The Sun.
London, England, 1842-10-18 00:00:00

TIM SUN, LONDON, TUESDAY MORNING, OCTOBVR 18, 1842.

SPEECH-OF MR. WEBSTER AT
BOSTON.
(From the Boston Courier, Oct. 1.)
_

Long liefore the time arranged' for opening the
doors of Faneail-hall, yesterday morning, even while
the constables and others were cleaning it and ar-
ranging the platl'orm, many people came in anti took
their stand, and at ten o'clock the hall was nearly

full. People from the south as far as Baltimore were
here for the purpose of hearing Mr. Webster. At
about half-past ten o'clock the Mayor came in, ac-
companied by a number of friends of Mr. Webster,
and some of our most distinguished citizens. Before
eleven o'clock the hall was filled in every corner, and
it seemed as if there would ' hardly be room for the
entrance of the committee and their guest. '
The MAYOR (Mr. Chapman) announced that a
number of the gentlemen had invited Mr. Webster to
meQt them at a social entertainment, but that that
gentleman had preferred a more public and quite as
social mode of meeting them, and that•this place had
heen appointed for the purpose. After only a mi-
nute or two had elapsed Mr. Webster and his friends
arrived, and he was formally introduced to the Mayor
by Mr. T. B. Curtis, the chairman.
'l'be MAYOR then addressed him, and coneluded as
follows :—I have only to say, that Daniel Webster,
the faithful representative, the manly and able states-
man, your fellow-citizen and friend, is before you,
and I leave his name to do the rest.
Mr. WEBSTER replied in a speech of which the fol-
lowing report is given :—I know not how it is, Mr.
Mayor and Gentlemen, but there is something in the
echoes of these walls, or in this sea of up-turned
faces I behold before me, or in the genius which
always hovers over this place—a place which has so
often reverberated to the tones of ardent and patriotic
feeling—there is, I say, something which excites me
deeply, too deeply, before I can even begin to address
you. It cannot be doubted that this salutation from
my fellow-citizens is dear to my heart. ' Boston is
indeed my home—my cherished home. It is now
more than 25 years since I came here with my family
to pursue in this enlightened metropolis those objects
in lire for which my private and professional studies
and education had alike designed me; It is more
than 20 years since I was invited by my fellow-citi-
zens of 'Boston to clothe myself with a public. trust.
It gives me infinite pleasure to see here to-day, in
the seats appropriated to gentlemen of more advanced
life, many of those who were the most influential
agents in inducing me-to enter upon. that course, mind
to devote myself to the service of the people. When
at different times my public duties have withdrawn
me from the attractions of home, I have felt this to be
the spot to which all my most cherished local affec-
tions tended ' • . and when the progress of time shall
bring a period (if that period -is. not hastened by the
course of events) to my public career, I cherish no
hope with more pleasure than to pass among you, my
friends, what may remain to me of life—and to leave
in the midst of you, partaking of your fortunes,
whether they may be good or evil, those who bear
my name. ,
The Mayor has spoken very kindly of my conduct
on various public occasions, and especially of the results
of the late negotiation. I hope something has been
done permanently useful for the good of the country.
I do not claim for myself any particular merit. I
simply endeavoured to do my duty. I have had some
hard work, indeed ; but I am not altogether unused to
it. I have passed, during the last summer, many
anxious days and sleepless nights, but if my fellow-
citizens should be satisfied with the results of my
labour and anxiety, my other days will be happier,
and my other nights blessed with sweeter sleep. It
was an object of the highest national importance to
disperse the clouds which hung over the relations be-
tween England and America. A large class of ques-
tions were to be decided, which did not perhaps
threaten immediate war, but which prevented any as-
surance of permanent peace.
At the inauguration of President Harrison, in 1841,
I was called to the place which I now occupy; and,
although it is generally in bad taste to speak of one's
self, yet here, among my friends and neighbours, I
wish to say a word or two about matters in which 1
myself am deeply concerned.
With the late President Harrison I had contracted
an acquaintance while we were both Members of Con-
gress. I saw him afterwards at his house in North
Bend. I desire to make no boast of the confidence
which it was his pleasure to repose in me, but circum-
stances have rendered it not improper to say, that so
soon as General Harrison was elected President of the
.United States, and without, of course, hearing pre-
viously from me, he wrote to me, offering me any
place I might choose in his Cabinet, and asking my
advice as to the other persons of whom it should be
composed. He expressed rather a wish that I should
take the Treasury Department, as I had paid con-
siderable attention to the subjects of currency and
finance, and as the wants of the country in those par-
ticulars had been the moving causes which produced
the revolution that hadplaced.him in the chair of state.
It so happened that my preference was for the
other place, which I now hold, notwithstanding the
perhaps greater care and responsibility which belong
to it ;`or to say truly, with whatever attention I had.
examined the subject of finance, I felt more compe-
tent to undertake the duties of any• other branch of
the Government than to go through the daily
drudgery of the Treasury. I was not disappointed
when I learned the extent of the responsibility I had
assumed ; for, although the whole of the danger was
not developed, yet I saw that when the state of affairs
between England and America should become known,
,
an outbreak was sure to be at hand. I allude to oc-
currences upon the frontier in 1841, with which the
name of M'Leod was accidentally connected. A year
or two before, the British Government had seen fit to
authorise a military incursion into eur territory
against the steamer Caroline, alleged to be engaged
in hostilities against her provincial subjects. The
act was allowed by England as a public act. Alex-
ander M'Leod, who, as an individual, deserves no re-
gard or sympathy, was supposed to be one of the
agents who, in a military charaCter; performed these
commands of his superior, and he was, some time
after, arrested in the United States for homicide, and
held to trial as for a private felony.
According to my apprehension, this proceeding was
opposed to well-settled and received doctrines of
public law, and was of a character likely to create
indignation, not only on the part of the Government,
hut among the people of his country. Suppose any
citizen of the United States who, as a military man,
should obey an order which he must either obey or
be hanged, should be found years after in a foreign
country, tried for an ignominious crime, and threat-
ened with an ignominious punishment, is there a man
in the whole country who would not instantly cry
out for redress and vengeance ? Every elevated Go-
vernment claims for its subjects personal immunity,
when acting in obedience to its commands. Every
high-minded Government says at once-"I am re- i
sponsible ; look to me for redress ;" and exclaims, as '
in the story of Nisus and Euryalus, "Adsum gui feci—
me, in me convertite tela."
Inforinationofthi3 arrest reached Washington within '
a few days after the installation of General Harrison,
I did not think it necessary to state the fact then;
but if every thing had been knoWn here that we knew
in Washington, the shipping interest and every-
thing which depended upon commerce would have '
been depressed one-half in six hours. I thought the
crisis might be averted, by admitting in our diplomatic
correspondence in relation to it tke acknowledged
principles Of public law,' and demanding an apology
for the transgressions of that law by Great Britain,
by putting ourselves right in the first place, and in-
sisting
that they should do right in the second place.
While in England in 1839, - I happened to have occa- •
sion to address a large assemblage of English per:
sonages, and I stated then what I thought, and what
I think now—:that in .any controversy between the
United States and England, the only eminent advan-
tage
which either side will possess will be in the rec-
titude of its cause. With right On our side, we should
be a match 'for England—with right on hers, she
would be a match for us, or for anybody.
With the advancement of society, and the improve-
ment
and diffusion of the: means of education, a new
and elevated tribunal has come into being to which
the disputes of nations must in all cases be referred—
I
mean that of public opinion. Nations cannot now
go to war, unless for grounds and reasons which will
justify them in the general judgment of mankind.
The influence of civilization, the increase of know-
ledge, the extension of commerce, and, more than all,
that heavenly light which beams over Christendom,
restrain nations from gratifying an inordinate ambi-
achcbt iolturtpllstnimrnobltllpeiyrypern:t he bloody scenes of war. It has been truly
said, that every peace arrangement is a new tribute to
Christianity, and new proof of the benign influences
tto
hrf thetreaty,
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the establishMent of perrnasent peace.
Gentlemen, in acknowledging the commendations
which you have been pleased to bestow upon me
through your Mayor, I have an agreeable duty to
perform towards others. I take pleasure in bearing
testimony to the constant and intelligent attention to
the interests' of the c3untry in these respects which
has been manifested by the President of the United
States, and to the sincere and anxious desire which 1
he has displayed to maintain peace between the two
countrieF, and I cheerfully acknowledge here and
everywhere, with heartfelt gratitude, my obligations
to him for the unbroken and implicit confidence which
he reposed in me while I was transicting affairs not 1
unin portant to my country, and of infinite itn-
pottance to my own reputation. A negotiator dis-
trusted by his own Government must always find
kmself in a painful and embarrassing,condition. A
negotiator so situated would, indeed, be an
.unequal

match for a: cool. and 'sagacious. statesman,. invested s,
by the proudest Government on earth with entire au-
thority to bind it in the most important respects. I
shall never forget the frankness and generosity with
which, after a conference with the President, he did
, me the honour to say, that on my shoulders rested the
entire responsibility, and on my discretion the
mate decision of every question.
It is also gratifying for me to speak of the hearty
co-operation and aid which were so .constantly ren-
dered by the other branches of the Government, and I
need hardly say that the highest respect is due to the
Commissioners of Maine and MassachusettS, for the
cordial assistance which they afforded throughout the
progress of the negotiation. While their conduct was
distinguished by the most faithful adherence to the
interests of their own States, they were not wanting
in a just and statesmanlike regard for the interests of
their country and of humanity.
A happy selection was made by England of the
Minister. to whom her interests were confided. A
thorough Englishman, well understanding and faith-
fully pursuing the interests of his country—a states-
man of large and liberal views—of such standing and
weight at home, that whatever he did was almost sure
to receive the sanction of his Government and the
approbation of his countrymen-,--at the same time well
acquainted with the relations between the two coun-
tries—thinking favourably, and always, on suitable
opportunities, acting favourably towards the United
States—if he finds his work well received at home,
he may congratulate himself upon having made an
arrangement conformable to the honour and, interests
of all concerned, and may well say that in this he has
achieved the greatest labour of his life..
Aside from the North-eastern boundary question,
the correspondence, when it appears, will show that.
other subjects of great moment to the country have
been attentively discussed. The opportunity was not
neglected of calling the attention of the British Go-
vernment to important questions which have long re-
mained unsettled between the two countries. In re
lation to all these matters, I look with deep concern,
but with faith and trust, to the judgment of the people.
There yet remain in our foreign relations several
subjects of considerable magnitude, which demand at••
tention.. Even with England several questions are
yet unsettled. An arrangement was made in the
year 1830 respecting the colonial trade on this conti-
nent and with the West Indies, of which I.have taken
the pains to keep the run to the preent time. I have
the misfortune to know that that arrangement has
proved extremely unfavourable to the shipping inte-
rest of the United States, and especially to New Eng-
land. The department with which I am connected
has been called upon for a report in relation to this
subject. A report has also been presented to the
House of Representatives by a Committee of that body.
I hold this subject to be one of vital importance to the
navigating interests of the country.
A question of somewhat more importance is the line
of boundary of our territory on the Pacific west of
the Rocky Mountains. I need not advert to the ne-
cessity of deciding this question before the country
shall become settled on one side and on the other.

• We have unsettled our relations, too, with other States.
American citizens have claims on most of the Govern-
ments on this continent, arising out of occurrences
in which they have been unfairly treated. It becomes
the United States, by a calm and dignified course of
action, which shall be at the same time decisive in its
tone, to insure a prompt settlement of these demands.
Gentlemen, lam here to-day as a guest. I was
invited by a large number of highly-valued personal
and political friends, to partake with them of a public
dinner, for the purpose of giving them.an opportu-
nity to interchange 'the usual greetings, to pay their
respects to me for public services heretofore, and to
tender their congratulations for the success of this last
negotiation. At my instance the proposed meeting
took this form, instead of that of a festive entertain-
ment, and I have come to meet such of my fellow-
citizens as choose to meet me in this more public
manner. Still, the general character of the occasion
is not changed. lam here as a guest, to receive con-
gratulations on particular subjects only.
On these grounds I forbear from expressing my
own opinions on other subjects—thinking it my duty
so to do. I shall not say how far I agree with my
friends, and how far I am unfortunately constrained
to differ from them. I defer the fulfilment of my
wishes in these respects to another occasion.
I will say one thing, however, because it has been
alluded to. The Mayor was kind enough to say, that
having performed the duties of my station, it may be
be left to me to take care of my own honour and repu-
tation. I suppose he meant to say, that in the present
distracted state of the Whig party, and amidst a con-
trariety of opinion, if contrariety there be, it may
safely left to myself to decide upon the course which
it is proper for me to pursue. lam exactly of his
opinion. lam quite of opinion that in a question
touching my own honour, and the consistency of my
own character, and as I am to bear the consequences
of the decision, I had better be trusted to make the
decision myself. No man values the advice of friends
more highly than I do ; but in a question as delicate
and important as this, and so closely affecting myself,
I like to choose the friends who shall advise me. As
to what my decision will be, I leave you just as en-
lightened as I, found you. I make no pledges—l give
no intimationS'as to the course I intend to pursue. I
will be as absolutely free, when this day closes, to act
as I think duty calls, as I was when its dawn first r.
greeted me.—(Nine cheers.) There is a delicacy in
the case, as there always is, when one is obliged to I
differ from his friends, but no embarrassment.
If I see the path of duty clear before me, there
is that within me which assures me I am able to
pursue it without embarrassment. A public man
has no. occasion to be embarrassed, if he is honest.
He is nothing; his country-and duty are everything;
and as he acts or not solely with reference to them,
he is marked for a great or a little man in time to
come. There were many persons who found great
fhult in 1841 with my remaining in the Cabinet.
Notwithstanding 20 years of honest, Ido not say,
efficient, but I will not say undistinguished service in
the Whig ranks, my remaining in office produced
such an outpouring of abuse as seldom proCeeds from
Whig tongues or Whig pens against any man. Idm
a little hard to be coaxed, and a little harder to• be
driven, and thinking
myself in a post where I was
likely to do good service, I stay there—and I leave it
to you, this day, and to my whole country to say, if
the country would have been better off to-day if I had
left my post. I have no attachment to office—l have
tasted its sweets,. but I have also tasted its bitterness.
I am content with what I have achieved; I am too
anxious to preserve what I have gained to run risks
in seeking new acquisitions. I might stop here,
having alluded to nothing except what concerns my-
self; but some ten days ago, a most respectable con-
vention of Whig delegates assembled in this hall, and
passed a series of not unimportant resolutions, which
it may be proper for me to notice. There is no set
of gentlemen for whom.l entertain more respect and
regard than for that convention. They are Whigs
—but they are no better Whigs than I; they have
served their country in the Whig ranks long and
well, but I have served quite as long, perhaps with
less ability and success. They were sent here to.
agree upon candidates for the office of Governor and
Lieutenant-Governor of this Common Wealth—if they
had any commission beyond that, I am not acquainted
with it. Taking into view the limited extent of their
authority some of their proceedings appeared a little
inconsiderate. I know, indeed, that the resolutions
which are presented at large conventions can never
receive careful deliberation. I noticed, among other
things, a declaration, on the part of the Whigs of
this Commonwealth, of a full and final separation from
President Tyler. Those gentlemen were Whigs,
indeed, speak out their sentiments everywhere ;
andhut einttited
is
l qtuoitsepeaaknotthheeir another thing
sentiments. Whigs,
for them to speak
for others, for all the Whigs of the Commonwealth,
when they were not authorised to do so. I am aWhig,
always mean to be. If anybody
seeks have been,
t o turn m e out of ales
tla ysepale of that communion,
let him see which will leave it first. lam a Massa-
chusettsthis air for twenty-five years, and mean to breathe it
the rest of my life. I am accustomed to submit to the
Whig—a Faneuil -hall whig, having breathed
decisions of Whig conventions, when properly autho7
rised, and know that frequently the public good can-
not otherwise be attained; but it is quite another
question, whether they shall bind me in relation to
subjects which I did not submit to their arbitration.
This convention pronounced a full and final separa-
tion of the Whig party from the President. A full
and final separation ? This is a text which requires a
comment. What does it mean ?
That all measures
are to be opposed, whether right or wrong. The Pre-
sident has yet three years to serve. If the President
shall endeavour to benefit the interests of navigation,
arc all the Whigs of Massachusetts ready to separate
from him ? If he review the whole commercial
policy, so as to obtain a reciprocity of commercial ad-
vanta e
es; and proper measures shall be recommended
lm thatratare the Whigs of Massachusetts to
pa to give hip, no aid ?—(Cries of
fsepfruormn hour, pc
"No, no.") well, I say no, too.
If the President shall look deeply into the principles
of indirect trade and of reciprocity treaties, and if
measures are to be taken to revive our suffering corn-
mmeela.cseu'reasr,eatihrde tloVi.i
igsof Massachusetts to resist these
oppose such efforts for their advan-
tage, merely, because they emanate from the present
Administration ? Here, among us, are gentlemen
ho do know that more than on4alf of the carrying
trade between the I3razils andthe United States is
engrossed by tonnage from the north of Europe. This
is one of the unavoidable consequences of the so-
called reciprocity treaties, in which the benefit is
always on one side, and the burden on the other. By
those treaties we take the bread from our children's
and give it to strangers. I ask you (turning
to Mr. Benjamin Rich,
who_ sat near him), as a mouths,
ship-
owner, if this is not 'tide ? (Mr. Rich replied em-
atically—" tt is tine.")
Are lie to separati
tration ? Are
%‘•
AcIA444

we to bear these evils for three years longer, until
Providence•shall bless us with more power to do good
than we have now. ? There are many persons in office
under the Administration who are supposed to be
pretty good Whigs—collectors, marshals, district
attorneys, and others. What is to become of them
in this separation ? On which side are they to fall ?
Are they to resign, or are these things intended as a
provocation to the Government to turn them out?
'rhere is our fellow-citizen at the Court of London.

Is he exneeted to come home, and yield his place to
his predecessor or some one else ? And even the
humble individual who now addresses you, on which
side of the line is he to fall? When a divorce is de-
creed, it is customary to divide the children between
the parents. Where am Itogo ? Ido not wish to
treat this subject too lightly, nor yet too seriously. 1
am well aware that resolutions offered to a large
popular assembly cannot be attended to with any de-
gree of deliberation. Ido not- know the Hon. Gen-
tlemen who prepared them..l dare say they were very
respectable people. I do not suppose that they at-
tached much meaning to them, nor knew very accu-
rately what the little meaning that was in them was.
They drew up a bill of charges, an indictment against
the President, declared him guilty, and pronounced
the penalty of a full and final separation.
This resolution had an intentional or unintentional
bearing on my position. It is right for me to speak
of it. The time has come for me to speak. If I differ
in opinion from my Whig brethren in some respects,
it is an honest difference. There seems to me a dis-
position to postpone all •attempts to do good to some
future and uncertain time. 11'hy should we post-
pone ? There is a strong Whig majority in either
house of Congress. It is time now to do good, to ac-
complish what remains to be accomplished. I am of opi-
nion that now is the time to act. There are persons of
more sanguine temperament than myself. "Confi-
dence," says Burke, " is a plant of slow growth in an
old 'bosom." He (Mr. Burke) spoke of confidence in
men. It is true of confidence in future councils.
There are people who see far along in the distanco
mild skies and halcyon ►eas. Darkness and mists blind
the vision of other sons of humanity. It was not easy
for the Whigs to attain power in 1840, and it is far
easier to lose it. Nothing but union--cordial, sympa-
thetic, and fraternal—can save the Whigs from pros-
tration. It is not by partial and denunciatory pro-
ceedings, and still less by prescriptive resolutions, that
we shall ever keep the Whig family together.

We came in as a party made up Of men of different
opinions—embracing every complexion of political
creed. There were men of extreme state rights' opi-
nions—of extreme federal opinions—there were tariff
men, and anti-tariff men. The country expected
them, in a spirit of harmony, union, and cordial sym-
pathy, to agree to save her from the effects of the ruin-
ous measures of the last Administration. The whole
history of the revolution of 1840 preaches to the Whig
party kindness, forbearance, conciliation, friendship,
sympathy, and union.
Gentlemen, if I understand the matter, there were
four or five great objects for which the Whigs strug-
gled. The first great object was to establish a per-
manent peace between this country and England, for
although there wax no war, there was a perpetual-agi-
tation, which, by rendering men uncertain of the fu-
ture, and by lessening their ability to calculate the
chances of success, interfered with business one-half
as much as a war would have done.

The establishment of a permanent peace was one
object. _ _ .

The next object was the providing of a sufficient
revenue. It is a notorious fact that the last Ad-
ministration exceeded its income. The country was
in debt. The Compromise Act had diminished the
revenue. It was necessary to provide sufficient re-
sources to meet the ordinary expenses of the Govern-
ment. That object has to a reasonable extent been
attained, and those who accomplished it deserve the
thanks and respect of the community.
The third great object was protection. Much has
been done in furtherance of this object—l hope enough
for the interests of the country—certainly enough to
deserve my and our hearty commendation. It was
the remark of a I rench rhetorician that there is no-
thing beautiful which is not true. I am afraid some of
our jubilant oratory would not stand the test of this
canon of criticism. It is not true, for instance, that
the Whig ma:ority passed the tariff. It is well known
that more than 30 Whigs voted against the tariff—
good Whigs, too, in other respects. Some of the
other party voted in its favour, and, after all, it passed
but by one vote.
A great deal of parade and eclat has been made
because somebody comes forward at the last moment
to the rescue, as it is, called, and gives his vote in its
favour. It was but one vote after all, and there were
twenty of opposite politics who had done quite as
much.- Our neighbour from Middlesex, for instance,
(Mr. Parmenter), stood as firmly, and voted as
steadily in favour of the tariff, as even the distin-
guished representative of this city. He had one vote,
too, and he held the tariff as absolutely in his hand
as if he had the Presidential veto. It prevailed also
in the Senate but by one vote. Do we not all know
that it could not have passed but by the aid of the
two senators from Pennsylvania—of Mr. Wright of
New York, and Mr. Williams of Maine ? Now,
Gentlemen, let us admit the truth, and a lawyer
always does that when it helps his cause. The truth
is, that a large proportion of the other party came in
to help to carry the tariff. Looking as we all do to
our industry as the means of livelihood for our-
selves and our children, can we consent that such
a great object as the protection of domestic industry
shall be identified with the success of a particular
party—rising as the party rises, and sinking to the
grave when the party goes down? It is a public
and national question. A tariff—a sensible and mo-
derate tariff, should be inwrought into the politics
of all parties, because, although I desire the success
of the Whig principles, I wish to take a bond and
security for the protection of industry more durable
than even the permanence of Whig power.
This tariff has accomplished much. I honour the
men who passed it. It has restored the country to the
state in which it was before the Compromise Act was
passed. It has repaired the consequences of that
measure. I may speak of the Compromise Act—my
turn to speak has now come. I can truly say, that no
meastwe that has passed during my career in Congress
gave me more grief and mortification. It was carried
by a few friends joining the whole host of our enemies.
he motives of those who framed the Act have been
much commended. Ido not desire to impugn them.
The motives of all public men are supposed to be pure ;
but if the objects proposed to be accomplished by the
Act be deemed to be the motives which induced its
passage, then the motives were worse than the Act
itself. Those objects were to impose upon the Legis-
lature, for all time to come, a restriction which the
Constitution had not imposed, to introduce a new pro-
hibitory clause into the Constitution, to the effect that
after 1842 no duties exceeding 20 per cent. (and those
levied upon an absurd horizontal principle) should
thereafter be imposed by Congress. It was a new,
false, and dangerous principle, which was carried only
by the pressure of emergency. I predicted at the
time that the operation of this measure would be most
disastrous, and that when its consequences could
be borne no longer it would produce a spasm and a
throe throught the country to get rid of it. But
now, thank God, we have got rid of it. The present
tariff law is specific and discriminating, and
imposes duties above 20 per cent. It rejects the
principle of the Compromise Act, and I hope for
ever. Another great and original object of the revo-
lution of 1840 was the restoration of a sound and uni-
form currency. Our troubles did not begin in the
want of money, nor with the Compromise Act, but
with the derangements of the currency in 1833. For
this great evil of a disordered currency no provision
has yet been made. If the tariff shall operate as a
stimulus to the business of the country, I shall rejoice
at it ; but, until some provision for a general currency
of uniform value throughout the Union, I shall be
hard to be persuaded that we can see a return of our
former prosperity.

I wish to say a word upon this subject.' At the
special session Mr. Ewing proposed a plan for a na-
tional bank, on the idea of a large capital to be fur-
nished by private subscription, with branches for local
discount. It received the approbation of every mem-
ber of the Cabinet, as the only plan which would he
likely to succeed, considering the opinions of the in-
dividual whom we had all agreed to put in the second
place in the Government. It was the part of wisdom
not to see how much of a case we could make out against
the President, but how to get on as well as we might
with the President. Mr. Ewing's Bill did not allow
the establishment of branches without the consent of
the States. I have no idea myself that there is a con-
stitutional necessity for this restriction. I never had
any such idea, but I could see no great difference that
it could make. It was merely a theoretic difficulty,
attended with no practical disadvantages that I could
see—but its opposers contended that the omission to
exercise a power amounted to relinquishment of it.
It was all along exceedingly doubtful whether such
a Bill, if passed, would be carried into effect. We
did what we could under the circumstances. We
sent to the principal commercial cities—we had men
of skill and experience about us to consult With.
They expressed doubts—hopes also, and pledged
themselves to do the best they could to promote its
success. As the Administration was new, and fresh,
and popular, they expressed groat earnestness to try
the new measure. it was sent to the Senate, but re •
jetted; anew Bill was introduced, but after six weeks'
discussion, it was found that it could not even pass a
Whig Senate. I will not pursue the unhappy events
of the latter part of the session of 1841. Men were
excited, angry, and resentful. I saw the storm rising,
and endeavoured to hush it. I thought that it was
better to forbear the attempt to do anything more at
that time. My opinion was made public in a letter
to the two senators from Massachusetts. I wished to
give time for the excited passions of men to cool, but
my advice was not followed.
That brought us to the commencement of the late

session. The Secretary of the Treasury sent to Con-
gress the plan of the Exchequer. I wish to say that
this measure met my hearty, sincere, and entire ap-
probation. I hope, Gentlemen, I have; never mani-
fested an overweening confidence in my own judgment,
or extraordinary unwillingness. to defer ,to the judg-
ment of my friends ; but there are some subjects on
which I confess I have some respect for my own
opinions. Of these, currency is one—it has been the
study of my life ; thirty years ago, when the subject
of a mixed currency, of the proper relation which
specie bears_ to paper, was much discussed in both
Houses.of Parliament, I paid the greatest attention to
the controversy,. Many of you will remember the fa-
mous resolution of Mr. Vansittart,. which was intro-
duced during the suspension of the Bank of England,
and when. bank-notes were 15 per cent. below par. It
was insisted by Mr. Vansittart that bank paper was
worth its face—that it had not depreciated, but that
gold had risen. This doctrine was supported by Lord
Liverpool, Lord Castlereagh, and Mr. Rhoades. It
was opposed by the luminous learning of Horner, the
powerful logic of Huskisson, and the practical good
sense of Alexander Baring, now Lord Ashburton. The
study of those papers, I confess, . made me a thorough
hullionist, and convinced me that no paper currency
was worth anything that was not instantly redeem-
able in specie at the counters of those who issued it.
Corning into Congress the next year, at the close of
the war, and finding the finances of the country in a
deplorable condition, I bestowed myself to the consi-
deration of that question.
I read everything .at all valuable, written or spoken,
upon the subject, and became a close observer of what
took place in other countries in relation to it, from
the discontinuance of the first bank in 1811 to that
time. I then expressed opinions which have not been
altogether falsified by subsequent events. I may,
then, perhaps, be permitted to place some confidence
in my own judgment, and to take the responsibility
of the course which it dictates, notwithstanding the
flippant. paragraphs of newspapers or the hasty ebul-
litions of politicians.. The measure submitted to Con-
gress at the last session is the best and only measure
for the country.

I stake my reputation upon it, and that is all I have
to stake. If this Whig Congress will take that mea-
sure and give it a fair trial fur three- years, it will
prove itself the most beneficial measure ever esta-
blished in this countrythe Constitution alone ex-
cepted. I mean if they will take it as it came from
the consideration of the Cabinet—not as it looked
after the committee had had their hands upon it.WThen
they struck out the Exchange feature they made it not
worth a rush, not worth the parchment on which it.
vas engrossed.

There is an absolute necessity in this country for a
common, uniform, and cheap medium. of change, for a
machine which shall equalise debt and credit, .from
one end of the country to the other, with the same
velocity with which steam carries men and merchan-
dise from one end to the other. We must have it for
the country; a large and liberal provision for ex-
changes, ready, cheap, and uniform, such as existed
when many millions could at any time be exchanged,
for less than three-quarters of one per cent., between
the most distant portions of the country. How can
we reach this goal but by the authority of the General
Government ? A bank of the United States, founded
on a large capital furnished by private subscription, is
altogether out of the question. Whoever attempts it
pursues an obsolete idea.

- Suppose a law now passed establishing such a bank
with a capital of 50,000,000 dollars. Who is to sub-
scribe ? Wfiat would be the value of a share ? Ask
the question in State-street. Do you want the nation
to send here so much untaxed public capital to par-
take your discounts ? You would not oppose it if the
exigency of the country required it ; but you would
not desire it, at any rate. If we are to wait for such
an institution before we commence our efforts, we
may as well postpone all attempts to restore the pros-
perity of the country till the incoming of the Jews.
What, then, is to be done ? When the Exchequer
plan was presented to Congress, it was assailed from
all quarters.

One gentleman, indeed, was bold enough to confess
that he did not know but by possibility it might do
some good. Some said it had . not power to stand
alone. Others that it possessed too great life and
vigour, and would increase the executive power and
patronage to a most alarming extent. One party
called it a King Log, the other a King Serpent.
Some said it was impotent wholly ; others that it was
most dangerous—that it was a giant to stride over the
liberties and overthrow the Constitution of the country.

Those opposite arguments, loudly contradicting
each other, convinced me, even Wore it was sent to
the Committee, that the plan would not be temperately
considered.
'Our excellent Constitution does' seem sometimes to
stand strangely in the way of the public progress.
One man fears to do one thing, another fears to do
something else, lest they may break the Constitution,
and so they agree to do nothing. One man fears a
bank without branchingpowers, lest that should break
the Constitution. Another fear.; a bank with branch-
ing powers, lest that should break the Constitution. A
third will not vote for the Exchequer, lest it should
give the Executive too great power, and enable him
to break the Constitution.

And the end of all is, that we stand still and get
nothing, just as a botktman who finds himself sur-
rounded by fierce and dangerous currents, and dares
not pull a single stroke lest he may break his oar. To
say that when the prosperity of the country is re •
stored, then we will look after the currency, is to say
that we will not try to save the ship from sinking till
the chances of the winds and waves have landed her
sagely on shore.
Ile must be a more sanFaine man than I who
thinks there can be a better time than the present for
this work. The approaching session of Congress calls
in the loudest voice of patriotism for immediate action.

Here is a measure of the Administration to which
the President aad his advisers are pledged. Why not
try it, and if it (lees not succeed, let the Administra-
tion take the responsibility?
Gentlemen, I mean to make a free communication
to you of my views. There is no man of my age in
the country who has written and spoken more than I
have against the abuse of the veto power, and lay
opinions remain unchanged. It is well known, and
if it is not, I mean it shall be universally known, that
I advised against the abuses of the veto power in every
case in which it has been late)), tried. But while I
have done this, I have not :been willing to join with
those whose great object appeared to be to see how
they could best make out a case against the President
rather than to see how they could serve the country,
the veto notwithstanding.
It seemed at the close of the session as if nothing
was to be (lone till the veto power was abolished.
This scheme of getting rid of the veto seems to me,
with all respect to those who entertain it, to be almost
a mckery. Ido not say what would be the case if
we were now reforming the Constitution, nor what
other guards it might be proper to place upon it, but
probably no convention would altogether strike it out.
The Constitution of New York, as lately amended,
requires a vote of two-thirds to pass certain Acts. The
rules of the House of Representives cannot be sus-
pended without a vote of two-thirds. The veto
power amounts to no greater restraint upon the Le-
gislature.

- After all, who expects to live to
And to the Constitu-
tiwdioielnal
nofotbenefiting amendedsay i
trifling,
this
th e attothisegive up all
resbcncenisttr;t 0 titllrneatht done,
tis, Ii
pressing emergencies of the country with great
oealiattnle '
regard.' Now is the time, and this 'Whig Congress '
are the men to accomplish this object of reforming the
currency, and till that is done there can be no com-
plete restoration to prosperity. The plan of last year
will accomplish it. lam confident of it; I know it.
If a mechanic make a tool—au axe, a chisel, a plane
of the proper temper and materials, and constructed in
the proper manner, he knows it will answer its pur-
pose,.and I know this will answer its purpose.
There is another subject of much importance. I
mean the mortifying state of the public credit of this
country abroad. I cannot help thinking that if the
statesmen of a former age—if 'Washington, John
Adams, Hamilton, and Madison could now come
among us, they would be deeply concerned and sober] Y
thoughtful about the present state of the public credit.
In the performance of the duties of my department I
am obliged to read communications from public agen s
t
in foreign countries, and it is frequently deeply pain-
ful to me to peruse their accounts of the scorn and
contumely with which American credit is spoken of
abroad. Stocks of the United States which ought to
' command 125 will not bring a dollar.
Does not this Commonwealth also suffer ? Is there
not a man strong enough—with a mind sufficiently
large and comprehensive, to show to the American
people what must be the result of abandoning the true
principles of finance—what sufferings mustnvellnstuhee
from leaving these great questions unadjusted?
Some indeed are indiscreet enough to rely
luponalv ar:d-
pud iati on . Does repudiation pay a debt? Until
debt is paid is it not always binding yin
morals ? Repudiation only adds disrepute to ac-
knowledged inability.
beneficial influence It is ours
ence of law,
Imaintain
dauntdy
assert
o useth e pbue bnleific
is said-that people
belttwseen the State Stocks
and those of the United States.
to
abroad hon e sotnyg,
hatntdo
dgi os
eoidi
nifiani
at ht
e.
' o they ought. But
States individually
re-
pudiate, and
the same people constitute the
State the United States, and if the
how long, they may well ask, will it lie
before the United States will do
re-
buke from the people ? the same without ,
and
it. althe people
t of t
I do not
Here is a stain upon our character which we ought
to feel worse than a wound
country should
to the work of eradicating address themselves soberly and seri-
ouslyl
under-
take to say what
Congress may have power to do in
the premises, but if the great public domain does in-
deed belong to the States, then there is a means pro-
vided to enable them to save their credit„ .

I have already detained you much too long. I hare
greatly desired to say to you, that, in my jut ig-ntent,
many of the great objects of the Whig party,, which
are yet to be accomplished, may be attained \ irstllollt
the dela, which some have deemed necessary. :These
objects are, as I have said, the settlement of the re-
maining questions with England—the remode4lirik r of
the reciprocity treaties and of the colonial trade—, the
absorbing subject of the currency—and the other gm at
question of the restoration of the public faith.
To these great objects of national pursuit and
private effort lam ready to devote myself. I .do not,.
however, expect that much of public service yet re-
mains to be performed by me ; but, in furtherance of
these objects, I expect to co-operate with the sober
men of all parties. Among such men there its an in-
creasing fear of the influence of party. It is already
felt that patriotism itself, heated by party cOnteAs,
may run into partisanship, and in the end entire.!y
disappear.

There is in the community a vastly growing senti-
ment that more moderate counsels should prevail, that
there should be a greater predominance of pure public
feeling, and a union of well-meaning men on all sides;
to support such councils.
In the pursuit of these objects, lam willing, in a
public or private station, to perform the part assigned
me, and to give to them, with {warty good-will and
zealous co-operation, all that may yet remain to me
of strength and of life.

OLYIII Pi C THEATRE.
'A new farce, entitled A Scotch Mist, was produced
at this theatre last evening. It is U. piece de circon-
stance, anent the Royal visit to Scotland, and the,
sleepy Pfovost and mystified Corporation of Edin-
burgh, do not of course escape Scot free. The mystery
of the plot consists in the mystifleatiOn of Mistress
M'%Veazle. (Mrs. Granby), an old Scotch lady, who
has come to Edinburgh to see the Queen,
and at the same time to marry her niece,
Florence Mayland (Miss Lebatt), to her
Highland cousin Rory M'Nabb (Mr. Searle). She
is completely mystified by the introduction to her
notice of three Highlanders, each claiming to be the
veritable Rory M'Nabb—Rory No. l being the
young lady herself; Rory. No. 2 being a certain Fre-
clerk": Manifold (Mr. Fitzjames), whcc.e pretensions
are favoured by Florence and Rory No. 3 being the
real Simon Pure. Miss Lebatt, as Rory .No. 1,
looked exceedingly well in her Highland costume,"
and sang a Scotch melody, " The heather for me,
with such taste as to elicit a deserved encore. Rory
No. 2 brings his mother, viz., Tim Towel!, the waiter
of the inn (capitally acted by Ross), disguised in
female attire and a Scotch dialect, to vouch for his
M‘Natibisin' while Rory No. :3 brings .2. certificate of
identity in the shape.of a letter. The lovers are, of
course, made happy, but.how that 'was accomplished
we are unable exactly to ..explain, being like Mrs.
MtWear.le, in a Scotch ,mist on the subject.
Its success . also. was.
.somewhat. •
.misty. It
would have puzzled the' Speaker himself, with-
out a division, to have decided whether the
Ayes or the Noes had it at the fall of the curtain.
The farce was followed by a new burlesque entitled
N.'rval, from the pen of by
Leman Rede, the suc-
cess of which, thanks to the irresistible drollery of G.
Wild, as Young Norval, was most unequivocal. The
tragedy of Douglas is certainly a most burlesque-in-
viting production, and it could not have fallen
into better hands. The recognition scene was given
in a style of the richest humour by Wild and Miss
Lebatt, who was the Lady Randolph ; and the
song of sentiment; dance of joy, and jig of
delight with which it concludes were loudly en-
cored. The Adventures of a Gentleman was the first
piece, and bids fair to have along run, and deservedly
so ; it is a good tale well dramatized and excellently per-
formed. The taste, the pathos, and the feeling displayed
by Miss Lavinia Melville, in her touching delineation of
the character of Gertrude Douglas, would secure a
lengthened run for a piece of much less merit than
the Adventures of a Gentleman. Wild's Job Johnson
seems to get more and more unctuous the oftener he
repeats the character. His glorious song, "The Life
of a Vagabond," was encored as a matter of course.
The house was exceedingly well filled.