The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-10-02
es an sb.olele idea! [Cheers ]
.he c3hiiffvs OF thsu "a has


the question. lCheers suppose there was now law
for establishing bank with hfy millions VI capital
With branches the south and West loaned privai
discount, who going 10 subscribe Laughter j
Where would you get the capital (Renewed laughter
ana for the purposes of local discount take the queson
into State street tomorrow and the answer viii be-
equally decisive against Do you want the naiien 10
send mere quantity OF untaNnd bank captai 10 pata
Of your discountsf You perfectly indifferent about
receiving it, Well, then, what shall we ever have
lrepea gentlemen that that man who proposes TO do no
thing for the country till condition OF things cone
when he can establish bank by private subserPn1h
may just well postpone it till the incoming oil "
Jews. daughter aud cheers) Why when this exeht
quer plan before Congress, il was assalItd ny o."
One gentleman, believe, got up and had eourase ,
that by possibility some good might eonie y, ~
somS said X would be perfectly lifeles machine that it
would not stir at all Others again sald ,ns IL wouia
have great deal Of life and TOO mneh Higor lhey aa
mted il would answer the purpose OF ls creation
perfectly WELL hut then would increase tue Executive
power daughter and cheers WIN one II was kiuS
it as exhibiting ridiculous impotence, and another a
giant enormous magnitude to stride over the liberties
ofhe country and destroy the constitution by the increase
OF executive power. (Laughter) Why, gentlemen,
those opposite srguers convinced me Of hing-that
the was not to be adopted-hat it was not
be temporarily considered and of course it attacked
with ,hemeuce before it had been committee
OF Congress to pass through the usual OF
animation Indeed, gentlemen, the position of this
constitution OF ours is very remarkable. II is
meant instrument of good, but is afraid OF
doing one thing for fear he should break it, another is
afraid OF doing another thing for fear he'll break it, TIL
We all do nothing for the same reason One will
vote oT bank with power to establish its branches
because Il would impair the constitution another
will vote for bank that does not possess that power
because that would surrender a right that would in.
Executive influence and break the constitution
daughter and cheers) Just boatman, amid rocks
aud currents and whrlpools will not pull one stroke for
his safety lest he break his [Cheers aud laugh
teri And we are locking forward now TO a time when
there Will be that confidence that VIII enable bank
VITA large private capital 10 be established When VIII
that time come When the prosperity of the country
returns, and when, therefore the emergency is over
Va mill IA IN Elua The m fr0n
sinking till the chances of the winds and the
shall have landed safely on shore. [Cheersl
guine than + who looks TO time W thin reasonable
period when the wings Of this country will have
great subject OF the currency than they have Loud
cheers This very moment this approaching session
calls upon tncm, my judgment, in the loIdes voice
Of prnosm nos to put of and not TO postpone, but to
mate the mos-ths bps--of the means before them, and
try the experiment; lCheers' They say the adnini-
trat5n sfonsibe for the state of the country. We
then here measure OF the administration to which
she Ex -cuve is pledged. Why not try it If the
It, try som thing else. ICheers Gentlemen, in he
events th- have elapsed ought to say, and will say,
because mean 10 make, for have begun it, free
mmuncstlon,-tgreatc heering] There is nobody
Of my agr aud am not among The youngest who hes
written spoken against tho indscriminato use
and The abuse oil the power than have. Cheers)
Aud 40 whose opinions remain more unchanged on
that subject than mine. loud eheers) II is unver.
sally known suppose, and if it not, IL should be, AMI
shall be- shat advised against the exercise oil that power
In all end in every IN which It has been exercised
hove done tha have not been willing 10 join WITH
those whose object has appeared to and state
vim grra' trankness, rather TO make out case against
the President than to how they could serve the cous
try, v,tos 20 the contrary notwithstanding (GrCat
extra session Of Congress, seemed to be formed
determination that The great whig party should
gone through the process OF amending the Constitution
by doing away with the veto power That appeared TO
me 20 be- almost mocsery to the hopes OF the WhiE
party. Ii reforming the Constitution,
DO say hat other guards and notifications il mig
be proper to impose the veto probably coz
venon would think Of striking II out altogether u is
mos. only restraint in Other Have
la,oy the Legislature of New York CT that
tain mea1Ires should pass without maj rty of two
thirds and DO the House of r. representatives.
imposing itself similar res.ricten7 Is 1t not every
6a practice suspend the rules the house. with the
thirds of the members present. There
be other restraint implied in the veto power that
impo,e By other restrictions After all the great objection
tAat utterly hopeless to expect a change Who
expects the day when the Constitution will be
amended that respect And to give all practical
with view of first amending the OBSERVATION-DISCLOSURES
10 mel will not say, trAIng-but to be treating the
regard (Cheers) repeat, then, gentlemen, that is
the tmr, and this Wing Cong ess are the men to accom-
the country which has been the pursuit of the people
and especially of the Wing people for the last ten
70 accomplish. And I'LL j, be accomplished
And say, tina. in my opinion,--the plan proposed
las, year WIN dS mat am eOnnde tSs @sch.n
ic makes tool Of his trade axea saw or pane-if
he knows that the temper of is good if he that the
parts proporhonedh he sees that the construction Is
accurate, he knoWs it will answer its purpose, and
Know that this system will answer IFS purpose loud
cheers) There other subjects, and have already
alluded to hembut there is one gentlemen of so much
importance that cannot avoid abiding TO it. mean the
modifying of the public credit OF this country.
cannot thinking gentlemen, that II the Statesmen
OF former age were among us, that if Washington
here aud John Adams aHd Hamilton, and Madison, they
would be deeply concerned aud soberly about
the public credit OF the country. am in situation
10 which ] am obliged to read frequently with
our agents abroad-it really distressing to hear them
speak the their distress what they hear of the
end contsmely with which the American character is
spoken Of in Europa. We have stock loan which n,
the present rate of interest ought to command 81 %
Can command dollar This Commonwea
has credit not to be doubted = does it not find
itself affected in its general credit by the present condi
ton ofthe pubic credit OF the country (Cres of"res
Is nobody make a movement Is there not a man in
our counsels large enough-comprehensive enough-io
undo ake TO present at last this before the Amer
can people and TO shew them the inevitable conequen
Of leaving the public faith and credit and you mpy
say the public character for morals and honesty whern
stands7 (CheeIs) Some indiscreet
enough 10 speak of repudiaton To repudate debt
Does reputation pay debt Does it discharge the
debtor Does the debt endure until paid dscharg
ed by arrangement Does not continue binding in law
and merals1 so should not thus deceive themselves
Reputation does not do anything but add a sort
Of disrepue to acknowledged disability It is our duty as
la power, to rouse the public feeling this
subject TO mainaia the beneficial influence OF law and
morals, and faith in the public credit Cheers) Why,
gentlemen people say that the intelligent people of Eu
rope ought TO discriminate between the United States
vernment and the State governments. SO they ought
but what then All these governments emanatons
from the people and If State gov eminent may
pudiae its honest debts and find rebuke from the pub
lie voice may Europe ask the question: how long till
the National councils agree reputation and find
Duke from the peoplel (Cheers) Here, gentlemen,
is stain which ought TO feel worse than wound.
(Cheers) And the time has come when every
man and all governments according to Il cir abii.
tiles and constitutional power, should endeavor to
correct this great existing evil (Cheers do
not undertake say what the constitution sutherses
Congress TO do. only say that il the puoc domains
that that great fund properly and in equity belong
the states then there "a by regular and con
suonsl law enable the ststes to their credit
and the credit of he people tCheers have detained
you grn'lrmen, much too long In my judgment there
remain many mportsnt subjects yet to engage the atten
ton OF public and private men The settlement of the
remaining questions with Engand-the prosecution OF
the claims OF citizens foreign governments
tho great question of the reciprocity treaty
Of the coasting trade--the most absorbing ques.
iinn Of In Nd nther s,i,iect