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

as to the extent to which the reformation &C.,
currency should be. carried, even those u 'Ee
think it may be carried practically and safet "no
the restoration of metallic currency. to the ~ 10
exclusion Of paper, must agree that the resi-.
ton ought not to be carried further than . oro
tious and a slow experience shall prove thot i.
can be done, consistently with the prosnerit. ~ ~
the country, in the existing fiscal G. commer!o; VI
condition of the world. To 90 bevond tho ia
to which experience shall show it is proney polnl
would be to sacrifice the public interest m !" -,
to a ~favorite conception. There mayhn n,t!
mately a disagreement Of opinion where In'
point is, but since all must be agreed 70 und!
forward in the same direction and at the some
place, let US set oht in the spirit of bo 1unle
ny and peace, though we intend to stop at dc
ferent points. 1t may be that, enlighteensd Tnh-
experience, those who intended to ston ~ py
nearest point may be disposed to advance ue
Their, and that those who intended the fartb d.
may halt on this side, so that finally all "@S"
agree to terminate the journey together. "'y
This brings us to the question of how shall
~saIutary a change be effected? What the mnos 80
and the mode of applications? A great al
difficult question, on which some diversitr' ~
opinion may be expected. ="
No one can be more sensible than | am or ..
responsibility that must be incurred IN urono.
ing measures on questions of so much ropOs
wv otIo NiilC III bi'iI VIC IL SIdtn OF t
public mind, must effect seriously. great and VIC VIZ
~1uential interests. But this is no time f. S In,
responsibility. The danger is great and mon mon
cling, and delay hazardous, if not rIinons
While, however, | would not shun. I have No,
sought the responsibility. Ihave waited foro,f
ers, and had any one proposed an adeopats -"
medy, | would have remained, silent. w.
And here, said Mr.. Calhoun, let me evnrs,.
the deep regret which | feel that the admirisry,'
ton, with all that weight of authority which ba
longs to its power and immense patronage had
not, instead of the deposite question. which hos
caused such agitation and distress, taken nm tho
great subject Of the currency; examined :.
gravely and deliberately in all its bearioo.
pointed out its diseased condition; desianatoi
the remedy, and proposed some safe, graduaI
and efectual means Of applying it. Had tina,
course been pursued, my jealous and hearr
cooperation would not have been WANTING
Permit me, also 10 express a similar regret Ina.
the administration having failed in this Great
point of duty, the opposition, with all its weigh,
and talents, headed on this question by the dis
tinguished and able Senator from NassacRr.
sets, who is so capable of comprehending tf,
subjectin all its bearings, had not brought for.
ward, under its auspices, some permanent Sys.
tenn Of measures, based upon a deliberate ana
mature investigation into the cause of the ey.
lollllS bISCooC oId SuIluIolCu W ItlitNk Ig
disordered state of the currency. What Nigh.
have been brought forward by them with SucI
fair prospects of success, has been thrown on
more incompetent hands; unaided by patron.
age or influence, saving only that influence
which truth, clearly developed, and honestly
and zealously advanced, may be supposed t.
possess; and on which ! must wholly rely.
But to return to the subject. Whatever d.
versity Of sentiment there may be as TO The
means, on one point all must be agreed; nothing
e~ffectual can be done; no check interposed 70
restore or arrest the progress of the system by
the action of the States. The reasons ALREADY
assigned to prove that banking by one STATE
compels all others TO bank, and that the excess
of banking in one, in like manner conpeLs al
others to like excess, equally demonstrate thai
it is impossible for the States, acting separately
to interpose any means TO prevent the cataStO,
phe which certainly awaits the system and pei.
haps the Government itself, unless the gIeataAt
growing danger to which | refer be timely AMI
effectually arrested. There is no power any
where, but in this Government-the joint ageD,
Of all the States, and through which the concet
of the action of the whole can be effected, ade
Ouate to this great task. The responsibility i
upon us, and upon us alone. The means, D
means there be, must be applied by our hanl>
or not applied at ALA consideration, in so gel
an emergency, and in the presence of SuchlM
minent danger, calculated, | would suppose
dispose all to cooperation, andto aDay eyerypH'
ty feeling in the heart even Of the least pailouC
What means do we possess, and how cant ''
be applied.
1.-THE entire banking system was underthem
mediate control of the General Governmea,
there would be no difficulty in devising a sac
and e~ffectual remedy to restore the equilibrium
so desirable between the specie and the page
which compose our currency. But the iaC'E
otherwise. With the exception of the baiA u
the U. States, all the other banks owe tleHU
gin to the authority Of the several States al,
are under their immediate control, WINCH Es
sents the great difficulty experienced III dey5M-
the proper means of eftecting the femeoy' WIN
all feel to be so desirable.
To be concluded IN our Rer'.I