Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-05-30
NEW YORK. TUESDAY. MAY 80. 1887.


culatlng medium compared with The properly ana tuc
business of the community, remains hxeo, ana can
never be diminished or increased by increasing or Vi
mnshng its quantity, while on the contrary INC -
changeable value of the property, compared ~ ,no
currency must increase decrease with every adol-
ton dlmnution of the latter IL results rom tis'
that there IS dangerous antagonist relation ee'w.sh
those who hold or command the currency ana tue
rest of the community; but, fortunately ior he coul
try the holders of property and of the currency are
so blended not TO constitute separate classes. re.
il IS worthy Of remarkit deserves strongly 10 atuac.
the attention of those who have charge OF the puohc
atfars-hat under the operation of the banking sys-
TEN, and that particular distribution ofproperty exist
ing the shape of credit stocks, public aud private,
which strlkngly distinguishes modern society rom
all that preceded IT, there strong tendency 70 create
separate moned interest," accompanied WIN an lhe
dangers which must necessarily result from sacn Sc
paration, Which deserves TO be most carefully watch-
ed and resisted.
| do not stand here the partzan Pf any particular
class in societythe rich the poar, the property
holder or the money holder-and, III making these
remarks am not aciuatcd by the slightest feeling OF
opposition to the latter. My object IS simply to point
important relations that exist between them, re-
sutng from the law which governs the currency, III
order that the necessity for uniform, stable and safe
currency to guard against the dangerous control OF
one class over another may be clearly seen ! siand
in my place simply as senator from SCUM Oarona,
10 represent her this floor, and TO advance the
common interests of these states, as tar as we have
constitutional power and as far as 1t can be done
consistently with equity and justice 10 the parts
the partlzan, have said, OF no class-nor, let me
add of any political party. am neither OF the oppo-
sition nor of the administration. III act with the for
mer in any instance it is because approve OF their
course the particular occaslon-and shall always
be happy to with them when do approve II
oppose the administration--if desire TO see power
change hands, It is because dsapprove OF the gene
raj coarse of those in Acknowledgements they nave
departed from the principles on which they came into
office-because instead of using the immense power
and patronage put into their hands to secure me oer
y of the country and advance the pubic good they
have perverted them into party instruments tor per.
sonal objects But mine has net been, nor will 4 be,
a systematic oppostoa. Whatever measures OF theirs
l may deem right, / shall cheertuy support; and !
only desire that they shall afford me more frequent
occasonsfor support, and fewer Tor opposition, than
they have heretofore DONE
With these Impressions and entertaining deep
conviction that an unixed, unstable and huctuating
currency is TO be ranked among the most fruitful
sources of evil, whether viewed politically or in refer
ence TO the business transactions of the country,
cannot give my consent to any measure that does not
place the currency on solid foundation IL thought
this determination would delay the relief so necessary
to mitigate the present calamity, II would be 10 me
subject of the deepest regret. ! feel that sympathy
which trust ought, for the suferlngs OF so many
of my fellow citizens who see their hopes daily with
cred. J. however, console myself with the reflection
that delay will not be the result but on the contrary
relief will be fastened by the view which take ofthe
subject. | hold it impossible that any thing can be
effected regarding the subject as mere bank ques-
ton. Viewed in that light the opinion Il this House,
and Of the other branch OF Congress - probably den
nitivey made up. In the Senate, II Is known that we
have three parties, whose views, considering II as
bank question, appear to be lrreconclable. All hope,
then, of relief must centre IN taking more elevated
view; and, in considering II IN lis trae light as SUB,
ieet of currency Thus regarded shall be surprised
IT, on full investigation there will not appeur remark
able coincidence of OPINION even between those whose
views, on slight inspection, would seem to be con-
Trajectory. Let us then proceed To the investigation
Of the subject, under the aspect which l nave pro
posed.
What then, is the currency of the United States?
What its present state and condition? These are the
questions which propose now TO consider, with
view Of ascertalnng what the disease! what the
remedy and what the means of applying II, that
may be necessary TO restore our currency to sound
condition
The legal currency Of this country, that in which
alone debts can be discharged according 10 law are
certain gold, silver, and copper COINS, coined al the
mint Of The United States and issued by Their auho
nty, under an express provision OF the Constitution
Such is the law. What, now arc the facts? Ihat
the currency consists almost exclusively OF bank
notes; psld having entirely disappeared and silver
in great measure, expelled by banks instituted by
twenty-five distinct and independent powers, and
notes issued under the authority OF the direction OF
those institutions. They are in point of fact the mint
of the United States. They coin The actual money,
flor such we must call bank noes,) and regulate It's
ISSUE and consequently IT'S value. II we inquire as TO
their number the amount OF their ISSUE and other CIR
cumstances calculated to show Their actual condition.
we shall find that so rapid has been their increase
and so various their changes that no accurate nor-
nation can be had. According to the latest aad best
that have been able TO ascertain, they number al
least four hundred and ffty with capital of not lass
than one hundred and fory-fve millions OF dollars
with an issue exceeding seventy millions and the
whole of this immense fabric standing upon metallic
currency Of less than fifteen millions of dollars, of
which the greater part held by the Bank OF the Uni
ted States. II we compare the notes IN circulation
with the metallic currency in their vaults we shall
find the proportion about SIX to one, aud n we
compare the latter with the demands that may
ne made upon the banks we shall find that the
proportion is about one t. eleven. III we examine
tho tendency of the system at this mement we
shall find that II - on the ncrease-rapidy on the
| increase. There is now pending PROJECT OF ten
million bank before the Legislature Of New York but
recently one Of five millions established IN Ken.
lucky; within short period, one of large capital
was established in Tennessee besides Others m aglta-
ton in several Of the other States. Here Mr.. Porter
| Of Louisiana said that one of eleven millions had just
| been established in that State.
| This increase il not accidental IL may be nld
down as law that where two curencIes are permitted
TO circulate in any country, one OF cheap and The
other Of dear MATERIAL The former necessarily tends
| to grow upon the latter, and Will ultimately expe 1t
from circulation, unless lts tendency 10 increase be
| restrained by powerful and efficient check Expe-
renee tests the truth Of this remark, a. the history OF
the Banking system clearly illustrates. The Senator
srn,, fr1l gad the Bank Eng