Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1837-10-10

u
b.i"er, 20 sny q the si.e ro'ernrsu's fg' siAa'
rls gFesta. ios geevlsis thr currency bt'~e'n
NJ O'lssn. and Nsw lprk
1hs ~, DO, hen tsfo.n tbs, b - net ihe Suy
e the government 70 sske Pros for domestic
charge, snd 'hs gfseiicc q o'hrf govrtnultht has
tssn rsirff-a to- bot ihnt. "a thls particular. a
f'sa rri.sk, hs, tcra onnaued u % certainly isi
aahsf~i.. 10 Eagand .hr provides io' tIsm most 81
snirsbiy. tbsurh by means prfhsft noi altogether Va
at roset she snd o'hrf nations bo~rtef, provide
fes ikrn taa u plan rnd obvious ihtt u ~ are 70
have 90 p.t n.dsn 81 gra,rAl credit W this country
b. gndsr she sanction and suPsrrl,ion # the
government soeh currency - itself proper pro.
.tsion tof etchsnges II there be a pspff medium
sissys rquisseut 10 con and of "a al d ~ every
ptr Of thr country, this tset beccm,s most iDPof
tsai Instrument of exchange Currency and etehange
tbss become ubrs 10 pros ding for one, rosefnm-n nj
provides for t-r other II the Cove rntnepi will do s
duty the great subject 81 the currency the
he and industrious classes w feel the benefit through
ell the operations of eaehange No doubt some modes
81 establishing such currency may be more favorable
10 exchange than others but by whatever mode
tsbishsd. such currency must be useful To great
estsni The qussion therefore, comes to the, wheth
we are IN have such medium ] understand there
are gentlemen who opposed TO al paper money
who would have MEDIUM whatever IN circulation
bot gold and SILVER this, at all events Is An ia
ieligeai proposition but a. 10 those who cay that
there may be paper medium, and yet thai there shall
be such medium universally receivable and Of gen
era credit however honest the purposes Of such gen
tiemsu may he, cannot perceive the sanity of such
views | cannot comprehend the Utility Of their intsn
tons | can have no faith. SIR IN any such systems
Nov would ask this plain question, whether sny one
inns g,nes that all the duty Of government respect
10 the currency. comprised in merely taking care
ihs, the gold and silver com be not drbased II this
be oil its duty that duty 10 performed for there is
debasemeni Of them they good and sound If tins
10 all ths duty OF government, has done lis duty
but If government, Is bound 10 regulate commerce aud
trade and consequently 10 exercise oversight and
over that shich the essential element Of all the
transactions Of commerce, then government has done
nothing
shall not. however said Mr. W. enter into this
question to-day nor perhaps on an early occasion ny
opinions upon II are all well known. and leave Il with
great confidence 10 the judgment Of the country only
expressing my strong conviction that until the people
do make up their minds and cause the result OF their
conclusions be carried into effect by their repfrsen
taves, there will be nothing but agitation aud
ninty, confusion and distress, in the commerce and
trade Of the country.
shall now. continued Mr. W confine myself to
few remarks on the bill before MS, and detain the
Senate longer than will be strictly necessary give
PLAIN statement Di my opinion.
This measure proposed order to provide for the
wants of the government, agree that this is a neces.
say object bot the question is whether this b is the
proper mode Of making such provision dc no, think
IL IL though others may think dirrently: if Tins is in.
deed the best mode should wish to carr ed IN.
TO execution, for relief is wanted, both by the Tr.asu.
~ and by the counry-but first and chiefly by the
coun'ty.
do not say that by the law providing for this depos
tie, the States have any fixed right to 1t prefer to
put the Dst,er entirely the footing of convenience
and sIPedieney and when It is considered what ex-
pectatons have been raised,hat tins money has even
been already disposed of in advance by the severyl
States for different purposes, such Internal Improve
inents Education, and other grea, obecsit becomes
a question OF ehpediency whether II would be- bet
ter 10 supply the wants Of the Treasury by other means
Another consideration of great Importance in my
view IL this There are already many disturbing
causes n operation agitatng the transactions Of
~ IN all the various ramhcations of business and
commerce. Now, would ask, SIR, is it advisable. is
IT wise is IT even polite, to introduce, at such time
a, this, another great disturbing cause, producing
artln atfaFln th2d dc v.ttb
throwing contracts entered into Disappointing es
pectauons raised disturbing, unsettog and dcranging
s,l more the already deIanged business transactions
Of the whole country would ask, is it worth while
TO do this think not.
We are TO consider that this money, according 10
The provisions Of the existing law, 10 60 equally
mong all the states, and among all the people aud the
wants of the Treasury must be supplied, if supplies
be necessary, equally by all the people 1t is not
question. therefore, whether some snail have money
and others shall make up the deficiency All partake
in the distribution and all will conirit ute the sup.
ply So that is mere question of convenience and,
In my opinion, 1t decidedly the most convenient
all sccounis that this Instament should follow its pres
ont drsiinaton sud The necessities O: the Treasury be
provided for by other means
Again, &c you pass the bill, what sh' 1t is mere
brEtam farHsH Of itself II will not do any good If
you do pass H. All admit there is money therefore
the ball viii give relief TO the Treasury This bill,
Mr. President, will nat produce TO the Secretary
dollar; he aoknow lodges himself that at all events II
will M, produce him any, for he he wants other
aid add he has spped 10 Congress for Of
millions IN Treasury notes lie gets the money there
fore iust well without this bill with the bill
itself then, unnecessary deprvIng the States Of
sum which the Secretary cannot avail himself of, and
winch sum, outstanding thus bull he proposes 10
supply by the issue of Government notes.
lie calls this collateral aid TO the Of post.
ponement; bot this evidently the order OF
things, for the Treasury notes HIS main reliance
60 them only he looks tor immediate relief and THIS
s,slment 10 he withheld 1. las productive source
81 revenne) only subsequent aud collateral the
Of the notes
Bot now, sir, What sort Of notes does the Secretary
propose 10 issue lie proposes SIR to issue Treasury
notes Of small denominations, down even low
twenty dolars not beaiins interest and red-e mAble at
To the Government, bot not otherwise be paid
until AT some indefinite time when there shall be a Ger
tam surplus IN the Treasury beyond what the SecreiA
~ may think its wants require. Now. sir. this Is plain
suth-n;ie, stAiusble paper money II eIscty a new
emission Of the old Continental II the Genius ot N.
old Confederation 10 Tise up the midst Of
he could furnish from she sbundant store oi
hs recollection, with perfect model of pape r
money Ia carries interest, Il has Fixed time Of
payment, "a TO circulate currency and IL 10 To cir
eulsis the credit of government alon. with 10 hI
90 period Of redemption II TINS be not paper money
pray, sir, what isn' And, sir who tIpecied this -
Wha expected thsi IN the NTH year Of the EIp,i AZ
for Rsfor@iHg tar CErthrs, aud bringing II 10 sn 40
solu,e gold and silver circulation the Treasury depart