Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1835-01-01

to in the Report) is proof, too strong, tor the
most furious partizan to assail with success.
Upon il, he for one, would rest.
\ The honorable Senator had denominated
the report ian elaborate defence Of the Bank
He had said that it justified the Bank in its
course of curtailment, during the last winter,
and the early part of the summer. Sir, ifthe
honorable Senator had paid more attention to
the reading, or had waited to have it in print,
he would not have hazarded such a decara-
ton. lie would have perceived that that
whole question was submitted to the decision
of the Senate. The committee had present
ed both sides of the questionable view most
favorable, and the most untavorable to the in
sttution. It exhibited the measures Of the
Executive, and those of the Bank, conse-
ouent upon them on the one side, and the a.
yailable resources of the Bank on the other.
The fact that its circulation OF nineteen mil
lions of dollars was protected by specie to the
amount of :l0,OO0,OOO, and claims on the
State Banks exceeding S2,OOO,OOO, which
were equal to specie-that its purchase OF
domestic exchange had so declined from
May to October, as to place at Its disposal
more than SiJ,0O0,0OO; something more than
doubt is expressed whether, under ordinary
circumstances, the Bank would have been
justified in curtaiing its discounts. SO, too,
in regard to perseverance IN It's measures OF
prccsution, as long as it did, summary OF
facts is given, TO enable the Senate to decide
upon the propriety ofthc course pursued by
the Bank. The effort of the committee has
been to present these subjects fairly to the
Senate and the country. They have sought
"nothng to extenuate, nor have they set
down aught in malicc.' The statements are
H.. "a for calm
deliberate consideration-to each Senator to
be weighed as becomes his high station
| And what il the course Of the honorable Sc
nator? The moment he Mr. T. could re-
turn to his seat from the Clerks table, the
gentleman pounces upon the report, and
makes assertions which careful perusal oft
would cause him to know it does not contain.
On one subject the controversy relative to.
the bill of exchange and the damages conse-
ouent on its protest, the committee had ex-
pressed the opinion that the Government was
in error, and he, as a member ofthat commit
toe, would declare his own conviction, that
that opinion was sound and maintalnable, be-
fore any fair and impartial tribunal in the
world. Certain persons started back with
alarm at the mere mention of a court Of JUS
tice. The trial by jury had become hateful
in their eyes. The great principles OF mag
pa chnrta are to be overlooked, and the de-
clarations contained in the bill Of rights, are
become too Old-iashoned to be valuable.--I
Popular preiudces are to be addressed. and,
instead of an appeal to the calm and dclber-
ate judgment of mankind every lurking pre-
udlcc is to be awakened because corpora
ton or a set Of individuals have believed
themselves wronged by the accounting OIL
GERS of the Treasury, and have had the te-
merty and mpudence to take course, CAL
culated to bring their rights before the forum
of the courts. Let those who see cause to.
pursue this course, rejoice as they may
please, and exult in the success which at
tends it. For one, | renouncc 1t as unwor-
thy American Statesmen. The committee
had addressed sober and temperate, but
firm argument upon this subject to the Sc
nate; and standing in the presence Of that
august body, and before the whole American
People, he rested upon that argument for the
truth of the opinion advanced. An opinion,
for the honesty of which, Ion his own part, he
would avouch, after the most solemn man
ncr, under the unutterable obligations he was
under to his Creator.
I The Senator had also spoken in strong
language, as to that part Of the report which
related to the committee of exchange. lie
had said that a false issue had been present
ed that the late Secretary of the Treasury,
Mr.. TaneyJ had never contended that the
Bank had no right to appoint committee of
exchange that - h committee was ap-
pointed by all Banks. In this last declara-
ton, the gentleman is correct. All Banks
have a committee to purchase exchange
But, Mr.. II. would admonish the gentleman
to beware. He would find himselfcondemn-
ming him whom he wished to defend. Mr..
Taney's very language is quoted in the re-
port. He places the violation of the charter,
distinctly on the ground that the business of
the Bank is entrusted to three members on
the Exchange Committee, when the charter
requires that not less than seven shall constl-
tute board to do business. His very words
are given in the report, so that he cannot be
misunderstood, and the commentary of the
committee consists in a mere narrative OF
facts. Little more is done than to give facts,
and the honorable Senator takes the alarm,
and in his effort to rescue the late Secretary
from their influence, plunges him still deeper
into difficulty.
The Senator had loudly talked the Com
mttee having been made an instrument ofby
the Bank. For himself he renounced the as
cription. He would tell the honorable Sc
nator that he could not be made an instru-
ment of by the Bank or by still greater
and more formidable power, the administra-
ton. He stood upon that floor to accomplish
the purpose for which he was Sc mt there. In
the consciousness Of his own honesty, he
stood firm and erect. He would worship a.
lone at the shrine OF truth and of honor. 1t
was precious thing in the eyes Of some men
to bask in the sunshine of power. lie rested
only upon the support, which had never fail
ed him, of the high and lofty feelings of his
constituents. He would not be an instru-
ment even in their hands, if it was possible .
for them to require it Of him, to crafty an