Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1838-03-23

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are filed with splendid ediices. and the ,
wl,arvcs covered with the rich productions
of our own or Of foreign climates. In the
latter. all is sluggishncss, slo,hInlness, and s
inactivity. England. in modern times. {
lus,ra,rs the great advantages Of bnnks. :
Of credit, and of stimulated industry
Con,ras, her with Spain, destitute of oil
those ADVANTAGES In ancient times,
Athens would present an image of full and
active employment of all the energies OF
man. carri,d to the highcst paint of civili'
zalion, whilst hcr nelghoor, Sparta, with
her iron money, affords another OF the
! boosted benefits Of metallic circulation.
The Senator from South Carolina would
do he banks no harm; bu, they are deemed
! by him highly injurious to the planting
interest According to him they initiate
prices, and the poor planter sells his pro.
auctions for bard money, and has 10 pur-
chase his supplies at the swoln prices pro-
duccd by a paper medium. Now. | must
dissent altogether from he Senator's state
ment Of the case. England. the principal
customer OF the planter, is quite as much
if not more, q paper country than ours.
And the paper. money prices ct the one
country are neu,ralIzed by the paper money
prices OF the other country. If the argu
ment were true, that paper money coun-
try trades d,sadvan,ageously with hard.
money country. we ought to continue TO
employ a paper medium, to counterba'ance
the paper medium Of England. And IT we
were to Danish our paper, and substitute
altogether metallic currency, we should
!. be exposed to the very Inequality which
u has beer insisted upon. But there is moth
ing in that view Of the matter which is
presented by the Senator from South Car
. DINA. If, ns he asserts, prices were always
:, !, inflated IN this country beyond their stand.
= ard IN England, the rate Of exchange would
= be constantly against US. An examination,
u however, into the actual state Of exchange
. between the two countries, for q long
% series of wears, evinces that it has gencr
. ally beer in our favor In the direct trade
}, between England and this county, have
-, 10 doubt, there is a large annual balance
- against US; but that balance is adjusted
i. aud lqnidatcd by balances in our favor IN
) other branches Of our foreign trade, which
:, have finally concentrated in England, as
~ the great centre of the commercial world.
or all the interests and branches Of in.
&c dustry in this country, none has prohted
=" more by the use and employment Of credit
and capital derived from banks and other
sources, than the planting interest. 1t la
-" b,nally employs credit in all countries
. where planting agriculture prevails. The
t. States of Alabama, Mississippi, Arkansas,
= and Louisiana, have almost sprung into
:" existence, US it were, by magic, or, at least
> have been vastly improved and extended,
= under the influence of the credit system.
," Lands, slaves. utensils, beasts of burden,
% and other supplies, have been constantly
:" bought, and still continue to be purchased
u, u. upon credit; and bank agency is all.essen
=, ,ia to give the most beneficial operation &c
~ these credits. BIT the argumement Of the
III Senator from South Carolina. which | am
Go combating, would no, be correct, if It were
y , true that we have inflated prices on lhi:
: side the Atlantic. without q corresponding
10 imitation of price on The other side because
Is the planter generally selling at home. ant
~ buying at bone, The proceeds Of his sale
eS Whatever they may be, constitute the
=" means by which he eff'cs his purchases
= and consequently neu'ralrzH each Other
u ~ In wha, do we Of the West receive pay
" men, for the immense quantity Of Inv,
~ stock and other produce of our industry
y which we annually sell to the South ant
!" Southwest, but that paper medium now 81
," much decrcd and denounced, The Sen
~ s,or from South Carolina is very fond y
sc he Stale banks; hut he thinks there is n,
81 legitimate currency except that of ih
~ Constitution. lie contends that the powe
u" which the Government possesses to impose
VI taxes restricts it, in their payment, to TIT
10 receipts Of The precious metals. But TIT
"' Constitution does not say so. The powe
It, Is given IN broad unrestricted terms ant
re the Government is left at liberty to collcc
es the taxes in whatever medium or commo
V" diy, from the PXigencies Of he case. it ca
es collect them, 1t Ia. doubtless, much Thu
W. most convenient to collect hem in money
~ because hat represents, or can command
~ every hing, the want Of which a implied
" BY the power of taxation. But suppos,
-" there was no money in The country, non,
~ whatever, TO be eXt0rled by the tax gath
y" ering from an impoverished people? /
w he power of Government TO cease, and thu
- people to be thrown back into state o
W. nature? The Senator asks # taxes coul,
w. be LEVIED and collected 10 tobacco in cot
D. ton, and other commodities, Undoubred l
~ they could, it the necessity existed for sucl
!" an announcement imposition. Such a cas-
- of necessity did exist in the colony of Vir
's' ginia, and other colonies, prior to the Rev
VI olulion, and taxes were accnrdinGly levie,
u in tobacco, or Oher commodities, as wolf
u !ps, even a, this day, compose part 0
y the revenue Of more han one State.
"e The argument, then, Of the Senate
ne against the right Of the Government t,
W receive bank notes in payment of pub
rs dues n practice coeval with the exs,enc
'.e ofth, Government, does not seem to me Il
~ be sound. II is not accurate, for anothe
60 reason. Bank notes, when convertible o
~ the will of the holder into specie, are s,
u" much counted or told specie, like the specie
u, which is counted and pnt n mari ed kegs