Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-05-18

his will prevniIed In 1886. Congress rcfus-
ed to conhne thu receipts for public lands 10
gold nnd silver; but the President willcd il,
and his win prevailed. In 1897, both houses
Of Congress, by more than two thirds, passed
Bill for restoring the former state Of things
by annnllng the Treasury order; but the
President willed, Notwithstanding, that the
order should remain in force, and his will n.
gain prevailed. ! repeat the question, there
fore, and would put it earnestly to every
lover of our Constitutional Liberty--are we
under the dominion Of the Law? or has the
etfectnal government Of the Country, at least
IN all that regards the greatest interest ol the
currency, hcen IN single hand?
Gentlen,en, have done with the narrative
OF events and measures. ! have done WIN
the history Of these successive steps IN the
progress Of Executive power, towards com
plctc control over the revenue and the cur
rency.
The result il now all before us. These
pretended reforms, these extraordinary excr-
cises Of power from IN extraordinary zeal Tor
the good of the peoplc-what have they
brought us to?
In 1929. the currency was declared to be-
neither sound nor nnij form; propostion,in my
jndgmen altogether at variance with tho fact,
because ! do believe there never was coun.
try, ot equal extent, in which paper formed
any part of the circulation, that possessed
currency so sonnd, so uniform, 30 convenient,
and 80 perfect IN all respects, as the currcn-
cy ofthis country, at the moment Of the de-
livery Of the message. in 1879.
Bit how is it now? Where has the inn
prnvcincn, brought il? What has reform dore?
" nlt has the great cry for hard money nc
compll.ied? Is the currency uniform now?
IL money in New Orleans now ns good, or
nearly 80. "a money in New York? Are ex-
changes nt par,or only at the same low rates,
as in 1929, and other year? Every one here
knows that all the benefits OF tins experiment
are but ujnry und oppression; all tins reform
but aggravated distress.
And as to the sOundncss of the currency,
how does that stand? Are the causes of alarm
less now than in 1922? Is there less Bank
paper in circulation? Is there less fear OF II
general catastrophe? Is property more Sc
cure, or industry more certain ot its reward?
We all know, Gentlemen. that during all this
pretended warfare against all Banks, Banks
have vastly increased. Millions upon millions
of Bank paper have been added To the circu-
lation. Eve:y where and nowhere so much
as where the present administration, and It's
measures, have been most zealously support
cd, Banks have multiplied under State an
thority, since the decree was made that the
Bank Of the United States should be suffered
To expire. Look at Mississippi Missouri,
Louisinna. Virginia, and other States. Do
we not see that Banking capital and Bank pa
per are enormously increasing? The op2o-
sition to Banks, therefore, so much profcssed
whether it be reuI, or whether it be but pre-
tended, has not restrained either their num-
her or the issues Of paper. Both have vastly
increased.
A
this hard money scheme, and the fancies, and
the dcusions, to which it has given blrtb.-l
Gentlemen, this is a subject of delicacy, and
one which it is difficult to treat with suffci.
ent caution, in popular and occasional adj
dress like this. ] profess to be buliionist.
in the usual and accepted sense of the word
am for q specie basis for our circulation, and
for specie as a part of the circulation, so ial
ns it may be practicable and convenient. |
am for giving no vane to paper, merely rs
paper. ! abhor PAPER; that is TO say rredeem.
able paper, paper that may not be converted
into gold or silver at the will of the holder
But while hold to all this, believe, also.
that an extensive gold and silver circulation
is an utter impossibility in the present state
of this country, and of the world. We shall
none Of US ever see II; nnd it is crcdulity and
folly. in my opinion, to act under any such
hope or expectation. The States will make
Banks, and these will issue paper; and the
longer the Government Of the United States
neglects It's duty in regard to measures for
rcgulatiu" the currency, the greater will be
the amount of Bank paper, overspreading the
country. or this entertain not particle
of doubt.
While ! thus hold to the absolute and in
dspensabc necessity of gold and silver, AZ
the foundation of our circulation, yet think
nothing more absurd and prcposterous, than
unnatural and strained Efforts TO import spe-
Gle. There is bat so much specie IN the
world aud its amount cannot be greatly or
suddenly increased. Indeed, there are rea-
sons for supposing that its amount has recent
ly diminished BY the quantity used IN mann
facturcs, and by the diminished products OF
the mines. The existing amount OF specie,
however,m must support the paper circnlatlons,
and the systems Of currency. not OF the Unl-
ted States only, but of other nations Also
One Of its great uses is to pass from country
To country, for the purpose OF settling occa-
sional balances in commercial transactions.-
1t always finds It's way, naturally, and easily
to places where il is needed for these nscs.-
But to take extraordinary pains to bring IT,,
where the course Of trade does no, bring II.
waerc the state of debt and credit does not
require it to be, aud then to endcavor, by
other regulations. Treasury orders, accumn-
lations at the Mint, and other contrlranees
there to retain il, is course of policy, Dor
dering as il appears to e,on political insan'
W II is boasted that we have seventy-hv'
or eighty millions Of specie now in the coun
,fy. But what more senseless, what moro
absurd than this boast, il there is a balance
against us abroad, Of which payment is de
sired sooner than ren,ittances of our owl