Lexington union. (Lexington, Miss.) 1838-18??, 1842-11-05
NO. As

-" P'es7eu Wy Inc emergencies of the
pubic necessities, and great many peo.
pies were reconciled TO il. l venture now
10 recur 10 wha: ] then said: that it's prin.
clPie were false and dangerous. That il
would Introduce new practice into The
administration OF the law, and that when
,He time came when its operation could be
oofne no longer, il would convuIse our
system, would cause spasm and lhroe
to get rid of It. And hasn't il done all thaif
hank God The country has 90, rid OF il
ana can now breathe free of lis influence
nc present tariff is specific, discrimInu-
,lng--hoId 10 common sense, and annibi.
'e'es' hope, forever the principle Of the
Compromise Act.
NOW, will say word or two on that
subject. At the special session of Con,
gTeSs, the Secretary Of The Treasury, Mr.
Ewing proposed the plan of Bank. with
large capital, furnished mainly by pri-
Vate subscription; to have branches oll
over the country for public and private
distribution. need not now refer, gen.
tlemen, TO The circumstances in which Mr.
Ewing presented this plan to Congress.
u received the appreciation Of the Presi-
dent with the concurrence orevery MEM
Der of The Cabinet, in the opinion that,
was the best thing that could be done. for
as have said, circumstances placed a
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 mine:
and we therefore thought it the part of
wisdom and prudence not 10 see how much
of q case could be made out agains, ,ba
President, and see how we could ge, alono
as well as we might under circumstances.
That led Mr.. Ewing 10 present his plan
to Congress, such as every body desired It
should be, with the exception that il did
not allow the Bauk TO establish branches
IN any State without the consent of that
State. But had no idea myself, genlle-
men, that there is any necessity for such
a restriction. believe that Congress-
has power 10 make Bank with liberty to
plant branches anywhere. But, at most.
that objection was theoretical. No one
could show how mischief would arise. bu,
the opposers went on The principle that in
any case the non-exercise of n power. a.
mounts 10 surrender oft. Well. what
was done? Why, gentlemen, it was ex.
ceedlngiy doubtful at that time, Whelber
any institution OF that kind could be car.
red INTO operation, or subscriptions could
be obtained toit, We did what we could
Tor it.
we sent 10 mercantile cities. We
asked gentlemen OF known skill q, finance
0 come and see us and consult with ns
They expressed great doubts whether ade-
luate subscriptions could be raised. bur
hey also expressed hopes, and pledged
10 do what they could for il
lad as commercial men,. were in favor of
I, as the administration was new and non.
lar; as the people were anxious for some.
ing to Try; and as thee was great desire
nat the bill should be tried, i, was sent TO
lie Senate, al the Senae's request and re.
'cted. Another bill, avoiding the theo-
9llcal objection to which have alluded.
as then brought in, discussed for six
eeks, and then it was found out that il
'uld MT pass Wing Senate. Gentle,
zen, will not pursue the unhappy nara.
We OF The latter part of The session of IS4i
men had begun to grow excited, and
lgry and resentful; / saw that storm ri.
ng, and endeavored as far as could TO
ish It. At an early period expressed
y opinion TO those | was entitled 10
eak TO, that it was much better TO for.
ar the residue Of that session from any
rther attempt. My advice was, that ali
ould keep cool-lhat harmony might be
stored, # it could be restored. | am
und to suppose that that advice was good
II was not at all followed. The conse.
ences are too well known 10 be dwelt
. AT the commencement of the last
sslon OF Congress, the Secretary Of the
easury, IN connection with the Presi.
Ut and The rest Of the Cabinet, sent n
IN to Congress for an Excheouer. A
assure which has received very Little
or, and therefore il is necessary for me
prevent the whole burden Of this disfa.
from resting on others, by saying that
net my hearty, sincere, and entire an
baton. Gentlemen,l hope that have
throughout my public life manifes,cda
y overweening confidence 10 my own
mons, but there are some subjects in
ch have confidence in my own judg.
IT, and this is one. Thirty years ago,
IRE my first entering into Congress, The
sIlon Of the nature Of mixed currency
10 relation that paper bore to specie in
currency, the particular means of
raining an excessive issue Of paper
attracted much ofmy attention. Some