, 1840-04-11

les ana places in the same neighborhood.-
mat between our great commercial Inarts OF
New York and Philadelphia. within five or
SIX hours OF each other, vacillating between
seven and ten per cent. The products OF
our agricultural industry are unable TO find
their way to market from the want ofmeans
In the hands of traders TO purchase them, or
from the want of confidence in the stability
oil things. Many of our manufactures stop
ped or stopping especially IN the Importan.
branch OF woolens, and 4 vast accumulation
OF their fabrics on hand, owing to the fcs-
%tructIon Of confidence and the wretcEed
state of exchange between different sections
of the Union.
Such is the -unexaccrated picture of our
present condition. And amidst the dark and
dense cloud that surrounds us, / perceive
M; one CLEAN Of light. 1t gives me nothing
but pain to sketch the picture. But duty
and truth require taat existing diseases should
he tearlcssiv examined and probed to tlc
bottom. We shall otherwise be utterly in
capable of conccivinC or applying apprnpri-
ate remedies. II the present unhappy state
of our country had been brought upon the
people by their folly and extravaganza, ii
ought to be borne with fortitude, ana without
complaint, and without reproach. But it is
my deliberate Judgment that it has not been
that the people are not to blame-and that
the principal causes OF existing embarrass-
mcnts are not To be traced 10 them. Sir. il
Is not nv purpose to waste the time or excite
the feelings OF members Of tie senate bv
dwelling long on VIVA. | suppose TO be those
causes. Ny object is 4 better. 4 higher.
and hope 4 more acceptable onc-:n cor
slider the remedies proposed COR The present
cxiGancy. Sill. should not fulfil nv whole
dutS if ! did not briefly say. that in my con
science. | believe Cur prcuuinrv dis:rcsSas
have mtiaIy sprung from the refusal 10 re-
charter the late Bank of the United States,
the removal of the public depo>ites from that
institution the multiplication of stale banks
in consequence (; and the Treasury stimulus
Girrn Ia them to extend their operations:
the b%an-lin- m1na-r in witch the law dcpo-
sitting the 81; plus treasure with ihe states.
was executed; the Treasury Circular; and
although last. perhaps not least. the exercise
oi the power Of the veto on the bill FOR dis
tributinC among the states. the nett proceeds
OF the sales of the public lands.
What. NJ. President. is needed, nj the
present crisis, 10 restore the prosperity of the
people? 4 sound local currency, mixed
with a currency possessing Uniform value
throughout the whn'e country; n re-estab.
iIShmcnt of regular exchanges between DIFF
ferent parts Of the union: AID 4 revival Of
general confidence. The .,-ople Want, In
short. good government At WaShington; the
abandonment Of rash and ru!nOus expert
ments; the practice here of economy and
the pursuit of the safe lights Of experience.
Give US these. and the growth of our popu-
lation. the enterprise of our people. and the
abundance, variety. and richness Of the pro-
ducts Of our soil and Of our industry, with
the blessing Of Providence, will carry us tri-
.umphantly through all our complicated EN-
b~arrassments. Deny these-persevere in a
mal-adminiStration of government-and it is
in vain that the bountics Of Heaven are pro-
fusely scattered around us.
There is one mainland | lament TO say,
from the current of events and the progress
Of Executive. and party ~power-but one
man, at present in the country, VINO can
bring relief to it, and bind up the bleeding
wounds of the people. lie, of all men in
the nation, ought to feel as a parent should
feel, most sensibly, the dis:resses and suffer
ings of his family. But, looking TO his pub
tic course and his official acts, | am con
strained TO say that he surveys unconcerned
the widespread ruin and bankruptcy and
wretchedness before him. without emotion
and without sympathy. Whilst all the ele-
ments OF destruction are at work, and the
storm is raging, the Chief Magistrate. stand
ing in the MIDST Of his unprotected fellow CT
tizens, on the distinguished position of honor
and confidence TO which their suiirages have
devoted him, deliberately wraps around him.
self the folds of his India rubber clc@!, and.
lifting his umbrella over his head, tells them,
drenched and shivering as they are under the
beating rain and hail and snow falling upon
them, that he means to take care of himself
and the official corps, and that they are IN
the habit OF expecting too much from gov
eminent, and must look GU for their own
shelter, and security, and salvation!
And now allow the to examine, and care
fully and candidly consider, the remedy which
this bill offers to a suffering people for the
unparalleled distresses under which they are
wri'hing. | will first analyze aud investi
gale i, as It's friends and advocates represent
:, yXrl.. a., 10 What &c fhis measure