The American. [volume] (Washington [D.C.]) 1857-1857, 1857-10-21
A Par, Of Mr.. Banks's speech.

A Part OF Mr.. Banks's speech.
Mr. President and Fellow Oitissns
rise TO night TO present some considerations
upon the policy Of the governments under which
We live. both State and National, but without spe
,ial reference to individuals as to their party re-
ations or as to partizan organizations rise in
this presence and in this place with feelings OF
reputation know not in what manner TO clothc
my thoughts in the garb most fitting TO the time
and the occasion. / associate with this Hall the
spirits of the men who in past time enlightened
with their sentiments of wisdom and patriotism,
and il is the strongest hope that bears me up TO-
night, that may be able TO present such thoughts
as will be ever In the memory OF their history
fitting topics for consideration upon this occasion
/ am aware that we are assembled under cir
that are Of trying character.
When first accepted the invitation to address
you upon this occasion, it was far from my ex-
pectation that that period of distress through
which the country has just passed would be at its
crisis, or that the wave of misfortune would just
now be passing over US. It is consolation, though
it brings with It feelings Of sorrow, though it chal
lenges the sympathy Of every man, whether he be
within or without the immediate circle that is af
fected, it is a pleasure to recall the manner in
which, in this trying emergency the city of Bos-
ton, the metropolis Of New England, has borne
her part and discharged her duties in the COM
mercia crisis that has swept down men Of fortune,
as it may cities and States. Applause. The
strength the fortitude the intrepidity with which
the merchants of this metropolis have breasted
up against the storm, entite them to our respect
and the consideration of the country, more espe-
cially the harmony existing between the nlercan-
tile associations and the monetary associations
which have in other parts of the country been
less co cooperative and less united in their views
and policy and action--it is satisfaction that
here these interests have been united, and in the
results to which they have been brought they are
alike satisfied with the course of policy pursued
by each.
And, Mr.. President and gentlemen, although we
witness what seldom is witnessed by the people of
this country-fortunes that have been built up
through the hard labor of half century, swept
away Ike the dews Of the morning, and manufac-
turing and mechanical establishments closing their
doors upon labor, and men wandering away from
their accustomed places of occupation, Borrowing,
without immediate employment not without fear
of that which il Immediately before them, and
looking upon the dread winter which is coming
upon US, for scenes Of suffering and sorrow, per-
haps Of starvation, what New England man does
not look with pride upon the order and quiet ex-
hibitcd in every part of the State. We ought,
the country ITSELF Notwithstanding the oppression
that rests upon U.S. never was richer than it is at
this moment. 1t is not the wasted years nor the
wasted lives, nor miscalculating course of con-
duct on the part of public or private men, that
has brought us to the suffering which we now ex-
perience. Here at home, and elsewhere in the
the country, there is an exhibition of thrift, and
an accumulation Of property, which will at no dis
tant day be added to the country, sufficient to re-
lieve all from suffering.
The agricultural productions of the country for
this year will make value at the rates of former
years not less than two thousand dollars. The
interest the seat Of which is chief
ly in New England, yet which permeates through
all the Northern States, and extends more or less
towards the South, has an accumulated product
this year Of fifteen hundred million dollars. Men
Of all classes and interests have been closely and
steadily engaged in the employments of their lives,
and they will yet reap the fruit of that toll though
for moment, from circumstances beyond our con.
troll, and the origin of which we can hardly yet
appreciate or understand, they have been deprived
of the immediate reward of their labor. There is
no sensible comparison to be made between the
commercial crisis of this and that of 1887.
Men were then engaged in building up paper
cities, our people have been erecting States and
planting the iron ways, upon which they win here
States. Then there was an amount of specie in
the whole country of $40, 900, 600 only; now there
Is in the United States $3.50 200 900 gold and sill
yer in the coinage of the. country. Then there
was an irresponsible and irredeemable paper cur.
rency of $4,000, 000-more than twice the
amount of the entire specie of the country; now
there is $l76 900 Of Bank notes in circulation,
and 2S9, 000,0 900 Of gold and silver. We sec from
these simple facts that there is a coming relief,
that win hereafter dispe the cloud that
rests darkening upon us
II is not my purpose to speculate upon the i'm
mediate causes of this difficulty. came here for
the purpose of presenting some general sugges-
lions as regards the condition of the country, its
general policy and its leading measures, rather
han TO speak Of the technical principles that gov.
ern trade, and from day to day regulate and con-
Irol the money market OF the world. Yet have
The pleasure Of feeling myself that, with regard to
shese matters clone, there Is that wisdom and
power and energy in regard to the evils that are
pressing upon the commercial community, that
will enable the merchants of the city Of Boston, at
no distant day to provide q remedy without In
goking the aid of legislation. Even now, within
he last few days. remedy has been given to the
public for much of the existing evil to which the
IGNORED name Of Lawrence Is appended. Others
of our citizens are daily suggesting not only the
probable cause Of the evils under which we suffer-
but the possible and immediate remedy for those
evils. But there are some considerations of a
more general character, to which propose 10 call
our attention.
In 1853 a new administration of the govern
nent was organized. II proposed to change the
,olcy under which the American people were
hen acting through their government.
II found throughout the country, East West,
Worth and South, perfect peace, an entire and sta
lie prosperity. The government Of the United
tates expended at that time t64, 000, 900; Il had
surplus accumulation Of specie in the treasury
4 S2l, 100000, and IL anticipated an increase Of
hat surplus 10 $50, 600 900 In 1857 and ~, 600.
100 In 1853. Such an alarming If not fatal accu-
nulation Of coin in the treasury Of the country,
I'd the administration in 1858 TO attempt the adop
ion of policy with regard to the facts then eI-
sting.
Mr.. Guthrie was then Secretary of the Treasury |
& the United States. Though knowing him as |
ubic man, yet without any personal or political |
f6liation with him, and without reason why ! |
hould speak of him more than of any other man |
q the United States, except as regards his con- |
ection with public measure, have the pleasure
. standing here to say that Mr. Guthrie, in his |
administration Of the Treasury Department, as er.
mphded in the commencement Of that admins. |
afiOn N 1Q6Q and f-rx. Al