The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-07-13

owes, If he owes any thing, with all he possessed
on the earth ? Then, sir, what must inevitable
follow Why, sir, the most universal wreck
property and Overwhelming bankruptcy ever wi
messed since creatio on. 1t is beyond the power 3
mortal man to prevent this result il this fatal pol
CIV be persisted in The whole of the property =
the Nation will be under the hammer Of the shef
ifs and marshalls, and who is to buy it.? The
Government will take nsthing but specie, AM
the people may follow its example. Then, sizs
the ofiice-holders will come forward with theie
gold and silver, and the whole property of tn,
country will become an easy prey to the graspinI
avaricc and cupidity of these parasites of poWer
But, sir, do they imagine that men, born in
land of liberty. and accustomed to enjoy all il
blessings will tamely submit to be thus despoilel
of their property and robbed Of every thing sacre
and dear to freemen, without resistance? Cal
they persuade themselves that this free peopl
will quietly sabmit TO become the serfs and vas
sals-'s the hewers of wood and drawers of wa
ter'to a few sclf-conceited purse proud and hauGh
ty aristocrats Sir, | need not give the response
II they do lay that g Adttering JUNCTION to thei
souls" the spell of their delusion will be broken
as soon as the country begins to see and feel til
approach of the state Of things have described
and they will then discern their fatal mistake.
Sir, if we admit the character of this measur
and its operation, upon the finances and currenc
and upon the prices Of property and the produ
of industry, to be precisely what its friends q
tribute to it, and the new and monstrous doctrine
the government to take care of itself and leave.
the people to take care of themselves, be persist
cd in, repeat again, that it must put the whole
indebted portion of the community at the mercy
of a few grinding Shylocks, who have boarded !
up the gold and silver thrown into their hands by
its operation. If it is not to be converted into
treasury bank and thereby made to some extent,
a measure of relief, its friends declare it will
not, no matter with how much fidelity and hon
e;ty it may be administered, this must of neces:,
sity be one of its ultimate effects. | might els Z
merate others; but it is unnecessary, for in thus
one is involved every thing worth contending
for.
fnT5ea; Mr., Chairman, desire for one moment
only to consider the bill in another point of view
/ have been endeavorng to show what its effects
will be the pecuniary interests of the people,
supposing it to be honestly and faithfully admin
stered, according to the professions of its friends.
And have also shown conclusiyely that il is sus-
ceptible of being made the most tremendous en-
CINE of political power ever Invented by mortal
man. Obnoxious, anti-republican, aristocratic,
and destructive it is in itself, | regard it as
but one of system or combination of measures,
which, if they should be fastened upon the cOun-
try, will ring the death-knell of freedom, and
clothe the President with absolute and despotiG
power
Sir, give him this bill in eonnexion with the
treasury note bill of this session. Bankrupt law
applicable to the banks and state corporations
which was recommended by him at the extra SOS
sion in 1S37-and the standing army of 100000
men recommended by his Secretary Of W ar this
session, and endorsed by himself, and sir, in
point of power, he would laugh to scorn the pro-
tensions of the Autocrat of Russia. | have al
ready attempted to prove that this bill clothes
the President with the most unlimited power over
the treasure of the nation. BY the treasury note
bill of tins session, he is authorized to issue
S5,000,000 of treasury notes, and to keep that
amount outstanding at all times for one year, by
re-issuing them as fast as they return upon the
treasury, in payment Of public dues. BY this
process he will be enabled to make new loan OF
S5,O0O, 900 every month during the year, and thus
make 1t equal to any amount necessary for the
accomplishment of any scheme of ambition he
might choose to put in practice My friend from
Kentucky (Mr. Pope predicted yesterday that
he would have to call on Congress for another
five millions of treasury notes before we adjourn
but, sir, cannot concur with him in that belief
II am not very much mistaken, the power 70
reissue the five millions already authorized Is
all they desire. Then, sir, to cap the climax
give him his bankrupt law, which will subjecE.
the state banks, and all their officers, stockholm
dcrs, and debtors, and the states themselves, to
the of his commissioners of banl1ruptcya
Then add his standing army of 100000 men,
which viii place under his absolute controlfa and 3
command about oneifth OF all the voters of the
country, and where, ON the face of the globe,
will you snd desPot clothed with more unlimik
ed power?
And, sir, all these are the schemes of an adj
ministration who set up 10 claim to all the demo-
cIacy in The land, and who denounce all who OPP
pose them in their schemes of power and opprcs-
sion as aristocrats and banlz-bought fcderalists
Sir, it is not unfrequenty the that the great
est rogues and pickpockets, when the s'hue and
cry" are raised in pursuit of thief or a robber,
are the loudest in the cry of fFstop thief" 1t Is
just so with this administration. All their r,ea-
sures and practices are of the most ultra d raj
character, and tend net only to the estabishm mt
of aristocracy, as have endeavored to show,
but to monarchy and despotism
1t is matter of establishment that an honest,
enlightened, but confding people, who were SO
strongly adnonished by the stfather of his coun-
try" to watch over their liberties with the most
sleepess vigilence, should allow themselves TO
be so long deceived, gulled, and humbugged by
the hypocritical and false professions of this par
ty. Sir, every usurper and tyrant who has made
his way to despotic power through rivers Of hui
man blood, always professed in his first advances
the greatest devotion to the interests of the peo-
pie. There never was greater democrat, by
profession, than Julius Cesar. He was /
loud and clamorous in his professions of attach
Insnt to the cause of the psople, till he gained
their affections and confidence, and then, sir, he
made the people of Rome the instruments of over
throwing their own liberties.
Mr.. Chairman, as to the extent and intensity
of the pecuniary embarrassment and suffering
which now peryades our whole country there is
little or difference of opinion between the
friends of the administration and the opposition.
The gentleman from New Hampshire, said he
would not deny it, for it undeniable. Sir, 1
we only differ TO the causes which have PRO-
duced this state Of things.
have already adverted very briefly to that
point, and have shown, think conelusively, by
a simple statement of few undeniable facts, that
it is the result of the wild, visionary and reck-
less experiments of the party in power, upon tho
of the country But, sir, in connection
with this universally admitted fact, that the
country is now laboring under a state of pecuni-
airy suffering without parallel in our history,
either in peace or war, desire for one moment
to consider this part of the question in another
point OF view And pledge myself to prove,
beyond the possibility Of doubt. from the testi-