=I
1 , !
-Terims of l i rablf frau
it
I
two Di:fixates po l l an cm, payat4 Sens' i•nunnal in ,
advane. ,14.. pet pet . ,_afritten' IL the, jqpi,.p:sp, will'lm:
igr V.iperiffeliveid it, Die , i!ofittilet l effDlie 4f7aliii•
r , 51111111.5 Connie:lra. - - .....- .[ (fy , '''.,-• - :' - -i' 1- , • I , l ' , -- '' -,.. A .—.
~.cr,fildtertisensemenitt,,eteWing.twe if* Itinfirili-nel ,
cf4rfieff SI fciiihree fanktrtions-. 77 ;inti 1 , eqsfef ette.,
4,,
Insertion. Lar;eronea nil psiperlini. I
__,
411 .uirertianienitwilitiezipserted el 1 ivtrdereo out
, ,tiniess The time for whicit),:hey are tof be . r i is
.epecifiitd; and _will be:charged aeeennellt,-; E,- , f' •I f't
ueZißityiliertiatrii Ufilrifir, ,etineged ifitiper. aireeffit
fincladiog sobsir.ription_te-the i paperf4n9th titito pitsiffigit
'or keeinnf one advert isemibli sot exrfeedifiAtafieleeiri
handingarin:t the ,ifitar.fiol the itisertpan:tft 'a mailer',
If nelin each-paper for threeireeitsiPrit tiltniti '-
ft rl attlatterstdiressed tit ette_efitlor tufa
i . t ititrithse no antio w ' life aisi toh f l''.. post;
paid
A ' t Mntnidei f e Ete n niaAm p nd'ott i! e nlUnie illici -
C laiiiintritoihre- been inserted4rdent:'.orlit be cbargeti
'lO/15eefit5ene 6 hezenni tl7 arini-titsand .Qelikb p._; •: , - .
- K7 Prim)Wets. Checks, Card*: BO of 'riding - and
lilattbas of ef,64 IWeripyrk. neafty pr aethis
0/Noe at the barest cag Prices
i. :.. - SPEECH' - 0 . MR. CLAM.
_ 1 - ' = • ' ,: :. •
1 l' , OF ICHNTUCIIY, r- '
• --I' ON THE SLII•THEASUItr ILL: ; •
:.. '; .7' , I
' ' • IN SENATE—Jarman 20 1840. ' : 1
, r. PLAT role end slid: it have hien desirous;.)
Mk. Presid e nt, lidera 'the Paaage of -thislbill, not to.
Ike bkto lF If • i about • 1
m a speech , u oar a , few ' word it. -
...hale'Vocile to tilt) Senate ttilai unaffectedly indisms
.. 4, from I serious colti,land am in ! nalcondition to
r all ress thie body ;but I nti i itl a l thiibill 4 ad pregnant
watts inittrichis' and ‘drusgei 1 , and dire' foil Consequen
' 'cos', that I Yaihnot reconcile it to , a seam of duty to
,;:alltiwit finally to pass Viriffiitut one last, ilthough un
availing; effort agairist it.',. , ; !II am aware that the de
' • ~..!
cree for its passage bath iginie forth--,-a decree of us
- gehiy, toe, 4rgent that ii merit of the
, •cosideratien of the measure to admit of the filling
of vacant oats in the ben* by legislative bodies now,
in,?ession--iseats which have. remainedrimeant, not
iliTthe fail ,bf the Peoide; but from thilinability of
those bodies to agree Lai , ike choice of Snators--haa
Owen refused by the'vote.pl,;the Senate—rifueed, scorn
'fully refused, altheugh,twhOther the bilfbe transmit
tkld two air three weeks sooner or later ! c o the House
1 -of llepresentatives, owing o its. thaorglnized condi
-tion, and- its _known iatitts of business,j'will not ex-'
t i
hpedite its p si n le hour ! Refused by ; the'
' =nigh a iii 4
. , . (
rt - concurrencie of S enators r, who, not rep
,esenting on
• 1.
this suhject thepresent sentiments and °patients of
-/Ifetr respective States, seraunwilling,; allow • the
,•arriyal. of those who' whist fully and fairly -mare;
, r
qtent them ! 6 , - I
' I:
-•
..It.iis remarkable, sir,,tb il t, judging frokthe velle on
'Ail engr ossment of the - hi I for 'a third- reading, it is
e
40 be hurried throuih in • Senate by 1e44 than a ma- .
Jorityr orthe body.i
; Au, if the two 4enetors from
Tennessee had clun:g to i ear seats wits the same.te-
Anacity with 'whichi °the; Senators ad 4 era to theirs,
Who have been itistkuetedni t Vote again the hill, and s
are violating their !lustsal - tens ; and i the Senate,
were full, the vacant sea ;being tilled, as we have
‘every-reason to believe tit i will be filial, there would
be a clear majority fig. •;. =a the pzissaie of the bill.
Thus is this inoafentoLni measure,.l wl ich both its
.friendi. and foes unite in thinking tvil exert a -tre-1
:mendous - if not revoluha any, induenCe?upon the , bu
einess and concerns of the ountry —a +sure which
• has so long and ito)greati distracted 'and divided our
eouneils, and against whi h the Peoide lave so often
and io sigually printouts - , d their judg ment, to be
• forced ttueughlhUSenat. , of the U.l St ates.
My. President, 4 is na less the dirt'! ci of the states
-11
inan than the pityitician It. , ascertain , ' exact state
of-the body to which hei to minister before he yen-
Aures to prescribe hey ha tug remedy., lit is with no
pleasure, but 74 prole , ' d regret, tha I survey the
present condition; of out', dountry. I slave rarely, I
thank never, knots' a per oil Of such universal and
intense distress.' irtteGa ral Govern alent is in debt,
and its existine 3 revenuesja inadequate to meet its
- 'onint!ry expenditure. T er States' are 6 debt, some
.„--,
of them largely to debt. i n much that tile) , have been
compelled to resort to the kuinous expidient,of con
tracting new loans to ate 1) the interejt upori' prior
deans; and the! People a surroundei with difficul
ties, greatly embarraiii- ~ and
general
in - debt.
• Whilst this is lantortutia ly, the general state of the
•eciontry, the means of i ; e irguishing this vast mass
•of debt are in constant di.. inution. property is fal
ling in value—c
r. all the grea staples of tl t ei country are
•lleclusing in price, and d - tined, I fear, i! to farther de.
cline. The certain tends cy of thii very measure is
'to reduce priCes. The ha ' - are rapidly decreasing
the amount of their 'Aka anon. About one-ball of
them, extending from :/si w Jersey 4,the extreme
,
-Southwest, have suspehde.' specie payments, presen
f ling- an image of a pea ~tic, one moiety of whose
.body is stricken with pals • . The batiks are without
._ a head ; and, instead of u ion, coinwrl and co-oper
' -Atkin between them, web hold jralinis ',dittrust, and
-enmity. Nye have no-eu rency what er possessing,
• 'Uniform value throughout the whole :country. That
~, `which we have, consistin almost enely of the is-.
tine 'of banks, is in a state of the utm ost disorder, in-,
. spinach that it varies, in .mparisen Irith 'the specie
standard, from par to hit per cent. isceunt. Ex
-7 changes, too, are ,in the _ eatest Possilde confusion, I
not merelyi between differ:nt parts of 'the Union, but
between cities and, placesin' the eamiqueighborhood.
' That bet,
-',. een our great cdmmercial marts of the New
an Philadelphia, 'thin 6vi,e of six' hours of
. each otliii, vacillating bet een seven Ad ten per cent.
The pr.:tete of our agri ulteral iduistry are unable
•to find hi it way to mark t from 1 e want of means
' • 'in the hands of traders to pnrchal them, or from the
want of confidente -in the stability of :things. - Many
of our inbnufeelories stop ed air stepping, especially
In the iniportant branch o woollens ;1 and a vast as
of their fabrris Oil htin4 owing to the
- (destruction of eriefidenca and the wretched state of
eXchang l e between 'afferent sections ri!i• the Union.
, . 1
' Suchlis the iinexaggerilte:l pictnre ',131 our present
,conditinn. And amidst he dark and dense clouds
that surround us I perci4 , e not one i g leam of light.
It given me unthing but pain to sketch the picture.
Hut 1334 and 'truth require thit +sting diseases
ouldlbe fearlessly exam i ed and prbeil to the boo sh
tu_ni. iWe shall otherw' be utteq incapable
. of
in
'elinceenng. or applying ap: ropriate relhedies, . If thes
present unhappy statepf o our country hid been brought
iliPon (the people by their folly and itatravagance, it
ought to boborn with fsrtitude and wllhout complaint,
• end without repioacth Hut it is my 'fleliberatejudg
tnent that ithaii not ti -that the people are not to
• blaittel-and tha t theinin4ipal censed of existing ens
' barrassH l t men are'not to
,be traced !to ihem. Sir, •
.'
it us
-, not my pur osettf*ste, etima or excite the feel
• .„
ings of, Meridiem cif the mate by dwelfillg long on
what li suptselta las thO causes . I* object is a
betterja hi 'her,and I hOpe a dui I tcceptabhione--- - ;.
e
' to conidder the remedies Propose - for
-' the present ex
-- tiding oxig rtcy. i
' Still, l i shoulcLpot; fulfil my whole
duty if Id d not'. briefly se that, i n my conscience, I
believe thai our - .pecuniii distkesses hate, inainlY 1
`f ' th t t 1 `` ' Bank
. .prung -rem e refusal re-eliarte, 4 the late
• of titer Finis States;" the renioratef the public de-
iinsitett.frii 4 th at iOtitnt on; the , thultiplicatlon : of
• state ba n ' in consegtiene ; an thO.Treasitry itim
i
- t ails *Wen to- them ` to cir rid t eirp3penitionk ; the-.
h ei ngliiii anner in' , Win h the' at! , depositing the
ete rpl4, . ore: with the eta ;Wss execgtd,..l; th e
Treasury4iircular ; 'and la thong ' : lest, perhaps not .
' !east, the ' eiereise of the ewer of the veto on 'the
' bill for; disiributing aMoZ e rib tes!thorna praceedii
'of .the sales of the pithli 1 nos.,"
'•
What, • Hr. Presiden t { ' ' heed ,at the resent wi
t • •
- 01,4040,atdre the prctspeilt,y ti) fth flople t A itound
' . Vielif-':,Starteticy,;iniXed with a I mtency, possessing
• . i i iitaiii .s in tilite thraighout ihe g he t to country ;" are.,,
utitoidieh int of, reggler . e eletnoes between different
priitoottl4s Union;; any . revs_ al of general con T
, d ell o, "; Th ii People w n, in hart, good gOvei! ,
. ;1 . ' '. '. ' 'l' •
.1
.1 - I
, ~ E _lj., , . v - -- , , 7 -. 4.7 c , , .:•-•..;.;-...',-, -... ~ ..ritz. .- ;.....r,. - '.- ~. --• • 44. ..4 .
, •.' ' •' . -,-
- , -1 -- .. , .: -,,..- 1 , '..• if- , I - . , :4 , ..: • -, Az:- 7 , ''' 4 . - '-‘ ~i ',.,i. 1 , i..?;5711 , J.T..i . :,.e . ":„ -.:.. ~ -, -;. .:. , , - •._.
....„:„,7,...,.,t... .4 •
i 1, ,, i ,:q 1 1 174, y.
~ . .
.. .
:~ = ~
MESE
;
ENO
ME
1•111
-
,q 2 • . • • • - •
1 Waite:eh panto *teethe holiii . elsofthe Ewa end bring entree* the'Ciierna *fbs Nountaina,Sletabrehith iII
MEI
~.
ti
voL.
meat at Washington ;1 the atiand ocitnent of raskLancl
ruinoria-expenments;:the practice heta.dfaeinioroy.;
nod the pursnits of the liafelights -nfAizpetietce.
(dive us theesi and the grp t of•: 013 t ' P o Pulatiar!*
the_ enterprise !, of our l'eoplei and, the abundance,
fiety, and nehnessof,the prodticts of our soil and - of
ourindustry, witlethe blessings of Providence, avid
carry us trivaipirantly- through- all out ,-complicated
embarrassments; Deny, ,these—lireseyerelp
administration of government—and it is in vain that
the ,bounties of Heaven are profusely- scattered a.
rotind ;..; • - ; •
There is one, man—and I lament to say, from the
current of .events mid_ the progress of 'Executive and
party power-44sta one man, et .present in the calmtry,
who can bring relief to it, mid bind up the , bleeding
wounds of the l'eople. alimen-in the nation,
ought to feel as tt parent shoidd 'fed, , roost ` seusibly~
the distresses and sufferings of his EtkclOok
ing
. to his public-mini:se and his' official • acts, I' am
constrained; ferny that heMvveys uiconeiriied the
wide-spread ruin and bankruptcy end wretchedriess
before i him, r without emotion and`withous sympathy.
Whilst all the eliiineotei of destruction arc at yolk,:
and the storm is raging, the,'Chief Magiodiite, stanid=.
ing to the niidit of his übprdtected fellow-citize.nsiCin
the distinguished position on honor end confidence,
to whisk - their suffrages havii elevated him, deliherate.:
ly wr4is around' himself the 'folds'of his liidia-rubber
cloak, and, lifting his umbrella over ,his head, tells
them, drenched and _shivering as they are•under-the'
beatilig rain and haillind irocissrfallingsbpon, them,
that he means tolake care of hiinself and the official;
corps, sinethat they are in-the habit of expecting too
muchlrom Goveriiment, and must lot& out for their.
own shelter, and Security; and salvation
;And now allaw me to examine, and carefully and
candidly consider, die remedy which' this bill offers
to a suffering Penplefor the unparalleled distresses
a ,
under which they are writhing.' • I Willfinit inalyse
and investigate it as its friends and advocates 'repre
sent it. What is it ?. What is this'ineasnre, Which
has so lung and so deeply igitated"this - catintry; ini- -
derthe various denominations of Suli-Treastriy. - ;lii
depefident Treasury,- and Divorce'of the - State froth
Banks? What is it? Let ue define . it 'Deli , and .
clearly. Its whole principle consists in - an exaction'
from the People of specie, in . the payment Of all their
duties - and' dues to Government, and the disburse
ment 'of specio'by the Government,.m.the, payment
of all salaries and of all the cieditors of the Govern
ment. This is Its simple and entire principle. Di
vest the bill under considerauohof all Its drapery and
paraphernalia, this is its naked, uniernished;and un
exaggerated principle, according to its own friends.
This exclusive use of specie, in all receipts and pay,
meats of the Government, it is true,' is not to be in
stantaneously enforced ; • but that lathe direct and a
vowed, aim en& object of the measure,.tb be tic.coni-.
plished gradually, but in the ehort space of a little
more than three years. The twenty-eight sections
of the bill, with alt its safes, and vaults tend bars,'
arni bolts, and receivers-general, and examiners, have
nothing more nor less in View than the 'exaction of.
specie from the People, and the subsequent distribu
tion of that specie among the officers of,the Govern
ment and the creditors of the GovernMent. It, does
not touch, nor .profess to touch, the actual 'currency
of the country. It leavee 'the total batik, where it
found. them, unreformed, iincontrolled, unchecked in
all their operations. It Is a narrow;selfish, heartless,
measure. It turns away from the People, and aban-".
dome them to their hard and inexorable fate; reeving ,
them exposed to all the perillcious consequences of
an unsound currency, utterly irregular and dis Orde
red exchanges, and the greatest demngeient 'in all
business. It is worse; it eggrivates and perpetuates
the very evils Which : the Government will net redress,
for, by going into the market and creating a new and
additional_ demand for specie; it cripples and distiblei
the State banks, and renders theM incapable of fur
nishing that relief to the .People which a parental
Government is bound to 'exert all its energies and
powers to afford. The divorce of State from banks,
of which its friends boasts; ie not the only separation
win& it makes—it is a separation , of the Givern
nient from the constituency-6-a disunion of the inter
ests of the servants of the People from the Interest of
the People. : .
This bill, then, is wholly iecommenenmte With the
evils under which'the 'country is suffering. It leaves
them not only altogether nnprovided for, but aggra
vates thmn. It carries no ward of cheering hope or
encouragementto a depressed PeOple. It leaves their
languishing b,asiness in 'the same state of hopelesi
disconragement. - ' 1 .• . l' : .l
't
il
But its supporters aignelthrit suthjt system o -
.
convertible paper as this eol ntry has so long had ie
radically. wrong,; that aft ot i r evil ' is ' to be traced to
the banks ; and that the boo er they are put down,
and currency exchisively metalic is estabhsied, the
better. , They farther argue that such a metalicCur
rency will reduce Mated prices, !diver the wages of
labor, enable us to manufacture cheaper, and thereby '
,
adiii it' our manufacturers to maintain a successful
,
cea:petition with foreigners. And ell these results,
it some future time or other; are brought about
by.the operation of this measure.' : '
Mt. President, in 'my Opinion, a currency' purely
menthe is neither desirable, in the present Mate of
the commercial world, ner,it were, is itliractica
4 -i
ble,;Or possible to he attain in this country .; And,'
if it ,were porisible, it could not be brought 'abentwith
out the inetfrightful and, dmasterque couseqUences,
creating convulsion, if n06e4,, ninth*:
Of all conditions of satiety, that is most prosper
ousln'which there is a gradual and regular increase
of die circulating mediuin, ands gradual buttiot too
rapid increase in the valueAit a property ' end the price
of commodities. 'ln such a to of things, tinsinetis
'of MI kinds, is active and aninatited,'evety dePiirtMent
,of it flourishes, and labor is liberally rewarded. No
:sacrifices are made of, property, and debtors find. wilit-
Ione; diffizulty, the' Means.. of discharging ' promptlY
,their debts. Melt hell' oil', 16. what they have,,
I without the apprehension ofleas;afid we behold no
. 1
glutted markets. Of all co n ditions of society, that
,!i ts ' a i s t adverse in • which; the re is - it constarit'aad ra
'pidimintition of the anibunti,of thetirculatax i tg medi
urn: 'Debtors become 'unable to pay their' debts,
.proOerty . falls, the market is glUtteddiusinese declines,
And labor is thrown 00 of erritiloyinent In such a
state ,of things, the heaginition goes "litd of the
, i ,reahty., Sellers become: noarroae, [rem thelapine-
Chension that their pniperti tilling, vvill ',fall still
I •
It:oser% and purchasers scarcer from an ottwithrigness
to Make investments With t - hetet!! ofshriciat'ecr
414.Jus!h , ~, •. • i l L
. .
jigre gendeinan reflected
of their system of depletion?
OA the country is boas do •
if tie currOcy greatly 'di
exdmplo ifituts been, hpw is
-:,-,;.: '::,:i.ts:_' •1'',,:..---J,;-......1;,t.,::
Ili
' ' • ... •
Weekl.t
MO
ENE
IM=IMI
PPn', l / 1 3 ccrigelluatu - ma .
I -have already stated.
• by a weight of debt.
" in*heth I:.otYond. 811
We i - .debt 4o be:
Mir
Mg
,14.14u4ie•
=llll
AND
MEM
lealabedi ,P,roperty, the scarce-on which the debt !
or relied (or his payment r will decline-In value; and
it may baits*. Wats : Attu, wliplieneady contracted
debt, will , findfiintself.itripped 44811 his property,
and his debt refined uner.tinguilhect,T The gentle
man from Pennsylvania' iir. - Bcctiansw) has put
the case of two natio* itiOnsipf which `the amount
of its clitreneytiail be dotibtli'wlist k 'li
is the Other„
, und; as he co IL tls, thdluiciarefell , property Will be
donble in ihe fennel. nation ofwhat they are in the
latter. If This be true of the two nations: ***be
egually•tine (if otie,inhose Cirettlating - meditini kat
one period double what it is•at :another.' ;Now; as
the friendi °tee bill inguelwe have 'been aid ~yet
are in this bifiated-ntite;orir etureney bleifwen double,
or in something like that proportion. Of what was
necessary, arid iv nosy • tome dovin to the lowest
Boilit7,:wittpercievielluit inevitable ruin
to thousand. must be the neeesuary 'consegnence
A man, for example,.dwciiog--pntperty ihe value
of $5,000, contracts slOebt for, $5,000... By: the re-.
:dUction, of one.hali of the,currency ,of- dui country:
hts, prope rty ,
. *4, beanaies reduced 'to the - value
of $2,590. " But his debt undergoes lto,cOrrespond
ing He gives, tip all s propeq, _and
•reinvinc still', in 'debt .$2,500.: • Thus Ibis. nieiniure
• ,
will operate on, the 'debtor class of lhe,riation,
always the yveaker.chiss, -end, that : yr:MO; for .that
reason, mostneede . the;prOteclidu Govarnmedt.
; Brit if theillfect of this: hart! money policy upon
the debtor class be .. *jurions, it is still more disas
trous,-iforrthetaboring Bilterptize
will be, - checked or_ stopped. emit:voted will become
difficult, end,thopoorei classes
.will be sullied *the
great*C;priyations sod -distresn. - Hereto - thin it has
been brie of 'the pretentitorekanil boast.' °lin; domi
nant pidiy, thet.they sought to elevate the;, poor by
depriving.the rich of undue, adiantages.' Now their
policy is to reduce : the wiiges of labor. and this is
openly-avowed.;,and it-is argued by 'them that it is
iit:essiny to melee:the wages_ of American labor to
the lowest standard, of. European .labor, in order to'
enable the, :American . maaufacturer to ,enter into a
suCcessful Competitkin with the European manufac-
Wier in the sale of their respective fabrics.. Thus is
this dominant party perpetually changing . ; one day
•Cajolingihe popr, and fulminatingligainst the -rich;
and the next cajoling -the rich, and fultu*athig- a
ginnat the poor.. It was but yesterday that we heard
that all who wore trading on, bemired.. *Oita!
ought •to •breilk. It was but yesterday we heard
tlenotinced 'the long-established policy of coun
try, by which it was alleged, the poor were 'Wade
poerer.,and the ,rich were diode richer.
Mr. President, of all subjects of national policy,
not one ought tutee toeched with so much delicacy
as that of the wages, in other words, the bread of the
poor man:. In dwelling, as I have often done;:-with
inexpressible satistaation upon the-many advantages
`of our country, there is not one that has giien me
more delight than the high price of manual. labor.=
ik
Tmore here is not one which indicates clea. he
prosperity of the mass of the community,. In e
features of human society, there ore none, I
which more decisively display the general, welfate
than a permanent high rate.of wages, and .a per
nent high rate of interest. Of course Ido not inc
those excessive high 'rates, of temporary,existence,
whith result from sudden and - unexpected demands
for labor or cap:44'Bnd which may, andgenerally do,
evince some unnatural and extraordinary : state of
things; but I mean aseuled, steady and durable high
...,
ratemf wages of labor,, and interest upon Mtmey.—
Suchi - 'l-stitte demonstrates activity and -profit in all
the departnents of business. Itproves that the em
ployer can afibr4 - to,give high wages• to the laborer,
in consequence of the'profibs of his business, and the
borrower high interest to the-lender, in consequence
of the, gains which, he makes by4he use of the mix.
tal. On the contrary, in countries where business is
dull and tingnishing, and all thiwalks of society are I
full, the small profits that are Made will'not justify
high interest or high wages. - ..
Wages of labor will.be low where there is no bu
shiest, and of course but Hula or no demand for la
bor; or where, from the density of population,' the
competition for employment is great, and the de
mand far 'lnk(' is not °quell.° the supply. Similar
ensues will tend. to the reduction of the rate °fur ,
tercet. Our vast unpeopled regions in the West pro
tect us against the evils of too crowded population.
In our country, such is the variety of profitable busi
ness and pursuits that there is seturely any in Which
one can engage withililigence, integrity,end ordinary
skill, inregular and ordinary times, that he is not
sure of tieing amply rewarded. SUrveying - our hap
py condition in this respect, hives during the. last
war, unmarked by the present LonlJeftry that Amer
ica was the heaven of the Oar man, and the hell of
the rich. There was extravagance in the observe;
tion, mixed with some truth. It would have been
more accurate to have said that, with a good govern
-1,,1,
Meat, I was an earthly heaven both for the rich
and ' r.
..
It ' ' contended, however, that the reauction of
wages would be only nominal ; that an exc.lusive epe- :
cie currency being esdiblished, the prices of all corn
medium.; would fall; and that the 'laborer Wouldbe a
ble to command as many of the n ec e ssa r iess of life with
his low wages'as he can at present.
The great errors of Senators on the other side-is,
that they do not sufficiently regard the existing struc
mire of society, the habits and usages Which Prevail;'
in short, the actual state of things, All Wise legia la-.
tion should be founded upon the anidition of society
as 'it is; 'and even where',reform .is necessary, it
should be introduced slowly, cautiously, and with a
careful and . vigilant attention to r ah , consequences,—
Bat gentlemen scent dispotie s d to consider themselves
at liberty to legisbie for a nee , 'Petiple,jiist spring
' into "existence, and commencing its caieer.--cine for
which they , may, wiihout reference to What they see
all around them, sPecuhdo and .theorize et pleasuli ?
Now, if we were smelt ` a
Oetiple,•and Were dehberat
ing on the question of What. Wei the heit . meditim of,
circulation to represent` the proPeity and transact ttie
business of the country,., it , is far, froth being certain
that it would' be deemed,wisest to adopt an exclusive
specie standara,. But",,When we glance, at society, as
it actuallyexists , , all a iteielations and ramifies . ,
tionii ) its engageMelits;debta, wants, hibiti, mistome„ .
nothing Can he more unwise, it seems to me i 'than to
"attempt so radiCal a change as that svhighis content.,
plated.,"
__ . • - ..: _ ;.... • 5
"cannot admit that the laborer, with his low wages,.
would 'be in as eligitili a situation as. be note ls.'—
The argument excludesall consideration of his cons
dition, during the transition front the paper to the
speeie'rnCa - um"'lnthe de sc endin g process fro m
in
abundant to a scarce circulation, theremotdd he for
him - nothing but distress and wretchnineniiiina;he
.would-be in die greatest.danger-of starvation before
the El Dorado of gentle itum - -witereseher.l , :The ude
• • " , -
SATITUDAirMoRiTING; MAltritt
=EI
IME
*intent of ricei to oF the currency is not
soSudden a ' - ark as ', is' Imagined. `. Long after thel
spade standard dhoild be established, the old pricesi
col l uding anti remain . - and all.foreign
, enter
~,. h
&diens lich into .the consumption of the
fioor'lnin ti old 'continue unaffected , by out . doniestia
currency ' - '•I it he true that there would be no,alter.,
anon in the condition of the laborer, if he wonki to.:
ally get us nehi in value, in the new state igthin g it
as ih'efe - iild how is that - of the capitalist, engaged ia
manntactur ,to be nutiroyed I Would'not his sitit
nation also r main unaltered? _
.
: - The assu ption that int exclusive hard money cif
-Oolitic/it is ' for the laborer, best for the manulae-,
giver, best f the country. is against all the experf;
1 ,
'thee iirtht, - cad. •Beyoild all doubt, England is the
intuit praiPe us of all the notions of the old! orld,
E-I n is tlie i*tteit r money coun try
t r y
and" ng a , • pape mon , coon •
'that exists. • f l Her martufiteturits find it market in eve
t i
ry portion o the world ; her operatives and biborcia
are"paid bet r and fed better. than any iii Etircipe.--
Have the m ufilctures of the bard'Money countries
of tits ictintin tit prevailed Over those of England, and;
driven - them ouv of the market; in fair competition 4
Far 'frorn it. Their Policy is to exclude byprobild-1
does and It vy dutiesi, the :entry of Briti'alt goods
intotheiriports. - Eitgltuid his Sought to "make treaties .
with them ,an r
il ;I
"itsifSdi y iil with France, upon die!
basjs of" free ado; init . :France him teplied that her,
mantifieture are too hitchbehind thoie Of England,
to admit of t eir being placed open a fxitrog of equal-'
• ity. Paper,' oney-inflated-England manufscturee
'about two-thirds;of all the cotton exported from the'
„
..
United Sta ; and the cotton mannfactures alone
is probably g eater than that of all the rest of Europe.
- ,
But, Mr. iesident. if the banishment from Circula
tion of all b k paper, and the exclusive use o f specie
in this coal y, Were desirable. is it practicable , can
it be possibt , brought about I I have aaiirthat the.
4egislator •ia ound to have dueregard to "the wants.
wiahes, twee ides and condition of the country for,
which he at . But a practical - American statesman •
bas a farther uty to perform; that of attentively con
sidering the istribudotis of the power. of government
in this confe creep--' Here 'toe' have local govern
ments for the respective states, and a general govern
ment for the whole. I The, general government has
but few, limit •. , and well 'defined powers, the states
severally po::
delegated by
,differeoce of
question, he , '
the twenty-si
bring into ex
'Banks have
time. and col
meat. The
it has been, al
ante of any p
claim. And i
to adopt the h
which would
members of
banks, a fresh
the issues of
which had the
ate to themset
efits of bankin
ginally first i
and Western
to' all the ince
fits, of the be.
the necessity
vantages as,
tem.
,
ik notes, a 1 convettible paper money,
, inevitable.l There is no escape from
them. Yon may deliver as'many homilies as you
please, send 4rth from this Capitol as many essays
and disquish na as you think proper, circulate Pres
ident'a messages denouncing them as widely as you
choose, 'and thunder forth from a party press as loud
i t s,
and as long a you can against banks, and they will
continue to e ist in spite of you. Whet, then; is'it
the duty of a Ise practical Federal stateirrnin to dot
Since he find a state ofithings which is unalterable,
to which he ust submit; however convinced he may
be of the utili y of a change, his duty is to accemmo
date his mea IMO to this immutableostate of public
affairs. And, ii he cannot trust the eight or nine
itn
hundred loot banks-whicb are dispersed through
the country, reate a Feders) Bank , amenable to the
General Gov rnment, subject to its inspection and
authority ! capable Of supplying a geniral carrell
cy worthy of to confidence; make, in short, the gov
ernment of th whole. partake of the genius, and con
form to theft ed character of the ,arts.
Mr. Presid t, I never have believed that , the local
banks were c mpetent to supply such a general cur •
rency, of nn rm value, as this people ivarits, or to
perforin- thos ' financial offices which Imre 'necessary
to a successfu administration of this Government. I
pronounced t em incompetent at the period of the:
removal of th deposites; and we foretold the unfor
i
tunate state o things that now exists. But the.par
„
ty in power, hich how denouncesi them, proclaim
ed their entire ability not only to supply. as good but
a better currency than that which was' furnished by
the Bank of the United States, and to perform all the
financial dud vihiCh. that institution fulfilled. Af
ter that p had succeeded in putting
. down the
Bank of the Tnited States, and got their systern of
stele haulm i to full opemtion4i,continued, year af
ter year, to an ounce to the public that all its expec
tations hiul it fully realized. . .
A Bank of e Mims! States established by this
Government onhl not only furnish it a currency in
Which it migh safely confide, in all receiptsand pay
ments, and e ecute every financial Office; but ,it
'would serve a sentinel, , a cement, and a regulator'
to the state _ ks. 1 The Senator from Pennsylvit,
nia has urged that the present Bank of the United
,States Of 'Pennsylvania has a charter more extensive
than that of te latellank of the United States ; that
it is in fact t e old bank with a new charter; and
that. with'allii ci ts vast resources 04 Menus, it_ has
lie
been not only nable :inset as ' a iegelatoief the 10. •
eat banks, but aierecently the'first'to i set the petni
cions - exampl of a suspension of specie
,payments.
Mn Presid t, an the diatinguished.Seitatorhe Co.
Timis in his tiption of these attritititits of the
peonaylvania inlet : Sitreil he' inusthavriintended
that part of , speeh for some other theatre.:ln
,'the! first tibial; Pennsylvania, besides! Sundry othes
,onerous conditionaiii-loins-iptions to oh.
jects of internsl improvement; levied upon. the Pie:
'sent bank. in. he form' of berms, some four iii five'
naillioits of dol :-:. !them the General Gorernment
:has withdraw frdro it the Sevin millions of-steel'
which it held'i the old bank—a cireniaisece which
I have no, don fluei tended fO'crikile! its I:Orations.
And tilt who -without ihe'deikositi Orthe - lia‘Yerti; .
aunt, which t n' former:think poisessed. Initead of
, .
/ • !
,i -
Banta, ba •
are, therefore
WE
1
•
VIFIVISER•
IreattesigtlftorOtte lliaiiiviiiitanblisettllititirate-du au ialiirila '' 'D
••• ; - ,•, • , • ,
I ,
yfi it Coilitty; Pinney
- '
EINI
suing all poWer not denied to them or
the Federal contattation; Whatever
.pittion'tbigitt exist, if it were a new
.. not now bet controverted that each of
state governments has the power to
stehee ae rifily banks as it pleases.—
drdingly been created, and will con-
, t, exist; in site of the general Ovens
i
aper of banks will therefore remain, as
part of the general circulation, in dofi-
Amy which this government may pro
if any one or more of the states were`
ad money pcilicy, there would be others
find, in the very forbearance of certain
he confederacy to establish or continue
motive to create and sustain them ; for
heir banks would _run into the states
at not, and they
. would thus apprupri
es,; at the e ' r.se of others, all the ben
. ;1 recolle t well how banks were ori
treduced i to many of the Southern
totes. The found themielves exposed
veniences without enjoying the bene.
king syste m ; and they were reifOcedto
of 'establishing banks to share the ad
rat as the disadvantages of the sys-
I .
FEMME
■
'I.(S . :.i ---
. - ::',7:4 •4' : li:lt`2,4'
531111
being an ally, the Genend Government has been in
the relation of an enemy to , it. And it has had to
encounter all ' the enmity of a powerful party within
:the bosom of the CoMmenwealth. So far- trom as
suming . the (Ace , iif , a regulator_ of the local banks,
its late distingilished President, upon whose, authori- :
ty the Seuator ;relief for.proof of the extent and liber
ality of its new' chatter, expressly declared that it had
eeaseal to be 'a generat . agent, and had retired within
the circle of ilB state duties. So far from having de
nved tiny strength from its connexion with the -late
.- Bank-cif the United States, there cannot be irdoubt
that that connexion( rendered it far less efficient than
it would hate bleep,' it it had gone into operation with
en unencumbered capital, freshly subscribed, and
, thirty-five . millions Of dollars.
To guard again i all misconception or misrepre
4entation, I repeat lvvhat , l said on a former occasion,
that, although I am ennvinced that this country can
not get along :welllwithout a Bank of the United
States; I have no ditinghtlif proposing such a bank,
and have no wish to! sets it proposed by any other,
initil . it is dem a nded by +'s' a' clear and undisputed ma
jority of the peeple pf the United States.
Seeing that ; a Btu* ofthe United . States could
not be established,ltwo years ago; f_expre - seed my
willingness to make an experiment with 'the state
banks, rather than 'neon to this perilous measure.—
And now, such are my deep convictions ofthe fatal
"tendency of this ptojeet of a sub-Treasury, that I
would greatly prefei ,the employment of the agency
of state "banks. ! But whilst I should entertain hopes
of their sui*es I confess that I should not be with
out strong appieheisions of their failure. My be
"lief is, that the State banks will be constantly expos
ed to disorder and derangement without the co-oper
ation eta Bank of the United States; and that our
bailing system will only be safe and complete when
we shall have both a bank of the United States and -
state banks. 1 , i '
.
We are told by t* President of the United States
in his message at the Opening of the session, that.,e
great moneyed povier, exists in London that exerts'a
powerful influence on this country ; thin it is the re
sult of the credit system ; and that every hank . es
tablished in a remot'a village in this country becomes,
bound to that poiVer by a card, which it touches at
its pleasure. .! 1 .
, There cry sir: some truth in this representation and
every genuine 'American must feel it with shame and
regret. It is a melancholy fact that the arrival of
steam vessels in the port of New York from England
is looked for - with more eunosity and interest, on ac
count of the financial intelligence which they hear
from London and the Bank of England, than the ar- 1
rival of the mail froin torigres- Our people have
been taught, by sad eiperience ? to expect nothing
good from the Councils of their own country, and
turn their.attention toward the operations in a furl
eign country. Wasla eager inquiry rinto the trans
actions of the Bank f England Made during the ex
istence of the 13ank 'nf the Unitid States? No, sir,
no, sir. Yea denouriced this bank as a monster, and
destroyed It; and yen have thrown us into the jaws
of a foreign monster Which we can never cage or con
trol. You tore front us the best sheild against the
Bank ef England, end now profess to be surprised
at. the influence which it exercises upon our interests!
We do not find that the continental nations of Eu
rope, that have minimal banks, complain of the in
fluence of the Bank of England upon them. On the
contrary, the Banl'j of England has recently beenr
compelled to apply
,te the Bank Of Prance fora large
sum of specie to sustain its credit and charadter.
But, sir, we 'must leak to a higher and much more
potent cause than the operations of any bank, foreign
or domestic, for the lively interest Which is felt in this
country in the mone.ary transactions of England. In
England the credit system, as it is called,exists in a
much more extensWe degree than in this country;
and if it were of the nature of that system, as is al
leged, to render one Country dependent upon anoth
er, why should not England be more dependent upon
as than we upon England ? The real cause of our
dependence 'arises ein of the unfavorable balance of
out foreign trade. We import too much and export
too little. We buy too much abroad, and inaketno
little attibome. If We would shake of this degrading
foreign dependence,! we Must produce more s or buy
less. Increase ourieductions, in all the variety of
forms in which our industry can be employed ; aug
ment the products of the soil, extend our manufac
tures, give new stimulus to our tonnage and fish
ing interest, sell niare;than We buy, get out of debt
to the foreigner, anciirel will no, trusser exert and in
fluence upon o ur destiny.
And this unfavorable ' , dance of our foreign 'trade
'is wholly independc r 'of and unconnected with the
nature of thit character of the currency of the coun
try, whether it be eichisively ;metallic, n mixed of
paper and the preoo metale. England, in a great
irs
measure, by mean s of that credit or paper system,
now so much den peed, has become the centre of
the commerce, the tischanges, and the moneyed op
erations of the weep! By the extent, variety,. and
perfection of her mitnufactures she lays moat nations
that admit them freely under contribution to her.—
And, if we had no c rrency but specie, we ahohld be
just rte much ;expose to the moneyed Lo -
den, or, which is that trusetate of t case, to the ef
fects of nefavors le balance of trade, as we . now
are. We should p • o h ably be more so; because a
'large ptutionOf the s eie of the country being in the
~,
vaults eta few dePo ries, it Would be easier than
to obtain it - fer expo i lion, In the operations Of com
merce, than now,: when it is dispersed among pine
hundred or ntlimisaeOtanks.:
" I •
• Whatwai;. our 'eondition during the colonial stale,
when, with the eiception of Small amounts of Gov- .
ern eat paper money , we had'uo currency , ut spe
cie, dno &tali! I Were we riot constantly and
largel ,in deht to Egland gland? Was Was not,Rur specie
rt.i
perpetually . drained I to obtain supplies, oil -British
goods 1 ,Da l .notimniecolleCt that the subject of the:
British debt formed one of those matters which were
embraced uJ the negotiations and treatyf peace
. which_ terminated . the , Re4olutionary wa' 1 :And
Ahatit seas ti'topie otungry ! act protiacte4 chicusaion
long after, Until it Was fun, arranged , by . r . Clay's
treaty of 17941 -':
Leek into the orol'lts of Dr. Franklin, i which
.
there is prac good sens e to ;he formd than
• iitil be aisi stith in '
attic timpailaity Whefe.—
ur b
iii was the agent o' .PeriUsylvanta from bout the :
middle-cif the twit century , Until the breaking otit of
the liSoliiiitonary War; andlpart of the time the agent
also . of the colonies lqf Peorgia and . Massichnsette:
His Coriesipndence shows that ;flits specie of the
. . -o . ...
coloni4 Wag constantly flowing helm them, for the
prirchatiti tit British iii'sods,i insomuch that the colon
;ice Wife. leliab4lineiy ideatitute of a toed iarrenCY ;
'end 40 of du; Main able+ of his agency . was to oh=
tiiht.thiseriiiiel 465 iiiiiiticointry to those issues
I
r ~ 1
. ~ .
. ; . .
. .. . I . . .
..lcit'ogrz."sl ,. .ont .. e...r..kr , ,,...... 4- . 1 . 1.rt... ,,, ree .4 . 0 6zt ..-"0"..e4t.• , ..1 0 R , Iv"' ,"• ' - kHz 44 . ... x.A.,.. ' ,
-...—: '— •' ' " . . •'.
"'''..'
'
' ' . . • , j. , .
- " • ,
f
ME
A ,
, .
,
,
......
.
:j. ;~ ~,.
EMI
E. ,
Et
of paper Moiley 'which tie - iecessilleil 0 1Penughi"
Igo compelled...het to make: - i-TbaloOnr ' . ti• '
cooly:opposed by the trierehtints'en '_ In *BIM
merits* trade, 'on i6connrbt 'LW' ' ;mid& it
eroded in rigainicullediiiiind liinit ' :Ili` le. ,
sa igt*Avaaltatilmin'OPeptiei% dud 't4to,rthat,
Virginia end ether caledielwert * t!illidiPt
cll
tobaico as * enbiltitnteT4i -tinny/. • .-- f --,:.! ' 3l
: .TneprintipaleatuteOtertfore s of i
the Moneyed power of LondonlWeriblif . . * lit °
be found - in-the vast extent of our deiliti ':witlithr.
The true remedy into intiease ;Air nriii : . iitir
.f.
pnrilimpeletahers, and to aiiiginnt rurrezpikirby
all the nmeantin'eutiitOtier;and,itknain tinriin. ,
1
porta an omeh ire pinit;lii. 4 iVei*tet I pink 'air
t i
pioductions Or economize zncitlt'More th lie luii*
- done. New - Jersey; be;fore'; the - revolution, 'Mar
much prware'ff for .£lOOOO sterling, - Dr - Pziettkihi
proposed a plan;by which the conld,'lnone ielar,
i h
make up that sum. The Thin was this . ; e 'visa im
am habit of Improttittirjually 'from Eniland tder
ehandize to the amount tof .£200,000. co' 'immix ,
mended that-the ladies 'alinkl bay= only Blithe a
niti
moUnt df ailks, - calicoes; !teas, &A, duri -the .yes?,
which,they had been in the habit of conga ' rig; and
in this way, by soling lie colony imld talus the
required sum of £lOO,OOO. If we would fur)* trim
years. import only half the amount from-E .gbidd that
we have been in the habit of ilrlitsit. ee hotild. no
longer feel -the hifluence of the Lamdon_ . .. oney mar.
ket.
NO, 10.
Mr. President, gentlemen, 'in my humble opinion.
utterly deceive themselves in supposing that this mea
sure is demand by a majenty of the pee do of ,the
United States, and in alleging - that thisis„prqien by
the result of elections, of l the past yerat:' !that thero
were a vast majority of them opposed to t was de
monstrated incontestably by previous, electimt.? The
elections of the last year did not in Man3i i
r . Perhaps
most instances, turn at ell upon the melte of this
measure. In several states the people 'were deceived
by the, assurances, that the subareasury Was' at en
end, and would be no longer agitated. .In %them
the •people 'had 'reason to be distausded wilt the con
duct of their banks ; and they Were eau ly led to
believe that this bill 'would supply'a co've of the
ri ,
errors of the banking system. And where ey have
apparently yielded 'their assent to the bill, i has been
that sort °Plisse - et 'Which the patient yields Whose
constitution has leen exhausted and deltroyed by
the'experimerits.df enwiricism, and who finally con
sents to take the list quack medicine offered to,him.
in the hope of , stiving hiside. I know the people of
the United Stone well.: They are ever re: dy cheer
telly to submit to any burden demanded by the inter
est, the honor, 'or the glory of their country. But
what peCiple ever consented to increase .their Oven
burdens unnecessarily .1 The effect of this
is. by exacting ppecie exclusively fro.n th
and paying it out to the official eorpa and i
creditor,to augment the bunions of the pe
to swell the emoluments of office.% , it is al
the enderstanding arid judgment el the ei
people of the United States to assert that
approve such a measure. ,
No true patriot can contemplate the cotirse of the
party in power without the most painful and inortifi.
ed feelings. They began some years ago' their war
on the Bank of the United States. It was danger
ous
to hearty ; it had failed to fulfil the pirrposes of
he institution ; it did not furnish a sound !currency,
although the sun, in all its course, never shone upon
a better ; it 'was, in short, a monster, which `tvos con
demned to death, and it was executed accordingly.—
During the progress of that war, the stem bank;
were the constant theme' of praise, in sereh tun!
song,
song, cif the dominant party. They we the best
institutionsin the world, free from all dan i
er to pub:
lie liberty, 'capable of carrying on the ex4hanges of
the contirry, end of perfuming the finanial duties
to government, end of supplying a far ,betiier curren
cy for the people than the,Bank of the United States.
We told you that the state banks would mit do With
out the co-operation of a Bank of the . .Uniied States:,
We told you that you would find them a wleegne
ik
—a mere fleet of open boats tied together y a hick
ory withe, and which "the
,Tirst storm woul disPerse
and upset. But you scorned all our warn gs; and
continued year after year to lA' and prais the oper
ations of these banks. You had the Widnes., is
the face of this abused nation, to aver thatithe coun
try had been supplied by them with It leak curren•
cy and better exchanges than it haat bein by - taw
Bank of the United States ! Well, by jour own
meaeures, by your Treasury circular, distrtbution 'of
the surplus, &c., you accelerated the catastrophe of
the suspension of the l tanks. You begarilwith pro
mises to the ceople letter currency, letter times, '
more security to civil; liberty; and you elf with no
currency at all, the w orst possible times, at d increase
of Executive power, li and a consequent increase of
danger to civil libeity: You began with Promises to
fill the pockets ofihe people, and you end twith,emp.
tying theirs and filling your own.
I now proceed, IMT, to the olBect which tonstitnted
the main purpose of my rising, at this time. , I have
hitherto considered the bill, as its friends its the Sen
ate represent it, as a measure simply forexectinkspe
cie, keeping it in the cuspid' , of officers tit' the Gov
ernment, and disbursing it in a . course of sdniiiiilitre:
lion. I mean now to shoWthat, wltateverrits friend':
here may prefers or believe; the bill lays the founds- ,
lions deep end broad of a Government bank•—a Tietev,..
Bury biol., 'under the sole, management oil the Presi.
dent. Let us 'first define a bank: It maylhave three
faculties, sepaiately or Cornbined. The friculty of is- ,
sues, entering into and forming a part of t ote circula-,,,
ting medium of the country; that of rece iving tlepo %
sites; and that of 'making discounts. Any one of:
these three faculties maker' it a bank; and by far the,
most important of the thriee is that of paver of
issues. Thattids bill creates i butt of iseues,. X.
11104 sincerely believe, andshall now atteld to prover,
and the proof 'will be first, extraneous, an - secondly.,
intrinsic.l ~. Al l ., • ".
As to the extraneous proof, t rely Openitne repeat
ed declarations of the late President. of_ Itha Ihaited.,
States in his annual messitges. ' On more thin one,
occasion he stated:the ; precticability of estaiiiiihing el,„
bank on the revenue of the GOvernmend and to _be _
under the superintehdetio of the Secr4ary. of the,
Treasury. And. when he voted the charter of the.
late hank of the United - Statei, he expressly deelared„
that, if Congress hack,appiiisl to - him, fie, could have.,
furnished the gehenie of nlank free from all cirustil,
tutionat objections; doubikse meaning a 'treasury'
bank. The present chief inagistrate,,endjthe preSetit p:
Secretary of the
,Treesury have, also, repeatedly,ift /.
language, in their massagers and reperts,[e*ticteris. , , :
:tically ambiguous, it is true, but aufficientlithiellip-, ;
ble, intimated the facilitta which the - cott i merce and:
business of the cointig iiiOilfd derive fro - the drafta .t
issued' by . the Treasury in virtue of flat bill: The
party ~its press, and its, leadere, hav_ing eo , stand p ut :
.this
p:
autiareasuryichittai in coMpetition with e Bank',
of the United States, and contended t4bt : the isOo„,
was aub•Treasury or Baps of the United I , '! . 3 . tateit.7. 4 ',
*But htiwean they be ciamitcred of. eotne inc.oinpetition, 4
with each Oihir, awe most important finimlat of a,
Batik of the . Unitel States, that of ai4ying atr4- i:
diiiMi of general circulation, and_prir , siilie; is pet,
to be performed under thit bill! . ... _
..-,
I pass to the more innionipt4ita, / 't!k,Fcinclu".
1
sive proof. supplied by the Pitivits' lona t eitmeliiir ill
the bill. Alter e to4hig that all money ab,_
Waimea- for utses t public ands, end l Other duel,
'shall be deposited with tbe Treasurer of - the United,.
-Statee;thaTeeereiaicaral and themirs, the icedi:
section'enacts: , , • . - •.,
, . "That it droll biter:4ot (Or the S ectefary of the:
Treasury to transfer, the' neati'vya in the lands octitiy
depositary hereby cOristlinted, to the ttcour ? pkthts.
United"Statesr to the Mint at Philadelphia; to Its'
branch ilint at Nato Orleans; orto the office of eh."
1 - - •
~ .
. - '
measure
'e people,
he public
•ple. end
. ,
MOW to
lightened
I
the} ears