The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1838-07-17
SPEECH OF nEEs. DAVIS,


COMMONLY CALLED THE SUB-TREAsURY
BILL. (CoNcLUDEDo
(Del1Uered in the Senate of The u ST. on the 2Sth Of
February and LIST Of March, 1882
Having shown, as it appears TO me, that the adj
mnstration could never have seriously thought OF
maintaining exclusive metallic currency, in this
country as it would be wholly inadequate to the
public exigences, and having shown, tina. the cry
OF god gold, has been runagainst the banks TO as
credit Them l constrained, although near II
declared here that there desire to clrcunscrDe
the action ofhe state banks, to come to the conciu-
son that the ultimate OBJ ect is not metal, but gov
eminent paper This is the only way IN Whlch
can reconcile the policy, unless impuie to the ad
ministration an Intellectual mbecility which fails
10 comprehend the painest principles
will now notice another false banner hung upon
the wall to conceal the results of vicious policy
When the Treasury order issued, and since the
great crisis in monetary affairs has reached us, over
trading and speculation have been charged with all
the mischief which has be fallen the country. There
has no doubt bsen rash speculation, but the prima-
lies in the policy of the admin lstratlon, in
the boosted attempt to make the currency better.
The president in his message at the last session. ad-
mits what is obviously true that the removal of the
deposites excited rash trade. We all know, that
such state of things does not spring up without
cause. Without, therefore, entering into that
Investigation, must be permitted to inquire from
whence came this rise of property which is the I'M
mediate parent of speculation? If it was not gen
Grated by the change in monetary affairs then tell
me by what other means trade was excited!-Ihe
expansion sprung from an attempt to supply the
place of the Bank of the United States by other
banks. In this attempt there manifest rivalry
among states TO concentrate capital which should
attract and control trade. But this disturbing cause
which probably did lead to excess, grew out of the
public policy entrsy.
But sir, those who contend, that overtrading has
done all the mischief impue to it greater influence
than they arc probably aware of; what must 1t have
accomplished?
1t must have brought all the banks down, and so
paralyz ed them as 10 derange their business aud
suspend specie payments Its effect upon the sound
and unsound has been alike disastrous. The pru-
dent and wary; those which have no bad debts and
the most ample resources have been alike crushed
under the pressure of the times.
1t must have also suspended business, bringing 10
stand the operations of the cautious, the wise, and
the prudent, as well those of the rash and head
strong.
1t must have embarrassed this government itself,
for il is obliged, with an OVERLOOKING treasury, to
withhold the fourth deposit from the states of nine
millions Of dollars, and to borrow in addition, ten
millions. 1t has been compelled TO dismiss the la
borers in Its employ and can scarcely at this mo-
ment maintain a decent credit.
1t must have viated and deranged the whole
currency of the country to degree unexampled
Such are the singular effects imputed to overtrad-
ing. Now, sir, does any one believe overrading
adequate cause to produce such general and ex-
tensve results affecting the whole country and the
whole population?
How my buying or selling too much deTange
bank with which have concern, direct or in
direct? How can my failure Illustrate voyage of
which know nothing? How can it stop mill of
which never heard? And above all, how it
derange the affairs Of this government? How can
it pei the United States to borrow money or TO
dismiss their aborers? suspend work on the
public ships?
Overriding, as all understand the term, is no
new matter. 1t always comes in greater or less
degree with an advance upon the value OF proper
ty. Bankruptcies always follow In It's train. Ihe
affairs of individuals and those with whom they
have connection become involved, but who ever
heard Of its parayZing great and powerful gov
eminent? OF It's pervadng the affairs of all classes!
Gifts confounding the prudent with the rash? Oh
its bowling down to the earth an entire people:
Such cause, though it may exist, can produce no
such effect.
But sir we not onlv hear of overtradng an
evil, but as one that must be corrected NY this
government, and much encoBium has been layished
upon the arbitrary treasury order of the late presi
dent, because its tendency was supposed to have
shat effect. The avowed object of that order was
to suppress credits. We to come TO specie pay
ments, the manifesto avered, tor that Identical
purposeGa suppression of credits, and specie pay
ments. and a dminution of business, were held
substantially Identical If credits could be dmln-
ished, as they would be if specie alone were the
circulating medium, then business would necessa-
rily be diminished The proposition, therefore, TO
suppress credits designed curtall business,
and specie payments to be used for that pur-
pose. les sir, startling the proposition Is, II
means nothing less than to diminish business. ii
is attempt of this to thrust Its strong
arm into the private affairs of men,
Sir, what is credit? 1t is the great current which
rushes through the heart of the great body polite
and social, and impars vigor and energy TO the
whole system. 1t is that which opens It's resources
and makes this new country, where capital is not
abundant flourish above and beyond all others.
1t is the basis of the hopes of the young and the
support on which the unfortunate lean. Sir, had
almost SAID il is the inheritance OF our young men
Nine of ten of them go forth in the world with
nothing to pledge for the means of carrying on bus
mess but their character for fidelity and capacity
This is their great resource, this is their patrlmony
this the pledge be given for cuptal and is this
class of men that have impaired to country the
ardor of youth combined with the strength of man
hood. Are they to be denied the benefit of credit
Is there to be no business except what is done by
capitalists? Then will the rich grow richer, and
the poor poorer Then will the inheritance of most
of us be poverty and obscurlty through all ages to
come Then shall we have, not ideal, but a
practical arIstocracy. When, till now, has it been
deemed just policy to discourage business? When