USA > Pennsylvania > The Register of Pennsylvania : devoted to the preservation of facts and documents and every other kind of useful information respecting the state of Pennsylvania, Vol. IX > Part 105
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4, Penn Township, 9, President,
5, Madison.
Following these were cars with benches for the ac- commodation of the band.
The president and directors of the company occupied the "President."
At fifteen minutes past 12 precisely, the cars began to move. Some slight difficulties were experienced, owing to the horses not being used to the employment. All moved on, however, harmoniously, and with sufficient rapidity to allow an occasional look at objects which had assumed a new face, by the introduction of the Rail-road. About one o'clock the cars arrived at the rear of Germantown. The company then alighted; the band marched to an eminence near the front carriage, the top of which was then occupied by the officer of the Rail-road company; and after a few tunes had been played, E. H. Bonsall, Esq. the president of the board of directors, made a very interesting and pertinent ad- dress, in which he took a hasty glance at the labors which the company had performed, the difficulties overcome, and the prospects they now had of a full re- alization of their hopes of a profitable investment of capital.
The company was then invited to form a procession to Mrs. Heft's tavern, preceded by the music :- here, af- ter a few minutes waiting, they were invited into a hall, where had been prepared a sumptuous repast, in just such order, and in just such quantities, as hungry men admirc.
The grosser provisions of the table having been dis- cussed, with a perseverance and gravity worthy the best days of our ancestors, the lighter matters were drawn forth, and some wine glasses handled. We look- ed into one, and thought we discovered some excellent Madeira near the bottom.
While these things were going on above, in which the hospitable intentions of the directors were fulfilled, some of the company assembled in groups below, and argued the relative value of different cars, and differ- ent motive power, while others wandered in the garden, and discoursed of matters more remote. Meantime the sound, coloured wines were settled with a few dozen of Champagne; and a few minutes after three o'clock the company took up the line of march to the cars, mar- shaled by Capt. Miles, who during the day shewed the advantage of military knowledge, even in organizing a company of travellers.
At half past three o'clock the cars started for their return trip, and were little more than half an hour in performing the distance of between 6 and 7 miles.
The carriages, or cars, are splendidly made and fin- - ished, and will carry about twenty passengers inside, and 15 or 16 outside; they are each of them drawn by one horse in shafts between the rails.
The labors of the animal were much greater yester- day than they will be hereafter. The friction of the axles is now very great, and the pathway is yet rough. These matters will correct themselves shortly.
During the progress of the cars both ways, but espe- cially returning, they were greeted with the hearty cheers of thousands who were gazing with anxions cu- riosity at these strangers. Each promontory, elevated point, and near window, was occupied with the curious: age seized its staff, and flourished it exultingly; child- hood forewent its toys to witness the novelty; youth poured out its exuberant spirits in huzzas; and beauty
368
MISCELLANEOUS.
[JUNE
unveiled itself, that no part of the exhibition might pass unseen. The hat was flourished; labor swung its spade and mattock, the boys shouted, and the girls waved their handkerchiefs in hearty felicitation and good wishes. We looked out with delight upon one grey headed dame who joined the joyons group, and shook lier withered arm in a paralytic ecstacy of pleasure: and just then we caught the eye of a black-eyed dam- sel, whose festive face beamed forth a smile of heartfelt delight-but she was looking at a young man on the top of our carriage.
Almost every profession and employment had a goodly representation in the company. Our brethren of the Sentinel, of the Gazette, the Inquirer, the Post, and the Detector, and a few ci-devants, were there, to whose better judgments we must leave the decision upon the wines. Brother Morris is "au fait" in such matters.
It is due from the invited guests to the board of di- rectors to say, that every exertion was made, and suc- cessfully made, to ensure the enjoyment of the visitors, whose admiration was warmly expressed, as were their hearty wishes for the success of the Rail-road.
This morning the cars commence their regular run- ning on this route; and we may expect that in addition to those who use this mode of conveyance in the way of business, thousands will be invited by curiosity to test the merits of the carriages, and to view the extraordina- ry works of viaducts, bridges, &c.
We ought to remark, that the horses are attached to the car in such a manner, that should they bolt from the track, and fall, no injury occurs thereby to the car or passengers.
The regular travelling upon it commenced on the 7th. The following are the times of arrival and de- parture; and fare, as advertised by the Company.
" The cars will start from the depot, at the corner of Green and Ninth streets, for Germantown, and from Germantown for Philadelphia, at the following hours, viz:
FROM PHILADELPHIA. At 7 o'clock A. M.
FROM GERMANTOWN. At 8 o'clock A. M.
9 A. M.
11 66 A. M.
2
P. M.
3
... P. M.
4
P. M. 5 P. M.
6 P. M.
7 P. M.
The cars will start punctually at the hours above mentioned, and the company have made arrangements to accommodate a very large number of travellers.
Parties and families can be supplied with whole cars. Tickets may be had at the depot, at the corner of Green and Ninth streets.
of age, half price.
Fare, each way, 25 cents. Children under 12 years E. H. BONSALL, President.
At the late session of the General Assembly of the Presbyterian Church in this city, the subject of a di- · vision of the Presbytery of Philadelphia, excited a good deal of interest, and was finally determined upon. The Second Presbytery was organized on the 6th. The fol- lowing proceedings are extracted from the Philadel- phian:
SECOND PRESBYTERY OF PHILADELPHIA.
On the 6th instant, this ecclesiastical body was duly organized, agreeably to an Act of the last General As- sembly. The ministers present were, the Rev. Messrs. Ely, McAuley, James Patterson, Skinner, Barnes, Grant, Dashiell, Scott, Eustace, Chandler, Judson, and John Smith. The Rev. Messrs. Bacon and Bertron were absent, being engaged in agencies for the Ameri- · can S. S. Union.
The Ruling Elders present were, Messrs. Alexander Fullerton, Joseph Montgomery, John Stille, Wm. H. Darling, Charles W. Wright, Joseph Abbott, John Rice, Frederick Scofield, Wilfred Hall,and Stephen H. Glou- cester.
Dr. Ely, the oldest minister present, having constitut- ed the Presbytery with prayer, was chosen moderator for six months, and the Rev. J. L. Grant, clerk. Rev. Thomas Eustace was appointed Stated Clerk, and John Stille, Esq. Treasurer.
A discourse was delivered by the moderator, at the appointment of the Presbytery, from Philippians i. 27. "Stand fast in one spirit, with one mind striving together for the faith of the Gospel."
The Rev. Messrs. F. A. Ross, Dr. A. W. Leland, Har- vey Coe, N. Murray, W. S. Potts, N. Patterson, A. G. Fraser, Isaac Purkis, and John I. Owen, from sister Presbyteries, being present, were invited and took their seats as corresponding members.
The general rules for judicatories adopted by the General Assembly, with the exception of the 18th, were adopted as rules for conducting the business of this Presbytery.
The Rev. Mr. Haight, from the Association of the Western District of Fairfield county, Conn., answered the constitutional questions directed to be put in such cases, and was received as a member of Presbytery.
Messrs. Patterson and Eustace were appointed a Standing Committee to examine candidates for license or ordination, on the languages; Dr. McAuley and Mr. . Grant, on arts and sciences; Dr. Ely and Mr. Barnes, on theology, natural and revealed; and Dr. Skinner and Mr. Dashiell on church history and government.
Drs. McAuley, Ely, and Skinner were appointed a Committee on Credentials.
Mr. Eleazar Holt, a licentiate from the North Associ- ation of Litchfield county, Conn., was introduced to Presbytery, answered the constitutional questions and was received under the care of this judicatory. On ap- plication from Mr. Haight, it was resolved to take mea- sures for organizing a Presbyterian church in Potts- ville, and Messrs. Haight, Ely, Skinner, McAnley and Patterson were appointed a committee, with powers, on this subject.
The next stated meeting of Presbytery is to be held on the third Tuesday of Oct. next, at 7 o'clock, P. M. in the tenth Presbyterian Church.
It appears by the Franklin Journal, that the commit- tee appointed "to inquire into the statistical wealth of the state" have reported, that the sub-committee for Dock ward have finished their labours, and ascertained that "the value of the domestic manufactures of that district amounted to upwards of $700,000." The in- quiry through every part of the state will we trust be pursued. We observe that the expenses attending such an inquiry are found to be considerable; and that the Institute are endeavouring to obtain funds for the purpose. Their appeal to the public will, we trust, not be in vain. The object is a very important one, and the result will, we have no doubt, be such as to reflect great credit upon the state.
The last number of the Banner of the Constitution contains the following account of the iron manufactured annually in HUNTINGDON COUNTY. It was obtained by two young men, employed at $4 per day, for the purpose of furnishing information to the Secretary of the Trea- sury-and is therefore supposed to be correct.
Bar Iron, 795 tons; Blooms, 3,372; Pig Metal, 7,350; Castings, 1,600 tons.
-
10 A. M.
12 66 M.
HAZARD'S REGISTER OF PENNSYLVANIA.
DEVOTED TO THE PRESERVATION OF EVERY KIND OF USEFUL INFORMATION RESPECTING THE STATE.
EDITED BY SAMUEL HAZARD.
VOL: IX .- NO. 24. PHILADELPHIA, JUNE 16, 1832. NO. 233.
UNITED STATES BANK.
QUESTIONS SUBMITTED TO THE PRESIDENT OF THE UNI- TEB STATES BANK, BY MR. CAMBRELENG, WITH HIS ANSWERS THERETO.
(Continued from page 359.)
1. What in your opinion were the causes which cna- bled the banks to resume specie payments in February 1817?
On the whole subject of specie payments in the Uni- ted States my opinions are these. I believe that the suspension of specic payments, was occasioned mainly by the circumstance, that the government of the United States renounced for a time its constitutional power over the currency, in permitting the dissolution of the first bank of the United States. I believe that the resump- tion of specic payments, was occasioned exclusively by the establishment of the present Bank of the United Statcs. And, I believe, that the suspension of specic payments, will again inevitably, and shortly, follow, whenever the government shall cease to exercise that control through an establishment like that of the present bank of the United States.
In regard to the first opinion, I have not time to state the details, but on such a subject, I know of no higher authority, than the late secretary of the treasury, Mr. Gallatin, who for twelve years, superintended the finan- ces of the country. That gentleman in his work on the "Currency and Banking System of the United States," page 46, gives it as "his deliberate opinion, that the suspension might have been prevented at the time when it took place, had the former bank of the United States becn still in existence."
In regard to the second opinion, it will be sufficient to cite the testimony of the best witness, the secretary of the treasury, Mr. Dallas; who declares that he had tried in vain all other, modes of accomplishing the resumption of specie payments,-and that the establishment of the bank, was at length his only resource.
In his report to Congress, in December 1815, nearly a year after the peace, he says: "It is a fact however in- contestibly proved, that these institutions cannot at this time be successfully employed to furnish an uniform na. tional currency. The failure of one attempt to asso- ciate them with that view, has already been stated-an- other attempt, by their agency in circulating treasury notes to overcome the irregularities of exchange, has only been partially successful, and a plan recently pro- puscd, with the design to contract the issue of bank notes, to fix the public confidence in the administration of the afl'airs of the banks, and to give cach bank a legiti- mate share in the circulation, is not likely to receive the sanction of the banks. The truth is, that the charter restrictions of some of the banks-the mutual relation, and dependence, of the banks of the same state, and of the banks of different states: and the duties which the directors of cach bank, conceive they owe to their immediate constituents upon points of security, or cmolument; interpose an insurmountable obstacle to any voluntary arrangement upon national considera- tions alone, for the establishment of a national medium through the agency of the state banks."
"The establishment of a national bank is regarded as the best, and perhaps the only adequate resource to re- VOL. LX. 7
lieve the country, and the government, from the pre- sent embarrassment."
Accordingly the Bank of the United States was es- tablished. One of its first measures was, to call a con- vention of delegates from the State Banks of New York, Philadelphia, Baltimore, and Virginia, for the purpose of concerting measures, for the resumption of specie payments.
The bank then proposed to the convention, that if the banks represented in it would resume specie pay- ments, the Bank of the United States would give them every indulgence, would at once assume their debts to the government, and give them time to pay the amount to the Bank of the United States; would discount to a considerable extent to relieve them, and if any embar- rassment happened to any of them in consequence of the resumption, would come immediately to its assistance.
The following articles from the arrangement of Fe- bruary 1, 1817, show the extent to which this assistance was to be given.
"That the incorporated banks of New York, Phila- fdelphia, Baltimore, and Richmond, engage on the 20th instant to commence, and thenceforth to continue spe- cic payments, for all demands upon them."
"That the whole of the public balances in the receiv- ing banks of New York, Philadelphia, Baltimore, and Virginia, be transferred to the Bank of the United States on the 20th of this month, and retained by the said bank until the first day of July next, when the same shall be paid off, together with the interest thercon."
"That the payment of the balances which may ac- cumulate against the aforesaid banks, subsequently to the transfer of the balance first mentioned, shall not be demanded by the Bank of the United States, until the said bank and its branches, shall have discounted for individuals, (other than those having dutics to pay, ) subsequently to the 19th inst. the following sums, viz:
For those in New York, two millions.
For those in Philadelphia, two millions.
For those in Baltimore, one million and a half.
For those in Virginia, five hundred thousand dollars."
"That the Bank of the United States, and the other incorporated banks of New York, Philadelphia, Balti- more, and Virginia, will interchange pledges of good faith, and friendly offices, and upon any emergency which may menace the credit of any of the aforesaid banks, or the branches of the Bank of the tUnited States; will cheerfully contribute their resources to any reasonable extent, in support thereof. The Bank of the United States confiding in the justice and discretion of the state banks respectively, to circunscribe their affairs within the just limits indicated by their respect- ive capitals, as soon as the interest and convenience of the community will admit."
In referring to this arrangement, Mr. Gallatin in the work just cited, page 8-1, says: "l'o that compact which was carried into complete effect, and to the im- portation of more than seven millions of dollars in spe- cie from abroad by the Bank of the United States, the community is indebted for the universal restoration of (specie payments, and for their having been sustained during the period of great difficulty and of unexampled exportations of specie to China which immediately ensu- cd." And again page 82,
370
UNITED STATES BANK.
[JUNE
As respects the past, "it is a matter of fact that spe- cie payments were restored; and have been maintained through the instrumentality of that institution."
In respect to the third opinion, I have no clearer con- viction than this, that the suspension of specie payments will recur, whenever the government of the United States shall cease to maintain some institution like that of the present Bank of the United States.
2. Are not specie payments, and a specie currency naturally restored in every country upon the return of peace, and confidence after trade has recovered from the shock of the first reaction, where gold and silver are the only lawful tender, and where banks are requi- red to redeem in specie?
By no means. When peace comes to a country ex- hausted of foreign goods, it brings very large importa- tions, which rather prevent than occasion specie pay- ments; and the circumstance "that gold and silver are the only lawful tender, and that banks are required to redeem in specie," is not at all conclusive. Gold and silver were the only lawful tender, and banks were re- quired to redeem in specie during the whole suspen- sion of specie payments just as much as they are now. There had been peace for more than two years and abundant confidence in 1817, yet specie payments were not naturally restored. The means on the contrary were wholly artificial. On these occasions, the suspen- sion, whether justifiable or not, is in fact a triumph over the laws.
3. Suppose that specie was in January 1815, 15 per cent. higher than New York bank notes, and that it fell when we received the intelligence of peace to two per cent. premium: what, in your opinion, produced the fall in the price of specie?
4. Supposing specie to have risen in October 1815 to 16 per cent., and in January 1816 to 20 per cent. in New York, to what cause would you attribute that rise?
The cause is very obvious. The news of peace oc- casioned the expectation of an immediate resumption of specie payments by the banks, and of course their paper rose in value. Before the year expired that ex- pectation was disappointed, and the paper relapsed of course into its former discredit. Mr. Gallatin so states it expressly.
"We will quote (says he, page 27) only one other instance of a similar nature. 'The notes of the Balti- more banks were at 20 per cent. discount in January 1815. The treaty of peace was ratified and published in the month of February, and as the suspension of specie payments had not lasted six months, and was caused by the war, a general expectation immediately prevailed that those payments would be forthwith re- sumed; accordingly bank notes rose every where in value, and in March the discount on those of Baltimore was only 5 per cent. As that expectation was disap- pointed, the notes again sunk in value, and in July those of Baltimore were again at a discount of 20 per cent."
5. Would not the heavy importations necessarily flow- ing into the country, to supply a market exhausted by a three years war, have a tendency to rise the price of specie?
1 should think so.
6. Suppose that the secretary of the treasury had di- rected the revenues of the country, to be received in treasury notes, or in notes of such banks, as would ex- change their paper for treasury notes; what effect in your opinion would it have upon the currency?
7. Supposing that the notes of the Baltimore banks to be 20 per cent. below the value of the specie paying banks of Boston, would not such a treasury order sub- stitute the depreciated paper of Baltimore for a sound currency, and necessarily raise the premium on specie, and was not that order the principal cause of the rise of specie in 1815 and 1816?
8. Suppose that the government negotiated a loan after the war, receivable in Baltimore bank notes, was not this another cause which produced the rise in spe-
cie, and would not such a negotiation also affect the currency unfavorably?
The loan itself was so small, that neither it nor the treasury order could have much influence on the price of specie, which was determined by causes far more ge- neral and important.
9. What was there to prevent the state banks from resuming specie payments in November 1816, when specie in New York was at 12 per cent. premium, be- ing one per cent. lower than it was in February 1817, when specie payments were actually resumed?
10. Had they disposed of their government stocks, could not the banks have resumed specie payments at any time after November 1816, and with facility?
If it was so easy and nothing prevented them, why did they not do it? If they could have done it, yet did not, it must have been because they would not. The bank was established for the very purpose of making them do it and helping them to do it, and it did both.
Mr. Gallatin's view of it, is this:
" The banks did not respond to that appeal made by public opinion: nor is there any evidence of any pre- parations, or any disposition on their part, to pay their notes in specie until after the act to incorporate the nero Bank of the United States had passed."
11. Did not Congress adopt a resolution on the 30th of April 1816, requiring specie payments for govern- ment dues, and was not the bank the agent of the trea- sury in executing it? 1
12. Was not that resolution (enforced by a govern- ment with a revenue at that time amounting to thirty or forty millions, ) the immediate cause of an earlier re- sumption of specie payments?
The bank was not the agent of the treasury in exe- cuting it, nor was it the immediate cause of an earlier resumption of specie payments. On the contrary, it was wholly ineffectual in the hands of the treasury, until the bank voluntarily enabled the treasury to carry it in- to execution.
The resolution in question, passed on the 30th of April 1816, did not require "specie payments for go- vernment dues," it only directed that the secretary of the treasury, " should adopt such means as he may deem necessary, to cause as soon as moy be," the revenue to be collected and paid in the legal currency, or treasury notes, or notes of the Bank of the United States, or in notes of banks, which are payable and paid on demand in the said legal currency, and that after the 20th of ' February 1817, no revenue " ought to be collected or re- ceived, otherwise than in the legal currency of the Unit- ed States, or treasury notes, or notes of the Bank of the United States, or in notes of banks which are payable and paid on demand in the said legal currency of the United States."
This resolution merely repeats what was the law be- fore it passed, that is, that the only legal tender was coin, or the notes of banks paying coin, and it only de- clares that the secretary of the treasury should endeavor to enforce it.
It was in itself, an excellent resolution, and was no doubt useful as indicating the concurrence of the go- vernment with the bank, in the effort to restore specie payments, but it would have been wholly inefficient without the aid of the bank. My reason for saying so, is the acknowledgment of the two secretaries of the treasury, to whom the execution of it was in succession committed, neither of whom could make it available, and both of whom relied upon the bank to enforce it. The evidence of this is as easy as it is perfect.
What Mr. Dallas thought of it, and did with it, may be seen in his treasury report, on the 3d of December 1816. "There was no magic in a meretreasury instruction to the collectors of the revenue, which could by its own virtue charm gold and silver again into circulation. The people, individually, did not possess a metallic medium, and could not be expected to procure it, throughout the country, as well as in the cities, by any exertions unaid,
1832.]
UNITED STATES BANK.
371
ed by the banks, and the banks, too timid, or too in- terested, declined every overture to a co-operation for re-instating the lawful currency. In this state of things, the treasury, nay, the legislature remained passive. The power of coercing the banks was limited to the re- jection of their notes in payment of duties and taxes, and to the exclusion of their agency in the custody and distribution of the revenue; but the exercise of that pow- er, would not generate a coin currency, although it would certainly act oppressively upon the people, and put at hazard every sum of money which was due the government. Until, therefore, a substitute was provid- ed for the paper of the banks, it would have been a mea- sure of useless and impolitic severity towards the com- munity, to insist that all contributions to the expenses of the government, should be paid in a medium, which it is repeated, the community did not possess, and could not procurc."
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