Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-03-13
Congressional.
IN sENATE.-FnsuuAay p. lisa

| o
The dersnsed currency and distress Of the country
consequent upon the remoya al Of the public depos
ties from the Bank Of the United States. beins
under consideration
MIR. WEBSTER rose, and addressed the Sc
| nate as follows:
from Georgia stated yesterday, more distinctly
than have before learned il, what that experi.
ment IS, which the Governments 10 now trying
on the revenues, and the currency, and, may
add, on the commerce, manufactures, and agri
culture, OF this country. IL rightly apprehrnd
him, this experiment is an attempt to return tc
an exclusive specie currency; first by being able
through the agency Of the State banks, to dis.
pense with any Bank of the United States, and
then TO supersede the Of the State banks
themselves.
This, sir, is the experiment. thank the gen.
tleman for thus stating its character. He has
done his duty, and dealt fairly with the people,
by this exhibition of what the views of the Exc
cutiye Government are, at this interesting mo-
ment. IL is certainly most proper, that the peo-
pie should see, distinctly, 10 what end, or for
what object, il Is, that much suffering is area-
dy upon them, and so much more already in Yisi.
bic and near prospect.
And now, sir, is il possible-is il possible that
| twelve millions Of intelligent People can be ex-
pected, voluntarily, TO subject themselves 10 Sc.
we're distress, OF unknown duration, for the pur-
pose OF making trial Of an experiment like this?
! Will Nation thatis intelligent, well informed
OF its own interest, enlightened, and capable Of
self government, submit 10 suffer embarrassment
in all its pursuits, loss of capital loss Of employ
ment, aud sudden and dead stop in its onward
movement in the path of prosperity and wealth,
until it shall be ascertained whether this new
Matched theory shall answer the hopes of those
who have devised it, Is the country 10 be per-
suaded to bear every thing, and bear patiently,
until the operation of such an experiment, adopt
ed for such ayowed object, and adopted, too,
ant f
and by the Executive power alone, shall exhibit
its resuits9
In the name of the hundreds Of thousands of our
suffering fellow citizens, ask, for what reasona.
| Bile end is this experiment TO be tried! What
great and good object worth much cost, is il to
accomplish? What enormous evil is to be reme-
died by all this inconv enience and all this suffer-
ing? What great calamity is to be averted?--
Have the people thronged our doors, and loaded
our tables with petitions for relief against the
pressure of some political mischief, some notori-
GUS misrule, which this experiment. is to redress!
Has Il been rcsorted to in an hour OF misfortune,
calamity. or peril, TO save the State? is il mea-
sure of remedy, yielded to the importunate cries
of an agitated and distressed nation? Far, sir,
very far from all this. There was no calamity,
there was no suffering, there was no peril, when
these measures began. At the moment when
this experiment was entered upon, these twelve
millions OF people were prosperous and happy,
not only beyond the example Of all others, but
even beyond their own example, in times past
There was no pressure of public or private dis
tress, throughout the whole land. All business
was prosperous, all industry was rewarded, and
cheerfulness and content universally prevailed
Yet, in the midst of all this enjoym with SO
much toheightcn and little 10 mar it.. this Ex-
perimeff comes upon us, to harass and oppress
us at prxsent, and TO alright for the future
Sir, il y Incredible, the world abroad VIII not
believe it--if is difficult for US to credit it,
who see itWith our own eyes, that the country,
at such q moment, should put itself upon an ex-
pertinent, fraught with such immediate and over,
whe Inning evils and threatening the property and
the employments Of the people, and all their So
cial and political blessings, with severe and long
enduring future infections.
And this experiment, with all its cost, is to be
tried, for WHAT Why, simply. sir, TO enable US
10 try another EXPERIMENT. and that other ex-
pertinent is, to see whether an exclusive specie
currency may not be betierthan a cnrrehcy part
" specie aud partly bank paper! The OBJECT to
7 which il is hoped We may arrive, by patiently
treading this path Of endurance, is to DANISH iroia
the country all bank paper, ct all KINDS ai'o 10
have coined money, and coined money only as
the actual currency oi the country!
Now, sir, ] altogether deny that such an object
is at ali desirable, even if it could be obtalned
deny that an exclusive specie currency is the
best currency, for any highly commercial
! country; and deny, especially, that such
a clrreLcy would be best suited to the con-
Z
With the emil ghtened writers and practical states
men Of all commercial communities, IN modern
times, have supposed IT 10 be admitted, that a
we'll regulated, properly restrained, safely limit
ed paper currency, circulating on an adequate
specie basis, was thing to be desired-a pollti-
cal public ADJ antage, 10 be obtained, If IT may be
obtained; and, more especially, have supposed,
that in a new country, with resources not yet
half developed, with rapidly increasing popula-
lion and a constant demand for more and more
; =. Ia Slanh nfe
the United States are, have supposed safe and
well regulated paper currency to be allowed tc
produce particular and extraordinary adv antages
because, in such a country, well regulated bank
paper not only supplies a convenient medium o
payments and of exchange, but, also, by the ex
! pansion OF that medium, IN reasonable and SAT-
degree, the amount of circulation is kept more
nearly commensn with the constantly ncreas
ing amount of property; and an extended capital
in the shape Of credit, comes TO the and OF tn
enterprsing and the industrious. Ii Is precisei,
on this credit, created by reasonable expansio
a of the currency in a new country. that men {
a smah capital carry on their business. II is ex
actly bv means of this, that industry and enter
a prise are stimulated. If we were driven back I
an entire gold and silver currency, the necessar
Z and inevitable consequence would be, that a
s trade must fall into the hands of large capitalists
This is so plain, that no man OF reflection ca
O doubt il; know not, therefore, IN what words
,, EXPRESS my establishment, when i heard 1t sai
il that the present measures OF Government are II
II tended for the good of the many, instead OF tn
d few--for the benefit of the poor, and against tn
- rich; and when hear it proposed, at the sam
1t moment TO do away the whole system OF credl
10 and place all trade and commerce. therefore,
-e the hands of those, who have competent capt.
,e TO carry them on, without the use of any cred
Is AT all. This, sir, would be dividing society B
ID a precise, distinct, and well-defned line, in
4 two classes; first the small class, who have con
* petent capital for trade, when credit is out OF Il
IS, question; and. secondly, the vastly numero
n class of those whose living must become, IN So.
l state of things, a mere manual occupation, wit
II out the use of capital of any substitute for
pital.
Now. sir, il is the effect Of a well understo
system Of paper credit TO break in upon tins I'm
p. thus dividing the many from the few, and TO
M able more or less of the more numerous class
he pass over it, and to participate in the profits
er capital, by means of safe and convenient 81
al stitute for capital; and thus to diffuse, vas
more widely, the general earnings, and thei
fore the general prosperity and happiness oil
Sc ciety Every man OF observation must have
yer messed, in this country, that men OF heavy ca
20, tal have constantly complained OF Bank circu