Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1838-05-09
REPORT.

"NoPs~e'
REPORT.
The committee to which was referred
the resolution of the Convention, proposing
for its consideration the state of the cur.
rency, and the means Of remedying its de-
engagements, has the honor to report:
That regarding the subject Of the cur.
rrncy, as The Convention no doubt design.
ed, in reference to the question Of an i'm.
mediate resumption Of specie payments,
the committee would remark, that the pc.
cuniary condition of the state places Michi.
gan in position somewhat peculiar in re-
lation to that measure. In addition to its
necessary participation in the effects of the
general arrangement Of the currency,
Michigan and its banks have special sour.
ces of embarrassment. The present diff.
cultcs in the business of the country have
fallen upon her precisely in that stage Of
her progress in which they would be most
seriously felt. Michigan has been for
few years settling with unexampled rapid.
ty. The natural tendency Of this state Of
things is TO stimulate enterprise to the Ut
most, and the sanguine antcipations to
which ii gives rise, and the boundless field
for profitable investment which it presents,
lead to a resort to the aid of credit when
ever and to whatever extent it can be found.
The population Of the state has, as a nat
ural consequence, increased to an extent,
that our prosperous and widely extended
agriculture could not sustain and we have
thus been forced to bee ONE tributary TO the
neighboring states for the nocessares Of
life. If to the disbursements arising out
Of this state of things, be added the usual
mercantile debt for foreign supplies, it will
be readily perceived, taken in connection
with the fact that she has thu. far furnished
no article Of export, that the present cn.
barrassments Of the country have fallen
with peculiar severity upon Michigan.
Tho large annual influx Of settlers from
abroad, and the consequent high price and
ready demand for whatever our agriculture
has produced, has furnished us with the
means, and with a medium for the pay.
ment of our foreign supplies. The present
pccuniary crisis has suddenly come upon
US at once arresting immigration, and put.
ting an end for time 10 various expendi.
lures which have furnished US with the
means Of exchange. But your committee
is far from entertaining any feeling of de.
spondency in relation to the condition
Of the country. Probably no state in the
Union has soil and climate moro capable
Of producing abundantly, and none greater
facilities for sending cheaply to market, one
Of the NEST valuable staples ofour country.
None certainly possesses a more vigorous
and industrious population. We anticipate
with confidence either speedy revival OF
the domestic market by a renewa of i'm.
migration or the existence Of large a.
mount of exportable surplus produce. All
that the country requires is time to place
its affairs in an easy and prosperous con-
dItion. In view Of this consideration your
committee believe that the true policy of
Michigan would have been to have further
extended the period Of suspension on the
part Of the banks. 1t has been truly said
that the question whether banks are ready
10 resume specie pa, ments, is only another
form of enquiry whether the community is
ready to pay its engagements to them.--
Your committee do not conceive that the
people Of Michigan are now in condition
to do so without great embarrassment and
sacriice. Older and weather. communi.
tics have deemed the postponement Of this
measure matter of saluiary policy. But
whatever may be the views Of your com.
mni tee on this subject, due regard to the
existing laws this state renders it neces.
sary for the banks to resume specie pay.
ments at as early a day as practicable and
endeavor to maintain that position with as
little pressure as possible upon the interests
of the public. To the banks it is necessa.
ry to Recommend mutual confidence, and
as far as possible, mutual aid. 1t is quite
obvious that the state OF our exchanges can
only be permanently corrected by economy
in the use Of foreign supplies until the am.
pie resources Of our soil shall furnish us
with the means of payment. In the mean
time, the circumstance Of the case would
seem to call upon the public authorities 10
furnish such temporary relief as may be
within their power to enable the banks to
meet the crisis ofaresumpiion without dis.
trcssing their debtors by rigorous enforce.
ment Of payment
The committee believe that we are on the
eve ola revival of general credit, aud that
even at the present moment, institutions en-.
titled to confidence may obtain pecuniary
aid, Unnecessary to their immediate opera.
tons, but have not been able to decide up.
on any plan ofjont action on this point. If
on this subject the convention should deem
any united effort advisable, the committee
leave it to the convention to suggest mode
in which il shall be made.
Several resolutions were then offered,
which on motion, were referred to CON-
mittee offive TO reportupon at the afternoon
session; and Mossrs. Jerman, ketchum,
Page, Cobb and Fargo, were appointed the
said committee.
The convention then adjourned to meet
at two o'clock, P. M.
"Wednesday 2 o'clock Pm.