions which are said to have been suspected sev oral members of the Convention had called throughout the evening for tellers, which had been appointed by the chair, but in this latter instance they were refused, and the President said he would decide for himself, and declared that there were 55 for the adjournment and 53 against it. The reformers to a man stood in their places The conservatives had voted down a number and denied the correctness of the decision-reof amendments of a similar character, by a majority of one or two votes in consequence of the fused to adjourn, and appealed from the chair. At this determined opposition the President turnabsence of as many of the friends of reform, dur- ed pale, and attempted to force his decision; but ing Thursday and Friday morning, but on Fri- finding his friends did not back him, he gave way, day afternoon the latter came in, and it was and appointed tellers, who returned 54 for the found that a majority of the Convention were de- motion and 61 against it! So much for the great termined to carry the subject through. Then commenced a course of action on the part of the John Sergeant to whom it was reserved to atconservatives, that fully showed their reckless-tempt to defeat the popular will, by prostituting his power as presíding officer to what would ness of principle. Every means was tried to seem to be an open palpable and proved fraud !! frighten the friends of reform-to coax them by We cannot close this article without doing jusoffers of compromise-to weary them out by long tice to the members of the democratic party, who speeches, filled with inflammatory attacks, made on this occasion acted with a noble forbearance and only to provoke replies and cause delay-mo- perseverance that does them honor. Only one tions to postpone calls of the previous question, deserter was found-D.M. Farrelly of Crawford: and motions to adjourn. All this was kept up J.M. Porter voted with the conservatives occauntil one o'clock in the morning, when the vote sionally; Mr. Fry of Lehigh, once by mistake; but was taken, and after all their opposition, many of the conservatives voted for it, finding it would these losses were more than made up by the unflinching firmness and devotion to honest principles of Hiester of Lancaster, McDowell of Bucks, and Seltzer of Lebanon, whom neither party smiles could seduce nor party frowns intimidate from doing what they considerd their duty. Purviance of Butler, and Sturdevant of Luzerne voted generally with the reformers, and Merkel of Cumberland rendered the cause some aid when it was most needed. The County members, all but Mr. Butler, who has been absent for some time by indisposition, were, all in their places, and voted members all against it. as one man throughout for reform; the City pass. During the afternoon and early part of the evening, Messrs. Hopkinson, Meredith, Scott, and others, tried every means in their power to defeat the proposed amendment. Then Dickey came to the charge with his "legislative tact", at the previous question, and "postponement." Dunlop brought up his light troop of "motions" and "speeches" that would have gained him great applause as the clown of a circus, but which were suffered to pass in the Convention without even a laugh. Cox, with the vanguard, entered the field at near eleven o'clock, and regaled a few |