Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-05-11

Treasury Department and read an ad-
dress to him Of considerable length, con-
tanning the substance Of the resolutions
adopted at the great meeting OF mer-
chants ia New York onsthe Goth uhiPo.
On the afternoon of the 4ih the com
mi,tee received the Presidents reply,-in
which he explicitly stated that be had no
reason to change his opinion as to the
CORE ctness Of the course Of the late and
present administrations, and that they
there fore could not expect him to concur
with them, SC. ..-.... ...
After The reading ofthe report address,
and the presidents reply, Mi. Hone Of
fercd the following resolulions:--
Resolved, hat strict construction OF
the act of 1920, the only act which could
have been referred 10 in the Presidents
answer, was unknown during the admin
istraton of MIR. Monroe and Mr.. Adams,
and to Gcn.Jackson during the first Sow
en- years Of his administration; that the
necessity for such construction - not as-
signed in the specie circular as one oi
the reasons for issuing it, and we cons'd-
er the distinction made by the President
between The notes OF solvent banks and
spc Gle designating the former as CREDIT,
to be erroneous, and at variance with the
true interest of the country.
| Resoired, That we dwell with saislac-
ton upon the fact mentioned by the Pre-
sident, that several of the states have not
yet chosen representatives., and We trust
that projecting Providence will direct
the people of those states to the choice
Of representatives who have wisdom 10
perceive, and virtue to pursue the Lest
interests of the country.
I R.solr.d, That we yield our hearty as
| sent to the preamble of the act inc"rpo-
A rating the first Bank of the United States,
, which declares such an institution I" be
u ''conducive TO the successful conducting
: Of the national finances, and productive
e Of considerable advantage to trade ana
y industry in general"
r Resoircd, That the interests of the
. capitalists, merchants, manufacturers,
mechanics aud industrious classes, are
dependent upon each other, and any mea-
l. sures of the government which prostrate
r. the active business men of the communi-
" ty, will also deprive honest industry OF its
r. reward, and we call upon all our fellow
=, citizens to unite with us in removing from
power those who persist in system that
-, is des,royin the prosperity Of our coun-
- try.
u Rcsolrcd, That The chief causes of the
TX existing distress, are the defeat of Mr..
Clay's land bill, the removal OF the pub
,e lie dcposiies, the refusal to 'e-chaner the
IN Bank of the United States, and the issu'
is ng of the specie circular. The land bill,
'e was pas. cd by the peoples representa-
{ tives, and vetoed by the Prrsi.len,-,he
70 bill re- clariering the Bank was rasse
n. by the peoples representatives, and We
lie tned by the President. The people
Of Representatives declared by a solemn re-
solut ion that the public deposites were
IL safe in the United States Bank; wiihi'
ny few weeks thereafter the President re
b. moved the public dep"sites. The peo
to plc's representatives passed bill re
a. scinding the specie circular: the presl
,o dent destroyed it by nmltting to return !
:, within the limited pernd- and in the an
" swer to our address, President Van Bu
81 ren declares that the specie circular wa
." issued 10y his predecessor, om''t'ng al
IN aoticc of the secretary Of the treasury
m who is amenable directly I" Congress
TX and charged by the act creating his dc
u partment with the gu, erintendcnce of III
On. finances, aud who signed the order. w
lhe therefore,
,ol Resoired, That all these cirCumstar
80 ccs Indicate an infusion Of monarchIc;
o. principles int" our system, which demand
=" the prompt and vigorous action OF eve'
=, patrot.
s. He then briefly addressed the mretiI
of on the subject of the present disasiro'
tho state Of commercial ailaiis, and in ha
= py and eloquent manner, hr traced the
+" step by step from the commencement,
,on the present time, TO the NAL -adninistr
ear ton Of the present government, the 10
l.. OF MIR. Clay's land bill, the renewal
~ the depos,cs, and the action Of the sp
~ Gle circular. ..
ut He was followed by Mr.. Bryant,
Of the firm of Boyd, Heard g. Bryant, VIII
,af- though evidently laboring under seve
'.;,, indisposiion, drew faithful picture, al
in eloquent terms, of our present dis're
osc sed situation. He commenced by d
yni- scribing the reception Of our first mini
ces ter, the elder Adams, ut the court OF
the James, during the reign Of George ii
in 1893. That monarch, he said, on 7
q" ceivinc Mr.. Adams, declared that