Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1837-10-28

was s said Senator from cosxia ia, the recent
creditor, whom paymsu. was Withheld by the debeo
Sa rom whom tho precious metals have been
Withdrawn by tbs policy Of ths debtor.
Since the intensity Of suaeng Of
things in this country, has any thing
mas occurred IN Europe, look here for peculiar
and more potent than which have been opera
tion there They series Of measures
70 which have already adver,ed.
Iss The veto Of the bank.
3D. The removal Of the deposises the urgent
oneson OF Secretary fancy, the banks enlarge
3D. The gold bl and tho demand of gold foreign
indsusntes.
An. The clumsy execution Of the deposss law; AID
3eh The Treasury order of July, 1885,
Here Mr.. Clay wen, into examination of
20 show that the Inflated country,
wild speculasiOns, which had arisen their height when
they bsgan to checked by preparation of
banks, the depose June, 1885,
final suspsnsion Of specie payments
currecy commerce. and general business in
thu eountsY, were all be traced nuepce
nDsassd. All these operated immedi-
asey dsce and powerfully and their effects
Indirectly felt in Europe.
The message mpures 70 the dcpos,so law agency
producing the existing embarrass This charge
frequently made by the friends Of agsis,
that law il true, snas the banks having increased
fancy, might not have besn convenient recall and pay
them for public Il true Also that
in which the law executed by Treasury Depart
msnt transferring large from creditor debtor portions
Of the country without regard tho business
the eo"atry, nigh, have the Inconvenience
" what do those who object to the law think ought to have
been done with ths SURPRISES which and
N enormous in
hands Of the dcposite banks!
Wero they incorporated their capitals, and
main there for tho benefit Of tho stockhode Was
proper and just that tsy should applied
this People from whom they collected! And whsnev-
and however taken from deposits banks, would
Inconvenience necessarily happen!
The that the Bank of the United States,
chartered by has been abb. itself
check o:hsr institutions, Notwithstanding '',he sill
greater has boon said under its
charter" That bank n State local ins,itI-
sion. Why is it referred TO- Virginia,
or other lo-a institution The exalted station which
the President fills, forbid indulgence superstition
that tc auson has been made enable aninistra
gainss it, Was il the duty of thai bank, 9TH
or State bank check the local nstitutions Was
even under less obligation do than the deposits banks
selected and fostered by the general government!
Bu: how could the message venture that it has
strength than the late Bank Of tn. IT, States
seh! Whatever bs tho bealjsy of the conditions of
ITS charter It is impossible that single State could
fer faculties equal those granted the late bank
Of tho United S.a,es-rst in making depository
Of the Of the United States and secondly, MAX
ing its notes receivable i'll the of all public Dues
If bank Of United States existed, would
nanss and, BY timely measures Of precautions it
could uses to which they were
applied Such institution would bound, by
is relations to shs observe is appopre
sio. -nd financial arrangements and wants, and
itself AWAY s,ady promptly II would
asswn .ogsshs sac.y but est,any the public money!
ccna,ed upon alone Of being weakened lost by
diffusion eighty n;.fy local banks d,spers
ed throughout the cou'y and acting without any effective
a subordinate bat unmportant cause Of the evils
which NJ u.s. has bee" the course OF the
late administration ards the compromiss The
principle Of that act domestic industry,
its stability intended and hoped that, by with
drawing the tariff om those annual Congress,
Of which had bsea tb. fruitful topic, manufactures
would have certainly, for long PERIOD shs
Of protection, extended 90 !om by its provisions, which
would compensate reduction in the contained
in prior For year after il adopted, the
lats manifested disposition respect il,
| arrangement which o i"volable. But, for
time past, il has constantly from that
quarter, ard settled purpose ba, beeD displayed dse
gard its sondsons Thos, who had agency bringing
forwards and carrying through Congress- have becn held
has been declared by members high
in the conidecc Of the in both Houses,
obligatory fofce beyond ordinary Of leg
slason and adjustments Of the tariff have been pro-
pOs.d in both Houses in direct Of the prnci
Piles Of the compromised and the las, session. them
actually passed the Senate, against this
treaty and remonstrancc. portion Of the South has
united in these attacks upon tho compromise; and take
pleasure saying the Senators from South Caro-
especially, have uniformly exhibited resolution to ad
here to il with perfsc, hOnor and fidelity.
The effect Of these threats and attacks, coming
from shoss high IN powcr has been most INJURIOUS They
have shown tho manufacturing interest shat certain
reliance To be placed the sseadness Of the policy
Of the government, matter under what solemn circu"
stances adopted. That interest has taken alarm
enterprises have been arrested old eursalcd
this il is the PROSTATE Of all the
in the country One half amount, have been inform
eds Of the the have acsu
ally suspended and shose who have chief
Tine consequence has been, have made li,,
at home, and purchased much abroad This has
ehted that foreign debt the existence which powerful
y contributed tbs suspension, and yet forms obstacle
/ to the resumption of specie payments.
The Ssna from South Carolina, Mr. Calhoun, aitrbu
ted tho creation of the surplus tariff policy
and especially the Of 1924 and 1928 do per
eeve advantage he aston; in reviewing
alluiing the former disenons which prevailed
subject policy They all settled and quc,c
by tn, healing the compromise, 10 which
ha referred. By that have b,en willing and read
abide And have desired only that should be observ
ed and executed in spirit o: good faith AID fidelity sima
10 that by which have been acsuated towards it.
The Of 1898 Of the friends Of the man
ufacturer 1s passage forced by coalition beswee
their and the system Of poduc
ton OF American industry did the surplus.
proceeded from tbs extraordinary sales Of the public lands
The receipts all other than that of the publ
lands, and expenditures Of the years lS33S6 fdurin
which surplus saccummuating) both amour: 10
eghy-seven millions Of dollars, thus clearly showir
the only supplied the necessary means Of pull
lie DISBURSEMENT and shat she public domain tins
produced the surplus.
the allowed into operation,
would distributed gradually and regularly among
proceeds of the public lans they wou
have received from time time. They would ha
returned small similar those BY wht
had collected, anmasns and improving and u
syns whole country. There would have been no Va
surplus embarrass the government; no removal
e deposites from the Bank Of the United states 70
. deposi,e banks disturb the business OF the country
aecumulasons in the deposss banks OF immense sums