Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-03-28

0ne-tontn DAFT, IIldt lo3 u iiiAO
And here a very important fact discloses ITSELF
which explains why the currency should be
toncbed with such delicacy, and why staDlilty
and uniformity are such essential qualltles; |
mean. that a small absolute requctlon OF the
currency makes a great absolute reductlon OF
the value of the entire property OF the commu-
nitv. as we see in the case supposed; where a
red1ction of one hundred thousand dollars in
the currency reduces the aggregate value OF
nronerty three millions of dollars, a sum thirty
times greater than the reduction OF the curfen-
CIV. From this results an important consldefa-
ton. If we suppose the entire currency to be
in the hands of one portion OF the community,
and the property in the hands OF the other por-
ton, the former, by having the currency IN thelr
possession, might control the value OF all the
property of the community, and possess .them-
selves of it at their pleasure. FAKE the case ai
ready selected; and suppose that those VINO holo
the currency diminish it one-half by aDstrdct-
ing it from circulation; the effect OF Whlch
would be to reduce the circulation TO hve nun
dred thousand dollars; the value OF properly
would also be reduced one half; that is, fifteen
millions of dollars. Let the process be revers-
ed. and the money distracted gradually restof-
cd to circulation, and the value OF the property
would again be increased to thirty millions. 1t
must be obvious, that by alternating these pro-
cesses, and purchasing at the point OF the great
est depression, when the circulation is the least,
and selling at the point of the greatest eleva-
ton, when it is the fullest, the supposed monled
class. who could at pleasure increase or dlml-
nish the circulation, by abstracting or restoring
it. might also at pleasure control the entire pro
perty of the country. Let it be borne in mind,
that the eXchangeable value Of the circulating
medium, compared with the property and the
business of the community, remains liked and
can never be diminished or increased by in
creasing or diminishing its quantity; while on
the contrary the eXchangeable value OF the pro-
.perty, compared to the currency, must increase
or decrease with every addition or diminution
of the latter. 1t results from this, that there is a
dangerous antagonist relation between those
who hold or command the currency and the
rest of the community; but, fortunately tor
the country, the holders of property and OF
the currency, are so blended as not to consti-
tute separate classes. Yet, it is worthy of re-
mark-it deserves strongly to attract the atten-
ton ofthose who have charge of the public at.
fairs-that under the operation Of the banking
system, and that particular distribution of pro-
perry existing in the shape of credit or stocks,
public and private, which so strikingly distin-
cuisines modern society from all that preceded
it, there is a strong tendency to create a sepa-
rate monied interest, accompanied with all the
| dangers which must necessarily result from
such separation, which deserves. to be mos
carefully watched and resisted.
/ do not stand here the partisan of any parti
cular class in society-the rich or the poor, the
property holder or the money holder; and, ir
making these remarks, | am not actuated by the
slightest feeling of opposition TO the latter. Nj
object is simply to point out important relations
| that exist between them, resulting from the laws
which govern the currency, In order that the
necessity for a uniform, stable, and safe curren'
| cy,to guard against the dangerous control OF one
class over another, may be clearly seen. | stanc
in my place simply as a Senator from South
| Carolina, to represent her on this floor, and tc
advance the common interest OF the State, as
far as we have the constitutional power, and a:
as far as it can be alone consistently with equity
and Justice to the parts. lam the partisan, as
have said, of no class, nor let me add, Of any
political party. | am neither Of the opposition
nor of the administration. If act with the for
mer in any instance, it is because | approve o
their course on the particular occasion; and
shall always be happy to act with them when
do approve. If ! oppose the administrations
if | desire to see power change hands-lt is be-
cause | disapprove of the general course Of
those in authority; because they have departed
from the principles on which they came into
Office; because, instead Of using the immense
power and patronage put in their hands to Sc
cure the liberty Of the country, and advance
the public good, they have perverted them into
party instruments for personal objects. But
mine has not been, nor will it be, a systematic
| ODDOSlllOI. w uolCFCl u III L may
deem right, | shall cheerfully support; and | on
ly desire that they shall afford me more frequent
occasions for support, and fewer for opposition.
than they heretofore have done.
With these impressions, and entertaining a
deep conviction that an %unfiXed, unstable, and
huctuating currency is to be ranked amongst the
most fruitful sources of evil, whether viewed po-
litically or in reference to the business transac-
tons of the country, | cannot give my consent
to any measure that does not place the curren-
cy on a solid foundation. If | thought this de-
termination would delay the relief so necessary
to mitigate the present calamity, it would be to
me a subject of the deepest regret. | feel that
sympathy, which l trust | ought, for the suffering
of so many of my fellow-citizens, who see their
hopes daily withered; | however, console my
self with the reflection that delay will not be the
result, but, on the contrary, relief will be has
tened by the view which | take of the subject
l hold it impossible that any thing can be effect
ed regarding the subject as a mere bank ques-
ton. Viewed in that light the opinion of this
House, and of the other branch of Congress, is
probably definitively made up. In the Senate, it
is known that we have three parties, whose
views, considering it as a bank question, appear
to be irreconcileable All hope, then, of relief
must centre in taking a more elevated view and
in considering it in its true light, as a subject of
ror Trb,,c rnnorIe1 shal he cr,rnricol &c