Litchfield enquirer., 1834-01-30
IN SENATE, Jan. %.

, .a,e of inc Currency and Finances Oi the country which having been read
 MT. WEBSTER said, he wished to bear une- ouivocal and decided testimony to the respec- liability, intelligence. aud dislnterestedness' ot inc long list 0f gentlemen, at whose instance this meeting was assembled. The meeting. said Mr. w. was connected win nO party nurposC whatever. Ithad an object more so- Der, more cOgent, more interesting W '"e whole community, than mere party Flestions' vTshe Senate wiIl perceive, in the tone Of these resolutions. no intention to exaggeraie or m- fame. no dispositlOn to get up excitement or to snrsad alarm hope the restrained and ser;ons manner, the moderation of temper, end inc exemplary candOr, of these resOiu- ,;ons. in connection with the plain truths which fhey contain, will give them just weight with inc Senate. assure you, sir. the members composing this meeting. were neither capital ists. nor speculatOrs, nor aiarm'sts' Iney are merchants, traders, mechanics, art'zans, and others, engaged in the active business of l;ca They are of the muscular portion of so- cietv: and they desire to lay before Congress an evil. which they feel to press sOresy on their occupations, their earnings, their labor, and their property; and to express their con scientious conviction of the causes Ot tDat e. vil. If intelligence, if pure intention, H deep and wide.spread connection with business. il its various branches, if thorough practical Lnowledge and experience-if inseparable tr'- ion between their own prosperity and the prosperity of the whole country autnoFlze mer, to speak, and give them right to oe heard, the sentiments of this meeting ought to make an impression. For one, ST. en- tirely concur in all their opinions. | adoPt their fourteen first resolutions, WHno"1 aueE-
 A.. a.afff ffnr present state of things, stating trn'y Ns cauS- es, and pointing to the true remedy.
 Mr President. now that am speaking. win use the opportunity to say few worlds which I intended to say, in the course of the morning, on the coming up of the resolution which now lies on the table; but whlcn gre as applicable to this occasion. as to that.
 An opportunity may. perhaps, be hereafter afforded me, of discussing the reasons gwen by the Secretary, for, the very important measure, adopted ny him, in removing the de- pOsites. But as know not how near that time may be, desire, in the mean while, to make my opinions known, without reserve, on the present state of the country. Without intending to discuss any thing at present, l feel it my duty, nevertheless, to let my senti- ments and my convictions be understood. In the first place, then, sir, agree with those who think that there is a severe pressure ln the money market, and very serious embar. rassment felt in all branches of the national industry. Ithink this is not local, but gener- a! general, at least, over every part or the country, where the cause has as yet began to operate, and sure to become, not only gener' al, but universal, as the operation of the cause shall spread. Ifproofs were wanted, in addl. ton to all that is told us by those who know the high rate of inteiest. now at IF per cent or higher, where it was hardly 6, last Septem hs6ailbNes shSla atfypreasSp of all stocks, some ,c" low prices of commodities. are proofs aOun dantIy sufficient, to shew the existence ot th' pressure. But, sir, labor--that most exten siye of all interests-American manual labol .-feels or will feel, the shock more sensIbfy far more sensibly, than capital or property ol any kind. Public works have stopped or must stop; great private undertak'ngs' em- pIoyine many hands, have ceased, and others must cease. A great lowering of the rates of wages, as we'll as a depreciation of property, is the inevitable consequence of causes now in full operation. Serious endorsements in all branches of business do certainly exist.
 Tam of opinion, therefore, that there is, un- doubtedly, a very severe pressure on the com munity, which Congress ought to relieve II It can and that this pressure is not an instance Of the ordinary re-actiOn. or the ebb'ng and flowing of commercial affairs; but is an ex- traordinary case, produced by an extraordina- ry cause. ..,
 In the next place. sir, I agree entirely with the I lth Boston resolution. as to the causes of this embarrassment We were in state of high prosperity. commercial and agricultu- ral. Every branch of business, and especial ly manufacturing, was pushed far, and the credit, as we'll as the capital of the country employed to near its utmost limits. In this state of things, some degree of Overtrading doubtless took place, which, however. if noth- ing else had occurred, would have been sea sonably corrected by the ordinary and neces- sary operation of things. But, on this palmy state of things, the late measure of the Secre- tary fell, and has acted on it with powerful and lapentable effect.
 And think, sir, that such a cause is entire ly adequate to produce the effect; that it is wholly natural and that it ought to have been foFeseen that it would produce such ef- feet. Those must have looked at the surface of things only, as it seems to me, who thought otherwise; and who expected that such an operation could be gone through with, with out producing very serious shock.
 The Treasury, in very short time. has withdrawn from the Bank 8,000,00O dollars, within fraction. This call, of course. the Bank has been obliged to provide for. and could not provide for without more or less inconvenience to the public. The mere with. drawing of so large sum from hands actu'