The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-16

cannot appreciate that policy which would increase our
circulation by spurious currency from abroad instead
Of giving TO the community the bills Of our own banks
which are under our own control Of whose sokeney
We have no doubt and for the safety Of whose issues
ample provision is made by our own laws There il to
my mind, ALSO an inconsistency in authorizing the sus-
pension Of specie payments by the banks and at the
time requiring the people transact their business
in currency that cannot be had and which they
in any way command That this j. true is eyinced by
the fact that specie Is not circulation for small change,
and that the small bills from other states now form the
circulating medium In its stead notwithstanding their
circulation Is in direct conrayention OF penal law Of
this state, whose provisions have been strictly observed
pnli tho suspension OF specie payments by the banks
but which arc now violated from necessity and not from
/ choice
The editor Of the Post is pleased to remark. that my
speech in the senate of the United States, about year
since, on the deposte act in which yentured some
views IN relation to our credit SYSTEM "was duly copied
into the wing papers with great applause" &c. Seeing
those papers but seldom was not how extensive
ly it had been copied or applauded by them l was,
however, at that time in the regular receipt of the Even
ing Post and do not recollectto have that speech
copied into its columns, and not aware that its read
ers have ever been favored with my views that sub
ect TO enable them to form opinion Of the
OF the anmadversions Of the Post. Those views be-
eved correct at the time, and have nothing
| TO change them, but every thing to confirm them.
have no disguise about my opinions on this subject
am IN favor Of well regulated credit system, and OPP
posed to the chimerical scheme of exclusive metallic
currency The following extract from the speech which
has unccremonousy received the Of the Post
will show my opinions then, well as the opaions
which now entertain
"Ihe credit system issihe distinguishing feature be-
tween desposm and liberty; it is the offspring Of free
institutions it is found to exist, and its influence rs
felt proportion to the freedom enjoyed by any people
| BY freedom do not mean unreguated, unrestrained
natural liberty, but that freedom which is founded on
just and equitable laws; where the rights Of personal
security, OF private property, and religious oleration
are guaranteed to every individual where there is
general diffusion Of knowledge, and the existence Of
| public and private morality. These are the clements
and they together form the basis Of public confidence
which the credit system rests This is the invention
| of modern times In the old governments of Europe,
where liberty never found resting place. credit
known To the United States has been left the honor
Of maturing and perfectng this system. To the United
States ALSO the honor due Of having first applied the
system OF navigation. The effects on the general
prosperity Of the nation have been sensby felt IN the
the other; and he who should at this day
recommend entire abandonment Of credit system
for sole and crciuspc metallic currency would be
deemed less visionary than he who SHOULD attempt to
substitute Pennsy Wagon for locomotive or
canal packet should endeavor to stem the resistless
current Of the Mississippi IN fiat boat instead Of those
splendid palaces which move Enthusiastically its
waters Shall we then, Mr.. President, check this tide
Of prosperity, by the introduction Of and untried
schemes l. Shall we not be content with the necessa-
RES the comforts, the conveniences and the Injuries
of life, which are widely diffused throughout this
whole country! Shall we attempt to overthrow sub
and destroy system which has produced all these
blessings which has brought happiness and plenty to
the door Of every man and that, too, for the purpose
of adopting Of the exploded doctrines of the po
litical economists of Europe Sir, you might well
attempt to apply the common law Of England, which
born and nurtured the Thames, to the father Of
waters in this western world and to our mighty inland
seas, compared with which, the boosted streams and
lakes Of Europe dwinde into rills and ponds beside
them. Yes, these vast inland seas, into which, in the
language of distinguished SENATOR Of my own state
you might cast the whole land of the common law with
out predicting ripple Sir, believe speak the al
most unapmous sentiment Of my political friends in this
senate, when say they intend no such thing. believe
speak the sentiment Of the democratic party throughout
the Union, when say, believe they neither expect
desire any such thing What, them do they expect and
desire? answer more, nor no less than every real
friend to his country is willing to adopt namely pre-
servaton and at the same time, regulation Of the
| credit system. In all such measures Of reform will
go far as he who goes farthes Preserve and regu
late, but not destroy, my motto Enlarge your specie
basis introduce, far practicable gold currency,
by the prohibition Of small notes; provide for
coming at the mint take all proper to prevent
excessive issues Of bank paper and the unnecessary in
Of bank interpretations repeal your restraining
laws, so as permit tho free employment and invest
|
be- is to be found in the abuse Of the system, and
its existence Guard against these abuses and correct
them when discovered. An entire abandonment Of the
credit SYSTEM and return to sole and exclusive
tailic currency, if practicable would produce
dcsoaton and destruction from one extremity Of the
Union to the other. Such notions ought not, cannot,
must not prevail" ...... ,a.",.... @..
The difficulties under which the country now labors
have been increased by the efforts which have been made
by visionary theorists, to impair public confidence
Al, oirtro tic
metallic currency. Such being my honest convictions,
then and now they cannot be changed by charging them
to improper motives and yet TO learn that the de-
mocracy OF the state of New York entertain different
views from these. AT all events, as long called
upon TO discharge public duty in regard to matters in
which the great and vital interests of the country are so
deeply involved, will discharge that duty conscien-
ousy and fearessly without reference 70 denuncatons
from such quarter. have been too long and too init
maely associated with the democracy of the state, to
doubt that the correctness of my motives will be duly
| appreciated by Them and if there be difference Of
opinion between any portion Of my fellow citizens and
myself trust shall be able to do them the Justice
whatever they may do to to ascrhe it to honest and
patriotic, rather than to sinister and interested, motives
In regard to the deposite act, which the editor of the
Post is pleased to term the " distribution BILL the bless
| lngs Of which ENJOYING" have nothing to
add at present. beyond what is contained in the speech
to which he has referred, and which delivered by
on the final passage Of that bill | am willing TO rest
the Justification for my vote the there assign
cd believe it to have been Of the wise and
patriotic which could have been adopted, and
which has received the decided appreciation of the peo
pie, although it attempted to make it the scspe
goat for all the evils which, from other causes, have been
| visited upon the country. The time may come when
may feel myself called upon to raise my voice,
more, in defence Of thsmuch abusedand msrcpresent-
cd measure.
If my course in remrd to the deposite act and tho
currency bill is obnoxious to rebuke have the co'sola
ton TO know that am sustained in it by the almost