Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1838-02-15

operation ana energy Oi IA" resources ol llr
country not obstructcd: Tho business OF
The community not lmpeded? Why. SIR, tins
can only be true, upon the supposition that
present evils are no way attributable TO the
policy Of Government that they all spring
from some eXtraneOus and independent cause.
If the honorable member means that the dis
asters which have fallen upon us arise from
causes which Government, cannot control,
such as over.trading, or speculation, and that
Government is answerable for nothing. ] can
understand him, though do not at all con-
cur with him. But that the resources Of the
country are not, now, IN a state of great de-
preston and stngnation, is what had sup
posed none would assert Sir, what are the !
resources Of the country? The first of all,
doubtless, is labor. Does this meet no i'm
pedimept? Does labor find itself rewarded,
as heretofore, by high prices, paid in good
money? The whole mass of industry, en- .
ployed in commerce and manufactures, does
it meet with no obstruction, or hindrance, or
encouragement? And commerce and man
utaciures, in the aggregate, embracing capt. |
tai as well as labor, are they, too, in high
career of success? Is nothing Of impedi-
meni, or obstruction, found connected with
their present condition?
Il Again, Sir; among our American resour-
CGS. HOuI lIc Ntly Iist VI tbIs So'N'h-
ment, cred, and confidence have held high
and foremost rank. We owe more TO credit
and to commercial confidence, than any ma
ton which ever existed; and ten times more
than any nation except England. Credit and
confidence have been the life Of our system,
and powerfully productive causes of all our
prosperity. They are essential parts of a
system, which has covered the seas with our
commerce, replenished the Treasury. paid of
| The national debt, excited and stimulated the
manufacturing industry, encouraged labor to
put forth the whole strength OF its slnews,
ielled the forests and multiplied our numbers,
and augmented the national wealth so far
beyond all example, as TO leave us pbenom-
enon for older nulions to look at with wonder.
/ And this credit, and this confidence, are they
now no way obstructed, or impoded? Are
they now acting with their usual efficiency,
/ and their usual success, Oh the concerns of
society?
!! The Hon. member refers TO the Exchanges.
! No doubt, Sir, the rate Of foreign Exchange
has nothing in it alarming. Nor has II had,
! if our domestic concerns had been in prop,
er condition. But that the internal exchan-
! ges are IN hcathful condition, as the Hon.
| member alleges, is what can by no means
admit look upon the arrangement Of the
! internal exchanges, as the precise form, in
which existing evils most manifestly exhibit
themselves. Why, Sir, look at the rates be-
tween large cities, in the neighborhood Of
! each other. Exchange between Boston and
! New York. and also between Philadelphia
and New York, is IL a per cent This
! could never happen, but from deraDged
currency; and can this be called healthiul
! state of domestic exchange?
y | upIprstaud that thp l0t nm crOn has done
much towards cqualizing exchange between
| New Orleans and New York. and yet have
seen, not many days since, that in other pla-
ces of the South, believe Mobile, exchange
on New York was at premium Of five to ten
! per cent.
| The manufacturers Of the North can say
! how they have found, and how they now
! find, the facilities of exchange. do not
mean, exclusively, or principally, the large
| manufacturers of cotton and woolen tnbrics |;
but the smaller manufacturers, rft who,
while they employ many others, still bestow
! their own labor on their own capital; the shop
| Imanufnctnrers-such manufacturers as abound
| in New Jersey and Connecticut, and other
! parts of the North. would ask the gentle.
! men from these States how these neighbors
! of theirs find exchanges, and the means of
i remittance, between them and their cores
| pondcnts and purchasers in the South The
carriage makers, the furniture makers, the
! hatters, the dealers III leather in all its branch
! es, the dealers in domestic hardware; | should
| like to hear the results of the experience Of
! all these persons, on the state of the internal
! exchanges, as well as the general question,
whether the industry Of the country has en-
countered any obstacle, in the present state
Of the currency.
H. .ho-c
York stated, correctly, that this Bill has two
leading objects.
q The first is, separation Of the revenue,
; and Tic funds of government, from all con-
: nexon with the concerns of individuals, and
Y of corporations; and especially separation
S of these funds from all connexion with any
!, Banks.
The second is, gradual change in our
] system OF currency, to be carried on till we
can accomplish the object of an exclusive
2 specie or metallic circulation, al least in all
:; payments to government, and all disburse-
ments by government.
r Now, Sir, am against both these propo-
r sitons, ends as well as means.
am against this separation of government
e and people, as unnatural, selfish, and an
e abandonment of the most important political
I duties.
S AIN for having but one currency, and tha,
/, good one, both for the people and the 60.
2 vernment.
Il am opposed to the doctrines of the Mes.
f sage OF September, and to every thing which
t grows out Of those doctrines. | feel as if
r were on some other sphere, as if were moi
o at home, as if this could not be America, ,wher
c see schemes of public policy proposed, ,hav
: ing for their object the convenience uf go
o vernment only, and leaving the people tC
shift for themselves, in matter which natu
= rally belongs, and in every other country is