Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-10-02

ned all over tue country! Or, Mr. Presi-
cent, To put the question in still other
Vurdp, since This Government has the reg
uatiou OF trade, not only between the y. ).
and foreign States, but between the sever
% States themselves, has it nevertheless no
power over that which is the most impor-
tlnt and essential agent or instrument OF
irajc, the actual circulating medinm!-
Gav Mr. President, on these questions,
90 already said, ! entertain sentiments
wholly different from those which the mes
eave expresses.
ii ~, (saij Mr. W. in my view, an i'm
pcralive duiy imposed upon this Govern
,ncnt by the Constitution, 10 exercise n SUI
pervisory care and control over all that is
Ia The country assuming the nature of a
currency, whether it be metal or paper all
The coinage of the country is placed in the
power Of The Federal Government no
State, by its stamp, can give value 10 a
brass iarihng. The power 30 regulate
trade Y commerce between the u. ,. and
foreign or Indian nations, and also between
Vie respective states themselves, is express
" conferred by the constitution upon the
General Government. Now, II IS Gear
lhat the power to regulate commerce fe-
tween the States, carries with il, not i'm
plisdlv, but necessarily and directly, luII
power OF regulating the essential clements
of commerce, viz: the currency OF he
country, the money, which constitutes the
life and soul OF commerce. We i've in an
age when paper money is an essential ele-
ment in all trade between the States; lis
use is inseparaby connected with all COM
mercial transactions. That it is 81, is now
evident, since by the suspension OF those
institutions from which this kind OF money
emanates, all business is comparatively al
. stand. Now. sir, (said Mr. W. what !
maintain is simply this, that it snrely is the
duty of somebody to take care of the cur
rency ot the country: it is duty imposed
upon some power in this country, as IS
done in every other civilized nation III the
world.
repeat, sir, that it is the duty OF some
Government or other to supervise the cur
rency. Surely If we have paper medium
in the country, it ought only to exist under
sle sanction and supervision OF the Gov-
crnment Of the coupirv. Now, sir il the
General Government does not exercise This
supervision, who else, should like to know,
ia 10 do it? Who supposes that il belongs
10 any Of lie State Governments, Tor ex-
am1le, to provide for or regulate the cur
rency between New Orleans and New
York?
The idea has been ,hrown out that it is
not the duty Of the Government To make
provision. for domestic eXchanG es, and the
practice Of other Governments has been re-
errel to; hpt. thWk, in this particular
great mistake has been committed. IL is
certaffy lar otherwise in England: she
provides for them most admirably, tho by
means not perhaps altogether III our pow
err; she and other nations, however, pro-
vide for them, and il is plain and obvious
that if we are TO have paper medium OF
general credit in this country, it must be
under the sanction and supervision oi the
government. Such currency Is llseIi
proper provision Tor exchanges. II there
be paper medium always equivaleni 10
coin, and OF equal credit in every part OF
the country, this itself becomes a most i'm
porlant instrument of exchange. Curren-
cy & exchange thus become united III
providing Tor one, government provides Tor
The other. II the Government will do its
duty on the great subject OF the currency,
The mercantile and industrious classes will
ee HE benefit through all the operations
of exchange. No doubt some modes ol
establishing such currency may be more
favorable TO exchange than Others; but by
whatever mode established, such curren-
cy must be useful To great extent. The
question, therefore, comes to this whether
we are 10 have such a medium. under
sand there are gentlemen who are opposed
to all paper money, who would have no
medium whatever in circulation but gold
and silver; now this, at all events, is an
ineligible proposition but az 10 those who
say that there may he paper medium, and
yet that there shall be no such medium uni
versally receivable, and oil general credit,
however honest the purposes OF such gen
tlemen may be, cannot perceive the SAM
~ OF such views; ] cannot comprehend the
utility at their intentions ] can have no
faith, sir, in any such systems. Now,
would ask this plain question, whether any
one imagines that all the duty Of Govern
ment, in respect 10 the currency, is compi-
sed IN merely taking care that the gold and
silver coin he not debased? If this be al
lis duty, that duty is performed, for there
is no denasement Of them, they are good &
sound; if this is all the duty OF Govern
ment, it har done its duty but if Govern
ment is bound 10 regulate commerce and
trade. ard, consequently to exercise over
sight andScarc over that which is the es
sential element OF all the transactions o
commerce, then Government has done
nothing.
l shall not, however, (said Mr. W. enter
into this question to-day, nor perhaps or
any early occasion: my opinions upon il
are all well known, and ! leave it witt
grea, confidence 10 the judgement Of The
country, only expressing my strong convic'
ton that until the People do make up lhei
l.. sd tl, ror.,It II THAR o,pattt