New-York daily tribune., 1844-05-31

continued depression Al branches OF business siye
evidence OF revival and of healthy action. he
danger IL, thar shall rot be content 10 make haste
SLOWLY iha! n spnit OF speculation NAV spring out
oi our stale Of prosperity, when Ii shall b'cene
flushed. The danger is. that paper vii! be issued in
excess prices become cx;rtvegAni, and rnr syInp-
fncls n crisis be -.pon rs before aware All
this rnay not happen; bar the only security TINT i
shall not happen ties IN this. VIZ: that bank i-sues
be kept WITHIN Just hounds ,c,ni direct rejersdcs 10
Dse am0UHt Of gold aud SitreT
Let me illustrate m. meaning by snpposedcase
Suppose tie amount OF coin in the banks OF y. inrl
10 be ave millions. Suppose them 10 have issued,
in paper three millions Tor Gne, tha, IS TO say. fifteen
miiiions | do not intend 10 81. that TINS l. 4 ust
pfopn.t on, but i may be aSsumsd Tor Illustration.
Now suppose the holders OF one OF these tfeen
millions demand specie for II or expectation. fHen
fourteen millions o: paper remain resting OF ba> IS
of four millions. II second million of specie be
called for. then t.:ricen millions CT paper ;ss:s on
.hree millions o; specis and 50 Nav j: Is esI-
dent. thai If S;ich process as this hcs ms sEl
threatens tu 20 on rapidly. without contraction, gem
eral distress. and perhaps explosions OF the Berihs
themselves would 0e The inevitable and immediate
consequences.
THIS catastrophe, and the tendency OF things IN
wards it, is TO be guarded against by just restraints
upon the amount ofd!scourts, by wnliing the cosrse
OF trade and observing continually The index o Ex-
change 1t is not sufficient gunrd 10 look ut the sup
posed responsibility OF paper offered for discounts,
or TO inquire whether il arose IN any case from real
transactions of sale and purchases Ii The eSch2u-
g,s indicate that expectation OF specie may be ap-
pretended. mo,e caution Is necessary: ard HArn
expectation ordinarily commences il should be met
by an Immediate and corresponding dininution OF
the paper circulation. This wii slsckcn thai ey-
por,ation check il. and finally s,upit. The prcess
NAV be nconyeuient Tor the moment. Ii may more
or less depress prices, and dash mems hopes little.
But it is infinitely better to meet the occurrence D.
lis proper remedy in the beginning. than attempt
to hold up against the nalura! course OF ihings- IL
maintain trade in artificial and forced state Tend
ing every hay 10 n final, rmaous and over" he Inuc
fall of prices and general prostriiiou OF credit,
That which every branch OF industry in this coun-
try most needs is reasonable and steady. not e1-
travagant or uc,uatinc, prices sudden changes de-
prye men oil employment aud distress families.
Steady occupation, with reasonable gain, CEN
stant markets. with fair prices, with no appfe-
hension OF sudden change and The security winch i
man feels that that rs money. winch he has takeE
for money, freedom from alarm and pane, and nu
fear OF disorder or violence. these things compose
the elements of general and enduring prosperity
among the Industrious ard producing classes o. the
community.
ln the present state fittings, in the absence Of all
oversight by Government, lhe conlinuance III the
public prosperity very much depends on lEl- Banks
themselves. Subject 10 no control but their own
discretion, they ought TO feel responsible Tor the
exercise Of that discretion.
Tie great sites near 10 us, and other great cities,
the sources OF great proportion Oi Bank paper,
Jointly called guard the country against such
,.vs n ii has already gnre than once experienced.
There ought 10 be an nders tandIDg among the lead
ny institutions, and just disposition 10 dSc0Gnie-
nance every where either extruvUCunt lending or ex-
travngant borrowing. do not presume 10 admCnisn
the Banks; brt | hope they will receive these sus-
grstons, H. made ina friendly spirit If discretion
and cindor, in r;iis respect. he not exercised. our
present sIa:e o health will Itself b'lng on disease
ou7 very prnsperif: vIil plunge rs IN disorder We
are we'll distracted by experience lei H. not Ue lost
Ia experience. Let all the good, all the comforts
all the blessings which seem IN prospect for all
rlasses kc hlIrh;cd ruined, and DESTROYED, 10y run
ning mo danger which we i'iay avoid. he r"ch>
b fore US ARE all visible all high out nj water. The:
m themselves up. covered Win tie irasn,rurs ii rhr
awful wreck aud rum ot other i.ncs. Let IA r"od
fh,.In Let the umsrr, and the pilot aud tie
ne,msni,u. nud NIL ,h, crew, be VIDE awake acd
i've the breakers good berth.
Geniemer, there is another subject coEGec'cd
with our foreign poicv, TO which !; NAV Ire ',sopcl
I'm advert rs one oi those which Will require jhG
yispst councils OF the " iSest men, II we succeed III
obtaining n change OF Ih" government CONNER
,.lnl rcinrml has become necessary; we have heed
lessl, anI lhoughilc>sy v III the exercise al an III
Judged generosity IN Years past entered ln;o wl,o
ara, called rrcprCcat treaties with other naiiGns.-
rDey nre all faliaciuus Theic is n" such tng a,
r,cinrec;ty IN itct III these treaties however reciro
..i ,h.v may 'e in priocipIc. There j. no real rer
,nrocify between is and Bremen, or between nnc
sweden. They are contrary to all lie Practice iau
j. before US To al! iDTner usasc>, 10 tn great prn
ciprs of nl ourearlv navisot"n acts and they ought
10 be terminated. do NOT INTO detail on this sub
lcct, for know thar Ne" jersey Is not rs much In
Ieres;ed IN commerce ns oyher SIu!cS. But the mat
ter is one OF great public interest. and which mus
h. con, idcred and disposed Of within the next icu
wears, and on that account among olEefs, tie srea
interest, OF the county demand tor the public conn
cs wise, experienced and sale men,
There il another matter connected with the adj
minisIraiinn ol the Government ni nature 20 touch
the great principles OF the Wing party. see her
circulated TO-DAY among the people come remarks
made hv me some time since on the increase at Ex
eruIiyr mower. | clad 20 them ssnin thrown
be;,rs n he peopr. | stand hy them | hold nov
as held lhen that the Executive power OF the
country has been dangerously increased. Is lncreh>
ing. and ought 10 he diminished. Now, gentleman
in thr organization OF this Government, the srea
difficulty with Your fathers and NY fathers was no"
10 constitute The Executive power. hey knew no"
10 make IL House OF Representatives., for they mac
become accustomed 10 popular elections, winch they
had enoyed Tor hunGIed ,eais. They knew no"
10 constitute Senate for hey might constitute tina
as they had in tie old Congress By members np
pointed Nv Legislatures OF the StHIes tor all tlit
ihev had preccGen,s and pmrtce. !; was i'lsi
road and an open way. Bat hey never had a 81
Ireme Executive power, with high "u'hGrltl mons
of the European examples applied. lie ii.nst o
rhem held ,heir places by hereditary right aud They
were onv examples oi inherent. nnraichicni, afti
irary power. Vi ,h the exception oi t ie" cases
like the Polish Kings. and soirc minor instances II
The cnntons Of S.yilzrrIani and elsewhere, hey has
no precedent tor the establishment, by popular e.rc
ton OF an Executive, with such power and Ilna-
non as siaulG make the oice sufficiently eitc.en
and energetic to protect The law, and yet never be
dangerous 10 The liberty Of the people, nor encruacl
upon the Liberties Of the other departments.
do not say they failed entirely in heir effort Il
lhey provided for an Executive under the Con,ti'u
ton such as would by pradcnce aud wisdom an'
sober discretion on the part OF tho people, answe
the great purposes of the Executive aud Yet not en-
danger ;he liberty OF the people nor encroach Oh th'
other departments. Experience has proved 1t
Washington proved IT, nni his successors protgd II
Thry showed that Tie lh'r- was practicable. hel
showed that by el, ciing good men, men OF emlneh
virtue and emineu. talent, >ho should love ian
more Than Office men ~&o would stand Gpon I!.si