The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1838-03-06

and satisfactory regulation of commerce is not
answered, because the National currency, an in
dispensable instrument of that commerce, is not
preserved in sound and uniform state 81 manner.
Is the fault in the constitution itself? Those
who affirm that it is, must show how it was, if
that be so, that other Administrations, in other
times, have been able to give the people abund-
ant satisfaction in relation 10 the currency.
suppose it will be said in answer to this, that the
Constitution has been violated; that it was origi-
nally misconstrued; that those who made it, did
not understand it; and that the sage and more
enlightened politicians of our times see deeper,
and Judge more justly, of the Constitution, than
Washington and Madison. Certain it is, that
they have more respect for their own sagacity.
than for all the wisdom of others, aud all me -.
perence OF the country; or else else they ind them
Se en p n .ne,f pay politics, and party commit
H. 20 80. of froGi all ability of administering
'"e constitution according to former successful
practice.
Mr. President, when contemplate the condi-
ton of the country; when behold this utter
breaking down Of the currency, this wide spread
evil augment, among all the industrious classes,
this acknowledged inability of Government to
pay its debts, legally, this prostraton of com
merce and manufactures. this shocking derange
ment of internal exchange, and the general crash
of credit and confidence ; and when see, that
three hundred Representatives Of the People are
here assembled, to consult on the public eXigen-
cy and that repudiating the wisdom of our own
experience, nothing is proposed, for our adoption,
to meet an emergency of this character, but
the Bill before us, l confess, sir, the whole scene
seems TO me to be some strange eluson. | can
hardly persuade myself, that we are all in our
waking senses. 1t seems like dream, like some
phantacy of the night, that the opening of the
morning usually dispeis.
There is so little of apparent relations of
means 10 ends the measure before It's, as it APP
pears to me, has so little to promise, for Inc relief
of existing evils it is alien, SO outandish, SO
distracted, so remote from the causes which press
down all the great public interests, that really
find it difficult to regard as real, what is thus
around me. Sir; some of us are strangely in
error. This difference between is wide !;
the views which we take of public affairs so OPP
poste our opinions, both of the cause of present
evils, and their appropriate remedies, so totally
unlike, that side or the other must be under
the influence of some strange delusion. Time,
and the public Judgment l trust will sooner or
later, dispense these mists, and men and measures
will be seen in their true character. think, in
deed that see already, some lifting up ofthe fog.
The Honorable member from New York has
said, that we have now, already existing, mode
Of conducting the fiscal affairs of the country, sub
stantiay such as that will he, which tins Bill
will establish. We may Judge therefore, he says
of the future by the present. Sub-Trcasury
system, fact, he contends, is now in operation !;
and he hopes the country sees so much good in
it, to he willing to make il permanent and per-
pet,ial.
The present system, he insists, must at least be
admitted not to have obstructed or Impeded the
beneficial action of the immense resources of
the country. Sir, this seems to me a most extra
ordinary declaration. The operation and energy
of the resources the country not INSTRUCTED 2
The business of the community not impeded?
Why, sir, this only be true, upon the suppo-
si,ion that present evils way attributable
to the policy of Government, that they all spring
from some extraneous and independent cause.
If the honorable member means that the dsas
tiers Which have fallen upon us arises from caus'
es which Government cannot control, such as
overtrading, or speculation, and that Government
is answerable for nothing, l can understand him,
though do not at all concur with him. But
that the resources of the country are not now in
state of great depression and stagnation, is what
supposed none would assert.-Sir, what IRE
the resources of the country? The first Of all,
doubtless, is labor. Does this meet no impede
ment? Does labor find itself rewarded, as hereto
fore, by high prices, paid in good money? TIE
whole mass of industry, employed in commerce
and manufactures, does it meet with no Obstruc-
ton, or hindrance, or encouragement? And
commerce and manufactures, in the aggregate,
embracing capital as we'll as labor, are they, too,
in high career OF success? In nothing of i'm
pediment, or obstruction, found connected with
their present condition?
Again, Sir among our American resources
AAoiL. hC 'oiy HiSt virgin "a ulio
credit and confidence have held high and fore
most rank. We owe more to credit and COM
mereial confidence, than any nation that 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 system, which has covered the seas
with our commerce, replenishod the Treasury
paid off the national debt, excited and stimulated
the manufacturing industry, encouraged labor to
put forth the whole strength of its sinews felled
the forests, and multiplied our numbers, and
augmented the national wealth, SO far beyond all
example, as to leave us phenomenon for older
nations to look at with wonder And this credit
and this confidence, are they now no way OBJ
structed, or impeded? Are they now acting with
their usual efficiency, and their usual success, on
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 it had if our
domestic concerns had been in proper condition
Rut that the internal exchnnpes ore in n beolthfii