Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, 1840-04-09

doubt of their being the doctrines of the
Administration. They involve and have
drawn into this dc bate great and moment
Gus considerations affecting the most cher
ished interests of the people represent, as
well as of nearly the whole country
With the exception of few incidental re-
marks made by me day or two ago, no
one from the North and East has addressed
you during this discussion; and as some
part of the debate has been pointed in lis
character, and directed to me personally,
as If the positions assumed were incapa-
BILE of refutaion, feel urged by an irristi-
bic sense of duty-nay, cannot reconcile
myself to forbear from making some re-
ply.
The Senator from Mississippi, (Mr.
Walker with his usual acknowledged a
blity, and the distinguished Senator from
Pennsylvania, (Mr. Buchanan) following
in his track, h ave advanced the PROPOSE
tions that the embarrasments and distress
with which the country has been grlevous-
ly afflicted for several years past, and
which now paralyZe all its energies, are
impnable to the pernicous influence of
bank paper; that this bill contains the nee
essary corrective, as it will check impor-
tations of foreign goods, suppress what they
call the credit system, and, by restoring
specie currency, reduce the wages of the
laborer, and the value Of property.
This is The character given to the meas
ure by its friends; and, alarming as the
doctrines are, am gratifed that they are
frankly avowed have been anticipated,
to considerable extent, by the Senator
from Mississippi, (Mr. Henderson, In
what have to say, shall, however, con-
fine myself chiefly to the speech of the
Senator from Pennsylvania, who has gone
in detail into the subject, for we all ac-
knowledge his ability on this floor, and his
capacity 70 do ample Justice TO the sub
ec,s which he discusses.
| ! do not propose to follow him through a
very large portion of his elaborate argu-
ment TO prove that Executive power has
of late been Stunned instead of being
sought after, or that the present and the
old Bank ofthe United States are identi-
cal, and both national banks. Enough
has been said on these points. He has
however, asserted that we have abandoned
all the arguments which we have, before
used against the sub-treasury, because the
progress ofevents has proved them unsound
| Not so; far from it. With others, enter
| ed into that debate, which is before the
public, and the public arguments unrefu-
ted stands as firm as ever; but it would be
a profitess task to reiterate them here,
and this is the reason why they are passed
over in the discussion.
But, sir, will not dwell upon any of
these matters, but 60 to that in hand
The Senator says we labor under distress
ing embarrassments, and so we do; no one
will have the hardihood to deny it, for all
the country in sorrow bears testimony to it.
We have, it is true, seen an occasional
CLEAN of light, but it has been soon OBJ
scured, and we have been shrouded in a
gloomy uncertainty. He says further, that
the cause is excessive issues Of bank pa
per, speculation, and bloated q use his
own words) credit system. He lodges the
guilt on the shoulders of the banks alone.
1t is neither just nor fair to hold then.
alone responsible, and will make it man
ifest, by showing that they were seduced
into their errors by the Administration.
Before the late President (Jacksou)
seized the public money and took it into
his own custody in 1888, there was no
complaint about the currency all the peo-
pie know this, for all, even the President
himself, in one of his messages, united in
declaring in substance, it was sound, and
equal to that Of any nation on earth..-
There was no complaint, no inconven-
fence, no embarras sment, from this source,
in doing business; but contentment and
satisfaction everywhere. About this there
could be no mistake, nor will any one
here attempt to relute the well-known
facts.
But from that act of the President,
which was the first movement to reform
the currency, to this day, there has been
what the Senator is pleased to call tex
pansion, contraction, and explosion in
rapid and fearful successoh; crisis upon
crisis, pressure upon pressure, panic upon
panic, have succeeded, TIL we have reach
ed state of suspicion and alarm that has
deranged and almost suspended business.
The storm in its fury have swept over the
country, once and again uprooiing the
stateiest and firmest trees, and leaving in
its track dreary, desolate waste. Its
marks are too deeply engrayen, too dis
tinct too well defined, to leave any thing
uncertain-any thing equivocal. 1t fell
upon us with such whitening energy, as to
leave no doubt when, where, and how it be-
gan.
Gentlemen may tax their ingenuity, they
may task their inventions, to discover. other