-_.'_ t‘....., .»_ -.l~.n-,v- \ ~____;~ l-
xfliol-ders at ‘V itullili‘-':-ill ..nd L45». ..liLrc general
A
' ‘lurk rziarlzz-ts, where we Ulltltrtsifilltl, it l:l«'_‘l.‘lS
' .mestic troubles, and that is their universality.—
I ‘They are felt, it is true, in tlilli.-rent de _;rees, but
' see, hear, know their existence.
M sympathies and common .coni'isels, and that we
51,3” at no distant day, be able to see a clear
'ricoi‘sc.t'.7za22 -720.’?/i/lg.
-swom.
~alt its energies and the employ ofall its legitirnue
zurx.a_ - «L. ;—..x-...
,__.,c' '5
. F mm the Krtickerboclccr.
’ - ‘ ocvousn.
Solemn ye’ beautiftil to view.
,Mouth of my heart! thou dawnesl here,
Wiih sad and faded leavestestreiv,
‘ The Su'nrner’s nielaucholy bier.
T_he-nioaningyof thy winds I lieafa
As the red sunset dies afar, _ _
And bars of purple clouds appear.
_ Obscuring every western star.
Tliou solemn mouth’! I. hear thy votce——
’ . It tells my soul ol other diiys,
VVhen but to live was to rejoice—— '
When earth was lovely 10 my €359 -
Oh, visions bright——oli blessed hours,
‘\Vhere are their living ruptures now?
I ask my spirit’s wearicd po\versT
I ak my pale and fevered brow.
I look to Nature. M1‘-lllellllld
My life’s dim emblems rustling round,
In hues of crimson and of gold—-
The years dead honors on the.gi'ound:
.And sigzliing with the winds; I feel:
\Vliilc their low piiiions murmur by.
-‘How mucli their swecpiiic toncs reveal
Of life and human destiny.
\Vlien Spriug’s delightsoiiie moments shone,
They came in zepliyrs from the west——
They bore the wood-li'irk’s iiieltiiég tone. V.
They stirrt-*.d the bltir.-_laltets glassy breast;
'r_p}m,u_..h Summer, iutt‘tlll'i;,{ in the llifili,
C ' ' . -~ N « -
'’I‘liev litzgcrctl in the l()t'l‘.\l sliatlc, ‘
Bi)! ('h.at'fit"'l and strenutlieiied now, they neat
'' J ‘I7 A. C ' . , ., n, n
in storm, o’er tuottiittzt , 1.1‘-CH -"ml sl<+~lL-
How like those transports of the breiist
Wlieti life is fresh and joy is iicw——
Soft as the lialcyoti’s downy nest
Aiid lfttltslctll all as they are true! V .
Tizey stir the lt"~.‘t\'ti‘S in the l)l'lglll v.'rc8_l‘n€t
\‘<_:'h§,»;l_1 [Ltpc.;il)titit i'lE‘.i‘ fotclieatl (WU-'35:
Tit‘, G;~it-l".:: lint sighs timtititl it breatlie--
'>'.'lien ii)lt‘U:‘lli‘t:’S lip its smile. resigns.
Alma, for Tiuie. and Death, and c:i«re—- '
XVI;-(ii gltulttl aliotit our way they fliiig.
. Like clotids in .-\t.ittii1it'i’s gusty all‘.
The burial p:..__(caiit of the spring-
‘Tlie tlreziziis lilul t::‘.Clt sU(:CCS$l\'C ycar _
S*}!‘t‘.:L'il l.-:itl.~t~tl in hues til Ut‘lL_fl)lt“l' 111'!’-l~i’a
At last ltltt: Witlitttctl lt‘L“-V‘-’~'_i illlllh" .'
U And .-;-lct it in dzzrlttzcss, side by suic-
P/1iltzr.7ct't~:'.3:4. V*’- G- C’
- . , H. . ii
A single _/"ti-.:t_,ui 612.2 1. co; .
c.——Geu. Jztcksoti
cztiiie into ulii.-c arid his [)«';3l“l_y' into ptiwr,-.1‘ upon
- - t. . - (2 r- r -
prolessiziii-.-: and ,:-ttxlges to ill\, people of .tlo.m;
o I ' -.~ I I Y
ing the olhcc l2ol.lcrs——ol iiiavltiiig tlfittl ENGIN-
more ptrit:tl_v to the duties pl.’ their o.-nce:‘=t fllitl
fig“, },<,_._~_°. up ,‘.U.L,,,. tziiic to pntittcs and spectiiaaitip.
All v.".-‘n st-:"~;t.i utztlcr Geri. Jtitrltstiii were to tie
- ,___ '::7,ti .i “»- '-.
pure at:-.l 237:2‘. ;t_.‘.._ite. \’t c... .t.l ttiis iirtitiiijttl
.. .. 2 . ‘. . 1 ' an
vim-,l«l; but t’!t.'!t'-'. the icsutt-—-loot. at the otnct.
.
ly s'peakir:g tlzt-7, t';:‘-.t‘t‘it3 i:.=:o tziiicc poor, but do
they reztiaizi sol Take Stir. ‘"¥eiitl~.ill as air ox-
aniiple--he coin-'2 into \7t’a..=‘ui:igtoii poor, and
even boitstetl of his virttto=.is povc.rty-lie is now
.
T31:-/i, and has ho.-2.-'t:.'l that lie ll-’.‘.St1;:.'Llt3 or shouid
make 3 jiyrluizc by his gOVCI‘i‘itll:“.li't lantl specula-
tions‘ ‘it is ll(i'.:'tll!)l'l5lllg that such uien slioulu
he at'i‘~;io:;: to l‘~"‘i‘!'L‘l'.ll1'.Clll-L !'(5l*’li of ii‘i'\'3‘l-"t'II'l'.lj to
‘ ‘ ‘ i‘ _ D . .
Wliicli they licltitig. antl wliicli thus cit:_t‘ulcs thcni
to put ti:(‘;l‘.t‘._\' it
are surieriaiy
.1'J'tit’l'.3i'$€«‘.‘.l‘3cl the tlii:‘._ _
1'-’/tilaclclplzia 1.:-email S; .‘;'c.It.’~ozd.
their piii‘:-,cs ttltiletlic people
hen will the people see and
l
\\“.v'
which lit‘.-lot't,~,5 to them ?---
“N0 paper slinttid begissiicd witiiout an ade-
quate metallic basis."—(x'Zo/2c. _
Tlietwclve tnillioiis of Treasury notes whicli
the govertiuient ison the point of iSS.UlDg,.a1'.C to
1have for their basis a Treasury mite mt/110723
ls that “ an tidt-qtiute nie-
‘tallic basis ?”——.7.ou'£at'it’lc Jt'/l£'."."tr.t'l.
Peach Frmn.-—Tlie D'elaw:3rc Jgtiruel gives
‘the atiticxctl sketch o Dir. lltrlgc\t"::_y’s l:’.t‘fi'l.
-1-iear Delaware city: . ‘
“ In seven \.rt-.;irs wliicti h
-I _ .
.,-_»,r.,mn,enped. ih.:3 plaiiitzitinn. .\ir. i"‘.l<l:_7.‘) 'zty has
I ‘ ‘.4’ . .. . . ’ x
__p|amed1.,';.) (l(.'f(’S—-.Llu\) trees to the acre. flit.
pmtlucc of the preseiit year is estimated, by our
iiifortiitznt, at 100 lizislttets of pet.ir:lies pt-'1‘-3010.0?
~1.l,,()O{) baskets of peaclic;-'. 'l.‘ll(;‘.}lC€1('llL’S, (ll,
-vcliit-ii lie prtsezitctl us sonic sp-:1citii<:I1f5. are Ol
'-the litio.-:t l-Lind, large and of tlclittiotis llavoi'.——
'll‘«t=.'«\.scli.-i.-iii-.=r;< are t,‘()l’l5i.‘:!'t3i\’ r,-mpiovctl in tr.-itis-
. . v-.._
_-“()f[“}g the fruit to the l’liil.i.lI..lptiia tiiid t\t.\t
rive elapsed since he
.,.‘.;,t, pearly ggtllfi, at three, four and live doll:-tr.~3
rper bzirslzt-t. it is C$lit:l1llc~:i tlsat l'.i.: peat-ti crop
n- .:...u.
“ DoN"r GlV.E
ac..u _...
yes. XX. r=.*o;=‘t-evr‘.t.r*-...i.'i.2.s.', cnésirs. ‘€t’VEt‘lBl°sl.2 * . Ft}.
" .4 x... . _.:::-in-_-..- .._. ....s.. _ ...__ _ 4-:
-will vieltl a nrolit during the })l‘t.‘S(‘l‘.-L year of
\\7c (hill to this ;-‘tz‘.-tcziieut that there is
am; part of tit;-r country which is trior-c, favorable
‘to’ the pt‘titiucti(;n of this dr:-.licious fruit. limit the
vicinity of Delaware city. and llit? WlI0l<3 fills”
':ttit.-t of coutmv lying along the wcstcrii sliore of:
the Deliiwuw, and cx:t:ntlii'ig front the Christi-
.aii:'-1 down to Bombay r}ool~;.”
5-cw’:
ox Ttii-1 SUI:‘.~T’:‘.SiASUP.Y BILL.
Sczmtc, fllozzzltzy, Scg;tc;n,i:c7'25, 183
The Senate ll£lV'lng‘l'CS1ll'DC(l the (‘.t)llSlllt2I‘ll-
‘anion ofthe bill iiiiptising additional d.it.ics, as de-.
positorics ofthe public moiicy, oti certain olficei's
of the general 5__:ovcrtiti’ient- '
MR. CLAY rose atid addressed the Senate
upwards of three hours. \Vc canriot undertake
to report all he said, exactly as it was said.—-
\Ve must content ourselves with exliiliiting a
view of his argument, einploying generally the
language in which it was expressed.
He cotiimeticed by observing that, fct,-ling an
anxious desire to see some clfcciual plan pre-
sented to correctthc disorders in the cnrrciicy,
and to restore the prosperity ofthe country, he
had avoided precipitating hiiiisell in the debate
now in progress, that he iniglit attentively ex-
amine every remedy tiiat should be proposed,
andimpartially weigh every corisidcration urged
in its support. No period had ever existed in
this country.in which tliefuture was covered by
a darker, denser, or more impenetrable gloom.
None, in which the duty was so imperative to
discard all passion and prejudice. all party tics,
and previous bias, and look exclusively to the
good ‘ofour afllicted country. In one respect-
.',r,ind he thought it a fortunate oiie—otir present
-difiiculties are distinguisliable from former do-
=they_ reach every section, every state, every in-
"-terest. almost every man iii the Union. All feel,
As they do not
array, like our former divisions, one portion of
the confederacy against another, it is to be l.opcd
that cotiimou stilferirigs may lead to coniinou
way of deliverance. _Ifthe present state ofthe
country were produced by the fault of the peo-
ple ; ifit proceeded from their wasteful extrava-
gance and their indulgence ofa reckless spiritof
ruinous speculation ; ifpublic measures had no
agency whatever in britiging it about, it would
nevertheless be the duty of government to exert
powers. to devise an cllicacious remedy. But
if our present deplorable condition has sprung
from our rulers; ‘it is to be clearly traced to
their acts and operations, that tluty becomes in-
finitely more obligatory ; and government would
be faithless to the highest and most soleinnxof
human trusts should it neglect to.pcrform it.
And is‘it not too true that the evils v.'hit:li stir-
routid us are to be ascribed to those who have
had the conduct of our public aliaii's?
In glancing at the past, (continued Mr. C.)
nothing can be further from my intciitioii than to
excite angry feelings, or to find grounds of re-
proach. ltwotild be far more congenial to my
wislies that, on this occusitin, we should forget
all former unhappy divi;-"ions and ziiiiiiiusitii-s.
But, iti order to discover‘ how to get out of otir
dilficulties, we tnust est-crttiin, if we can, how
we got into then-1.
Prior to that series of uzifortnuatc i'l’lC.‘].‘1;Ul'€S
which had for its object the ()\-'Cfilll‘UW of the
Bank of the United States, "and the discontinu-
anco ofits fiscal ageiicy for the govei'ii::icut, no
people upon earth evcr enjoyed ti bctter ctirren‘c;»'.
or had cxcliuiiges bcttt.-r regulated, than the pet)-
plc of‘ the United States. Our iiiorictary sys-
tem appeared to have attained as great perfec-
tion as any thing liuiiitin can possibly reach.
The coiribinatioti of United States and local
banks presented a true image of our svstein of
getieral and state govcriiiiiciits, and \voi‘i=.t:c‘- quite
as well. lot only within the country had we :1.
local and a general cui‘i‘cnc_v p-.erfcctlv soisntl,
but in \'v‘llIllt_‘.‘.‘::l‘ quarter of the globe .A:ll}t.*l'l(.’r'2li
coiiiiricrcc had pctietrzited, there also did the bills
of the Bank ofthe Uiiitcd States t_:oii‘iti.ititit§ un-
bnttiidcd credit antl coiifitletice. Now we are in
tlaiigei-0:‘ having fixed upon us, liHlt;l'iUllelV' us to
li[1]e,[l)a[ iiiedium—:iii irietleeinable papér cur-
rcucy, xvlll’-‘ll. by the iiiiiversal,coiisent ofthe
comnierci'dl \‘-’OI'lt.l, is regarded astlie worst. How
has this reverse come upon us? Can it be
dottbtcd that it is the result oftliose tiieastircs to
which .l have adverted? Vlieti, at the very
iiiotiient of adoptingtliein,_tlie very consequences
whit-li have happened were foretold as inevitable,
i.-: it necessary to look elsewhere for their cause?
t‘lcver was prediction more distinctly made;
never was ft.tll'illn~.cnt more literal and exact.
Let us suppose that those measures had not
been adopted; that the Batik ofilicUuitcd States
had been rccliarteretl : that the ptiblic tlcpusites
had rcriiztincd tindisturbed ; and that the Trea-
stiry order had never been issued ; is there. not
every i'c.'isoii to believe that we should tiow be
’ in the cnjoyiiicnt of a souiid-currr:nc_v; that the
public depositcs wottld be now safe and forth-
cotriiiig ; and ti‘.-at the suspension ofspccie pay-
ments in May last, would not have happened ‘.7
The 1’resit.lent’s rtiessage asserts that the sus-
pension has proceeded from o'.'ci-action-~over-
trtitliug—-tlie iiidiilgciicc ofa .-_:piritofspcctilatioii
produced by batik and other facilities. I think
this is a view of the case entirely too superficial.
it would be quite as correct andjust, in the in-
stance of :1 homicide, perpetrated by the dis-
charge of a gun, to allege that the leadeii bull,
and not the man who levelled the piece, was
i't-xsponsible for the murder. ' ‘lie trite inqtiity is,
hot.’ came that excessive over-trading and those
cxtctisive brink facilities which the iriessage dc-
scribcs ? \7‘."ere the" not the riccessury atid im-
mediate cniiscqtietices cf the U\‘(:l‘llll't)\.'/' of the
flank, and the removal from its custody of the
public depositcs? And is this not proven by.
the vast multiplication of banks, the increase of
the line oftlieir discounts and accommodations,
prompted and stimulated by Secretary Taney,
aiitl the great augmentation of their circulation
wtiicli ensued?
\Vhat occurred in the state of Kentticky, in
consequence of the veto of the recliarter of the
Bank ofthe United States, illtlSli‘Z‘tlL’S its elfects
throughout the Union. That state had suffered
greatly by banks. It was generally opposed to
the recstablishment oftliem. It had found the
notes ofthe batik ofthe United States answering
all the purposes of 31 sound ctirreiicy at home
and abroad, and it was perfectly contented with
them. At the period of the veto, it had but a
single batik. of limited capital and circulation.
After it, the state, reluctant to engage in the
l‘-+it‘il'.it'lg system, and still clierisliing hopes ofthe
creation ofa new Bank oftlieUniied States, eti-
coitrzigod by the supporters ofthe late President,
about the iiicorporatiou of new banks. But, at
ltfllglll despairing ofthe cstziblisliiiiciitof a Batik
of the United States, and finding itselfcxposcd to
a currency in batik notes front adjacetit. states,
it proceeded to establish banks ofits own, and
since the veto, since 1833. has incorporated for
that single state batik capital to the aiiiotint of
ten million of dollai's——a stim equal to the capi-
tal ofthe first Bank of the United States, created
for the whole Union 3
That the local banks. too which the deposites
were transferred from the Bank of the United
States, were uiged and stimulated freely to dis-
count upon them, we have record evidence from
the Treasury tlcpartirient.
The niessagc, to reconcile us to otir misfor-
tuues, and to exoiiorate the irieasures ofour own
govcrntrient from all blame in producing the
present stiite of things, refers to the condition of
Europe, and especially to thatof (:‘rrc:it Britain.
It alleges, that “in both countries we have wit-
tiessetl the same redundancy of paper money,
and other facilities of credit; the same spirit of
speculation; the same partial successes; the
same difficulties and reverses; and, at length,
ncttrly the same ovcrwhcliiiing catzistrophe.”
The very clear and able argument of the
Senator frotn Georgia, (Mr. King) relieves me
from the necessity of saying tniicli upon this
part ofthe subject. It appears that during the
period referred to by the iriessage, of 18334-5,
there was, in fact, no augtiientation, or a very
trifling augmentation, of the circulation of the
country, and that the message has totally mis-
coticeived tlic actual state of things in Great
Britain. ' According to the publications to which
I have had access, the Batik of England in fact
'tlitlliI1i$l‘lC(l its circulation. comparing the first
with the last of that period, about 24 milliotis
stcrlinrr; and although lllcjttitll stock and private
banks increased theirs, the amount of increase
was neutralized by the amottnt ofdimiimtiou.
If the state of things were really itlctitical, or
similar, in the two countries, it would be fair to
trace’ it to it sitiiilaritv of causes. But is that
the case? In Great Britain a sound currcocy
was preserved by the reclizirter of the Bank of
England, about the same time that the rccliartcr
oftlic Bank of the United States was agitated
here. In the United States we have not pre
served it sound tzurrcucy in coiiscqtiencc of the
veto. IfGrcat Britain wcre near the St.tfl1Ct,'(llZlS-
irophc (the suspension ofspccie pziynientti) which
occurred here, she nevertheless ESCAPED it;
and this difierenccin the condition of the two_
countries makes all the ditfcrcnce in the world.
.U1()[l0_\/S,
Great Britain has recovered from whatever mer-
CEll1lil{:‘tllSlt‘CSSE‘S she cxperieiiced ; we have not;
and when shall we ‘I All is bri.<_zlit and cheerful
and eucouragitig in the prospects wliicli lie be-
fore her; and the, reverse is our unfortunate
situation.
Gieat Britain has, in trtitli, experienced only
tliosetetiiporary ctiibarrassnients wliicli are inci-
dent to commercial transactions, conducted upon
the scale of vast magttitude on which hers are
carried on. Prosperotis and adverse times,
aotiotiand reaction, are the lot ofall commert.-i'.il
countries. Biitotirtlistresscs sink deeper; tliey
rcacli tlic lic-:.irt which has ceased to perfoi'n‘i its
otlicc OfCll‘CLll2.Ill0[1 in the great concerns of our
hotly politic. ' _
\Vltatevt=i' eiiibarrassmeiits Europe has re-
ccntly experienced may be satisfztctorily ex-
plained by its trade and couiiexions ‘with the U.
States. The clt-gt‘ce ofembarrassiiient has been
nizirkcd, in the commercial countries there, by
the degree of their coniicxioii with the United
States. All, or almost all, the great failures in
l_Ciirnpe lime been of houses ciigtigetl in tlic
.‘~.tiioi'ic:iti l2‘i!t.lL‘. Gl‘CLtl Britain, which, as the
ziicssnge justly observe.-7, iiiaiutziins the closest
l‘t.‘l£lllOtlS with us, had sull'c-red most: France
next, and so on, in the order of their greater or
less commercitil intercourse with us. Most truly
\=:.'is it said by the Senator from Georgia that the
l"f.‘(.'c.‘l)l etiib2ti'i':isstiieiitsof a crc litor, liom wliotn
paynreiit was withheld by the debtor, and from
wltoiii the precious metals have been unneces-
sarily withdrawn by the policy of the some
debtor.
Siiice the intensity ofstiffei‘iiig, and the disus-
trons state of tliings in this country, liave-far
ll‘alls(,‘Cl](lC(l any thing that has occurred in
Europe, we must look here for some peculiar
and more potent causes than any which l]uVC
been in operation there. They are to be found
in that series of measures to which I have al-
ready zidver:cd.
lst. he veto ofthe Biihk.
2d. The removal of the dcposiics, with the
urgent injunction of Secretary Tansy upon the
banks to enlarge their accoiiitiiotlatious.
3d. Tlie gold bill, and the demand of gold for
the iiidciiitiilictttions.
-'lll). The clumsy execution of the deposits
law; and
5th. Tlie Trcastiry order ofduly, 1836.
(Ht.-i'e Mr. Clay went into an cxamiutition of
these t2.ietisui‘t:s, to Sl'l0\'.' that the inflated coiidi-
tiou oftlic country, the wild spectilzitioiis, which
ll'.1t.l riscti to their height when they began to be
checked by the preparations of the local banks
necessary to meet the dcpositc law of June,
1835, the final stispcnsioti of specie paytneiiis,
and thc cotiscquciit disortlcrs in the currency.
cointiiercc, <’ll‘.tl gcrierzil business of the country,
were all to be traced to the influence of the
measures enuiiicriitcd. All these causes operated
ltl'ill1(i(lli.llL‘l_V‘, directly, and powerfull_v upon it-‘=.
and their cllircts were directly felt in Ettrt.vt_.-t:.,
Tlir: l'll(:>3~2fl3t? lE'l'lp'Jl'.‘.:~‘. to the tl,t':.pt_;.c,i:" 1;»:-i ’
agcticy in prozlucirig the existibgeiti'barras;:tz:-
This is a charge frequently made by the friend.-:l'
ofthe administration ugaiiistdhe law. It is true
that the banks have increased their accoii1tiioda-
tions, in conformity with the orders of Secretary
Tatiey, it might have not been conveiiicut to
recall and pay them over for public use. lt is
true, also, that the manner in which the law
was executed by the treasury department. trans-
ferring large sums from creditor to debtor portions
ofthe country, without regard to the coiiimerce
or business ofthe cotiutry, might liave.aggra\'at-
etl the incoiivcriiciicc. But what do those who
object to the law, think ought to have been dotie
with the surplusses which had tirrctiriiulatctl, and
were daily augiiiciiting to such an euorniotis
amoniit in the liands of the deposite banks?
‘iVci'e tlicv to be iut:orporated with their capitals,
and remain there for the benefit ofthe stock-
lioldcrs ? V‘-/His it not proper and just that they
should be applied to the uses of the people from
wliotn they were collected ? And whenever
and however taken from the dc-posite banks,
would not iticoiiveiiicrice necessarily happtu?
The iiiesszige asserts that the Bank of the U.
States, cliartercd by Pctiiisylvaiiia, has not been
able to save itself or to check other institutions,
i'iotwi‘tlistandiiig “the still greaters'.rcngtli it has
been said to possess under its present charter."
That batik is now a mere state or local institution.
\Vliy is it referred to, more than the Bank of
Virginia, or any other local institution? The
c:-zalted station which the l’rc;ideiit lills forbids
the indulgence of the supposition. that the allu-
sinn has been made to cnulilc the adtiiiuistratitni
to profit by the prejudices wliicli have been ex-
cited tigtiiiist it. VVas it the duty of that bank,
more than any other sta'c batik, to check the
local itistitutiotis? \Vas it not oven on lot less
obligation to do so than the deposits banks select-
ed aiid fostered by the (x‘eucrul Government?
But how could the uicssngc venture to "assert
tliiit it had greater strength than the late Buiikuf
the United States possessed ‘.7 \Vliutevcr may
be the libcrality ofthe conditions of its charter,
it is impossible that any single state could cou-
fcr upon it facilities equal to those granted to the
late Batik of the United States--first, in mak-
ing it the sole depository of the revenue of the
United States; atid, secondly, .in making its
notes recciveable in the payment of all public:
dues. lfa Bank ofthe United States had existctl,
it would have hail ample noticeoftlic ziccuti'iiila-
tioti of public moneys in tlic local banks, and, by
timely iiicasuicsnf precaution, it cotild linvc pre-
vented the spccultitive uses to which they were
applied. Sticli an iiistittition would have been
bound, by its reluttons to the governtiicnt, to ob-
serve its appropi'iations. and financial arrange-
ments and wants, and hold itsclf always ready
promptly to tticet them. It would have drawn
together gradually, but certainly, the public
however dispersed. Responsibility
would have been coricetiirntetl t,q;on it alone, in-
stead of being weakened or lost by dilliisioii
among some eighty or ninety local banks. dis-
pcrsed tlirougliotit the cofiiitry, and acting with-
out any ellective corgcrt.
A subordinate but not unimportant cause of
the evils which at present encompass us, has
been the course of the-lute adniini.-:trations to-
wards the cotnprotnise act. The gt-vat priticiplc
oftlint act, in i‘e.-ipcct to otir donicstic industry,
was its stability. It was intended and hoped
that, by wiilidrtiwing the t:irilI'froni tliosc annual
pt‘()lt‘Cli.’)£‘, cxtctitletl to them by its provisioiis,
which would compen.~:att- tiny rt-tlticilnn in the
aiiiotmt coiitziitied in print‘ arts. For «'1 ycttr or
two after it w:is iltlt)ptt)tl._tl1t.‘ hue ad;:ii:ii-tratioti
tIianifested,:i diS;Jr):'.iIit)tt to l'(‘.~.';:(‘(fl it, as tin ar-
l‘£1ngelT}Cl'}l‘.‘.lli(:li v-sets tuliciiiviolaltie. But, for
sninc time past, it has bccti cti:ist;it‘i:ly tlircatciied
front that quarter, and a S(;ill(.'t‘l ptirprisc.‘ had
been displayed to disrcgnrtl itscomliaions. Those
who had any ageittry in liiiiiging it forwtirtl, and
carrying it tlirougli Congress, have been hcld tip
to _£.‘.tiltI')€l(l\’et'SlOt] : it has been tlt:ClL!l‘Ctl by
iiicuebers, liigli in the coiili-.l
ii~;iti..:i iii l)Ull1 Uvttscs, to pus.-icss no obligatory
force bcyotid any 0l'tili‘-.(ll‘_y act of lc.Qisla:iori, and
new Litljustiiiciits cftlie ttirili it-'.‘.\’C been proposed
in bt.~tli ilouscs, in direct C‘t)12l.'Ll\’tillll()1lt)f the
principles of the comproiiiise; and. tit the last
session, one oftlicm tictually passed the St:ii.'itc,
zigriizist the triost cariicst t3llli't‘.Etl_‘/ and rctnoii-
stratzcc. A portion of the Soutli hzid not llllilft-'l
in t':‘csc attacks upon the c-nii'prot'ni:;c; arid 1
take plcasiire in stiyiiig tli:it.tlic two .“3«.-inittirs
front Soi.iti'iC.'irnliit:i, L:Spt?(?l1lll:.’, lzztvc titiiiin‘iii-
ly exhibited a l'()’4t}li:'(lt)Zl to :‘.illici'c to it with
perfect honor and lidclily.
The cll.:r'toftl:cs.c r:oii:;t:iut tlirentsantl attacks,
coming from those high in power, has been most
lYl_llll‘l|-'J:.Z. T‘lit:y have slinwn to tlic_iiitttiul';.;t:‘-
ttiriiij; itliCl'9.:$l that no certtiiu :‘Cli'cllICe was to be
placed upon the steadiness ofthe policy of the
Govcijniiiciit, no matter under what circumstan-
ces it was adopted. That interest has taken
alavrt ; new entcrprizes lit-ave been arrested, old
C-!':L'3i.'l_'l‘lElllC(l; and at this moment it is the
mo»; prustmte of all the il1lEt'C$‘_$ in the L'()l.lllll‘y-
Ont htilfiii a’.l‘.()Il!ll, usl have been iiifortued, of
tlic ;t::iiiul'at:ttirers througliout the coiiiitry, litive.
Z1(.'lt! t.-ly stispcudcd (|pO1‘i‘illUl|S,' and those who
litive not, chiefly conline themselves to working
tip their stocks on hand.
The consequence has been, that we liave
made too little zit home, and pUl'(tlt:*1sl.‘Ll too niucli
i'llit'():iLl. This i.:i.~3 aiigineiitcd that forcigi‘i debt,
the c-xistciicu of which so powerftilly contributed
to the suspension, and yet forms an obstacle
to the rt=snti'iptioii ofspecie payiiieiits.
The Senator from South Carolina (Mr. Col-
fioui.-) attributed the creation of the surplus reve-
iiue to the tariffpolicy, and especially to the acts
ofl5*3».l and 18:28. 1 do not perceive any ad-
vziiitzige, on the present occtisioii, in revising or
aliufiug to the former tlisscnsions wliicli prevail-
ed Oil the subject oftliat policy. They were all
scttlrzl and quieted by tlicgrcat healing measure
(the compromise) to which I have re.ferre.d. By
that l have beet: '»:.'illi:it: and ready to ::hitle.
Autll liavc desiretl only that itslimiltl be ob-
scrvt‘-;': and t.-xtrcntctl in :1 Spirit of goml faith and
.‘itli*:li:'_j., siinilar to that by which I liave been
ever .L‘ltl8lt‘t,l towards it.
Tl o at:ttil'1ix‘?t$ wzts no inczisure ofthe frictitls
ofu. lI)8lllJll:{}l!‘l‘.i”."‘ Its p‘:._-2-zigc wtis li)l‘(26t.l
.‘i* - ~ ..iio.. 1,.
.. ,' 4..., ..
t_l .. i.A ui,'\..lH./'
a t
-' C-it iii '5 . 3'i»1.tcti:-tiul'i‘iiitcri-
1. ~: ;.t. ' ‘ i ll c -:n:';.»‘r " ~
"“" ': -.~‘H--.-~—~---‘-‘§‘ _ , _
l_(_'LE‘Lt_r‘Ll lrozr tiic K.-ltco v" «t; i ‘ “--
iic lauds. Tlie. receipts froiii all stiutccs other
tli:ii“iil‘iat of the public lands, and C'~'t')t'li1tlill.l)‘CS
of the years 1833-4 -5 -6, (during which the sur-
pltis was acctiiiitilatitig,) both aiiiouiit to about
eighty-sevcn millions of dollars, thus clearly
showing that the customs only supplied the ne-
cessary means of public tlisbn;seineiit., and that
it was the public domain that produced the sur-
plus. ' ‘
Ifthe land bill had been allowed to go into
operation, it would have distributed grzidually
and rcgularly among the several statestlit: pro-
cecds ofthe public lands, as they would have
been receivrd from time to limit‘. ' licy vcotild
have returned bitch in suiall streams similar to
those by which they have bccii collected, ani-
rriatitig, and iiiiproviiig, and fructifyiug tlic
whole country? There would have been tio vast
surplus to etiibarrass the government: no rottin-
valoftlie deposites frotn the Batik ofthe United
States to the dcposite banks, to disturb the busi-
ness of-the coutitry: no accutnulzitions in the
deposite banks of immense sums of public
money, atigmctitetl by the circuit it was per-
forming between the land oliices and the banks,
and the banks and the lzitid ollit.-es ; no occasion
fin‘ the Secretary ofthe Treasury to lasli the de-
posite banks into the grant of iunrdiiiatc accom-
modations ; a_nd possibly there would have been
no suspension of specie payments. But the bill
was stippiessctl by a most cxti'aortlinai'y and
dangerous exercise of Executive power.
The cause of otir present diilictiltics may be
stated in another way. During lll(,"lfll(‘. admiri-
isiration we have been dt-privcd ofthe. practical
benc ' «pf a free govcrtinicnt: the forms, it is
true, remained and wei'c observed, but the es-
sciice did not exist. In a- free, or sclf—goveiu-
merit, the collected wisdom, the tiggi'egzitc will
of the wliolc, or at least of a iiizijority. moulds
and directs t.ie course of puolic ztiliiiis. lit a
despotism, the will of it single intlivitlmil go-
vcrris. In a practically free govcriiiiietit, the
nation coi‘itrols ilie cliicf tnzigistrtite ; in an arbi-
trary government, the cliief iriagistrate controls
the nation. And has not been otir situation in
the period mentioned ? Has not one man
forced his own will on the nation? Have not all
those. distislrotis nicusiircs-—tlie veto of the Bank ;
ll1B.l‘€t]']t,)V€ll ofthe depnsitcs ; the rejection of the
land hill 2 and the Treasury order, wliit:li have
led to our present unfortunate 'coi'idiiinii, been
adopted. in spite ofthe xvislies oftlio country, and
in opposition, probably, to those of the doiiiinuut
party itself?
Our t'nist'orttine has not been the want of wis-
dom, but of firmness. The party ill‘pt')\\'Cl'
would not have governed the coutitry very ill,
ifitliad been allowed its own way. its fatal
error ltt"xSl!t.‘.43(l to lend its sanction, and to be-
snw its Sltl).-IC(]U(*.l’ll applatiso and support upon
iilxccutivc acts, wliicli, in their origin, if pre-
Vi()ttSl_y dcprecatct-l or coudenirietl. \Ve have
-been sliot.-kctl and gl‘it.“.'(‘t.l toscc :lic wliolc legis-
lative bodics and cotiiiiiiinities approving and
laudingilie rcjcctioiiol'tlic very ll')("nlSUl'eS, wliicli
previously they had tinatiiiiioiisly reconimendcdl
To see wliolc states abziiitloiiii=ig their long cher-
i:,:lict_l policy and lwst intertsts insubservieucy to
lixcctilivc plenstire.! And the numlncrless ex-
amples ol iiitfvitluuls who ‘have surretitlcrttd
tlit.-ir iiitlcpt-titleticc. inns’. ltaflit”. ptiin on every
patriot in Out. A >li‘:gl(! c;'.st- forces itst-lf upon
my rccollt-ction as an illtistriitinii, to which ] do
discussions in Congress, of wliicli itlliad been the
frtiitlul lOpt(', our manufactures would have a.
certainty, for zt long period, as to the tneasttre of
int" advert froin any unkintl ft~cl'tiig toward; the
gentleman to wlinni I refer, lietweeti whotn and
myself civil and courteous relations l17,1\'C ever
- «'0» vi“-3 il~~l““*= tiiey \\(3lC which prompted this sell-ca-sttgzitinii,
existctl. The t‘t')(‘mtit'i£‘ll oftlic late Batik oftlic
Unitt;-d Sttitts, pi‘tiviti_r: for a rcclirirter, was
placed in his li:i:itl.<, .dl]f.l il(‘ presented it to Ill-’.‘
Seiiate. lie cai'rictl the l‘t”¢(:i1z1l‘lCl' through the
Senate. The veto cutiie: and, in two 0l'.llll‘t:L‘
wet-ks uftr:r\vtii'ds, we beltold the same Senator
:it the ht.-ail ofati asst-.ti':bly ofthe people in the-
Stutc Iiliiise Yard. in Pliilmlclpliizi, a;iplatttlit1f_I
the vote, and coutlciiitiiiigtlie .l3a{li-2--o;‘L.)lttlctlil1-T
iuglii.-1 owti act l
l‘du'.i\'cs lit: b=_-_‘~,‘uii-.l the reach of the human
eye. and it docs not l)l.‘l()tl;{ to inc to stiy what
and this praise of tho tlestrtictiou of his own
work; but it is iinpnssibie to ovcrlooktlie fact
tliattliis szitnc St.-tiaittii‘, iti dtie time, rcccived
i"ror.i the atitlior ofthe veto the giftof a splendid
tiii‘cigii llllrsi~lt)l'tl
The inorztl tlt.'tlllt.'il)l(.' front the past is, that
our free iiistiitziiniis are supcriur to. allotlicrs,
and can be prcst,-i".'ctl iii ilicir purity rind excel-
leiicc, niily-upoii the stterii (.'t)lltlllititt that we
~'llZ‘ill foi‘<:vci‘lizilil the ohligtitioiis of ])tllYi')liSI!‘t
ptirziiiicttiit to all the ticsof party or to iutlivitlu-
al ditztziiioti; and mat we shall never openly ap-
prove v.li:it we st-crctly coiidciiiii.
In this rapid. arid i hope, tint fzitiguing review
of the catiscs wliicli i think. ii:-.i\'e brouglit upon
tist:'.\;i.~siii'ig ellli)lll'i'L]:55tt}t3lllS, I repeat that it has
been for no pnrpo_se of rcproucliing or ci'in‘tin:it-
ing lllt)SC who liavc had the conduct of our pub-
lic ziffairs; but to discover the means by which
the pr:-sciit crisis has been protliiccd, with a view
to ascertain, if possible, what (which is by far
much more iiiipott:-int) should be done in Con-
gress to avert the iujiiriotis (—ll'e'_-ts. And this
brings me to consider the renzcdy proposed by
the Admitiistratioii.
The grctit evil under which the country labors
is the suspension ofthe banks to pity specie, the
total deratigeiiietit of all domestic cxcliatiges,
and the paralysis which has come over the whole
business -of the country. In regard to the cur-
rency, it is not that agiveii amount of batik
notes will not now cotniriniid as much as
the same amount of specie would have
done prior to the su.<pc.nsiou ; but it is the futtire,
the danger of an iiicniittovertible paper money
being indefinitely or pcrniaiiently fixed upon the
people, that fills tlicin with apprelieiisious. Otir
g:'éat‘ object should be to re—establish a sound cur-
rency, and thereby restore the exchanges, and
revive the business of the cotitiiry.
The lirst lll1pl't’.'.’~Sit:l] which the measures
brotiglit forward by the atliuinistration make is,
ges in transfers and remittances.
longer ago than yesterday, informed rue, -:.-1 a
single bank whose payments and receipts'inoi.vc’”“'
day amounted to two millions of dollars.’ Vl"F:ri§"‘-'
time would not have ‘been iiecessary to ct"
such a vast stim ? ".,Tlie paymciits, in the cf
ofa year, in the city of'New-York, were est? .
ted several years ago at fifteen liti'udred l]1ill;t':i:5 T"
.1‘,
How many men and how many days would l)l.-
necessary to cotint sticli a sum V’! A yot.7‘~"‘
growing.ai'id enterprising people, like those
the U. States. more than tit-._v nilier. tieetltlioi
of those credits which are incident to a sound »..~-;«_-
pcr system. Credit is the friend ofiiidigent the-~
rit. Of all nations. Great Britain hasmost l}._ V
ly used the credit system :_ and of all she is re"
prosperous. \Ve must ceaseto be a comme.~., L
people; we mtist separate, divorce oursel I
from the cointnercial world, and throw 0llt'Sel-I‘ -
back for centuries, it we restrict our business :-:' 4
the exclusive use of specie. ..
it is objected agaiiist a convertible paper ,'
tem, that it is liable to expansions and contirrux
iions; and that the consequences is the rise z_ii:{j 1
toll of prices, and sudden fortunes or sudden rt:--
in. But his the importatioii or exportatioii Liz" ‘Z
specie, wliich forms the basisof paper, that oc- ,
trnsioiis these fluctuations. lf specie alone wot‘; i
the medium of circulation.tlie saiiieiiiiportatitixt ,
or exportation of it would make it plctity ..~. ‘'
scarcv, and affect prices in the same tnauner.-,-—
Tlic iiomintil or apptireiit prices might vary_7_=.._.,.
tigtiros, but the seiisitioii upon the Coltllnllt‘.-" ,.'
wotild be as great in the one case as in the otlit
i')C‘S€ (lilC‘t‘l'lZ’:lit.|tiS do tint ftfcllll, therefore, from
the ntittire of tliciiictliutii, wlietlzer that be sp-.,-
cic c-xi-li.isively, or paper convertible into specie,’-
but front the operzitioiis of coiiituerce. It is con.--.
ii'ict‘co, at last, tliat is cliz-ir;_reable with expat.-~-
sions and t-otiirzmiintis; and ngiiitist Ct)I‘i)lTlE’l'(.’<'-,_,
and utrt its itistrtiiiicizt, sliould opposition be d}.-
i'ccted. ' .
I lJil'~'(’. l'.c.'ird it iirged by the Senator from .S.
Carolina (Mr. Ctilliotin) with no little stirprise,r
in the course of this debate, that a convertible
paper would tint aiiswtr for :2 ctirrcncy,‘ btit that
t‘:= true Sl&llltl.‘.ll‘(l of value was to be found in a
paper iiicditizii not t:‘()llV(!l‘lll)lt’. into the precious
nietals. ll"tticre be. in regr.i'tl to currency. one
truth which the utiited expcrieiice of the whole
cotiiiricrcial worltl had estabiislicd, l l;ud stip-
posed it to be that etnissictisof ptirc paper itiouey
constituted the very worst of all conceivable spe-
cies of ctttreucy. » . j
The olijtectioiis to it are: First, that it . is im-
practicable to ascertain, a pr2'orz', what amount
can be issued without depreciation ; and, second‘-
ly, that there is no adequate security, mid in the
nature of tliings, none can exist ag.'iiiit.t excessive
issues. The paper money of N. Carolina, to
which the Seiizuor rt.-fcrrcd, tit-cortling. to tlie,in-
formation wliicli l have received, did depreciate.
It v.-as called Proc., an abbreviation of the au-
tliority under wliicli it was put forth, and it took
one and (1 half and soiiietimestwo dollars of proc.
to purclitise one in specie. But if any one de-
sires to utitlerstziiid perfectly the operation of a
purely paper currency, let liiur studv the illiSl0‘:-
ry of the Bank of the Coniiiititiwealth of Keit-
tucky. It was establislied about 15 or 16 years
ago, with the consent of ti tiinjiii'ity of the pen-
plcof that state. lt is winding up and closing
its career, with the almost utiziniiiiotis approba-
tion of the whole people. It had an authority to
issue. and did issue, notes to the aiiiouut ofvabout
two millions ol dollars. Tlit.-se notcs, upon their
face, purported tin oblt'g.'ition of the batik to pay
the holler, on dctiiaiitl, the amount in specie;
but it was well lttiowii that they would not be
that ilicy consist of temporary expt;-tlients, look-
ing to the supply of the i;cr.-::ssitie-3 of the treat-
sury; or, so far as any of them possess a perma-
nent f.'l!:t."L)('!(’t', its lC—l.itltI‘i‘.(‘y is rather to aggra-
vate lll.'li)t'.lllCVl‘r1lL‘ the Sttllirflllgs of the people.
None of them propose to icctify the tliSt}i'(lL'!’S in
the uctutil cui‘ictir.-y of the country ; A but the peo-
ple; the sititcs, ant; ti.-.=i2' i‘ii£tl‘i-‘S, left to sitifi
so p.-iid. Asa security for their tiltimate. pay-
ment, there were, lst, the notes of ii.dividuals
suppnst.—tl to l)C' wt-ll secured, every time put out
by the bank lieiiig rcprcsctitcd by tin individual
note tli.~3ctiiititr.tl. yd. The ftiiids of the state in
:1 prior stziie bank, aiiiniiiiting to about lialfa
million of dollars. 3d. The proceetlsof ztlarge.
body of waste liitids b::luri_cit'.g to the state. And
in-r li!t_’l1“"-'.‘l‘..'t‘~‘ 'e~ tilt, ttiaiv or can. Ttit-‘ admi-
§t_iisti':-iiitin. :ti'ii:~' ' ' ' ‘-.,_;‘\'.'-t‘.E‘,»-',l lintwt-(It: the
‘ ~: ‘A ' ll" =.s l'1it) iii<3l
K
-I". l...-
u__ _
.-..~,,
after liavit.-g :ilJi-.:.'tli-.l-.‘li. ‘lri
viiig brottglit them. or c-..-i;iributt>..l to il“lZlg tlit-tn,
into their present sittitititiii, tiow sutltlenly turns
its back tipon tlicni, leziviiig tliciii to tlieirfate 3
it is not content with than; it must absoltitcly
discredit their isssucs. And the very people who
were told by the Zl(lll"iliilSll‘i‘lllt;ll that these baiiks
would supply them with :1 better (,'l1tl‘t"llC'_\y', are
now l(:fll().Slt‘ll§_Z§;lt3 as they can v““ the very
ctirrcucy which the govcriiiiieiit rcconimciided to
tlirzni, but which it now rcfiises itself to receive l
The professed object ofthe atlmitiistrzition is to
establisli wlizit it terms the currency of the cou-
stitiitioti. which it proposes to ziccoiiiplieli by re-
stricting the federal gnvctuii.ei:t, iti all receipts
and pziymciits, to the exclusive use of specie,
and by refusing all bank.paper, whetlicr con-
vertible or not. It disclaitiis all purposes of
crippling or putting down tliebanl-;sof the states;
btit we shall better dete_rinitic the design or the
effect of the inetisures iccoiiiiiieiitled by consid-
ering tlietii ttigt:tliei', as one system.
1. The lirstiis the sitli—treasurics, which are to
be iiinde tlic‘tlepositot'ies of all the specie collect-
ed and paid out for tiic service of the general go-
vcrntncnt, discrcditing and refusing all the notes
of the states, although paiyableand paid in spe-
cie. '
2. A bankrupt law for the U. States, levelled
at the state banks. and autliorizing the seizure of
the erfectsof any of them that stop ptiytiictii,
and the adtniuistrtttion of their cffects under the
~t-3 téz: iii: mu:
illll
-ltli. The annual rcvctiuc of the state gmd pub-
licdues, all of whit-ii were payable in the notes
of '-ll!‘ Cointiiotiwenltl: ijtiiik. ; .
fl"l\'.‘i:l::§I:iilfii?i; =.-l-tin Q:-il"..":!‘{3f:ll_1:.‘ cm.l.i.l 9...;
wt: .' . i"i"f'li ;. of ‘l. ::_‘t'.:;tif that lt;tn'i<.
lllt‘-:y' l)(‘;,{hil to dt:piet:i;.tc. .-sh-..-.'.l_~.' :2l't.--r it.ct~:m-
nic;.;,.;l t-pettttir;:t,' Litttf in Hie coursc.til':::e‘iv
montlis they stink as low as lZ:':_-.~ pt-r cont.--two
dollurs for one specie dollar. They continued
(lt?pl'(_’Cl‘t'1lC'(l for a long time, until after large
timouiits of them v./ere called in and burnt.-:-
Tbcy then rose in value, and now, when there
is only some fifty or one liiiiidred thousand dol-
lars out, ilir.-y have risen to about par. This is
owing totlie demand for tlieiii, .crczitr,-d by the
wantsof the remaining debtors to tliebaiilt, and
their rcccivubility in ptiytnent of taxes. The
result of the. experiment is, that althotigli it.is
possible to sustain at about par :1 purely-paper
medium to some amount, if the lcgislative au- ‘
tho‘tity wliicli creates it will also create adcmantl
for it, it is iiiipracticable to adjust the proportions
of supply and demand so as to -keep it at par;
and that the tendciicy isjalwaysto an excess. of
issue. The result, with the pet)ple.0f Kentucky.
has been a general conviction of the mischicfs
of all issues of an irrcdeemable paper tnedium.
is it practicable for the l_'t.-dcral government to
put down the state banlzs, and to introduce an
exclusive metallic ctirrency? In the operations
of this govertiment, we should ever bear in mind .
that political power is distributed between ittaritl
the states. and that, while. our duties arevfcw-and
clearly delindd, the great mass of lcgislative-au-
tliorityabides-.witli the states. Their banks ex-
ist without us. itidrrpeiident of us, atitl in spitegof
us. '\Ve have tio consiittitional power or riglit
i
fetlr-rail authority cxcltisively.
3. A particular lziw‘for tlic Districtof Colum-I
bin. by which all the L‘.t)l“.Of€lllUllS and people of;
prohibited from circulatiiig, sixty days after the
pzissnge of the law, any piper \-\'llEll€\’CI‘,fl0[-,
(:t)ll‘v(,‘t‘lilJlt,‘ into spccicoti demand, and are made’
liable to prtismctitioii on iridicttncitt. l
-1-. And lastly, the bill lH5U.\‘g;(.‘t.‘(l the pi1}’l11EUli
of the-ltli iliS'u'.:llll'lt".'il to the states, by tint. pm-E
visions of which the -tleposit banks indebted to the
Govrrnnitznt :ir«2plncc~.d at the discretion of the
Set,-i'eiary of the ’1"rcaistiry.
it is impossible to consider this systeiii without
perceiving that it is .'-iitiicd tit, and it carried out
must tcrtiiitiatc in. the total subversion of the
state banks, and that they will be placed at the
tncrcy ofthe l«‘edcral Goveriimeiit. It is iti vain
to protest. that there exists no designs against
them. The effect of tliese ineasurés cannot be
tiiisurideistootl.
And why this new cxpeiitiiei'il of untried cx-
pcdiciit? ‘The people of this country are tired
of cxpcriii'ictits. Ouglit not the Atltninistrutioti
itselfto cease with tlicm? Ought it not to take
warning from the events of recent elt—ctio:is?
Above itll, shoulti not the Senate, constituted as
it now is, be the last hotly to lend itselfto f-tirtlit-r
c.\'pcrirnents upon the business and happiness of
tliisgrcat people? At-t:-oi*tlin_g to the latest ex-
l)t'(35,~‘it)n of public opinion in ilic scvcrtil states,
the Senate is no lt‘irig«.-t' a true exponcntoftiic
will of the states or of the people. If it were.
tlit-re would be thirty-two or tliirty-four \Vlii,<_:s
to t.-iglitceti or twenty fricutls of the Atlu'iitiistra_-
tion. ’
it tlc;-imlile to banish :i convertible pnper
iiicditiiii, rind to .-islistittitt-tlit: tiN‘(’iUl].‘% ll‘lP.li't s as
tlie.~o'.t~. ctirrent.-y to be t:.~'C1.l in all the H14’ ix-‘
tent of ‘.’.‘l1‘il‘(l l!ll'-ll!tE.<~‘ t:f:li::; ct‘.-tirc coi.iit:'_v? l
§_~i‘Hl‘l.it‘..\‘ 1:‘!-:.2l-I i2‘
tliiiilt tit-t. 'l'lit- tp::i::iit\r ta"
tlit: \\'t)l'lll. lt|l)i-.llI_'_" in mi!‘ i"'.ii' til.-il'll;li,ll'\« ‘i'.'ilt
of them, is wliollv lll$lllii('.'lt‘l_l‘. .-\ t-t»n\'t'itilil(.-
paper is it great iimc-savi:~.«_~ ::t':‘l lilllttr-1~'«'l\'ll'l,‘_'
iiistrumeiit, iiitlepciitleut of its stq=t'riortidvztiiia~
to put them down. \Vt:y, then, seek their de-
struction, opetily 0l‘S(‘(_‘rCll_V, directly or indirect-
the district, under severe i ains and penzilties, are; to, by disc-r(j(lillt)gll1elr.lSSU€S,fll')(l by bankrupt
laws,and billsttf pains and pctialtiesl. _}Vhat
are these banks now so tlecrictl and deriounced ?
Intruders, aliens, enemies that have found their
way into the bosom of our country against our
will I Reduced to their t=.lcn‘ieiits, and the ana-
lysis shows that they coii:-'i2«t_: 1st, of stoclihold-
crs; 2d, debtors; and 3d,,bill-holders antl_ other
cretlitors. in some one of these three relations.
a large iuujority of the people of the U. S,ta'ics
stand. in tiiakitig war upon the banks, ‘there-
fore. you wage war tipoii the ‘people ofthe U. S.
it not it mere abstraction that you would kick,
and cuff. and bankrupt and destroy, but a sensi-
tive. gcricititis, conliding people, whopare, anx-
iously turning their eyestoward you. and implor-
ing relief. Every blow thatyuu inflict reaches
Ilium. Press the banks, and you press them. “
True wisdom, it seems to me. requires that we
should tint seek aftcnif we could discover, unat-
tziinalile abstract perfection ; but should. look to
what is practicable in human aliairs. and ac-
cotiimotlate our legislation to the irifcviérsilzle
condition of tliings. Siiico tlic"states “anti the
people have their banks and will have tlieni.
and since we have no constitutional autboritl to
put them tlovrti. our duty is to come t_ti_tlieir‘,yrc-i
tint‘ when iti en'ibarrassii_ietit, anti to ggert all-our
legitimate powers to sustain. and enablelthetn to
pt-.-liirtii. in the most betielicial tiiaiiiier, the pur-
poses of their institution. \Ve siiould erribank,
not destroy, the fertilizing streani wliicli some-
times threatens an inuiidatiou. '_ 4 i
‘ VVt>:irc told that ii. is llf‘C€SS')1‘_Vl‘.n .<-o;-a.-.:i't'r_=, gli,
vorce ill“ ,[_,"O\.t't3t‘X‘..'11(",l‘.i_ii't.‘-ti‘: t.lt:~buiiE,s__ Let, “,3
not. be. tlcltitivti l-_‘».~' ‘it-ll= Ho e ’
t.\‘~'*.ll..2li:'!is'~:\::t'::11:=-jl..* _--.,t p . ,
.~‘.‘:-..~- _' .5. :‘-, . .. 1,’ . vie.’ .';‘i.i-y,
‘.Vt.3’ ¢'X‘<) :tl;-—, L‘L‘}ii=.."~:-:5ii‘.i.iS-4-U-tllOl1_-~l’?:1VX.}:l§S—-
lion-ntl up and ll‘i'.Ll“.'.’0VC‘ to;;ctlit2i', in ite1:l_‘i,n,'for-
tune and in d-zstiny, mid till, all t:iit?tletl'ip"tlin
.;l4'.’S t, “S
‘ ,‘.'.'t;'.
pfuicilllg care Ufa pttrcntzil ,goveri nic’nt,."“Yc~u
A friend, ‘(1i_.:;...,-,,.,
i :2!‘
,...z is‘
Norwalk Chronicler