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to the rivers, from an elevation generally along our Maryland water courses were amounting to about 600 feet, within a the centres and marts of the American distance around Baltimore comprised in tobacco trade. At one time the leaf a radius of twenty-five miles. It has itself was our precious currency; and been calculated that within ten miles of when commerce introduced paper as a the city there is water-power sufficient circulating medium, it was still the fafor near half a million of spindles, a large miliar engraving of this leaf that authen. portion of which is still unapplied to any ticated “a note" to the people. In spite kind of manufacture.

of all competition, accordingly, we have If water is abundant, coal and iron are hitherto been enabled to maintain our not less so. Our Cumberland region is commercial supremacy in this article ; known throughout the world as produ- and, as our road and its western contincing the best evaporative material," in uations penetrate farther and farther the its semi-bituminous coal, hitherto disco- heart of those new lands which are favovered ; and the capitalists of the North rable to its planting, we mean, by the are eagerly grasping those mines which facilities afforded, and the concentration must control so much labor and navi- of operations, to consolidate the monopogation. Hard by these mines, iron is ly in this seaboard market. Heavy arti. stacked up in mountains, awaiting the cles, like flour and tobacco, designed for development of time and industry; export, seek the swiftest, nearest, and while, by railway and the Susquehanna cheapest conveyance to the sea; and Canal, anthracite coal is brought from a Baltimore must, therefore, continue to region which Pennsylvania has been maintain its high commercial character slack in opening. Now, who does not in those productions, as well as proviknow what powerful elements of Eng- sions generally, by the facilities it will land's wealth her coal and iron have ever afford to the best producers. been; but there are multitudes who do Such, gentlemen, were some of the not know, that, from the abandoned fur- elements of our own domestic trade, naces of old Revolutionary days in our within our neighborhood, even before the state-whose ruins may still be traced, entire opening of our great internal im-that very England was supplied, to provement; yet, I should not forget to some extent, with “pig iron which was enumerate among our home wealth, the in high repute!”

products of our bay,-its fisheries and its Nor are our agricultural resources to luxurious oysters, demanded in such be forgotten. The census of 1850 dis- quantities at the West as to absorb a plays a teeming list of our productions. large transportation tonnage, and to lay Flour, corn, tobacco, and stock, raised so the foundation of distinguished private abundantly on our fertile levels, long ago fortunes. Nor should I neglect to menconstituted Baltimore one of the best tion our industrial establishments, our provision markets of the Union. The machine shops, our ship-building, our facility of selling here, has caused the luxurious stores, filled with every article West and adjacent South to select our of comfort, elegance, taste, or necessity, market, even at a time when wagons -all pledged to respond to your wants and horses performed the work of cars as readily and cheaply as the dealers of and steam. The consequence has been any other market in the country. that the British West Indies are now I have spoken somewhat at large of almost exclusively supplied with pro- our domestic trade; let me now briefly visions by our merchants, and that a advert to our foreign. When a domestrade is daily augmenting with the con- tic trade concentrates at a depot on tidetinent of Europe, with free-trade Eng. water, foreign trade must follow as a land, with the Spanish Main and islands, natural consequence. Accordingly, Bal. and with both coasts of North and South timore, except in seasons of great disasAmerica.

ter or war, has never been without a But grain and provisions do not alone liberal commerce. England is largely a absorb the great bulk of our commerce. purchaser of our provisions and luxuries. Our traditionary staple is the favorite Germany and France nearly monopolize luxury-tobacco. Long before Revolu- our tobacco; and, carrying the article tionary times,-long, even, before our on better terms in their own vessels, they city opened and developed a trade with send them hither laden with emigrants the West-Baltimore and the towns who are to fill up the unoccupied lands of the South and West, and to supply a all sections—thus demonstrating its adlarge portion of necessary labor. Thus, vantageous position for domestic comindirectly, we are important agents in merce-we trust you have also seen just promoting the welfare of mankind in cause to rely on our foreign trade, aug. both hemispheres.

mented in proportion to our sanguine anOur commercial intercourse is, more- ticipations of your favor. over, extensive with the West Indies The tie of the West to us is unquesand the Southern Continent; with the tionably natural, historical and actual; British possessions of North America, our productions are alike, and we have and with our own Eastern Atlantic both sought to develop and dispose of coast, whence a large trade has been them. The South, too, -our old colonial opened in goods sent hither to be sold on ally,-has a deep concern in our welfare, commission.

which is evident in the history of our Nor have we only the ability to sell state—the characteristic habits and and send abroad what you send us, and, tastes of our people, and the nature of a in return, to supply you with the neces- large portion of our agriculture. Why saries and luxuries you may require should not the South garrison our bulbut we may, also, offer you the prospects wark state with the irresistible element of profitable intercourse with a city of commercial supremacy? We have a which is financially sound-ready to mutual stake in the security of our labor. give every just facility-prompt to sus- We think it would be impugning the intain the relations of honorable com- telligence of that South--of which we merce-averse to chicanery and craft regard ourselves an integral part-to -free from the mania of speculation in address it argument in support of Baltiproperty or stock—and sustained by more as a great common mart of proample capital and banks of unblemished duction and trade near the north. All repute.

its staple will find a ready sale in our We have heard it urged against us ciiy. *Sugar, rice and an increased supthat Baltimore is not a seaport! But ply of cotton will always be demanded this is a quibbling fallacy. A seaport is through Baltimore for our trade with the not made alone by the horizon of the West, Northwest and North, as well as for ocean. Baltimore on tide-water is with- our exports and our domestic consumpin ten or twelve hours steaming of the tion. In return, we are ready to furnish, sea, and is all the safer for lying in the speedily, cheaply and faithfully, all embracing protection of her magnificent your personal necessaries and luxuries, bay, where her trade and the trade that as well as the supplies for your plantamay be entrusted to her, will be more tions. From our own wants, we know secure-as our unaided citizens proved and justly sympathize with yours.in the last war-than on the exposed We are disposed-not in a sectional margin of an ocean. The great cities of spirit-not with a desire to weaken the nations are not necessarily placed on a Union--to join you in freeing the Amerisea-board. It was not the mere sea fa. can mind from that unmanly subservicility that made them opulent, before ence-that colonial obedience,-which the days of steam. Their accessibility is so rapidly making us dependent on to and from the ocean-is the important the North. The northern capitals feel thing. Great cities should, like Balti- the danger of this fact, for they do all more, rather be placed near the com- they can to encourage the absorbing mercial centres of productive countries, metropolitan sentiment, and to fix the where the various avails of labor and vassalage of the South and West by that climate can most conveniently meet for commercial lien of extravagance and exchange. Paris, London, Vienna, Ant- debt which may ruin sections as it has werp, Amsterdam, Bremen, Hamburg, often ruined individuals. Steam and are not on the sea, though all are great electricity are rapidly consolidating us; capitals, great centres of trade, and con. yet New-York and Boston ignore the exduct their business chiefly by sea, while istence of any commercial capitals but one of them is the financial centre of the themselves, while their presses diffuse continent of Europe.

information as to their own allurements Gentlemen, as we have shown you why alone, and rarely mention a rival city we think both Nature and Art have made save to disparage its worth and exalt Baltimore the natural point of trade for their own.

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But these matters are not to be judged when it is no prophecy to say, that formerely by feeling and sentiment. We eign commerce, as well as war, will be are addressing men alive to their inter- driven exclusively by steam. In South ests, but who know no interests that con- America, the Amazon and the tributaflict with honor. We have opened our ries of the La Plata are to give us a views, and expressed our welcome brief- trade scarcely inferior to that which was ly, but with honest cordiality. We be- developed by the emancipation of the lieve that Baltimore, as the mart for the Spanish possessions on our continent. best coal used in the propulsion of ocean An extensive colonial commerce alsteamers, and lying on the sea-like Ches- ready exists from this port with Africa; apeake, will soon, with your counte- and the enlightened head of our navy nance, build up a steam fleet to carry has dispatched an officer to explore the the commerce which our combined adjacent coasts and their commercial farming, planting, and manufacturing advantages. With the empire of Brazil interests will supply or demand. Al- and the Argentine Confederation, our ready, a regular steamer plies between intercourse is of long and valuable Baltimore and Charleston, and the in- standing. In India, too, the discoverer creased trade she has begotten demands is abroad, seeking, on the continent, as the speedy launching of another. Sa- well as among the isles of Japan, new vannah, Mobile and the Texan ports vents for American trade and its results. have shown anxiety to confirm a direct Why, then, should we hesitate to adopt trade with us. If it shall be assured, we this central port and those modern vehave capitalists among us who will not hicles for our trade which are unmisshrink from the discreet enterprise. This takably indicated by the spirit of the will ensure regular southern ocean lines age;-and why should we not boldly to the South; and will fringe our coast demand for them the cordial cherishing with our own steamers, from the Chesa- of our government ? peake to the remotest borders of our ter- Gentlemen, we do not churlishly ask ritory. It is a well known fact that pre- you to come to us to trade alone, and vious to 1817, cotton, though not a sta- then to take your profit and depart. We ple of Maryland, entered largely into desire to give no spendthrift promises, the commerce and consumption of Balti- but we intend, as opportunities are premore. If the British possessions in the sented, to make our city a place worthy West Indies can be supplied with pro- of your sojourning. We have now little visions from the Baltimore market, in but personal hospitality to offer you; yet return for their colonial produce, why there is a spirit abroad that is disposed cannot the South pursue the same to make Baltimore a great capital, every course? Does not our whole southern way worthy of its site and of the intercountry - whose correspondence and course we solicit. We intend that you productions furnish probably one-half of shall be fittingly entertained. In time, the postage on foreign mail intercourse Baltimore will have more luxurious surby steam-feel the neglect of govern- roundings to greet, attract and amuse ment, when it remembers that, with the the stranger. We know that the honesexception of the Isabel, hardly a dollar ty and energy of the merchant or mehas been given from the national trea- chanic are often aided, successfully, by sury to build or maintain a southern the charms and instruction with which steamer? Why should not a regular art, science and taste invest a capital. line, carrying the mail, depart from this These gratifying and discreet allure. great central mart, and coasting the ments shall not be wanting to make you whole south, supply its people, swiftly pleasantly comfortable during your temand surely, not only with news, but per- porary residence among us; but, at all sonal transportation ?

times, you will receive thai home wel. Wider markets, too, are rapidly open- come in our dwellings for which Baltiing to the world's competition. Men are more has not, we hope, been unjustly impatient of sails, and the day will come praised.

ART. VI.-THE FISCAL HISTORY OF TEXAS.

STATEMENT OF REVENUES, DEBTS AND CURRENCY, FROM THE COMMENCEMENT OF THE

REVOLUTION IN 1834, To 1852, WITH REMARKS ON AMERICAN DEBTS.

[It was the editor's wish to have prepared the article reviewing Mr. Gouge's took himself, but press of engagements compelled him to leave it to another, who has furnished the following. Should others be disposed to discuss the subject briefly in the pages of the Review, they are extended now, as in the past, for that purpose.]

This work* contains an interesting principles, and principles may be as account of the various modes in which strikingly illustrated in the small comthe debt of Texas was created during the munities of Rhode Island, Delaware or existence of the Republic, and a full ex. Texas, as in the larger ones of New planation of the legislation of the State of York, Massachusetts or Virginia." Texas on that subject since she has be- Of the general tone of the book, some come a member of the Union. The his. judgment may be formed from the fol. torian has not only presented all the lowing passage in the introduction : facts bearing on the debts of Texas in “The paper-money disease is heredithe order of their occurrence in a very tary with us Americans. If it is subclear and striking manner, but has made dued in one form, it breaks out in another. his narrative a vehicle for enforcing To the old provincial paper-money, suc. sound doctrines on subjects of the high- ceeded state paper-money and continen. est importance to the public at all times tal money. Then, brought almost to -such as the nature of state securities, death's door by the violence of our comthe obligation imposed by public debt, plaint, we searched for a remedy, and together with numerous questions con- thought we had found one in that procerning currency and finance, which are vision of the United States Constitution far more clearly and forcibly illustrated which declares that, 'no state shall emit by the progress and result of the mea- bills of credit.' The disease, however, sures explained in the history. than could soon made its appearance with new be done by any didactic statements. vigor; the states evading the principles The book is, in fact, a book of political of the Constitution by establishing corphilosophy, in which the conduct of porations to do that which they have not Texas is taken as the theme, and the true power to do themselves. principles of currency and finance there. “Do the banks suspend specie payby illustrated, for the most part, by “the ments? This only increases the amount rule of opposites."

of paper issues and the number of paper Some have wondered that Mr. Gouge, issuers. The corporations of cities and having determined to write a volume, towns, turnpike companies, bridge comgreat part of the contents of which panies, rail-road companies, and indishould be of general interest, should viduals in all the private walks of life, have selected for his subject what com- immediately commence the issue of pelled him to give a local title to his notes for dollars and the fractional parts book. But we do not wonder at it. of dollars. A new term is not then inLooking round among the states, he troduced into the language, but a new found no one the fiscal history of which application is made of an old term, and afforded so many examples for illustrat- shin-plasters' mean in America, what ing the true principle of currency and shin-plasters' mean nowhere else. finance, “by the rule of opposites," as "Does the United States government did that of Texas, and he chose that ac

want money? Instead of borrowing gold cordingly. As he justly observes, "His

and silver, it borrows paper from the tory is of importance only as it illustrates

les banks, or resorts to the issue of treasury * It was written by W. M. Gouge, author of "A notes, and makes them receivable for Short History of Paper-money and Banking in the United States." Philadelphia: Lippencott, Grambo

duties. In the only very important war & Co. 8vo., pp. 331. In 1848 or 1849. there appeared in the pages of the Review an article which discussed the debt of Texas with great minute

notes till they were depreciated far be

ness.

Paper Money-Mr. Gouge's Views of Public Debt.

381

low par; and the contrivances resorted of the whole concern. But we do not to in the times of Van Buren and Polk embrace it. We re-establish the systo throw into circulation treasury notes tem by coercing a return to specie paybearing no interest, or only nominal in- ments—a measure which inflicts twice terest, show that even these statesmen, as much evil on the community as would from whose professed principles better be produced by gradually winding up things might be looked for, are them- the suspended institutions. We will do selves deeply infected with the heredi- any thing, we will suffer any thing, tary disease of the nation. If such slight rather than give up our paper money. fiscal embarrassments as were felt in the “Occasionally, in particular parts of times of Polk andVan Buren could induce the country, suffering intensely under them to sanction or connive at the issue our hereditary malady, we resort to seof treasury notes bearing no interest, or vere legal and even constitutional provionly nominal interest, there is every rea- sions to prevent further issues of paper. son to believe that, in a period of real But the power that makes state conexigency, they would have resorted to stitutions and state laws can also unthe issue of treasury notes of such small make them: and we hardly become denominations as would have driven convalescent before we relapse into our gold and silver out of circulation. old disease.

“Do we wish to get rid of a Bank of “Texas, though it, from 1835 to 1845, the United States? We proceed in such formed no part of the American Union, a way that, in putting down one bank, was yet an American State. It was a we put up five hundred.

state without the Union. The people “Does the deep experience of the were Americans by birth, thought, habevils we have suffered under both a na- its, feeling. Their political institutions tional bank and a league of 'pet banks' distinguished them in one particular only incline us to separate bank and state ? from the states within the Union. They Our sub-treasury system is so imperfect- had within them that disease which taints ly framed, that disbursing officers must, all American blood, the paper money of necessity, use banks as depositories; disease, inherited from their ancestors. and then, though the revenues of gov. This,'the original sin of America, had ernment are collected in gold and silver, never been washed away by any bapthey are paid in paper.

tism of sufferings. It is interesting to "Is one form of paper banking found trace the manner in which this heredinot to answer? We then resort to an- tary corruption displayed itself, under other. To acts incorporating each bank the peculiar circumstances in which the separately, succeed general banking Texans were placed, free from the reslaws by which they are incorporated traints imposed by the United States altogether.

Constitution." “Does a 'safety fund afford evidence In his former work, "A Short History by its own action that there is no safety of Paper Money and Banking in the in it? Then we resort to free bank. United States, our author gave his ing,* and require, from the issues of views of the evils of bank paper money. notes, deposits of mortgages and stocks In this volume he gives his views of the by way of security. The system does evils of government paper money. The very well in fair weather, and we in- misuse of the treasury note system is quire no further.

what he fears will at some time embar“Do the states want money? They, rass the fiscal operations of the federal perhaps, like Pennsylvania, resort to a government, if not involve them in inpitiful evasion of the organic law of the extricable confusion. He holds up the Union, and issue "relief notes;' or, it fate of the treasury note system of Texas may be, like Indiana, more boldly vio- as a warning, and more than once makes late the federal constitution, by emitting a special application of his doctrines to small bills of credit, and calling them the concerns of the United States. treasury notes.

Mr. Gouge's views of public debt are “Do the banks throughout the coun- briefly as follows: try suspend specie payments? Then we “1. A public debt is a public evil. have a good opportunity of getting rid "2. Nevertheless, it is sometimes ne* See the able papers on “Free Banking," in

.... cessary to incur public debts in order to vols. xiii. and xiv. of De Bow's Review.

secure the liberty and independence of

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