Newspapers / The Durham Recorder (Durham, … / May 16, 1838, edition 1 / Page 1
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-a. ' 1 1 M ! - I . I: ..If1.??.1-1,! 1 Vg.Pggggy gAY Q 1838. IVo.020. M'BATE IX THE SEX ATE. nr. Ve bslcr' 2d Speech, Os th Sab-Treasmry QiU. March II, I8J5. (Contiaatti.) Before leaving, altogether, this aubject of an exeeive circulation, Jtfr. Prrsidtni, I ill say a few word upon a topic Licit, if lime would permit. I should be glad m em-ider at more leng th, I mnn, ir, ih proper guard and securities fur a paper circulation. I have occasionally J.ircsed the Senate on this (object lf-re, especially in the debate on the ,i-.ie crruWr, in Dccemttcr, 833: hut 1 ili tt rmir lo it again, because hoJ it lo he f the utmost importance tu prove, if it can be proved, to the satisfac linn of i'if country, thata convertible pajier currency may be so guarded at to be secure against probable danger. I ay, ir, a e mveriible paper currency: for 1 lay it down at n utquestiwiable truth, ihtl no paper can be made equal, ant krpt epul to gold and silver, but auch aa is c-mverli'de ini'i foil and ether, on tie wind. Hut. I have gone farther, and t t.ll gt f4r:licr than this; and I contend that even convertibility, though itself indispensable, is not aeeitainand unfail ing ground of reliance. There i a liabi lity lo excessive issue of paper, evert while paper ia convertible at will. Of this, there can be no dowdi. Where, then, hall a regulator be found? What pnuci p'e of prevention may we rely on? Now 1 iliiuk, air. it is t-t common ith hink. judging of their condition, ti act 1T all their liahilitiea against ail their resource. They lo k to the quantity of specie in their vaults, and to the note and bills breoininf payable, aa mean or as sets, and. with these, they expect 1 1 be able in meet their returning notes, and to answer the claims of depositors. So far at the bank is to be regarded as a mere bmk of discount, all this is very well. Hut banks of circulation exercise another function. By the very actof issuing their oa paper, they affect the amount of currency. Ii I'ogland, the Hank of En; lanJ, and in the United States, all the links expand or contract the amount of circulation, of course, as they increase or j were, any nightingale." The impracti- , half the community w ould be made bank curtail the general amount of their own ' cab.lity of an r xclusive met ilbc currency, rupt by the ruin cf their business, and bv piper. And this renders it necessary J the absurdity of attempting any such thing ' the violent and revolutionary changes of t!m they should be regulated and con- , in a country like this, are st manifest, j property whirh the process would create, trollfl. The question it, by what rule, j that nobody lre undertake lo support it j Ihe hide clas of debtors, all thai live To this I answer, by subjecting all banks j by any reasoning or argument All that j more by iiu!uirv that on capital, would l the ru'e which the most discreet of it said in its favor, is general denuueia-1 be overwhrmed with undutinguitbed de litem always follow by compelling them tiom of paper, general outcry nguinst the j structinn. i maintain certain fixed proportion j banks, and de-laination against existing There will then, sir, be no auch thing between specie and circulation; without ; institution, full of sound and fury, sig at an exclusive paper currency. The rrgir!iii depositee on one hand, or notes nifying nothing. country will not be guilty of the filly of py;ibl- on the other. j The moment any one considers it. lie attempting it. There will aUays occur occasional i aces how tidiculou any such attempt1 1 should have felt that I had occupied fliic.ua'.i.ins in trade, and a demand for 1 would be. An exclusive metallic circu-: too much lime with such a sei.eles and specie, by one country on another, will j ante. Ii it too much the practice, when j on earth, in the nineteenth century! hit. such occurrences take place, and specie ! you might as well propose to abolish corn it leaving the country, for banks to issue ! merce altogether, mure paper, in order to prevent a scarci- j The currency of England i estimated ty of money. Hut exactly the opposite i at sixty millions sterling: aud it is Mr. course should be adorned. A demand for ' McCuIloch's calculation, that if this cur- specie to go abroid should be regarded j rency were all gold, allowing only one- j tleman from South Carolina, admitting as conclusive evidence of the necessity 'quarter of one per rent, for wear of me-jthat paper is necessary as a part of the of contracting circulation. If, indeed, j tals, the annual expense, attending such currency, or circulation, has contended in such cases, it could be certainly known j a currency would be three milliout and a . that that paper ought to be government that the demand would be of short dura quarter a year, or nearly five per cent, j paper Government paper, not couverti linn, the temporary pressure might be j upon the whole. With 'us, this charge ; ble nor redeemable, only so fr as by be relieved by an issue of paper to fill the would be much greater. The loss of ca-j ing receivable for debts and duca to got place of ilepariin? specie. Hut this ne-: pit-d would be more, owing lo ihe higher, eminent. My colleague has endesvored er can be known. There is no salety, i rates ol interest; ana uesiucs an wis, is ; i sausiy me oenaie, mat me aim i mo iltcrefore. but in meeting the case at the j the cost of transportation, which in a whole system, of which he regards this moment, and in conforming t the iufal- country s-t extensive as ours, would be. bill as but part, is lo establish a circula te index of ihe exchangee. Circula- vast, and not easily calculated. We j lion of government paper and a govern ing pa,er is kept always'iearer lo the hnuld ulso require, proportionally, more j inent bank. Other gentlemen hate taken ehaucier, and to the circumstances of that ' specie than is requisite in England, be- j the same view of it. Hut. as the bill it of which it is designed to be the reprcsen-1 cause our system of exchange, by means , self d es not profess any such purpose, lative the metalic money. This sub- of bills of exchange, is at present, and j I am willing la discuss it in the character ject might be pursued. 1 think, and clear- would be, under such a system as is pro- j in w hieh it present itself. I take it for ly illustrated: but. for ihe present, I on- posed, much less perfect and conveni- what its frienJs ssy it is a bill making lv express my beliel that, with cxperi- ent than that of England. Besides, the; further provision for collecting the reve cn e before us, and with the lijlits which English metallic circulation is mostly j nues. r'C.-nt discuMhns, both in Europe and ; gold, gold being in England the standard j We are. then, sir, still to have paper America, hold nut, a national bank might! metal. With us. silver and gold both are as a general medium of circulation; that be established, with more regard to its j made standards, at a fixed relation; and if ; paper is to be the paper of banks; but flinrli.m n( re..il ninii niirroui-V. than lo its i we lllOIll d succeed to keen thii relation so, Government is to be divorced from these function of discount, on nriiK'iplrs, and - P. . . . a a 1 eiihji-ci to rcguUtion-, such as shoidJ ren-1 tier its operations extremely useful, and j I ilmul.l Iio;m.' that, with an example before litem of plain aud eminent advantage.! sMie iiiMiMiioiis would conform to the snirif rules and principles, aud that, in this y, all the advantn.es of convertible pa pnniht be tnj iyed, with just security 'itntt itt (Ungers. I luve (It t.iined the Senate too long, r, with these observations upon the 'atc of ti. country, and its pecuuiary '!fm and condition. Ami now, when the bank have bus 'ended ptymenw, universally; when the nteriiid exchanges are all derangrd. and t'te biisinnss of the country most serious ly niifrriijiii!(!, the question are Whether the meafure before us is sui lb! tu our condition? and. Whether it is a just and proper exer cise ami ulllment of the powers and du t of (Jotigres?? WImi, then, sir, will he the practical '; rn..ii aul eflfect of this oieasuse, if it slmiilj Im-itmiii a law? u pr-Mccfi-sor of ttie last scsfion. ,!'e l..l .f..j. .cs nitbiiig for the general cmrnwy tf th1? country; nothing to te- trt exchange.; nothing to bring abost by the banks. lis hole rrofessVj k. jm is the collection and disbursement of the public revenue. Some of its friends, lodred, eay, that when it shall go iQlo operation, it will, incidentally, produce a favorable effect on the currency, by re training the issue of bank paper. Hal o;her pre it if its effect as to be the final overthrow of all bank, and the introduction of an exclusive metallic cur rency for all the nses of the country. Are we to understand, then, that it ia in-ended, by means of w hich this is the first, to rid ibe country of all banks, as being but so many nuisances, and to abo- tisn kit paper currency whatever? Or is it expected, on the contrary, that after this system hall be adopted lot the use of the government, there will stilt be a paper rurrenry in the country for the use of the people! And if there shall till be paper cur rency, will that currency consist of irrc-' ueenuuie Uovernmeul paper, or of eon- riiM. li.i.V .Aiu t, -. I lted heretofore! These question must be answernl, befoie we can judge accu rately ol the operations of this b.II. As to an exclusive metallic currency, sir, the administration on this point is re gularly Janus faced. Out doors, and a mong the people, it show s itelf all fit- quant. all in g ild." There, every thing is to be hard money no paper rags no delusive credits no bank monopolies no trust in paper of any kind. Out in the Treasury Department, and in the llaue of Congress, we see another as pect a mixed appearance, partly gold and paitly paper; gold for the Govern ment and paper for the People. The small voice which is beard here, allow he absnlute necessity of paper of some sort, and to some extent Uul the shouts in the community demand the destruc tion of all bauks.'anil the final extermi nation of all paper circulation. To the People, the lion roars against paper money in the loudness and terror of his iMturid voice; but to members of Coirtss. he is more discreet; lest he hniiJ frighieu them out f their wits, he ! here restrains and modulate, and roars ; " as gently as an v sucking dove, or as ii : lation for the second commercial country ' a a e .1. - . , true as to preserve ooin oi mo iiixvwu, i meuli imiins us. f which indeed is not j very probable.) our circulation would be j still more expensive and cumbrous, iroin tli nuaiiiitv of .irer which it would con- lain. The silver in the world is estima- led lo be fifty times that of gold in a- mount, and ron.eoueni e somelhine more , ! than three times in value. If both should . circulate, therefore. t;on to value, the currency : three parts silver, and one sold ' . . Now, sir. the annual expense of audi a circulation upon the tais of Mr. Me- t'ldloeh'i estimate, would exceed the Abnle annni.1 eznenditiira made for oiir' armv and navy. Consider, sir, the a-; mount of actual daily payments made in the country. It is difficult in estimate it, ' and quite impossible to ascertain it, with any accuracy. Hut we carl form some notion of it, by the daily amount of pay ments in the banks in some of the cities. In times of prosperous business snd com merce, the daily amount of payments in the banks of New York alone, have been equal to eight millions. Whether we call this a tenth, a twentieth, or a fiftieth part fall id payments and receipts made daily m th? country, we see to what an aggre- gate result the whole would rise. And bow is it possible that sueb s mount of re ceipt and payment could be performed by asj actual passing of gol J an J Uver fiota band to band! Sueb notions, ir, barfly require eri oua refutation. Air. President, an entire metallic cur rency would necessarily create batki ia mediately. Where would lb money be kept, or bow could it be remitted! Hacks of !eposite most and would U instantly provided for it. Would the merchants f the cities be eeen, in their dasly walks of business, with servants behind them, with bags of gold and kegs of ailver on their wheelbarrow.? What folly is great e Rough to imagine tl.i! If there w t re nut now a hank note, nor a bat.k n the coun try, and if there should be an exclusive prcie currency to-morrow morning at nine o'clock, there would be fifty banks before sunset, from necessity, there would be created at once places of deno. site; and persona having money in such depositories would draw check for it, and pats these cherks as money, and from one band they would pass to another; or ihe depositary himself would issue certi ficates of deposite, and these would pus as currency. And all this would da no more than just to carry ia back two or three hundred years, t.t the infancy of banks. We should then have done no thing but reject the experience of the most civilized nations, lor some centuries, a well as all our own experience, and have returned to the rude conceptions of for mer limes. These certificate of depo- ite would soon be found ttt be issued without any solid capital, or actual depo- site. Abues arising front this source would call for leg i.Ia live interference, and the legislature would find it necessary to restrain the issue of paper intended for circulation, by enacting that surli issues should only be nude on ihe eirengili of competent capital, actually provided and assigned, placed under proper regulation, j and managed by persons responsible to the Itws. And this would bring us again exactly lo the state of things in which we now are; that is to say, to the use of ihe paper of banks, established, regulated, and controlled by law. In the mean time, be fore this proces coul I be carried throuith. preposterous suggestion, were it not the manifest object of partisans to press such notions upon the attention of the people, in aid of the war aga'ntt the banks. We shall then, sir, have paper f some ort.fonning a pnrt of our currency. What . . st a .a t will t(;al paper bcr I lie Honorable gen I. t . .1i....i.. Ii aa nut Ii. l:Atl. uhij. i...m;..rr1. .. . ... funds in ihem.ae heretofore, ti is to have nothing to do wiih them, but is to od- icci ami timnune us revenues uy us own means, ana lis own oincert. The receipt or the notes of specie paying banks is t- be psrtially allowed for some lime, nut it is to oo grauuany m.i.nunu ed; and six rears hence, we are ft arrive equally, in propor- at tho maturity and the perfection of the .rrncv would besvstcui. When that auspicious day comes. ,i . : t ... . uovernmeut is w rci-eio .uu m u uui gold and silver, and nothing but gold and silver. Now, Mr. Presi lent, lotus anticipate this iovous epoch; let us suppose the six years lo have expired; and lei us imagine this bill, with its specie payments ana ail to be in full operation at the present hour. Vk..t will thatoneraiion be? In the first place, disregarding all question of public convenience, or Ihe general interests of the neonle. how will Ibis system woik as a mere mode of collecting anil paying out revenue? Let us see. Our receipts and expenditures inay be estimated, each, at thirty millions a year. Those who think this estimate either too high or too low, may make the necessary allowance. Here, then, is the ram thirty millions, to fx ec-llected and paid out every year, and it is all to be counted, actually told over dollar after dollar, and gold piece after gold piece, and bow many notes counted? Let us inquire into that. The importing merchant, whose abip has arrived, and who baa cash datie to pay, goea to the bank for bis money, snd ibe teller count it out: that ia once. II car tie it to Ui custom bouse, paya it, and the clerks count it oven that is twice. Same day afterwards, the collector lakes it out of bis bags and chests, carries it to the receiver general i-ffice. and there it ia counted again, and poured into the bags and chests of that cdee; that is the third time. Preseutly a warrant cornea from the Treasury, in favor of some diabursing t'flicer, and the boxes are opened, and the necrssary sums counted out: this is the fourth counting. And fifthly and lastly, ibe di.bursiug officer para it to the per sons eutiiled to receive it, on contracts, or for pensions, salaries, or vtl)er claims. 1 birty million of hard money are thus to be handled and told over five times in die course of the year, and if there be transfer from place to place, then, of course, ii is to pe counted eo much often er. (internment pfitcer. therefore, are to count over oue bundled and fifty mil iums of dollars a year, which, allowing three hundred working day in the year, give five hundred thousand dollars a day. Hut this is not all. Once a quarter the naval officer is to count the collector's money, and the register in the land office is to count the receiver money. And moreover, sir. every now and then the secretary of the I reasury is to author j ise unexpected and impromptu countings, in hi discretion, and just to satisfy his jown mind! I Sir, what a money-counting, tinkling, 'jingling generation we should be! All the money changer in Solomon's temple will be as nothing to us. Our sound w ill fo forth into all lands. W shall all be like the king in the ditty ol the nursery: "There sat lb king, a counting of bis mu- Mry,- You will observe, sir, that these receipts and payments cannot b made in parcels, without Ihe actual handing of each piece of coin. The marks on kegs if dollars, and the labels on bags of gold. are not to be trusted. They are a part of j f rtdit and all credit, all "trust, all eon- fi'lnice. is to be done away with. When j the surveyor, for instance, at Ihe custom house, i. to examine the mony on tan I, ! in possession of ihe collector, or receiver j general, he is, of course, to count the money. No other examination ran come to any thing. He cannot tell. Irom ex-j ternal appearance, nor from the weight,: whether the collector has loaned out the money, and G.led the bags an I boxes up with sand and lead, nr not. Nor can' eounleifi'it pieces be otherwise detected ; than by actual handling. He must open, he must examine, he must count. And so at ihe land offices, the minis, and else where. If these oilo-era shall have a Uste for silver sounds, they are likely lo be ratified. Mr. President, in all soberness, is not this whole operation preposterous! It begins by proposing to keep the public moneys. Tins, itself, in the sense of the word as here used, is a perfect noveltv, especially in the United States. Why keep the public moneys; that is to say, why hoard them, why keep them nut of use? The use of money is in the exchange. It is designed to circulate, not i lo be hoarded. All that government should have to do with it. is to receive it to-day, that it mar pay it away to-morrow. It should not receive it before it needs it: and it should part with it as soon as it owes it. 1 o keep it that is, to detain it, to hold it back from general, use, to hoard it, is a conception belonging to baibarous times aud barbarous govern ments. I low would it strike us, if we should see other great commercial nations .rung upon such a system: II t.niMud, with a revenue of filty millions sterling a vear, were found to be collecting and disbursing every shilling of it in hard money, through all the ramifications of her vast expenditure, should we not think her mad? Hut ihe system is worse here, because it withdraws jut so much active capital from tho uses of a country that requires capital, ana is paying interest lor capital wherever it can obtain it. Hut no, sir, allot me to examine the operation of this measure upon the general: interest ol commerce, ami upon the fen- eral currency of the country. And in this point of view, ihe nrsl great question is.; What amount of gold and tilvtr will, thii operation tub tract from the circula-, f ion of the country an J from the use of the bank' In regard lo this important inquiry, we are not without the means of forming some judgment. An official report from the Treasury, made to the other - House, shows that, for the last ten years, there has been; at the end of each year, on an average, fifteen millions and four hundred thousand dnlWra in the Treasury. And this sum is exclusive of all that had been collected of the people, but had not yet reached the treasury; and also of all that had been drawn from the treasury by dis bursing officers, but which had not yet been by them paid to individuals. Add iag the m together, air, end the re sult i. that on aa average for the last ten years, there have been at least twenty million of dollar in the treavutr. I do not mean, of course, that this sum is, ihe ! whole of ti, unappropriated. I mean that una soani iias in tact oeeaj in ti.e ire- warring upoo ihe banks, if reuu,piiOi ury, either not sppropruted. or nut call-! should take flare, anther upcnshn f ed for under ?prpmtion;M that if this fr would UU, It i not war. wc ub-treasury scheme bad been in opera-r,rl , t.n,urreM, between govero lion. ia times past, of the, specie in the! ttwni and ibe banks; it it only peace. currency, twenty millions would luve been constantly locked up in the - and vaults. Now, sir, I do pot Hirve that, for these ten years, the whole awiMiui of ailver and gold in the country lias ex- ceeoea, on tl.e average, buy nr sixty mil lions. I do not believe it exceed, .ixiy millions at the present moment; and if we bad bow the whole system in complete operation, it would lock up. and keep locked up, one full third of all the specie ia the country. Locked up. I say., boarded rendered as useless to all pur pose of commerce and business, as if it were carried back fct tia native mines. Sir, is it not inconceivable that any man ' hould fall upon ueh a tcheme of policy as inni is ii pnssioie mat anr one can fail to see the destructive effects of sueb a policy on ihe commerce aud the curren cy of the country ? It is true, the system doe not come into operation all at once. Out it begins itt demand for specie immediately; it caiis upon me banks, ami it call npon in dividual, for their hard dollars, that they may be put away and locked op in the trea sury, at the very moment when the coun try it suffering for leant of more specie in the circulation, and Ihe tankt are $uf feting for meant to enable them to re sume their payments. And this, it is ex pected, w ill improve their currency, and facilitate resumption. It has heretofore been asserted, that the general currency of the country needed to be strengthened, by the introduction ol more specie into the circulation. Tins has been insisted on. for years. Let n be conceded. I have admitted it, and, in deed, contended for the proposition here infore, and endeavored lo prove it. Hut it must be plain ft every body, thai any addition of specie, in order ft be usefui, must either go ml t the circulation, as a part of lhat circulation, or else it inui go into the banks, to etiubld them the b-u -t to sustain and redeem llieir papt r. Hoi this bill is calculated lo promote neither of those ends, but exactly ihe rever.e. it withdraws spent from the cireuUno and from the banks, and pile it up in useless heaps in the Tre i-ury. It weak ens the ge-ieral circulation, by nuking the portion of specie which is part of n, so much the less; it weakens the bank by reducing the amount of coin which supports their circulation. The geueritl evil imputed lo our currency, for mine year past, i lhat paper has formed too (real a portion of it. The nper itmo of this measure must be lo increase thai ve ry evil. I have admitted the evil, .ml luve concurred in measures to remedy it. I have livored the withdrawing of mll bills from circulation, to the end thai spe cie might tike their plare. 1 di.coxned this policy, and support'd it. as early a 183'2. My colleague, who shortly after lhat period, was placed in ihe chair id ilo chief magistracy of .M.isS'tclin-eii, press ed its consideration, ai lenili. upon the attention of the legislature of that stair. I stdl think it was a right policy. Some of the states had begun to adopt it. Hut the measures of the ad ninimraiion. aud especially this proposed measure, threw , .a i: at . I. I . . . mis ponry su aniiit, t ury unoo at once j n:to nouiin( i no wil'i me Structure, the all that we have been laboring for. Such. . edifice, to bo rained on this founl t'.iou? and so pertinacious ha been die le innd (nvcrtMe p:ijer wan already in i-iicula of government for specie, and suh new' two when the eonMiimiou was framed demand does this bill promise oi create, mid must have been expected in ctiiiii,tt that the slates have found ilie.ncl.s .and m increase lint ihe "cireidation of compelleil again to issue sinaii im; I ir the nte of ihe people. Ii a J ty ' rejoicing, fs we hae lately seen. nio;if Ihe people of IWw i ork, when the ! gi a ... . Ba.a .nan. v ..a i ........ ..... restraining law, and fornndied the pe-tple with some medium for email p tj ini nt-. , belter than the inferable trash whieli note annoys ihe community. The Government, therefore. I iosit, i evidently breaking down its own delir- ed policy; it is defeating, openly aud ma- nifestly defeating, its own professed ob-; jects. t .1 n ll...a.. la. ....... ' i.in.. a. a a.a..f .tma ti, im.iiii..i in. Kia.uii.ni:. rtuu j -'t uirni j , huh .i"",w-; r, imagination, presump-: lint His the tendency of p:1j,er circula tion, the application of lion lo expel tho coin; but then they eay nts to question of com- thai, for lhat very reason, they will t, ail the abstraction of withdraw from all connexion with the ge- itiou generalization military movements m.r., ntl riii-.i.iaft . Ilivivo w .' ' . m ..... .. c w ... metaphysics, offer us, in such a state 'of things, their panacea. And what is ii? the siuglo and natrow object of prntect What is it? What is to cute or mniiiate ing the coin, and providing for payments these evils, or what is to ward off future1 In Government. 'Phis seems to me to calamities? Why, sir, the must agieea-, be a very strange way of reasoning, and ble remedy imaginable; the kindest, ten-j a very strange course f political conduct. dercst. most soothing, aud solacing nppli- The coinage (tower was given to be used cation in the whole world! Nothing, sir, for the benefit of the whole country, and nothing upon earih, but a smart, delimit-; not merely to furnish a medium for the ful. perpetual, and irreconcilable warfare,' collection of revenue. The object waa between tho government of the United ' lo secure, for the general use of the States and the state banks! All will be people, a sound and safe circulating me well, we are assured, when the govern- ditun. There can be no doubt jof thie ment and th bank become antagonisii-j intent. If any evil arise, threatening call Yes, ir. antagonisiical!" that is; to destroy or endanger this medium or th word. What a stroke of policy, sir, t this currency, our duty is to meet it, not is thin! It is as delicate a stratagem as to retreat from it; to remedy it, not to let poor okJ King Lear's, and a good deal it alone; we are to control and correct like it. It proposes that we should troad the mischief, not'io submit to it. Wher lightly along, in fell or en velvet, till w get the banke within our power, end ihen," kill, kill, kilir c Sir. we may talk a much a we tdease about tlte resumption of specie payments. bat iell y..u ib.t. with government 4h trust. confidence, that can restore the pros- perity tf the country,: Tlii eysteai of erpeiu.l annoyance to the banks, this hoarding up of money which the country demands for its own accessary u es, this bringing f ihe w hole revenue U act. not in aid and furtherance, but in direct bin droice anJ ettbarrasmetit of commerce and business, is utterly irreconcilable with the piildie interest. We shall see no return of former limes till it be aban donedaltogether aband.Mied. Tlie pas- sage tf this loll will create new alarm and new distress. People h-gin already lo fear their wwa government Thee have an actual dread f i!,IMM. H, t,t,oud tie their rou-cturs ami guardian. 'I here hundreds of ihusaitd of boor t and industrious men, ir, at this very moment, wins would feel -relieved in their circumstances, wbo -would see a better prospect of an honest livelihood, and feel more sure of ihe " mean of food and clothing for their wives and children, if they should bear that this measure bad received it death. Let us, then. air. away with it. Do we not see the worlj prosperous around est D't w not see other government and other nations, enlightened by experience, and rejecting arrogant innovations and ihe oreue dreams, accomplishing the (real ends of society? Why, sir, why are we alone among the great commercial atates? Why are we to be kepi on the rack and torture of hese experiment.? Wo have power, adequate, complete power. We need only to exercise them; we need only to perform our constitutional duly, and we hall spread content, cheerfulness and joy over the. whole land. This brings me, air, to the second in quiry. Is this measure, Mr. President, a just exercise ( ihe powers of Uuogres, and dot it fulfil all our duties? Sir. I hare so often discussed this point, I have so constantly insisted, for several years past, on the constitutional obligation of Congress i,t uke care of ihe currency, that the Sen! must bo already tired of the speaker, if not weary of the topic; and yet, afier all. thi is the great and paramount qnestion. Until this is settled, liie agitation can never be quieted. If we luve noi the power, we mimi leave the whole suhject in ihe hands of those who have it, or in no hands; but if we have the power, we are bound lo exercUe it, and every tUy't neglect is a vt,iUtj4U f duty. I therefore a;in insist, afat we have the potter, and I ag.in press us cx. ereise on ihe tn Houses of Congress. I ag tin ttsserl. thai the regulation ,4 ln9 gem-rd currency ,,f, ihe money f ,,a country, whatever aciutlly c.t'n-titutes ill ti -ttoney i one of out -.oiemn iluties. The constitution confer on n, sir. the exelusite potter ..f c .i .tge. This must have he.01 done for ihe purpose of roa I1I1114 Coiig.-KS lo t-KUhtiMit tat,) imil'.tfii b:tis for the h tie money syticm. C. gres, therefore, and Congress slone, has potter over the foundation, the ground work of the currency, and it won!.! K. strange an. I anom doiis, having tl.i if u a I a . a ... piper wu i,i tjispijaee com; it may banish it mi i:;ei!ier; at this very moment it has omitted ii. If, then fore, tlie tmurr ...... ihe coin do- not enable Uoiiti-re. ii. . . . nr..iai ai.a i...m a.. . . - j " . ...... -..avi iritTraiii any tul!lv tthich would supersede it, mid abolish its use, the whole power becomes nugatorr. If others may drtve out ihe coin and fill the country with paper which does not represent c tin. o what use, I beg to know, is that ex- luiie power over coins and coinage which is giren to Congress by tbn ronsiituiioii? Gentlemen on the other side admit .1... . .1... . . to i toe tfnuciiny oi paper circuit .. ...a ...iiiicJtOI l'l lf)e 9 C neral currency", m,,) ,mn ihemneJva.. l Hi :4i ... -I
The Durham Recorder (Durham, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
May 16, 1838, edition 1
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