Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-03-01
TWenty-third Congress.--lst Sess.
IN SENATE Saturday, February %.

THE PETITIONS FROM MAINE.
ne senate then procee 10 the ton of the
unfinished business Of yesterday being The noon q, -.
Ter the memorials OF the citizens Of Portland and Of Ran
gor Maine, on the subject Of the derang.d and
distress Of the country, consequent upon the NJ
the public deposites liom the Bank Of the U. State.
Mr. webster rose, and addressed the Senate as fol-
Mr. President: The hon. nber from Georgia stated
Yesterday, more distinctly than have before learned il,
what that experiment is, which the Government is now
uyng on The revenues, and the currency, and may add
on me commerce. manufactures, and agriculture, OF this
SUunuy II rightly aPpreheDd him, this experiment Is
an emp to return to exclusive specie ncy first
1y oeng able through the agency Of the State banks 10
oPehse with any Bank Of the United ass, and then to
supersede the use Of the State banks themselves"
This, sir is the experiment. l thank the gentleman
for thus stating its character He has done his duty
dealt fairly with the people. by this exhibition OF what
'he views oil the Executive Government are this
e:ng moment IL is certainly most proper, that the peo
pie should see distinctly what end. Tor what OBJECT
It's, that so much suffering already upon them and 80
much more already invisible and ar prospect.
And now, sir, Is Possble-is il possible that twelve
mons Of Intelligent People can be expected. voluntarily
10 subject themselves Distress OF unknown
uon Tor The purpose Of making hal OF experme like
thu! VIII Nation that is intelligent we'll informed OF
rs own IN crest, tened, and capable OF self govern.
ment, submit TO suffer embar in oil its pursuits
loss OF capital loss Of employment and sudden and de
stop its onward movement in The path Of prosperity aud
wealth, until Il shall be ascersined whether this new
Matched theory shall the hopes Of those who have
Is the country TO be persuaded to bear every
Whg, anu bear patiently, until the opera ion Of such an
experiment, adopted an avowed object and adop,
ell, to-, without the cooperation OF Congress-
anu oy TIE Executive power alone shalt exhibit lis re-
sus?
In the OF hundreds of thousands of our suffering
citizens, ask, for what reasonable end is this
pertinent TO be tried! What great and good object worth
much cost: is it TO accomplish What enoi nous evil
to be remeded by all this nconve and this sui
ferng' What great calamity is to be aver,ed Have the
people hronged doors, and loaded tables with pc
ons for relief against the pressure of political mis-
Chief some notorious nisrulc which this experiment is to
redress Has been resorted 10 in hour Of misfortune
calamity, or peril, to save the State Is il OF
remedy, yielded TO the mportunale cries OF agitated
and distressed nation Far sir, very far from all this
There calamity, there suffering, there was
no peril, when these measures began. AT the moment
when this experiment was entered upon, these tvs eIve
millions of people prosperous aud happy not only
beyond the example of all others, bu, beyond their
own example, in times past.
There was pressure of public private distress
Throughout the whole land All business prosperous,
all industry rewarded, and cheerulness and content
universally prevailed Yet lin the midst Of all this en-
ioymen, with so much TO heghten, and so little mar
IT. this experiment comes upon US, 10 harass and
at present. and to alright Tor the future Sir il is
Incredible the world abroad will not believe tit is diff
cult for 10 credit il, who with our own eyes,
tina, the country, at such moment, should put itself up
experiment, faught with such immediate aud over
whelming evils and threatening the property and The
epoyments OF the people, and all their social and poll
teal bl sngs, with severe and long enduring future in
fciions.
And this experiment, with all its cost 10 be tried for
whas Why simply sir enable US to try another expe
riment and that oer experiment is, whether
exclusive specie currency may not be better than
rency partly specie aud partly bank paper The object
TO which 1t is hoped arrive, by patiently eading
this path OF endurance, is to Danish from the country all
bank paper Of all kinds and have coined money and
coined money only, as the actual currency Of the
try!
Now sir altogether deny that such an object il At all
desirable, even il il could be obtained deny that an
exclusive specie currency is the best currency for any
highly commercial country; aud deny, especially, that
such currency would be best suited the condition and
circumstances oil the United States With the enghten-
ed writer's and practical OF all commercial COM
muniiies, in modern times, have supposed it TO be adj
miied, that welreguaied, properly restrained, safe
ly-imied paper currency. circulating adequate
specie basis, Thing to be desred-a political public
advantage, TO be obtained II ii may be obtained and,
more especially, have supposed that in country
with resources not yet half developed with rapidly
uaon, ard constant demand for more and
capital; that is to say, in such country
United States have supposed safe we'll regu
lated paper currency to be allow TO produce particular
and extraordinary advantage because, such country
wereguated hank paper only supplies convenient
medium OF payments and OF exchange, but, also, by the
expansion oil that medium, in reasonable and safe de-
gree, the amount Of circulation is kept nearly COM
with the constantly ncre ing OF pro-
perry; and extended capital, in the shape Of credit
the aid Of the eDerprising end the industrious
precisely this credit, by reasonable ex-
pansion Of the currency in a country, that Of
small capital carry their business. IL is exactly by
OF this, that Industry and enterprise stimuli ed
IL driven back en- ire gold and silver cur
the necessary and inevitable would
be, that all trade must fall into the hands of large CAPT
talists This is so plain, that no OF reflection can
doubt II; know not, therefore, in what ords ex-
press establishment, hen heard said that the pre-
sent measures OF Government intene for The good
OF the many instead Of the few-for the benefit the
poor and az ainst the rich; and when hear IL proposed
at the moment TO 10 away the whole system OF
dit and place all trade and commerce. therefore, in the
hands of those who have competent ca ita t. carry
them on, ilbout the Of any credi at ALL This, sir,
would be dividing society by precise DISTINCT and we'll
defined line into two classes frs the small Glass; who
have competent capital for trade whn credit is
question; and secondly, the vastly class Of
those, whose living must become, in such state Of
things mere manual occupation, without the Of CAPT
tall or Of any subst tuie for capital.
Now, sir, ii is the efec, oil well understood system
Of paper credit TO break in upon this line, thus dividing the
many from the lew, and 10 enable less Of the more
class TO pass IT, and participate The
pos % e~riisi by means Of safe and convenient subs
the general earnings, and therefore the general pospe
ty and happiness Of society. Every Of observation
must have Witnessed in this country, that Of heavy
capital have constantly complained of Bank circuS
aud consequent credit system. injurious TO the rights
Of capital They undoubtedly feel its effects. All that
s gained by the OF credit, Is jus, much subaced
from the amount Of their accumulaons and so much
the has gone 10 the benefit Of those who besow their
labor and industry capital in small portions. To
the great majority, this has been Of incacusbe benef in
the United States and therefore, cir, VIII ever attempts
the entire overthrow OF the system, OF Bank credit, aims
deadly blow al the interest Of that great and industrious
class who having some capital, csnno', nevertheless
transact bu.iness without some credits and
thing else IL lie have any ineligible meaning at all,
than all such persons TO the long list Of mere
manual aborers What else they do with not enos
OF absolute capital, AMI with credit This sir this is
the true tendency, and the unavoidable result OF these
measures which have been undertaken with the patriotic
| object Of assisting the poor against the rich!
Sir, ain well that Bank credit may be abused
know that there is another extreme, exactly the oppo
site Of that Of which have been spesking, and
less sedulousy TO be avoided I know that Bank paper
may become excessive that depre citation will then follow
fI.