Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-05-30
Remarks rthe Hon. John 9. Calhoun,

q, 1894 on the motion of Mr.. Webster Jor teope 10
Introduce a bill to continue the charfero. inc DaRh
ofhe United States for the str gears dIteT VIC e.
piration Of The present charter J.,
rise SAID Mr.. c., in order to avail myself OF an
early opportunity TO express my opinion on 'ic niea
sure proposed by the Senator from massachusetts,
and the questions Immediately connected with H. on
the ground that on subject so Immediately connect
ed with the interest of every class IN the community,
there should be early dec araton OF their sentiments
by the members of this body so that all might know
what TO expect and on what 10 calculate.
shall vste for the motion OF the Senator, not De-
cause approve of the measure he proposes, Dut De-
cause consider 1t due In courtesy, 10 grant ieave I'M
less there be strong the contrary when Is
not the in this instances but while prepared
to vote for his motion, and, let me add, to do ample
justice to his motives for Introducing IN: Dib cannot
approve of the measure he proposes. In every view
which have been able to take,it is Objectionable
Among the objections, place the uncertainty asto
its object Ii is left perfectly open TO conjecture, VINE
ther renewal of the charter is intended or mere
continuance with the view of affording the bank time
10 wind up Its affairs; and what increases the uncer
tany is if we compare the provisions OF the propos-
ed bill with the the other of these OBJECTS his
equally unsuited to either. If renewal OF the char
ter be Intended six years short If continuance,
too long. l. however state tins as mere MINOR opJec-
ten There another of far more decisive character;
settles nothng leaves every thing unhxed-t per-
pe,uates the present struggle which injuriously
agtates the country-a struggle OF bank against oank
-one set Of opinions against another; ana prolongs
the whole, without even an intervening armistlce, TO
the year 1924 period that covers two presidential
terms. and, by inevitable consequences, running Tor
two successive presidential elections, the politicT OF
the country into the bank question: and the bank ques
ton nuo politics, with the mutual corruption which
must be endangered; and during the whslc period,
keeping the currency Of the country, watch the pubic
interest requires sheud have the utmost stability IN
state Of uncertainty and fucuatlon.
But why should pursue the objections to the plan
proposed by the Senator from Massachusetts, (hlr
uxtIadrn fhA mn I1ra
to be defective and thai he would prefer one of more
permanent character. He has not proposed this as
the best measure bat has brought 1t forward under
supposed necessity-under the impression that some
thing must be done-somethlng prompt and immedl-
ate relieve the existing distress which overspreads
the land. l with him in relation to the DIS
tress-that 1t is deep and extensve that It fell upon
US suddenly and in the midst OF prosperity almost
unexamped; that it is daily conslgnng hundreds TO
poverty and misery blasting the hopes Of the enter
prising taking employment and bread from the la
borer and working fearful change IN the relative
condition of the moneyed man and the money dealer
on one side and the man OF business on the ether
taking up the former rapidly to the top of the Wheel
whilst is whirling the latter, with equal rapdlty TO
the bottom. While thus agree with the Senator as
to the Distress also sensible that there are great
public emergencies IN which no permanent relief can
be afforded and when the wisest Obliged to resort
cxpediens to paate and to temporize IN order to
gain time with view to apply more effecual rem
edy; but there also emergencies OF precisely the
opposite character, when the best and most perma-
nent is the only practical measure; and when mere
expediens tend but distract TO divide and confound
and thereby to delay defeat all relief and such,
viewed in all its relations and bearings, consider the
presents and that the senator from Massachusetts mas
not also SO considered IT, attribute TO the fact that OF
the two gu s)ns blended in the subject under consd-
Grafton, he has given an undue prominence TO that
which has by far the least relative Importance
mean the quesisns of the bank and of the currency
As mere bank question, as viewed by the senator,
has hut m
renewal should be for six years or for longer period
and preference might very properly be gwen to one
the other as il 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. Buthad he turned
his view to the other and more prominent question m
volved had he regarded the question question of
currency, and that the great point was to give 1t UNI
formity, permanently and safety; that in eiectng
these essential objects the bank IL subordinate
agent, TO be used not TO be used and to be modified
its duration AID other provisions wholly in re-
ference To the highest question of the currency
canne, think that he would ever have proposed the
measure which he has brought forward which leaves
as have Already said, every thing connected with
the subject in state ofuncertany and 1uctuatlon.
All feel that the currency is delicate subject, re-
curing TO be touched with the utmost ca1tlon but IN
order that il may be seen, well as felt why it is SO
delicale why slight touches either in depressing or
clevating it, agtate and convulse the whole commu-
nifty, VIII pause 10 explain tne cause. III we take
the aggregate property of community, that which
forms the currency constitutes IN value, very small
proportion OF the whole. What this proportion Is in
our country and other commercial and trading COM
munities is somewhat uncertain ! speak conectu
rally as fixing il one TO twenty-five or thirty,
though presume thai is not far from the Truth; and
yet this small proportion Of the property OF the COM
munity regulates the value of all the rest, and forms
the medium Of circulation by which all Its exchanges
are cfeced bearing in this respect, striking SINH
larty considering the diversity OF the SUBJECTS, TO
the blood in the human animal system.
If we turn our attention to the laws which govern
the circulation, we shall find one Of the most lmpor
tant to be- that az the circulation IS decreased or in
creased the rest of the property will, all other crcum-
stances remaining the same be decreased or lncreas-
ed in value exactly in the same proportion To Illus
trate If a community should have an aggregate a.
mount Of property Of thirty millions of dollars,
OF which million constitutes its currency IT that
one million be reduced tenth part that to say,
one hundred thousand dollars the value of the rest
will be reduced in like manner tenth part that Is
three millions OF dollars And here very important
| fact dscoses ITSELF which explains why the curren-
CIV should be touched with such dellcacy, and why
stability and uniformity are such essential qualities
mean that a small absolute reduction of the curren-
CIV makes great absolute reduction Of the value OF
the entire property of the community in the
| case supposed; where a reduction of one hundred
thousand dollars in the currency reduces the aggre-
gate value Of property three millions Of dollars sum
thirty times greater than the reductsn Of the curren-
CIV. From this results an important consideration II
4 IL - IN ha IN he .xJ -