Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-09-25

we have not been in a situation to realize, as we
ought, how much that general prosperity which We
have enjoyed, has resulted from a wise admihistra-
tion of the government. Now, gentlemen, In my
opinion, il this present contest terminates as ina
cine WILL we shall eok back hereafter with asto-
nishment at the course and the which have
been adopted during the last seven years, and the
general administration of the government, and at
the support il has received from great portion
of the Anne ican people l feel when we shall have
arrived at that period Of our history and the peope
have returned 10 those legislative principles from
which have departed, shall all look back with
establishment at the erratic which the general
adm ration has taken, and at the support which
it has received from so large portion OF the people
And, gentlemen, see no reason Tor surprise that
party has been strong in this country. Men grow
mere and more attached to party and they adhere to
il until some strong reason exists TO divorce them
from il; and, il appears TO me- II we look calmly at
the influence Of measures at Washington, and at the
measures themselves, they will show an instruc-
tive lesson--hcy will afford the youth OF this coun
try that may succeed us warning-they i'll show
the lengths that party will carry men-they will
show the influence which party considerations
exercise over mems judgment aud intelligence.
Now, gentlemen, | think that the whole course
adopted for many years past regard to the curren-
cy:is unlike every thing OF the KIND that went
days of the Republic-so chmerical, and so prepos-
ferrous, that l cannot understand how men could be
brought to the support of it, unless it was by the in
fuence Of that party feeling to wi ch have alluded.
Let me exemplify this by the law passed during the
last session. commonly called the Sub Treasury law.
If there are any gentlemen here, who were at that
time friends and supporters OF the admin
istratios, ask them if in Sept Of 1887, when Mr..
Van Barren proposed in his message to Congress this
scheme called the bTreasury law and when he de-
clared it part of the duty Of the general gov.
eminent at Washington to superintend the general
currency of the country they did not receive that de-
claration with surprise Had the people petiioned
for it Had they asked for it Z Had they applied
for it7 Had they suggested it at all9 In all our
previous history, in all the commissions and disor-
ders which followed the Veto Message of General
Jackson in 1882 in all the disorders of business in
1888 in all the operations, good or bad, of tie de-
pcsite system, in all the speculations which have
been INDUCED in during the period of the widest
notions, amid all the propositions, rational Wild
that have ever been put for tn by every body and
any body, was there down to the year 1887 any pc
tition for this measure from the people! Were there
any considerable number Of individuals any where,
to whom it occurred, to conduct the great financial
business Of the country, or the currency of the
country by such system as this subtreasury law.
Now it is true, that year or two before that mem
Der for Virginia, ma! suggestion of that kind
which nobody seconded-nObody followed; but OF
which every body in this nation disapproved-and
which all reprobated yet it is under these circum-
stances-when the disasters Of 81 had come upon
us-when the banks had stopped payment in East,
West, North and South-when there was cur
reney whatever Of uniform value and general re-
sponsibility Il speak Of paper eurrency)-in that
recomme ndation in his message to Congress, OF a
system Of administration and Of law, that should
fine the legislation of Congress the subject Of the
currency to the amount in the Treasury-to the
payment and disbursements, and leave the whole
affairs Of the currency beyond the mere stamping OF
the metallic currency without any power TO controu
it.
measure was recommended by the President, il was
cted or desired by any body. How was il orr
ginally receivedl Certainly not with any degree
of acceptance 'r appreciation. When il was first
y.J 4. lttrsu t,x
second and third sessions after il proposed, il
made progress in public estimation In fact, the
circumstances of the country were unfavorabe Il
its passage, and il was only until nearly the close
the fourth session Of Congress, that il received the
reluctant assent of both Houses, and became . law
of the land.
Now, my friends, is there any evidence that tn,
measure has become acceptable to the country du
netrated with apprehensions Of the result Of tn,
scheme. They saw it would hazard the bu,ineJ
and the common prosperity of the country.
There is now excited state Of public feeling per
vadng the land The state OF the country is the
OF it, No rational man, no friend TO civil liberty
popular government can close his eyes to the state
of things.
NY friends, can say but little more to-day;
have my opinion of the success Of the Administra
ton, and that opinion shall express briefly hav,
for some time been in public station, aud my sen
timents have been read and examined. In nothing
have been disappointed have taken part in the
system Of deposit; in the state banks aud on MIR
Van Burens mes sages to Congress, and I appeal Il
those who have heard or read what said, whether
I have been disappointed in anything. (Cheers.)
The regulation Of The currency was given to tn,
general government BY the constitution. To let i
pass without taking jurisdiction over it, is viola
ton Of the constitution.
I have entcrt aimed the opinion, that the genera
government are bound to provide a sound and uni
form currency for the people, and don't expee
any permanency for the business of the countr,
without some measure OF relief l don't say wha
that measure should be, but something must b.
done. CHEERS
I think the country needs repose. Ii has bee,
brought into that condition in which all feel III,
want Of mild parental government over them. -
Men cannot pursue their ordinary business-the,
cannot support their families, they have formerl
done. The new measures and rash schemes Of tn.
admnst ration have broke up their business and
beseaTcd their families.
The country is convnsed from Maine TO Georgia
w. see vast assemblages Of the people in every
quarter. What is the cause Of the sgitationl Who
are the agitstorsl No man, how much soever he
may be attached TO the administration can deny
there is some cause for all this commotou. How i.
il TO be allayed IL there is any friend Of Mr. Van
Buren, here, ! ask him whether IL is 10 be accom-
pshed by his reelection Can we hope for any
return Of our accustomed prosperity, # his admi-
nistrauon is perpetuatedI II is one Of the wise
maxims OF antiquity, that IL you would allay any
eommoton, you must first remove the cause En-
til the cause is removed, we need look for return
of the tranquility and happiness which we have
heretofore enjoyed.
On the contrary, believe, my friends, il a large
majority Of the people shall at last be convinced that
the series OF experiments pracised have been fatal
that IL is time TO give up the President and his
schemes, and return 10 the ancient and wholesome
legislation Of an independent Congress. I believe
that then, under such a change, the happiness and
prosperity Of the community will return. Perhaps
not Just directly, fer do not, however, hold TO the
idea that II is easy matter for sny admins, ration
10 bring things back to the point from which they
have departed. IL is a much more easy thing to
keep thugs right when they right, than TO get
them back to the right point after they have been
suffered TO 60 wrong
The laws which regulate commerce and finance
intricate. And il is the duty Of every govern.
ment thoroughly to study, and thoroughly TO Under.
stand them; which this government has not done.