The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1840-04-04

Oh Term SO nafsn anu parliamentary.
Self-respeci, ss well as the respect which
| owe to the Senate, restraints me from gi-
wing such contradiction to this allegation
as it deserves. 1t would surely moi be
deemed improper, however, in me, if
were to turn TO the Senator, and apply the
epi'het which he himself has applied to the
proposition he imputes to me, and were to
declare that such an imPutation was "fa-
gidous" Misrepresentation of my re-
marka.
So far from imagining that the Indepen-
dent Treasury bill would restore to the
country metallic currency, believed that
it would exercise but slight influence in
restraining the excuses of the banking
system. Olher and much more efficient
remedies must be adopted by the several
States to restrain these excesses and thus 10
prevent future suspensions. In my remarks
! stated distinctly what legislation would,
thought, be required to accomplish this
purpose. In the first place,I observed that
the banks ought to be compelled to keep in
their vaults certain fair proportion of spe-
Gle compared with their circulation and de-
posltes or, in other words, certain pro-
portion Of immediate specie means, 10 meet
their immediate responsibilities. ID. That
the foundation af n eUao;a Ho... r..
per currency should be laid by prohibiting
the circulation of bank notes, at the first.
under the denomination Of Ten, and after
wards under that oftwenty dollars. 3D.
Tha. the amount of bank dividends should
be limited. 4th. And above all, that, upon
the occurrence Of another suspension, the
doors Of the banks should be closed at once
and their affairs placed in the hands Of com
missioners A certainty thai sn..h- fEiss..44-l.,,
would do more 10 prevent it than any other
cause. To reform and not to destroy, was
my avowed motto. know that the exis-
tence of banks and the circulation of bank
paper, are SO identified with the habits Of
our people that they cannot be abolished,
even if this were desirable.
Such reform in the banking system as
have indicated, would benefit every class
Of society but above all others, The man
who makes his living by the sweat Of his
brew. The object at which | aimed by
these reforms wrs not pure metallic cur
rency, but currency OF mixed character
the paper portion Of it always convertible
into gold and silver, and subject to as liIIle
Auctnation in amount as the regular bust
ness ofthe country would admit. Of al
reforms, this is what the mechanic and the
laboring man ought most 10 desire. 1
would produce steady prices and Steady
employment, aud, under lis influence, thu
country would march steadily on its career
Of prosperity without suffering from th'
ruinous expansions and cantractions ans
explosions which we have endured durin,
the last twenty years. What is most es
sential to the prosperity Of the mechanic
and laboring man! Constant employment
steady and fair wages, with uniform price
for the necessaries and comforts of lii
, which he must purchase, and payment 70
his laber in sound currency.
Let US in these particulars compare th
present condition Of the laboring man unde
the banking system which now exists, wit
what il would be under such reforms as
! have indicated. And first, in regard to cor
slant employment. WHAT'S the effect {
the present system of bank expansions an
coniractions, and revulsions, in this particl
; lar! Is it not absolutely certain, has nj
8 experience demonstrated, that under such
: system, constant employment is rsndere
8 impossible 1t is true that, during III
short period whilst the bubble is sxpandin
d and the banks are increasing their loans,a ,an
h their issues, labor OF every kind Ends en-
1t ployment. Then buildings Of all sorts al
2 erected, manufactures are established, an
Y the carpenter and the mason, and other int
: chspies are in demand. Public works al
v prosecuted and afford employment 10 a