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H. OF R.]

Sufferers by Fire in New York.

[FEB. 17, 1836.

Our merchants, enlightened and intelligent, as the gen. tleman has just said they are, lay a profit upon their business that bears a proper proportion to their risk: as evidence of which, take the importers of goods to this country for the last twenty years; look at the amount of capital invested by them in their business, and then see whether, under all the supposed hardships of our system, the same amount of capital has been employed by the same number of men, with any thing approaching the same profit. It cannot be the policy of this Govern.

But it is contended again by the gentleman from Massachusetts, that the laws imposing duties operate as a legal restraint on the natural right of the importer; that he is compelled to execute his bond before he can land or enter his cargo, and therefore the bond is not altogether voluntary, and that in this it essentially differs from an ordinary bond given to a private creditor by his debtor. There inay, at first blush, be an apparent difference in the two cases; but, on examination, I think it will be found that there is no essential or material dif ference. I hold that a merchant enters upon the pur-ment, by partial and individual legislation, to contribute suit of his chosen avocation, with a knowledge of the laws by which the wisdom of the nation has regulated it. He knows that when his ship arrives in port he has to execute his bond, with approved security, for the duties on his cargo, before he can land or enter it in the custom-house. With a full knowledge of all this, he, as a free agent, laboring under no legal compulsion or restraint, voluntarily enters upon the business of an importer, it is to be presumed with a knowledge of, and a willingness to comply with, the laws regulating the im-annually expends in protecting and affording facilities to position and collection of duties. Hence, with great deference to the opinion of the honorable gentleman, I cannot admit the validity of his position, that the contract between the importer and his Government is not entirely voluntary, and that it differs essentially from one between a private creditor and debtor.

Every pursuit has its peculiar advantages and disadvantages. We find the rewards of labor in the thousand various pursuits of life, from the humble day laborer up to the most enterprising and hazardous merchant, are generally small in proportion to their certainty, and enlarge as they grow more uncertain. Hence, he who is content with the meager supply of the absolute necessities of an humble life will adopt the pursuit of a day laborer, because the reward of his labor is immediate and certain; he draws each night the wages of the past day, and retires to his humble dwelling to rest from his labor, free from all the cares and perplexities to which others of large possessions or multifarious engagements are subject. He, however, who is not content with his condition, will perhaps adopt the business of a tiller of the earth, the rewards of whose labor, though more uncertain, and not so immediate, are yet larger in proportion to their greater uncertainty. An early frost, or an unusual storm, may occasionally sweep from him the fruits of months of labor; yet, as such occurrences are rare, and the inducements in the way of profit are great, we see the great mass of our fellow-citizens engaged in agriculture. But when the early frosts come, and cut short the crops of the farmer, he is conscious that it is nothing but what, from the nature of his business, he had reason occasionally to anticipate, and never thinks of asking the Government to supply his loss. So, again, he who is ambitious of great wealth, who has no relish for mediocrity, and who, from the peculiarity of his organization, is happiest when most excited, which is when his prospects of gain and hope of profit are greatest, adopts the pursuit of an importer, who, whilst he shares undividedly the immense profits attending prosperity in his pursuit, should not, as a just man, when adversity comes, desire his fellow-citizens, which is but another name for his Government, to remunerate him for his losses. I cannot perceive that his claim for relief lias any more foundation in principle and justice than that of the farmer whose crop has been cut short by the frosts or an unfavorable season.

Upon the subject of the warehousing system of England, about which the honorable gentleman has exhibited much learning, I will barely remark, that the only material practical difference between it and our system is, that there the risk of the importer is less than in this country, and he lays a less profit to cover that less risk.

to the amassment of overgrown wealth in the hands of any particular class of its citizens. The people in every community are most happy when there is least inequality in their wealth; and as the happiness of the people is the prime object of this Government, we should be slow to indulge in a course of partial legislation, calculated to defeat that great object. Our Government has a just and natural right to demand of its importers duties upon their importations, in return for the millions of dollars it their commerce, among the most conspicuous items of which stand the expenses of our navy and our diplomatic corps. It is unjust that the Government, which is but another name for the whole people, should lay out and expend millions annually for the protection of a portion of its citizens, in a particular pursuit, and get nothing in turn for it to the common Treasury.

The honorable gentleman further insists on the propriety of this measure, because of the immense amount which the port of New York has yielded to the Treas ury, exceeding, as we are informed, $260,000,000, and now annually equalling one half of all the duties of the Government. And it is urged with great zeal and earnestness upon the Government, thatmerchants who have done this much have a right to claim its special protection. Now mark, Mr. Chairman, that the friends of this bill have contended that the spirit and meaning of the laws imposing duties on imports are, that the consumer shall pay them; and all admit that, in general, the practical operation of these laws is, that the consumer pays the first costs, the carriage, the profits of all the intermediate owners, and the duty of the Government, on every thing that is imported. If, then, this be correct, can it be said that New York is entitled to the credit of paying the taxes and supporting the Government? It is the products of the tillers of the earth, sir, that go abroad and return in the shape of foreign commodities through the port of New York, that fill your coffers; and New York collects and pays over to the Government the duties, and then turns round and says she is the supporter of the Government. Does she, sir, do this service without compensation, that she should claim so much merit for it? Let us look into this matter. She keeps for her trouble ten per cent. on the amount collected, and this is the lowest estimate that is placed on the expense of collection; so that, in truth, we perceive that she has charged us at least $26,000,000, for the services rendered us in collecting and paying our own money! And yet we are asked to pass this measure for her bene. fit, which is, in effect, a donation of upwards of $318,000. I, for one, am opposed to this extension of the credit on these bonds, upon principle, and because I think the precedent will involve the country in immense troubles and difficulties; but if it be extended, I insist, in justice to the balance of the citizens of this Government, that the obligors be required to pay interest upon their bonds.

We have heard much said, Mr. Chairman, in commendation of the city of New York; she has been justly called the London of America. We are truly told that she belongs alike to all the citizens of our wide-spread republic, and that every one has cause to be proud of her. Her representatives tell us that she is so complete.

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ly the heart of these United States, that a derangement of any of her functions, like a derangement of the healthful operations of the functions of the human heart, will be severely felt by all the different members. We are told that every city, village, and hamlet, in the land, will feel the effects of this calamity, unless we extend the relief contemplated by this bill. We have been told that a large proportion of the banking capital, upon which the enterprise and the business of the West and Southwest are predicated, belongs in New York; and, unless she is relieved by our timely interposition, that this portion of the Union is to feel the shock with peculiar force. We, the representatives from Kentucky, have been admonished to look before we leap; and see that our opposition to this bill does not conflict with the best interests of our constituents, and, as a natural consequence, amount to a misrepresentation of them. We, sir, are advised, in a most special and significant manner, by the gentleman from New York, that very much of our banking capital belongs to that city, and that the vacuum occasioned by the late destruction of capital there, unless this measure should be successful, must and will be supplied by funds withdrawn (by the New York capitalists) from the West.

I, Mr. Chairman, am not unapprized that a heavy pressure in New York would be sensibly felt by the people of Kentucky, and by no portion of them so sensibly as my immediate constituents, the citizens of the city of Louisville and the circumjacent counties; that city presents a grand and magnificent specimen of the incalculable resources of the West, and most particularly of Kentucky, which (I hope I may be permitted to say, without incurring the imputation of egotism, what all impartial writers have said) is the garden of the world. The history of the world, under similar circumstances, sir, presents no parallel to the rapidly increasing popu lation and commerce of this city, which, sir, though for months in the dry season of every year is inaccessible, except for boats of a small size, has more than doubled her population of 10,000 since the census of 1830, and now possesses more commerce by one fourth than her very flourishing and enterprising sister, Cincinnati, which, in 1830, possessed a population near three times as great as hers. I am proud of a station upon this floor as the representative of such a city; and as long as I am honored with its confidence, its best interest shall find in me, though a feeble, yet a devoted and assiduous advocate. But, sir, I should feel myself an unworthy representative of my constituents, who consider of, and act upon, every subject connected with the public interest with expanded and enlarged views, were I not to act upon this subject with views which I consider to be correspondingly liberal and enlarged. I, sir, however, do not consider that we act upon this subject with views sufficiently enlarged, when we confine the operation of this measure to the present effects to be produced upon New York, and such other sections as may feel the consequences of the late fire; but we should look forward to the effects that this act is to have as a precedent to future legislation in this hall. I believe the laws regulating the collection of our duties are not unwise. Ibelieve they reflect the image of enlightened public opinion, upon which all the laws of this Government rest; but if they are wrong and oppressive, let us change the system, and let it be uniform in its operation, so that the citizens of every State, whether represented on this floor by the influence and votes of one or forty members, shall experience equal benefits from it.

Then, sir, I do admit that this fire will produce a pressure in New York, and that its effects will, in some degree, reach my constituents; and that the proposed measure would, to some extent, alleviate that pressure. But, sir, it does not hence follow that I can support it;

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it does not follow that my constituents, if standing in person here, would support it. I know them well enough to assert, and I do assert with pride, as their representatives that self-interest is no unerring test of their support of a particular measure, and that they would not hesitate to oppose this bill, even though they were the immediate sufferers, and were intended to be the recipients of the favor, if they thought it wrong in principle and bad in policy. Therefore I oppose the bill, believ ing, as I conscientiously do, that I could not vote for it except in violation of important principles and sound policy.

But, sir, let us consider of what appears to me to be another very weighty objection to this bill. It will be seen, by the first section, that every merchant who has suffered a loss to the amount of one thousand dollars shall have credits, equal to an average of four years, on the whole amount of his bonds, from and after they fall due. Now, suppose an importer is indebted $50,000 for duties to the Government, and has lost $1,000 by the fire, calculating the use of his money worth to him six per cent. per annum, he makes a nett profit, over and above his loss, of $11,000. And off of whom? The people--the righful owners of it, to whom it is always worth at least six per cent. per annum, and who have as much right to the interest as the principal.

I hold, as it respects the second section of this bill, unless the credit asked is extended with the sole view of better securing the collection of bonds embraced by it, that there is no more propriety in extending the proposed credit than in taking the amount of $3,000,000 out of the Treasury, and loaning it to the merchants of Philadelphia, Cincinnati, or Louisville; to do which we are prohibited by considerations of policy not less than those of a constitutional character.

I am not one of the number who believe that a check on the growth and power of the city of New York will be attended with those blasting and ruinous effects on all parts of this Government which some seem to anticipate. Whilst I am the last to desire a calamity to befall New York; whilst I am entirely content that she may enjoy and improve those benefits which nature has given her, I should be happy to witness, in Boston, Philadel phia, and Baltimore, rival cities, commanding an equal commerce and an equal power. I must confess, occurrences have transpired, and ideas have been suggested, in connexion with the power and importance of that city, which have rather aroused my apprehensions.

We are told she is the heart of this nation, and to allow her commercial operations to become deranged is to derange every member of this whole Union, in all its ramifications; that already she has extended to the West and South loans and accommodations to the amount of twenty-nine millions of dollars, and already do we hear the representatives of the people admonished, that if they do not attend to the present demand of the city of New York, their constituents will feel the effects of a refusal. How long will it be, if she continues to in. crease in her commerce, and population, and power, and money, as in years past, before she can come into this hall, and say, through her representatives, that the interest of this city of ours requires this, that, or the other, legislative assistance, perhaps the use of twenty or fifty millions of dollars, as a loan from the Government, without interest, for four or forty years, in order to sustain herself under her "much-abused spirit of enterprise," and to admonish a majority of the members that if they refuse the demand, their constituents, who have the use of millions of New York money, will be made to feel the effects of the refusal?

I, for one, Mr. Chairman, do protest in my place against New York, or any other city, advancing to such an eminence of power. I hope never to see any city in

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these United States sustain to them the relation Paris sustains to France. God forbid that New York shall ever become what the advocates of this measure have denominated it--the same to our political system which the heart is to the corporeal system.

We have heard much, Mr. Chairman, from a certain quarter, though not from Massachusetts, about a moneyed corporation wielding dangerous powers that were likely to overshadow the liberties of the people. I should be pleased to know whether the gentlemen, who were in by-gone days so sensitive about moneyed influences, are now to be found among the number who are admonishing the West to mark well their course on this subject, and see that they do not run counter to the interests of their constituents. We have been told that New York has acted the part of a kind, fond, indulgent, and confiding mother, to the cities and villages of the West. 1 do not wish, sir, to create any sectional jealousies upon this or any other subject that comes before this House, for I consider it an improper mode of legislation; but 1 will barely remark, that whilst I have learned there is much of enterprise, industry, and prudent financiering, in the New York character, I had not read so far into their history as to ascertain that they were in the habit of extending their kindness and indulgence much farther than the dictates of interest might chance to suggest. I suppose the merchants of New York occasionally extend time to their western customers after their obligations fall due, but I have not within my recollection heard them charged with refusing a little interest by way of indemnity for the forbearance. And we in the West say to the merchants of New York, if it be inconvenient to pay your bonds when they fall due, it is but just you should pay interest for the indulgence.

The gentleman from Massachusetts, as an additional reason why this bill should pass, brings to the view of the House the immense loss which the fire has caused to New York; he has told us to set down the destruction of goods and buildings at $25,000,000, (which I think exceeds by $8,000,000 any previous estimate I have heard,) and to that add the amount of credit that such a sum would give merchants of good character, and also the amount of profit that such a capital would reasonably have yielded merchants well established in business, and the additional loss consequent on the destruction of their account books and papers, and the amount would be astounding. I agree that the loss to New York has been immense; but it would very much puzzle the gentleman from Massachusetts, learned and able as all admit him to be, to demonstrate, to the satisfaction of an impartial judge, that New York can sustain herself under such a loss, amounting, if his calculations be not magnified, to at least $100,000,000, and yet be unable to meet the demands of the Government to the amount of between three and four millions. If they can maintain their credit unimpaired under all these losses; if, as it seems to be admitted on all hands, not a failure has occurred, so far, among all the Government debtors, it seems to me that gentlemen who have warned us to pass the bill, or great losses must be incurred by the Government from the failure of these merchants, are rather disposed to deal in fancy more than in reasonable calculations, predicated upon probabilities.

The gentleman from Massachusetts has felt himself called on to give the gentleman from Rhode Island [Mr. PEARCE] a gentle rebuke for the course he has seen proper to adopt upon this subject; he seems to think the effort of that gentleman, in proposing an amendment to the bill, was intended to excite, in other classes, a prejudice against that class of the community for whose relief it was intended. Now, sir, whilst I trust I shall ever be the last man on this floor, or elsewhere, to say or do any thing with a view of exciting the mechanic or farm

[FEB. 17, 1836.

er against the merchant, or any one portion of the community against other portions, engaged in different pursuits, (for I consider they are all necessary to make up a prosperous community, and are dependent on each other for their prosperity,) I do most honestly accord in opinion with that gentleman, that, instead of bestowing our charity on importing merchants who are untouched by the fire, we could with much propriety, if we had the constitutional power to dispense charity to any, extend it, in the present instance, to the helpless widows and starving orphans, whose whole means of subsistence, vested in the insurance offices, as the only stocks in which their limited resources would yield them a support, were in one night swept from existence, and they thrown fatherless, friendless, and penniless, upon the cold charities of the world.

When Mr. GRAVES had concluded-
Mr. CUSHMAN rose and said:

Mr. Chairman: Whether I should agree with gentlemen who have preceded, upon the subject of the warehouse system, or not, is a question which need not now be decided. And although much has been said in regard to the payment of duties, whether it be the importer or the consumer can have no influence with me in the formation of my opinion upon the subject now under consideration. It will be the best time to discuss those subjects when they shall come before the House with more relevancy.

The design of the bill, upon which we are now called upon to act, is to grant relief to those who have suffer. ed by the recent calamitous fire at the city of New York; and, excepting the proviso in the first section, presents two questions, and, in my opinion, only two questions, which require an answer. The first is, whether Congress has the power to grant the relief which is solicited; and the other is, whether it be expedient so to do.

I, sir, entertain no doubts as to the constitutional power of Congress to grant all relief which this bill proposes to give, excepting what is contained in the proviso to which I have alluded.

All that is contemplated by the bill, excepting the proviso, is to grant to those who have suffered by the late distressing fire at the city of New York an extension of credit upon all bonds which have been given to secure the payment of duties, and which they now owe to the Goverement. In this particular, Congress ought to exercise a sound discretion. It is not improbable that, should the Government press this unfortunate class of debtors to make immediate payment, much might be lost, which otherwise would ultimately be saved for the benefit of the country. Every man who is acquainted with business knows that lenity oftentimes is productive of great good, both to the creditor as well as the debtor. Such I doubt not would be the case in the pres ent instance. So far, therefore, I think we may safely follow the examples which have been set before us by the action of Congress in previous years. The gentleman from New York, who made some very appropriate remarks upon this subject the other day, called the attention of the committee to similar relief which had been granted to the inhabitants of the town in which I have the honor to reside. It is true, sir, that in the years of 1802, 1807, and 1813, the town of Portsmouth, New Hampshire, was visited by very calamitous, destructive, and distressing fires; on two of which occasions Congress readily granted relief to the sufferers by extending the time of payment of all bonds then due at the customhouse for one year, and for one year only. This bill proposes to extend the time of payment of similar bonds from three to five years. The principles involved, however, are the same, whether it be for one or for five years. And if Congress have the right to extend the time of

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payment, to those who owe the Government, for one year, it may do it for five. And believing, as I do, that we have the power to grant relief thus far, and that it is also expedient that this power should be exercised on the present occasion, I shall cheerfully give the bill my support, provided the same shall be amended agreeably to the motion made by the honorable gentleman from Kentucky.

But the principles involved in the proviso above mentioned do not meet my approbation, and are such as I shall not consent to sanction. It is my desire, therefore, to procure the amendment which has been proposed; without which, I shall be compelled to give my vote against the passage of the bill. And, sir, as precedents have been quoted as a reason why we should grant an extension of credit to the above-named sufferers, I ask the indulgence of the committee while I call its attention to one precedent, at least, which was established at a very important crisis in the history of this country; a period when the souls of men were tried; a period when our forefathers pledged their lives, their property, and their sacred honor, for the achievement of American independence. While, sir, this tremendous struggle was going on, at the expense of so much suffering of blood and of treasure, the town of Falmouth, now the city of Portland, Maine, was consumed to ashes by that vindictive foe with which this Spartan band was contending; in consequence of which, the inhabitants of that place were reduced to a suffering condition not easily described. And, sir, in this hour of unspeakable distress, when the inhabitants of that town were without food, without clothing, and without a shelter from the storm, they petitioned to the continental Congress, then in session at Philadelphia, for relief. And if there ever was a case which would authorize that Congress or any other to grant relief, that was one. But, sir, how was the fact in this case? Was the prayer of this petition granted? Were the inhabitants of the town of Falmouth, thus reduced to wretchedness, relieved by the patriot band who composed that Congress? No, sir, they were not. But the prayer of that petition was rejected. Rejected, however, not because they had no sympathy to bestow upon suffering humanity, for I presume there never were men more alive to the sufferings of their fellow-creatures than those who were then assembled in that continental Congress, but because it established a dangerous precedent; a principle which could not be carried out, without jeoparding the best interests of the country.

Mr. Chairman, according to the information which I have received, the prayer of that petition was opposed upon the ground which I have stated-that it was then asked, who would raise the veil of futurity? Who could tell how long it might be before the same unrelenting foe might lay in ashes the city of Boston, of New York, and every town and city upon the whole Atlantic coast? Grant relief in one case of this sort, it must be done in all others of a like character, which, for aught any mortal man could tell, might in a very short time involve the country in a dilemma from which there would be no escape. It would be establishing a principle which would make the Government the underwriters for all the property in the country: establishing a principle which ought not for a moment to be tolerated. And, sir, there is, in my opinion, no difference between that case and the one now under consideration, excepting that was a request for a donation, and this is a request for the loan of money for three, four, and five years. But the effect upon the operations of the Treasury for the time being would be the same in one case as in the other. Let Congress to-day loan to the sufferers by fire in the city of New York one million of money, who among us can divine that, upon the same principle, we

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may not to-morrow be called upon to bestow a similar benefit upon others equally deserving? If this were to be the only calamity of this character, then adopt the proviso contained in this bill, for no great injury would thereby accrue to the country. But so long as the inhabitants of New York, as well as of every other town or city, shall be subject to similar calamities, we cannot grant the relief proposed in the proviso of this bill without becoming the underwriters or insurers of all the property in the country.

But, sir, I am opposed to retaining this proviso in the bill, not only because it would establish a dangerous precedent, but I am opposed to it because I believe it would violate both the letter and spirit of the constitution. From the phraseology used in this proviso, we should not, perhaps, come at once to such a conclusion. But, sir, in plain English, it amounts to nothing more nor less than a request for the loan of money. The words used are as follows, viz: "that those who may have paid their bonds subsequent to the fire shall also be entitled to the benefits of this section, and that the said bonds shall be renewed from the day when the same were paid." That is, all those who paid their bonds after the fire shall have the amount thereof refunded, upon giving new bonds to the collector, payable in three, four, and five years. Clothe the principles involved in this proviso as you please; wrap them in as much mystery as may be, still I again say, sir, the plain English of the whole proviso is to authorize the collector of the district of New York to loan out upon bond all the money which he has received thereon since the fire. I am willing that the collector of that city may continue to be the receiver of public moneys; but he shall not, with my consent, be appointed to loan out the money belonging to the people. Where is the money which has been paid to the collector since the fire, in payment of bonds due the Government? If it be still in the hands of the collector, then Congress has no power over it. The only way in which he can be reached for that amount of funds is upon his bond; but if they have gone, as they ought, into the Treasury, then that money cannot be drawn therefrom, except by special appropriation. The patrons of the bill have asserted that, should the proviso be retained in the bill, that of itself will make an appropriation, to be disbursed by the collector, as therein contemplated. Well, sir, for the sake of the argument, I admit that such would be the effect. But the patrons of the bill may grasp either horn of the dilemma which they choose. If it has not gone into the Treasury, then Congress is called upon to loan out money, over which it has not any control; and if it be in the Treasury, then Congress have no right, no power, to make the contemplated appropriation. In neither point of view, therefore, can I vote in favor of retaining this provision of the bill. I ask the committee, if a proposition were now before Congress to appropriate five millions of money, to be loaned out on bond by the collector of the city of New York, whether this committee would consent to grant such appropriation? This, sir, is the true test. All those who would make such an appropriation, and appoint the collector of the city of New York to be the agent of the Government to loan out the money, will vote against the proposed amendment. But, sir, all those who believe that Congress has no constitutional right to establish a broker's office, for the purpose of letting out the money of the Government, will vote with me in favor of striking out the provision of the bill which has been mentioned. If this be done, the bill shall have my support; otherwise not.

Mr. BROWN said he had obtained the floor not so much with a view to enter into an elaborate examination of the principles of the bill, as to recommend it earnestly and urgently, but respectfully, to the immedi

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Sufferers by Fire in New York.

[FEB. 17, 1836.

ate action and final judgment of the House. A proposition similar in its character had been introduced by the Committee of Ways and Means near two months since, and it was upon the 20th of January that the bill under discussion came from the Senate, with nearly the unanimous approbation of that body. Honorable gentlemen could not but be aware of the consequences of this inac-ernment, upon considerations which he would name tivity on the part of the House of Representatives. Bonds for a large amount were lying over, due and unpaid at the custom-house: the public creditor had encountered difficulties in making his usual entries; the importers of foreign goods found their business in a state of doubt and uncertainty; commercial interests and operations of the greatest variety and magnitude were suspended upon the issue of the question; and he earnestly hoped, he entreated, that whatever was done, whether it should be the adoption or rejection of the bill, or the substitution of some other measure of relief in its place, should be done quickly and without further delay.

He

ble class of sufferers, as well as the importers of foreign goods. He was willing to admit there was force in the objection, and he as willingly believed that no bill could be framed adapted to all the exigencies of the case. But if the event out of which the measure originated was such as justified and demanded the interposition of Govhereafter, it should not fail, and be defeated, because it was impossible to make it equal and universal in its operations. Limited and restrained as the power of Congress necessarily was, upon no question could it be more circumscribed than upon a proposition to mitigate the consequences of calamities such as formed the subject of the present debate. Governments do not undertake to repair the losses of their citizens, occasioned by fire, by flood, or by tempest, nor to insure against the multiplied accidents to which property and the acquisitions of industry are perpetually exposed. However deeply (said Mr. B.) our sympathies may be awakened, and our feeling excited, by the eloquent and touching appeals He confessed he had been unable to see the force and which honorable members have felt it their duty to efficacy of some of the arguments offered in the pro- make; however grateful it might be to us, individually, gress of the debate. It had been said (with great truth, he to extend relief to the suffering citizens of New York, was willing to believe) that the New York merchants had without qualification or distinction, we cannot forget discharged all their obligations to the Government, with that we are here to represent others, not to act for ourpromptness and fidelity, and, in the aggregate, had paid | selves. We are here in the exercise of a specific and more than three hundred millions into the Treasury. limited authority, that the public treasure is not at our This fact, so creditable to their enterprise and honorable disposal for the purposes of benevolence or charity. to their character, could have no influence upon his And if we interfere at all, it must be upon some known mind. It could form no foundation for legislative aid and positive principle of policy and expediency, having or interposition in a case like the present. It did, in- immediate connexion with the public interest. deed, afford the best assurance to the nation that the thought he had been able to find the existence of that bonds would be faithfully paid, when they came to matu- principle in the relations maintained between a portion rity, but beyond that it could not have the weight of a of the sufferers and the Government, in regard to the feather upon the judgment of the committee. He might collection and security of the revenue, and in the oblias well be told that the receipt of eleven millions within gation imposed upon Congress to sustain the financial the past year from the sale of the public lands would and commercial operations of the country, under the justify and support the multiplied claims upon the na- pressure and derangement consequent upon the destructional domain, which were so repeatedly and perseve- tion of so large an amount of its active capital. The ringly pressed upon the consideration of Congress. Ar- importing merchants were the debtors of the Govern guments in the form of appeals to the passions, to the ment upon custom-house bonds for something like four sympathies and sensibilities of members, were alike fee- millions of dollars. They were the agents of the Treas. ble and ineffectual, and must be rejected as inapplica- ury in the collection of its revenue. A sudden, unforeble to the business of national legislation. He was not seen, and appalling calamity, without a parallel in human insensible to the multiplied and innumerable instances of history, had consumed their resources, and crippled individual and personal suffering-to the wreck of pri- their energies. The duties secured upon the bonds vate fortune--the destruction of private property--the would, most probably, all be realized, if the time of payunmitigated ruin and desolation-which had followed in ment was postponed; but if immediate payment was the train of the late fire in New York. Wherever like pressed, no one could undertake to say what the result calamities visited the abodes and habitations of men, might be. Congress was not asked to give away the whether they fell upon the great cities of the seaboard money, nor to release the debts, but only to prolong or the more humble hamlets of the interior, such were the credit to a more propitious period of time. Was their terrible and inevitable consequences; yet he doubt there any thing unconstitutional or unreasonable in so ed very much whether it was upon such considerations plain a proposition? Could it be an unjustifiable or an as individual distress or personal suffering that the improper exercise of authority, for the Government to principles of the bill could be maintained, or its provis- do that for the suffering public debtor which no gentleions recommended to the favorable opinion of the com- man could refuse to his private debtor, while laboring mittee. There were a large and numerous portion of under similar misfortunes? It was manifest to his mind the sufferers (and by far the most helpless and indigent, that the passage of the bill under consideration would and on that account the most meritorious portion) who not only increase the security of the Government, and were, unfortunately, beyond the reach of any aid or as- afford the public debtor time and opportunity to meet sistance which Congress could give; and they found his engagements, but would also supply the business themselves in this position, not because they were with- transactions of the country with a portion of that eleout equal and paramount claims upon the public sympa- ment so essential to their vigor and vitality. thy, and equally and especially the objects of the public bounty, (could that bounty be legally and constitutionally exercised,) but solely because they maintained no connexions or relations with the Government which could authorize or justify its interference in their behalf. Honorable gentlemen had objected to the bill because the relief it proposed to grant was partial in principle, and would be unequal in its application; that it did not embrace within its provisions the poorer and more hum

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The city of New York, from her superior position, her facilities for commercial intercourse, and vast extent and variety of her foreign and domestic transac. tions, exercised a powerful and controlling influence over all business pursuits and occupations of men. enterprising and adventurous capitalists have pushed their investments into every region of trade and every department of human industry. Their ships were seen upon the bosom of every sea, and their canvass was swept

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