The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-06-28

4 power commerce, agriculture, and manufactures
are rapidly increasing, and will likely do so, for
| great period Of time 10 come, But, nolwiihsiand-
| ing our experience upon this subject some seem not
\ 10 understand how given amount OF specie can re-
| deem three times It's amount Of paper circulation.
There is not the slightest difficulty in the matter
for every dollar which the banks issue, they lake
| responsible obligation. When their notes are re-
turned upon them, 10 the ordinary course Of bust
ness at least twohirds returned in discharge Of
these obligations; SO that keeping on hand one,third
OF their circulation, they always prepared 70
deem such Of their notes as are necessary To be
deemed in specie This Is the true state OF the case
and is not involved in the slightest degree Of mys-
terry.
Mr. Chairman, the intimate relation, the sympa-
theic connection and mutual dependence Of agricul-
iure, manufactures and commerce upon each other,
has been affirmed and reiterated so ofen by all our
most distinguished statesmen that need say nothi,
10 prove H. Indeed, sir every mans observation
win convince him OF the fact. To The prosecution
of successful commerce. nothing is more important
than sound, convenient, adequate, and unyaryug
currency; without II commerce Is embarrassed, re-
larded, and finally destroyed. The precious metals
although the standard Of value, by the common con-
sent Of nations, have, from their scarcity and the
cost and Inconvenience of their transportation been
found totally inadequate 10 the demands of com
in those nations where /, is extensively prose-
culed. Great Britain, the most powerful and most
commercial nation In the world, TO supply eurren-
cy adequate TO The demands OF her commerce, re-
sorted 10 the present credit system !" and what has
been the result 7 Her canvass Whitens every har-
Dor; her flag floats In every breeze; and although
ea-gir island, but little larger than the State Of
Virginia, she holds portion OF every continent in
colonial subJugaion TO an extent that The sun scarce
sets upon. Ninety millions of people acknowledge
her sway. She has, at times sustained herself in
arms against almost the world combined-at others,
she has sustained the armies 81 combined Eu-
rope against the colossal power OF France, and sill
maintains her ascendancy. What has effected all
hist The spirit and enterprise Of her people-her
q
sustained BY her credi, system Look al bei--see
what she is-and then say whether her "credit
system" has cursed and blighted her.
The honorable gentleman from South Carolina,
Mr.. Pickens contends that Great Britain is indebt-
ed TO the spirit Of liberty, and enterprise Of herpeo-
ple-to the principles oi her common law and TO her
capacyto produce such men as Hampden and Sid
ney, for that wealth, power and prosperity which
she now possesses In eminent degree, and not TO
the operation Of her credit system" | admit that
the credit system" is not the progenor of the
wealth, power and prosperity of Greal Britain. But
Contend that il is the legitimate offspring Of her
spirit oflibcrty--her enterprise and commerce, and,
IN its growth has rapidly improved and expanded
each as is admitted by her wisest and patriotic
statesmen. As to the deleerious influence which
this system has exerled upon Great Britain as as
serted BY the gentleman from South Carolina.
viii here contrast sopinions with those of one of
her greatest, wisest and most accomplished states
men, the celebrated Edmund Burke. Mr.. Burke,
IN Noticing some structures upon the credit sys-
tema of Great Britain, in the National Assembly of
France, expressed himself thus: They, (speaking
ofthe National Assembly, imagine thai our flourish
ing state in England is owing TO bank paper and
moi The bank paper to the nourshing condition Of
commerce, TO the solidity Of our credit and TO the
total exclusion Of all idea OF power from any part of
the transaction. They forget that in England not
one shilling Of paper of any description is received
but ofchoice that the VIII lie had It's origin in cash
actually deposited, and that il is convertible at plea
sure in an instant and without the smallest loss into
cash again our paper is of value in commerce. he
cause in law il is none. II is powerful in change,
because in Westminster Hall ii is important
In payment Of debt Of ECO, creditor may re-
fuse all the paper in the Bank of England nor is
there among US single public security, Of any quail
y or nature whatsoever that is enforced BY author
~. In fact, il might easily be shown, that our paper
wealth, instead OF lessening the real coin, has ten
dency 10 increase 1t; that instead Of being subs-
tute Tor money, 1t only facilitates its entry and its
circulation; that it is the symbol of prosperity, not
the badge of distress; never was an exuberance of
paper subject of complaint in this nation" This
is true picture of the British system and notwith-
Standing has been in successful operation for about
history when fafs fe here has been no period Of ner
dfused spirit of liberty among her people lhan the
present, and when her ari>tocracv maintained It's as
tendency with more atlenualed and uncertain ten
ure The democratic spirit is aroused among the
Bf fish PEOPLE, II is al work, and will in the progress
OF time utterly overthrow and PROSTATE her titled
nobility. How then has the credit systems snbdu-
ed the spirit Of lberty2 How has Il upheld her
aristocracy2 How has it subjected labor 10 The vas
salage OF arstocracyl The improved and improv-
ing condition of all classes Of the British people,
dsprove this assertion The wisest British states
men, those whose patriotism cannot be doubted adj
vocate the credit system with almost unanimity
Either the gentleman from South Carolina or the
most distinguished British statesmen are mistaken.
and the power and prosperity Of Great Britain is
trely delusion. .#
Ito be eontinued)