The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-03

j.
anti-union in high degree.
You will say sir thai this Is strong way OF stating
nopinion II is so. mean to state the opinion in the
strongest manner. do not wish, indeed, at every
turn to say, Of measures which oppose, that they
either violate surrender the constitution But
when, in all soberness and candor do so think in
all soberness and candor must so speak; and whe-
iherthe opinion which have now expressed be true,
let the sequel decide.
Now sir, Congress has been called together in
moment of great difficulty. The characteristic Of
the crisis is commercial distress. We are not suf-
ier,ng from war or pesiilence Or famine and i is
no want OF revenue. Our means, il is ayerred, are
abundant And yet the Government Is in distress,
and the country Is in distress; and Congress Is as
sembed, by call Of the President, TO provide recf
The immediate and direct cause Of all is, derange-
ment Of the currency and the exchanges; CONNER
cial credit is gone and property no longer answers
me common ends and purposes OF property. Go
vernment cannot use its own means and individuals
are alike unable to command their own resources
The operations both of Government and people are
obstrucled; and they are obstructed, because the
money Of the country, the great instrument OF COM
merce and exchange, has become disordered and
useless. The Government has funds; that is to say
It has credits In the banks but IL cannot turn these
credits into cash and individual citizens are as bad
! OF as Government The Government is great
creditor and great debtor. II collects and II dis
burses large sums In the loss therefore, of proper
medium Of payment and receipt, Government is a
sufferer But the people are sufferers from the same
causes; and inasmucb as the whole amount Of pay
ments and receipts by the people in their individual
transactions is many times greater than the amount
of payments and receipts by Government the aggre-
gate of evil suffered by the people is also many times
greater than that suffered by Govern ment. Indi-
viduals have means as ample, in proportion to their
wants, as Government; but they share with Govern
ment the common calamity arising from the over
throw of the currency. The honorable member from
Mississippi, (Mr Walker has stated, or has quoted
the statement from others, that while the payments
and receipts of Government are twenty millions
year, the payments and receipts Of individuals are
two or three hundred millions. He has, think,
underraed the amount of individual payments and
receipts But il he has not the statement shows
how little part of the whole evil falls Govern
ment. The great mass Of suffering is on the people
Now, sir, when we look at the message the bill,
and the proposed amendment, their single, exclusive
and undivided object is found to be, relief 10 The Go
rernment. Not one single provision is adopted or
recommended, with direct reference TO the relief of
the people. They all speak of revenue, of finance,
Of duties and customs Of taxes and collections and
the evils which the people suffer, by the arrangement
Of the currency and the exchanges and the breaking
up OF commercial credit instead Of being put forth
as prominent and leading objects OF regard, are dis
missed with slight nmation, here and there, that,
in providing for the superior and paramount interest
OF Government, some incidental CT collateral benefits
may, perhaps, accrue 10 the community. But is
Government, ask to care for nothing but itself? Is
self-preservaon the great end Of Government Has
itself2 fit keeps itself in being, does it fulfil all
the objects of its creation? think not think Go
vernment exists not forts own ends but for the pub
lie utility. 1t is agency, established to promote the
common good, by common counsels; its chief duties
are TO the people; and il seems to me strange and
prepoSterons, in moment of great and general dis
lress, that Government should confne all delibera
ons 10 the single object of its own revenues, its own
convenience, its own undistulbed administration.
cannot say, sir, that was surprised to see this
general character impressed the face of the mes
sage. confess it appeared to me, when the banks
stopped payment, that the administration had come
to pass in which it was unavoidable that il should
take some such course. But that necessity was i'm
posed not by the nature of the crisis but by It's own
commitment to the line of politics which its prede-
cessor had adopted and which it had pledged itself
il from he currency because
has efl itself means of performing its own duties,
connected with that subject Ii has voluntarily, and
on calculation, discarded and renowned the policy
which has been approved for half century, because
il could not return to that policy without admitting
its inconsistency and violating its party pledges.
This is the truth of the whole matter.
Now, sir my present purpose chiefly is TO maintain
two propositions:
l. That is The constitutional duty Of this Govern
ment to that proper currency, suitable to the
circumstances of the times and to the wants oflrade
and business, well as to the payment o! debts due
to Government, be maintained and preserved; acur-
rency of general credit and capable of aiding the
operations of exchange, so far as those operations
may be conducted by means of the circulating medi-
um and that there are duties, therefore, devolving
on Congress, in relation to currency, byond the
mere regulation of the gold and silver coins.
2. That the message, The bill, and the proposed
amendment all, in effect, deny any such duty, dis
claim all such power and confine the constitutional
obligation of Government to the mere regulation Of
the coins, and the care of its own revenues.
/ have we'll weighed, Mr.. President and fully
considered, the first of these propositions to wit:
that which respects the duty of this Government, in
regard to the currency. mean to stand by il. It
expresses in my Judgment, principle fully sls-
tanned by the Constitution, and by the usage OF the
Government, and which is of the highest practical
importance. With this proposition, or this princi-
pie, am willing to stand connected; and to share
in the Judgment which the community shall ulti-
mately pronounce upon it. II the country shall sus-
tain it, and be ready, in due time, to carry il into
effect by such means and instruments as the general
opinion shall think best TO adopt shall cooperate,
cheerfully, in any such undertaking, and shall look
again, with confidence to prosperity in this branch
Of our National concerns. On the other hand, If the
country shall reject this proposition, and act on that
rejection; if it shall decide that Congress has no
power is under any duty in relation TO the cur
rency beyond the mere regulation Of the coins then
upon that construction of the powers and duties OF
Congress, / am willing to acknowledge that do not
feel myself competent render any substantial ser
vice to the public councils on these great interests
admit at once that if the currency Is not TO be pre-,
served by the Government Of the United States,
know not how it is to be guarded against constantly
occurring disorders and arrangements.
Before entering into the discussion of the grounds
of this proposition, however, allow me, sir, few
words by way of preliminary explanation In the
first place | wish il to be observed that am now
contcnding only for the general principle, and not
insisting either on the cons!ituionality or expedi-
ency Of any particular means, or any particular
agent. am not saying by what instrumentor agent
Congress oughto perform this duty; only say II IS
duty, which, in some mode and by some means,
Congress is bound TO perform. In the next place,
lei it be remembered that carry the absolute duty OF
Government, in regard to exchange, no farther man
the operations Of exchange may be performed by
currency. No doubt, sir, proper institution, es-
tablished BY Government, might as heretofore, give