Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-04-17

By EDGAR sNowDEN.
MR.. MoDUFFIE's SPEECH,
[coNcLUDED.]


tration and its friends for that general distress,
the existence of which was at first denied, but
which is now reluctantly admitted. The OFT re-
futed allegation thatit has been produced Dy> Inc
improper course, and too rapid curtailments, OF
the Bank of the United States, is still reiterated
in direct opposition to the plain facts OF the case
and in contempt of both truth and decency.
The President has removed the public depostes
with the avowed purpose of compelling the
bank to wind up its operations; and though the
hank has not curtaied its loans TO an amount
equal to that of the capital of which the Presi-
dent has deprived ito say nothing of winding
up-yet it is held responsible for the public dis
tressi Nothing can be more wantonly and ca
priciously unjust to the bank. What would
the administration have that institution to dog
Do they expect it to move in two opposite direc-
tons at the same time, curtall its discounts
and extend its accommodations Monster as 1t
is it cannot overcome the laws OF nature and
perform these imposSibilites. AT the COM
mencement of this experiment, the agent of the
treasury-the imperial Questor, boosted that in
two months the "reptilen would lie PROSTATE at
the feet of the secretary, suing for mercy; but
now the ssmonster'' has risen, it would seem,
with a redoubled power of relieving the public
distresses, and the administration, exclaim like
the drowning Caesar in the troubled Tiber,
"help me Cassius or | sinkm Yes sir, the
people are now referred for relief to the very
of Andrew Jackson, instead of the selected
State banks, which were to perform such Won
ders in maintaining commercial credit and
sound currency!
No human sagacity can exactly predict,what
direction this caamtous state of things will take
or in what catastrophe it will terminate. But
as am firm believer in the retributve justice
of experimenting Providence, think it not
improbable that seven handed justice may
commend the poisoned chalice to the lips' of
those who intended it for the lips of others. 1t
may happen that the wicked projectors of this
pernicious experiment and their schemes of
avarice and ambition, will be the first to feel its
destructive energy; and gentlemen must not be
surprised if the very first shock of this mighty
galvanic battery of credit and currency, should
PROSTATE the favorite system of those who have
impiously presumed to tamper with those nigh
ty elements, without compromising their ma
ture and power.
But must hasten on TO the consideration of
the remedy by which the country is to be re-
lieved from its present embarrassment and suf
fering And first will examine the projects of
remedy held out by the administration. Since
the commencement of the session the friends of
the administration, in Congress, have been re-
peatedly and urgently called upon to disclose
their plan of relief-their final arrangement of
the great subject of the currency. And pray
what has been the answer? Why, sir,
.various, that the mind of desultory man,
Studious of change and fond of novelty,
May be INDUCED"
The gentleman from New York (Mr. CAMBRE-
LENG) favored the House with very edifying
disquisition on the system of Scotch banking,
which he commended TO our admiration and
adoption, although it is mere paper system,
without specie basis practicable in Scotland,
from the fixed and regular habits of trade, but
wholly inapplicable to our peculiar habits and
federal system. Another gentleman in another
quarter, (Mr. WBlGHT of New York; standing
in very confidential relation to the Executive,
informs the country, that the administration is
resolved to adhere to the system of State bank
repositories, upon the faith of that sagacious Fl
nancial prediction, which assured us, that this
system would furnish the country with a cur
rency equal to that furnished by the Bank of
the United States, if not better! A third gen
tleman, (Mr. RWEs of Va.) speaking still more
authoritatively the sentiments of the admins
tration, has amused the country with homily,
more in the spirit OF poetry than of practical
craftsmanship in favor of the bean ideal of
hard money Government; a scheme, just about
as practicable, as it would be to roll back the
current of time, and carry back the present ge-
neration with all its interests and improvements
to the golden age of fabulous antiquity? The
administration are singularly fortunate in one
respect. Occupying position which makes it
very convenient TO be I" all things to all men,"
they have In Congress gentlemen OF all man.
ner of opinions each prepared to exhibit to the
different political divisions of the country, his
own peculiar scheme, as the plan of the admi-
nistration. Sir, it has been somewhere said that
language was designed to answer two great
purposes: the one to convey our ideas, the other
to conceal them. Being myself plain, straight
forward man, accustomed to say what think,
and think what say, have no practical know
ledge of this latter use of language, though can
very well imagine that mere politician-and
particularly trading politician, if there be such
a thing-would find it of singular advantage in
certain critical emergencies. What, for exam
pie, do the administration mean by throwing
out those visionary and VIGOROUSLY impractical
BILE schemes, dazzling ahd binding the public
eye by their Pickering glare and conflicting
rays giving no light, but serving rather to in
crease the darkness visible2 Are they designed
to enlighten the public mind as to the ultimate
scheme of Government banking, in which these
disorders Of the currency are to terminate? For
no such vulgar purpose. And let me inform the
House and the country, that the administration
are not without the authority of a very high ex-
ample, for the course they are pursuing. Dur
ing that eventfn period of English history,
which interviewed between the execution of
l. L. l.. Al