302 



NEW ENGLAND FARMER, 



MARCH as, I«I3S. 



AND gardener's JOURNAL. 

 BosTOS, Wednesday, March 23,; 1838. 



We are happy to give place to the subjoined important 

 communication from an esteemed friend on a subject, 

 which though not often treated in the columns of tlie 

 Farmer, must essentially concerns the agricultural in- 

 terest. Tliat interest is largely represented in our leg- 

 islature, and to them this great subject is especially com- 

 mended. The condition of our currency is at present 

 deplorable. It is believed they have the po\ver by a 

 decisive measure to relieve the community and to avert 

 the threatening stoim. The suggestions subjoined come 

 from a mind familiar with our commercial and general 

 interests and are based upon an acute and intelligent 

 judgment. 



A STATE BANK. 

 In 1836 our Legislature was requested to incorporate 

 a State Bank with a capital of ten millions of dollars. 

 It was proposed that the Stale should take half the stock 

 and pay for it by bonds bearing interest at the rate of 

 fuur per cent, redeemable in thirty years ; that the Bank 

 should dis[pose of these bonds in Europe and import five 

 iilillions in specie; that the State should appoint one 

 half of the Directors and that a branch migiit be estab- 

 lished in each county. 



This project, owing to the combined influence of 

 those who owned small Banks, those who wanted 

 charters for more small banks, and of persons averse to 

 measures which would render Massachusetts indepen- 

 dent, added to the remissness of a few of its friends, was 

 lost by one vote, A serious loss it was. For want of 

 this institution our Slate has suffered— 1 speak with 

 moderation— more than the amount of ten millic.ns. Had 

 that charter been granted the State would tliis day liave 

 been richer by more than that sum than it is. 



This is not all. If that charter had been granted the' 

 the many charters for small banks which were granted 

 would have been refused. Banks which then existed 

 would have been kept in check and their circulation 

 curtailed. The State would have been supplied with a 

 sound currency, commanding at all times the full confi- 

 dence of its citizens. Specie payments, in New England 

 at least, would not have been suspended. Honest mer- 

 chants. Manufacturers and Traders, pursuing a fair and 

 legitimate business, would have been sustained. Our 

 State would not have been disgraced by Bank failures, 

 for no Bank under such a regulator could have pushed 

 enough of its paper into market to make it dangerous. 

 No panic would have existed. Confidence would not 

 liave been lost, and though many of the rash and the 

 foolish would have felt tile usual effects of rashness and 

 folly and become bankrupt, the failures would have been 

 comparatively few in number. We should now be in 

 the situation of a ship in a storm ^with her top hamper 

 down, with no more sail set than she could carry and a 

 crew full of confidence and courage. 



It was refused, and a herd of small banks granted.— 

 The Stale has been disgraced by a suspension of specie 

 payment, and doubly disgraced by bank failures. Hon- 

 est, enterprising, prudent merchants have become bank- 



fupts. Many of our manufactories are closed ; many 



■ otheis have curtailed half their business Ourmechan- 

 ic8 are out of employ. There is no confidence in our 

 currency. Capitalists, great and small, are hoarding 

 their money. Panic after panic has paralyzed the 

 whole community. Confidence is entirely gone. Busi- 



ness and men are prostrated. Widows and orphans are 

 weeping over the loss of their— in many cases— little all. 

 And, we have not seen the worst. We are in the situ- 

 ation of a ship, which, for want of proper foresight and 

 caution in the master, has been caught by a gale on a 

 lee shore— her masts carried away — her decks swept, 

 and her hull lying on the beach half full of water. 



And what is the remedy ? The hull of our ship is 

 still strong ; she may be pumped out, launched again, 

 re-ngged anil continue on her Voyage, provided we set 

 to work speedily. There is another storm approaching; 

 we can see its indications, and hear the distant timnder, 

 and if we wait for it, three chances against one, our ship 

 becomes a tplal wreck. 



We have much yet to be saved. A State Bank with 

 an ample capital, and a fiesh importation of specie, will 

 restore currency, confidence and prosperity— if granted 

 now ; but if we must wait anotlier year, the measures of 

 persons aiming at an entire destruction of a system of 

 credit under which the nation had attained so high a de- 

 gree of prosperity, and made such rapid and extraordi- 

 nary improvements in all the arts of life, are carried 

 into effect, all is lost ; and the utter prostration of busi- 

 ness and enterprise IS certain. The farmers have a deep 

 interest at stake in this matter. They are bound to the 

 Commonwealth for weal or for woe. The capitalist, the 

 merchant, the banker,tlie professional man, can almost at 

 their pleasure transfer their residence without in many 

 cases serious inconvenience or injury. Not so with the 

 farmer — he is a fixture ; and every thing which affects 

 the condition of the community conies directly home to 

 his business and interests. 



As far as we have been made acquainted with facta 

 and understand the case the indications of success are 

 as strong as in the case of the Pennsylvania mines, and 

 the progress of the business in that state is most extra- 

 ordinary ; the magnitude of the interest immense and 

 wholly incalculable. 



Pennsylvania in 1820 produced only 365 Ions. 



1825 " " 33,699 



1833 " " 174,734 



1836 " « 485,365 



1837 upwards of 800,000 

 "The value of the coal mines in Pennsylvania would 



now be estimated at many hundred millions of dollars ; 

 for no sum that could be named, would Pennsylvania 

 now forego the working of the coal mines." We onlj 

 regret that the attention of the Legislature was not ear 

 lier called to this important subject, when they coulc 

 have given time to that minuteness and fullness of in 

 vestigation, which it justly claims. What has hilherti 

 been done has been effected by private enterprise — bu 

 this is not sufficient, and can hardly be e-xpected to 

 make those explorations which the case demands. 



COAL MINES IN MASSACHUSETTS. 

 Much interest has been awakened on the subject of 

 coal ; and an application is now pending before the Leg- 

 islature for aid to work the mines, which have been 

 opened at Mansfield in this Slate. We regret that we 

 have not been seasonably furnished with the means of 

 laying before the public in detail the important facts con- 

 nected with this very important subject. It is certain 

 that good coal has been found at Mansfield ; coal su- 

 perior to the coals of Pennsylvania as they presented 

 themselves at the same distance from the surface as has 

 been penetrated at Mansfield. Two thousand tons have 

 been already raised from these mines ; much of it as 

 was to be expected in the opening, of a poor quality, but 

 nmch of it of a good quality ; and the character evi- 

 dently improving as it is taken from a gi eater depth. — 

 The opinions of the best geologists and miners are strong 

 in favor of a large and inexhaustible deposit of coal in 

 that locality. Further trials alone can decide this mat- 

 ter. The discovery of a valuable coal mine in such a 

 situation, so near to a market, so accessible to a market 

 would prwve infinitely more valuable than the discovery 

 of a gold mine; and would conduce beyond all calcula- 

 tion to the improvements of the aris , and the advance- 

 ment of the general wealth and prosperity. 



What is now wanted is the means of ascertaining 

 this great fact ; whether good coal exists there in abun- 

 dance ; and whether it can be rai.sed at a rate at which 

 the value of the coal will authorise the prosecution of 

 the work. If the .State can be satisfied in these two 

 points we think they should lend their aid; and though 

 there be some chance of disappointment, yet the object 

 is so important, and the indications of success are so 

 clear and strong, that the State should take the risk of 

 the inqui.ry, assuming to itself in the event of success a 

 full indemnity fb^' its expenditures. In what form this 

 aid should be rendered is matter of inquiry and discrc 

 tion, which is left where it proprrly belongs. 



SUMMARY OF THE WEEK. 

 The week has pessed im without any startling occun 

 rence. The election in New Hampshire, though moai 

 severely contested, has terminated in favor of the prea 

 ent incumbent. Congress go on from day to day, bin 

 their progress is not marked by any great measures.— 

 The Senate of the United States has, it is understood 

 passed the great financial or sub-Treasury bill ; but UD 

 der such modifications, that some of its early and mos 

 ardent friends at once withdrew their hands from i! 

 It now goes down to the House, where it will no dout 

 for weeks drag its slow length along. Its fate is unce) 

 tain ; indeed what in life is certain but death ? 



Massachi7setts. — Our honored legislators still kee 

 their seats warm at the State House. They have had 

 sort ef miniature Sub-Treasury debate in the Housi 

 embittered, we always regret such cases, by some pel 

 sonal acrimony, which some people insist upon callini 

 the real spice of eloquence. On Monday they held the 

 first afternoon session; which was protracted (o so la( 

 an hour, that many of the good men were " broke ( 

 their rest," and some thought of sending for their nigh 

 caps. What subjects remain to be done up, we are na 

 apprised ; but the warm weather will soon dissolve ihl 

 ball and send them streaming home. 



The foreign reports indicate that Great Britain is di 

 posed to be quite satisfied with what we have done i 

 regard to the Canadian insurrection ; and has no di 

 position to (an the sparks, winch showed a few scinti 

 lations, into a flame. This is exactly right, and Joh 

 Bull and Brother Jonathan should keep the chain • 

 kindness strong and bright between them. 



NOTICE. 



A special meeting of the Committee of the Mass 

 chuselts Horticultural Society on Gardes Vegetables, w 

 be holden at the Hall of the Society, on Saturday, 31 

 inst. at 10 o'clock, A. M. On the subject of awardii 

 premiums for Garden Vegetables. A punctual atteni 

 ance is rr.'quested. For the Compiittee, 



SAMUEL POND, Chairman. 



We have several favers to acknowledge. We d 

 signed to have said more on the Brighton Show — but ot 

 er matters have precluded us for the present. 



