The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-10-25

SPEECH OF DANIEL WEBSTER.
F A NE UlL II AL L.

this evening" collected to hear the Hon. Daniel Web
ster again discuss the political topics of the day.
Great enthusiasm prevailed.
After an Introductory address by Mr.. Choate, Mr.
Webster proceeded to speak, as follows
Once again, fellow citizens quite unexpectedly, 7
find myself before you in Faneuil Hall. Recoections
Of the past gather upon me- and thousand voices ad
monish me to proceed and perform my whole duty; I
here to express my opinion of the present state Of
the public affairs of the country The elections at hand
President and Congress, it were vain to deny
must produce decided effect for good or evil upon the
prospects Of business There are, in fact, but
two candidates-Taylor and Cass. AS to the support
of another GENT, whom Of friends still
favor, regard it device and much of theatri-
cal cne The election Of or the other Of the two
candidates will produce one the other Of two re-
suits regards the business ofthe country, as affect
ed by acts Of legislation. II General Taylor and wing
Congress elected the sub treasury will be repealed
and the tariff amended to something like that Of 1912
II Cass and democratic Congress- both will be sustain
ed as at present. saw, this morning, Mr. Buchanans
speech, made at Washington he is one Of the first
men Of his party. 1t is . manly speech, in which he
Buchanan) pays tribute to the good military charac-
ter pure motives, and strong understanding Of Gen.
Taylor He says, General Taylor is u whig, and if
elected, will be surrounded by whigs and carry out
WD and also that General Taylor is a whig, from his
deep conviction of the justice and soundness of whg
pri nciples If General Cass and a democratic Con-
gress are elected they will follow in Folks coursedo-
ing what he left undone. AS practical men, not
ried away by theory-not men Of single idea--we
brought to the point to give support heartily to
General Taylor, or to withhold it altogether. Ought
these measures be repudiated for other measures
Ought the sub.treasury to be continued, Is
it useful to the people or government? What is
the present state Of affairs? Unusual scarcity of
money, great depression in industry, stagnation Of
business reduced demand for labor, and uncertainty
Of its reward In my judgment, for a whole year the
rich been growing richer and the poorer and
will continue to do long the sub treasury and
present tariff exist. look upon the sub treasury
one Of the fantasies of the greatest receptions,
and at the same time, least plausible measures
produced. No commercial country in the world does
such a thing as to lock up its money. This measure
originated with the removal of the deposits and after
the explosion of the pet banks, q recommen dston
of Van Buren, The country tried It, and 1t overthrew
Van Buren, and, by the way wings are now called
upon to take back Van Buren,, subtreasury and all.
with grief some former friends-not many, thank
God-who with opposed the SUBJ treasury willing to
embrace Van Buren,, sub treasury and ALL and lock
him up in their grasp he locked up the govern
ment money. see with regret that some, who have
been with here in the presence of these images of
great hanging around US, and who denounced the
policy of Van Buren,, and upheld, uphold pro-
per currency and fair tariff, say that these
"bye gones,'' not 1T to be renewed. Such judgment
Is unworthy the who utter it. The substa initial
issues the The sub treasury and the present
tariff mstones round necks and those who say
they forgotten mistake the sentiments of the PEG.
pie of Massachusetts,. Mr.. Buchanan says that the
issue is between the sub. treasury and the pre-
sent tariff, and those who would destroy these
measures. | glad to that the ques-
ton is put fairly between the sub treasury and
some other mode between the tariff of 49, and some.
thing like the tariff of '42 The democratic candidate
is not now claimed as the best tariff man In Penn
sylvana the subtreasury is still the favorite of Van
Buren,. learn Of no rebuke of it by the Buffalo plat
form This platform Is not constructed of very heavy
materials but it sustained the fox-ike form of Van
Buren,. Have the sub treasury and present tariff
swered their promise The truth is, when money is
plenty the sub. asury is bungling but harmless
but when specie leaves the country and money is
scarce 1t becomes means Of torture and destruction
to many. In month, lately in New York, the
sub treasury took million and quarter from the
banks in specie, and locked it up This occasioned
great scarcity Of money, and not only led banks to
contra Ct but to be always fearful of the future This
is turn Of the treasury screw how many turns
will it take to make 1t perfect torture? Government
Is embarrassed by the working sf its machinery,
that Mr. Walker set free about one million Of specie
and locked up so many treasury notes in Its place.
The sub.treasury keeps moneyed men in q constant
state of apprehe nsion and there uctuaton in the
money market from bad to worse to a degree
pied Buchanan Gays there Is country like America;
to her prosperity end, except in expansions and
contractons Of the currency; and for that the
democracy finds q preventive in the sub-treasury.
Does the sub treasury protect domestic
Does it make the iron works flourish and keep woollen
mills running? He says the sub-treasury prevents
fluctuations but they never had been greater. With
respect to the tariff Of 1916 it was new measure in
the history Of legislation 1t strictly and entirely
a party measure; and, aftey the expiration Of two
years who had been helped by 1t? Had South Caro-
lima Her statesmen had predicted that under its in
auence she would rise like constellation. Her cotton
would enrich her. The result has BEEN that her cot
ton winch then worth ten cents is worth only
Ave. Had Pennsylvania been helped Her judgment
In 1S44 had been obtained upon false evidence. The
people inclined to have trial this year, with
a wing Congress and President These laws will be
essentially modified Cass is pledged to sustain them,
and Van Buren,, unless he repudiates himself, must
hold to the tariff of 1916. He has already given his
decided approval Of that tariff and the who drew
up the resolution in the Buffalo Convention declaring
that tariff should be maintained for revenue and for
the payment Of the public debt, was evidently afraid
OF treading Van Burens toes. We stand where
we have stood for years. have to combat with those
who have always been opposed to US The
Shibboleth of that party is the sub-treasury
which is pansces for all the ills Of the country, and
keeps 1t from fluctuations. The influence Of the
present tariff and subtr easury in their Of
feots upon wool and the woollen interest which ex-
tended throughout New Englsnd and portions OF the
middle States. In mill In Lowell, known as the Mid
dleeex MILL 800 hands had recently been discharged.
The price of labor was reduced and the price Of wool
reduced one-tbird. gentleman has recently put In
my hands statement that 40 woolen mills had stop
ped and discharged 900 hands Other mills had reduc.
| ed their wages. II a fact not generally known,
that France pays bounty for the export Of woollen