Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-01-22
Mr.. WEST ER'S EMARK
MADE IN THE SENATE ON MONDAY.

Mr.. WEBSTER presented to the Senate series
Of Resolutions, adopted at numerous meeting
of the citizens of Boston, without distinction OF
marty held at Faneuil Hall, to consider the state
Of the Currency and Finances fthe country.
The Resolutions having been read
Mr.. WEBSTER said, he wished to bear unequi-
vocal aud decided testimony to the respectable
litv. intelligence, and disinterestedness, OF the
long list of gentlemen at whose instance TINS
meeting was assembled. The meeting, SAID
Mr. w. was connected with no parry purpose
whatever 1t had an object more SOBER, more
cogent more interesting to the whole communl-
tv thar mere party questions. The Senate will
nerceye. in the tone of these resolutions, no IN
tention to exaggerate or intlame; no disposition
10 get up excitement or to spread alarm
hone the restrained and serious manner, the
moderation of temper and the exemplary can
dor. of these resolutions, in connexion with the
plain truths which they contain will give them
lust weight with the Senate. assure you, sir,
fine members composing this meeting,s were
neither capitalists, nor eculators, nor aarmlsts
They are merchants, traders, mechanics, artl-
zans, and Others engaged In the active business
of life. They are of the muscular portion OF
society; and they desire to lay before Congress
an evil, which they feel to press sorely on their
occupations their earnings, their labor, and
their property; and to express their consclen-
tious conviction of the causes OF that evil. Ii
Intelligence, if pure intention, If deep and WIDE
spread connexion with business, In Its various
branches, if thorough practical knowledge and
experience inseparable union between their
own prosperity and the prosperity OF the whole
country authorize men TO speak, and give them
a right to be heard, the sentiments OF this meet
ing ought TO make an impression. For one, SIR,
entirely concur in all their opinions. adopt
their fourteen first resolutions without alteration
or qualification, as setting forth truly the pre-
sent state of things, stating rulyits causes, and
pointing to the true remedy.
MIR. President, now that am speaking will
use the opportunity to say few words, which
intended to say, in the course of the morning,
on the coming up of the resolution which now
lies on the table; but which are as applicable to
this occasion, as to that.
An opportunity may, perhaps, be hereafter at
forded me- of discussing the reasons given by
the Secretary, for the very important measure,
adopted by him, in removing the deposites.-
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, feel it my duty, nevertheless,
to let my sentiments and my convictions be un-
derstood. In the first place, then, sir, agree
withrthose who think that there is severe pres
sure in the money market and very serious en-
barrassment felt in all branches of the national
Industry / think this is not local. but general;
general at least, over every part OF the coun-
try, where the cause has yet began to operate,
and sure to become, not only general. but uni
versal, as the operation ofthe cause shall spread.
If proofs were wanted, in addition to all that Is
told us by those who know, the high rate of in
terest, now at II per cent or higher, where 1t
was hardly 6, last September; the depression of
all stocks, some ten, some twenty, some thirty
per cent; and the low prices OF commodities,
are proofs abundantly sufficient to shew the ex-
istence of the pressure. But sir, labor-that
most extensive of all interests-American ma
nual labor-feels, or will feel, the shock more
sensibly far more sensibly, than capital or pro-
perry of any kind. Public works have stopped,
or must stop; great private undertakings en-
ploying many hands, have ceased, and others
must cease. 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 embarraSSmentS in all
branches of business do certainly exist
am of opinion, therefore, that there is un-
doubtedly a very severe pressure on the COM
munity which Congress ought TO relieve if il
can; and that this pressure is not an instance OF
the ordinary reaction, or the ebbing and flow
ing of commercial affairs; but is an extraordi-
nary case, produced by an extraordinary cause.
In the next place, sir, agree entirely with the
18th Boston resolution, as to the causes OF this
embarrassment. We were IN q state OF high
prosperity, commercial and agricultural Eve
ny branch Of business and especially manufac-
turing, was pushed far, and the credit, we'll as
the capital of the country employed to near its
utmost limits In this state of things some de-
gree Of overtrading doubtless took place, which,
however, if nothing else had occurred, would
have been seasonably corrected by the ordina-
ry and necessary operation of things. But, on
this palmy state of things the late measure oil
the Secretary fell, and has acted omit with pow
erful and lamentable effect.
And think, sir, that such cause is entirely
adequate to produce the effect; that it is wholly
natural; and that it ought to have been foreseen
that it would produce such effect Those must
have looked at the surface of things only, as il
seems to me, who thought otherwise; and who
expected that such an operation could be gone
through with, without producing very serious
shock.
The Treasury, in a very short time, has with
drawn from the Bank s, 600 dollars, within 8
fraction This call, of course, the Bank has
been obliged to provide for, and could not pro
vide for without more or less inconvenience tt
the public. The mere Withdrawing of so large
sum from hands actually holding and using j
and the transferring OF it, through the Bank col
lecting, and through another Bank lOanng it. i