I
t - '. ,-4
THOMAS J. JLEMAT.
gnlTOa.ASD PROPRIETOR.
TER.IVTS.
SriirTi'. ilonr pernnum one
7 M ' -. lm, W..l 4li. So, ill Urn
Hiirwltopy t' amount of jUe jr'i
w,Kr,,H. - -
Fo, r irirfvr iK e.tmrl linrrvMr hou!d now enjoyment of a
tfPe)6rt inwriion, one dollar; radi ub- sound currency; that the public depo-1cii;irtf''".iey-fii
g;,cs wi,ujj now safe ami forthcein-
- I'hr ailtertiwmenU ol Lleikt anil Shariflt . i ,i . .1 r
lHin bocWgr.1 per eem. higher, n,l 'ng; and that the suspension of specie
duciion of J.i per cent will iw mode from the payments in May last would nut have
tsjiiUr jiiier lor ilvMiier tijr the fear, happened?
Lellnt to thif Klilor nt be pot-jmiJ. U, ' . . , .
L The President' Message asserts
7llEMAKKS Or 31 U. CLAY,' ,,ut ,he suspension has proceeded from
h the Seuati of the emu State, n the over-action .nver-tiading the indul
- SUD-VH ElXLllIJiILI tit tU 2&k: genre f a spirit of speculation produ-
September, 1637. ced by bank' and ottier facilities. I
The Senate having resumed the con- think this is a view of the case entirely
liileration of the bill imposing addi- ton superficial. It wonld be quite as
tiurial "duties, as Cejio-itories of the correct and just, in the instance of a
public moneys, on certain officer of homicide perpetrated by the discharge
the General Government ,ofagun, to allege that the leaden bail.
MivCLAYroeand adilresseil 4he and nut the man who levelled the
Senate upwards' of three hours. We piece, was responsible for the murder,
tsanot undertake to report all that Jie, 1'he true iiujuirr is, how came that ex
Said, exartly as it was said. Wc must cessive over-ttailing, and those exlcn
eontent, ourselves with exhibiting a sive bank fariliiies which the Message
irw of Tiis arguiiient, employing .gen- 'describe? Were they not the neccs
erally the language in which it was ex-ary and immediate consequences of
oressed. ", the ov.. rlhrow of the bank, and the re-
ti--etminenet!l-4jy - bsiM itg' tltat
feeling an aox.niiis ilesire to see some
effectual plan presented to correct the'
1 .
Uisonlois in tlic currency, anI TO
store the prosperity of the country, he
had avouleil precipitating himself into suovuiaicM by secretary lancy, aim
the debate now in progress, that he. the great augmentation of their ciicu
mighttentivi'ljexniiiiie everv remc-' lation which ensued?
ilt thlu slmlTb
tiallj weigh every consideration urged j tuckyi jti consequence of the veto of
in its support. No period hail ever the rechartcr of the Bank of the Unit
existed in Jhis country, in which the 'tod States, illustrates its eftectsj'
future was covered by a darker, ih ns- throughout the Union. That State
er, or more impenetrable gloom. None,; bad sull'red greatly by banks. It was
irwtdrh the tl lily was wrinipcTathrrgenera ly wpposecHo-tlie -Te---etabh8h:
to discard all passion and prejudice,
all party ties, and previous bia, and
hiuk exclusively to' the good of our af
flicted country. In one respect, and
he thought it a fortuna'c oney our pres
ent difficulties arc distinguishable from
formt,r domestic troubles, and that is
iheir universality. . I hey arc felt, it
ts true, in (ul'erent degress, but they
rar 1 evi v section, every state, eve-
rr interest, almost every man in the lion of a new Bank of the United
Union.' AH feel, see, hear, know their j States, encouraged by the supuirters
existence. As they do not array, like of the late President, hesitated about
or former divisions, oe portion of j tlic incmporation of new banks. But,
tke Confederacy against another, it is at lengtlu despairing of the establish-
t be hoped that common sufTerings ment of a Bank of the United States,
may lead to common sympathies and and finding itself exposed toacurren
J .. 1 '.i ... 1 n l.., : k.i. r.....rt ct..o
caimiion councils, ann mai wc guau,i-j nu-i inpiujam
at no distant day, be able to see a clear, it proceeded to establish banks of its
.... . j. . .1....... ...i i,.. io!i
way
of ueliveranre. II toe present
state of live country-were producetf by
the fault of the people; if it proceeded
from Iheir wasteful extravagance anil
their indulgence ot a reckless tpirit of
.... ..r i.:. it .,,1,1;,
1 .,. ; n ...
aces nau noa2ncy wnaiever in urinji-
wir U ntmiit u.ml.l novprilietpRa li
the duty of the Government t exert
all its enenries and to emnloy all its
legitimate power to devise an efTira-j
ciousremedv. But if our urcsent de-
lorable condition has sprung from our)
ii.l... .":r :. u ..1.. ....! ,.,.. 1
l'CIPi ,1 ,h 19 IU WIS UtTUIIV IlttVll, 1W
limit uta an. I n.-rliiina that alntw
telvmorcftbiiitorriavA
Government would be fait hi ess to the thing, refers to the condition of Eu
liighest and most solemiLiif human ' npr. aijdcspecially to that of Great
Trusts should U "fgct to perform If. Britain. It alleges, that "in both
Ami is it not too true that tli
which surround US are to be ascribed redundancy of paper money, and oth
U tho-ie who have had the conduct of tr fcilitif of ireditj the same spirit
--iTTltrricTng iTcTfTfTo
- . P . 1. . - .
Mr. G.) nothing can be further from
injjs, or to find rouiidsif iepronch. It'
would he far mnrn fnnafnial (n tiiy
wishc that, on this occasion, we should relieve me from the necessity of say
forget air formti-oubappy divis'on & '"g much upon this part of the subject,
animosities. But, in or.ler to discover It appears that-during the period refer
how to go out of ourlililliculijes, we red to by jlhe Iessageof I$i5-45L
must ascertain, if we can. how we gottn" was '- facT; tio augmentation,
into them. - . k: ,, or a very Iriffing augmentation, of the
Trior to that series of unfort unate circulation of the country and that the
measures which had Tor is object the Message has totally misconceived the
overthrow or the Bank of the United actual state of things in Great Britain.
States, and the discontinuance of its According to ths publications to which
fiscal agency for the Govei nmeTit71ToI favriiaiKaccess. tWBank-f-Kng
people upoiFTfarth ever enjoyed a lef- land in fucf diminished its-circulation,
ter currency.' or had exchange better comparing the first with the last of that
regulated, .than the people uf the Uni- peliml, about S 4-4illions slerlins;
tod State.! Our monetary system ap- ami although the joint-stock and pri
peareiHo have-attaijled as great per- vate hanks increased theirs, the amount
fection as any thing human can possi- of increase was neutralized by the a
bly reach. The combination of United mount of diminution. ...-..'
States and local bank presented a If Uie state f things were really i
true im ige of our system of General dentica.l.'ytrr Vnnitar, in the two coun
and Slate Governments, and worked tries, it would be fair to trace if to si-'
quite as well. Not only within the milarity of causes. But is that - flie
country had we a local and a ceneral' case? In Great Britain a sound cur-'
currency perfectly sound, but in what-
ever quarter of the lube American
commerce had penetrated, there also
did the bills of the Bank of the United
States command unbounded credit and
confidence. Now we are in danger of
having fixed upon us. indefinitely as
to time, that medium an itredeema-
.ble paper currency, which, by tlie uni -
a.. I .a. . ma
vjrai consent 01 ine commercial world, occurred nere.sne neyertneiess r.SUA
1 girded a$ the . worst. ' How ha'PED it; & thi difference in the condi
hi rere come upon us? - Can ttba
nouttted that it is the result r those
- measures tit u t,:-t. t 1...... .,iun..i
. ,, - n iiivil a H.i,
Muen, at the yeiyrnwttient of adopting tile ditressefhe experienced j we
Jem, the very-consequence which have not; and when shall we? All is'
i'ki - in,Pe0eil wtre foretold as inevj- bright and cheerful and encouraging in
t 1 " neceMry 'w,k else here the prospect which lie before her; and
L'i,'ifea'ise?lNever wa predic the -reverse -I ur unfortunate itua
a inyrejistinctly madrf never wa tioo.
fulfilment more literal or exact. , ',. (
Let us suppose that those measures
had not been adopted; that the Bank of,
(he United BTateilud been recharter-j
Clj. tjia( the pnu,c deposites had re-
lUaUldL U.UUIM.U
luauiCtL UUUIM.uruejlia.iM tnai jijc. tria -
1 1 .1 . 1. .1
sury order hail never issued
U there
nut every
reason to believe that wc
ueposuesr Ann is noi-uus proven by
the vast multiplication of banks, the
. r .1 . 1: ..r j.: -i:
re-.increase 01 ine ime.ui mcir oiscnunis
J and accommodations, prompted and
mentof them. It had found the notes
of the Bank of the United States an
swering all the purposes of a sound
currency at home anil abroad, and it
was - perfectly-contented "with them.
At the period of the veto, it had but a
single bank, of limited capital and cir
culation. After it, the State, reluc
I taut to engage iii the banking system.
ami sun cuenmung nopes 01 ine crea-
mc om.
iha inem jwrated- for tlmt sinile S
i bank capital to the amount of tenj
mil-
' nn o? dollar- aom equal to the cap-
ital " oi me nrsr isantc ot tne c niteu
Ststea rrpfiii'ii for the wiiolrf tinion; 1
1 -ri. knlca- wdifTt 1o 1
- ........... . ..
denositts were ttansfeireil irom the
.Bank of the United States, were urged
and stimulated freely to dicount up-
"'"'. we have record evidence from
tl"" Treasury Department.
'I'he Message, to reconcile us to our
ini.f.ii'f unoa" ami to eronoratc the mp.l-
" " '
BOrCS OI OUf IllVn UUVCr ncni IIIB ail""-' "'" usv.v.-.i
blame in produeina the present state of
rever
. . . , I .. .1 . .
sesj and. at length, nearly the samco
The very clearand able arsumchtof
.oynatpr irom icwryafair, iwing;
rency was preserved by a recharter of
the nan k of Lng'and atiout the same
time that the recharter of the Bank of
the United States was agitated here.
In tlie United States we have not pre
served a sound currency," in conse
quence of the veto.; If jrreat Britain
were near- the same catastrophe 'the
- suspension of specie payment,) which
" IB . I
tion cf the two countrie makes all the
differenre in the world. Great Britain
t... -1-u...i rm i..i.u. ....
.s I -VU'l WU llii .iiaivfvi l.l.l VHl.
IIAX.EIGH, n. o. Wednesday; ootobeii io,iq37
(Jreat Britain lias. In truth, experi- ,
enced only those temporary embarrass-j
ment which are incident to commer-!
cial transactions, conducted upon the
scale of vast magnitude on which
iare carrieuon. rrospcrous am
t .:. . .1 I ;
verse tunes, actum and reaction
the lotof all commercial countries.
But Wr distresses ttnlf - tleeper they
reac'i the Iieurt, which has ceased to
perform its office of circulation in the
great concerns of our body politic.
Whatever of embarrassment hurope
has recently experienced may te satii-
lactoriiv exinainci n u iratie imi
r ... .1 - . . . . n . . I
connexions witu tne united states,
The degree of einb.irrassmeot has been j instead tf being weakened or lost by
marked, in the commereial.coun(r4tsjdi!ruion among some eighty ar 'ninety
there, by the degree of their connexion i local banks, dispersed tiiroughout the
w ith the United States. All, or almost i country, and acting without any efl'ec-
all, tlve great failures in. Euiope have j
been of houses engaged in the Amen-j a suuonnnaic uui nor unimportant
can 'trade. Great Biitian, which, as j cause of the evils which at present en
the Message justly observes, maintains, compa-ss us has beenthe rnurse of the
me ciosesx relations wun us, nas &ui- iic ainiiuiirniii mn,vui . in uwih
fered most; France next, and so .nu,! promise act. The great principle of
in the order of their greater or less
commerci.il intercourse with us. Most
truly was it said bv the Senator from
Georgia that the recent embarrass
ments of Europe v re the embarrass
ments ot a creditor, Irom whom pay
from whom the precious metals have
been unnecessarily withdrawn by the
policy of the same debtor.
since, the intensity ot suturing;., ana
the disastrous state ot things in this
country, have far franscemleil any j
thing that has occurred in Europe, we
more potent causes than any which .
have been in onera ion there. 1 hev 1
are to be found in that seiies.of meas
ures to which I have already adverted.
1st 1 he veto ot the bank.
3d.-TI.ir rcmova I of ihe l eposHca.-Ht
with the urgent injunction of Secretary
laney upon the banks to enlarge their
accommodations.
3d. The gold bill, and the demand
of gold for the foreijiu indemnitie.''.
4th. The clumsy execution ol the
deposite law; and
5th. The Treasury order of July,
I83G.
Here Mr. Clay went into an exam
ination of these measures to show that
the infhted condition of the. country,
the wild speculations, which h id risen
to their height when they began to be
checked by the preparations oi the lo
cal banks necessary to meet the depo
site law of June, 1836, the final sus
pension of specio payments, and the
consequent disorders in the currency,
commerce, and general business of the
country, were all. to b .traced, to. the
influence of the measures enumerated.
All these causes operated immediately,
direc tly. and powetfuUv upon ttSr and
ineir- euecis were inuirrtujr 1111 111
KurmieiT
The mcssasc imputes to the deposite
law an agency in producing the exist
ing embarrassments. This is a charge
frequently made by the friends of the
Administration against that law. It is
true that the banks baling increased
their accommodation, in conformity
. , , . r ...
f s ,
might not have been convenient to re-
call and pay them over for public use.
It 1 true, also, that the manner in
which the law was executed by the
Treasury Department, transferring
large sums from creditor to debtor por, .
tious of the country, without regard to
the commerce or business ot the court
- TTry, migT.t Tu v agruUWiT the ilcrt .
I uuiliqiiu II 11 ul.ia ,ln flinan tvllil III,
ject-ti)re-4aw-tlH!fr-4ughV-44wv4
been done wmi the surpluses winch
hadaccuniula ted, and were daily-a ugH The Senatorfrnm-South Carolina
men ting to such an enormous amount j f.VIr. Calhoun) attributed the creation
in the hands of tho deposite. banks? j of the surplus revenue tp the tariff" pol
Was it not proper and just that they I icy, and especially to the act of 1824
hould he applied to the uses of the jand 1828. I do not perceive any ad
peopterfroin whViiinhef
ed? And wheiu-rer and however ta-, reviving or alluding to the former di.
ken from the deposite banks', would not j sensions which prevailed on the ub
inennvenience. necessarily happen? . j ject of that policy.- They were all et
The mcsae assert that the Bink 1 lied and quieted by the great healing
of the United Slates, chartered by 1
Pnusvl vaniaT hat lieen able to save
or to check othcrinstitutions. notwith-
standing "the stilt greater Mrength it'
has been said to possess undents pre-j
sent c arter." That bank is nnw a ;
mere State or local institution.' Why
ia it referred to, more than the Bank of
Virginia, or any other local Witilntiou?
The exalted station which the presi
dent fills forbids the indulgence of the
sunnositioit that the allusion has been
made to ena'tlu (tie ai:mimstration to4
1 . . . .... . 1
profit- by the prejudice which have
been excited against it. Vn it the
duty of that bank, more than any o'her
State bank, to check the local institu
tions? Was it not even under less ob
ligation to do ,so than the deposite
b inks, selected and fostered by the
General Government?" ' ' ' ,'. ;'
But how could the Message venture
to assert that it has greater strength
tlian the late Bank of the United
State possessed? Whatever may be
the liberality nf the conditions of its
charter, it i impoible that any ingle
State could confer tpon it facultK e
qual to those granted to the late Bank
of the United State first, in making
it the sole depositor of the revenue
of the United States; and, secondly, in
makine it note receivable in the pay
ment of all public due. If a Bank; of
the Unhid States had existed, it would
have had ample notice of the accumu
lation of public moneys in the local
banks, and, by timely mrasmc of pre
ndiidj 'speculative nses tovhich thejr were
ction, relapplied "SuctT ininstifufion would
have been bound, by its relations to
tho UoverumenW-t'bs?rve its appro
priations, and financial arrangement
and wants, and tit. hold itself always
ready promptly to meet them. It
would have-umvn together grauually,
but certainly, th(t public moneys, how-
cieruu itrsi-u. ivcniiisiuuujr wuuiu
,. . . 1 - ; i 1
nave. ueen conreiurmeu-upon u aiour.
tivc concert.
that act, m respect to our domestic 111-
ilustry, whs Us sUUility. It was in
tended and hoped that, by withdraw
ing the tariu'.from those annual discus
sions in Congress, of which it had been
the fruitful topic, our manufacture
riod, as to the measure of protection,
extended to them, by its provisions,
which would coinpcnate any reduction
in tne amount contained u prior acts.
For a year or two after it was adopted.
me late aiiministratioii maiiiieHieu a
disposition to respect if, as an nrrange-
for soma time past, it ha been con-
stanii y ini eaieiicu irnui mai iiuarie
ana a seined purpose nas ueen dis
played to disregard its conditions.
'..ii 1 -
I hose who had an agency in uriiiging
-for wanl ,- ami -cwying it through"
Congress, have bean bed up to ani
madversion; it has been declared by
members, h gh in the confidence of -the
administration in both Houses, to pos
sess no obligatory force beyond any or
dinary act of legislatitn, and new ad
justments of the tarilVhavo been pro
posed in both Houses, in direct contra
vention of the principles of the compro
mise; and, at the last session, one of
them actually passed the Senate, a
zainst the most earnest entreaty and
remonstrance. A portion of the South
has not united in these attacks upon
the compromise; and I take pleasure
in saying that the two Senators from
South Carolina, especially, have uni
formly exhibited a resolution to adhere
to it with perfect honor and fidelity.
The effect of these constant threats
and .attacks, coining from those high in
power, has been most injurious. They
have shown to the manufacturing inte
rest that no certain re iance was to be
placed upon the steadinessofjhe jjoli
ffiipT fli 'ailirMlni e iIT, jio-u aOTr un
der what solemn circumstances it waa
adopted. - That interest has tubeu a
larm; new . enterprises havo bean ar
rested, old ones curtailed; and at this
momunt it is the most prostrate of all
the interests in the country. One-half
in amount, as i have been informed, of
the manufacturer throughout the coun
try hive actually suspended opera
tions, and those- who have not chiefly
confine themselves to working up their
stock on hand. ; .'
The consequence has been, that we
liiiye jnade too little at home, and pur
chased too much "abroad. -Thi- ha.
AUjjmjadcoLlltt Joriign-debf. lheAx- 1
IstenTTof wTiictfloioweitu
uted to the suspension, ami yei 1011ns
an obstacle to thexesumptiun of specie
payments
measure (the fompromise; to which I
have referred. By that act I have been
willing and ready to abide. And I
have desired only that it should be ob-
served and executed in a spirit 01 gowi
t urn and ndeniy similar 10 tnai Dy
which l have been ever actuated to
ward it. ,- - ; - - ' : ;.'-
The act of 18-29 was no measure of
the friend of the manufacturer. . It
pissage was forced byn coalition be
tween their secret and open oppo-
ncuti., But the system or. proJuct.on
of American industry did not cause the
surplus. It proceeded from the rx'ra
.'..urr sale of the public land.
The receipt, fronfail onrce other
than that of Ihcpublio land, and iex
oenditure of the year I833-4-5-G,
I'during which the surplus wa accu
mulating J (both amount to about eighty-seven
millions of didlarslhus clear
ly showing th'atjhe customs only sun-
plied the necessary mean 01 puDiic
disbursements, and that it wa the pub
lic domain that produced the surplus.
" If the land bill bad been allowed to
ro into onerttion. it would have di -
tributed gradually and regultrly t -
mong the several State the proceed
of the public land, as they, would
have been received from time to time.
rjlfey would have returned back in
tmall streams similar to those by which
vox.
they had been -collected, animating,
and improving, and fructifying7 the
whole country. There would havebeen
not vast surplus to embarrass the Gov
ct Broeat B4iaalf 4fmnitt9 frw
the Bank of the United States fo the
deposite tanks, to disturb tlie-busihe'is
of the country 1 no accumulations in
th deposite banks of immense sums oP
public inoney, augmented by the cir
cuit it was peiformisi between the land
nflice and the banks, and the bank
and the land offices) no occasion for
the Secretary of the Treasury to lash
the ilepositebank into the gi ant of in !
ordinate accomnxoilations) and possibly
there would have been no suspension;
of perie? payments', tint that bill wa
suppressed by a most extraordinary i
and dangcrou exercise t tif cxeiutlv'e
power. .. ' .
Hie cause of our present irifltculiTes
may be stated v in another way. l)u
ring the late administration we have
been deprived ot the practical benefit
of a free governmen t $ the forms, it is"
true, remained and were observed, but
the essence did not 'exist,'- lit a free,
or self government, the collected w is
dom, the aggregate will of lhLw!niIe,
or at least. of a mjority, moulds and
direct the course of public affair. In
ailespoiia
yldual governs. Inr jiraHTcaTTy"0'r
government, the nation control die
Chief Magistrate! in an arbitrary gov
eminent, theLluet Magistrate control
the nation. And ha not this been our
situation in ttm period uienttoneii?
lias not onemjfcr,lLji'Hown will
nTTie nation' llava not aTl tKosTiflu-:
a st rom nicasures the vet' of i the
bank; the removal of the deposits; the
rejection of the land) ami the Treasu
ry order, which have led to our present
unfortunati! condition, been adopted.
i:V-ptf t td theriiyisne nf -tlw cpnntryr
anu m opposttjon, rfyrobablyv-1 those
of the dominant party itself? -
Our inislortuue has not been the
want .of wisiloin, but of
party in power wuuld not have gov
erned thu country very ill, if it-had
been allowed it own way. It fatal
error has been to tend its sanction, and
to bestow it subsequent applause and
support upon Executive acts whit h, in
their origin, it previously ritpri cated
for condemned. We have been khoik-
ed and grieved to tee whole legislative
bodies and communities approving and
lauding the rejection or the very mea
sunt which previously they itad unan
imously recomuieudeiil 'I o sec whole
St ties abandoning their long-cherished
policy and best interests in subservien
cy to Executive pleasure! And the
numberless examples jjf.4ndivwlual
who have surrendered their independ
ence, must inflict pain ilt ever patriot
uosonv- a smjne case lorces uaeu.jup-
iowTiicT TI do-not adveit from" any un
kind feelinjs toward the gentleman
to w Imm I refer. Jbe tween whom and
myself civil and courteous relation
have ever existed. The. memorial of
the late Bank of the United State
praying fur a rechartcr : waa placed in
'tis hands, and he presented it to the
Senate. He carried the recharter
through the Seriate,- . The veto came;
and, in two or three weeks afterwards,
wc behold . the same Senator t the
head of an assembly of the people in
State House yard, jn Philadelphia, tp-
nuuilini: the veto, and condemning the
Jjankfcondemttinglii
tives lieb.tjoncl Jhe,rejcl
ma n eye, 11 rid jit d oe notWlong 1 imr
to say h hat they were winch prompted
this self ca-.tig.uion, nnd thi praise of
cue destruction 01 in own worn; out, 11
iVntpossible-4-vf4k- the 4ct4liat
tin same aennror, in oue time, receiv.
ed from the author of tlievetMbe gift
iif a splendid foreign mission! . ,
The moral deducible from the past
tSf-that mir freo institution arc ope
rinr to all others, and can be preserved
in iheir purity and exeellenco only up
on the stern condition that we shall
(orevrr hold the obligations nf patriot
ism' paramount to al the ties of party;
or'totttdividuiiT dicTatioii; and thaFwe
shall never; openly, approve what we
secretly condemn. ! s ; ; a ,
. In this rapid, and, I hope,Tiot fa
tiguing review of the cause which I
think have brought upon u existing
embarrassment, 1 repeat that it has
been for no purpose of reproaching or
criminating those who have had the
conduct ?ur publie affairs; but to
discover the mean vby,; which 4h pre
sent crisii has been produced, with a
view to ascertain, if 1 possible, what
(which is by far intich'mnre important
should 1e clone by Congress to aert
it injurioui effect. 1 And thi bring
me to consider the remedy proposed
by the Admintration. . :
.The treat evil under which the
country labors ia the suspension of the
banks to pay specie, the total derange -
ment in all domestic exchanges, and
the paralyiis which has. come over the
whole business of the country. ! In re
gard to the currency, it it not that t
given amount 01. uann note win ni
. r 1 1 -l, .
f now command as much as the same t
.mount of epecie would have done pri
or to the suspension t but His the fo
ture, the danger of an inconvertible
raner money beine indefinitely or per
manently fixed upon the. People, that
ll .1 . . t L aft..
fills -Item with-apprehensions- Our
ssvin. no 4
great object should be to re-establish ft
sound currency, and thereby to reatoro
the exchanjr. and revive the busines ; " -
of the country, i 15 t v .
tT4ir-smpiTtglHch .the xatimtmsm!!miB!m!''s
gurei brought forward by the Adminia '
traltoirtHaSe '..lij"lhat the consist of ,
temporary expedient, looking to tha . '"
supplyijf The- nccessitici of the"Tfir
uryi or, to far as any of thera pos
$f sa a permanent character, it ten-, j ;
dency U rather to aggravate than tiles ,
viata the suuering ef the People. 3
None of them pi pose to rectify the .
disorder In the actual currency of the r ;
counlryi but the reonle, the btates,
and their banks, are left to shift for 1
themselre as tlley 'may tr eai. Th
. I e. 1 r
Auminisirauon, aucr nuviiig uiier-
vened between the States and their
BankantitakenMen J.BtoJheFed.i '
ral service, without the Consent of the
Stales; after having puffed and prais- ,
ed tliemj after having brought them, or
contributed to bring them, into their .
present situation, now suddeuly turn .
it back upon them, leaving them to
their fate! It is not content with that; "
it must absolutely discredit their i ..
tues, . And the very I'come who were
tulI bjr the d,niniatration that these
bank would supply "them withabtw
ktMrnncyare .now tett to atruggu t -
aTfliey can wtCSflieyery- tomncf;
which the Uovcrnment lecommcnueii ,
to them, but which it now refuses it
self to receive? . VY-iv tu
The professed object of the Admin f
'titration is to establish . what it term 1
1I1 currency of the' Const .ituJipPt-i-Mwttkh'.it-.
pi opose to accomplish by
restrictinz the Federal Government,
in all receipt an.l payments, to the
exclusive use ;t' specie, and by tefu. j
ing all bank paper, whether convert!- ,
ble or not. It disclaims til purpose '
nf crippling ctr putting down the bank .
of the States; but we shall better de
termtne the design or the eiuct of the v
measure recommended by , consider j
ing them together,Bi.Dna.vtenut:..., .
, -i'i. is.. !. .1. m ...u kt- .t- 1
1, ie nisi it 11 c mu-irraiunri)
which are to be made the depositotim f
of n!l the specie collected and paid out -for
the nerviee of the General Govern ,
ment discrediting and rrfu ing til the -,
hde of the States, ahliough ajable t
and piM j in specie. '
A bankrupt law for' the United '
StAtesMevelled tt all the State bank, ;
and ttithoritintr the lei.ure of the ef-,
feet of any t.f tiicm' that slop payment, ; - -
ami me administration 01 uieir euect
under the Federal authority ekclu;
'vely, , '
3. A particular law for die District
of Columbia, by which til the Corpo
rations and People of ; the flistr'tt'tj un ,
der severe pains and penalties, are
prohibited from circulating, ixty day ,
aftetrthe psajenf4he.l4
whatever not convertible into sneciei
on , deinanT,"ranu , are matle iTablo to
proseru ion uy iiioibioient. 1.
4. And laly, the bill, fa suspend
the payment of the fourth Instalment
to the State,: bv the provision of ;
which the deposite ; bank indebted tit
the Government are placed at the di .
erctioti of the Secretary of the Tret
ury "t YtC;rtuY-Y-.Y;:':lJ";.0
: It I impossible lo consider thi tji
tein without perceiving thai if is timed t
... I l. !.!!-. a ', , V
at, and, if carried out, must termimte ..
in, the total fcubyersmn . of the State ,
bank;& that Ihey will be til placed tt ;
the mercy of the Federal Government. -
tt is in vain t protest that there exist
no jiesign tEMflLBHla 1 ncencei 01,
these rtHasure cannot -oenamunder - -
AnJ why this neW experiment er,'
uantOdJPipedientfr'i'herPeoula of.
ihiaju ty aru-tlreil4if periinent, --.
wug u not toe ,viminisiraiiou ttseil til ;
ceasiJ With them? OJght'it tint to take '
warning from the event of recent e. ,
lections? Above tl. should not the -t
Senater cowstUtrted a it -nmv 5. " "
the la it body tj lend itself to further,
experiment upon the business and hap- i
piiiesnf thi gljejrple? ; Accord.,
ing to the latest exnresMon of pubtie
opininuin the several Slates, the Senate. '
1 n(T triiigerratruOxporirTiCor the", t
will of the State or of the People.)
If it were, there would be thirty-two,
or thirly-four Whig to eighteen or.
twenty friend of the Administration. Y
I it c'.etirahleto banish t ronyerti-.'
ble paper , medium, nd tu ubsVi(ute
the precious metal a the tole curren
cy tube used m ill tne vast extent or
"a.1 w K
varied business 01 mi enure conntrvr -
I .l.!..l. 'IL....-.!i e .. '
I tiling not, -a or quantity 01 precious - v
metals in the world, looking to our fair
listribiltWe share of them, i wholly -
insufficient A convertible paper is a
great time-saving "and labor-saving in
strument, independent of it superior '
advantages in transfer and remiltan
ce. A fnend, hg longer tgo than ye'
terday, informed tne of t single bank
whose payments and receipt in one
idaj amounted to two miflion of doU
lar. What time would not have been
necessary to cunt such a vast umP
The payments, in the circle of a vearl
.-.i -e . v..i. ;
111 tne city 01 niw ivil, wero ci min
ted several year ago at altera nun.
tired million. How many men and .
how many day wijuld bo necessary In
count inch t umr A young, rowmg.
and enterprising people, lik hoe of
the Uni ted State, more than any oth',
er, need tlie us of thosa credit whii h
are inident t t ond ptper tjrti.
at'
-.1
-i ...
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