The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-05-31


vernment What mean to say will say in the fewest
words and in the brieest possible presenting my
nothing new-no.hing novel. have discovery to
| make-Do new projects to unfold. But | wish to
the attention OF men Of property ndusryof all who
visa TO the reverb OF their olalive TO what be-
eve danger, and that danger belongs banksts dan
belongs to the nature OF this mixed circulation Of
Gle and paper Gentlemen, gold and silver known
be universal standard Of value all the world
medium OF payment II crculates amongst nations and
individuals II is standard Of value Now be fair
enough said that all the money in the world belongs to
all nations in the world and each has its proportion
according its share efthe globe. 1t Is
the Office Of coin to be universal paymaster settle bal
exports regulated when farmer goes to mar
ket he takes with him money in order that he may
tween what he sells and what he buys Bills OF e.change
indeed circulating all the earth prevent to the full
extent the actual transmission OF coin But all this ei
eced more or less by the medium OF paper do not de
ny that paper currency il SAFE IL has been well proved
that can be ketto its true character, its proper
Of value only when bring silver dollar in
change when il desired But, like other representa-
tives this paper sometimes iorgets its constituents
aug hter II sets itself up to be something or
body; whereas in truth it is nothing and nobody OF it.
sen Wen regulated 1anE paper beng the representative
important and responsible part in the direction OF CON-
mercial affairs but when sets itself for something or
proposes to act an independent part then is like the
clown in the play who proposed peronate the charac
| ter OF monarch: moonshne" it is all "moonshine
(Laughter) Why, then, gentlemen in my humble ap
prehension in the present state Of the law and in the
absence Of any supervising power there dangerthere
strict limits Of and that today there may be an
expansion tomorrow curtailment that prices may be
raised to an height followed e Dy
crisis" will arrive Now, gentlemen, it Is the true
interest Of this country and Of every working in tito
steadness prices and security OF extava
giant but OF reasonable prices; constant occupation
ready market the general conviction that time is money
state free from panic free from disorder and violence in
which every man is protected In his pursuits by
steady and just laws these these the elements which
Now that We are commencing anew career OF prosperity
as we hope. 1t encumbent on banks in the absence OF
supervisors on the part OF the government; it is en-
cumbent them in eminent degree to guard
the country against shocks arising from overiSsues
of paper and for ysel whenever called say any
friendlness to these exactly admonsh
for that might be beyond my duybu suggest that
the present state ofthings they bound ly every
sdsratons to keep their issue within bounds and in
state Of great and probably huctuang prosperity
iastrophe We have had etpeenceet us profit BY V IL
The dangers before visible The rocks upon which
| others have split are high above water We may see
them strewed with the wreck and ruin Of former times
and let ALL let government and people, let everybody
let the master and the pilot and the hemsman and all the
a wide berth. (Cheers) Gentlemen, there s another
subject connected with the foreign policy Of the govern
things which will require the wisest counsels the
wisest elaboration Of the wisest men, il shall
in obtaining ,h change Of ant
come necessary We have heedessy and houghtlessly,
in the Of our udged generosity in years past,
Of nations 1t is all fallacious There is in TACT
such thing when you bring to the practical results
reciprocity in fact however much may look like il
| IN principle Now between and Bremen and swe-
den we have given them reciprocity that trade
which belongs to w. properly and justly According to
OF all our early navigation acts will not 60 into that
case know that New Jersey is not much concerned
in this Of the other States But mention it
OF the great public interests which must come TO be
considered and finally disposed of within the next ou
great interest In having its councils guided dusne
hat period by wise, experienced and safe men, These
| are things connected, gentlemen with the admin
istation OF the Government. in regard to the powers
of which touch the great principles
lay circulated amongst the multitude. remarks made by
some years the subject OF encroachmen OF
ecutive power am glad to see them before the people
am willing to stand by them. hold then tina,
the Executive power in this country has dangerously in
| cressed-is incIsasng-and ought to be diminished.
(Cheers) Gentlemen thee moments are precious |
know that you receive what say with kindness, and
| therefore ! trust you will spare these cheers,
IN the discharge of What deem my duty. Gentle
men. the organization Of this government the great
difficulty with your fathers and mne was how to Gonst
| tute the Executive power They knew very well how
70 make House Of Representatives, because they hsd
accustomed TO popular elections and organization OF
Legislative bodies for hundred years They knew well
enough how to constitute Senate because they might
constitute that the old Congress by members OF
cedents and practice. It q high road and open
way But, then in this country they had supreme
power vested with high authority and how wns that to be
constituted None of the examples in Europe applied
Most of them presented instances OF hereditary right oi
inherited monarchca arbitrary power with the excep
ton OF the dordery military popular election OF the Po-
lish King and some minor instances in the eancns OF
switzerland andelsewhere They had precedent to
guide them in constituting popular elective Executive
with such limitations should prove it to be sufi
ceny energetic for the execution Of the laws and tn,
performance Of executive powers, and yet not
croach on other departments. Now shall not say that
they failed in this undertaking. think they did not fail
no ntal
in such manner by prudence and wisdom and sober
discretion the part Of the people calculated to answer
the purposes OF an executive, without endangerng the
liberties Of the people, encroaching other depar,
ments. Experience has proved it, Washington proved
It. HIS successors proved It. They showed tnat the
Of eminent talent and virtue who loved duty better
han office; that with such executive might be
constitute that would meet all the circumstances Of the
public exgencies will not say that they provided
| an Executive always safe wise, no matter IN what
hands They left to their country to place in this high
oticd men only of comprehensive patriotism and high
character and in all respect worthy Of the momentons
] trust Now, in my opinion IT has come to TINS ! do
not speak Of recent occurrences, ! speak Of the
time when those remarks were made which have
have seen entertained this day say he's come to this
judgment, to have strong tendency strong tendency
to the personal ACKNOWLEDGEMENT OF the who for the
moment may happen to hold it, strong tendency say
10 make him who holds the Executive power, consider
himself the universal representative OF the American
peoples clothed with some underlined authority as II he
in degree above the Constitution; calling him.
sell not known to the Constitution and torgeing
that he is but magistrate chosen by the people, end no
the Representative" Of the American people, than
he Is OF all the other nations OF the earth
The views expressed this subject by eight nine
years ego still retained. have run them in my
eye reprinted and adhere to them entirely believe
It is Of the most pressing duties OF the American peo
pie to keep sharp eye will not say to watch with ex
reme jealousy, but will say with extreme vigilance the
progress hereafter Of the Executive power for parties
become more reckless the persons holding the office Of
President Of the United States will he disposed to ia
voritism and indulgence OF partzanship than to im
tate ell that steady and just-that wise and patriotic
that grave and stntesmsnke administration Of the
executive Of which Washington presented such model
and his successors such an example 10 all who to
come after them. Gentlemen we assemble here wings
Now take a short summary Of wing principles to be
reasonable protection maintenance of sound
currency-all practical reformation and extension OF
commerce-the contamination of the Consttution--and
the Of the respective portions of all the de-
parments We take these to be all articles of the wbg
creed If they are not, then for one ready to with