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 86

Author: Hazard, Samuel, 1784-1870
Publication date: 1828
Publisher: Philadelphia : Printed by W.F. Geddes ;
Number of Pages: 440

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 86

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On the evening of the fifth day the young Captain died, 'deeply regretted by all within the fort. Ven- geance, " not loud but deep," was breathed against the Bald Eagle; but he laugbed it to scorn till the fatal day at Brady's Bend on the Allegheny.

War with the Indians again broke out all along the ' frontiers, and men of activity and courage were sent to the forts on the West branch, and every precaution ta- ken for the security of the settlements. It became ne- cessary to go up the river some distance to procure sup- plies for the fort, and Captain John Brady, taking with him a wagon, team and guard, went himself and pro- cured what could be had; on his return in the afternoon, riding a fine mare, and within a short distance of the fort, where the road forked, and being some distance behind the team and guard, and in conversation with a man named Peter Smith, he recommended it to Smith not to take the road the wagon had done, but the other, as it was shorter. They travelled together till they eame near a run where the same road joined. Brady observed "this would be a good place for the Indians · to secrete themselves." Smith said "Yes." That in- stant three rifles cracked, and Brady fell; the mare ran past Smith, who threw himself on her, and was carried in a few seconds to the fort. The people in the fort had heard the rifles, and seeing Smith on the mare coming at full speed, all ran to ask for Captain Brady: his wife along or rather before the rest. To their ques- tion where is Captain Brady? Smith replied, "In hea- ven or hell, or on his road to Tioga." Meaning he was either dead or a prisoner to the Indians.

The men in the fort ran to see the spot; the wagon guard had also been attraeted by the firing. They found the Captain laying on the road, his scalp taken off, his rifle gone, but the Indians were in such haste they had not taken either his watch or his shot pouch.

Samuel Brady, Captain of the Rangers, or Spies, for the people calledthem by both names, was in Pittsburg when he heard of his father's death-as mentioned be- fore.

It chanced that the party of Indians, one hundred strong, he encountered at Brady's Bend, on the Alle- gheny-mentioned in No. V .- several years after the death of his father and his brother James, was a war par- ty of Senecas, under the command of Cornplanter, on

their march to the Bald Eagle's nest, and that the Bald Eagle himself was in company with them.

Captain Samuel Brady recognized the Bald Eagle on that day in the pass, and fired at him, but with what effect he knew not till afterwards. When the hattle was over he searched for the Eagle's body and found it: a ball had pierced his heart, and the blood of the young "Captain" at Loyalsock, was found to have been fatal- ly avenged by the hand of his brother on the bank of the Allegheny. KISKEMINETAS.

The Sketches of the Adventures of Captain SAMUEL BRAY cannot be otherwise than interesting to every reader in Pennsylvania-and especially to those ac- quainted with many persons and circumstances referred to. The father of Captain S. Brady, referred to in the sketches, was shot by the Indians about four rods from a cabin on the hill on the south side of Wolf Run, where the State road crosses, in Lycoming county. John Bra- dy, referred to, was formerly Sheriff of this county, and resided in this borough until his death. His widow died ahout two years since; and his numerous family and descendants are, many of them, still in the vicinity, and highly respectable in society.

Such sketches serve a noble .purpose-they keep alive in the living a grateful recollection of the heroic dead, and the perils and privations they endured in " times that tried men's souls."-Milton States Advo- cate.

ANOTIIER REVOLUTIONARY HERO GONE.

DIED-On Monday, 23d of April, Mr. John Peters,aged 100 years 5 months and 23 days. This aged gentleman enjoyed until the last four months of his life all his fa- culties, and until the end of the last year, was out at- tending to his business every day. He was honest, in- dustrious and temperate in his habits, and rendered his services in times that tried men's souls. He was born in Portugal, near Lisbon, and emigrated to this country shortly after the earthquake in 1755. At the com- mencement of the revolution he was found among the patriots of the day, and assisted in throwing the tea into the river at Boston. He afterwards entered into the army of the United States. He was at the battle of Lexington and Bunker's Hdl, in which he was wounded and lost one of his fingers. He was engaged in the bat- tles of Monmouth and Princeton, and assisted in cap- turing the Hessians at Trenton. He was engaged in the capture .of Burgoyne and also of Cornwallis; he fought under Washington and Lafayette, at Valley Forge, where he was again wounded, and after serving during the whole war, after the peace of 1783, he was honorably discharged. Ile has ever since lived in Philadelphia, and has reared a numerous family. He was kind and affectionate, heloved as a parent, and re- spected by all his neighbors and acquaintances. He breathed his last under the full conviction that at the great day of judgment he will stand before his Almigh- ty Creator in the expectation of those heavenly rewards which are accorded to those who lead a good life and die in the fear of the Lord. P.

RAPID WonK .- Messrs. Phillips and Graham pur- chased a tract of land from General Lacock, on the Ohio river, on Monday of last week, laid out a town on Tuesday, and built fourteen houses in four succeeding days. At this place they intend establishing their ship yard .- Bearer Argus.

ANOTHER OF THE RESOURCES OF LUZERNE COUNTY .- We understand a bed of copper ore has been discover- ed in Windham township, in this county. We were re- eently shown a piece of copper which had heen manu- factured out of some of the ore, and have no doubt of the correctness of our information. We learn that a

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gentleman of Philadelphia, has purchased an interest in the ore, and designs to commence the manufacture of copper immediately .- Susquehanna Democrat.

AN EXCURSION OF PLEASURE.

WILKESBARRE, April 25.

We sat ont on Friday morning last, in company with a friend, on an excursion to Carbondale and Honesdale, the seat of the enterprising operations of the Delaware and Hudson Canal Company. The weather had been for some days unpleasant, the atmosphere at this time dense and humid, and the roads rendered extremely muddy by the quantity of rain which had fallen, yet we journeyed leisurely along through the Lackawanna val- ley, and arrived at Carbondale, a distance of about 33 miles, at sun set. This little village, so propitiously situated,has seemingly arose into existence hy the power of magic. Where hut two or three years since an al- most unbroken wilderness was presented to view, in- dustry and enterprise now smile around; taste and im- provement meet the eye; and the busy hum of business salutes the ear. At this place are situated the valuable and exhaustless coal beds belonging to this Company, where they carry on extensive mining operations; and here also terminates the rail-road, on which this mineral is conveyed to the head of the canal at Honesdale, and from thence transported in immense quantities to the city of New York. Located as it is, and enjoying such numerous advantages, this place is ere long destined to vie with the most flourishing inland towns in the State. Already many elegant buildings are completed, among which are the large hotels of Messrs. Townsend and Lathrop, the convenience of whose establishments is only equalled hy the courtesy and attention paid to strangers and travellers. Before we take our leave of this place, we would mention one circumstance, which goes far to establish the character of the inhabitants. We were credibly informed that not one drunkard was to be found among the citizens!

From Carbondale we pursued our course to Hones- dale, a distance of 16 miles, over an uneven tract of country, which is compensated, however, by an excel- lent turnpike, and the pleasure derived from witnessing the numerous cars perform their appropriate functions upon the rail-road. The greatest order and regularity are preserved in their passage to and fro, and so judi- cious is the machinery that a derangement seldom takes place! We ought to have mentioned that the weather in the mean time, had become settled and serene, and the prospect was rendered exceedingly delightful, by an occasional glimpse at the long trains of ascending and descending cars, whose burnished wheels dazzled in the sun-beams and reflected a silvery light to the eye of the beholder.

We arrived at Honesdale early in the afternoon, and were agreeably surprised at the enterprise and improve- ment which surrounds it. This place, like Carbondale, has arose into existence within a short time, apparently from desolation, and to contrast its present condition with its late gloomy and uninviting appearance one could hardly credit the evidence of his senses. The village is situated on a level tract of ground, and is a beautifullocation, for a large and populous town. Here, as we before observed, is the junction of the canal and rail-road, and is the grand depot of merchandize and produce for a large extent of country. Several exten- sive commission stores are already in operation, besides other mercantile establishments. There are also three houses of entertainment; the oldest and most commo- dions of which, owned by Mr. Forhes, affords every at- tention and refreshment that a weary traveller can de- sire. Upwards of two hundred cars arrive here daily from Carbondale, loaded with coal and lumber, and since put in motion, which was about the first of this month, about two thousand tons of the former have l

been weekly lodged at the basin of the canal, ready for freighting boats, as soon as damages, occasioned by freshets, can be repaired, It was expected that boats would commence running about the first of May, when the number of cars upon the rail-road will be increased, and it is confidently expected that upwards of four hundred tons of coal per day will be transported to Honesdale, and unloaded directly into boats, which will prevent the extra time and expense of re-handling it.

From Honesdale we went as far as Bethany, the seat of justice of Wayne county, a beautiful little village, situated upon an eminence, and is distinguished for the elegance and taste of many of its buildings. From this place we returned home, well pleased with our journey, and reflecting upon the wonderful effects of internal improvement, in almost radically transforming a section of country, formerly so uninviting, inciting every where the spirit of industry, winging into life the soul of en- terprise, and holding out the prospect of affluence, where discouragement and penury had cast their blightening spell.

We here close this imperfect sketch which the hurry of the moment prevents from being more complete .- Susquehanna Democrat.

SHORT PASSAGES .- The brig Paragon, Capt. Remington, arrived on Saturday from Havana, in 7 . days passage. She was absent from this city 29 days; had 5 days passage out; lay 17 days in Havana, and had 7 days home. The ship Edward Bonaffe, Camp- bell, also arrived on Saturday, from New Orleans, in 12 days-had 11 days out, and lay 21 days in New Or- leans-making 44 days in performing the voyage. Brig Commerce, Capt. Yardsley went out to St. Thomas in 83 days; and the ship Equator, Glover, performed her passage to Charleston in 483 hours-But this is not all, Mr. Sanderson, of the Coffee House, through the po- liteness of Capt. Bunker of the Steamboat Franklin, had Boston papers of Friday morning upon file at half past 4 o'clock, P. M. on Saturday. This extraordinary despatch was accomplished by the arrival of the Frank- lin at New York, previous to the departure of the Union Line for this city, by which conveyance they came to hand. It is now possible for a traveller to leave Boston on Friday morning, and take tea with his friends in Phi- ladelphia on Saturday afternoon. By the recent regu- lation of the mail, we are now supplied every evening with Alexandria, Washington, Baltimore, and New York papers of the same morning .- Phil. Gaz.

Dividends for the last Six Months.

Bank of Penn Townshhip,

5 per cent.

Southwark Bank,

*Kensington Bank,

Northern Liberties, 5

Schuylkill Bank,

Mechanics Bank,

Commercial Bank,

3₺

Farmers and Mechanics,

Bank of Montgomery Co.

Bank of Germantown,

Bucks County Bank,

Bank of Philadelphia,

Chesnuthill and Springhouse Turnpike, 3

Germantown and Perkiomen do.

* Also, an additional dividend of 5

CANAL TOLLS.

The amount of tolls received at the Collector's office at Lewistown, up to the last of April, this year, amount to $1,406 67. The amount received at the same office last year up to the end of the corresponding month- amounted to $348 94. And whilst we have the pleasure to state that the receipt of tolls is rapidly increasing; we have it also in our power to say, that the sums ne- cessary for repairs, are greatly diminishing.

HAZARD'S

DEVOTED TO THE PRESERVATION OF EVERY KIND OF USEFUL INFORMATION RESPECTING THE STATE.

EDITED BY SAMUEL HAZARD.

VOL. IX .- NO. 20. PHILADELPHIA, MAY 19, 1832. NO. 229.

EXAMINATION OF THE PRESIDENT OF TIIE BANK OF THE UNITED STATES,

On the increase of the paper circulation of the Bank-its agency in diminishing or enlarging the circulation of local banks, and the means of. permanently regulating our general circulation, so as to prevent ils injurious ef- fects upon the trade and currency of the country.

1. I notice that from 1823 to the first of January 1832 the Bank had increased its bank note circulation from about four and a half, to twenty-four and a half millions of dollars; that thirteen or fourteen millions of this in- crease, occurred between the first of January, 1828, and the 1st of January, 1832, and that you have the right by your charter to extend your circulation to tlur- ty-five millions-is it not your opinion that while such a circulation continues, and the State Banks exercise a similar power, our paper currency must fluctuate in va- lue; that sudden demands must be occasionally made on our banks for specie; and that our traders must become speculators, and bankrupts, by abrupt changes in the value of property?

1st. As to the facts-The increase of twenty millions of notes.

The circulation of the Bank on the first of January, 1823, was 4,361,058

Our the 1st of January, 1832, 21,250,546

An increase in nine years of $16,889,488

and not tweoty millions.

2d. The increase from January Ist, 1828, to January 1st, 1832, is stated at 13 or 14 millions. The fact is that this increase was only 11,394,848, and not 13 or 14 millions. Our paper currency has not, that I am aware, fluctuated in valuc.

3d. That occasional demands should be made for spe- cie is incident to all banks and all trade-but as the de- mands have been always paid, there does not seem to be any special cause of complaint.

Finally until the nature of man is changed, men will become speculators and bankrupts-under any system -and 1 do not perceive that our own is specially calcu- lated to create them.

2. Does not an increase of gold and silver throughout the world, tend in some measure to augment prices in every country?

Yes-but in a very slow, and very gradual, and almost imperceptible manner.

3. Does not an increase of bank note circulation, or of any other paper substitute for a metallic currency tend to raise prices in the country where it is issued, above the level of the prices of the world?

Sometimes-but not necessarily, and perhaps not ge- nerally. Its natural tendency to do so, is often coun- teracted by this circumstance, that the facilities of bank credits enable men to have quicker returns, to enlarge their operations, and therefore to work cheaper. More- over, there is an essential difference between paper which is a substitute for a metallic currency, and paper which is the companion of it, and convertible into it.

4. Suppose the entire wealth of this country to be three thousand millions, and that by increasing our pa- per currency, we should nominally augment the valuo VOL. IX.

of property, ten per cent. or three hundred millions of dollars, would not the speculations resulting from such a change, inevitably and very considerably increase com- mercial operations, notes of hand, bills of exchange, and bank notes and checks of every kind and descrip- tion?

Probably.

5. When we increase our general circulation by an increased issue of United States Bank notes, are not our local circulations simultaneously augmented?

No. The circulation of the Bank of the United States supersedes in many cases the local circulation, as it was designed to do, and no inference can be drawn from the increase of the former to the increase of the latter.

6. If they are not thus increased, and if, as some sup- pose, our general circulation diminishes the aggregate amount of our local circulation, how do you account for the following facts, which appear from the returns made to the state governments, viz :- that the banks in Massachusetts, between 1823 and 1831, had increased their capital from 11,650,000 to 41,439,800, and their circulation from 3, 145,010 to 7,739,317-that tho capi- tal of the State Banks in New York, Massachusetts, Rhode Island, and Pennsylvania, has increased since 1817 more than thirty millions of dollars-that the in- crease of the circulation of the banks in these states, not including the Philadelphia banks, was, in the last year, about eiglit millions-that the country banks in the state of New York had, between the 1st January, 1830, and the 1st January, 1832, increased their circulation from 8,974,345, to 3,622,277.

1 have not time to look into these details, and suppos- ing them accurate, my inference would be this, that the control exercised by the Bank of the United States over the State banks, while it is sufficient to keep them with- in a strict responsibility for their issues, does not en- croach on their freedom of action, or interfere with their profits.

7. If, as is supposed, the tendency of the United! States Bank is to diminish State bank paper, how does it happen that in almost all the States, the local circula- tions have been doubled, and in some tripled, in amount, since the Bank was chartercd?

I have not had time to examine the statement, but should think it very erroneous. With regard to several of the states it certainly is not true. It is not true in re- gard to Kentucky-it is not true with regard to Tennes -. see-it is not true in regard to Missouri-nor to North Carolina-nor to Virginia. It is not true either of the aggregate circulation. The state bank circulation, on the Ist of January, 1816, was sixty-eight millions. That of the 1st of January, 1830, forty-eight millions. Wherever it is true, it may be ascribed to local causes, and to the addition, since the period of the charter, of four millions to the population of the United States. The general inference would be, how little the Bank tends to encroach on the legitimate business of the state banks, being the enemy of none, but the common friend of all of them.

8. If the Bank of the United States, with its capital of thirty-five millions, and its general circulation of twenty-two millions, gives an impulse to a National ca- pital of three thousand millions, does it not inevitably

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give an impulse to banking, as well as all other opera- tions, and must not these capitals and circulations, in- crease with all others?

It is not easy to perceive how the Bank of the United States increases the capitals of other banks.

9. When a National bank, like that of the United States, expands its loans, circulation, and investments throughout the Union, and a spirit of speculation is ex- cited every where, are not sales and purchases so multi- plied, that one capital is frequently represented by ten notes of hand at the same time, and does not this specu- lative increase of credits produce an increase of banks?

There is no doubt that speculation tends to increase sales and purchases, and of course to multiply the evi- dences of such transactions.

10. Does not a National Bank with a general circula- tion, excite overtrading among local banks, as well as among merchants?

Not necessarily. It depends altogether on the ope- rations of the Bank-its natural tendency would be to control them, and thus far prevent, rather than excite excessive issues.

11. In what manner can a National Bank diminish the circulation of country banks, with which they have no transactions, except by reducing its own circulation?

Very easily and very naturally. The very increase of the circulation of a National Bank may be the most ef- ficient cause of the reduction of a State bank, and in this way, a branch bank is near a local bank-the branch notes are more valuable than the local notes-the local notes are exchanged for branch notes at the branch bank, which thus becomes the creditor of the local bank, and makes it pay its debts and thus reduce its cir- culation. Now almost all State banks stand in this rela- tion to the Bank and its branches.

12. Are not bank checks, notes of hand, and bills of exchange, capable of being multiplied to an indefinite extent, and are they not of themselves a substitute for specie and bank note circulation?

I should not think that checks or notes of hand and bills of exchange, are capable more than any thing else, of indefinite multiplication, and are not well suited to become substitutes of coin and bank notes-because they would represent only individual responsibilities, not those recognized corporations established by law, or of the coinage fixed and certified by the government.

13. If no banks were authorized by the general or the state governments, would not trade soon confine it- self to such a regulation, by multiplied expedients to dispense with the use of them, as in some of the most commercial countries of Europe, where bankruptcies are rare?

If the Government should suppress banks, undoubt- cdly the people must do without them. In regard to "some of the most commercial countries of Europe" where certain expedients are said to dispense with the use of banks-I do not know any one commercial coun- try of Europe, where banks have not existed.

14. If banks were restricted to dealing in and lending capital ouly, or the representative of an existing capital, and were not permitted to manufacture and lend the representative of nothing but legislative power, how could banks ever injure the trade or currency.

I fear Ido not comprehend all this. Our banks have, or think they have, a substantial capital, and I doubt whether it is true that they are merely engaged in "ma- nufacturing the representatives of nothing but legisla- tive power."

15. If banks were restricted to their legitimate and primary object of borrowing and lending the capitals ac- tually existing in the community; might they not go on annually regulating their facilities and their profits, in a rate corresponding with the annual savings of labor and accumulations of capital, and without detriment to trade or currency?

I should think that the legitimate and primary object of banks is to lend, not to borrow.

were compelled to allow an interest on all deposites, public and private, would it not draw into actual use millions of capital now dormant, and compel every state bank in the Union to adopt the same plan of Bank- ing?

I think it would do neither.

17. Would not such a measure effectually check any over issues, by compelling the Banks to loan the large amount of capital, upon which they were obliged to pay interest before they could be tempted to manufacture a Bank Note Capital for the uses of trade?

The question seems to answer itself, for so far from checking over issues, it would be the best contrivance to render them almost inevitable. The case stands thus :-- At present it is feared that Banks lend too much on what is here termed Bank Note Capital-so to reme- dy that, the plan is to force the Banks to allow interest on the deposits-because then they will be "compelled to loan the large amount of capital upon which they were obliged to pay interest, before they would be tempted to manufacture a Bank Note Capital." That is to say, before they come to the profitable part of their business, they must lend a large amount, in order to cover the interest they have to pay. Such a plan I should think a constant stimulus to lend too much- when a Bank pays no interest on deposits, the tempta- tion to excessive issues, can scarcely be as strong as when it is goaded into lending, in order not to lose by the interest it must pay on deposits.

18. Would it be practicable for Banks to sustain any extraordinary amount in circulation, when their notes would return upon them as fast as they were issued, be- cause the holders would lose the interest upon them while they retained them?

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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 86

Author: Hazard, Samuel, 1784-1870 Publication date: 1828 Publisher: Philadelphia : Printed by W.F. Geddes ; Number of Pages: 440

Author: Hazard, Samuel, 1784-1870
Publication date: 1828
Publisher: Philadelphia : Printed by W.F. Geddes ;
Number of Pages: 440