Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1842-10-07

and will any one say that either Mr.. Stur-
geon or Mr.. Buchanan of Pennsylvania, or
Mr.. Williams of Maine, or Mr.. Wright of
New York, did not pass the bill, as much
as the gentleman in the other branch who
has been so much lauded for his actl No
let us admit the truth. A lawyer always
will, when it helps his case, and in case the
truth is more favorable for us than any thing
else. A large proportion of the other parry
helped to carry the Tarf-and that is an
important truth Why gentlemen, as COM
posing the larger party in the country, can
you desire, ought you to wish that so great
an object as the protection of home industry
should be mere party object-rising as par
ty rises, and going 10 the grave when par
ty goes to the grave? No! Protection is
a national question: public question which
should ever be inwrought with the senti-
ments Of all parties, aud so | desire it al
ways may be because though hope the
asccndency of the Wing party will be per-
petuaI / desire to take bond for IFS Sc
curity more durable than my hopes of the
perpctuity of the Wing power.
Let us be true in another respect will
accord as much praise to the men who pass
ed this tariff as any one will but after ALL
what have they done They have restored
the country to where it was before the pas.
sage of the compromise act-no more---
They have repaired the consequences of
that - measure | must now speak
openly aud frankly My turn to speak has
come. And say that no measure was ever
passed which caused me so much grief and
modification as that compromise act. II was
carried by few friends who united with the
whole host Of enemies Their motives have
been much lauded, and if by motives are
meant the personal motives which ac.uated
them they undoubtedly were pure. All pub
lie men are supposed to act from pure mo-
tives. But if the objects of the law-or the
law tsel-iflhese be motives for its passage.
then | say that the motives OF its passage
were worse than the operation of the law il.
self
Every line of the act is full of error II
was neither more nor less than an attempted
imposition upon Congress for all future time.
of restriction which the Constitution had
imposed; it was new prohibitory clause
declaring that after lS42 no duties should
be laid except according to an absurd hori-
Zontal system, and then not above twenty
per cent. The measure was warmly pressed
and passed, and many since became recon-
cIled to it; but say now what said then.
that the doctrine was false and dangerous;
1t was a new principle in law which fore
saw would in after time conyulse our system
and cost the country spasm and mighty
throe to get rid of. And has it not done ali
this ? (Applause.) thank God we have
got rid of IT, and that at the present time
protection is recognised as distinct princi.
pie. And hope it will ever be so. Zap
plause)
But come now to the greatest original
object of the revolution of IS40-the rtstor-
alton OF the currency. Our troubles did not
begin with the recent want of money in the
Treasury, but with the dishonor of the Trea-
sury in 1888, and those troubles have con-
tinued ever since, from that and other caus-
es. For some of these other causes proyis-
ion has partly been made, but for this great,
original cause, no provision has been made,
and were it not for the passage of the new
tariff law, the Treasury would have been
wholly without resource, except the fuctu-
atIng and precarious proceeds of the public
lands. And yet until better currency,
currency which shall be universal through
out the country is provided, am hard to be
persuaded that we shall see the day of our
former prosperity.
will say but few words upon the efforts
OF the present administration to provide
such a currency.
AT the special session of Congress the
distinguished gentleman at the head of the
Treasury department, furnished to Congress
the idea of large bank of deposite and eS-
change, with branches in the principal cit
les OF the Union. | need hardly to advert
to the circumstances under which it was pre-
sented. 1t had received the appreciation of
the President and the Cabinet, as the best
thing that could be devised for as you wei
know, circumstances had greatly changed
since the election. Ii had pleased Provr
dence to put into the first office of the govern
ment one whom we had placed in the second,
and whom we considered competent for that
station. His principles on the question OF
a general bank were fixed and known, and
1t was therefore the part of wisdom in us to
see how to get along as well as we might.
1t was exceedingly doubtful whether ifa
OH passed to charter private subscription
bank, the stock could have been taken up.
we had ascertained this from the best in
formed individuals of the larger cities, and
when this plan was submitted to their con-
silderatlon, though they expressed fears to
the contrary, they entertained some hopes
that 1t might be established.
The bill did not allow branches of the in
stitulon TO be located in any state without
The consent of that State Government, and
though | thought, and others thought, such
provision wholly immateral, it was insert
Ed In compliance with the views of those