Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1857-10-17
SPEECH OF
HON. n. p. ANK F.,
FANEUIL HALL, BOSTON,
Thursday Evening, Oct. 18Th. 1857.

! we live both State and national, but without
| special reference to individuals, as to their
| party relations, or as to partizan organiza-
tions l rise in this presence and in this
| place with feelings of trepidation know
! not in " hat manner to clothe my thoughts in
the garb most fitting to the time and the &C.
casion. associate with this hall the spirits
of the men who in past time enlightened us
with their sentiments of wisdom and patriotism
and it is the strongest hope that bears me up
tonight, that l 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
circumstances that are of trying character.
When first accepted the invitation to ad-
dress you upon this occasion, it was far from
my expectation that that period of distress
through which the country has just passed
would be at its crisis, or that the wave ofmis-
fortune would just now be passing over u.s.
1t is consolation, though it brings with it
feelings of sorrow, though it challenges the
sympathy of every man, whether he be with
in or without the immediate circle that is
affected, it is pleasant to recall the manner in
which, in this trying emergency, the city of
Boston, the metropolis Of New England, has
borne her part and discharged her duties in
the commercial crisis that has swept down
men of fortune, as it may cities and States.
(Applause.) The strength, the iortitude, the
intrepiditv, with which the merchants of this
metropolis have breasted up against the storm,
enttle them to our respect and the consdera-
ton of the country, more especially the har-
mony existing between the mercantile associ-
atoms 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 acton-it is a 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 poll.
cy pursued by each.
And, Mr.. President and gentlemen, al
though 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 like the dews of
the morning, and manufacturing and me-
chanical establishments closing their doors
upon labor, and men wandering away from
their accustomed places of occupation, sor-
rowing, without immediate employment, nor
without fear of that which is Immediately be-
fore them, and looking upon the dread Win
ter which is coming upon us, for scenes of
suffering and sorrow, perhaps of starvation,
what New England man does not look with
pride upon the order and quiet exhibited in
every part Of the States Weought, however,
to recolect amid these misfortunes, that the
country itself, notwithstanding the oppres-
sion that rests upon US, never was richer than
it is at this moment. 1t is not the wasted
years nor the wasted lives nor miscalcula-
ting course of conduct on the part of public
or private men, that has brought us to the suf-
fering which we now experience Here at
home, and elsewhere in the country, there is
L. ~ e. ! 90 u. L.
of property, which will at distant day be
added to the country, sufficient to relieve all
from suffering.
The agricultural productions of the coun-
try for this year will make value at the rates
of former years not less than two thousand
million dollars. The manufacturing interest,
the seat of which is chiefly in New England,
yet much 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 cireurnstanc-
es beyond our control, and the origin of which
we can hardly yet appreciate or understand,
they have been deprived of the immediate re-
ward of their labor. There is no sensible
COupdflSOu 10 NC lQduG D6bW6Gu the SOulDGI-
cial cricis of this year and that of 1887.
Men were then engaged in building up
paper cities, our people have been erect
ing States and planting the iron ways,
upon which they will hereafter develope the
material prosperity of those States Then
| there was an amount of specie in the whole
country of $70,000,000 only; now there is
in the United States 2S9, 000, 900 gold and sill
yer in the coinage of the country. Then
there was an irresponsible and irredeemable
! paper currency of $l40, 900, O00-more than
twice the amount of the entire specie of the
country; now there is $l76, 900 900 of bank
notes in circulation, and 2S9, 900, 600 of gold
and silver. We see from these simple facts
that there is coming relief, something that
will hereafter dispell the clouds that rests
darkning upon us.
1t is not my purpose to speculate upon the
immediate causes of this difficulty. l came
here for the purpose of presenting some gem
eral suggestions as regards the condition of
the country, its general policy and its leading
measures, rather than to speak of the techni-
| cal principles that govern trade and from day
to day regulate and control the money mar
ket of the world. Yet have the pleasure of
feeling myself that, with regard to these mat
| tiers alone, 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 themselves to provide rem
| edy without invoking the aid of Legislation
Even now, within the last few days, remedy
has been given to the public for much of the
existing evil to which the honored 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 u
more general character, to which l propose
to call your attention.
In 1853 new administration of the gov
eminent was organized Ii is proposed to
change the policy under which the Americans
were then acting, through their government.
1t found throughout the country, East,
| West, North and South, perfect peace, an en-
tire and stable prosperity. The government
| of the United States expended at that time
$54 1000, 900; it had surplus accumulation
of specie in the treasury of $2l 900 900, and
it anticipated an increase of that surplus to
| $4,000, 900 in 1857 and $44 ZOO, 900 in 1858.
Such an alarming if not fatal accumulation of
coin in the treasury OF the country. led the
administration in 1853 to attempt the adoption
of policy with regard to the facts then ex-
listing.
- Mr.. Guthrie was then Secretary of the
Treasury of the United States. Though
knowing him as public man, yet without
any personal or political utilization with him.
and without reason why should speak OF
him more than any other man in the United
/ States, except as regards his connection with
| n ms / III Il.