Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1837-05-12

cumstanccs shall tempt 10 the purchase G
lands. And, gentlemen, am inclined I
think, so loud has been the cry about har
money, and so sweeping the dcnuncia,io
Of all paper, that private holding, or hoard
ing, prevails to- some extent, in dlfcron
parts Of the country. These eighty mil
lions Of specie, therefore, really do us lit
lie good. We are weaker in our crcula
ton; have no doubt our credit is fecbIcr
money is scarccr with US. at this moment
than il twenty millions of this specie wcr,
shipped to Europe, and general confidence
thereby restored.
Gentlemen I will not say that some de
gree Of pressure might not have come up
on us. if the treasury order had not beer
issued. ! will not say, that there has no
been ovortrading, and over production
and too great expansion o. bank circula
ton, This may all be so, and the las,
mentioned evil it was easy to forcscc wa:
likely to happen, when the United States
discontinued their own bank. But what
do say is. that acting upon :he state OF
things as it actually existed and is now ac
tually existing, the treasury order has been
and now is, productive of great distress.
IT. uClS uloU u S'utC VI WuICI SNIS
extraordinary force to its stroke, and ex'
traordinary point in its s,ing.--lt arrests
specie when the free use and circulation OF
specie are most important; it cripples the
banks at a moment when the banks more
than ever, need all their means. II makes
the merchant unable to remit, " hen remit E
lance is necessary for credit, and for the
general adjustment of commercial bal
onces. am not nov discussing the gen.
eral question, whether prices must come
down, aud adjust themselves anew, to the
amount Of bullion existing in Europe and
America. am dealing only with the
measures of our own government, on the
subject of the currency. and ! insis, that
these measures have been most unfortunate,
and most runous on the ordinary means of
our circulation at home, and on our ability
Of remittance abroad.
Their effects, too by dcranging and mis-
placing the specie. which is in the coun.
try, are most DISASTROUS on domestic eX-
changes. Let him who has lent an ear to
all those promiscsof a more uniform cur
rencv, see how he can now sell his draft
on New Orleans, or Mobile. Let the nor
thern manufactures and mechanics, those
who have sold the products Of their labor
to the South, and heretofore realized the
prices, with lltlh loss Of exchange, let
them try present facilities. Let them zee
what reform Of tie currency has done for
them. Lot them inquire, whether in this
respect, their condition is better or worse
than it was five or six years ago.
Gentlemen, bold this disturbance Of
the measure Of value, and the means Of
payment, and exchange, this arrangement,
and, if may so say. this violation Of the
currency. to be one OF the most unpardoua-
bic Of political fou|,s. lie who ,ampers
with the currency, robs labor Of lis bread.
He ponders, indeed, TO greedy capital.
which is keen sighted, ond may shift for
Itself; but he beggars labor, which is hon
est, unsnspecting, and too busy with the
psresent to calculate on the future. The
of the working classes, lives,
moves, has lis being in established credit.
and steady medium OF payment. Al
sudden changes destroy it. Honest indus,
try never comes in for any part Of the spois
in that scramble, which takes place, when
he currency of country is dlsordered.-
Did wild schemes and projects ever benefit
he nduslrious' Did irredcemable bank
paper ever enrich tho laborous? Did VIC
ent fluctuations ever do good to him, who
depends on his daily labor for his daily
bread' Certainly never. All these things
may CRAFTY goodness for sudden gain, or
he rashncss of daring speculation bu,
hey can bring nothing but injury and dis
rcss to the homes Of patient industry and
homes, labor.
Who arc they that profit by the present
state of thlngs' They are not the many,
but the few.-Thcy are spectators, bro.
kers, dealers in money, and lenders Of mo-.
ney, at eXor5itant interest. Small capita
lists arc crushed, aud their means, being
dispersed, as usual, in varions parts Of the
country, and this miserable policy having
destroyed exchanges they have no longer
either money or credit. And all classes Of
labor parlakc and must pariakc in the same
calamity. And what consolation for all
his is it that the public lands aae paid for
10 specie? That whatever embarrassment
End distress pervadc the country, the ives,
Tern wilderness is thickIy sprinklcd over
with eagles and dollars' -Tha, gold goes
weekly from Milwaukee and Chicago to
Detroit, and back again from Detroit to
Milwaukee and Chicago, and performs sim
AR fea's OF cgress and regrcss in may
instances in the western states? II is re-
markable enough, that with all this sacri
flee of general convenience, with all this
sky rendng camor for government pay
mcnts IN specie, government, after all
never gets a dollar. So far as know,
The United States have not now a single
specie dollar in the world. If they have,
where is Its The gold and silver collected
at the land Offices Is sent 10 the deposi,e
banks, it is there placed to the credit Of
he government, and thereby becomes the
property of the bank The whole reve-
nues of the government, therefore, after