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


anli-union in high degree.
You will say sir thalthis Is strong way Of stating
anopinion II Is So mean TO state the opinion in the
strongest manner. | do not WISH indeed, al every
turn To say, Of measures which oppose, that they
either violate or surrender the constitution But
when, in all sobsrness and candor, do think, in
all soberness and candor must so speak, and whe-
therthe opinion which have now expressed be true,
let the sequel decide.
Now sir, Congress has been called together ia
moment of great difficulty. The characteristic of
the crisis is commercial distress. We are not suf-
ferng from war, or pestilence, or famne and II Is
alleged by the President and Secretary that there is
no want Of revenue. Our means, it Is averred, are
abundant. And yet the Government is IN distress,
and the country is in distress; and Congress is as
sembled, By call Of the President to provide relcf
The immediate and direct cause OF all is, derange-
ment OF The currency and the exchanges; CONNER
eial credit is gone and property no longer answers
the 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
obstructed; and they are obsiructed, 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,
has credits in the banks but II cannot turn these
credits into cash and Individual citizens bad
\ OFT as Government The Government Is a 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 inasmuch as the whole amount of pay
ments and receipts BY the people in their individual
transactions is many times greater than the amount
ofpayments and receipts by Government, the aggre-
gate OF evil suffered by the people is also many times
greater than that suffered by Government. 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 a
year, the payments and receipts OF individuals are
two or three hundred millions He has think
moderated the amount of individual payments and
receipts But il he has not the statement shows
how little part of the whole evil falls on 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
rerRment. 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 intimation, here and there, that
in providing for the superior and paramount interest
of Government some incidental or collateral benefits
may, perhaps accrue to the community. But is
Government, ask to for nothing but itselfa Is
sell-preservaion the great end of Government? Has
il no trust powersa Does it owe no duties, but to
itselfl If keeps itself in being does il fulfil all
the objects of its creation? think not think Go
vernment exists not for its ends but for the pub
lie utility 1t Is an agency established to promote the
common good, by common counses; its chief duties
are to the people and Il seems 10 me strange and
preposterous, in moment of great and general dis
tress that Government should confine all deibara-
ons 10 the single object of its own revenues, its own
convenience, its own undistuIbed administration.
cannot say, sir, that was surprised to see this
n1pha ip,rr fhe nj he
sage. confess it appeared to me- when the banks
stopped payment, that the administration had come
to pass in which il was unavoidable that II should
take some such course. But that necessity was i'm
posed by the nature of the crisis but by its own
commitment to the line of politics which its prede-
cessor had adopted, and which it had pledged itself
to pursue NJ ,u. r.
ftwithdraws its care from the currency because it
has let itself no 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
it could not return to that policy without admitting
its own 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 ofrade
and business, as well as to the payment of debts due
to Government be maintained and preserved a cur
rencv of general credit and capable of aiding the
operations Oh exchange, SO ldI ilOsC OPeidtlOllS
may be conducted by means of the circulating medi-
um; and that there duties, therefore, devolving
on Congress, in relation to currency, beyond 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 confne the constitutional
obligation of Government to the mere regulation of
the coins and the Of its own revenues.
have well weighed Mr.. President, and fully
considered, the first of these propositions TO wit:
tina, which respects the duty Of this Government in
regard to the currency. mean to stand by it. 1t
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 II INTO
effect by such means and instruments 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, II the
country shall reject this proposition, and act on that
reflections if it shall decide that Congress has no
power nor is under any duty in relation to the cur
rency beyond the 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 to render any substantial ser
vice 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 it TO be observed that am now
contending only for the general principle, and not
insisting either on the consuonality or expedi-
ency Of any particular means, or any particular
agent am not saying by what instrument or agent
Congress ought to perform this duly only say II is
duty, which, in some mode and by some means,
Congress is bound to perform. In the next place,
let il be remembered that carry the absolute duty OF
the operations of exchange may be performed by
currency. No doubt sir, proper institution, es-
tablished by Government, might as heretofore, give
other facilities to exchange Of great importance, and