, 1840-03-28

tNiStCu ilIpi5 Nv lto,PC VI hSI>I1Icl-c u
their connexIun VIII the governahrnt III It be
i.eve the present chef magistrate wouli neve.
have been elected Ind it not been Err the
passage ui the dep site bill. the adoption
of tins measure WAS Il choice of evils, bu:
it was a much less evil tn n tuhave left nearly
forty millions 90 the public money in posses
son of the b,nks. Under the. INDEPENDENT
Treasury system. We shlll never a5lin be-
! placed III :ucI a dreadful die u
! was very much ~astpnis'ital int we hid
no hpinily from tle Senator sg,alst lhr specie
clause oI Tie bill. Even tbs seems {, have
lnsi much Of lis terrors. IL is M longer The
terrific monster whic'i vas t. devnur all the
hunks and established n pure metallic curren-
ry fr all The transactions OF al the people
of the United States.
There could be no Independent Treasury
without this clause. If you were to receive
bank notes in pryment oil the public dues,
and retain them in your passion, you
would. m this manner, encourage the banks
rs much 10 maze extravaglnt expansions as
I I"uIh y"u placed the smne arnruIt with
t.e;n on general deppSiIe. B'sides, YOU
would thus c"ntera dInIernus power upon
the ) .crrtlry of The IRE ,surv, enabling hin
t, Iavor s me bank an! t, rum others; and,
even i Tins p 'wer should not be abused, sus-
pIciIn would always surround lis exercise
YOU must separate from the banks IN every
particular. Evils. both 10 them and 10 the
country, will follow from the least conneN-
ion with them. BesiSes, if you receive bank
notes NJ all, 10 the extent of the amount
which you hold in hand, you incur the very
same risk ot having item converted into it,
redecmable paper by m explosin of the
banks as if they held them on general de-
poSite.
The Senator commenced his speech by
presenting Us the most gloomy picture OF ma
t,onal distress. lie predicted that this DIS
tre>s would continue 10 Increase during the
present Year, ana that II word Affect al!
classes al the community. The suffering,
lac thinks Will BE- peculiarly severe during
the approaching su nner. | might say to
hIn.
"Thy wish WAS father, Harry, 10 the thought"
] do not believe, however, !e would desile
that the p.op'c should su.icr, Ia order 10 ac-
c~nmpl,h any political purp ,Se. Bat ii,
without contributing In this result himself, II
should be the will al the Powers above 10
involve Us M p%,cIniary dISires, between
this tine ami the Presidential election, he
would doubtless bear the d'spensl:Ion with
Christian i,rtIuie. IL wnlli furnish po!it-
Ical capital Tor his friends. and might contrib
ute greatly Ia verify ms prediction, that gen.
erIi Harrison Will take possession OF the
White House on the 4lh of March, 1911.
H. my opinion. the senator has greatly exagge.
rated the exiento! the existing distress. Thai
q II .t...., - IL. k,,.a S,,tE,,aI
IN sone degree Is certain; bug intense SUI
fering his been chiefly confined To the large
commercial cities, and those portions of the
uuion, such Il, the State of Mississippi.
where the banks have ST. evidently ruined
the people as 10 place all douot OF the cause
at defince. Where is there the country
under the sun on which 4 bpunlliul ProvI-
dcnce llls poured out mure blessings than on
Mississippi! No population on the globe,
IN prnp uIIul 10 IiIcIr number. produces Il
larger a nDua, nf wealth from the cultivation
vi Tie Snl. And yet the boilty oI Prov
dencs has been crnlrict Il by iicr 'Hi.erible
banking system, and her penrl" are npx
Su5iecl t. iltenSe Su.fcIia.. Ia This instance
the e.f.ct flows 50 p ilpl5ly from the ciuse,
,hat every man sees and feels aud know, il.
Want IN astonisiin. fact WAS IN 1t st,ted b.,
the Senator from Mississippi, (Ar Waker.)
that, in ttnse counties of his State where
b INKS do not exist, there is no suffering.
eve nj the present moment! u YOU w..nt
ed an illuSJratI'n of the pernicious effects "f
the binkiny systen, when it tenpts farmers
and planters To abandon their Own proper
business, aud embark on the ocean Of wild
spacul ,t,,n. y"n could not have one more
,lrIkml nam TINT presented by Mississippi
II the pcs ut moment. un not aware
IN II The e IS much individual distress among
The mss al the p,opie in the interior Of
Penns~ slyanii. Th.re is chiefly coufined to
those "ho have heen tempted, in the dly OF
prosperity, To go beyon their means By the
facility of obtaining bank accommodations.
But if | read the Signs of the times Alright.
the crisis has passed, CT rather is gradually
passing away. We cannot return to a state
of prosperity before the Presidential election;
but the condition of individuals generally
will mol be one of intense suffering. The
resources ni this vast country are so great,
and the productive classes are 50 industrious,
that with two years Of fair play they can