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be made to lower their prices? And then only think of all this fuss, adjourning, as they did, from time to time, all winter, to find out the cause of the "imposing evil!" Why, Sir, I need not tell you that I, myself, am no Solomon, nor do I pretend to divination; I could not see, before the land was prepared to receive the seed, that there would be a deficiency in the crop; but I knew that the notes, to an enormous amount, had been issued, and I foretold the consequences in a letter addressed to the working men, published in 1835, in which are these words:

"As to steering clear of the sweeping pestilence, like the one that, in a few months, will make its appearance among us, it is out of the question: no matter how wise a man may be, or how much he may detest the abominable system of banking, it will be out of his power to escape from its ravages.'

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Now, in respect to time, surely no almanac-maker, Dr. Partridge not excepted, could be more exact; and where is the man, except the sixty, and their brother bankers and speculators, that have escaped the ravages?

And again, in the same year, when Matthew Carey, Esq.,-you have heard of M. Carey, I suppose; every body must have heard of him; he who has spent a long life in fishing for flattering compliments, and who has been so kind as to string all that he ever obtained together, and present them to us in a celebrated work, called "Autobiography of M. Carey," and who also insists upon it, that he has done more good in the world than all the rest that ever lived in it; that, if his advice had been attended to, he could have given "peace, prosperity, and happiness to thirteen millions of souls; that he could have changed the fate of the government; prevented the forthcoming dissolution of the Union, civil war, and ultimate despotism"-this is a character that, I trust, you will admit of sufficient consequence for me to refer to. Well, he and his friend, Dr. Draper, told the poor working women, then "on strike" for wages, that their condition would soon be one of comfort, plenty, and happiness; and the Doctor complimented his friend for having written "ably and eloquently" upon the "lowness of the women's wages," and hoped to have the "supreme gratification of seeing such efforts crowned with success." I wrote and published a letter to the Doctor, in which I remarked that, if the thing depended on Carey's "eloquence," the condition of the poor women would get worse and worse. "Others," said I, "may tell pleasing tales to the workers, to make them believe that by the strike they will effect all that is wanting; but, for my part, whether I please them or not, I will tell them nothing that I do not steadfastly believe; and," said I, "I beg both you and them to remember, that I now tell you that the condition of the workers will never be improved while the

present system of banking is in existence." Since then, four or five years have elapsed, and no comfort, no plenty, no happiness has yet been known among them; but, on the contrary, their misery is greatly increased, as shown by Carey himself.

I wish, Sir, to make you, and through you the people of Birmingham, well understand these things; because they must, I think, on doing so, become convinced that in self-government there is no safeguard against oppression, even of the most heinous nature that ever mankind was cursed with.

"What," asked Mr. Calhoun, in his place in the Senate of 1834and Mr. Calhoun is considered to be, and is, one of the greatest, if not the very greatest, statesman in America--" What," said he, "is the safety-fund system of New York but a union between the banks and the State, and a consummation by law of that community of feeling in the banking system which I have attempted to illustrate, the object of which is to extend their discounts, and to obtain which the interior banks of the State have actually put themselves under the immediate protection of the government? The effects have been striking. Already have they become substantially mere paper machines, several having not more than from one to two cents in specie to the dollar when compared with their circulation; and, taking the aggregate, their average condition will be found to be but little better. . . . Such is the strong tendency of our banks to terminate their career in the paper system in an open suspension of specie payment. Whenever that event occurs, the progress of convulsion and revolution will be rapid."

Then again, in the same speech, Mr. Calhoun justly observes that, "If we suppose the entire currency to be in the hands of one portion of the community, and the property in the hands of the other portion, the former, by having the currency in their possession, might control the value of all the property in the community, and possess themselves of it at their pleasure."

Since Mr. Calhoun spoke an "open suspension of specie payment" has taken place; and I perfectly agree with Mr. Calhoun, that the progress of convulsion and revolution will be rapid.

For the information of the mechanics, who, I hope and trust, will, sooner or later, read this letter, it may be as well to state a few facts more particularly relating to trade.

Well, then, when I commenced my business in Philadelphia, the journeymen were on strike; and I believe it was the first strike they ever had in that country, and that was more for a regulation than for an advance of prices. A committee from the "boss" (a republican name for master) hatters called upon me to sign some resolutions which they had signed, and which "solemnly pledged" them to abide by certain

rules. I objected, not liking to solemnly pledge myself, lest I should afterwards have cause to repent. I, however, at last complied, which delayed my business for two or three months, when I found that the very committee-men, who got my solemn pledge recorded with theirs, had been busily at work for some time, having complied with the terms of the strikers in every particular. This was the first time I pledged myself to anything relating to trade, and I am sure it will be the last it taught me that, if a man is honest, and fetters himself to others, he will be very likely to be the dupe of those that are not so.

The trade from this time became unsettled; and, soon after the strike, a man, possessing a bountiful share of the new era's intellect, invented a machine to make the bodies of hats, and this machine eased the men at once of one-half of their work. What a triumph for the political economist! But this machine took away half the workmen's bread as well; which was afterwards possessed and enjoyed by one or two men, that were taken by the hand by the paper-money-makers, and enabled to build large factories, to erect machinery, to undersell and to ruin the rest of the trade, both bosses and journeymen. The big papermoney hops, thus possessing the mastership, could do as they pleased; and they pleased to rapidly reduce the prices of the journeymen's labour, in some cases to less than one-half. But this was not all; for, while the paper-money lowered the wages one-half, it has, these four or five years, hoisted the provisions to double the price; so that, properly speaking, the men have just one-quarter as much for their labour as they formerly had. And then there is another thing to be taken into consideration : they have not, I believe, on an average, employment more than one-half of their time. These are rare facilities for "strengthening the sinews," the "expediting of labour," and for the "promoting of trade!"

When I came to this country the hat-trade was, as it always had been, diffused all over the place. Numbers of shops, containing from one to eight or ten men each, and seldom above. The journeymen were well off, and the bosses in this city were wealthy, almost to a man. Since the improvements there is not one hatter in twenty that makes his own hats, nor one in twenty that can live by the business. The hats are now made in factories, to the ruin of all the trade. Even the manufacturers themselves, of all trades, are no other than mere slave-drivers to the bankers, and are sacrificed the moment it is found that no more can be made out of them. They generally, however, fail half-a-dozen times before they are finally cast off; which is not till every body is tired of trusting them. This failing, and taking the benefit of the Insolvent Law, is one of the principal means that enables the banks to effectually drain the wealth of the nation. In a list of applicants for the benefit of the Insolvent Laws, to appear at the county court-house, Octo

ber 20th, 1829, there were three hundred of them in that single case. They then became so formidable, that the papers discontinued to publish them in regular lists, lest it should hurt their circulation, and bring down upon them the vengeance of the applicants.

At first, when under the fostering care of the accommodating bankers, the manufacturer cuts a fine figure; he is then in full feather, and all are anxious to trust him. After a bit, a stoppage or breakage takes place, to the" great astonishment of his numerous creditors." When the "concern "" comes to be" adjusted," it is found that the "prior claims" of the bankers swamp all the "availables." This settled, if the manufacturer be still an "enterprising citizen," his factory is again put in motion, and we hear of him having gained some lucky hit which has made him rich! when the very same flock that were shorn before now gather round him again, not to receive the "old score," for such things are never thought of, but to solicit a share in his future favours, and be allowed to furnish him, as heretofore, with the products of their handiworks. He is a "clever man," and, in his greatness, does not forget them, but on the contrary purchases their wares in a liberal manner. Everything, now, goes on as it should do. The establishment is, unquestionably, as stable as the hills. What a comfort it is to have

such an "establishment," where a tradesman, mechanic, labourer, or, in short, an "enlightened community," can intrust, with safety, its "surplus capital!" If it were not for blessings of this kind trade would be at a stand. It is wonderful how one or two “establishments" conducted by "enterprising men," can facilitate business, and make all the neighbourhood so exceedingly happy. While thus contemplating and looking at the matter, snap something goes, and it is found that the thing is again blown to the d-1; so they go on, more and more, as they continue to emerge from the dark days of their ancestors.

Allow me, Sir, to introduce to your notice a couple of "real, enterprising American citizens;" "business-men;" "go-a-head men ;" such as adorn the country in every quarter, and such as are, for ever, held up above all the rest, as examples to "the young, but early ripe, and intellectual republicans," as our countryman, Captain Marryat, would call them.

"The New York Gazette says: The statement respecting the adjournment of the sale of this property (Holt's Hotel) is correct. The sale was postponed to the 1st of October next, when, by order of the Chancellor, the building and furniture will be sold at the Exchange.'

"Poor Holt-his enterprise, economy, and industry, which led to the completion of that magnificent castle, should have secured him a better fate. We are sorry to see that his friends, of whom he must have many, and able ones too, in New York, have not stepped forward

to relieve him from difficulties and embarrassments, that we are strongly disposed to think are only temporary; and in part, if not wholly, induced by the enormous sums which he has been compelled to pay in the shape of interest, &c., amounting, as he once remarked to us himself, to upwards of twelve thousand dollars per annum. We are really glad to perceive that a writer, under the signature of A Friend to Enterprise,' has called public attention and sympathy to the matter in the following remarks, which we copy from the Courier and Inquirer :

"It becomes the duty of some one or other, friendly to the cause of industry and untiring perseverance, to notice the precarious situation of our unfortunate fellow-citizen, Stephen Holt, who has since the year 1817 been incessantly striving, not only to raise respectably in the world his numerous family, but also to raise an edifice at once useful to the travelling community, an ornament to our city, and a benefit to all capitalists interested in its neighbourhood.

"He has completed the great work-one, perhaps, that would reflect little or no credit on an immense capitalist-but we must consider that in 1817 he could not command ten dollars of his own: notwithstanding he has, with the assistance of his praiseworthy family, erected and kept in operation this immense establishment, to the entire satisfaction of his guests, two years and eight months, against all the obstacles that have fallen in his way, to enumerate which would be tiresome to our readers.

"Too proud to ask of his fellow-citizens and countrymen an assistance by gift, would rather sacrifice his all than accept it.' ”

The following is the other specimen, taken from United States papers, of a real enterprising American citizen, a regular "go-a-head " man. "THE RATHBUN FAILURE.-We happen to know one or two circumstances not yet stated which may interest our readers. Mr. Rathbun, some twenty-five years ago, did a very large business at Cherry Valley, and had something like a bank, in connexion with his father, but ultimately failed.

"It was understood there that he had committed several forgeries, but somehow that part of the matter was hushed. From Cherry Valley he removed to Sandusky, in Ohio, where, partly in consequence of sickness of himself and family, he became extremely poor, so that the whole wardrobe of the household was on their backs. In this condition, about twenty years ago, he entered Buffalo, and hired a small tavern with the furniture."-New York Jour. Com.

The New York Gazette says:

"A letter from Buffalo states:-The facts which transpired on the examination, and have come to my knowledge since, have utterly astonished me. First, as to the amount of the forgeries, which no doubt

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