The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-26

ssnnp voices on one or two particular SECTIONS. Each
section was separately read and decided on alter con-
j siderable and animated discussion The almost entire
unanmiy and abundant evidence oil good feeling per-
vadng the Convention has beeus subject Of very gene
| raj remark
REPORT or THE COMMITTEE.
The Mechanics, Manufacturers. Agrcuturalists and
bushes men Of all classes from different sections OF tho
United States represented by delegates in Convention
at Philadelphia the ls Of August, A. D. 1897 having
considered the peculiar embausssmen.s TO WHICH the
country exposed, do adopt the following resou-
tons expressive Of their opinions on this important
subject:
/ LIST Res6red That on the prostration Of business,
the destruction Of credit and the arrangement OF the cur
rency Of the country crss has arrived which demands
tho cordial and united cooperation OF IN intelligent and
patriotic citizens OF all classes denominations and par
deysing and executing such measures as IN the
judgment Of enlightened wisdom calculated TO relieve
| the country from existing evils
ID Resoired, That it is the part OF wisdom and pa
Iotism enquirng for the causes OF existing evils 10
avoid casting censure upon Others and with single
aim seek adequate remedy. To do this, the truth
must be presented TO the minds Of intelligent and up
RICH. men, and an independent Judgment must perform
! its appropriate office.
3D. Resoired Ths. among the causes Of the ruinous
results in which the business the enterprise the indus
try and we may add the happiness Of the country
involved are the withdrawal Of large amount Of money
collected for the public use, from It's ORDINARY business
channels and the consequent interruption OF the usual
facilities for the iuhlment OF commercial engagements
The distribution Of portion Of the public revenue among
the States, imposed by the act Of Congress- points
remote from the places Of its collection The excessive
Of bank paper and the consequent abuse OF bank
credit the and rash contracts IN the purchase
Of lands, city lots stocks and other property, IN which
men OF limited sources their zeal TO make haste to
be nch have engaged-the neglect Of suitable atten
ton that useful and honorable employment, the
cultivation Of the soil, and as consequence, the mpor-
aons above exports and IN this way, the contract
ing OF large foreign debts, the payment Of which re-
qurcs the withdrawal OF a correspondent amount OF
funds from the ordinary channels Ct business at home
the idleness, luxury and extravaganza in which too
many have ndulged-lhe intense political excitement
which has pervaded all parts Of the country, and has
subjected every public measure to the test OF its poba-
ble effect upon party influence and by which the
eyed institutions Of the country and the ordinary pur-
of business have been involved in the violence
Of party conflicts.
| 4h Reso!red That gold and silver coin, constitute
the only constitutional standard for the cxchangeabc
value Of property and the issuing, or continuing as
general currency, Bank paper, which not rcdeemabe
at all times in the precious metals is unjust and une-
quail in the effects upon the people, and subvcrsve Of
the best interests Of the community.
9th Resored, That well regulated and well guarded
system Of Bank credit by which bills at all times
deemabIe in gold silver, made to supply the bus-
wants Of the community, constitutes one OF the
peculiar characteristics Of free people, and is
TALLY necessary in promoting their prosperity and hap
1 piness.
9th Resolred, That the great object Of civil govern
ment--the promotion Of the happiness Of the people
not be obtained in the United States, without well
gulated system of protection to all the great business
interests in which citizens engaged and that as
the system Of credit upon import duties has tendency
10 encourage excessive iInporations and TO produce
runous fluctuations in other branches Of business, the
adoption Of the system Of requiring cash for duties,
would prevent much Of the embarrassment to which the
country exposed, and would be Of essential impor-
lance TO all the great interests Of the United States
7lh Resoired, That the mportatlons OF silks during
the last year to than twenythree millions
Of dollars the promotion Of its growth in this country
by the bestowmen Of such liberal bounties would
cure cultivation, would be Of the highest importance
in diminishing the causes Of our foreign debt and in
promoting the agricultural interests Of every State in
the Union
9Th Resored, That the avais Of the public lands az
ter making suitable appropriations for education and I'M
provements the States where they situated ought
to be applied to the promotion Of objects OF public
character in the several States according TO just
| ratio.
9th Resolved That the time has arrived when is the
imperous duty of the Congress Of the United States to
exercise their constitutional power of establishing
uniform system Of Bankruptcy throughout the United
States
10th Resolped, That the citizens Of the United States
| are united in one common interest, and the various
classes and professions arc mutually dependent upon
each other and that any effort excite class against
another divide society into factions would be sub
vcrsve Of the fundamental principles Of society, and
tend TO destroy the happiness OF all.
llth Resoired, That in the conflicts Of mere parti-
Fans, contendng for the triumph Of party success, and
subectng every public measure to the supervision Of
party discipline, discover principles subverslyc Of
personal independence and ruous to the best interests
ofthc country
18th Resolred, That the substantial blessings which
bountIfu Providence is sho~erng upon the fields
Of agricultural brethren, warn it in the
silent and eloquent language Of inspiration TO leave the
deus!ve mazes Of speculation with which all branches
Of trade have been mixed up and to the practice
ofndustry and economy and to the enjoyment Of then
solid rewards.
| Rcsmrcd, That a welregua.cd and well guarded
system Of bank credits Of the peculiar character
s,cs Of free people, and essential to their prosperity
Mr.. Chlds, OF Connecticut, replied to some objections
that had been made to it by Mr.. Young and Mr.. Dillon,
and went to sustain what the resolution asserted.
Mr.. C. said he had been asked to define what we'll
regulated and well.guarded system Of credits He
would endeavor to do so That wellrcguated
system OF credits where men were associated together
and put into common stock, certain amount OF cap-
tai gold and silver, which they should issue pro-
missory notcs--bank notes-whch should be convcrt
bic any moment the option of the holder into gold
and silver coin And that would be a wclguardcd
system which should be prevented, by proper and su
cicnt laws from issuing amount Of notes so large as
to bc unable to redeem them, at all times, under all
circumstances, with gold and silver. And currency
Of bank notes, the banks being thus regulated and
guarded he held to be Of the peculiar characteristics
Of free people, and essential to their prosperity
II ono Of the characteristics Of free people Is
it not Look abroad over the world, Mr. President, and
tell me where you find banks DO you find them, sir,
in Russia Agiers, in Turkey. or in any other nation
ruled by despot1 No for there they could not exist
they the creatures Of commerce and freedom and
only prosper with the prosperity Of the people It
is in the countries which have named that you find
gold and silver currency but credits-no enterprise
no liberty. There every must do business
solid capital consequently the poor who has talents