Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-03-28
THE GAZETTE;
By G sNoWDEN.
arMARKs OF MIR. CALHOUN.

nhCG ~ OLtt W
of the United States for sir years after the &c
piration Of the present charter.
rise. said Mr.. c., in order to avail myself OF
an early opportunity TO express my opinion on
the measure proposed by the Senator from Mas
sachusetts, and the questions immediately con
nected with it, on the ground that, on a suoJeee
so Immediately connected with the INTERESTS "a
overy class in the community, there should be
an early declaration of their Dy the
members of this body, so that all might know
what to expect, and on what 10 calculate.
7 shall vote for the motion of the Senator, not
because | approve OF the measure ne propos-
&C. hnt because / consider it due, in courtesy, to
Grant leave, unless there be strong reasons to
fhe contrary, which is not the case in this IN
stance: but while | am prepared to vote for his
motion. and, let me add, to do ample justice to
his motives for Introducing the bill, | cannot APP
nroye of the measure he proposes. La every
View. which / have been able to take, 1t is OBJ
iectionable. Among the objections, | place the
uncertainty as to its object. 1t is left perfectly
omen 10 conjecture, whether a renewal OF the
charter is intended, or a mere continuance with
the view Of affording the bank time to wind up
its affairs; and what increases the uncertainty
is. if we compare the provisions of the proposed
hin with the one or the other of these objects, 1t
is equally unsuited to either. If a renewal O the
charter be intended, six years is too short; it a
continuance, too long. | however state this as
a mere minor objection. There is another OF
far more decisive character; it settles nothing,
leaves every thing untXed-it perpetuates The
present struggle which so lnJurIously agitates
the country-a struggle of bank against BANK
of one set of opinions against another; and pro-
longs the whole, without even an intervening
armistice. to the year 1S42-a period that covers
two presidential terms, and by inevitable conse-
auuence, running, for two successive preSlden-
tial elections, the politics of the country into the
bank question, and the bank question into poll
tics. with the mutual corruption which must be
engendered; and, during the whole period, keep
inc the currency of the country, which the pub
lie interest requires should have the utmosts sta
bility. in a state of uncertainty and t1uctuatlon.
Rnt WHY should | pursue the objections to the
plan proposed by the Senator from MasSachu-
sets, (Mr. WEBsrER) He himself acknowledge
es the measure to be defective, and that he
would prefer one of a more permanent charac-
ter. He has not proposed this as the best mea-
sure. but has brought it forward under a suppos-
ed neceSSity-under the impression that some
thing must be done-something prompt and i'm
mediate, to relieve the existing distress which
overspreadS the land. concur with him IN reia-
ton to the distress-that it is deep and extensive;
that it fell upon upon us suddenly, and In the
midst Of prosperity almost u~neXampled; thatltls
daily consigning hundreds to poverty and mi
sery; blasting the hopes of the enterprising; ia
king employment and bread from the laborer,
and working a fearful change in the relative
CO0QlIlO0 Oh Ill llOICyCu Ildll Quo ltlC AllOllSV
dealer on one side, and the man of business and
the man of property on the other-taking up the
former rapidly to the top of the wheel, whilst it
is whirling tn. latter, with equal rapidity, to the
bottom. While | thus agree with the Senator
as TO the distress, | am also sensible that there
are great public emergencies in which no per-
manent relief can be afforded, and when the
wisest are obliged to resort to expedients; to
palliate and to temporiZe in order to gain time
with a view to apply a more etfectaal remedy;
but there are also emergencies OF precisely the
opposite character; when the best and most per-
manentis the only practical measure; and when
mere eXpedientS tend but to distract, to divide
and confound, and thereby to delay or defeat
all relief; and such, viewed in all its relations
and bearings, | consider the present; and that
the Senator from Massachusetts, has not also so
considered it, | attribute to the fact that, OF the
two questions blended in the subject under con-
sideration, He has given an undue prominence
to that which has by far the least relative inn
portance; | mean the questions of the bank and
of the currency.
As a mere bank question, as viewed by the
Senator, it would be a matter of but little i'm
p~ortance whether the renewal should be for six
years or for a longer period, and a preference
might very properly be given to one or the other
as it might be supposed most likely to succeed;
but | must say, that, in my opinion, in selecting
the period of six years, he has taken that which
will be much less likely to succeed than one of
a reasonable and proper duration, But had he
turned his view to the other and more promi-
nent question involved; had he regarded the
question as a question of currency, and that the
great point was to give it uniformity, perma-
nency, and safety; that in effecting these essen
tial objects the bank is a mere subordinate
agent, to be used or not to be used, and to be
modified as to its duration and other provisions
wholly in reference to the higher question of
the currency, | cannot think that he would ever
have proposed the measure which he has
brought forward, which leaves, as have alrea-
dy said, every thing connected with the subject
in a state of uncertainty and huctuation.
All feel that the currency is a delicate subject,
requiring to be touched with the utmost caution;
but in order that it may be seen, as well as felt,
why it is SO delicate, why slight touches, either
in depressing or e~levating it, agitate and con-
vulse the whole community, | will pause to ex-
plain the cause. If we take the aggregate pro-
perry Of a community, that which forms the cur
= rency constitutes, in value, a very small pro-
portion of the whole. What this proportion is
in our country and other commercial and trad
ing communities, is somewhat uncertain. |
speak conjecturally in fixing it as one to TWEEN
ty-ive or thirty; though | presume that is not
far from the truth; and yet this small proportion