Richmond palladium. [volume] (Richmond, Wayne County, Ind.) 1831-1837, 1837-05-13

thsough the wilderness, on the passages over the
Lakes, from tho Lssd Offices to tho DePosise
Basks. sad from tie Deposts Banks back TO the
Land O6ices. Aaotber portion - in the hands Of
buyers and sellers Of specie; Of men in tho West
who cell Land O65ce money to the new settlers ios
. high premium. Another portion, again, 10 kepa
in private hands to be used when Circumstances
shall tempt to the purchase Of lands. And, Cen
tlemen, am inclined to think, 80 loud has been
tie about hard nsooey. and 50 sweeping the de-
nuncsatiU0 Of all Pspes, that private holding, or
parts Of the County. These eighty millions 81
specie, tbesefse really do US little good. We are
weaker in our circulation, have doubt, our
credit il feebles, m0uey 10 scarcer with Us, At this
moment, than It twenty millions Of this specie were
shipped 10 Europe, and general confidence thereby
restored.
Gentlemen, will not say that some degree Of
pressure might not have come upon US, iftbe Treas
ury order had not been issued. will not say, tina,
there has not been ovsr-trading, and overpsoduc
ton, and . too great expansion Of Bank circula-
ton. This may all be 30, aud the last mentioned
evil, il was easy to oresee, was likely to happen.
when the United States discontinued their own
Bank. But what do say ID, that acting upon the
state Of things it sctuaIly existed and is now ac
tually existing, the Treasury order has been, and
now is. productive Of great distress II acts upon
a state Of things, which gives extraordinary force
to its stroke, aud extraordinary point to its sting
1t arrests specie, when the free use and circulation
Of specie are most important it cr;pples the Banks
at moment when the Banke, more than ever
need all their means. 1t makes the merchant una
able TO remit, when remittance is necessary FIR his
own credit. and for the general adjustment of COM
mercal balances ! am not now discussing the
general question, whether prices must not come
down, and adjust themselves, .new to the amount
Of bullion. existing in Europe and America. lam
dealing only with the measures Of our own Govern
ment, on the subject Of the currency, and I inss,
that these measures have been most unfortunate .
and most ruinous the ordinary means Of our
circulation, At home, and o" our ability Of romi,
Gentlemen, would not willingly be a prophet
Df ill., ! most devoutly wish to see a better state
NJ things; and believe the repeal Of the Treasu
order would tend, very much, to bring about that
better state Of things. And ] am Ofopiniop. Gen.
lemen, that the order will be se pealed think il
must be repealed. I think the East, West, North
md South will demand its releal. But, Gentle
me feel Il my duty to say, that fl should be dis
appointed in this expectation, see no immediate
relief to the distresses Of the community. lgrest-
y fear, even, that the worst is not yet look for
'evercr dstresses; for extreme difficulties in ex-
change; for far greater Inconvenience in remit
lance. and for sudden fall in prices. dur condi-
lion is one, which Is not to be tampesed with. and
The repeal Of the Treasury Order, being sonnet thing
which Government can do, and which will do good
The public voice is right in demanding that repeal
i - true. IL repealed now, the relief will come late
Nevertheless its repeal or abrogat,on 10 thing to
be insisted on, and pursued. till il shall b accon,-
)lished. This Executive control over the curren-
~. this power Of discriminating, BY Treasury
'etween one mao's debt, 10 thing not to be endur-
ID in free country; and it should be the constant
,essisting demand Of all true Whigs,-'sescind the
legal Treasury order, restore the rule Of the law
'lace all branches Of the Revenue the same
rounds, ms to tho means Of pay ment, make mems
lights equal, and leave the Government Of the
Cou0tsy. where the Constitution leaves il, in the
lands Of the Representatives. Of the People in Con-
gress." This point should never be surrendered,
'r compromised. Whatever is established, let it be
equal, and let it be legal. Let men know to-day,
What money may be required ofthem tomorrow
Let the rule be open and public, the pages oil
he Statute Book, not a secret, in the Executive
breast.