The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-10-02
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The motives of those mainly concerned IN 1t were
undoubtedly perfectly pure, for all public men are
reasonably supposed TO act only from pure motives.
daughter and cheers) But II the objects OF the
whole transaction, and expressed in the very law IT.
self-li they be motives, written the face OF it
hey are motives worse than the operations OF the act
itsei Because 1t is part OF these motives-ltisso
expressed IN the act-every line full OF It,
| every circumstance attending the transaction il
uil OF it-that the object is neither more or
| less than TO impose in all time to come re-
stnction on all legislation in regard to the power
| of laying duties, which the constitution had not
| imposed 1t was really and truly to insert a new
States TO the effect that duties should be laid af
ter 1912, that were not according an absurd hor-
zontasm-llaughterl not exceeding twenty per
| cent. When that act was before the public it was
pressed by the emergencies of the public nee essites
| and great many people were reconciled TO it, /
venture now 10 recur 10 what then then said; that
its principle was false and dangerous tCheers That
| II would Introduce new practice into the admins
raton of the law and that when the time came when
its operation could be borne no longer, it would con-
vulse our system would cause spasm and throe to
get rid of it. And hasn't it done all that! [Cheers
| thank God the country has got rid Of i, and can
now breathe free of its influence. The present
Tariff is specific, discriminating. holds to common
sense, and annihi'ates, hope, for ever the pTn.
ciples of the Compromise Act. [Cheers. Another
great subject remains. great original object of
the. revolution which we have effected-and for
ton of the Currency. [Cheers.] Our troubles,
gentlemen, did not begin with the want of money
IN the Treasury They did not begin with the oPe-
rations of the Compromise Act They began by the
disorder Of the currency in 1888 They have
continued ever since. Loud and continued
Cheers Other causes of trouble and distress have
grown up-attracted our attention, and been provi-
ded for but for this great evil of deranged cur;
rency provision has been made. And 1t we shall
remove these other causes OF distress, we hll the
treasury, if the tariff act and its protective policy
shall have the effect to stimulate to reasonable
| extent the industry of the country, so lar well
but till there be a provision for better
lue throughout the land, am hard to be per-
mer prosperity [Cheers.l Now, will say word
nv" an the s the sssuy M %
large capital, furnished mainly by private
subscription to have branches all over the
country for public and private distribution l need
not now refer, gentlemen, TO the circumstances IN
which Mr. Ewing presented this panto Congress 1t
received the APPRECIATION OF the President with the
opinion that the best thing that could be done;
for,as have said circumstances placed gentleman
at the head of the government, whom we had all
agreed to place in the second official station IN the
| Executive, and who had opinions different from
nine and we therefore thought 1t the part OF Wis
dom and prudence, not to see how much
| Of a case could be made out against the
President, but to see how we could get along as
well might under circumstances lChees.l
That led Mr. Ewing to present his plan to Congress,
! such as every body desired it should be, with the
exception that it did not allow the Bank establish
branches in any State without the consent OF that
State But Nhad no idea, myself gentlemen. that
lieve that Congress has the power to make a Bank
| with liberty to plant branches anywhere But, at
most, that objection was theoretical. No one could
show how mischief would arise, but the opposers
went the principle that IN any case the non.ex'
| erc.se Of power amounts TO surrender al H.
Well, what was done7 Why, gentlemen, it was
exceedingly doubtful at that time, whether any IN
titu,ion Of that kind could be carried into opera
ton, or subscriptions could be obtained TO II.
(Cheers) We did what we could tor It,
We sent to mercantile cities. We asked gentle.
us and consult with They expressed great doubts
whether adequate subscriptions could be raised,
but they also expressed hopes, and pledged them
selves to do what they could for it, and CONNER
cia men, were in favor of it, the administration
was new and popuIar-as The people were anxious
for something to fry-snd as there was great de-
sire that the bill Should be tried il was sent to-
Senate, at the Senate's request, and rejected.
[Cheers and laughter Another bill, avoiding the
theoretical objection to which have alluded, wa
was found out that j. could not pass Wig Senate
Laughter and cheers. GentlemeD,I will not pursue
the unhappy narrative OF the latter part OF the ses
sion oil lS4i men had begun to grow excited, and
angry, and resen,ful | saw that storm rising, and
endeavoured as far as could to hush II. lCheen1
| AT early period l expressed my opinion
those was entitled to speak to, nat ~ . was
from any further attempt My advice that all should
keep coolthst harmony might be restored, If i could
be restored (Cheers am bound to suppose that that
adv ice was good for was not at all followed The
consequences are too well known to be dwel on;
Congress-. the Secretary Of the the in csnnec
with the President and the rest of the Cabinet sent
plan Congress for exchsquera measure which has
received very little favor and therefore il necessary
me prevent the whole burden dsfavor from
resting Others by ing that it met my hearty, sin
cere aud entire appreciation Loud applause) (Pauso)
Gentlemen, hope that have not throughout my pub
in my own opinions blu. there are some in which
have confidence in my own judgment, and th: Is enc
Of na
ed currencythe relation that paper bore to specie IN
Of eapsr much omy sisen
ton (Chcers) Ssae Of remember that these ques-
famous resolutions introduced by Mr. Vansittart (Lord
Bexley,) and remember also his arguments to prove
while the notes Of the Bank England were 10 per cent
under par that they still worth a. much a. they
purported promise and he insisted that the notes had
deprecated, but that bullion had risen Gsushter
Lord Liverpool, Lord Caslerea gh, Mr.. Rose, and
other distinguished members of Parliament, espous-
cd that side of the question: as We know.
son, the powerful logic of Mr. Horner, the practi-
cal good Mr. Alexander Bar ing now Lord Ash.
the study Of these papers made me buiisnis (chesrs)
and convinced that paper could not safely
deemable in gold and silver the counter of those who
issued it, Tremendous cheerng) Coming into Congress
;nr the finances Of the country in most dsplorsbls
don thai remaining after the conclusion Of the
peace busted myself preference to all other public
,orics in the consideration Of that question. believe
read every thing valuable written or spoken since
on either side Of Atlantic that subject All close
Observers what took place in other counties and espe
cay Of what took place here from the time Of the dis
continuance of the Bank Of the u g. In 1911, down to
the present time, agree with my opinions have expires
sed those opinions at various times In Congress- and they
have not believe been fslsifed by subsequent events
that feel alto geher satisfied that my opinions
this point sound and must therefore be permitted to
pay respect TO them than can pay TO the nppan
paragraph in newspaper to the hasy assertions OF
debate in Congress. (Cheers) This 10 the best meas
urethe only for Congress and the people TO
adopt ready TO stake my reputation on it, and that
IL Ill have stake that hs whig Congress will take
til and give it fair trial within three years
it will be admitted by the whole American people 20
have proved itself TO be the most beneficial msau
ever established in this country, the To ns
| shallf take II ~ II