Richmond palladium. [volume] (Richmond, Wayne County, Ind.) 1831-1837, 1837-05-13

Gle Psopoatioa vss brought fswssd in Coegse0 3
lsuch ~ sjses.iioa Of ths law, = sho0d sdmt psy
mese Sos public lands - b 0sde in sothog "a
. gold and silver. Tho 0ovss vosed Sos bic o.
p pssposisioo; bot Do sos recolecs shat any oshe
: meobes ooocuspsi 10 The voss.-Ths proposition
sas rejected ss eses; bat, - IN other csses, tia
), which Cneevsss ssfsssd 70 d, sbs Executive pow
. es did. Tee days afses Coaesss a1joosned, hav
ing had this before il, and having refused
act upos IT, By making any alteration in the exist
!, cog laws, Treasury os3ef was issued, command
ioR that very thing to be done, which Congress ha
lbeen requested to do, and bad refused to DO. Jus
in the case Of the removal Of the DePosites, III
Executive power acted, in this case also, sgaina
= the known, well Understood, and recently expsess
| ed will Of the Representatives Of the people
1 There never has been = moment ahen the L.gisIa
tive will would have sanctioned the object Of thu
order. Probably never . moment in which AM
twenty individual members Of Congress woul'
have concurred in it. The act was done. wittou
the assent Of Coegess, and against the we'll know
opinion Of Congress. That act, altered the Law O
the land, or purport TO alter it, against the vel
known will Of the Law making power.
In 1929. the currency was declared to be "siehs'
sound nor uniform; proposition, IN my judgemen
altogether at variance with the fact, because d.
tent, in which paper formed any part Of the circu
lation, that possessed = currency sound, 50 uni
FORM convenient, and 50 perfect in all respects
as the currency Of this Country, at the moment o.
the delivery Of that message, in 1929.
But how - it now1 Where has the improve
meos brought it What has reform done? Wha!
has the great cry for hard money accomplished
Is the currency ssiform now? Is money in New
Orleans now ~ good, or nearly SO, money ia
New York; Are exchanges at par, or only at the
same low rates, ~ in 1929, and other years? Ey-
cry one here knows that all the benefits of this
pertinent but injury and oppression: al this
form but aggravated distrcse.
And a. to the sossdsess of the currency, how
does that standf Are the causes Of alarm les1
now than in 1929? Is there less bank paper j"
circulatloa' 10 there less fear Of general catas
trophes Jspropesty more secure, " industry more
certain Of lie rewardf We all know, Gentlemen ),
that during I'LL this pretended warfare against al
Banks. Banks have vastly increased. Millions up
On millions Of Bank paper have been added 10 The
circulation. Every where, and M where % much
where the present administration, and it, meas
have multiplied undcs State authority. since the
decree m,de that the Bank Of the United States
should be suffered to expire. Look at Mississippi.
Missouri, Louisiana. Virginia, and other States.
Do We not see that Banking capital and Bank pa
per, are enormously Increasing? The opposition
to Banks, therefore, much protested, whether II
be zeal. " whether it be but pretended, has not
strained either their number their issues Of pa
per. Both have vastly increased.
And now . word OF two, Gentlemen, upon this
hard money scheme, and the fancies, and the de-
IIsions, to which II has given birth. Gentlemen,
this is subject "f del,cacy, aud one which u is DIFF
cult to treat with sufficient caution, in aPoPular
and occasional address like this profess to be .
bSi0niss, in the usual and accepted sense Ut that
word. I am fos q solid specie basis fos our ciscu.
lation, and for specie part Of tho circulation,
90 far - il may be practicable and convenient. am
for giving value 10 paper, merely ~ paPcs. lab
hor paper; that is TO say irredeemabe papes PaPcr
that may not be converted into gold or silver, at
the w,i Of the holder But while hold to all this.
believe also, that an exclusive gold and silver cir
culation. 10 an utter impossibility IN the present
state Of this country, and "f the world. We shall
none Of 10 ever aud il is credulity and folly
N nv opinion. to act under any such hope
pec,ati.,n. The States will make hanks, and these
will issue paper; and the iosger the Government
Of the United States ne2ects its duty, regard
measures for regulating the currency, the greater
will b the amour, Of Bank paper, overspreadiog
the country. Ofihis I eLtertain not . particle Vi
doubt.
While thus hold to the absolute and incispens-
able necessity gold and silver, the foundation
Of our circulatio, yet think nothing more absurd
and psepOsterous, than unnatural and strained eE.
forts to import specie. lnere - Out 30 much sPe-
Gle the world, and its amount cannot he greatly
or suddenly increased. Indeed, there reasons
for surprising that its amount has recently dimn-
ished, by the quantity used in manufactures, and
by the diminished products of the macs. The ex-
ist'ng amount ofsPecie, however, must support the
paper calculations, and the systems Of currency,
not Of the United States only. but cfother nations
Also One Of its great uses, il TO pass from coun-
try country. for the purpose Of settling occasion
nj ,alancea in commercial transactions. IL always
finds its sway, naturally and easily, to places,
where it is needed for these uses But to take
extraordinary pains to bring 1t, wher. the course
Of trade does not bring il, where the state Of deb,