Newspapers / The North-Carolina Star (Raleigh, … / Oct. 12, 1842, edition 1 / Page 2
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V It A L K 1 O II STAR A N D NO R T II C A R O LI N A O AS E TTK. of homicide at.d held t trial fur prU -?teklony, ' ' " v Nw, gentlemen, according to )p prrhexkiuii, a fnti ceding uf liiat kind was direct Ijf adverse t wrll settled and well received principle nf public lw and of all other likely to arouse the indigostion, wet only of the Government, but alto of . the people of the country aggrieved. 80 it would have been with ns. If a cititen of the United Slate under (he order of bi Government, and a a military man, obeys an order which he either must obey or be ' barged, should find himsell in the territo ry of the power against which the uppo ed crime u committed, and should be e t 'd and tried ait an individual fur that crime, there is not 1 man among ut who would nt cry out for redreu and ven grange. Any elevate dGovernment.ia a case where one of his citizens, in die perform ance i f hi duty, thou Id seized and sought to be made answerable, every derated Go vernment, I maintain, would say, "I am responsible fur this act; as in the storj of Uisusend Euryalu, he would exclaim "Adsum qui fesi in meeonveitit ferrum."' Now, gentlemen, when the despatches of the British government first reached this country-though I do not think it use ful n r im;or(ant to say much of ih tur ret il you all knew their contents, you would see that the commercial Interests of the country, the shipping inteiestt of this li y must have been crushed at once. That erisi I thought rould be averted; in the first pLce by upholding the acknowledged principle of public law, in the next place, by demanding an apology for uhntevi-r a gsinst these piitciples of law had been done by the British government. Let us put ourselves right in the first place, and insdst that they shall do right in the next place. While in England in 1839. I happened to he csf'e I on to address a targe assembly of English jiertons, and in alluding to the relation of things between the two coun tries, I sfjled there! wbat I ihoi'ght, and vhtt I now think, olanV point in contro versy whirh mignt terminate in war be tween the. United Slates and England, and to the results of such a contest declaring tint the only advantage which either would enjoy would tbe in possessing the right ft( the cause. With the right on our tide we are a match lor England. With the right on her side she is a match for us and for any body. -In all the differences between nations and in the final judgment pon them a great new element has come in the constitution of the tribunal; t mean the tribunal of the public opinion of the world; a nation will riot go to war now, either with the consent of jier subjects or people unless the grounds and reason are autlicient to justify tier in the general judg ment of the world. The influence of civ ilization, the influence ot commerce, and above all the influence of that heavenly light which shines over Christendom, res train prince and people from gratifying an inordinate love of ambition through the bloody rene of war; and as has been wisely and truly said; every settlement of national , differences between Christain States, by reasonab'e negotiation and on the prinriples of public justice, is a new tribute to, and a new proof of the benign iufluenre of the Christian creed. In regard to the terms ol this treaty, in regard to the matters made subjects of dis cission, it is somewhat awkward for me to apeak, because the treaty and corres pondence have never been authentically published. But I persuade myself that, when the whole shall be calmly consider ed, it will be found that at least there ha been manifested a good disposition o main tain every just right of the country and e very point of honor on the one side, and to et a proper value upon a latli ng pesce be tween us and the greatest commercial na tion in the world cn the other. Gentlemen, while 1 thus acknowledge the compliment you have paid to me, I have aft agreeable duty to perform toward oth er. In th first place, I have' great pleas ure in bearing testimony to (he intelligent attention manifested by the President of the United S'ates, and to his sincere and anxioss d-'sire, in the whole negotiation, ti bring It to successful termination; and it gives me great pleasure to acknowledge now I ahall ever acknowledge while I live, my obligation to him for the unbro ken tfnd steady continence which he repo sed in me. The negotiator fr the' Uni ted States, if troubled, and jealous, and distrustful would indeed have been an un equal match for the cool and sagacious representative or one of the most power ful and proud nation of Europe posses sing, to the fullest extent, the confi lence of his government, and the authority to to bind it, in concern nf the most .vital interest, to any course in which he might agree. never shall uirget.ino .trankness and generosi'T with which, after a long inter , view in wiiich auggestions were exchang ed on both side with the utmost freed o.n and liberality, I waa told that upon my shoulders and in my disc retion, rested the oltimite decision ol every question at issue bet ween ibi two nations. I desire also to acknowledge, as I do with hearty cordiality, the aid 1 received from the "her genth men concerned in the administiation uf ii government. 1 may here ay what I hate said in a more ofh cial manner, that the highest respect is due to the Commissioners of Main and lias aclU4rH, f.ir their coi dial co operation th ir fdithful , adliereoce to the interests of their ow 11 S ates, mingled with a just consideration of what w.s due to the gen eral tuvvTomeot. 1 . I hope I t'ull not tresspass on the pro prttf of the occamou, f I speak of the happy rli iciri made by the government til Kitg;od. in the s rvaut on this mUaion d ece; who, tUougn steadily persuing im iitierrsi f hi h gnvemiiient, yet possess lareanJ libeiat views, wilb a strength and weigUof character w hich would cause everything to which he should agree to receive the approbation of the whole people; intimately acquainted with the relations of the two countries, and al ways actiog with strict "interity toward the people and the- government of the UnU leu aiaies. 1 am sore ne wiimnu mswoik received with commendation at home, and I peace should De made, with rongratuia- tions for having been instrumental in ma king an arrangnient satisfactory and desi rable, not onlv to our party, but to all par ties .for making an- arrangement honora ble to both nations.as all just arrangements are; and which he may well consider the greatest labor of his life. I hardly know whether it is proper on this occasion to advert to the correspond ence; but when it shall appear with the discussion of the other important question for the occetfoti ao fought there to treat upon subjects of great moment and con cern when these shall be before the pub licand shall be calmly and thoroughly read; I shall venture to trust tl.eirjudgmentcon cerning them. mere yet remain, ger tiemen, in our foreign relations mveral subjects inconsid erable interest vet unsettled with Eng land. In the first place there is the im portant subject of our coloni.il trade, or the trade of the United States with the Northern British provinces and the West Indies. It became my duty to look in'o this subject to keep the run of it, ns e say, from 1839 to the present time. I was ciuisiiaiiied to believe, indeed I know, that the operation of that arrangement is unfa vorable to the shipping and navigation of the United Natfv especially of PsewLng land. ft is an important subject for the exertions ol diplomacy or for the consid eration of Congress one or both. Con gress called upon (he department in which I am for information, and a respectable Committee of the House of Representatives prtiented a report upon the subject. It is one which 1 hold to be of vital importance to our navigation and to the interests of the nation' Then there is the question, somewhat more remote, but which it will be enough to settle) I mesn the Oregon Boundary to wards the Pacific and the Rocky Mount ains. I here are reasons why this disbu.le should be settled before the countrr itself is peopled on the one side or the other. The relations of other Slates require atten tion; anu manyot our citixms haveclaim of indemnity which require prosecution. It becomes the Government of the United States, by a calm and dignified but decis ive snd vigorous lone to administer her foreign affairs so as to ensure a just ar rangement in these respects. Gentlemen, I am here to-day as a guest. I was invited by a number of highly valu ed friends to partake with them of a public dinner, for the purpose of giving them en opportunity to pass the usual greeting of friends now met after some absence, to pay their ippec to my public services, and to tender their congutulat'mna at the result of the r.eeolialions just concluded. It was at my instance that this festival, from a dinner, took its present form: and instead of meeting you at the vestive board, I choose fur obvious reasons, this public manner. Still, gentlemen, it general char acter i preserved, and I am here a a guest. I am hire to receive your saluta tions and greetings on particular subjects. I am not here under an invitations, or an expi elation, that I ihould address the gen tlemen who hace been pleased to meet me here on topic not suggested by yourselves. It would not fie fit the occasion, there fore, in my opinion, that I should use the oecasion for any such purpose) becsuse al though I have a desire at some time, not far distsnt I hope, to make my sentiments known upon the political occurrences of the country renerally md the politick! state of the nation and the parties at the pres ent moment, yet I know well that it would he improper for me to do 10 now, because 1 know well that the gentlemen who have written to iovite me here on this occasion, entertain, many of them, opinions differ ent from myself; and they might say, "we came here to greet Mr. 'Webster, 'and to extend our congratulations, on those mat ters in which we agree; and we did not come with the expectation that he would use the opportunity to discus questions on which we differ. On that acrount, and for the retson, I shall forbi-ar,hinking it my duty so toiln; and abstaining from using this occasion for the purpose ot expressing my own opinions and of stating how far I agree with friends with whom I have scted for years, and how fir I am most reluctantly restiained to differ from them, 1 look forw ard to a fu ture occasion, ifsuth should be offered, for the opportunity of fulfilling this prom ise. - I woulJayjimeJlhjng;'JJ.jtnllf.iDen-he-ciuse it has been alluded to. The Major hat hern Icinil imiinli it, civ ilit In Ki judgment, having disi larked the duties of me Uepartment in which I have acted in a manner satisfactory to the country, I might saftly be left toluke rnre of my own hon or and reputation. 'I suppose he meant to say that in the present distracted stale of the Whig party, and in the contrariety cf pinion whit h prevails, (if there be a con traiiely of pinion) ts lo the course proper to bi! pursued by me the decision of that question might be left to myself. I am exactly of his opinion. (Loud and repeat ed cheers.) I am quite of this opinion, gentlemen, that, ins question touching my own honor or the consistency of my own rhaiacter, as I am to bear all the conse quence of the decision, I might a deal bet ler be trusted 10 mske it. And though, gentlemen, no man values moro highly than I do the advice ol bis fiiends, yet on a nestion 10 important and of such a nature as this. 1 like to choose the friends to ad- visa me; and on this whole subject, with this reference, I shall leave you just atcn- lightened as I lound too. I give no pledge!! 1 make no intonation, one way or 1 lie tM rr; sod 1 will be as absolutely free whew this day closes, to art as duly calls, as I was when the dawn first broke upon me.t (Krpeatrd cnefrs. Gentlemen, there is a delicacy in thin .case because there is alwsv a delicacy 1 in speaking of differences with friends; but there is no embarrassment no embarrass m-nt. if I see the path of duty rlear be fore me, I trust I have that within mi which will enable nre to persue it, anil throw all embarrassment to the winds, A public man has no occasion to be embar lassed, if he is honest. He himself hu own feelings arc nothing; his country am his public duty are everything, and hi should sink whatever is personal to him- sell in tar higher considerations; these are the characteristics that mark us as great or as little men. There vfWe many ptrsnns in December 1841, who fout.d great objections to my re maining in the President's Cabinet. Yim all know, gentlemen, that twenty years a" honest, I do not sy of efficient service, 0 not sltogether undistinguished service ir the Whig cease, had scarcely prepared nu for an outpouring such as seldom pioceedi from Whig friends, agasint Whigs, or a gainst any body. I am a little haid to bt coaxed, and a great deal harder to be dri ven. I chose to act from my own judgment; and thinking that I was in a p st where I could render'service to my'country, Is'aid there; ind I leave you this day, and I leave my country o say, whether this country would have been better off if I had gone also. vI have nn attarhnent to office. I have tasted its sweets, but I have also tasted its bitterness. I am content; and I acknowl edge I am more anxious to presesve the good I have than to run risks for new ac quisitions m public life. I suppose I ought to pause here. I suppose I ought not to al lude, and I will not, to any thing further than merely concerns myself. Uentiemen, a very respectable conven tion, a most respectable convention assem bled here some ten day ago, and passed some important resolutions. There is no set ol gentlemen, so far as I know, for whom I entertain more respect and re gard. They are Whigs but they are no better Whigs than I am. They have serv ed their country in the Whig ranks and 10 nave l quite as long, though, perhaps with less ability and success. They were sent hither, as I suppose, to agree upon one whom the Whig of Massachusetts should lupport for Governor and Lieutenant Go vernor. If their power extended beyond that I have not een their commission. If they had authority to speak in the nance of Whigs of Massachusetts, for other pur poses or interests, I . waa not acquainted with that power. And in acting further it seem to me they were a little inconsider ate. Among other resolutions.they declared, in behalf of alt the W higs ofthe Common wealth, a full and finsl, separation from the President of the United States If these gentlemen said this for the expres sion of their own opinions .tothat extent, it is good. Whigs speak their sentiment every where, and they have a perfect right to do it here. But it becomes quite another question, when they assume tore present other characters, and to speak on other point than thoteon which they were authorized to speak. I am a Whig. I al ways have been one and I always shall be one (repeated cheers) and if anybody uncienaK.es to turn me out 01 the pale 01 that communion let him lee to it who get out first! lam a Massachusetts Whig a Faneuil Hall Whig breathing her air now lor twenty-hve years, and meaning to breath it on this spot, so long as God shall be pleated togiveme life. I accept the decision of a W'hig Conven tion for proper purposes; for I know that only through such bodies, and such organ ization, great public good ran be obtained. But it is quite another question when a Convention, acting from the impulse of ihe moment, decides upon question which have never been, submitted to their arbi tration at all. A full end final separation they declare, between the Whigs of Mas sachusetts and ihe President ot the Uni ted States. This text reads a comment ary; Whatdoe it mean? The President hss yet three years of his term unexpired. Does the resolution mean that during that three years all the meas ures of his administration shall be oppos ed ey the Whigs ol Massachusetts right or wrong!" Great public interests require his attention-those to which I have allud ed. If the President of the United States should make an earnest and serious effort to a fleet favorably the navigation of the country, to regulate the question of British Colonial trade, shall all the Whigs of Mas sachcseUs separate from him and refuse their aid? (Cries of no!") Well. I say no! If the President directs the proper de partment to review the whole commercial regulations ol the United States, to take deeply into consideration that reciprocity in our dirict trade to which so much ton nage is now sacrificed and the proper measure shall be suggested and adopted by him, shall all the Whigs of Massachu setts separate and oppose him? Look, gen tlenien, at the question. Do you know that now a great proportion more than one half of the carrying trade. the transportation for instance, otgoods betw een Brazil and the United Males, is carried on by the ton nage ot northern r.urope, in consequence of tike-ill considered reprocily treat? As well we admit them to share our coasting trade,. We tire them the right, without ihe shadow if advantage in return, to take the bread from Our cbildrens's mouth and rive it onto frncer. I ask you. air. (turning to a gentlenllen.an at hi right, a a shipping merchant, 11 this is not true Well, i every measure of this kind to be postponed or rejected until these three 7e become expired, and a may more , ' ; uciure mt uwc ni rrov j Mence shall bless the Whig with more 1 power to do good than they have now? , Again, the various departmects of the Government employ persons who are sup- puted to be good Whigs, holding offices, j trict, who voted for the Tar! If not and oat, Collectors, and other C'usjorrt House Ofii- just a steadily as did the ilistingoished rers, Pustma.teis, DistTiS? Attorneys, ' gentlemen who presents this District, de Marshals, &c; What is to become of them i cide the question? He held the tarifTin in this separation? Are they to be lorced his hands just as absolutely at if he had the to resign, or will you give them invitation Presidential Veto. and provocation to resign? Our distin- I In the Senate it pasted by a single vote guished letlosv-ci izen who does so high j again. Could th friend of a Tariff have credit himself and to his country in up-J spared the two votes from Pennsylvania, holding the interests snd honor of his na-1 the one from Mr. Williams, of Maine, arid lion at the Court of London: is he except- that of Mr. Wright, of Htvr York? Let ed to come home and yield his place to his : us admit the truth, and a lawyer will do predec essor or some one else f And the in- that when it helps his cause. The truth dividual who addresses you; where do his brother Whigs intend to place him? Gen erally when a divorce takes place the pa rents divide the children, I should be glad to know where I am to go? Bui I would not treat the matter lightly Of severely I know that at such conventions resolutions are never considered with any degree of deliberation. They are passed as they are presented. Who the gentle men were who brought in these resolutions I do not know. I dare say. they were res pectable persons; but I doubt very much whether they had any very definite mean ing in their resolutions, or whether they veiy clearly perceived what little they had. They were angry, resentful, desirous to make out a stnngof charges against the President, a tort of a bill of indictment, and they concluded by pronouncing the penally, a full and finul separation. Now, gentlemen, 1 do not look upon this without perceiving that thev had a bearing, whether intentional or utnn tentional.up- on my proceedingsjand therefore I thought proper to take notice of them. There are some topics on which it is my fortune to differ with my Whig brethren; but I dare say they are right; aod I know that I am right in entertaining these opinions, and in expressing them if I do entertain them. I hey are disposed to postpone all attemp to do good to some future and uncertainocca sion. Now the Whigs have a majority in each House of Congress, a strong, ma jority, and) in my opinion, the time to do good is now) that now should be accom plished Whatever remain to be done. There are person of more sanguine tern perametit than I. 'Confidence," say Mr. Burke, 'is a plant of slow growth; and it is true when applied to public measures as well a to public men. Some people can tee distinctly when the W hig will have more power, and a better chance for serv ing their country. Beyond the present, far on in the future, these men see milder skie and halcyon seas; the fogs and dark ness which blind other men, dim not their vision in. the least. Now it was not an easy work to accom plish what we have already attained. The Whigs tried it long they tried it in 1840 and succeeded, but not without labor. I do not believe they will find it easier now; and 1 know that nothing but Union and by that I mean a cordialsympathizing, pa ternal Union, can ptevent the Whig cause from prostration. ' It is not, and I ssy it in the presence of the world, it is not by premature and partial, and especially by pro scription and denunciating proceedings, that this great Whig family can bo united. Do they not know that they came into power as 'party made up of different opinions? What did the Country expectfrom these-omplex o pinionT Here were extreme Slate Right no tiona, extreme Federal nolidns.excessive Tar iffs Anti-Tariff notions wrhatdid theCoun try expect? That they should come together ina'sniritof harmonv.of conciliation, of unity and sympathy auu that tney snouiu seen 10 afiTee and not widen the breach. In this lay the hope of saving the country frm the ru inous measures which atthat time threat ened its prosperity. The whole history of the revolution ol 1 840 preaches conciliation, and forbearance, and kindness, and friendship, and sympathy, and union. Uentiemen, it 1 nnuerstana me matter, there were four or five great objects fpr which that revolution was undertuken. In the first place, one great object was the attempt to es tablish a permanent peace between the Uni ted Slates and England for though we had no war, we had. perpetual agitation anddis- tuibance. Whet should we do? We need men capable of knowing the future, and of calculating with a decree of certainly the chances for a permanent settlement. The accomplishment ol this must be regarded as one of the most important ohjeets; and 1 am glad if it proves acceptable to the country. 1 lie next question was concerning reve nue: the country was deficient in revenue. It was a fact, a notorious fac', that the late Administration execeeded their receipts by their expenilures, thus railing the country in debt, and die Government was found in debt. Under the operation of the Compro mise -ArrrtiftyeTieTrartiTnMihtn;--Now this revolution had for one object, therefore, die supply for the revenue.and I hope and believe that to a reasonable extent that ob ject has been answered. And uien the great inteiest 01 r roiecucn as incidental of consequent on Revenue or maintained by means of levying duty by revenue. As to that much has been done; and it will be found I think that enough has been done aud all the v lugs for its sup- pott deserve my thanks and your hearty gratitude, uut let us be just, let u oe jusi The French rhetoricians have a maxim that nothing can be beautiful thatis not truetand I am afiaid we shall see that much of our juvenile oratory will not stand the test of this criticism. It is not true mar the tar iff passed solely by the Whig strength, or that it could have passed. It is net true that the majority ol Whigs could be found in favor of it in either House ol Congrei. We ail know that more than thirty Whiir voted leVinst the Tariff, out and out, and after all it passed the House by only one vote; and a good deal of eclat was supposed to attend hand no little parade watmade about some one W lug who came i rncu; and cast that single vote. Now had not every oilier gentleman that single vote.and did not thesingle voteof your neighbor.the 1'ltVpTesrntalive from the Middlesex Dis is tar mo e favorable than such murcpre- sentations. The truth is, a portion of the other party came, in their help ofthe Tar iff, and an important truth it is, for 1 ask you, as composing a part ofthe industrious, hardy men of New England, as car ing lor your children ar.d their livelihood, if you would wish such a gieat otject ns the Protection of your industry made a mere parly object, rising as partv rises, aod going down toils grave as the psitv goes down- It is a National queslioi , ihe utility of a I arm of Pretection, and let all parties support it, because, though I hope' the ascendancy ol v nig principles may be perpetual, yet I des'ue to tuke for the I ar ill" a bond and security, mure durable than are my hopes oi (he perpetuity of the Whig party. Let us be true in another renpect. This Tariff has accomplished much. 1 honor the members who passed it. But what has it done? It has restored the country in regard to protection to where it was b fore (he operation of the Compromise Act commen ced, and it has done no more. It has re paired the consequences of that measure. may speak ol the Compromise Act. My turn to speak of it has at least come. I can truly ray that no measure was ever passed which cost me so much grrefas that. We heard the motives of that act presented. WhyTif by motive gentlemen mean the personal motives ol those princi pally concerned, We deem them pure, as all pnblic men are supposed to act from pure motives. But if we look at the pro fessed object of the law, if we look at what is written on the whole transaction if wesee what thetlaw expresses os its face; if these are its motive, they are, as mo tives, still Worse than the operation of the act itself. It is explained in its action, every line is full of it. every circumstance attending it is full of it; the object was neither more nor less than to impose for all time, a re striction upon the Legislature in regard to levying duties without any change ot the Constitution. It was in fact to insert a prohibitory clause in the Constitution, that after 1842 no duty should belaid which was not according to an observed hori- zontslism, and exceeded SO per cent. I say now, as I said - then, that the princi ple is false and dangerous; it admits new feature into the administration ol the gov ernment and the laws.andthe country .only with a spasm and a throe, can ever get rid nf. Hasn't it done this? Yet thsnk God its got rid of. The present Tariff Loan is sufficiently discriminating, holds to com mon sense, and rejects the principle of the Compromise Act I hope forever. Another and original object under the revolution of 1840 was the restoration of the currency of the country. Our trou bles did not beiin with u want of money in the treasury; they did not begin with the operation of the Compromise Act, which commenced in 1833, and has been con tracting ever ainre. There were other causes of the troubles, and while they re mained, even if the treasury had been full, and the Tariff and Protective policy undis turbed, yet still provision was made for a better currency, our universal validity throughout the land, the great cause would not be removed. At the Special Session of Coneres the Secretary of the Treasury, Mr. Ewing. sub mitted to Congress a plan for a National Bank, founded upon the idea of a large cap ital made up by private subscriptions and having the power to extend fits branches all over tne country. I need not advert to the circumstances of its presentation to Congress It had received the approbation of the rres siddent and was concurred in by every mem ber of the cabinet as the best that could he done; for as we said circumstances had pla ced in the first place the gentleman whom we all thought good enough for the second and his opinions were cfifTprent from ours but fixed, and we deemed it the pait of wisdom and prudence to see how we could get along as well as might be under the circumslaces. Mr, Ewing' s plan was sent to Congress as it has been described except that the bank could joJLJ?slal)MirariiihM without the consent of the Slates. Now I had no idea myself that there was any necessity for any such provision as it was at most mere theory though I never would agree in any case with the doctrine that the omission to exercise a power is a surrender of the power. What was done? Doubts were expressed ns lo whether the institution could go into operation; many were doubtful as to obtaining subscriptions. What did we do? We sent to the commer cial cities, the principal town in the coun try and ' ked gentlemen of known skill and capital to come and consult with ua about it. They expressed doubts, but hopes also and pledged themselves to do the best they could; and as the community was interested in it and the administration was fresh and popular they were earnest to have the bill tried. What was the result? It was sent to the Senste and rejected. Another bill was brought in divested of this theoretic dif ficulty, it was discussed two month and then it waa found that it would not pass a Whig Senate. I will not pursue the unhappy narrative of the session of 1841. Men grew angry and resentful, t saw lite storm riW i deavored. as fir 1 .,.!,! c... ' - ---.w, ... UU,Q U.I expressed my opinion freely to the twoVj I tor from Massachusetts, and advised 1 urea iiiiii iu cow K ICI ronciliilo: lake place, and harmony be restored if tie. I am bi ond to toppoe my adtic, not good; it certainly was not followed, m lIlB ..s.r.on.n.l ......... --.. .11 ' U ... . vn....irin.r i ncvu WJl CC1I yf0 s , The auhiect came tip again at the m ae. sum. and the President sent inm rn. 4fce plan of an Exchequer. The meLII received tmrtltile favor, and it is neeetar, for me, lest die whole burden of displeaijj. should full on olheis, to say that it met my hearty sincere and entire approbation. Gentlemen I hope I have not, during my public life, had an overweening confident in my own judgment, or been unwilling t defer to lliebclitr judgment ofmy friends' But there nre sorre subjects In Which I con! feas, I have some respect Tor my owrt feet ing. The subject of the currency has bees ihe study ofmy life. Thirty years agoa little before I entered the councils of Con gress, the question of ihe nature of a mixed 6urrency and the relation of specie in a eur renr-y became with me a matter of consider' alion. And I discovered a debate upon a motion introduced into Parliament by Mr. Vansitlart, during thestispen-ion of die bank of England, and whife her notes wereI5per cent, below par. it was that the bank 0010 was worth just as much as its face purpot ted to promise; that the hank had notdepte eiatec', but that ihe bullion had risen. Lord Liverpool, Lord Castle reach. Mr. Roe and other members of Parliament espoused that side of the question; and on the other side were arraved the strong reasoning pow era and the logic of Horner, and the practi cal good sense of Mr. Alex. Uanng, now Sord Ashliurton. I confess that the study of these papers made me a bullionist. ( concluded that paper notes would circulate safely only while they continued to be re deemed in gold and silver at the counter, wherever they were issued. The next year Congress, at its session, found the finances ofthe Country in a deplo rable condition. I believe 1 hail read every valuable work on ihe subject on either sub of the Atlantic, and had closely observed the laws of ps per currency as exhibited during the -different epochs in this country, from 181 1 to the present time. 1 had expressed my opinions at various times in Congress, some of which had not been falsified kr subsequent events; and I .nust be permitted to entertain quite as much confidence on thai subject, in my own opinion, as in die flip pant paragraph in a newspaper, or the hasty ebullition of a debater. And I take the res ponsibility of saying, that the measure then submitted to Congress was the best and the only measure for the adoption of Congress and trial by the People.! am ready to stak tiny reputation and it is all I have to stake upon it; and that if the Whig Congress wilL take the measure, and give it a fair trail, with in three years, it will be admitted by the whole American People to have proved the most beneficial institution ever established, the constitutional loaaonly excepted Understand me lake it as it is as it came from the consideration or the Cabinet, not as it was after Congress had begun to work upon it. For when they struck out the power of govering exchanges, it was nut worth a rush, not worth' tne parchment on which the law would have been engrossed. The great desire, the urgent necessity of this eounlry is a currency facility of ex change. You work for the people of Ala bama, they plant for you, and you want a common medium to equalize debt and credit with the same velocity as steam transports men and machinery. You have not got it, you can't yet it by the authority and per mission of Government, never, never. Too want a large and liberal provision for ex change, and without this you cannot resell the pood at which you aim. How will yon do it? I need not say by a Bank of the V. States, bassed upon private subscription: for it is out of the question. The man who pursue that follow an obsolete idea. Sup pose a law should establish Bank, with a capital nf fifty millions; who will subscribe to it? what will you give per shore? Itii entirely out of the question. Take it,, the for purposes of local discount, say in Stat street; do you want this untaxed capital l make your discounts? Well, what shall we evci have? for Ii peal it, many gentlemen propose to do noth ing but to postpone everything till the in coming of the Jews. Is nothing to beat' tempted? When the Exchequer was pre sented to Congress it was assailed from all quarters. I believe one gentleman did get courage to say in its favor that he did not know but af'er all, by somo possibility, some cood might eomo of it But it had many different classes ofopponents. Some said that it would be a lifeless machine it . wffti'd not move ut all; other said it would have by far too much life; it would answer ihe purpose of its creation nnd that was to increase EscoUo power. One fottiyfi.--. King Log and the other King Serpent. 0b indicated it as a terrific giant of eiionnw t magnitude, striding over and crushing th liberties of the eountry; it would, therefore, break the Conntituiion, and, therefore, th would oppose it. f . .r Thpse opposing rgent contraeuicVed, ,11 they did not refuse, each other, and" convin ced me that the plau could not be adopted nor even temporarily considered. One T afraid lo do one thing lest he, should break the Constitution, and another wa afraid do another lest he should break it, ao twr did nothinsr. One man would notTOte for Bank which had the power to etabhn branches, lest he should break the ConsUtu tion; and another would not volo for nt whieh had not. lest that he should break ft. They acred like a boatman, who in th miiM ofrockandrhoalsand whirlpool, should refuse to pull one stroke for hiafetyw he should bieak hi oar. But they stood look inir forward to the time when restored confidence should enable the Bank tofo i" to operation. When will thi beT nrnaneriiv returns to ilia COUntrr, thatlSj when die emergency i over. Meantim . m w Y 1
The North-Carolina Star (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Oct. 12, 1842, edition 1
2
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