Litchfield enquirer., 1837-08-17

I
 constructed this canal-built these mills erected these palaces-and gave being to this important city, hardly reduced from inc will | 0erneSS thlrty years ago. He who decries the use of credit reviles the history of inc whole country. He is man who says. in effect, that these great improvements Ought not to have been undertaken and that ca nals and railroads, flour mills and cities, are not blessings but afflictions. Depend upon 1t, if we were to come to an exclusive gold and silver currency, we should throw all these things into the hands of lazy aristo- cratic accumulated capital. Most rich capi- talists are drones. They are not working bees. They live upon the accumulated hon. ey of the industrious but to tenfold great CT extent would they do so if the system of credit was abolished. Enterprise and indus try, with no assistance but honesty, good habits and spirit of improvement, would be crushed by the same blow that would demoI- 1sh credit. You all act upon credit. Isn't it SO! We can, therefore, never return to an exclusive metallic currency. But if we could, would stand here till midnight to prove to you that it would be entirely inn practicable.
 But while no respect could be entertained for those opinions which demand gold and silver currency exclusively, it was yet to be remembered that irredeemable bank paper was as bad if not worse. l hardly know which is the worst, the humbug of the one or the fraud of the other. It would be pitiable if we were obliged to countenance either The present state ot things is unconstitu- tional, illegal, and not to be tolerated. Ev- cry man is bound to seek to change it. The paper of all the banks-the very best of them -is dePreciated. It will depreciate more and more. Irredeemable paper never was, and never will be, kept at par. Nothing can justify the present state of things. All that and people are in the same condition, as nei- ther have the means of paying their lawful debts in a lawful manner.
 In the language ot the law, gold and silver are the only money. For the purposes of commerce, paper, when regulated and under the supervision of the government, is found to be perfectly safe. Is it possible to have better currency than existed in this country five years since! Could the exchanges be more uniform! Were not the facilities of com merce as perfect as they could be? He did not wish to charge the local banking institu- tions with rashness, or to say that they were not conducted by prudent men; but all ex- perience shows that they require regulator. He was sure that it was the decision of ev- cry man at all acquainted with the wants of
 
 committalism, that National Bank was ne- cessary. He did not say that Bank was in- dispensable; but insisted that it was the du- y of the General Government, by some measure, to exercise her corrective power over the currency of the country.
 Fellow -CitiZens-I will only further say, that there arc exigencies in the history of popular governments, when the supreme power must speak out-when the masters must direct and the servants obey. The public men have all expressed their opinions, and are decided-they have taken sidcs.- The question, then, whether the States or General Government have the power of maintaining a uniform standard of value, must be decided by the People themselves.- If they decide that the States have that pow CT, will bow to the decision. But it is my conviction that such decision would destroy the strongest bond which holds the Union to- gether. But if they decide that the Gener- al Government alone has the power to regu- late the currency, God be thanked! they have the power to carry out their decision.
 shall very soon be called upon to take my seat in the Senate of the United States shall go there to hear what the administra- tion have to say. If they come forward and recommend any thing which is not opposed to the Constitution, and if such is calculated to benefit the country, shall be forward in yielding it my support. will cavil with no man, nor will carry with me party feelings. will act conscientiously, as expect to an- swer for my conduct here and hereafter. If they say with Thomas Jefferson that they have been in error-and recommend such a Bank as received the sanction of Washing ton-with all my heart. Ifthey recommend such Bank as received the sanction of Ma. dison-with all my heart. But ifthey bring forward new "experiments" to patch up the old one, then will say-I will have nothing to do with them to the going down ot the sun.
 It appears to me, fellow-citizens, that we have reached new era. The eyes of the whole people seem to be opened, and they be- gin to look for themselves. We are not so much under the influence of names as we have been nor does individual authority go for as much as it has done. l look to the past for experience. l wish to see the coun- try go ahead, and to see the old boggling "experiment" concern closed up.
 Gentlemen--While I say, that no imme- diate relief is to be expected, I am no preach CT fpanics. desire to inspireno distrust or ly ruined. It is ng-great-strong- full of activity. But my faith is in the peo- pie. look for the law pronounced by the voice of the lawful sovereign; and when pronounced, shall respect it, and abide by it. The great and interesting question is be- fore the people. Their interest is the great stake, and doubt not they will decide it wise ly. Let it not be said that we cannot obtain from our constitution all the good designed by it. Let us at least try it fairly and hon. estly. If the people can be roused-if they will take their own affairs into their own hands-I have no fears of the future. The country will resuscitate itself. These fields will not Income harren=theSe streams. so