The Wabash Courier, Volume 10, Number 44, Terre Haute, Vigo County, 9 July 1842 — Page 2

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l? Se^S^tTre^

r^^Wlfwhich myenemies bad African

ap kindly invested me, andcome borne to the «*iet walks of private IHfef Bat I am ambitious because

«acc

Mime of my

eoonlrymen hare «en #t to^MMciatt my •aim with the

«won lor (he Premdeniial

SL.. Do those who prefer' the charge know what I have done, or not done, in connection Wfth that object! Have Ihey given themwlve. So trouble to enquire at a 1 into any agency rfmine in «.p«t to rtT I J1 a subject which I approach with all the delicacy which belongs to it, and with a due rejmrd to the dignity of the exnlted station but oa which I shall, at the name time, speak to. you, my friends and neighbors, without re* terve, and with the utmo4 candor.

I have prompted none of those movements among the people, of which we have seen accounts. As far as I am concerned, they are altogether spontaneous, and not only without concert with me, but most generally without any sort of previous knowledge on my part. TliRt I am thankful—profoundly grateful— for these manifestations of confidence and attachment, I will not conceal nor deny. But I have been, and menn to remain, a passive, if not indifferent spectator. I have reached a time of lift, ftnd seen enough of high official stations to enable ftie justly to appreciate their value, iheir cares, their responsibilities, their censeless duties. That estimate of their worth, in a personal point of view, would restrain me from seeking to fill any one, the highest of them, in a scramble of doubtful issue, with political opponents, much less with political friends. That I should feel greatly honored by a call from a majority of the People of this country, to the highest office within their gift, I shall not deny nor, if iny health were preserved, might I feel at liberty to decline a summons so authoritative and commanding. But I declare, most solemnly, that I have not, up to this moment, determined whether will consent to the use of my name or not as a candidate for the Chief Magistracy. That is a grave question, hich should be decided by all attainable lights, wlr'ch, I think, is not necessary yet to be decided, and a decision of which I reserve to myself, as far as I can reserve it, until the period arrives when it ought to be solved. That period has not, I think, yetarrived. When it does, an impartial survey of the whole ground should be taken, the stite of public opinion properly considered, and one's personal condition, physical and intellectual, duly examined and weighed In thus announcing a course of conduct for myself, it is hardly necessary to remark that it is no part of my purpose to condemn, or express any opinion whatever upon those popular movements which have been made, or may be contemplated, in respect to the next election of a President of the United States.

If to have served my country,duiing along series of years, with fervent zeal and unshaken fidelity, in seasons of peace and war, at home'and abroad, in the Legislative Halls and in an Executive Department if to have labored most sedulously to avert the embarrassment and distress which now overspread this Union and when they came, to have exerted myself anxiously, at the Extra Session,andat this, to devise, healing remedies if to have desired to introduce economy and reform in the general administration, curtail enormous Executive power, and amply provide, at the same time, for the wants of the Government and the wai^sof the People by a Tariff*which would give it revenue and them protection if to have earnestly sought to establish the bright but too rare example of a partv in power, faithful to its promises and pledges made when out of power—if these services, exertions und endeavors justify tlie accusation of ambition,

I must plead guilty to the charge. I Imve wished the good opinion of the world tiut I defy the most malignant of my enemies to show that (have attempted to gain it by any low or grovelling arts, by any mean or unworthy sacrifices, by the violation of any of the obligations of honor, or by a breach of any of the duties which I owed to my coantry.

I turn, Sir, from these personal allusions and reminiscences, to the vastly more important subject of the present and actual condition of this country. If they could ever be justifiable or excusable, it would be on such occasion as this, when I am addressing an those to whom I am bound by so many inti mate and friendly ties.

In speaking of the present state of the country, it will be necessary for mo to touch with freedom and independence upon the past as well as the present, and upon the conduct, spirit and principles of parties. In doingthis, I assure my democratic ret hern and fellow citiicens, of whom I am told there are many here present, (and I tender them mv cordial thanks for the honor done me by their attendance here this day, with as much sincerity and gratitude as if they agreed with me in political Isentiment,) thai nothing is farther from my intention than to say one single word that ought to wound tlieir feelings or give offence to them. But surely, if there ever were

period in the progress of any Peopte when all were called upon, with calmness and candor, to consider thoroughly the present posture of public and pftvnto affairs, and de» liberately to inquire into the causes and remedies of this unpropitioua state of things, we have arrived at that period in the linked States. And, if ever a People stood bound by the highest duties to themselves and to their posterity, to sacrifice upon the altar of their country, cherished prejudices and party predilections and antipathies, we are now called upon to make that sacrifice, if necessary. *, What is our actual condition? It is one of unexampled distress and embarrassment, as universal as it is intense, pervading the whole community, and sparing none. Property of all kinds, and every where, fallen and falling in value agricultural produce of every description at the most reduced prices money unsound and at the same time scarce, and becoming more scarce by preparations, ofdoubt-

Ail and uncertain issue, to increase its soundness all the departments of business inactive and stagnant exchanges extravagantly high and constantly fluctuating credit, public nd private, at the lowest ebb, and confidence tost and ft feeling of general discouragement and depression. And what darkens the gloom which hangs over the country no ooe can discern any termination of this sad state of things, nor see in the fyture any glimpses light or hope.

Is not this £faithful, although appalling, picture of the Hatted States in 1842? I ap-

tb all present, Whigs and Democrats, liea and GeaUtoiea, to say if it be at all teohigl* color**

•Js

^UnUed'su^wten

Syrtem

Oij

defending the

a*a»nst the late Col.

Haykk

American System against the of Sooth Carolina, to describe it and I refer to this description as evidence of what 1 believed to be the state of the country at that time. That it conformed to the truth of the case, I appeal with confidence to those now present.

that occasion, among other

things, I said: "ihave no% to perform the more pleasing task of exhibiting an imperfect sketch of the existing state of the unparalleled prosperity of the country. On a general survey we behold cultivation extended, the arts flourishing, the face of the country improved, our people fully aiid profitably employed, and the public countenance exhibiting tranquility, contentment and happiness. And if we descend into particulars,, we have

the

ready,

agreeable contem

plation of a people out of debt, land rising slowly in value, but in a secure and salutary degree a

though extravagant, market

for all the surplus productions of our industry: innumerable flocks and herds browsing and gambolling on ten thousand hills and plains, covered with rich and verdant grasses our cities expanded, and whole villages springing up, as it were, by enchantment our exports and our imports increased and increasing our tonnage, foreign and coastwise, swelling and fully occupied the rivers of our interior animated by the perpetual thunder and lightening of countless steamboats the currency sound and abundant the public debt of two wars nearly redeemed and, to crown all, the public treasury overflowing, embarrassing Congress, not to find subjects of taxation, but to select the objects which shall be liberated from the impost. If the term of seven years were to be selected, of the greatest prosperity which this people have enjoyed, since the establishment of their present Constitution, it would be exactly that period of seven years which immediately followed the passage of the Tariff of 1824." v*

And that period embraced the whole term of the administration of Mr. John Q. Adams, which has been so unjustly abused!

The contrast in the state of the country, at the two periods of 1832 and 1842, is most remarkable and startling. What has precipitated us from that great height of enviable prosperity down to the lowest depths of pecuniary embarrassment? What has occnsioned the wonderful change? No foreign foe has invaded and desolated the country. We have had nei'her famine nor earthquakes. That there exists a cause there can be no doubt and I think it equally clear that the cause, whatever it may be, must be a general one, for nothing but a general cause could have produced such wide spread ruin and every where we behold the same or similar effects, every interest affected, every section of tho Union suffering, all descriptions of produce and property depressed in value. And whilst I endeavor to find out that cause, and to trace to their true source the disasterous effects which we witness and feel, and lament, 1 entreat the Democratic portion of my audience, especially, to listen with patience and candor, und, dismissing for a moment party biases and prejudices, to decide with impartiality and in a spirit of genuine patriotism.

It has been said by those, in high authority, that the People ar^ to blame and not the Government and that the distresses of the country have proceeded fromspecttlition and overtrading. The people have been oven reproached for expecting too much from Government, and not relying sufficiently upon their own exertions. And they have been reminded that the highest duty of the Government is to take care of itself, leaving the People to shift for themselvesas well as they can. Accordingly we have seen the Government retreating from the storm which it will be seen, in the sequel, itself created, and taking shelter under the Sub-Treasury.

That there have been some speculation and over-trading, may be true but all have not speculated and over-traded whilst the distress reaches, if not in the same degree, the cautious and the prudent, as well as the enterprising and adventurous. The error of the argument consists in mistaking the effect for the cause. What produced the over-trading? What was the cause of speculation? How were the people tempted to abandon the industrious and secure pursuits of life, and embark in doubtful and perilous, but seducing enterprizes? That is the important question.

Now, fellow citizens, I take upon myself to show that the poople have been far less to blame than the General Government, and that whatever of error they committed, was the natural and inevitable consequence of tho un wise policy of their rulers. To the action of Government is mainly fo be ascribed the disorJers, embarrassment and distress which all have now so much reason to doplore. And, to be yet more specific, I think they are to be fairly attributed to the action of the Executive branch of the Federal Government.

Three facts or events, all happening about the same time, if their immediate effects are duly considered, will afford a clear and satisfactory solution of all the pecuniary evils which now unhappily afflict this country.

The first was the veto of the re-charter of the Bank of the United States. The second was the removal of the deposites of the United States from that Bunk to local banks.— And the third was the refusal of the President of the United States, by an arbitrary stretch wer, to sanction the passage of the Land

of no* Bill.

These events all occured, in quick succession, in 1832-33, and each of them deserves particular consideration. 1. When tho Bank of the United States had fully recovered from the errors of its early administration, and at the period when it was proposed to re-cbarter it, it furnished the best currency that ever existed, possessing not merely unbounded confidence in the Uni ted Statos, but throughout the whole commer ciaI world. No institution was ever more popular, and the utility of a Bank of the United States was acknowledged by President Jackson in his Veto message, in which he expressly stated, that be could have suggested to Congress the pbn of aft unexceptionable charter^ if application had been made to him. And I state as a fed, what many, I am sure, will here remember and sustain, that in the canvass then going on for the Presidency, many of his friends in this State gave assurance*, that, in the event of his re«deetion» a Bank of the United States would be established.^

It was held out to the people, that a better currency should be supplied, and a more safe and faithful execution of the fiscat duties towards the Government would be performed by the local banks, than by die Bank of the United States.

What was the laaltKiiata tftct of the ovtitfcptyr of that institution The establishment

I-*

Mssss

lawtsiss

of innumerable local hanks, which apraagsp every where, with a rapidity to which we cannot look back without amazement* respectable document which I now hold hand, 1 believe correctly states, tkat **w the aggregate banking capital of the was $145,190,268. Within two yearn after the removal of the deposites, the bonkingcapital had swollen to •381,250,33^,and in Iw it reached

•440,195,710.

Whilst the Uni

ted tStatefe Bank wfes in existence, the local banks, not aspiring to the regulation of the currency, were chartered with smallcapitals, as occasion and business required. After 1833, they were chartered without necessity and multiplied beyond example. In December, 1837, there were no less than 709StatO banks. Nearly four hundred batiks sprung up upon the ruins of the United States Bank, and #350,000,500 of capital was incorporated, to supply the place formerly discharged by ths 835,000,000 capital of the Bank of the United States. The impulse given to extravagance and speculation by this enormous in

crease of banking capital, was quickened by the circular* of the Treasury Department to these pet State banks that were made the custodiers of the National Revenue. 1

A vast proportion of these new bshks, m6re 1 believe than four-fifths, were chartered by Legislatures in which the Democratic party had the undisputed ascendancy. I welt remember that, in this State, the papers of that party made a grave charge against me of being inimfcal to the establishment here of State banks and 1 was opposed to their establish-, ment, until all prospect vanished of getting a Bank of the United States.

The effect upon the country of this sudden increase, to such an immense amount, of the banking capital of the country, could not fail to be very great, if not disastrous. It threw out, in the utmost profusion, Bank accommodations in all the variety of forms, ordinary Bank notes, post notes, checks, drafts, bills, &c. The currency thus put forth, the people had been assured was better than that supplied by the Bank of the United States and, after the removal of the deposites, the Local Banks were urged and stimulated, by the Secretary of the Treasury, freely to discount and accommodate upon the basis of those deposites. Flooded as the country was, by these means and in this way, with all species of Bank money and facilities, is it surprising that they should have rushed into speculation, and freely adventured in the most desperate enterprises It would have been better to have avoided them it would have been better that the people should have been wiser and more prudent than Government but who is mcst to blame, they who yielded to temptation so thrown before them—they who yielded confidence to their rulers—they who could not see when this inordinate issue of money was to cease, or to become vitiated, or Government, that tempted, seduced and betrayed them?

And now, fellow citizens, do let us, in calm* ness and candor, revert for a moment to some of the means which were employed to break down the Bank of the United States, and to inflict upon the country all the sad consequences which ensued. I shall not stopito expose the motives of the assault upon that institution, and to show that it was because it refused to make itself basely and servilely instrumental to the promotion of poUtimU views and objects.

The Bank was denounced as a monster, aiming, as was declared, to rob the people of their liberties ftadtooubvort the Government of the country. The Bank to subvert tnf Government! Why how could the Bank continue to exist after the overthrow of that Government to which it was indebted for Us existence, and in virtue of whose authority it could alone successfully operate? Convulsions, revolutions, civil wars, are not the social conditions most favorable to Bank prosperity but they flourish most when order, law, regularity, punctuality and successful business prevail.

Rob the people of their liberties! And pray what would it do with them after the robbery was perpetrated It could not put them ib its vaults, or make interest or profit upon them, the leading, if not the sole object of «a Bank. And how could it destroy the liberties of the people, without nt the same thrie destroying the liberties of all persons interested or concerned in the Bank What is.a Bank It is a corporation, the aggregate of whose capital is contributed by individual shareholders, and employed in pecuniary operations, under the management of official agents, called President, Directors, Cashier, Teller and Clerks. Now all these persons are usually citizens of the United States, just as much interested in the preservation of the liberties of the country, as any other citizens What earthly motive could prompt them to seek the destruction of the liberty of tlieir fel-low-citizens, and with it their own

The fate of the Bank of the U. Statesclearly demonstrated where the real danger to the public liberty exists. It was not in the Bank. Its popularity had been great, and the conviction of its utility strong and general, up to the period of the Bank Veto. Unbounded as was the influence of General Jackson, and undisguised as his hostility to the Bank, he could not prevent the passage through Congress of a bill tore-charter it. In-such favor and esteem was it held, that the Legislature of Pennsylvania, in which his friends had uncontrolled 8way, almost unanimously recommended the re-charter. But his Veto came he blew his whistle for its destruction it was necessary to sustain bis party, which could only be done by sustaining him, and instantly, and everywhere, down with the Bank and huzza for the Veto, became the watchwords and the rallying cry of his partisans. That same Legislature of Pennsylvania, now, with equal unanimity, approved the destruction of an institution which they had believed to be so indispensable to the public prosperity, and deluded people felt as if they bad fortunately escaped a great National calamity!,

The Veto notwithstanding, the House of Representatives, by a large majority,resolved that the public deposites were safe in the custody of the Bank of the United Stales, where they were placed, under the sanction and by the command of the law and it was well known at Washington, that this resolution eras passed in anticipation and to prevent the possibility of their removal. In the face and tn contempt of this decisioo of the Rcfwesentatives of the peopte,and in riolaiioo of a positive law, tho removal was ordered by the President a few months after, the Secretary of the Treasury having been previously himself removed to accomplish the object. And this brings me to ounarier the efiect produced UpTP ths business and interests of the country, by the

,AV.

93. event to «rlKh I' have alluded It is well known to be the usage of Banks,to act upon the standing a verage amount depositee, as upon a peraMtnoot fund. The Bank of the United States had so regulated its transactions upon the deposites, of the Umted 3tates and had granted accommodations and extended facilities as far as could be safely done ou that basuif The deposites were removed and dispersed among various local banks, which were urged by an authority not likely to be disregarded, especially when seconding, as it did, their own pecuniary interests, to discount and accommodate freely on them. They did so and thus these deposites performed a double office, by being the basis of Bank, facilities, first, in the hands of the Bank of the United Strtes, add afterwards in the possession of the local banks. A vast addition to the circulation of the country ensued, adding to that already so copiously put forth by the multitude of new Banks which were springing up like mushroons. That speculation and overtrading should have followed were to have been naturally expected. It is surprising that there were not more. Prices rose enormously, as another consequence and thousands were tempted, as is always the case in an advancing market, to hold on or to make purchases, under the hope of prices rising still higher. A. rush of speculators was made upon the public lands, and the money invested in their purchase, coming back to the deposits banks, was agnin and again loaned out to the same or other speculators, to make other and other purchases.

Who was to bin me for this artificial and exploded state of things? Who for the speculation which was its natural offspring? The policy of Government, which produced it or the people? The seducer, or the seduced?— The people, who only used the means so abundantly supplied in virtue of the public authority, or our rulers whose unwise policy tempted them into ruinous speculations? 3d. There wasa measure, the passage of which would have greatly mitigated this unnatural state of things. It was not difficult to foresee, after the Veto of the Bank some of the consequences that would follow. The multiplication of Banks, a superabundant currency, rash and inordinate speculation, and a probable ultimate suspension of specie payments. And the public domain was too brilliant and tempting a prize not to be among the first objects that would attract speculation. In March, 1833, a bill passed both Houses of Congress, to distribute among the States the proceeds of sales of the public lands. It was a measure of strict justice to the States, and one of sound policy as it respects the revenue of the United States: but the view which I now propose to take of it, applies altogether to the influence which it would have exerted upon circulation and speculation. It was the constitutional duty of the President to have returned the bill to Congress with his objections, if lie were opposed to it, or with his sanction, if he approved it but the bill fell by his arbitrarily withholding it from Congress.

Let us here pause and consider what would have been the operation of that most timely and salutary meaanre, if it bad not been arrested. The Bill passed in 1831, and in a short lime alter, the sales of the public lands were made to an unprecedented extent in so much, that in one year they amounted to about 0*5,• 000,000, and in a few years loan aecregateof about

S*,000.000.

ly accumulating, remained in the custody of the local banks, in conformity with the Treasury circular, Md with their interests,.it would be pnade the basis or 'new lokni, new accominodationa, fresh bank facilitiea.

It was manifest that the same identical sum of monev might, as it in part did, purchase rnanv tracts of land, by maliMf the circuit lioni the land offices to the banks and from the banks to the land offices, besides stitnulatinc speculation in other forms.

Under the operation of the measure of distribution, that great fund would have been semiannually returned to the States, and would have been applied, under the direction or their respective Legislatures, to various domestic and useful purposes* It would have fallen upon the land, like the rains of heaven, in gentle, genial and general showers, passing through a thousand rills, and fertilising and beautifying the country. Instead of being employed in purposes of speculation, it would have Men applied to the common benefit of the whole people. Finally, when the fund had accumulated and was accumulating in an alarming degree, it waa distributed smong the States by the deposits act. but so suddenly distributed, in such large masses, and in a manner se totally in violation of all the laws and rules of finance, that the crisis of suspension in 1837 was greatly accelerated. Thia would have been poet-

ned, if not altogether avoided, if the land bill of 1833 been approved and executed. To these three causes, fellow citizens, the Vetoof the Bank of the United States, with the consequent creation of innumerable local banks, theremovslof the depositee of the United States from the Bank of the United States, and their subsequent free use, snd the failure of the land bill of 1833,1 verily helieve, all,or nearly all of the pecuniary embarrassments of the country sreplainly attributable. If the Bank had been rechartered, the public depogites suffered to remain undisturbed where the law required them to be made, and the land bill had gone into operation, it is my firm conviction that we should have had no more individual distress and ruin than is common, in ordinary and regular lime, to a trading and commercial community.

And do just now take a rapid review of the experiments of our rulers. They began with incontestibly the bet* currency in the world, and promised a betterThat better currency was to be supplied by the local banks and, in the first stages of the experiment, after the removal of the depositee, they were highly commended^ from high authority, for their beneficial and extensive operations in exchange, the financial facilities which they afforded to the Government, &c. See. But the day of trouble and difficulty which had been predicted, for the want of a United States Bank, came.— They could not stand the shock, but gave way, and the suspension of 1837 took place. Then what was the eourse of these same ruletsf They had denounced and put down the Bank of the United States. Now, they tumt-d round against the objects ot their own creation and eommendatiofl. Now they were brood of little monsters, corrupt and corrupting, with separate privileges, preying upon the vitals of the State. They vehemently call out for a divorce of State and Bank. And meanly retreating under the Sub-Treasury, from the storm which they themselves had raised, leaving tho people to suffer under all its pelting and pitileas rage, they add inaalt to injury, by telling them that they unreasonably expect too much from the Government, that they must take care of themselves, and that it is die tiigbest and most patriotic duty of a free Government, to take care of iraelf, without regard to the sufferings and distress of the people.

They began with the best currency, promised better, and end with giving nooef For we might as well resort to the cost times of oar original parents in the garde* of Eden, as. ia this enligtiteoed age. with the example of the whole commercial world before us, to cramp this energetic and enterprising people by a circulation exclusively of the precion metals L«t us see how the matter stands with us here in Kentucky, sad I believe we stand as well as the people do in most ef the States- We have ateslattoa in Banknotes aiMwnttng to about two millroos and a halt, founded •pan specie ia their vaaltsamoenting to about one and a qoarter. half the actual errcalaiion. Have we too much money? No! no! exclaimed many voicee.] If all Bisks were pat dewn, and ail Bank paper were annihilated, we should have jast oae half the money that we now have. I am quite rare that ooe of the immediate caasm of our present difficulties, is a defect in oosatittr as well as the quality of the circulating «. 'And tt would be impomibie. if we ware reeach a regisaen as is proposed bv the hard theorists, to avoid stop laws, relief laws, rapediatiea, haakraptcies, aad perhaps civil commotion.

I have traced the principal causes of the present emkanasssd cooditioB of the country, I hope with candor and fairness, asd without giving oflsoos to any af my fallow dtiseas, who may have differed ia poKtiaU opiate* frees aw. It would have been fcr more agreeable to my feelings to have dwelt, aa I did ia 183S, dating the wird year of dm first tarns of frraaidtat Jackson's

twas manifestthat, if this fond, so rap-

bright and cheering prospects mf

geacral prosperity. I iheaght it aaefal tt eoatraet that period with the ptasasi eoe. aad to saqsire into ths eaaass which lares brought spas aa sachasad and £mmI reverse. A anch more iwerttx object reamins to aw attempt, aad that is to patat eat wasmdiss for existing evils aad disorders.

Aad the first I woald saggest. wqaiies ths es sperathmaf theOevaraassat sadof the people isecoaesqr aad frsgelttjr, striet aad ponsswiSR seaman had* is yap sadjmats aftirs. Ouieiwaisat *oeld tncar

liflil

er eoatiaaa ao exponas tkat«an to jasU aad hoascsMy avoided, asd iadividaala should da the same. Ths preaperity of tbecountry has been impaired bv causes operating throughout several years, and it will not be reatored in a day or a year, perhaps net ia a period less than it has taken to deatroy it Bat we mast not only be economical, we most be industrious- Aa immense fcmoant of capital has been waeted and squandered in •iaionary or unprofitable enterprises, public a nd private. It cia only be' reproduced by labor sad saving.

The second remedy which I wouldeuggest, aad that without which all others must prove abortive or ineffectual, is a sound fcurtvncy, of uniform value throughout iIm .Union,and redeemable in specie upon the demand of the holder. I know of but one mode in which that object can be accomplished, and that has stood the test of time and practical experience. If any other can be devised than a Bank of theUnited States, which should be safe and certain, and free from the influence of Government, and eepecially not under the control of the Executive department, I shonld, tor one,

gladly see it embraced. I am not excluaively wedded to a Bank of tho United States, nor do 1 destre to see one established sgainst the will and without thecoiisent of the people. But all my obeervation and reflection have served to strengthen and confirm my conviction, that such sn institution, emanating from tne authority oif the General Government, properly restricted and guarded, with such improvements as experience has pointed out, can alone supply a reliable currency.

Accordingly, at the Extra Session, bill passed both Houses of Congress, which, in my opinion, contained an excellent charter, with one or two slight defects. which it

was

intended to core by supplemental bill,

if the Veto had not been exercised.. That charter contained two new and 1 think admirable features one was to separate the operation of issuing circulation from that of banking, confiding these faculties to different boards and the other was to limit ihedividendsw the bank, bringing the excess, beyond the prescribed smount, into the public treasury. In the preparation of the cnaner, every sacrifice was made that could be todate it. esoecisllv in regard to the

.itf

Editor, upon the flag of truce sent from the cspitol Congress, anxious to fulfil the expectations of the people, another bank bill was prepared, in conformity with the plan of a Bank sketched by the acting President in hia Veto messsge, after a'previous consultation between him and some distinguished members of Congreas,and two leading members of the Cabinet. The mil was shaped in precise conformity tn his views, as communicated hy those members of the Cabinet, and as communicated to others, and waa submitted to his inspection after it was so prepared and he gave assurances that he would approve such a bill. I was no party to the transaction, nut I do not entertain a doubt of w'hat 1 stale. The bill passed both Houses of Congress without any alteration or amendment whatever, and the Veto was nevertheless sgain employed.

It is painful for me to advert to a irave occurrence, marked by such dishonor and bad faith. Although the President, through his recognised organ, derides and denounces the Whigs, and disowns being one although he administers the Executive branch of the Government in contempt of their feelings and in violation of their principles snd althongh all whom he choose* to have denominated as ultra Whigs, that is to say the great body Whig party, have come under his ban, and those of them in office are threatened with his expulsion, I wish not to say of him one word that is not due to truth and to the country. I will, however say that, in my opinion, the Whigs cannot be justly held responsible for his administration of the Executive department, for the measures he may recommend or his failure to recommend othes, nor especially lor the manner in which he distributes the (iublic patronage. They will do their duty, I hope, towards the country, and render all good and proper support toGovernment but they ought not to be held accountable for his conduct. They elected him, it is true, but for another office, and he cjme into the present one by a lamentable visitation of Providence. 1 here had been no such instance occurring under the Government. If the Whigs were bound to scrutinise his opinions, in reference to an office which no one ever anticipated lie would fill, he was bound in honor and good faith to decline the Harrisburg nomination, if he could not conscientiously cooperate with the principles that brought him into office. Had the President who wis elected lived, had that honest and good man, on whose face in that picture, we now gaze, been spared. I feel perfectly confident that all the measures which the principles of the Whigs authorised the. country to expect, ineludinga Bank of the United Stales, would have been carried.

But it may be said that a sound currency, such as I have described, is unattainable during the Adntiniatra* lion of Mr. Tyler. It will be, if it can only be obtained through the instrumentality of a Bank of the United States', unless he changes his opinion, ss he has done in regard to ths land'bill.

Unfortunately, our Chief Magistrate possesses more powers,.ia some respects, than King or Queen of Englsnd. The crown is never separated from :he nation, but is obl!md|q coTkform to its will. If the ministry holds opinions sa verse to the nstion, and isthrown into the minority in the House of Commons, thecrown is constrained to dismiss the ministry, and apfioint ons whose opinions cnioeide with the nstion. This Queen Victoria has recently been obliged fo do and not merely to chsnge her ministry, but tommies the official attendants upon her person. Bat here, if the President holds an opinion adverse to that of Congress snd the nstion upon Unportsnt public measures, there is no remedv but upon the periodical return of thp rights of the ballot box.

Another remedy, powerfully demanded by the necessities of'the times, and requisite to maintaining the currency in a sound state, is a Tariff, which win lessen importations from sbroad, and tend to increase supplies at home from domestic industry. I have so often expreraed my views on this subject, snd so recently in tne Senate of the United States, that I do not think there is any occasion for my enlarging upon it at this time. I do not think that an exorbitant or very high tariff is necessary but one that shall insure an adequate revenue and reasonable protection and it so happens that the intereats of the Treasury and the wants of the people now perfectly coincide. Union is our highest snd greatest interest. No one can look beyond its dissolution without horror and dismay.— Harmony is essential to the preservstion of the Union. It was a leading, although not the only motive, in proposing the compromise act, to preserve that harmony. The power of protecting the interesisof onr own country, can never be abandoned or aurrendered to foreign nations, without a culpable derellcti™ of duty. Of thia truth, all parts of the nation nre every day becoming more and more sensible. In the meantime, this indispensable power should be exercised with discretion and moderation, and in a form, least calculated to reviveprejudices^or to check the progress of reform now going on in public opinion.

In connection with a system of remedial measures, I shall only allude without stopping to dwell on the distribution bill, that just and equitable settlement of a great National question, which sprung up during the Revolutionary War, which has seriously sgitated tho country, and which it is deeply to be regretted had not been settled ten years ago, ss then proposed. Independent of all other considerations, the fluctustion in the receipts from sales of the public lands is so great and constant, that it is a resource on which the General Government ought not to rely for revenue. It is far better that the advice of a Democratic land committee of the Senate, at the head of which was the experienced and distinguished Mr. Ktw of Alabama, given some years ago, should be followed, that the Federal Treasury be replenished with duties on imports, withoat bringing into it any part of the land fund.

I have thus suggested measures of relief adapted tn the present state of the country, and I have noticed some of the differences which unfortunately exist between the two leading parlies into which our people are unhsppily divided. In considering ths question whether tne coensel of the one or the other of these parties are wisest, snd the best cateolated to advance the interests, ths honor, and the prosperity of the na tion. which every citizen might to do, we should discard all passion and prejudice, and exorcise, as far ss possible, a perfect impartiality. And we should not confine oar attention merely to the particular messares which those parties respectively eepooae or oppose, but extend it to their general course and conduct, and to the spirit and parposcs by which they sre animated We should anxiously enquire, whither shall we be led by following in the lead of ooe or the other of those pariies—shall we be carried to the achievement of the glorious destiny. which patriots here, and the liberal portion of mankind everywhere, have fondly hoped awaite usl or shall we ingloriously terminate oar career, by adding another melancholy example of the instability of haman affairs, and the folly with which aslfgovernment is administered 1 do not arrogate to myself mors impartiality, or greater freedom from party bias, than belong to other men bat, aaless I deceive myself. I think I hsve reached a time of life, and am now ia a position of retirement. from which I can look bsck with calmness, and Opeak, I hope, with eandorand justice. I donot intend to attempt a general contrast between the two parties, as to their coarse, doctrine and spirit. That woald be too extensive sad laborious an aadertakiag for this occasion bat I purpose to specify a few recent instances, ia which, I think, oar pontics! opponents heve exhibited spirit snd bearing, disnmaisiag snd dangerous to the permanency aad stability of oar institutions.

aad I invoke the serioaa aad sober attention to them, of all who are here assembled. The first I woald notice is the meaner ia which Territories bsve beea lately admitted, as States, iaio the Uaioa. The early and regular practice of the Goveraasem wss lor Congress to pass previously a law a athorixiag Convention, regulating the aapoiatessat of members to it, speeifyiag the qaalificsttoo of voters, Ice. Ia that way sseat of lbs states were received.— Of isle, without say previews ss action or authority from Congress, several territories have proceeded of themselves to csll Conventions, form Constitutions, aad demsnd adaassiea iato the Uaioa sad they were ad»t«d. I do not deay that their pspeiatioo aad condition e*titled thsm tosdariSMoa bst 1 insist that it should have hose doaa la the ngadar sad irrwHkhsd a*de. Isthecassof IGdncsZTsnsos wtnesUenrad to veto, ss alisas have baea allowed to

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community, they are «»titMI fo all the privSfe^ within the limits ot theCooaiitution, whichUlonJia a native bonrdtnsa sSd, ifnsressaiy, they should be protected at homo sad abroad—the thaader of onr m? tillery should rosrssload and ss effectually \n defence, as if their birth were upon Americas soil JBat I canaot but thiak it wrong and hasardona, to al. low aliens, who fasvsjast landed upon ourshons,

have not yet renosneed their allegiance to Foreign potentates, nor aworn fidelity to our constitution, with all the influenceeo! monarchy sad anarchy about them to psrticipats in our slsctions, sad affect oar legial*.' tion. 5. The New Jersey election-the great seal of the State, snd the decision of the local authorities ware put aside by the House of Representatives, and a ma? joriiy thus secured to the deaioeratic party. 3. Nullification, wbiuh is nothing more nor lesa than an assumption hy oae State to abrogate within its limits, a law pMsed by ths 26 8tates in Congrem assembled. 4. A late revolutionary attempt in Maryland tosubvert the existing government, and sst ap a new one without any authority of law.

S The refuaal of a minority ia the legislature of Tennessee, to co-operate with the majority (their Conatitution requiring ths presence of two-thiida of the members) to executes posit.vs injunction of the Constitution of the U. S. to sppOint two U, States Senators. In principle, thst refusal was equivalent to announcing the willmgness of that minority to dissolve the Union. For if thirteen or fourteen of the twentysix Stales were to refuse altogether to elect Senators, a dissolution of the Union would be the conseqaence— That minority, for weeks together, and time after time, deliberately refused to enter upon the election.— And, if the Union is not ini fsct, dissolved, it is not becsuse the principle involved woald not lead lo dissolution, but because 13 or 13 other States have not like themselves refused to perform a high constitutional duty. And why did they refuse? Simply because they apprehended the election to the Senste of political opponents. The sests of the Iwq Tennessee Sena tonkin the U. States Senate, sre now vacant, sod Tennessee has no voice in thst branch of Congress, in the general legislstion. One of the highest compliments which I ever received, wss to have been appointed, at a popular meeting in Tennessee, one of her Senators, in conjunction with a distinguished Senator from Strath Carolina, with all the authority that such an appointment could bestow. I repeat here an expression af my acknowledgements for the honor, which I most embiresigned, wh-n 1 gave up my Dictatorship, and my seat as a Kentucky Senator. [A general laagh.] 6. Then there is Repudiation, thst foul stain upon the American character, cast chiefly by the Democrats of Mississippi, sod which it will require yesrs to eflacs from our bright escutcheon. 7. The support given to Executive usurpations, snd the expunging the records of the Senste or ths United Slates. 8. The recent refusal of Ststs legislstnres to psss laws to carry into effect the act of distribution. An act of Congress psased sccording to all the forms of the Constitution, after ample discumion and deliberate consideration, and after the lapae ol ten years from lbs period it was first proposed. It is the duty of all to submit to the laws, regularly passed. They may attnmpt to get them repealed they hsvs right lo test their validity before tne Judiciary, but whilst the laws remain in force unrepealed, snd without sny decision against their rtnstitutionsl validity, submission to them is not merely constitutional and legsl bat a moral duty In this esse, it is true, thst thoss who refuse to sbide by them, only bile their own noses.— But it is theartacipfv of thc refusal to which I csll your attention. If a minority may refuse compliance with one law. what ia to prevent minorities from disregarding all law Is this sny thing but modification of nullificationY What rights have the servants of ths people (the Legislative bodies) to withhold from their masters, their assigned quotas of greet public fund? 9. The last, though not least, instsnce of the manifestation of a spirit of disorgsnisstion which I shall notice, ia the recent convulsion in Rhode Island. Thst little but gallant and patriotic Stale had a Charter derived from a British King, in operation between ons and two hundred yesrs. There hsd been engrafted upon it laws and uaages, from time to lime, and altogether practical Constitution sprung up, which csrried the State as one of the glorious thirtsen, through the Revolution and brought ber asfoly into tho Union.— Under it, her Greens snd Psrrys,snd other distinguished men were born snd rose to eminence- The Legislature had called a Convention to remedy whatever defccta it had, and to adopt it to the progreasive im-

ovemcntsof thesgs. In thst work ot reform the party might have co-operated but, not choosing so toco-operate, and in wanton defiance of all estsblished authority, they undertook subsequently lo csll snother Convention. The result was two Constitutions, nnt essentially differing on the principsl point of controversy, the right of suflrsgs.

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Upon submitting to the People ti ed by the regular Convention, small majority voted

against it, produced by a union in casting, votes, between ihe Dorr party, a lissome of thefrismtaof the old Chsrter, who were oppotod to any change. Ths other Constitution, being also submitted to ibePenple, sn sppnren'. majority voted for it, made op of every description of votes, legal sqd illegal, by proxy ami otherwise, tsken in the most irregular ana unauthorit sed manner. g,

The Dorr parly proceeded lo put their Constitution in operation, by electing him as the Govsrnor of ths. State, members to the mock Legislature snd other of*., ficers. But jbey did not stop hers they prooeeded to collect, to ('rill, snd to msrshsl militsry fores snd pointed their cannon against the Arsenal of the State.

The President waa called upon tointerpoee the power of the Union to preaerve the peace of the State, in conformity with an express provision of the Federal Constitution. And I hsve ss much plessure in expressing my opinion thst he faithfully performed his autv, in responding to thst csll, ss it gsvs me psin to bo obliged to animadvert on other psrtsof his conduct.

The lesdmg presses of the Democratic psrty st Washington, Albany, New York snd Richmond, snd elsewhere, came out in support of the Dorr psrty, sncoursging them in their work of Rebellion snd Tress* on. And when matters had got to crisis, snd ths two parties were preparing for a Civil Wer, snd svery hour it was expected to blsxe out, a great Tsmmsay meeting was held in the City of New York, headed by the leading men of the parly, the Camhrelings, the Vanderpoofs, the Aliens, Slc., with a perfect knowledge that the military power of the Union was io he employed, if necessary, to suppress the insurrection, smi, tn awe the President the Treason.

notwithstanding, they passed resolutions tending snd to coentsnsaos and cheer

Forttinately, numbers of tho Dorr party abandonsd their Chief he fled, snd Rhode Islsna, unsided by sny actual force of the Federal suthority, proved herself shie alone to maintain Isw, order sua government with*, in her borders. 1 do not attribute to my feltow citizens here sessmhied, from whom I differ in opinion, sny disposition to countenance the Revolutionary proceedings in Rhode fslsnd. I do not believe they spprove it. do not believe that their party generally oould spprovs it, nor some of the other exsmples of spirit ol disorgsnisstion which I have enumerated but the misfortune is, in time of hirh party excitement, that the leaders commit themselves, and finslfy commit the body of their party, who perceive thet unless they stand by snd sustain their leaders, division and perhaps destruction of the party would be the eonerquence Of all the springs of human action, party ties are perhaps tho most powerful. Interest hss been supposed lobe more so but party ties sre more influentisl, unless they ara regsrded ass modifies I ioe of imsginsry interest. Un-t der their ewsy, we hsve seen not only individuals hpt whole communities sbsndon their long cherished interests and principles, snd turn round snd opposs tbew with violence.

Did not the Rebellion in Rhode Islsnd find for tie supports precedent established by the majority in Congress. in the irregulsr admission of Territories, as Ststes, into the Unioo, to which I hsve heretofore slludedt Is there not ressoo to fesr that the sxsmple which Congress hsd previously presented encoursgsd, the Rhode Islsnd rebellionl

It has been attempted to defend thst Rebellion npoo^ the doctrines of the Amerisan Declaration of Indeaea-^' denee, hut no oountensncs to it can be fairly derived! from them. That Dedsrstioa asserts, it is true, thsfc whenever Government becomes destructive of the ends of life, liberty snd the parses* of hsppinsss. for the security of which it was instituted, it is the right eC the People to slter or abolish it, snd institute new vernment end so undoubtedly it is. But this is right only to be exercised in grave sod extrsmeessss. "Pran donee indeed will dietste," ssys thst venerated iastran ment. "ihst Govern moots long established shoald sol be changed for light and transient csasss.* "Boi whens long train of abuses gad asarpatjoaa, parseina the same object, evinces a deaign to MdaS invariabfi the same object, evinces a deaign to ledaS them under absolute despotism, it is their right, thai* doiv. to throw offsoch Government"

WiH it be pretended thst the actosl Govsrnmoat of Rhode Mann isdest roctiye of life, liberty, or the par. suit of hspptness? That it has perpetrated along train of sbuses sad userpatioos, porsaiag the sbme imrie* object, to redoes the people aader sheolate tfrspnt

sodi ss might be pMeMelJy ressedied, without violence snd withoot blood7 Such, ss in point of feet, the legiiMnste Government bad regularfy gammoned a Convention to redress, bat for the rasofia tf whoss dsiibcr-, stums the restless spim of disorder aad rebsilion hsd? 2P 'J*10 fellow dtisens, little Rbody (God bless snd pressi fs her.) is ons of ths most prosperous, eatwprixing aad snlighteoed Slates in this whole Union. No where is life, liberty sad property more perfectly secure.

How is this right of the PSopte Uvoholish en exist big Government, and to sst ap asw ons to be praeu-f cslly exercisedf Our Revolutionary seeestors did aofc toil as by words, but they prodsimed it by gallant £0% noble deeds. Who are cl* /fcyfr- that sre t» issT spr, the whole fabric of hemsnsosisty. ahsife^seossein

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