The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1837-11-28

recommend it so zeaously. were the authors of
the last, and were equally fall of confidence and
assurance in regard 10 that.
Who invite as 10 try this experiment. what
voices do we hear raised in its rccommendatloh
Are they not the well known voices which we
heard SO often, when tho late experiment was
begun? We know of but one accession. The
voice of the honorable member from South Car
DINA it is true, is now mingng with the general
strain and that is all. Where, then, is the ground
for confidence in this experiment., more than
there was for il in the last
This scheme, too, is against all our usnSes, and
all our habits. 1t locks up the revenue, under
bolts and bars from the time of collection to the
time of disbursement. Our practice has been
otherwise, and it has been useful practice. In
1883, the Secretary of tho Treasury a3monlshed
tho deposte banks, since they had obtained the
custody ofthe public funds, to accommodate the
public to loan freely, especially 10 importing
merchants. And now, system is proposed to
US, according TO which, any use of the public
funds, by way Of loan or accommodation TO the
public, is made q criminal offence, and to be pros
ecutcd by Indictment Admirable, admirable
consistency
But the great objection to the measure, that
which so much diminishes tho importance of all
other objections, is its abandonment OF the duty
of Government. The character Of this project is,
severance of the Government from the people.
This, like the mark of Cain, is branded on lis
forehead. Government separates itself, not from
the banks merely, but from the community. 1t
ithdraws its care, it denies its protection, it re-
nounces its own high duties. l am against the
project, therefore, in principle and in Diet all
am for no new experiments; but L am for
sound currency for the country. And mean by
this, u convertible currency, so far as it consists
of paper. l differ, altogether, in this respect,
from the gentleman from South Carolina. Mere
Government paper, not payable otherwise than
by being received for taxes, has no preteXt to be
called q currency. After all that can be said
about il, such paper is mere paper money. 1t is
nothing but bills of credit 1t always has been,
and always will be deprecated. Sir, want
specie, and we want paper, of universal credit,
and which is convertible into specie at the will
of the holder. That system of currency, the ex-
perience of the world, and our own experience,
have both fully approved.
maintain, sir, that the people OF this country,
are entitled at the hand Of this Government to a
sound, safe, and uniform currency. lfthey agree
with me, they will themselves say so. They will
say, sit is our right; have enjoyed it for forty
years it is practicable, 1t is necessary to our pros
perty, il is the duty of Government to furnish it
we ought to have it, we can have it, and we will
have it."
The language of the administration, on the
other hand, is, "Good masters, you are mistaken.
You have such right. You are entitled to no
such thing from us. The constitution has been
misunderstood We have suddenly found out
its Ftrue mearing. A new light has suddenly
flashed in upon us. 1t is no business of ours to
furnish national currency. You cannot have it,
and you will not gee it."
Mr. President, have thus stated what | think
to be the real question now before the country.
trust myself, cheerfully, to the result am
willing to abide the test of time, and the ultimate
Judgment Of the people; for it is a fsentment
deeply infused into met is a conviction which
pervades every faculty possess, that there can
he no settled and permanent prosperity to the
commerce and business of the country, until the
constitutional duty of Government, in regard to
tho currency, be honestly and faithfully fulfilled.