Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1834-03-20
CONGRESSIONAL DEBATE.
IN SENATE, MARCH I. 1884.

MIR. WEBSTER rose and laid before the Senate
the proceedings Of q meeting Of the Build
ing Mechanics of The City aud County of
Philadelphia. expressing their views on the
present distress Of the country, caused by
The acts Of the Executive in relation to the
T. 5. Bank, the Deposites, 6c.-when
Mr.. CLAY rose and said hay. been ra-
qnested oy the Committee from Philade lphia.
charg~d with presenting the memorial 10
congress, to say few words on the subject
and' although after tho ample and very salts
factory exposition which IL has received from
the senator from Massachusetts, mir. Web
ser, iurther observations are entirely unne-
cessary, cannot deny myself the gratifica-
t'on oil complying with \ request, proceeding
from a source go highly worthy Of respectfui
consideration
The experiment which the President Of the
United States has thought proper to institute.
on The currency Of the country, has now been
10 operation hSe months and never, in 30
SNORT time, has great people been precipi-
'A'ed irohi The Ioftiest height OF unex ampled
prosperity TO the lowest depth Of unmerlted
distress and misery. Its calamitous effects
are iet every where, by every class, by eve
~ interest, in every section Of our wide
spread coniederacy. And the evils now ex
Perlenced, great as they are, undoubtedly arc
emo'tered by the reflection that no one can
discern the period Of their termination. and
IL - To be apprehended that still severer lie an
advance before Us. n they had been n Prov,
Dental iuiiictIon, they would have bee borne
WIN manly resignation aud Christian forti-
'uuei OUT they are aggravated by the eonVIc-
tlon mat they are the work of one mortal man.
nrO1ure If tt,sls
oy 'ndIctISe passion, OF guided by erroneous
views Of the public interest.
The experiment, besides its influence ON
the general business Of the country, the dis
mission OF Thousands Of tho laboring classes
from employment, and the check on CONNER
cat operations and other enterprises, has oc-
ea'ioned very great deprec iatlon ia the val
NO oil most descriptions Of property, and e.
peeIaily Of stocks. should be glad To see
an estimate (and It would be most inte restinr
and not imPraeticable estimate, } Of the aexrs-
gate amount Of national aud individual los,
produced by this most improVidcnt measure,
IN the property, business, aud capital OF the
country. have someW here seen a state
ment, that the total value Of all the proper
~ real aud personal, IN tho single State of
Nc" York, - estimated al eight hundred mil
lions OF collars. II will not be dee med extray
agant 10 suppose that this property, by the
operation 81 the recent measure Of the tx
ccutiVe, las been subjected 80 an average de-
probation Of ten percent. Assuming the cor
reotness of this calculation, the loss IN that
state would be eighty millions. The state
Of New York contains about one.sixth of the
whole population Of the United States. and
probably about One-iilth Of tic property
" property "a other paris of ths Union has /,
,oP,eeiated y, The same proportion as "a Sew 4
! ORR, land Il has not been less the rrduo- .
uOn throughout tho Union would be equal 10 /
inc cnoromus sum Of four hundred miilions .
pi dollars More than double the sum which
the last war vitl Great Britain cost tie Ini.
ted states
Tho depreciation IN the value Of capit,l
and property - only one. although not ar un-
important item, N theaccount of Losses which
laVe accrued from tlie rash proc ccdtnr Of the
Executive. us effect on agricultural pro.
Iuets, and other products of industry. on t.e
1hor oi Tie rountry, On commerce. on puh.
he funds, and H the stlgnatiou u the general
business Of the People. has occasiobed a h.,
'taFceiy inferior 10 ihat 10 which, tLr cap,t,l
int property ~ thc country has been me,t
InWiseIy subjected
Aud what B. The remedy 10 BE- pro, ,ded Tor
Ms most unhappy stale % the country I
have eunversed freely with the members Of
Toe Philadelphia COMMITTEE They are real.
pFaciienl. Norsins men, inteiligsnt, we'll ae-
iuainied with ihe general condition. ADD With
ne suffering u their particular Community
No one. who has DOT hcart of steel can i,.-
len % ihem without feeling The deepest syn
'aihy Tor Zoe prIrgtiuns aad tuiIer inzs u1pe-
'e'sariy brought upon the l,borine cIss,e.
Both The committee andtb msmoril declare
bat their lance o. exclusively. or che Ie-I
'siaiite hr.L,h Of tbo Go'cflmont Mr