from the city of Albany. It but remains for the Editor to say, that they were collected by him, and put forth by him, at the instance of friends, who, in common with himself, appreciated the sentiments advanced, and the principles maintained by Mr. Barnard during the winter of 1838. They esteemed these sentiments and principles as possessing too much of permanent interest to be lost, (in some sense,) in the ephemeral columns of the daily press. It was resolved, with the author's consent, to combine them in their present more enduring shape, and the newspapers in which they had appeared were accordingly gathered, and placed in the hands of the book compositor. The result is before the public; and if passages of the volume do not often charm the desultory reader by their eloquence, or instruct by their inculcation of sound principles, the book will still be valuable as a book of reference for the important topics discussed in the New-York Legislature of 1838.

Albany, June, 1838.

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J. B. V. S.

SPEECH

ON THE BILL TO REPEAL THE LAW PROHIBITING THE CIRCULATION OF SMALL BANK NOTES; DELIVERED IN THE ASSEMBLY OF NEW-YORK, JAN. 9, 1838.

MR. CHAIRMAN-The bill before us involves some principles which I regard as of considerable importance, and in relation to which I desire personally to be understood. I shall, therefore, with the indulgence of the committee, undertake to present my views of the real merits of the measure under debate.

And if the true merits of the bill only had been brought under review and discussion, my remarks would be confined strictly to those merits; but the debate has taken a wider range under the lead of gentlemen who have thought it to be their duty to oppose the bill; and I may deem it necessary, before I close, as other gentlemen have done, to notice, I hope not at much length, the position in which the opponents of this measure have chosen to place themselves before the committee, and before the public.

Before proceeding, however, with the discussion, according to the views now indicated, I beg leave to offer a general remark or two, not inappropriate I hope, at this early stage of the session.

On this, and on all subjects of any considerable importance, coming before us for action, I am in favor of discussion. The truth was never injured any where by full and free discussion. It is the way, and the only way, in which truth is shown to be mighty, and in which it comes eventually always to prevail. This is the only way in which error can be successfully assailed and beaten down. Falsehood is generally as good as factnaked theory as good as a philosophical induction—and a mere sophism as forcible as a sound argument--until the right is presented and the wrong exposed. But I am in favor of legislative discussion, sir, above discussion in almost every other mode. I think its value is not generally understood. Even favorite and popular measures, concerning which there is apt to be so much impatient demand for action, are none the worse for being thoroughly discussed. If this course were taken more generally than it is, I am satisfied that legislation in republican governments would be less liable than it now is to the charge of capriciousness, and want of steadiness and consistency. It is in the nature of things, that large communities of men should act, more or less, from impulse; but it is the duty of legislative bodies to act as little from impulse, and as much from principle and reason, as possible. One way of securing this advantage is, to deliberate, and to discuss.

The very measure before us, in its history, is, to some extent, an apt illustration of the manner in which a community may at different periods, be swayed, first forward, and then backward, on the same subject. It is useless to deny, that no longer than three years ago, there was a current of popular sentiment in this state,

setting in favor of the suppression of small bank bills, though, because as I think that sentiment was wrong, it was by no means as strong as it was made to appear to be, and not half as strong as that which now demands the repeal of the law. As a legislative measure, that law was not carried by the votes of any party. Men of all parties, not all men of all parties, but men of all parties aided in its passage-many of whom, in common with those whom they represented, have now become satisfied that the measure was erroneous, and desire to see it changed.

I mention this fact only to show the tendency of things with us, and to derive from it, as I think by a just inference, the importance of ample deliberation and discussion on all questions coming up for legislative action, in regard to the policy of which doubts may reasonably be entertained.

I profess to entertain great confidence in the opinions of the people as quite likely to be right, provided only a fair opportunity be afforded them to form and mature their judgments. And at the same time, I recognize the possibility of their being quite wrong, even though quite unanimous, when led by demagogues, and acting only from impulse, or from passion. I hold it to be the imperious duty of every member on this floor, who feels himself capable of doing so, to aid, to the extent of his powers, in the development and elucidation of all subjects of general importance presented before us. In this way we may add energy to our own powers of thought and comprehension; we may enlighten each other, and we may aid most materially, through the public audiences with which we are favored, and through the re