Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1834-01-30

CoSGREssioNAL.--W received by
yesterdays mail, the National Intelli.
gencer Of Sat urday last, from which we
extract the annexed proceedings of Con-
gress on Friday:
In the SENATE, on Friday, Jan. 24th,
Messrs. Webster, Poindexter, and Por-
ter, were appointed managers of the
Conference on the part of the Senate, il
having been decided that the number
consist Of Mree instead of four.
Mr.. WEBSTER presented the proceed
ings Of public meeting held in the town
of New-Bedford, in the State of NIassa-
chusetts.
Mr.. WEBSTER said, that New-Bed-
ford had been one Of the most prosperous
and fast-growing towns in Massachu-
sets. Its citizens were engaged in a
most useful, hardy, and adventurous
commerce, in which they had met with
much success; and, three months ago,
their condition was furnishing and hap
ny; hut sudden and most extensive re-
verse has happened to it. Thirty or for
ty failures are said to have happened,
and great pressure and distress prevail.
i feel 1t my duty, said MIR. ". to preset mt
these things to the consideration Of the
Senate.
IL there can be either any faith in
mems statements, orif facts be any proof,
the pressure, SO far from diminishing, is
increasing. nm informed by undoubt-
ed authority, that in one OF our cities,
supposed to possess its full proportion of
capital, money, for the best security, isl
not to be had for less than ~ to l8 per
cent. per annum, nor in large sums even
for that interest; and this very week, in!
another city, one of the largest and most
fourishing in the Union, undoSbted Sc
curity could be had for money at 3 per
cent per month.
While we are talking about the dan
ger of the moneyed aristocracv Of the
Bank, a state Of things is suffered to ex-
ist which is a perfect carnival to the real
Inoneyed aristocracv, if there be any
such thing in the country. Capitalists,
holding up their money for such epor-
NOUS rates Of interest, and being able TO
command such rates, shows what sacrili-
ces are made by industrious men, of
small capital, to project themselves from
absolute ruin. In many places, nume-
rous work men have been thrown out Of
employ, not only in the manuiac cturing
establishments, but ia the mines Of some
of the middle States. Indeed, il the in
formation Of the morning is correct, one
of these States had suffered a great dis
appointment in failing to receive the in
staln,cnts on its loans, according TO con-
tract, and was Obliged to take other rnea-
sures for supplying the means of carry
ing on its public works.
1 take occasion, Mr.. President, to
call again OIL gentlemen, who may be
to know something Of the pur-
poses Of the Administration, 20 know
,rhai their plan is? Hare they any mea-
sures in read ness? DO they propose any
relief Or do they mean to leave ii to
the Secretary, and to the State Banks,
to meet the crisis as they may. !,
l implore the sober consideration OF
gentlemen to this matter; and shall
feel il my duty to repeat the inquiry for
such reasonable time, as that, in the alb
sence Of any answer, il may be fairly in
fcrred that the Administration has TO
to propose. i
A number of bills from the House
were then read twice md referred, after
which the Senate adjourned to Monday.
In the HOUSE, large portion Of the
day, as prescribed by the Rules Of the
was devoted to the consideration
of private biIIs-and at about a o'clock
nm adjournment till Monday was moved
and agreed to. II