The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-10-04

riff in his hands just as absolutely as il he had the
Presidential Veto.
ia the Senate il passed by single vote again.
Could the friends Of Tariff have spared the two
votes from Pennsy lyana, the one from Mr. Williams
of Maine and that of Mr. Wright, Of New York
Let US admit the truth, and lawyer VIII do that
when il helps his The truth 10 lar more Ia
yorable than such misrepresentation. The truth Is
a portion of the other party in TO the help OF
the Tariff, and important truth II is Tor ask
you, composing a part OF the industrious, hardy
men OF New England, caring Tor your children
and their livelihood, if you would wish such great
object the protection Of your industry made mere
party object-rising party rises, and going down
TO its grave the party goes down II is national
questionable utility of a Tariff OF Proiecton-and
let all parties support it, because though hope the
ascendancy Of W hig principles may be perpetual,
yet desire 10 take for the Tariff bond and security
more durable than my hopes of the perpetuity Of
the Wing party
Let us be true in another respect This Tariff has
accomplished much. | honor the members who
passed it. But what has il done Ii has restored the
country, in regard To protection, to where was be-
fore the operation Of the Compromise Act commenc-
ed and il has done no more. II has repaired the
consequences of that measure | may speak OF the
Compromise Act. My to speak Of it has at
last come | can truly say that measure
ever passed which cost me so much griei as that
We have heard the motives OF that act presented
Why if by motives, gentlemen mean the personal
motives OF those principally concerned we deem
them pure-as all public men are supposed To act
from pure motives. But if we look at the proiessed
objects Of the aw-if we look al what is written
the whole transaction--if we see what the law
presses Its iace-if these are It's motlves-they
are as motives, till than the operation of the
act itself.
Ii is explained in its action-every line is full of
it-eyery circumstance attending II Is full OF II the
object was neither less than to impose for
all time restrict upon the Legislature in regard
to levymg duties without any change of the Constr
tuition 1t in fact to insert prohbitory clause
in the Constitution that after lS42 duty should be
lai which was not according to observed hori-
zontalisrn, and exceeded 20 per cent l say now, as
said them that the principle is false and dangerous,
il admits feature into the administration of
the government and the laws, and the country, only
with spasm and throe, can ever get rid Of Hasn't
il done this Yet thank God its got rid OF. The
present Tariff Loan is sufficiently discriminating,
holds to common sense, and elects the principle OF
the Compromise Act hope for ever.
Another and original object under the revolution
of 1910 was the restoration Of the currency OF the
country. Our troubles did not begin with want OF
money in the treasury; they did not begin with the
operation Of the Compromise Act which commenced
in 1888, and has been contracting ever since. There
were other causes Of the troubles, and while they
NAMED, even if the treasury had been full, and the
Tariff and Protective policy undisturbed, yet TIL pro-
vision made for better currency, our universal
validity throughout the land, the great cause would
not be removed.
At the Special Session Of Congress the Secretary
Of the Treasury, Mr. EwING, submitted to Congress
a plan for National Bank, founded upon the idea
of large capital made up by private subscriptions
and having the power to extend its branches all over
the country need not advert to the circumstances
of its presentation to Congress. 1t had receiv, the
appreciation Of the President and was concurred in
by every member OF the Cabinet as the best that
could be done; for, we said, circumstances had
placed N the first place the gentleman whom we all
thought good enough for the secondhand his OPT
mons different from ours, but fixed and
deemed it the part of wisdom and prudence to
how could get along as we'll as might be under
the circumstances. Mr. Ewings plan was sent to
Congress IL has been described-eXcept that the
bank could not establish branches in the State with
out the consent of the States.
| Now had no idea myself that there any
| cessity for such provsion-as il al most
theory hough never would agree in any case with
the doctrine that the omission TO exercise power is
surrender of the power. What was done Doubts
expressed TO whether the institution could go
into OF Grafton many were doubtful! as to obtaining
subscriptions. What did we do' We sent to the
commercial cities, the principal in the country
and asked gentlemen OF known skill and capital to
come and consult with US about il. They expressed
doubts, but hopes also and pledged themselves to do
the best they could and as the community inte-
| rested in IT and the Administration was fresh and
popular-they were earnest to have the bill tried
What was the result TWAS sent to the Senate and
rejected Another bill was brought in--dlvested of
this theoretlc difficulty, it discussed two months
and then il found that it would not pass a Wing
Senate
will not pursue the unhappy narrative of the
sion OF lS4l. Men grew angry and resentful. saw
the storm arising, and endeavored, far | could
TO hush it. expressed my opinion freely to the two
Senators from Massachusetts, and advised them to
give men time TO cool-to let Cancellation take
place, and harmony be restored, if lossibc.
bound to suppose my advice not good it GER
tanly was not followed, and the consequences need
not tell you.
The bject up again at the last session, and
the President sent in TO Congress the plan of an Ex-
chequer. The measure received but little favor, and
1t Is necessary for me- lest the whole burden of dis
pleasure should fall others, to say that it met my
hearty, sincere, and emit appreciation.
Gentlemen, hope have not, during my public
lie, had an overweenlng confidence my own judg-
ment, or been unwilling to defer the better ludg
ment of my friends. But there some subjects in
which, confess, have some respect for my own
eelings The subject of the currency has been the
study of my life Thirty years ago, little before |
entered the councils of Congress- the question of the
nature of mixed currency and the relation Of spe-
Gle in currency became with me a matter Of con-
sheraton And discovered debate upon a mo-
ton introduced into Parliament by Mr.. Vansittart
during the suspension of the Bank Of England and
while her notes Is per cent. below par: il was
that the Bank note worth just as much as It's face
purported 10 promise; that the Bank had not depre-
ciated, but that The bullion had risen. Lord Liver
pool Lord Castlereagh, Mr.. Roc, and other members
Of Parliament espoused that side of the question
and on the other side arrayed the strong rea-
soning powers and the logic of Horner and the prac-
teal good sense of Mr.. AleNander Barring, now Lord
Ashburton | confess that the study of these papers
made bulionist | concluded that paper notes
would circulate safely only while they continued to
be redeemed in gold and silver at the counter, wber
ever they issued.
TIE next year, Congress at its session found the
finances OF the country IN deplo; able condition !
believe had read every valuable work the subject
on either side of tie Atlantic, and had CLOSELY OBJ
served the laws oil paper currency exhibited dur
ing the different epochs in this country from 1871 to
the present time. had expressed my opinions at
various times IN Congress, some Of which had not
been falsihed by subsequent events and must be