The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-20


The House Of Representatives., Oeioter 1897.
Mn CHAIRMAN:
/ do not know how can more appropriately begin
the remarks am about 10 make, than IN the very
words with which a most able English writer adj
dressed himself TO the cause and character Of the
recent crisis. The events (says Mr.. Samuel Jones
LLOYD in pamphlet published last spring. which
have occurred in connection with the late pressure
upon the moneyed and mercantile Interests, are iuli
OF instructive illustrations of the effects b1h bene-
fetal and otherwise, Of our present system and the
evil consequences OF this pressure will be as nothing
compared with It's benefits IL amongst these we shall
be enabled reckon an increased degree intelll-
gence upon subjects connected with currency and
nearer approximation TO sound principles ID The ma
nagement of our paper issues. The revuson, IL Is
true has been far disastrous on this side OF the
Atlantic than in England and yet al lis darkest
period-now, as l confidently believe, passed away
TO give place 10 returning prosperity found con-
ISOLATION in the idea that dearly as we were buying
our experience in this important matter, inc Pfice
would moi be too high for the benefits we should ul-
timately derive from our reyerses. A national yiSi-
taton ought to be considered as great providential
lesson. II teaches the most momentous truths, and
il teaches them in the most impressive manner, and
what we have recently seen and felt viii dispose
us-f any thing can dispose us-to look the difficult
ties with which this subject is surrounded fairly in
the face
Sir, it is surrounded with difficulties Even in
England as you perceive from the citation ! have
most able men. have upon my desk many other
proofs of the same fact They abound, for instance
in the minutes of evidence taken before the commit
tee of the House of Commons ON the renewal OF the
charter of the Bank of England, in lSR Youwl
find there that while high authorities agree in
thinking that there should be but one hnk OF issue
for the capital at least if not for the whole country
the representatives of the great commercial and
manufacturing interests, on the contrary, protest
against the continuance of monopoly to which they
impute the most sinister influences over their i'm
menSe buSness,t and demand system OF lolnl-slock
banks, regulated by principles more agreeable as
they contend, TO the course and policy OF trade
third party insists upon the necessity OF compelling
all banks of issue to give adequate security to the
public, Gin government stock, &c.) for the redemp-
ton oftheir ssueSt while every Stocktoder or part
shall continue tobe as at present responsible Tor
all the debts of the company TO the whole amount of
his private fortune A fourth, (and have just re-
ceved from London a little volume in which that
opinion is most pausiby maintaimd,) urges the
most unlimited freedom in banking, and sees no more
danger to society from perfect liberty In this than in
any other branch of business, the supplying for ex
ample, the market of great capital with the neces-
saries of lifeH In this completely ard distraction of
English opinion upon this subject, however, all par
ties agree in one thing, and that is, in adherng TO
the paper system. Nobody there thinks OF any thing
extravagant the overthrow of that system, what
defects may be seen or supposed to exist IN IT.
or whatever projects may have been imagined to pu-
rfy, TO correct and to improve it,
But III Such Is the Stale Oh EnSllSn opinion ic-
gard to this subject how it be with us, when 10
all the intrinsic difficulties of the thing ITSELF we add
those arising out of the complicated structure OF our
political Institutions 1t would be hard enough TO
say what ought TO be DONE in the present emergency
were this simple consolidated government, but how
much harder is it to advise the administration of
tederal government to the course ii ought to pur-
sue, where happens to doub, its possessing all the
power necessary to give complete relief without
cooperation of ohersa For, sir, at the risk of be-
l4,rp in hate M n
when the gentleman from Maryland, (Mr. Cost
Johnson) in very amusing speech in the course OF
which, however, he uttered some grave and impor-
tant truths, spoke last night with such profound con-
tempt | must confess agree with the Executive in
the genera principles of constitutional law involved
in the Message In the division of the attributes OF
sovereignty between this government and the states,
it may and must happen that we should experience
sometimes chasm, and sometimes conflict OF pow
ers. More is taken from the states perhaps, than
has been given to the confederacy; neither can
do enough while each can do too much for perfect
harmony defects discrepancies, and contradictions,
exist in the scheme itself, detected only in long
course of practice, and which nothing but practical
skill the wisdom called for and called forth in the
management of great affairs, especially pollcalai
fairs can reconcile and reciy Undoubtedly the ask
is an immensely difficult one-but ii must be unier-
taken and it must be done. The subject before the
committee is an example of the high and difficult
duties refer TO- nor can imagine an occasion bet
ter fitted than this, to awaken the House TO lively
sense of It's infinite responsibilities to the country
Judge then sir with what deep disappointment
and regret learned that the bill on the table 10
be pressed upon us at this short session 1t is qlile
enough for me, that ii proposes great innovation
upon the whole course of the Government, from its
foundation up to the present moment, and upon all
the habits of our people. They who see deeper
clearer into such matters than do, must pardonm me
for declaring that cannot conScientiouSy, vote for
the measure in such haste. If had no posture OBJ
jcctions to it, would be quite enough for me, that
have not had sufficient time TO reflect on it, During
this extraordinary session, (for it has been in
every sense Of the word,) fatigued harraSSed, ex-
hausted, by incesSant attendance, by night anc by
day, in this Hail. it has not been in my power Il in
form myself on any subject as could have wished 10
be able to do. have had absolutely time for
minute research, hardly few hours for calmretlec-
ton. Under such circumstances, cannot vote for
the bill must go home to my constituents and talk
with them. Many, perhaps most Of them, understand
these matters better than do; but when left lem
although this subject had been discussed, and ably
discussed here and there, by an individual or two
public attention had not been awakened to ii and
nothing like an opinion, certainly no opinion tavo-
rabe to the principle of the BILL had been formed in
regard to it.
And here, sir, might take my seat again, if had
risen only to explain my own vote, or TO influence
those OF others, on the proposed measure But the
true issue seems TO me very far to transcend in
Importance, that single measure, important il un-
questionaby is II involves, in my opinion, the whole
credit system of the country. do not say that the
bill on your table presents that sSue-Sll less that
the Executive message presented it, or propounded
any principle or opinion that should lead tot. But
who has watched the progress of this discus
sion in this House or in the Senate-in or out of
this Capiol-wll deny that it must soon come to
Mat Sir, if there is any TRUTH at all, in what has
been urged with great ability and all the zeal had
almost sad the fanatcism of The deepest conviction
by men accustomed to influence, nay, even to con-
troll public opinion in different parts of this country
If they have any idea of vigorously carrying out
the principles they profess, 10 their logical conse-
quenceS, in pracce-if what they say in the highest
places the most solemn occasions is not such idle
defamation as such men are not 10 be suspected Of
have been uttered, with all the authority which can
be impaired to paradox from talent ripened by expe
fence, which seem TO me inconsistent with the CON
stitution, not only of American, but of all modern So