Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1842-01-22

large amount OF capital; it produced a gre
ey-strIcture, and then 1t went on to bank
the existing capital IN lis hands,and 10 The coul
try. But this Exchequer Is ard added by a stroll
of the pen thirty millions to Its capital. and
dealing III exchange was enabled TO extend 1t to
hundred or a hundred and fifty millions more, f
e such were the wants Of the country. and So lon
had they continued and accumulated, that its b,
siness would absorb the whole Of that amount
Let the demon Of speculation once be con are
up and turned loose upon It's Wild schemes of AZ
venture, and no man could set llmi's 10 lis d.
mand. To offer to a furnishing People a suppl
E like this was, he repeated IT, the greatest brib
which the history Of modern iImes could show
An ambitious President, with a term OF tire
short venrs Yet To run, having al his disposal
drilled corps Of office holders, and holding nnde
his control a subsidized press, ruling over a pe"pi
whose spirit was broken by a long pressure c
want and calamity, and with the means OF pre-
sentiDg them with immediate relief IN their DIS
trcss, might perpeiuate his power IN spite OF al
eff ,rts To resist hun.
The plan proposed to add to the business CAPT
tai of the country a sudden and vast increase. tc
he effected by a mere strGke OF the pen. Inc
immediate effect would be sudden and universal
relief. comparative ease, and apparent afiiuence
bat. as has been ably shown by the Senator from
Pennsyivania, The entire history OF the world
went to show :ha: while this was Away the hrS'
effect. the certain tendency was to depreciation
and the final issue IN every case had been a gen
cral explosion
Whata spectacle did the Senate eXhIblt?-lfhen
he parties il contained were just upon the eve
of a great contest, while the Wings were 10 a po-
stf'on IN which II was supposed they might dc
tate terms to the President, and while gentlemen
on the other side seemed to exhibit a disposition
more Welding 10 the powers that be. and when
manv held an adverse attitude towards each 9th
or who ought to be fast friends, there came in this
project. Il was presented, among others, TO the
gentleman from Pennsylvania, (Nr Blchanan.)
and what was his courses? Though strongly dis
posed to regard any thing from the President with
a favorable eye. and though speaking of him per-
sonatly in the kindest language. no still express
cd the most decided opposition to the measure
He could not 90 for it, and why? Because he held
the project dangerous TO the public liberty. And
the honorable Senator apprehended that, should q
second Aaron Burr noun, the Presidential char.
an engine like this nigh, tempt him to perpetu-
ate power in his own hand, and might render him
the most absolute of rulers. Certainly the temp
tation would be great-the biibe was enormous
Thirty millions of capital springing up as an
exhalation, as sudden and yet as unsubstantial;
branches spread all over the Union; a productive
tariff; the Briarean power Of the Post Office De-
prtmen,, with lis eight millions Of drafts; a uni
vers,i system OF railroads and canals; and all this
in an agrarian and mercenary nge, it did certain
" present a mass Of power difficult TO resist, and
appalling to contemplate. Then to al. this mus,
be added The cntlre power OF patronage; the abll-
iy to confer the distinctions of place, the more
profits of Office, and all the weight of
p olitical honors and confidence. Put it all togeth
er. md Mr.. NJ. would not trust any mortal man
Will lis possession. Ii even the Father Of hrs
could return from the grave, and would
ask for such a trust, Mr.. Nj. would not put il into
hands, unless he had first received Il revelation
from heaven that he would live forever.
He considered it az among the worst signs of
the times. and n fact we'll calculated to fill the
bosom of the patriot with dependency, and to
his eve with doub: upon the future, that this
project was looked at in the country simply in lis
money aspect 1t was examined and discussed
solely as n measure calculrted to give efficient
relief and to remove men from thar grid-iron of
on which they were now bound. Ger
fainlv 1t was a scheme well pitched to suit the
present tone of the public mind. 1t exhibited n
acquaintanre with the character and pres
ent condition of the American People. The man
lef IN winch the project was In some places re
.eived, and that TOO where there was an accumu
alton both f knowledge and of InteiIectua!
strength. seemed, IN this respect, to lStItv the
mite pttions of its author. Even minds like these
'outd look al 1t as a money measure alone, and
seemed entirely todisregard the deep and danger
,us tendency which lay concealed beneath its s1r-
ace.
But it was sid that the project was TO be mol
ird. II was to return from the committee IN
iui'e n different shape. Now. if his honorable
riend from New York (Mr. Tallmadge) who was
1t the head Of that committec, and for whom 10
entertained n more sinctr, respect. and on
pnrttv and PATRIOTS II, moderation and sa-
racItv. o man could more implicitly RELY, should
be able to accomplish such a modii :arinn Of the
scheme as should strip II, Of its more dangerous
ma alarming features. Mr.. VI. wou1i not merely
-ecelse the propose, with cando-, hut would leap
o lis adoption. His heart would re 'ice within
lin 1T the thought hat such a thing were poSsi-
bu, he greatly feared that it never could be
cconapiished. That master mind which was sup
POSED to have conceived and elaborated this pro-
AUCTION. seemed TO hun. by expressions scattered
n various parts of IL. TO presen, TO the Senate
his alternative. '.either take tn s or submit TO the
sub-Treasurv." II that were the alternative, Mr..
would not hesitate for n moment. He would
incomparably rather adop, the sub~Treasurv than