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

in thn progress OF Executive power, towaI d
q complete control over the revenue and
the currency.
The result is now all before us. These
pretended reforms, these extraordinary cX
crcises of power from an extraordinary
zeal for the good Of the People what
have they brought us ,o'
In 1920, the currency was declared to be
neither sound nor uniform; q proposition,
in my judgement altogether at variance
with the the fact, because do not believe
there ever was country, Of equal extent,
in which paper formed any part of the cir.
cula,ion. that possessed currency so
sound, so uniform, so convenient, and so
perfect in oil respects, as the currency of
this country, at the moment of the delivery
of that message in 1929.
Blu, how is it now? Where has the i'm
provemcnt brought III What has reform
done' What has the great cry for hard
money accomplished? Is the currency
uniform now? Is money in New Orleans
now as good, or nearly so, as money in
New York; Are exchanges OF par or
only at the same low rates as in 1929 and
other years, Every one here, knows that
all the benefits Of this experiment are but
injury and oppression; all this reform but
aggravated distress.
And as to the soundncss, Of the currency
how does that stand, Are the causes Of
alarm less now than in 1929, Is there less
bank paper in circula,ion' Is there less
fear of general catastrophe? Is property
more secure. or industry more certain gifts
reward? We oil know, gentlemen, that
during all this pretended warfare against
hnt, be ntly hoe zgl, t,n.
| Millions upon millions of bank paper have
been added to the circulation Every where,
and no where so much as where the pres
ent administration, and its measures, have
been most zealously supported, Banks have
multiplied under state authority, SINCE the
decree was made tina, the Bank Of the. Uni
ted States should be suffered to expire
Look at Mississippi, Missouri, Louisiana,
Virginia and other States. Do we not see
that banking capital and paper are enor.
monsly increasingly The opposition to
banks, therefore, so much protested,
whether it be rea or whether it be but
pretended, has not restrained either their
number or their issues Of paper. Both
have vastly increased.
And now q word or two, gentlemen, up
on this hard money scheme, and the delu-
sions, to which it tas given birth. Cen
lIemen, this is a subject of delicacy, and
one which it is difficult TO treat with stuff.
cont caution. ina popular and occasioned
address like this. profess to be button.
ISL in the usual and acce pied sense Of that
word am for solid specie basis for our
circulation, and for specie as part Of the
circulation, so far Us it may be practicable
and convenient. am TO. giving no value
to paper. merely as paper. | abhor paper
that is to say. lrredeemable paper, paper
that may not be convertible into gold or
silver al the will Of the holder. But while |
| hold TO all this. believe also that an OK
elusive gold and silver circulation is an ut,
ter lmposs;bIlty in the present state of this !
country, and of the world We shall none |
Of US ever see it; and it is crcdulty and |
folly, in my opinion, to act under any such !
hope or expectation. The States viii
make banks, and these will issue paper /;
and the longer the government OF the Uni /
ted States neglects lis duty in regard to |
measures for regulating the currency, the
greater will be the amount Of bank paper,
overspreading the country. OF this en-,
terrain not particle of doubt.
While thus hold to the absolute and .
as the foundation of our circulation. | ye, !
think nothing more absurd and proposler-
Gus, than unnatural and strained efforts 10
import specie. There is but so much spc-
Gle in the world, and lis amount cannot be
greatly or suddenly increased. Indeed,
there are reasons for supposing that lis
amount has recently diminished, by the
quantity used in manufactures, and by the
diminished products Of the mines. The OK.
listing amount of specie, however, must
support the paper calculations, and the
systems Of the currency, not OF the United
States only, but Of other nations also. One
of lis great uses is TO pass from country to |
country for the purpose Of settling occa- !
sI0nal bnnnces in commercial transactions.
1t always finds lis way, naturally aad easily, |
toplaces, where it is needed for these uses.
But to take extraordinary pains to bring it.
where the course Of trade does no, bring
it, where the state Of debt and credit does
not require it to be, aud then to endeavor,
by other regulations, treasury orders, accu.
mutations at the mint, and OF her contri
vances, there to retain it, is course of
policy, bordering, as it appears TO me, on
political insanity.
1t is boastcd that we have seven'y.fve !
or eighty millions Of specie now in The |
country. Bat what more senseless, what
more absurd than this boast, if there is a
balance against US abroad, Of which pay.
ment is desired, sooner than remitlanccs OF
our own products are likely to make that
paymen' What more miserable than to
boast of having that, which is not ours,-
which belongs to others, and which the
convenience of others, and our own con-
venlence, also. require that they should
possess' IL Boston were in debt TO New
York. wound il be wise lie Boston. inslend