New-York daily tribune., 1842-10-03
WHO'LL NO. 46a.

1t Is tor ask you, rs composing part OF The IN
dustrious, hardy men of NewEnslaud as caring
for your children and their livelihood, if you would
wish such great object as the Protection Of Your
Industry made a mere party object-rising as par
ty rises, and going to Its grave the party goes
iow7. II is national que.tiou-the utility of
Tariff of Protection-and let all parties support
it, because though hope the ascendancy of Wing
! principles NAV be perpetual, yet desire TO take
for the Tariff & bond and security, more durable
than my hopes OF the petpetuty Of the Wing
party
Let Us be true in another respect. his Tariff
| has accomplished much | honor the members
| who passed it, But what has il done 1t has
stored the country in regard 10 Protection to where
it was before the operation of the Compromise
Act commenced, and it has done more. 1t has
repaired the consequences otthnt measure. NAY
speak of the Compromise Act. My TURN to speak
OF it has at last come. can truly say that no
measure was ever passed which cost much
grief as that. We have heard the motives of that
act presented. Why ifby motives gentlemen mean
the personal motives of those principally con-
cerned we deem them pure-as all public men are
supposed to act from pure motives. But 1t we
look at the professed objects of the law-if we
look at what is written on the whole transaction
ii we see what the law expresses on It's FACET
these are its motives-they are as motives, still
worse than the operation of the act itself. 1t IL
explained in its action-every line is full OF it
every circumstance attending it is full of it; the
! object was neither more nor less than to lmpos,
for all time, a restriction upon tho Legislature IN
regard to levying duties without any change of the
Constitution 1t was in fact to insert prohibltory
clause in the Constitution that after 1912 duty
should be laid which was not according to an OBJ
served horzontasm, and exceeded 30 per cent
say now, as said then, that the principle is
| false and dangerous it admits new feature into
| the administration of the government and the laws,
and the country, only with sfasm and throe
can ever getrid of it. Has MT 1t done this Yet
thank God it is got rid of. The present Tariff
Law is sufficiently discriminating, holds to COM
mon sense, and rejects the principle OF the Com
promise Act hope for ever
Another and original object under the revolution
of 1910 was the restoration of the currency of the
! country. Our troubles did not begin with want
of money in the treasury; they did not begin with
| the operation of the Comprmise Act which COM
| menced in 1888, and has been contracting ever
| since There were other causes ot the troubles,
! and while they remained, even ii the Treasury has
| been full, and the Tariff and Protective policy un-
disturbed yet till provision was made tor better
currency, of universal validity throughout the land,
the great cause would not be removed.
| At the Special Session of Congress the Secretary
of the Treasury MIR. EWING, submitted to Con-
| gross plan for National Bank founded upon
the idea of large capital made up by private sub
| scriptious and having the power to extend It's
| branches all over the country l need not advert
to the circumstances of its presentation to Con-
gress 1t had received the appreciation OF the
! President and was concurred in by every member
of the Cabinet as the best that could be done; for as
| we said circumstances had placed in the first place
| the gentleman whom we all thought good enough
! for the secondhand his opinions were different
! from ours but fixed and deemed IT the part OF
wisdom and prudence see how we could get
along as we'll as night be under the circumstances
| Mr.. Ewing's plan sent to Congress as 1t mas
| been described-except that the bank could not
establish branches in the State without the consent
| of the States Now had no idea myself that
there was any necessity for any such provision-as
it was at most mere theory-thoush never would
agree in any case with the doctriae tina; the omis
sion TO exercise power is surrender OF the pow
err What was done? Doubts were expressed as
to whether the institution could 60 into operation;
>many we're doubtful as to obtaining subscriptions
| What did we do! We sent to the commercial
eites the principal towns in the country and ask
| ed gentlemen of known skill and capital to come
and consult with US about it. They expressed
doubts, but hopes also and pledged themselves to
| do the best they could and as the community was
interested in it and the administration was fresh
| and popuar-they were earnest to have the bill
| tried. What was the result ! 1t was sent to the
Senate and rejected. Another bill was brought
Iin-dives,ed of this theoretic difficulty it was dis
| cussed two .noaths and then it was found that II
would not pass Wing Senate
will not pursue the unhappy narrative OF the
session of 1841. Men grew angry and resenttul.
| saw the storm arising, and endeHvored, US Tar
as | could, to hush it. I expressed my opinion
freely to tho two Senator's from Massachusetts,
and advised them to give men time to cool-to let
a couciarion ,ako place. and harmony be restored
| if possible l am bound to suppose my advice
was not good; it certainly was not followed, and
the consequences need not tell you
The subject came up again at the last session,
and the President sent in to Congress the plan OF
| m Excheouer The measure received but little
favor and it is necessary for me, lest the whole
burden of displeasnre should fall on others TO say
that it met my hearty sincere and entire aPproba-
| ton.
Gentlemen, hope have not, during my public
life, had CIT everweenng confidence IN my own
judgement or been unwilling TO deter to the better
judgement of my friends But there are some sub
iects in which, confess, have some respect for
nv own feelings. The subject of the Currency
has been the study Of my life. Thirty years ago,
little before entered the councils OF Congress,
the question CT the nature OF q mixed currency
and the relation OF specie in cure ncy became
w;tb m, q matter of consideration. And discov-
cred a debate upon motion introduced into Par
lament by Mr.. vansittart, during the suspension
of the Bank of England, and while her notes were
Is per cent below par it stated that the bank note
VIZ was w worth just a. much its face purpolted to
nrom;ss. that the bank note had not deprecated,