Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1842-10-15

, after lSt2 duties should DO laid except ncccr
dang 10 an absurd horizontal sysIcm aud then
10; above twenty per cent. The measure wa
warmly pressed and passed, aud many since be
came reconclled to II; but say now what san
then, that the doctrine false and dangerous
1t was a new principle IN Law which | iorcsav
would "A after time sulse our system and COS
The country spasm and mighty throe to get r.
Of And has II net done all this? thank Go
We have got rid Of II, and that at the pIcsen
! time protection Is recognised distinct prnci
Pile. Aud hope 1t " III be ever So.
But como now 10 the greatest original hiec
/ OF The revelation at lSi0-the restoration OF ih
currency. Oar troubles did not begin with tn
recent want of money IN the Treasury, but wall
the dishonor of the Treasury IN ls:}', and ihost
troubles have continued since, from that an,
other causes For some of these other cause
provision has panty been made, bat for this grea
original cause, 10 PROVISION has been made. nnt
were II not for The passage If The new tariff la
/ The Treasury would have been wholly without re
source, except the iluctaating aud precarious pro
ceeds Of he public lands. AID yet until bet
/ ter currency which shall be sersal Throughout
the country, Is provided, | am hard 10 be PERSIA
ded that we shall see the day Of our former pros,
peri,y.
will say but few words upon the effort of the
present administration To provide such currency
AT the special session of Congress the dis TIM
guished gentleman at the head OF The Treasury
large bank of deposite and exchange, with branch
es the principal cities of the Uniou. need
hardly advert to the circumstances under which
1t was presented. 1t had received the approha.
ton OF the President and the Cabinet as the bes
thing that could be then devised, for as you ell
know circumstances had greatly changed since
the election 1t had pleased Prov idence To put
into the first office Of The government, one whom
we had placed IN the second, and whom we con-
! sidered competent for that station. HIS prInci>
pies the question of general bank were fix
ed and known, and il therefore the part OF
wisdom 10 how to get along well ne
we might. 1T was exceedingly doubtful whe tn
err if a bill passed 10 charter a private subscrip
ton bank, the stock could have been taken up
We had asceraned this from the best Informed
individuals of the larger cities, and when this
plan was submitted 20 .Lcic confederation, though
they expressed fears TO tho Contrary they enter
tanned some hopes that il might be s,ablshed.--
The bill did not allow branches of the ins,itu-
ton to be located IN any State without the con
sent Of that State Government, and though
| ,houati,, Huu otnoIs ,pougu', S"UU P."' 'otou
" .roi, in.atorini, il inserted in compli-
ance with the views of those who maintained
. that the omission TO exercise such power,
mounted TO It's remuneration had no such idea
or that the consent Of the States necessary
Blu, the plan drafted to meet the views oil
those whose teton and scrutiny it 10 under
go, and the administration was new and p0pu
lar, 1t was desirable 10 provide something as near
~ complete and perfect possible. 1t at
last eiecled Another bill was brought 10, and
after a discussion Of SIX weeks it was found tha
il could not even pass Wing Senate. need no,
pursue the uoh ply narrative. Men were angry
and resentful. ! saw the storm, and had endca
vorcd, far in rny power, 10 avert it
My advice to forJear--t to j eav--to give PEG
/ pie time 10 cool, and TO the two Senators frou
/ this State, as has already been made known tc
the public. earnestly expressed this opinion.
. In. helIa aIutc cd
4 certainly 1T was not at all fonwed-nud the con
sequences have been what supposed, and wha
al have SEEN
! This brought Us to the commencement, Of the
last session. The Secretary of the Treasury
then communicated to the President the plan .
al Exchequer. Il sent to Congress where
ii received very little favor, and II Is necessary
for me- lest the whole burden OF dGsavor shouIC
fall upon others, TO say that the measure met my
hearty, sincere. entire approval | hope have
not been in the habs Of manifestng an overween
ing confidence IN my own judgment, or an unrea
sonable aversion towards taking the advice 0
friends. Bat there soma subject upon which
must be allowed to have and to hold my owr
opinions. The sublec, of currency has been the
study Of my life. Thirty years ago, the q:es
ton in all It's bearings, the relation OF paper Il
specie under all circumstances, was discussed II
! the Parliament of England by the brightest tel
4 Iects in Britain. The famous resolution OF Mr.
Vausittart declaring that bank note was no
worth as much ; /, bore upon its face, and lnsIs
ting that II was not the bank note that had de
preciated but the bullion that had risen. was de
bated. That side espoused, as you know, by
/ Lord Liverpool, Lord Castlereaugh, Mr.. Rhodes
and other eminent individuals, while on the othe
side was the powerful logic of Brougham. anC
the acute good sense of Baring-now Lord Ash
burton.
/ The result: of that discussion made me bull
! Zionist, and ] thoroughly convinced that pa
4 per canno, safely be circulated any longer thar
4 it is Immediately redeemable al The counte
whence il is issued. Coming shortly aferward
10 Congress-, bestowed myself to the consider
4 alton of the question: and believe have since
read every thing 90 the subject that Is valuable
| have also been close observer Of paper curren
cy in his country, from the time Of the first Uni
ted States b nix till now. ] have sometimes eX
L.oa h..,o han oil he