Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1834-01-30

me asure has operated more deeply ana
widely than was expected. We may
all find proof of this in the conversations
of every hour. No one, who seeks to
ac cquaint himself with the opinions ofmen
/ in and out of Congress, can doubt that,
lfthe act were now to be done, 1t would
receive very little encouragement or
support.
| Being of opinion that the removal OF
the deposites has produced the pressure,
as its immediate effect, not so much by
Withdrawing a large sum of money, as
by alarming the confidence OF the COM
munity, by breaking in on the well ad.
justed relations Of the Government and
the Bank, l agree again with the los
ton resolutions, that the natural remedy
is a restoration of the relation in which
the Bank has heretofore stood TO Gov
eminent.
l agree, sir, that this question ought
to be settled, and TO be settled soon.-
And YET, If it he decided that the pres
ent state Of things shall exist-if il be
the determination of Congress to do
nothing in order to put an end to the un-
natural, distrustful, half fbelligerent pre-
sent condition Of the Government and
the Bank, do not look for any grea
relief TO the community, or any early
quieting of the public agitation. On
the contrary, expect increased diff
Guilty, and increased disquiet.
The public moneys are now out OF the
Bank of the United States. There is
no law regulating their custody, or fix
ing their place. They are at the dis
posal Of the Secretary Of the Treasury,
to be kept where he pleases, as he plea
ses, and the places OF their custody to be
changed as often as he pleases.
Now, sir, ] do not think this is state
of things in which the country is likely
to nc9uiesce.
Mr.. President, the restoration Of the
dcposites is a question distinct and by
itself. II does not necessarily involve
any other question. 1t stands clear Of
all controversy and all opinion about re-
chartering the Bank, or creating any
new one.
But | wish, nevertheless, sir, 10 say a
few words of bearing somewhat be1
yond that question. Being of opinion
that the country is not likely to be sat
listed with the present state of things, l
have looked earnestly for the sugg estion
Of some prospective mensure-some sys-
tenn to be adopted as the future policy
Of the country. Where are the public
moneys hereafter to be kept? In what
currency is the revenue hereafter to be
collected? What is to take the place Of
the Bank in our general currency sys-
temI How are we to preserve a uni
form currency, a uniform measure Of the
value of property, and rhe value Of la
Dor, a uniform medium Of exchange and
of payments? How are we to exercise
that salutary control over the national
currency, which it was the unquestiona-
BILE purpose Of the Constitution 10 de-
volve on Congress'
These, sir, appear to me to be The
momentous question before sand which
we cannot long keep out Of view. In
this question, every man in the corpmu-
nifty, who either has dollar, or expects
to earn one, has direct interest.
Now, cir, | have heard but four sug-
ccstions or opinions, as to what may
hereafter be expected or attempted.
The first is, that things will remain as
they are-the Bank be suffered to ex-
pire, no new Bank created, and the
whole subject left under the control Of
the Executive Department.
! have already said, that do not be-
lieve the country will ever acquiesce in,
L this.
The second suggestion is that which
was made by the hon. member from Vir-
cinia, (Mr. Rives.> That honorable
member pledges himself to bring for
ward proposition having for its object
10 do away with the paper system alto
ge,her, and to return TO an entire metal
lie currency.
do not expect, sir, that the honora-
BILE member will find much support IN
such an undertaking. A mere gold and
silver currency, and the entire abolition
of paper, is not suited to the times. l.
lay that scheme, therefore, out Of my
conte mplation.
There is then, sir, the rechartering Of
the present bank; and lastly, there is
the establishment Of new bank. The
first Of these received the sanction Of the
last Congress, but the measure was ne
gatived by the President. The other,
the creation Of new bank, has not been
brought forward in Congress, but it has
excited attention out Of doors, and has
hecn proposed in some Of the State Lei
gislatures. l observe, sir, that a propo-
sition has been submitted for considera-
by a very intelligent gentleman, in the
Legislature of Massachusetts,, recon-
mend;po the establishment of n ncw