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[APRIL 28, 1834. nia [Mr. Wilkins) had in his drawer, and which he had communication or correspondence conveying to him ihe forborne to present, he was not surprised that he had not fact of there being any distress in the city of Pittsburg, produced them. He thought that this memorial from the and he said then that he believed there was none prerespectable county of Huntingdon, in which there were vailing there. But, so soon as the announcement which great iron works, forges, &c., had been written under he had made here had reached the place of his residence, the operation of these. There was abundance of figure a meeting was held in consequence, and in one of the and metaphor, but further the deponent sayeth not. But resolutions which were passed by it, and which lie was
ad risen only for a single purpose. The resolution- sorry he had not observed till some time afterwards-not ists had referred to him as a retained advocate of the bank. because it was in justification of himself—but because Mr. WILKINS. No.
they had in it distinctly admitted that they had kept their Mr. CLAY. Certainly: I heard such a charge in one complaints to themselves, and that the cry of distress had of the resolutions.
not proceeded from the citizens of Pittsburg. Mr. WILKINS. Not by name.
In one of their resolutions they pointed to the future, Mr. CLAY. Oh! no, not by name! Good breeding pre- and expressed themselves alarmed at what it might devented that. He desired, however, to contradict the velop. That was the extent of the declaration, and there statement in direct terms. He said that when the gen- was his justification for it. He acknowledged that distleman from Pennsylvania addressed the framers of these tress did overspread the land, and, to the ulter condeur resolutions, he would thank him to present his respects nation of the bank, let him say it. He would conless to them, in the most courteous terms, and to say that that he had been disappointed; for he did not anticipate there was not a word of truth in the assumed fact that he that the power of the bank, by its machinations and miswas the retained advocate of the Bank. He had not for chievous proceedings, could have caused such distress more than nine years been in any way connected profes in the country. With respect to the people of Huntsionally with the bank. He knew from what quarter ingdon, he knew not whether they spoke the truth: but these charges came; but he wished it to be distinctly un- he believed them. They had spoken of the price of their derstood, that for nearly ten years be had been in no agricultural products as being better than was supposed connexion with the bank.
by the friends of the administration. Notwithstanding Mr. WILKINS said, it would be recollected by the Sen- they were in the midst of a country liable to be material
. ate, that, on an occasion similar to the present, he had ly affected by the distress which prevailed elsewhere, announced his opinion that our fellow-citizens bad a right yet they did not complain of any particular distress. to be heard there in any language they chose to adopt. As to this memorial being a contradiction to that from The Senators could not examine very critically the terms Oneida, he merely meant to say, that it was a contradicin which their memorials or remonstrances were couched. tion to the great question-whether the Government or If they did, it would be, in his opinion, an infringement the bank had been the cause of the present distress? He upon an invaluable right secured to them by the consti- would beg to refer honorable Senators, and the gentle tution. It was for the Senate, after the presentation of a man from Maryland in particular, to the price of agriculpaper, to say what it was their pleasure to do with it. He tural produce, by which it would be seen that things were was aware of the allusion in the memorial to the honora- looking up. Let gentlemen look, for instance, at the ble Senator from Kentucky, and which that gentleman price of flour and other articles in Baltimore and Phila. had noticed, and he (Mr. W.) decidedly disapproved of delphia. He, and every one living in Pennsylvania, must it. But when he received a communication from his con- admit, that the opening of the canal in that State had stituents, which they desired him to present to the Sen- been the means of spreading universal prosperity there. ate, his own individual opinion, or his personal feelings It was with much regret that be perceived, in one of the towards any Senator, was not to influence him in bis duty. resolutions, allusion was made to the two honorable gen. The Senator from Kentucky would have a right to rebuke tlemen from New Jersey. The resolution merely spoke and complain of him when he should find him using lan- of the question which those Senators were in the daily guage of his own at all disrespectful towards him or any habit of advocating ---whether they were representing other member. Will he now, said Mr. W., in justice to truly or not, the sentiments of their constituents. That myself, point to a case in which I have at all sanctioned, was the question. His (Mr. W.'s) constituents believed by the most distant implication, language of that sort? that they did not: but he would not pretend to decide the Mr. CLAY said he could not.
matter. Had he, however, been at liberty to express Mr. WILKINS resumed. He was sure the Senator could his. sentiments, he could have wished that they did. not. So much for the language; the gentleman was not But, on the side of the administration, the Senate bad named. There were many high and distinguished citizens prima facie evidence, in the instructions of the Legislature now held up-he knew not with what truth-as candi. of New Jersey, that the honorable Senators from New dates for the Presidency. That language might apply to Jersey did not represent the sentiments of their constituothers; but, if it was applicable to the honorable Séna- ents. The gentleman combated the testimony produced tor, he was not aware of it, and should the more regret against them by giving the proceedings of meetings held it. The honorable gentleman from Maryland had been in New Jersey. He would not pretend to decide the again pleased to allude, and call to the recollection of the case. One party believed that the public sentiment in Senate, an expression of his (Mr. W.'s) in reference to reference to the bank was one way, and the opposing the city of his residence, which he had used at an early party conceived it to be on their side. However, the period of this discussion. The gentleman, in his recol- people, who were the ultimate arbiters in every question, lection of the phrase, had made it rather too general. would show by their action which party was right. He (Mr. W.) never did deny that there was distress, and Mr. CHAMBERS said he had but one more word to a pressure weighing heavily upon the community; though add, in reply to the Senator from Pennsylvania. He un. in the month of January, he did deny there was any dis- doubtedly considered him as having said, in very distinct tress among the citizens of the place io which he had ref. terms, that the proceedings of the Huntingdon county
He had a paper in bis possession, though unfor. meeting contradicted the memorial presented by the gen. tunately it was not by him, which fully justified him in tleman from Massachusetts; that is, contradicted the making the assertion. He had used the phrase attribu- idea that the Government, as it is termed, has produced ted to him, it was true; but then, it was so qualified at the distress to the extent described in the New York methe time, as to justify him, and would justify him now. morial. He did not mean to involve the Senator in any He had, at that time, denied that he had received any further difficulty with bis constituents.
APRIL 28, 1834.)
Huntingdon County Proceedings.
Mr. WILKINS. You cannot do it, sir.
fore the people? _It was the removal of the public deMr. CHAMBERS said he did not intend by any means posites from the Bank of the United States. to convey the idea that he could; for be had previously de. man say that he doubted whether a majority of the people clared that the language of the Huntingdon proceedings approved or disapproved of that measure?' He knew that was an exaggeration. The gentleman did not pretend to many supported the Executive who, perhaps, would consay that there had been no distress, and he (Mr. C.) was tinue to support him. But did they do it because of this glad that he was right so far. A little reflection, he measure, or in despite of this measure? Did any man thought, would set him right farther. I am not willing, doubt that a great number of the Executive's supporters said Mr. C., to believe that public sentiment will not op: were in favor of the bank? He had certainly no objec. erate on Congress until after the elections. He hoped tion to give the people of Huntingdon the exercise of the the public sentiment would be felt long before that time. same rights with all others who had expressed their senWhat would the gentleman say, if the whole State of timents here. They, however, had not, in expressing Pennsylvania would speak as Philadelphia had spoken their sentiments, given the names of those who attended The gentleman from Georgia consoled himself with the the meeting, nor the number of them; but simply gave idea, tbat, although matters were all wrong in Philadel- the sentiments of a public meeting, the names not menphia, yet there was a redeeming spirit in Pennsylvania. tioned. Mr. W. did not know the reason why the SenaNow if the whole State of Pennsylvania would speak as tor from Pennsylvania bad selected those Huntingdon proPhiladelphia had, would those gentlemen be satisfied ceedings from the number of memorials and proceedings with respect to public sentiment in that State? Yet there in his possession, and which he said he had not thought had been enough beard from Pennsylvania to satisfy proper to present. Whether on account of its superior then that public sentiment there was not with the ad-style, the propriety of its sentiments, or the decorum in ministration on the bank question. He, Mr. C., did hope which they were expressed, it was not necessary to nothat the people were not to be ruined, and say nothing tice. He had only to observe, that public sentiment about it. Office-holders, to be sure, would praise the ad- could only be ascertained from the mass of resolutions ministration and cry out that there was no 'distress. So and memorials which came here from all quarters. would many of their friends. But the man, who had Against the conduct of the Executive, memorials and resgone without his breakfast, if a warm friend of the admin-olutions were daily coming from every part of the counistration, might still burrah for Jackson. When his din- try. Persons had been selected to obtain names, some ner and supper were non sunt inventi, he would not hur- on one side, and some on the other, and a vast majority rah so loudly. But if he missed his breakfast the next of those names sent here were in opposition to the admin. morning, he would not burrah at all.
istration. He was sorry he had expressed any doubt, as Whether the Legislature of a State, said Mr. C., is or noticed by the honorable Senator from Maryland, that is not competent to instruct its Senators, is not a matter any relief would be had from Congress at this session. of much moment; but we all agree, that, when it is as- But such were his fears. He had expressed no doubts certained that the people have spoken, no manner of which should slacken the exertions of those who thought doubt is left. He regretted to hear that his friend from with him, and something could and ought to be done.
lassachusetts failed to respond to the confident hopes of His purpose for action was the same that he expressed in the people of Oneida county; that is, that something would the beginning of the session, that Congress was bound, be done for the relief of the people by the present Con- before it adjourned, to give that relief which the condition gress. . He for his part, still indulged the hope that of the country required. something would be done, and that the voice of a suffer Mr. WILKINS rose to correct an error into which the ing people would still have some influence. He called gentleman from Massachusetts had fallen. He (Mr. W.) upon his friends here, not to lock up public sentiment: did not admit that he could not make up his opinion as to to let them speak in the majesty of their strength, and what was the public sentiment in regard to the present to let their voice be pronounced here. Their verdict state of affairs; but he had said that such was the diversiwould then be unanimous, with the exception of office-ty of opinion existing, that retarded the action of Conholders, who turn a blind eye to Executive usurpation; gress. As to himself, he had no doubt on which side the who see nothing in the statute-book to prevent the Presi- public sentiment lay in relation to the removal of the dedent from using the public money, and assuming to him. posites, and the recent action of the administration in self powers not granted by the constitution. Let us, said reference to the finances of the country. He should say be, expect to witness such a burst of popular feeling as the public sentiment was with the administration; at the will compel us to act, and settle at once the unhappy dif- same time he was free to admit that, in the great commerference of opinion prevailing here as to the state of"pub-cial cities of the
Union, the administration had lost ground;
for the commercial community would always go with the MF. WEBSTER rose to express his dissent to the idea moneyed interest. But those cities were not to be taken that there was any difficulty in ascertaining the sentiments as a fair test by which to ascertain the opinion of the of the people on the great question before them. The great mass of the people—the yeomanry of the country. Senator from Pennsylvania had said th there were so He knew perfectly well that, in Philadelphia proper, the many memorials before the Senate, he could not for his administration had vastly lost ground with the commercial life understand in which way public sentiment was direct- community; but that city had been for some years oppoed. This was to him strange. Could any candid man sed to it. In Pittsburg, too, the administration had lost say that he had a doubt on the subject? Memorials were ground, and he knew that he had been stripped of a great constantly coming in, and how did they range? How did portion of the favor which he had had the honor to enjoy they compare? Why, as twenty to one against the meas in the eyes of his fellow-citizens. He had been under the utes of the administration. There was no doubt that impression that he stood well with them, and he might many memorials came here expressing sentiments in ap- say, without any vanity or arrogance, that he considered probation of the measures of the administration, in regard himself somewhat popular. It was now, however, very to the public moneys. They were such as had been likely that he should stand in a different light, and be passed at Baltimore, and at other places, and it was just looked upon, when he should return to his constituents, ss preposterous for a man to say that he could not under- with great coldness, for the course he had taken in regard stand the state of public sentiment because of these few to the removal of the deposites. It was a course wbich, proceedings, as to say that he could not distinguish the he could declare before God, his conscience dictated to difference between numbers. What was the question be- him to pursue. He could not but regret that he had lost
Huntingdon County Proceedings.
(APRIL 28, 1834.
the confidence of many of his neighbors and friends, but expression, and the ideas attached to it from the use to that should not prevent him from doing his duty here. which it was once applied in a certain high quarter, gave
With regard to the dominant party, the yeomanry of it no favor in his (Mr. P.'s) eyes. His anxiety to get Pennsylvania, there could be no doubt that their spirits clear of it was so great, that he was compelled to state it were up, for they were sensitive enouglı on this question, had no application to his election. No, sir, said he, I They were compact, stood together, and were unmoved was elected by the decisive and overwhelming majority by all the operations of the bank. Wbat, he would ask, of two! must have been the flagrant and mischievous conduct of But, to be serious: if it was at all relevant to the mat. that bank, when it bad weaned from itself an invaluable ter before the Senate, or of any importance, it could be and numerous body of friends, who, two years ago, sup- easily shown that the majority which sent him here was ported it? There was now a total revolution in the State, similar to that which, for years back, had sent most of his in regard to that institution, from the Governor down predecessors to the Senate. to the most private citizen. The Legislature, too, had How the gentleman came to select his election as eviplainly expressed what was their opinion on the subject. dence that the State of Louisiana approved of the course
Now, what rule was there by which they were to judge of the Executive, in removing the deposites, when his of the state of public opinion? Would Senators take the (Mr. P.'s) opinions in opposition to it were avowed and elections which had occurred since October last? Let known before the election, he could not possibly divine. them be taken as the touchstone, and what must be the It seemed curious. It was not, however, for him to find verdict of every impartial man? The Pennsylvania elec- fault with the gentleman's skill in selecting topics to sus. tions occurred after the removal of the deposites, which tain his views; his business was to show that they did not was the subject of conversation on the election ground, sustain him. Still he must be pardoned for saying, that and what had been the result? Senators were to judge it did appear to him most amusingly strange, why the of that act by the effects which followed, not immediately, election of a man opposed to a certain measure was adbut by the subsequent conduct of the bank. What duced as evidence that those who elected him approved change had the removal of the deposites produced in of that measure. Louisiana? Why, the gentleman on his right [Mr. Por. But as he was no great logician, there was, perhaps, TE2) had been elected by a majority of one vote. What something bidden in the argument which he could not was the public sentiment in Alabama? How it stood in discover; and, as the fact of his election seemed to afford Mississippi, he could not tell.
the gentleman so much pleasure, he was enabled to give (Mr. Poindex'TER said: Pretty well.]
hiin some other information of a similar kind, in regard Mr. Wilkins resumed. What was the public opinion to public opinion in Louisiana, which would increase his in Missouri, Illinois, indiana? It was in favor of the admin- satisfaction. istration. What was the opinion in Ohio! There, the He admitted the truth of the honorable Senator's re. election of members to the Legislature took place on the mark, that the question in relation to the deposites had second Tuesday of October, and they had since instructed entered into the late election for Senator in Louisiana-their Representatives and Senators in Congress to pursue but it was not the sole question. At that time, the pub. a particular course. We had, then, prima facie evidence lic mind there, though awakened to a consideration of the what was the sentiment of that State. Pennsylvania stood subject, was not, as since, intensely fixed on it. It was in the same position; so did New Jersey, as was shown discussed more as a matter of speculation than as one in by the instructions which her Legislature had given the which we were practically concerned. It had not then Senators from that State. The sentiments of the people produced the bankruptcies, the ruin, which have since there might have since changed, but he should wait for followed it. If it had, the same opinions would have further evidence on that point. In New York, it was been then entertained of it in New Orleans that are now sufficient to say, that the administration had not been held there. Evidence had reached him, since he took beaten. So far as concerned the result, even in that his seat here, of a decided change in public opinion on great emporium of commerce, where all the power and this subject through the whole State. There could be influence of the bank were brought to bear on the elec. no doubt, that, if his election were to come on there totions, to a degree that had never been known before, morrow, and the wisdom of the Executive in removing and perhaps would never be repeated—where the oppo. the deposites was the test applied, that his majority would nents of the administration had every advantage-yet be much greater than it was last winter. He hoped this Tirey sustatured's defeat at all events. These were the intelligence would increase the delight of the Senator facts from which he drew bis conclusions with regard to from Pennsylvania. public opinion.
But he had still further gratification in store for the In Virginia, the contest was not yet over. But, had honorable Senator. It was only this day, said Mr. P., the administration gained or lost there?
that I had the pleasure of shaking by the hand a valued (Mr. Clay said: Look at the result in Hanover.) friend who has just taken his seat in the other House, to
Mr. Wilkins continued. Had the administration gain- fill the vacancy created by the resignation of Mr. Bullard. ed or lost! That was the question.
He, like myself, is decidedly opposed to the act of the Now, with respect to granting relief-there was no President removing the deposites, and yet he has been one more heartily disposed than himself to legislate on elected without opposition, in a district which, since the the subject for the purpose of restoring barmony and late party divisions sprung up among us, has sent, memgood feeling to the country. But he was free to confess, bers opposed to each other in politics, to Congress. thal, in consequence of ihe great diversity of opinion This is an additional proof, of the kind furnished by my which existed in the public mind, he despaired of any election, of the opinions of Louisiana in relation to the immediate relief being given---though he hoped that some- late Executive measures. I commend it to the special thing might be done.
attention of the Senator, and hope that when he is next Mr. PORTER said, he should not have risen but for marshalling bis evidence, he will not omit it. the particular allusion which had been made by the Sen. As to the satisfaction the Senator derives from the elecator from Pennsylvania, to the circumstances attendant tions in Virginia, I shall say nothing. Certainly there is on the election which brought him here. The compla- no means of destroying a pleasure which increases with cency with which the gentleman had dwelt on bis (Mr. the news of each successive defeat. It would be uncharP.'s) majority of one, shows the great value the gentle. itable to do so, if one could. I leave, however, the Senman places in government on a unit. But this famouslator, on this score, to my friend behind me, (Mr. LEIGH,]
April 29, 1834. ] Huntingdon Proceedings.--Edgecombe ( N. C.) Resolutions. - New Hampshire Memorials. (SENATE. who bas but this morning informed me that the returns 4th. That, during the same period, there has been an from Virginia show that ancient commonwealth to be in actual increase in the total loans of the bank of one mildecided opposition to the late acts of the Executive.. ! lion two hundred and fifty-six thousand three hundred hardly, however, required any information of that kind and sixty-eight dollars sixteen cents. to instruct me as to her course. I knew that the mother How, said Mr. P., after this exposition of facts, any of statesmen, ay, and of States too, would not be found one can still remain under the delusion that the bank has wanting, in this struggle, to her known devotion to prin- caused the present distress, is more than I can compreciple, and to ber ancient renown. And now that her ban. hend. ner is shaken loose to the wind, I feel that it will be a
EDGECOMBE (N. C.) RESOLUTIONS. rallying signal to her talented sons, from the shores of the Potomac to the banks of the Sabine.
Mr. BROWN presented the proceedings and resoluThe honorable Senator seems delighted that they were tions of a meeting of the inhabitants of Edgecombe county, not beaten in New York. This is now the burden of the N. c. Among the resolutions, Mr. B. said, was one
which denied the power of the Government to incorposong of those who, before the late expression of opinion there, claimed the state as their own. I tell the Senator, isted as to the injurious tendency of such an institution
rate a national bank. If any doubts had previously exbowever, they were beaten there. They have lost the whiole administration of the city, save its chief magistrate, it was now exercising over the country, the despair
as the Bank of the United States, the great power which and he has succeeded but by a majority of 183, when which prevailed, the statement which had been made, his party, in the contest preceding, had a majority of 6,000 votes. Does the gentleman quote this, too, as evidence that many of our citizens had been deprived of their break. of public opinion being in favor of the Executive, and is fasts and suppers, ought to remove those doubts. He he glad of it? Be it so—he is certainly grateful for small concurred fully with the resolutions which he had the mercies.
honor to present, and believed the resolutionists might As to the price of agricultural products, the gentleman bave added, that the systematic effort which had been did well to dwell on four alone. This is an article of making throughout America to destroy credit, and cause first necessity; it enters largely into the food of man; the Bank of the United States. Without further com
runs upon the local banks, was also to be attributed to and the gentleman's assertion amounts to nothing more than that the people are not actually starving. Does not ment, he would ask that the
resolutions and proceedings the honorable Senator see, that, whether the people who
be read and referred to the Committee on Finance. are deprived of employment eat bread at their own ex
The resolutions were then read, and referred. pense, or at that of others, there can be little or no dif.
Mr. CLAY presented the following resolutions, which ference in the price? If, however, the Senator had car
were considered and adopted: ried his inquiries beyond articles of primary necessity, ed to report to the Senate the gross amount of the pro
Resolved, that the Secretary of the Treasury be directhe would have found a material change in their value, ceeds of the sales of the public lands, and the number of Had he done so, and convinced me that sugar had maintained its price, the intelligence would have been acres which have been sold during the year 1833, includof much more importace to me than all the other mat- ing the last quarter of the year, and distinguishing the ters he has communicated to the House.
amount received, and number of acres sold, in cach State But there was another subject touched on by the
and Territory; honorable Senator, which Mr. P. said he could not
Resolved, also, That he report to the Senate the manallow 10 reinain unnoticed. A sense of justice forbade time to time, the twentieth part of the nett proceeds
ner in which has been ascertained at the Treasury, from him. He coull not remain silent, and hear the charge of the lands lying within the said State, (Ohio,) sold by which the gentleman bad made againt the bank: He Congress, from and after the 30th day of June next, says the distress which now pervades the country is produced by the machinations of that institution, in with: (1802,) after deducting all expenses incident to the drawing its capital, in contracting its discounts., Sir; for laying out and making public roads; and the manner
same," which, by the compact with Ohio, was set apart hear on this floor such assertions made by a gentleman in which the like allowance made to other new States has
been ascertained at the Treasury, showing, especially, and by a gentleman too, of known integrity and talents. Sir, I call on him to show how the bank has produced the deductions made from the gross amount to ascertain
the nett proceeds. this distress. I demand of him his evidence for the assertion he has made. If the allegation be true, the facts
PRESIDENT'S PROTEST. must be known on which it is based. Give us then, those The Senate then proceeded to the consideration of the facts. If you have not the facts, you are not justified in special order, being the resolutions offered by Mr. Poinmaking the accusation. Sir, as the gentleman seems in DEXTER, as modified by Mr. Clar. some difficulty in this matter, I will help him to some The question being on the motion of Mr. Bibs to facts, with which he should have been familiar before he amend, pat forth his charge. I hold in my hand, sir, the last Mr. BIBB resumed and concluded his remarks, as givofficial document of the bank. Its veracity cannot be en entire in the proceedings of Friday last. called in question. Well, sir, what do we see by it! On motion of Mr. GRUNDY, Why these conclusive facts: that, from the 1st of October The Senate then adjourned. to the 7th of March Ist. The reduction of the loans has not been, by up
TUESDAY, April 29. wards of four millions of dollars, as great as the reduc. tion of the deposites.
NEW IIAMPSHIRE MEMORIALS. 21. That the withdrawal of nearly eight millions of Mr. BELL presented a memorial from Somersworth, dollars of those funds on which the bank has based its in the State of New Hampshire, signed by 452 citizens accommodation to the community, has not yet been fol- of that place, and another from Dover, in the same State, lowed by a reduction of accommodation equal to one-half signed by more than 500 of its citizens, both complaining the amount of funds thus withdrawn.
of great and unparalleled distress, general stagnation of 3d. That, from the 1st of January to the 1st of March, business, and reduced demand for the products of industhe increase in the line of domestic bills amounted to try; all of which the memorialists ascribe to the measures bearly two millions and a half of dollars.
Tof the Executive iu relation to the Bank of the United Vol. X.-97
New Hampshire Memorials.
(Arnil 29, 1834.
States; and praying Congress to adopt such measures as evils. I have recently had opportunity of obtaining init may deem expedient for their relief.
formation of the present situation and prospects of the On presenting the above memorials, Mr. BELL ad- manufacturers of cotton and woollen goods in New Engdressed the Chair as follows:
land; and I fully concur in the views and opinions exMr. President: I have been requested to present to pressed by the memorialists respecting them. I believe the Senate memorials from the towns of Somersworth and with them, that any considerable duration of the present Dover, in the State of New Hampshire, upon the subject state of the currency, and the want of confidence resulting of the general distress inflicted upon the country by a late from it, will inevitably put a stop to all these manufactuunjustifiable act of the Executive. The memorial from ring establishments, excepting such as are owned by Somersworth contains four hundred and fifty signatures, wealthy capitalists. No other branches of industry will and that from Dover more than five hundred. The char- suffer so extensively and ruinously as these must, from an acter, situation, and employments of these memorialists, adherence to this Executive experiment upon the cur. entitle their statements and opinions to the most respect. rency. This will necessarily result from the nature of the ful consideration. The citizens of these towns are as in- business, and the manner in which it is generally conducttelligent, moral, and industrious, as any other portion of ed. These manufactures are carried on chiefly by incor. the population of our country. These are manufacturing porated companies, which have, in addition to their fixed towns, engaged in the cotton and woollen manufactures. capital, consisting of buildings and machinery, a small
Their establishments for carrying on these manufactures money capital, sufficient only for the management of their are amongst the largest in the United States. They have business, by the aid of the customary credits. Their manbeen brought to their present condition by an expenditure ufactured goods are generally sent to commission merapproaching to four millions of dollars. When in full chants in the cities on the seaboard, from Boston to operation, they give employment to three thousand per- Baltimore. The commission merchant advances to the
They pay annnally in wages nearly half a million manufacturer upon the receipt of the goods a consideraof dollars. They have afforded a very valuable market to ble portion of their value. He sells, generally, upon a the agriculturists of the surrounding country. The ad. credit, and guaranties the solvency of the purchaser, for vantages derived from this market are apparent in the im- which he receives an indemnity in the form of a commisproved and prosperous condition of the country in the sion upon the sale. This is the manner in which this buvicinity of these towns. These memorials are not in the siness has been generally conducted by most of the large same words, but they state substantially the same facts, and nearly all the small manufacturing establishments. 12 express similar opinions, and solicit the same measures of can no longer be conducted advantageously in this way. relief. The memorialists represent that business of all The commission merchant is unable to make the customkinds is suffering under a most severe and unparalleled ary advances to the manufacturer upon the receipt of his depression. They say that until the removal of the Gov. goods, because the banks decline to make to him the ernment deposites from the United States Bank, pros- usual discounts. He is even unwilling to take the responperity and an active spirit of enterprise pervaded the sibility of guarantying the solvency of his purchasing cuscommunity in their vicinity; that the price of labor was tomer, from the increased hazard of failure, resulting from unusually high; that trade, agriculture, and the mechanic the state of the currency and the general want of confiarts, rewarded those who pursued them by liberal profits. dence. We have, for several years, manufactured coarse The memorialists assert, that, since the adoption by the cotton goods, to an amount far beyond a supply of the Èxecutive of those measures which have produced a de- wants of the United States. This surplus bas been regurangement of the currency, every kind of business and larly sent to foreign markets, and sold at a remunerating enterprise has been rapidly declining, until every depart- price. The exportation of these goods is now greatly diment of industry and exertion seems to be completely minished, not because of a reduction of their price in paralyzed. The price of labor has fallen, and the demand foreign markets, for these prices are not materially chanfor it so diminished as to leave the industrious without ged, but because the exporting merchant is crippled in his profitable employment. The profits of trade and manu- means of purchasing: He cannot, as formerly, obtain factures are diminished almost to nothing, and, in many loans at the banks, and his fears of increasing embarrassinstances, are turned into positive loss; and that a general ments, and want of confidence, damp his spirit of enterfeeling of insecurity and distrust pervades the community. prise, and induce bim to provide for liis own safety by The memorialists add, that their manufacturing establish- contracting his business. The warehouse of the manuments must inevitably stop their operations, unless a fa- facturer is full of goods, for which he cannot find a marvorable change is speedily effected in the financial affairs ket. The stock necessary to continue his business, can of the country, so as to enable them to make sales of their be obtained only for cash, or at best on a short credit. manufactured goods, and pay their laborers. They have, The banks, where he has usually obtained loans, refuse they say, already begun to discharge their hands, and that to increase them in proportion to his increased necessities. already families begin to feel distress for want of employ- Their own situation not only compels them to refuse new ment whereby to earn the necessaries of life. The me. loans, but induces them to call in a proportion of those morialists declare that, if these evils were pressing upon which had been previously made. them from natural and inevitable causes, they would bear In consequence of these embarrasments, resulting netheir sufferings, however great, with patience and with- cessarily from this unjustifiable act of the Executive, many out complaint; but they sincerely believe that the embar- of the manufacturing establishments of New England have rassment and distress which universally pervades the been compelled to suspend, either partially or entirely, country, can be distinctly traced to the extraordinary as- their operations. It has been stated, upon good authorisumption of power by the Executive over the Treasury ty, that more than seventy thousand cotton spindles have of the nation and the currency of the country. And they been stopped in the vicinity of Providence, in Rhode respectfully, yet most solemnly, protest against the right Island, alone. It is within my knowledge, that many of of any individual, however exalted his station, to put at the factories in New Hampshire and Massachusetts have hazard the vital interests of the country, by experiments suspended their business, and that many others have deon the currency:
termined to dismiss their laborers and close their factories, The memorialists conclude by asking Congress to take unless a speedy change in their prospects shall prevent such measures as shall restore the currency to its accus- it. An entire prostration of this great interest will probtomed channels, and thereby relieve the country from its ably result from this high-handed and unauthorized act présent distress, and the apprehension of still greater of the Executive, unless measures are speedily adopted