Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-03-14

Il
Tor two days. equal to 10 per cent. per month.
Mr. :. said, that the commercial pursuits in which he
had always been engaged. had naturally aud necessarily
Afforded him some ledge OF the vcsiudes Of the
money market and he had recollection OF any change
which could be compared with that which had taken place
within the isst six months
MIR. Silsbee with the islatrs of assa.
chusett IN the opinion that the existing enbar
easements were TO be attributed mainly it entirely TO
he dissolution OF that union interest and OF action
which had heretofore so benefcalIy existed between the
Govenmen the Bank oil the United States, aud the State
na"ks-a union that was needed at this time than
any P"iod Tor many years past and the disturbance oil
which could not iau affect the pecniary concerns OF
the Government, as well as those OF individuals
lie sad that sound aud useful paper land he
eit conient that his HE would not be long enough
the establishment Of any other currency in this country
such acuency we had had for some years past, could
not h, sustained but by the aid OF public This
confidence. in sadness rather than i'm anger said
Mr. s. has been greatly impaired. destroyed by
cent e'eh ,hi' has caused the applicat
relief which have reached from suffering con,nuui.
", who II not relieved may shortly lind themselves
only without confidence, without currency, and without
credit, buta portion Of them without occ upson
But said Mr. s., the resolutions will speak for then,
serves oeuer than can speak Tor them; therefore, with
on, OBTAINING The Senate longer, move that they be read,
referred TO the ommitee F,nence, aud be printed.
MIR. Webster next addressed the Senate My col
league, (said hr) has left little say the present
OCCASION In Ill his observations heartily concur aud
cheerui'y unite with him la laying these opinions the
Leg stature OF Massachusetts before the senate and i'm
asking Tor them due consider alton.
NO doubt can be entertained, that the sentiment OF
nese resolutions are the sentiments OF the people OF Mas
", III. er-
haps, hardly township parish in the whole State in
which the removal OF the depoes is not either
reprobated. or deeply depored. We should be true
representatives OF Massachusetts,, SIR it, tins subject,
we did not hold language uneqaivocaliy clear and eci
deiy strong. We should not be
we did not say that she has particle of doubt ha the
disIresses OF the country be attributed 10 the con.
duet oil the Executive towards the Bank The State ex.
rees ns,'n tile name oil her suffering cizens call
Congress Tor relief aud redress She expects u.s. in her
nsne TO declare that her course OF prosperity is
her great interests all deeply injured. and misfortune and
OluLl
that OF the States she looks Congress to pro
eet the currency OF the country guard the public rea.
s"es ny law and to interfere, by its power efficient.
~ aud promptly to rescue that currency from derange.
ment aud depreciation. and those To
saie anu legal custody She expects to call your
eh"on 10 her commerce, crampcd and obsructed her
manufactures suffering The severes Distress and TO the
pressure felt by individuals in every class OF her comm-
ny IRON loss OF confidence, loss OF security and loss of
employment
Mr. President in Of the resolutions which have been
read, TIE Legislature OF Massachusetts has sgniied its
opiuoh, as 10 the appropriate remedy for existing difficult
hes and think the time has submit inca.
sure proposing such remedy to the consider of Con-
gress and the country.
Its now several weeks sir since niegeJ her.
TO propose The renewal Of the charter OF Bank the w.
Sa'eS' WIN more or less notifications and for longer
shor'er Pefioh u no other promising afford
ei should be brought forward. IL is now nearly three
months since the existence OF general and very uncom-
mon pressure IN the country alleged and though the
truth OF this statement then denied or doubted vet for
The last month, tho evidence has be too strong IN be
longer resisted, and now stands I'm here IN saw h,
me country Is not in an alarming condition No man will
doubt that things change ofIhemseives or be changed
by our legislation. - ~ "sN
i've Government sees and aments the distress OF the
country, hut still IL has nothing TO recommend 10 us
ves IN The hope that affairs will change for the better
themselves, under the operation Of the existing expert
mens 1T is fair and just, presume, to consider the
purposes oil The Administration made known by the
report oil ths Committee OF Ways aud Means, i'm the
Ho Sc oil Representatives. That report NAV no doubt be
received as an authentic decaraton the Atminisa
ton proposes change in its measures It, languages s
nnft In ha IL.
Bank ought not TO be re-chariered. As the Adminra.
non, therefore, has nothing recommend the time has
come 10 redeem my pe edge; and give notice, that on
Mond"y neg by direction and authority OF majority OF
"e Io"ni'lee on FINANCE, propose TO bring forward
measure ior Tie consideration cf the Senate.
an aware sir, fully aware, Of the great re possibility
assumed ny this Xovemen,. 1 all the difficulties
which lie IN the way OF success. But with me- others
OF the committee, the of duty does not allow us To
shrink IRON an encounter with these dFcuies ormda
be and numerous as they certaiaiy are
SMALL al present, sir say but little Of the particular
provisions OF the intended measure, but will saw that,
IN proposing meet the exgencies of the p,e.
sent crisis regard mu.t be had only state oil the
the state Of opinion also
Two objects. therefore, to be kept in vew in deci-
ding on the nature OF the measure which brought
forward.
l. II must be prompt and eAicicient. 1t must be such
as VIII bring immediate and efecual relief 10 the com
munity and know such measure except the
ton OF the deposiies. and the Ie.cbarterg of the Bank
TOR periOd. We cannot establish a new BANK to
come in existence before 1886; being xpressIy prohibited
idle therefore, 10 hold the country any hopes OF
het from a new Bank. Yet am entirely willing TO
leave open the question Of Bank, considera-
lion and decision hereafter But, rom any
such quar- is absolutely impossible. Nothing remains
men, bu either TO endure The present Of things and
make up our minds 10 stand il through or 10 proIong
The existence oil the present Bank No one can doubt
hat restoration OF the depcses, and the charter
ing OF The Bank, whether Tor a shorter or longer pc
ROD would remove the disresses of all classes and
bring TO the country immediate and eectuaI ree And
new Bank being out Of the question. no other remedy
'chutueT IS proposed suggested The restoration OF
the dero>te therefore, aconnuance OF the Bank
obviously constitute that remedy, which the and
the business OF the country demand. These two
'hlngs WIZ aiiOrd relief, al efficient and prompt
The second great object is to propose The measure
IN That form which shall be likely unite different
opHions With ibis view, the measure should 90 TO the
try will say, of different opinions ought to agree TO
without hesitation. Ii should yield every thing which
can he yielded, with safety 10 tho main object Aud here
two modes oil proceeding presen, themselves.
Inc one t 10 propose continuance OF the charter Of
the Bank Tor short period; a period longer than
shall enable to call ia lis great amount CT debt without
injury AMI distress, TO the Peoples and 10 continue it,
ortIis short PERIOD with essential alteration except
hattongress should be left al liberty make any other
Bank II should fit 10 do after March 1886 thus
giving Congress and the country opportunity TO re. con-
sder, deliberately the whole subject OF the currency and
The general propriey OF Bank, aud 10 establish new
Bank should ii so think bes', with whatever changes and
catons It's wisdom tnsy dictate and to bring The new
Bank should Que be created into existence, while the
present Bank shall he gradually retiring; thus avoiding The
shock Which would always attend the suddea change one
institution Tor another, tie fear OF which shock NAV he
supposed to give an undue preference TO the existing ns-