The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1838-04-24
CONTINUED from first page.l

II he conceded. have admitted II, and, indeed,
contended for the proposition hereto'ore, ana GU
deav ored to prove II. Built must be PLAN 10 eve
~ body that any addition of specie, IN order 10
be useful, must either go into the circulation, as
part of that circulation, or else II must 20 mo
the banks TO enable them the better to sustain and
redeem their paper But this bill is calculated 10
promote neither of those ends, but exactly the re-
verse Ii withdraws specie from the circulation
and from the banks, and piles it up in useless heaps
in the Treasury. 1t weakens the general crcula-
ton by making the portion Of specie, which 10 part
of IT, 20 much the less il weakens the banks, by
reducing the amount ofcoin which supports their
rircu ation. The general evil imputed on our cur
rency, for years past, is, that paper has iom-
ed too great a portion of it. The operation oil
this measure must be- 10 increase that very
measures to remidy it. | have favored the
Withdrawing of small bills in circulation, TO the
end that specie might take their place. discussed
this policy, and supported il, as early as 1852 MY
colleague, who, shortly after that period, was pla'
ced in the chair of the chief magstracy of Massa
chusetts pressed its consideration, at length, upon
the attention of the legislature Of that state.
still think il was right policy. Some OF the
states had began to adopt it, But the measures OF
measure, throw this policy all aback. They undo
mt once all that we have been laborlng Tor.
Such, and so pertnacious has been the demands OF
Government for specie, and such new demand does
this bill promise to create, that the states have
found themselves compelled again TO issue small
bills for the use ofthe people. 1t was day OF re-
focing, as we have lately seen, among the people
of New York. when the Legislature of that state sus-
pended the small bill restraining law and furnish
ed the people with some medium for small payments
better Than the miserable trash which annoys Tile
community.
The Government, therefore, insist, is evidently
breaking down its declared policy; il is de-
feang; openly and manifestly defeating, us own
protested Objects
And vet theory, Imagination, presumptuous
generalization, the application of military move,
ments to questions of commerce and finance, aud
the distractions of meta physcs offer US, in such
state of things their panacea. And what is it
What is it? What is TO cure or mitigate these evils,
or what is to ward off future calamies' why,
sir the most agreeable remedy imaginable the kind
est, tenderest, most soothing, and solaclng apphca
ton in the whole world Nothing, sir, nothing
upon the whole earth but smart, delightful, per-
petual, and irreconceabe warfare, between the
government of the United States and the state
banks All will be well we are assured, when the
government and the banks become antagonistical!
YesJ sir, 'an,agonistcal" that is the word What
a stroke of policy, sir, is this! 1t is as delicate
straiagem poor old King Lears, and good deal
like it. 1t proposes that should tread lightly a.
long, in felt velvet, till get the banks with
in our power, and then, "kill, kill, kill!
Sir, we may talk much as we please about the
resumption Of specie paymementf, but tell you that
with government thus warning upon the banks if
resumption should take place, another suspension
fear would follow. 1t is not war successful or un-
successful, between Government and the banks; il
is only peace, trust, confidence. that can restore
the prosperity of the country This system OF per,
petual annoyance to the banks, this boarding up of
money which the country demands for it's own nec-
essary uses, this bringing of the whole revenue to
act, not in aid and furtherance, but in direct him
drance and embarrassment OF commerce and bust
ness is utterly irreconcieabe with the public IN
terest We shall return of former times Till it
be abandoned. The passage Of this bill will create
new alarm and new distress.
People begin already to fear their own Govern
rand nf fhnc phn
should be their protectors and guardians. There
are hundreds of thousands of honest and industti
Gus men, sir, at this very moment, who would feel
relieved in their circumstances, who would see
better prospect of honest livelihood, and feel
more sure of the means of food and clothing for
theiI wives and children, il they should hear that
this had received its death. Let us, then,
sir, away with it. Do we not see the world pros
porous around us? Do we not see other Govern
mens and other nations, enlightened by experience,
and rejecting arrogant innovations and theore,ic
dreams, accomplishing the great ends of society
Why, sir, why are we, why are we alone among
the grea commercial States? Why are we to be
kept on the rack and torture Of these experiments?
We have powers, adequate, complete powers. We
need only to exercise them; we need only to per-
form constitutional duty, and we shall spread
content, cheerhlness, and joy, over the whole land.
This brings me, sir, TO the second inquiry
Is this measure, Mr. President, just exercise OF
the powers of Congress, and does 1t fulfil all our
duties?
so constantly insisted, for several years past on the
consttu obligation of Congress to take care OF
the currency, that the Senate must be already tired
of the speaker, If not weary of the topic and yet
after all, this is the great and paramount question
Until this is settled, the agitation can naver be qui-
eted. If Eve have not the power, we must leave the
the power subject in the hands of those who have
it, or In no hands; but if have the power, we
bound to exercise it, and every days neglect is
violation of duty. Therefore again insist, that
have tho power, and again press its exercise or
the two Houses of Congress. 1 again assert, tina
the regulation of the general currency-of the mon
ey of the country, whatever actually constitutes tina
money-s Of solemn duties.
The Constitution confers u.s. sir, the exclusive
power of coinage. This must have been done TO
the purpose of enabling Congress to establish one
uniform basis for the whole money system. Con
gress, therefore, and Congress alone, has power
tho foundation, the ground work, of the currency
and it would be strange and anomalous, having this
if it had nothing to do with the structure, the ed
fee, to be raised on the this foundation Convert
ible paper already in circulation when the Con
stitution was framed, and must have been expected
TO continue and to increase. But the circulation Of
paper tends to dsplace coin; it may Danish it alto
gether: at this very moment it has banished it,