Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1838-04-17

the Government was established, 1t found
convertible bank paper, issued by State
Banks, already IN circulation; and with this
circulation II did not interfere. The Uni
ted States, indeed had themselves establish
ed bank, under the old Confederation with
authority 10 issue paper. A system OF mix
cd circulation, therefore, was exactly that
system which this constitution, at lis adop-
ton, found already IN existence. There is
not the slightest evidence of any intention.
in establishing the constitution To overthrow
ar abolish tho a,.-..ssa, GttuCu9h II certainly
was the object Of the constitution 10 ahol-
sh bills ofcFodit- and all paper intended for
circulation, issued upon the faith OF the
States alone. !uasmuch as whatever then
existed, Of the nature Of money or currency,
rested on State legislation and rs it was
not possible that uniformity, general credit,
and general confidence could result from
local and separate acts of the States, there
is evidence think abundant evidence
that it was the intention of the trainers OF
the constitution TO give to Congress CON
trolling power over the whole subiect,to the
end that there should he for the whole coun-
try, currency of uniform value. Congress
has heretofore exercised this authority. and
fulfilled the sponding duties. IT has
maintained, for forty years out of forty-nnc,
a national institution. proceeding from It's
power, and responsible TO the General Co
ycrnment. With intervals Of arrangement,
brought about by war and other occurrcn-
ces, this whole system, taken altogether. has
been greatly successful IN lis actua! opera
ton. We have found occasion to create
no difference between Government and
people between money for revenue, aud
money for the general use of the country.
Until the commencement of the last session,
Government had manifested no disposition
to look out for itself exclusively What
was good enough for the people, was good
enough for Government No condcscend-
ing and gracious preference had before that
period, ever been rendered to members of
Congress, over other persons having claims
upon the public funds Such singular
spectacle had never been exhibited. rs an
amicabc, dislnterested and patriotic I'M
derstanding, between those who are 20 vote
taxes on the people, for the purpose OF re-
plcnishing the Treasury, and those who,
from the Treasury, dispense the money back
again among those who have claims on It,.
In that rospcct,l think the Secretary stands
alone He is the first, so far as know, in
our long list of able heads of Departments.
who has thought il delicate aud skIliul
touch in financial Administrations be par
/ ticuarly kind and complaisant to the inter
est of the law giyers.-thOsc who hold the
tax-laying power; the first whose great DIFF
crencc and cordial regard for members OF
Congress have led him to provide for them,
as the medium of payment and rCccipt,some-
81, T.. IaI nj, llt
same time. for the army, the navy, the lud-
gcs, the revolutionary pensioners, and the
various classes Of laborers IN the pay Of the
Government
Through our whole history, sir, we have
found a convertible paper currency undo'
proper control, highly useful, by its plabili
IL To circumstances, and by lis capacity O
enlargement, IN a reasonable degree. e
meet the demands Of new aud entcfprls
inr community. As have already sad,slr
we owe permanent debt of a hundred NIL
lions abroad and in the present gbuHdanc
Of money IN England and The state OF dc
maad here, this amount viii probably b
increased. But ii must be evident TO ever
q one, that, so long as, by a safe use Of papc'
we give some reasonable expansion 10 on
; own circulation, or Il least do not unrCa
} scuably contract IT, We do, TO that cNicn
= create or maintain an ability for loans d
% monk ourselves, aud 20 Gar diminish the a
, mount Of annual interest paid abroad.
: But let me noW, Mr. President, ask th
. attention Of the Senate To another sublcc
e upon which. indeed, much has already bee
Y said | mean that which !, usually Gale
r. the CREDIT SYSTEM.
e SIR. what is that system Why is rrcd
e a word Of 50 much solid Importance. and {
5, so powerful charm. IN the United States
= Why Is it that shock has been felt thn
is all classes and all interests The first momeI
d that tins credit has been disturbed DO
e ITS Importance belong. equally, 10 all con
J. mcrcial States: Or are i.c pecu.lauuI
" m our condition. our habits, and modes
d business. which make credit more indIspc
sable, aud mnglc II more naturally, mo
e. intimately, with the iiie blood of our s.!
d TEN
as \ full and philosophical answer 10 the
,e inquiries. MIR President. would demand ia
a. 81. sN.. 1 NO Il :.