New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1842-07-01

cultural produce OF e,civ description at the most
reduced prices; moacy unsound ard at the .ams
time scarce. and becoming more scarce BY prepa-
rations Of doubtful and uncertain issue, 20 increase
II. .oundno.s all the departments OF business IN
active AID s,agnant; exchanges exiravasaniiN
high and constantly fuctuating; credit. pubnc and
private. al the lowest ebb. and confidence iost
and feeling Of general encouragement and de-
pre,siun And what darkcns the gloom when
hang. over the country one can discern any YER
mination ct this lad of things nor see m the
future any glimpse Of light or hope.
/. not thu, faithful. -hough appalling, pc
iure Of the United State, Ia 1912 l,pPeal TO al
present. Wings ard Democrats. Ladies and GEN
iler1en. 10 saw if It b. at oil too highly colcred.
New let US see wha, was our real condition oslv
tbs hort time Of ten years .go. had occasion,
in February. 1892, in the Senate of the Cnited
Stst-s when | was defending the American Sy'-
TEN against the late Col. HAYSE OF South Caro-
Ina 70 d-scrsc IL and refer 20 this description
a. sri9sacs Of what | believed TO be the state OF
the country at that time That 1t CONFIRMED 10
the truth Of the case appeal with confidence To
those now present. On that occasion, among
other things. said
81 have perform tho more pleasing task OF eHho
ting imperfect sketch OF the existing 'aie OF NC u
aecd prosperity OF tse country. On general surrey We
the country improved people fully and prohasy en-
poyed, and tie public countrnsnce erhoitus ushqu-y'
conientpert and happinos And ii we s-scrnd MO par
icusrs have the agreeable contemplation OF people
OF debt land rising o-y in value hut IN secure asd
ssu,sy degree; Already though not eItrs'agsni sAet
sl the surplus productions OF our indusuy
ocks ard herds browsing aud gsmholne on ies
hills ard plains covered with rich art verdsni grss>e'
cities expanded and whole villages springng Gp As
were by -nchanment: our exp0rs AMI our Imports M
and increasing tsnnage, aud eossi"e
swelling AID fully occupied. the rivers O. our INTERIOR '
mated y the perpetual thunder and lightning OF counu's
steamboats, the currency sound and abundant The phonc
debt OF tvs nearly redeemedi AID, 70 crown All me
public treasury syrrfowng, embarrassing Congress not 70
find subjects Of taxation bat 10 select the objects which 'h
be liberated from the inpcsL Ii the term OF seven y-ns
be selected Of the greatest prosperity watch TINS
people have enjoyed since the establish nen 81 Their pre-
would he exactly that period Of seven
Il 1874" ''''"'H '''0'
Ard tho, period embraced the whole term of
the administration Of Mr. JoHs Y. ADAMS, which
has been 80 unjustly abused
The contrast in tie .tn,c of tho country. al the
two period. Of 1882 and 1912, i'nost remarkable
and startling What mas preciPita'ed u' from that
great hight of enviable prosperity down to the
lowest depths of pccuninry embarrassment What
ha. occasoned the wonderful change No foreign
foe I'm. invaded and dssolated the country. W.
have had neither famine nor earthquakes. That
there exists a cause there can be no doubt ana
think il equally clear tlat the causc, whatever II
NAV be- must be general one for nothing but
general cause could have produced such wide
spread rsin; and every where we behold the same
or similar effects, every interest affected, every
section of the Union suffering, all descriptions ct
produce and property depressed in value. And
whilst esjcavor 10 snd out that cause and to
trace 10 their true source the DISASTROUS effects
which We witness and feel, and lament, entreat
the Democratic portion Of my audience, especially
TO listen with patience and eandor, and dismississ
for momen, party biases and prejudices TO de-
eide with imparisiity and in spirit ct genuine
patriotism.
Ii ha, been said BY those in high authority, that
the People are to blame and net the Government;
and that the di.trcs.es of the country have PRO
cecdcd from speculation and oysrtrading. The
people have been even reprorched for expecting
too much from Government, and not relying suih-
cieny upon their own exertions. And they have
been reminded that the highest duty OF the Govern
mcnt is TO take care Of itself leaving the People
10 shift for themselves n well "a they can. Ac-
cordingly We have the Government re,reating
from the storm which, it will be il the sequel,
itself created and taking shelter under the Sub
Treasury.
| That there have been some speculation and over
trading. NAV be true; but all have not specuated
and oyer,raded; whilst the distress reaches, 1t net
in the same degree, the cautious and the prudent
as well a. the entcrpri.ing and adventurous. lie
error of The argument consists IN mlstaklng the
effect for the cause. What produced the over
trading What was the cause OF speculation
How were the people tempted to abandon the IN
dusrious and secure pursuits OF HE, and embark
in doubtful and pcrilous but seducins enterprises
/ That is the important question
| Now, fellow citizens, take upon myself TO show
that the people have been far less to blame than
i 80. (,gporal (,nyer and that Snffrypr %
error they committed, was the natural and newt
able consequence of the unwise policy of their
rulers To the action of Government is mainly 10
/ be ascribsd the disorders. embarrassment and dis
treas which oil have now so much reason to de-
pore. And to be yet more specific, think they
are to be fairly attributed TO ta- action of the TX
/ ecutivv branch of the Federal Government.
! Three fact. or events, all happening about the
same time, If their immediate effects are duly con-
sidercd, will afford clear AID satisfactory sola
ton of all the pecunisry evils which now uuhaPp-
| ly atilict this country.
The first was the veto Of the re-chsrter of the
Bank of the United States from that Bank 10 local
banks And the third was the refusal OF the Presi-
dent OF the United States, by an arbitrary stretch
Of power, to sanctisa the passage of the Land Bill
These event. all occurred, in quick succession, IN
1928, and each Of them deserves particular
| consideration.
|. When III, Bank OF the Un,od States had
fully recovered from its early administration, and
at the period when it was proposed TO re-charter
IT, it furnished the best currency that ever existed
possessing not merely uubounsed confidence in
the United States, but throughout the whole com.
mercal world NO institution was ever more
popular and the utility of Bank of the United
States wa. acknowledged BY President Jackson in
hi. Veto message, in which he expressly stated,
that he could have suggested to Congress the plan
of an unexceptionabe charter, if application had
been made to him. And ! state a. fact, what
many. | am sure, will hero remember and sustain,