The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1837-11-21


What course, then, was the administration now
to adopt? Why, sir, it is plain, that it had but
one alternative. 1t must either return to the for
mer practice OF the Government, take the
currency into lis own hands, and nuinlain it, as
well us provide for the safe keeping Of The pub
lie money hy some institution of It's own; or else,
adopt some new mode of merely Keeping the
public money, it must abandon all further care
over currency and exchange. One Of these
courses became inevitable. The administration
had no other choice. The State banks could he
tried no more with the opinion which the ad-
ministration now entertained Of them; and how
Use could amy thing he done, to maintain the
currency? In no way, but by the establishment
of II national institution.
There was no escape from this dilemma. One
course was, to 20 back To that which the party
had so much condcmnCd the other 10 give up
the whole duty and leave the currency its inIc.
Between these two, the administration found
itself absolutely Obliged TO decide; and it has de-
cdcd, and decided boldly. 1t was decided to
surrender the duty, and abandon the constitution.
That decision is before MS, in the message, and
in the measures now under cOnsi Grafton The
choice has been made; and that choice, in my
opinion, raises II question Of the utmost inpor-
lance TO The people OF This country, both for the
present and all future time That question il,
,Chcther Congress has, or ought 10 hare, Gay dniy
TO perform a, relation TO the currency u the com.
try, beyond the mere regulation Of the go!d and
SlLCer com.
Mr. President the honorable member from
South Carolina remarked, the other day, with
great irnmkness and good humor, that in The po-
lit!cal classification of the times he desired TO he
considered as nothing bat an honest uullilier.
That, he said, his character. | believe, SIR,
! the country will readily concede that character
to the honorable gentleman. For one, certainly,
| am willing to say, that believe him IL very
honest and very sincere nulIfier, using the term
in the same sense in which he used it himself,
ana IN winch he meant to apply it to himself.
And am very much afraid, sir, that Whatever
| he may think Of it himscD it has been under
| the influence OF these sentiments, which belong
| To his character rs nucr, that he has so read
| lily and so zealousy embraced the doctrines OF
the Presidents message. In my opinion, the mes
sage, the bill before us, and the honorable mem
hers nmrndment form, together, Il system II
| code of practical politics, the direct tendency OF
which is to nulty and eXpun"r or perhaps, more
correctly speaking, 10y IL united and mixed pro-
cess of notification and eXpunging to ;boIiSh II
| highly important and useful power OF the Gov
crnncnt. Ii strikes down the principle upon
which the Government has been administered,
in regard to the subject 81! the currency, through
its WhCle history; and il seeks to uLncrac or TO
draw black lines around, that part ofIhe conSIl-
ton on which this principle OF administration
has rested. The system proposed, in my opn-
ion, Is not only an.comnIercial, but anti cousi-
tutlonaI Also and ant-unlon, in II high degree.
You will say, sir that this is II strong way OF
stating an opinion. 1t is so. ] mean to state
the opinion in the strongest manner. l do not
wish indeed, nj every turn, to say, of measures
which oppose, that ,hey either violate or surren-
der the constitution. But when, in all soberneSs
and Candor, do think, in all Soberness and
candor, must so speak; and whether the opn-
ION which | lave now expressed be true, let
the sequel decide.
| Now, sir, Congress has been called together
in momcut of great difficulty. The character
lsic of the crisis is commercial Distress We
are not suffering from war, or peslencc, or fam
Inc; and ii is alleged, by the President and Sec
rctnry that there is no want of revenue. Oar
means, it is nvered, are abundant And vet the
Government is in distress, and the country is in
distress; ana Congress is assembled, by call of
tie President, To provide relief. The immediate
and direct cause of all, is, arrangement Of the
currency and the exchanges; commercial credit
is gone, and property no longer answers the
common ends and purposes of property. Gov
eminent cannot use It's own means, and indi
vIduas are alike unable to command their own
resources The operations both Of Government
ANA people, arc distracted; and they are obStrc-
ed because The money of the country, the great
instrument of commerce and exchange, has be-
come dIsordered and useless. The Government
has funds; that is to say, it has credits in the
pliikS, hut 1t cannot turn these credits into CASH
ana individual citizens are bad off us Govern
nent. The Government is Il great creditor and
great DEBTOR. III collects and it diShurSrS large
sums. In the loss. therefore,, of Il proper mcd-
UNI of payments and receipts, Government is
sufferer. But the people sufferers from the
same causes and inasnuch as the whole amount
or payments and receipts by the people, in their
individual transactions, is many times greater
IMAM the amount of payments and receipts by
government, the aggregate of evil suffered by
the people is also many times greater than that
suffered by the Government. Individuals have
means as ample, in proportion to their wants, ms
government; hut !hcy share with Government
the common calamity arising from the overthrow
OF the currency The honorable member from
mississippi GAR Wnker)has stated, or has quoted
lhc statement from Others, that while the pay
"lnmtS and receipts Of Government are twenty
niiohs year, the payments and receipts of in. |
dI'ItllaIS are two or three hundred millions. He |
has, think, underraed the amount of individual
payments aud receipts. But even if he has not,
the statement shows how little Il part of the
whole evil falls on Government The great
mass OF suffering is on the people.
NOW. sir when loci, ar tba