Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-09-29

deposits of the outstanding treasury notes [Here
from some hubnb in the crowd, the RePortes could
not hear Mr.. Webster for a moment.
And again the tone now is, the movements now
are, since Mr. Calhoun folio wed by all those gentle
men who ordinarily follow him, have been forced
into the adoption of this sub treasury system, with
its specie clause and all its evils,-the tone, say
now is, Of all these gentlemen 10 depress the pub
lie credit to depress and dscredit the value OF bank
paper wherever and whenever II may be found
This is their plan; this is part OF their system
they avow il. Well, who can tell what VIII be the
result oil all these movements! Who can tell where
this systematic attempt to disered bank paper Is TO
stopl Who can tell what evils II viii produce! liz
is a power which can break banks that arc solvent;
but il is not power which can make lnsolNent
banks do us justice pay what IS duc from mem IL
break and ruin goo banks; that is all tins pow
er is capable of doing; bat it cannot compel Insol
vent banks 20 perform those duties necessary TO
bring about better order of things.
But some Of our opponents may say, that over
state these points, because Mr. Wright says that
IS 900 O0o sufficient 10 perform all tho,e opera
tions which necessary for carrying on The gov
eminent Well, whether i over state or not, de-
pends upon the accuracy of Mr.. Wright; and wheth-
er he IS correct in his estimate OF S5,Vn,V being
all that IL is necessary 20 withdraw from commerce
for the purposes OF government. How Will he re-
concile his So coo eco estimate with the S39 0OO,oO
expenditure OF the government. Does he expect to
reduce the 30 millions down even to that extrava-
giant administration of Mr.. Adams, which expended
1900 O00 and say that then S5.0Oo0O will do all
the service which the government requires Does
he mean to confne the expense TO S33 900 900!
Why, there is no ground for comparison But
MIR. Wright says, IN his recent speech at Brooklyn,
that So 000,000 is small subtraction Of specie,
that the banks and the business of the country can
never feel the want of it.
Why, my friends, have made the calculation
that $1,000 600 is about one moiety of the average
amount of specie in all the banks of this State =
Think, then what would be the effect of drawing off
half of all The specie IN all the banks IN this
State, and locking il up in the vaults of the sub
Treasury scheme for the alleged use of the govern
II NJ -.
main argument in relation TO this matter. He says
in his speech that the great of all the evils IS,
that the banks enabled TO discount on the public
money. This, he says, that the Sub Treasury will
remedy, and totally put stopto. But how are we
TO reconcile the two togetherl If S3o00IO0 be all
that the government Will take from circulation, will
that prevent the banks from doing much less mis-
ehiefthan they could if that additional sum was in
their possession.
But, again, he says in his speech, at Brooklyn,
which is well reported and published, suppose, by
his authority lin the Herald) that tae only difference
IN .he mode of managing the public revenue under
the Sub Treasury law is, that tie money IS Kept by
Stephen Allen, instead of being kept IN the bank OF
North America whatever II is called. Ayi IN
deed is that alll Is that the only diferencel Then
what becomes of all the specie part of the system,
about which so much camor and noise has been
made. Where was the OF calling II the second
Declaration of Independence, and Of speaking of 1t
the only left for the salvation OF the coun-
try, if the only difference caused by IT, Is that Ste
phen Allen keeps the money isstead Of the banks,
cloud and repeated cheering)
Gentlemen, will not detain you longer on the
practical operation of this sub-treasury scheme, so
tar IL respects the receipts and disbursements ct
the public treasury because you are better aequaint
ed with them THAI am great portion of is ope-
rstions are your own city, and you who are not
familiar with them enquire from those who are.
Bat will advert now TO the great objection me pne-
lie obiec';ny. IL POLITICAL objection against the
1-vsos sI5-tressury scheme, which consists Of its
omissons-thAt Is II makes no provision for, but
processes altogether 20 abandon all concern Of the
general curreneyl We may treat other objections
pease-they entitled to mere or less weight
- but this is decisive-ths mas reused the whole
community from end Of the country to tse other;
and this is that which is decide the fate Of the pre-
sen, administration. [Great applause.l
Now gentlemen, this question is become general
frequently discussed that shall not enter into
il or extend the obser vations have made because
believe the people are awakened toits Importance
The people have formed Just estimate OF 1t, and
the dav approaches when the Judgment of the coun-
try will be generally pronounced.
But, gentlemen, there is one topic to which
would advert for a moment. We have a country,
gentleman-we are permitted under Providence 20
live in a country of which we are proud, for many
reasons. We are proud Of its independence-we are
proud Of IFS public Lberty-we are proud OF ITS use-
full and free nstitutions-we proud Of the public
spirit, and Of the enlightened patriotism OF our fell
low-citizens but we are prosd also, and IL Is
the things ofwhich TO be most proud
of our public mcralIty-the sound faith, the sub
stantial the correct morals, which have distinguish
ed the ministration of the government end the
duct Of the country from the time she took her place
among the nations of the earth
And among the evils of the times tsat most threaten
and that st deeply 10 the foundation OF our
morality and the responsibility OF our Character, aud
our standing before the world, are attacks upon
these moral principles which have distinguished u.s.
and upon the strength of which alone we expect TO
maintain our reputation among the natl hs. Cen
tlemen sentiments have been preached which strike
AT the very foundation of our SYSTEM do not sew
speak merely Of such ridiculous doctrines as have
been promulgated IN my own State, according 90
which man has no more rightto leave his property
10 his children than another 10 take tfrom him
But speak of another set Of doctriaes, which go 20
the foundation Of social and political institutions
of the doctrine that one generation OF men, acting
under constitution and through form Of law, can
not bind their and that all the obligations
which, onee generation may contract by legislature
for another, are nugatory aud may be repudiated-
Gentlemen where is the line that bounds generations
of men There are changes in society daily and
hourly. The American community Of to-day
will not be tomorrow. The American community,
when began to address you, was composed 81 indi-
viduals. SEINE Of whom are not now in existence
and IL il composed of individuals at this moment,
some Of whom had not then commenced To exist
Where Is the separation between generations OF
men Why, how sbborrent are all these notions to
those great and eemen tai truths which teach Us that
though iadi viduals flourish and decay, States are
immortal Gentlemen, political sovereignties and
communities arc ever young, are ever green and
ever vigorous-are ever enduring, aEd are ever
identical-(applauss
The individual. which compose the community
nay change ~ the atoms which compose our Rlta.
raj bodies change, bat the community exists In ITS
aggregate capacity As exist in our natural cspA-
city, with this exception, that Tor ourselves we
know that we mortal we know that time -
appointed f-r all living-we know Of TO hour when
these atoms may all dissolve, and we individuals
shall rcurn t. the dust from which we sprung, but
for country, u viii still dwell in our hearts,
and az that moment viii 20 mp aspiration that she
maybe IMMORTAL. trremssdoas and lag CONT
nusd cheering
The Preamble and Resolutions were then adopted
and the meeting was dissolved.
The Greatest Democratic Meeting cver held
In