The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1838-07-17

four hundred and seventy five for business can on
|, be proportlonate TO capital The proposi'ioh 10
suppress bank credits was intended theh 10 u'''n'
ish business; the proposition come to specie pay
ments was intended not only TO suppress oVer"au,
ing but nearly all trading, If it was really Designed
be carried into effect Sir thlSis one OF inc 'us'
extraordinary propositions ever presented 10 the
American people. What if there Is oVertradnS!
What If there speculation? what II IL does cause
loss and derang in business! now uoes tnht
concern this government Is II The business oil the
president or congress to make lnqnsition INTO my
private affairs? Are my books and papers to be IN
spected? Am to ask leave whether may trade
much or little? Whether may sell my horse or
NV oxen? Whether shall ba permitted to give
credit or must specie? Sir, those are matters
belonging to private judgment. They lie among
those rights and liberties belonging 10 the citizen
which no people, while it values its freedom, should
allow any one invade. When we cease to be
masters of our own property; TO keep or part with
it pleasure, to sell Or buy on credit or for cash.
as agree, them in my Judgment we snail
serving
But sir know well, that am to be told that we
have no proposition before regulate the amount
of business by law. No, sir, the very suggestion
that congress holds or by possibility, can exercise,
such power, shocks the mind.
But sir, you propose what is more unjust, and
therefore Objectionable; you propose TO dimn'
ish trade by denying the people the necessary la
ces for business, and thus you propose to VISIT
YOUR measure of correction upon the rash and the
prudent alike, upon him who has specialized and
him who has not upon the guilty, II there are any,
and the innocent; it is the bed of Procrustes
Now sir if the remedy for overtradng Is to be
an executive bank fear this bill portends, then
| agree it will be etfectual; the president Will have
much or little trading as he pleases; all trade VIII
, be under his control. Sir, what is he not able to
do without this additional power! lie has smtten
down the bank of the United States. He has null
. lped and exploded the State banks, by which he
has deranged the currency. He has suspended
trade He has turaed the laborer out OF his employ
He has given deprecated paper for gold and sil,
! ver or that which equivalent to it. Such, and
so disastrous has been his power over these matters
when we supposed he had no authority whatever
to interfere with the currency or the business OF the
country.
Now, sir, give him the legal custody of the cur
renew and YOU will see he will control the business
of the country his thumb Will be upon screw tn at
: will let it up and down at pleasure; and Will not
this be a fearful power, power that viii snbdue
, the people to his will?
D Sir | cannot consider this outcy about gold and
g overriding otherwise than attempt to array
: the people against their own Institutions, to make
them believe that they are themselves corrupt, ana
unsafe deposiores Of their own currency, and had
better Weld the management of it TO the president
g and Office holders under hlm. The people, trust,
will not be deluded by The facies of politicians,
partzans, and Office hoder5. The absurd apology
of overtrading will doubt not, be made in VAN,
and the shout of federal banks will be made IN vain
The people, sir, comprehend this mattel, and they
must and will resist this scheme of executive usur-
patton the last. and stop experimenting on thls
. head if they mean to be Tree. .
! This policy has been characterised by an nsidi-
ious course irreconcilable with the doctrine now
set up that banks are TO be preserved max
were the real purpose, why excite popular indgna-
lion AGAINST them? Why hold them up as monopo-
lies as objects Of disgust and abhorrence, sending
forth nothing but their hithhy rags was this Tue
wav TO reform abuses improve DEF ectve sys-
$ tem7 Do you cut down tree that sends out Wiid
: sprouts or prune it? Would you abolish courts be-
c caus, you have a corrupt Judge? would you aoan-
don the defences Of the country because You have
# n traitor in the army? Would you Danish fire be-
cause gu have been burnt or light because It's e-
J! iulgence may blind you? What IS necessary or
y useful to is not to be destroyed but made more
y perfect Ify you really aimed at better condluon
o of banking, the doctrine first to destroy was SIN
gular mode Of improving them.
But sir will suppose for moment that you
IS medated seriously Danish all circulation except
a metal and then, ask the people whether there is
l. any thing in the condition of those who live under
G hard money governments which they can coveE
IS Spain, Italy, Egypt Arabia, are hard money coun-
tries and there squalid poverty III It's most disgust
II ing form fleets the land; there are hords OF beg
CARS; there is little business; there are Ignorance,
d degradation and despotism. These are the asso-
cates of that limited enterprise whch rests us ac
ton upon metallic currency alone. Every th'ng
l. is down hill Now, sir, turn your eyes upon coun-
tries where a system of liberal credits exists, such
> as grow out of well regulated trade and commerce,
There you will activity, enterprise, prosperity,
:. enlarged comfort and happiness, elevated character
II and national greatness Our success Is an H.
8 usrious example of the impulse given to all the
elements OF popular prosperity Dy ilperai anu en-
II lightened of the facilities of commerce. Sir,
. you nigh: well expect the earth TO send forth
. vegetation without rain, as that people can be
% great and prosperous without credit The last desire
u we can have is to adopt the policy of hard money
countries The last thing the people of this coun
try can covet, is the condition of those subjected to
q this policy The whole system is uncongenial to
l. free peoples it is anti-repubcan, despotc, I'M
n suited in every way thoughts, habits, char
acter and condltion. , =
;, the administration and its effects, now come to
$ the bill before us, upon which not much remains to
9 be said.
!, The first inquiry is, does it sustain the pohcy
which have attempted to prove has been pursued?
If,he administration were really aiming at an i'm
q proved currency, some attempt would be MADE 10
u remedy the evils pressing upon the country
Yet this bill proposes nothing for the people, but
- all for the government Its advocates openly avow
n that the people must redeem themselves inns Is