Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-01-10

with the currencieS of England anu =;
the former of which the metalilc On ., ,ottey
estimated as nearly one nan, ailu 4, . saon how
20 nne.tenths of the whole, it may be seen now
much more confidence is required mere, an -.
how much greater the liability 10 snoch diiu 49, ~
deranoement. Yet by the regulauon anu oo VI,
troll of the National Bank, ever Slice VIC. .,tY,
lation and control have oDtalneo' 'ie on1,,
has worked well, and it has WORKED "eii oii''
by means OF them. +,,o ,o;dst Of the
smiiing scene have described, without any
preparaton of the country at large, VIII ilo'iilS
hv 1uav Of notice but a menace, Wnlch ho oii0
but the Bank ITSELF and she only nom liie m
stinct of selfpreservation, seems 10 naVe 10
pected this most delicate OF all the ihs,l uiiio
Of POLITICAL economy, has been assaulteo, oe
ranged. and disocated and the whole scene VI
enchantment has vanished, as by the conlIiaho
of a wizard. The State Banks are pafalyZeu,-
they can do, or they will do, nothlng me
Bank of the Uuited States stands upon her own
defence. She can do, or she will do, nothing,
mil che knows the full extent of the storm that
;s 70 follow. and measures her ability TO meet
#. Prices are falling, domestic exchange Is lal-
limo Rank notes are falling, Stocks are la III,
an6 in some instances, have fallen dead. Inc
eravitation Of the system is disturbed, anu lts
loss threatened; and it being the work OF Lidll
and directed only by his limited wisdom, tlieie
is no political La Place, or Bowdtch, that can
6reteI] the extent or the mischiefs OF the de-
ranqement or in what new cOntrlVance COM
nensaton may be found for the disturbing force.
Sir. whence has come this arrangement! IL
comes from the act ofthe Secretary IN renaorang
the deposites, and IN declaring has doctrine o. u"
unreeulated uncontrolled State Banf paper car
rencv 1t is against all true philosophy to assign
more causes than are sufficient to produce the
ascertained effect. This cause is sul1lclent-
this verify believe, has produced lt-and
hope for the patient attention OF the House 10
my humble efforts hereafter, to snow 1ilaI NO.
thing else has produced it.
Sir the Secretary of the Treasury mas IN my
poor Judgment, committed one error which ne IS
wholly inexcusable; it is, in part the error
of the argument that has proceeded from the
honorable member from Tennessee. Ihat er
ror lies in supposing that there were but two Cd
iects to be considered in coming to his decision
upon the deposites-the Administrations ana the
Bank. The country has been forgotten. Inc
Administration was to vindicate its principles.
The Bank was to be made to give way to them.
| The consequences were to left to those whom
they might concern, and they are such as MOD
crate human wisdom might have foreseen such
as are now before u.s. While the Admlnlstra-
ton is apparently strong, and the Bank undls-
turbed. the country lies stunned and stupehed
bv the blow; and it is now for this House TO say,
whether they will continue the error by forget
ting the country here also, or will endeavor 10
raise her to her feet, and assist her IN recover
inc from the shaft that was aimed at the Bank,
hut has glanced aside and fallen on her own DO
som.