The pilot. [volume] (Baltimore [Md.]) 1840-1840, 1840-04-20

ed. After the cheering had subsidized Mr.. Rlves
rose and addressed the meeting for about a
quarter of an hour
5. Spirit of '76: Wake from thy sumber
and sound the tocsin oil alarm TO nation oil
insulted freemen.
s. New Jersey: Arise, captive daughter OF
Freedcm, for the day of thy deiveTance IS at
hand.
Z. VIM. II. Harrison: General-Scnator-
| President: the robe of the distinguished civil
ian and statesman cOnCeas the armOr of a SOL
der of his country.
| 8. The memory Of Washington.
! 8. Public opinion: Like the air we breathe;
purified by agitation.
10: The Democracy Of Jefferson and Van
| Buren, The former resting on the sovereignty
of the people the latter on the sovereignty Of
party.
IL. An Independent Judiciary: The last hope
ofour country-it can never eminate from a
corrupt Executive.
IL. The Army and Navy of the United
States.
IS. Woman's bosom: If there be an Elysi-
UNI on earth it is this-it is this.
Volunteer Toast next week.
A sentiment, complimentary 10 David Hof-
man, Esq, an invited guest, having been Of
fered by the Committee of invitation, that gen
tIeman rose and addressed the meeting III a
very felicituouS manner for a few moments.
Mr.. WIN. L. CLARK being called for the en-
Enthusiastically from all parts of the room, rose
and said, that he acknowledged the right OF his
fellow citizens to call and his duty TO respond
TO the call made upon him. Mr.. g. said he
was ready to give the reasons why he occu-
ped seat at the head Of one of those tables.
| In the great contest which had been waged by
the parties in the country on the subject OF the
currency, he had sustained that measure OF
| Administration called the Sub. Treasure BILL
He had always thought that whether the pub
| lie funds were kept IN one place or another was
not material question The great and I'M
portant question, in his estimation, was, tie
character of the currency in which the reve-
nues of the nation were to be collected. And
when. said Mr. G.. the Administration, by the
passage Of the Sub-Treasury bill in 1889, twelve
months since, proclaimed 10 the nation that the
policy of the Government was to remain I'M
! changed-and that the revenues were still, I'M
der that bill, to be collected as they had been
collected ever since the resolution OF 1916, IN
the currencies Of the sStates-when the specie
clause. by direct vote Of the Senate; was
sticken out he for one was content. But said
Mr.. c., since the passage of that bill in 1889,
change had come over the policy of the Ad-
ministraton in that vital matter. AS this mea-
sure had passed the Senate within the last nine
ty days, the whole revenues of this nation, in
the space of three years, are To be collected IN
gold and silver. The natural and solemn ques-
| lion, said Mr.. G. is, where is this coin 10 come
| from? Where, said Mr.. G. but from the
vaults of the Banks. Where is il, said he,
but in the vaults of the Banks? If then one
half or nearly that quantity of all the precious
metals in the nation are to be drawn into the
depositaries of the general government in one
vear-what is to be the effect of such run
| for specie on the Stale Banks-what but 10
compel them Gfthey resume specie payments)
to curtail their circulation in a very serious
manner, and thus TO bring down the prices OF
and, of labor, and the products OF the soiE-
Sir, said Mr.. c. the property of every man is
measured in its value b.. the quantity OF the
circulating medium called money. When mo-
ney is scarce, or in other words, when the
Banks contract their circulation, prices OF every
thing depending on home market, fall until a
perfect siagnaton ensues and nothing can be
sold. That state of things must in his esiima-
ton ensue as certainly as the administration
succeeds in the passage OF that bill which has
already got through the Senate.
am not ready, said Mr.. G.. TO try the ex-
pertinent of the general government in collect
ing about thirty mnllonS specie Ill ohe year "
try such an experiment is TO operate ON The
value of the property of the country. Those
who wish to make such an experiment upor
their property will be consistent in supporting
this measure OF the administration which is the
/, test of party. And yet it was strange how
the same man could support the the bill OF 1885
and the bill of 1910, being as they were so vi
tally opposite in their policy the former real
" aiding the circulation of the currency of The
Slales-lhe latter repudiating that currency
driving it back to the counterl of the Banks
and extracting by force which could not b,
resisted the precious metals, the very basis
without which not dollar can be issued. No
said Mr.. G. is there any thing but falacy in thu
idea that this coin will be again thrown int
circulation. The drafts on the despositaries
said he, will always be at par, for they woult
represent SO much coin, and probably abov,
par, which would render it against the interes
of the holder to present the drafts for paymen
and the result would bethat the drafts would b
currency themselves. Believing thus tina
this bill would be fatal to the banking institu
tons of the states as well as to the property 4
all the grain growing states-and beevin.
that its passage would be arrested if Virgni