Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1834-03-06
!, q. TwENTY-THIRD CONRGEss.
TIRsT sEss ION .
IN SENATE, SATURDAY., Feb. 22d. :

luions Of the Legislature of that State,
instrucl,ng their Senator'S, and recon-
mendlng to their members IN Congress
10 vote for r. sioraiion of the public de-
posts to the United States Bank, &c
He moved that they be read, printed
and referred to the Finance Committee.
He stated his concurrence with, and ap-
probation of the resolutions.
Mr.. Rives, Of Virginia, rose and ad-
dressed The Chair, in very appropriate
and sensible manner. He admitted, in
its fullest extent, the right Of the Legis-
lature to instruct Senators; and admit
ting the right, he felt that it was his duty
to obey those Instructions, or ~ retire,
and afford the Legislature an oppOrtuni-
ty TO select an agent who would obey
them. Az he could not console Dtiously,
or consistently with his own seli-respact,
obep, no alte ernative was leli but to resign
his seat in the Senate, which he accord
ingly did. His manner was impressive,
and his language most respectful towards
those from whom he had received in
structions.
After the presentation Of some petit
tions, Mr. Webster moved that the Sc
nate take up the unfinished business Of
yesterday, which was, the reference OF
the memorials on the subject Of the
Bank, from Portland and Bangor, in
Maine, TO the Finance Committee. Az
ter some debate, the memorials were re-
Iered.
Mr.. Webster said, the gentleman from
Georgia, (Mr. Forsyth) had done no
more than his duty, yesterday, when he
announced, that the object of the Ad.
ministration was, to use the local banks
for the purpose of returning to specie
circulation, with the view ultimately Of
getting rid Of all banks. So he UNDER.
stood the gentleman. Thus, then, said
Mr.. Webster, we are to have an expert
ment, to try another experiment. We
nre 10 make an experiment with the State
Banks, preparatory to an experiment of
a specie currency. And all this is to be
done by the President, without the con-
sent of Congress. He then went into
an examination of the consequences OF
this sy stem, showing that il was visona-
~ and mpractcable. But that if it was
practicable, it was not desirable; and
that if our whole circulation was now
specie, one OF the first efforts would be,
10 have a Bank, both on account Of its
convenience and security. He consid-
cred tho idaa. Of a specie circulation in
this country as fantastical. The Gov
ernment Of the United States had no
control over The State Banks. 1t had
not spoken them inio existence, and
could not speak them out Of existence.-
No gentleman, in his opinion, seriously
believed that the proposed project could
be accomplished.
Mr.. President, (said Mr.. w. this ex-
pertinent will not amuse the people OF
this country. They are quite too serious
TO be amused. Their suffering is too in
tense to be sperted with.
Assuredly, sir, they will not be patient
~ bleeding lambs under the deprivation
Of great present good, and the menace
of unbearable future evils They are
not 30 unthinking-so stupid, may al
most say-as to fnrego the rich blessings
now in their actual enjoy and trust
the future TO the contingencies and the
changes which may betide an unneces-
sary and a wild experiment. They will
not expose themselves, at once, to in)u-
ry and to ridicule; they will not buy re-
proach and scorn, at so dear a e.
they will not purchase the pleasure of
being laughed at, by all mankind, at a
price quite SD enormous. 1
Sir, the People, in my opinion, will
not support this experiment. They feel
it to be affective, and they see it to be
ridiculous; and ere long, l verify be-
lieve, they will sweep it away, with the
resistless breath Of their own voice, and
bury it up with the great mass of the de-
tected delusions, and rejected follies OF
other times. seek, Sir, to shun all ex-
aggeration-I avoid studiously all in
fammation, and all embazoning; but |
beseech gentlemen to open their eyes
and their ears, to what is passing in the
country; and not to deceive themselves
with the hope that things can long re-
man as they are, or that any beneficial
change will come, until the present poll
ey shall be totally abandoned. at
tempted, Sir, the other day, to describe
shortly the progress Of the public distress.
Its first symptom was spasm, contraction,
agony. 1t seizes first the commercial
and trading classes. Some survive it,
and some do not. But those who, with
whatever loss, effort and sacrifice, get
through the crisis without absolute bank
ruptcy, take good care to make no new
engagements till there shall be change
Of times. They abstain from all further
undertakings; and this brings the pres
sure Immediately home to those who live
by their employments. That great class