Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-05-30
30. Q.

tdres Of The government and dra1cing the commerce
81 NE country 10 It's ports This strongly exem-
pinned alter the suspension of specie payment during
the asl Wdf, when the depreciation made the most
rapid progress, ull checked by the establishment Of
the present bank of the United States and when the
ioreen trade OF the country was rapidly converg
ing to the point of the greatest depreciaon with a
view OF eSemp ION rom duties, by paying in the de-
based currency OF the place.
What, then, is the disease which aflcts the sys-
tenn? what the remedy? and what the means of np-
plying Ut These the questions whlcs shall next
proceed TO consider. What have already stated
points out the disease Ii consists in a great and
growing dsproporton between the metallic and paper
circulation of the country effected through the nstn,
mentality of the .anks, dlsproportlon daily and
hourly increasing under the impulse OF most powerful
causes, which rapidly acceleratng the country
that state of CONFUSION and revolution which have
Indicated The remedy 10 arrest It's future progress
and to diminish the existing dsproporton- increase
the metals and to diminish the paper-advancng till
the currency shall be restored TO sound, SAFE and
settled condition. On these two points all must be
agreed There is no man of any party capable of re-
fleeing, and who will take the pains to inform HIM
sell, bat must agree that our currency is in danger
Gus condition, and that the danger is increasing;
is there any who doubt that the only safe and
eficctual remedy to diminish the dsproportion to
which have referred. Here the extremes unle-the
Senator from Missouri (Mr. Benonl who is the open
and avowed advocate OF pure metallic currency, and
the Senator from Mass (Mr Webster) who stands
here the able and strenuous advocate Of the bank
ing system, are on this point united, and must
from II IN the same direction, though 1t may be the
design of the to 90 through, and of the other
halt after moderate advance.
There is another point in which all must be agreed
that the remedy must be gradual-the change, from
the present 10 another and sounder condition. slow
and cautious. The necessity for this, results from
that highly delicate nature of currency which have
already illustrated Any sudden and great change
from present TO even sounder condition. would
agtate and conyuse society to the centre On another
point there can be but little disagreement Whatever
may be the different theoretical opinions of the
bers OF the Senate as to the extent 10 which the re-
formation of the currency should be carried even those
who may think il may be carried practically and safely
TO the restoration OF metallic currency TO the entire
exclusion Of paper must agree that the restoration
ought not to be carried further than a cautious and a
slow experience shall prove that it be done, con-
ssienly with the prosperity of the country, in the
lstlDg fiscal and commercial condition Of the world.
To 60 beyond the point TO which experience shall
show II is proper TO go, would be to sacrifice the pub
lie interest merely to favorte conception. There
may be ultimately disagreement of opinion where
that point is but since all must be agreed to move for
ware in the same direction, and at the lsamc pace let
us sci out in the spirit of harmony and peace though
we intend TO stop at different points Ii may be that
enlightened by experience, those who intended 10 stop
at the nearest point may be disposed to advance far
ther, and that those who intended the arthest, may
halt on this side, that finally all may agree ter
inmate the Journey together.
This brings TO the question Of how shall 80 sau
tary a change be effected What the means, and the
mode OF APPLICATION great and difficult question,
which some diversity of opinion may be expected.
No one can be more sensible than am of the re-
sponsblllty that must be incurred in proposing
sures on questions Of so much magnitude, and which,
IN so distracted state of the public mind, must affect
seriously great and influential interests. But this Is
no time to shun responsibility. The danger is great
and menacing, and delay hazardous, If not runous.
While, however, would not shun, have not sought
the responsibility. have waited for Others and had
any one proposed an adequate remedy, would have
med silept And here (said liz \ of
express the deep regret which feel that the adj
minisrauon, with all That weight Of authority which
belongs to us power and immense patronage, had
not, instead Of the dcposte question, which has
sed such agitation and distress, taken up the great
subject of the currency; examined il gravely and de-
llberatey, in all its BEARINGS pointed out its diseased
condition; designated the remedy and proposed some
safe gradual, and cfccual means of applying it.
Had that course been pursued my jealous and hearty
CO operation would not have been wanting. Permit
me ais to express similar regret that the admin
straton having failed IN this great point of duty, the
opposition, with all its weight and talents, headed on
this ques,on by the distinguished and able senator
from Massachusetts, who is capable of compre-
hending this subject in all lis bearings, had not
brought forward under It's auspices, some permanent
system Of measures, based upon deliberate and ma
tluc investigation into the Of the existing dis
ease and calculated 10 remedy the dsordered state Of
the currency. What might have been brought for
ward by them with such fair prospects of Success,
has been thrown more incompetent hands; unad-
ed by patronage influence, saving only that lnfu
ence which truth, clearly developed, and honestly
and zcalously advanced may be supposed TO possess
and on which ] must wholly rely.
But TO return to the subject Whatever diversity
Of sentiment there may be as 10 the means, on one
point all mrst be agreed nothing efieciua can be
done check lnterposed to restore or arrest the
progress The system by the action Of the states
The reasons already assigned to prove that banking
by one state compes all others bank and that the
excess OF banking In one, in like manner compels all
others to like excess equally demonstrate that il il
impossible for the states acting separately, TO inter-
pose any prevent the catastrophe which
tanly awaits the SYSTEM and perhaps the govern
meni itself, unless the great and growing danger To
which refer, be timely and efFecmally arrested.
There Is poirer any leterc but in this government
the joint agent Of all the states, and through utich
The concert Of The action IF he utoie DC Effected,
adequate 10 this great task. The responsibility is
upon us, and upon US alone. The means, If means
there be, must be applied by our hands, not APP
piled AT ALA consideration, in great an emer-
gcncy and in the presence Of such imminent danger
calculated, would suppose, TO dispose all to co.ope
ration, and TO allay every party feeling IN the heart
even Of the least patriotic.
What means do we possess, and how can they be
applied
Ii the entire banking system under The mmc-
date control OF the general government there wsuld
be no difficulty in devIsing safe and eiiectua remedy
To restore the equilibrium, desirable between the
specie and the paper which compose our currency.
But the fact is Otherwise. With the exception lof