Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1840-03-20
FRIDAY, MARCH 20, 1910.

that this will diminish importations, suppress
credit, and stop speculation, by modifying the
currency so far as to work out these extraordinary
ends.
am by no means satisfied that it is capable of
producing all these consequences, but, "a such a
power Is imputed to it by lis warine>t friends, and
those who are in the councils and confidence of
the Administration, who bring il forward, and no
doubt bring it forward with this view and expecla-
ton. shall, IN this reply, coninc myself TO the
positions assumed. That It will do the country no
good have never doubted but have never al
lowed myself to lelleve that it can exert that in
flence upon its affairs which is ascrlel 10 it.
II It VIII diminish lnportations il the right way,
so fat II has my most hearty concurrence for they
nave run INTO an lnludclOus excess. This again
is the result Of a false policy, not impualc TO
paper, as the Senator slipposes, even as a prn-
cipal cause. Ii comes ofencouraginr foreign la
Dor instead OF our own of stimulating this trade
Under the persuasion that it is more lencfical to
me country than 10 strengthen and foster our own
industry, until il has reached point of injurious
excess, su>pendng our ahorer from employment
and taking from them their bread. We buy more
than we sell, leaving balance Of many millions
now due TO Europe, which is to be paid out of
the resources of the Peoples and il is time to re.
trace our steps. The President, who has been a
promoter of this policy, complains in his message
OF TINS excess as serious evil, and | rejoice at
II but he fails to indicate the remedy. He talks
vaguely of economy, but is silent upon our erea,
interests Of the North and East. We must, sir,
stand by our own aborerS, and not sucr them
TO tie overwhelmed by this process, and then APP
peal TO them to lower their wages. Our duty is
plan, ami we must pursue it with manly rmneSs.
The workshops OF Europe must not he allowed to
snpersedc ours. This is the remedy. But the bin
VIII suppress CREDTr-snppress bloateI credit
What, sir Is credit One would think it some new
invention 10 dciraud the Pablo, by the manner in
winch 1t IS spoken of but it is co-exsten with
business, and wherever there is or has lcen Lu,i-
ness, there credit has always existed and has been
and Will tie abused to greater or less extent.
cannot comprehend how commerce or trade can
be carried on successfully without it =! Abolish
cretli, and for what Because the false policy of
the Administration in 1886 stimulated il TO
excess Because, like the free ION of speech and Of
the press, 1t may lie abused | know Of no other
period against which any general and illSt charge
can lie brought. What would be the condition of
the country II men were denied credit Nothing
more deporaEle. The young man born to no in
heritance now goes into the world with his cha
racter for honesty and integrity this is hi, great
ana only resource, and by the faith placed in this
he commands the funds necessary TO 20 forward in
business. And, Mr. President, it is one Of the
glorious characteristics ofour institutions that this
pain Is open to his enterprise, and the way to
wealth, as well as to honor and fame, is clear of
distractions for the most obscure aud humble IN
dlvldual. Shall we deny TO such the only chance
they have of success Shall we ,rampIe on them,
and grind them to dust with the iron heel of pow
er! No, sir, will cspou,e no such ant-rcpubll-
can doctrines. Twill vote tor no law thai declares
TO the poor that they shall remain in hopeless
poverty, and to the rich that they alone shall have
the enjoyment ofpropcrty.
But speculation is to lie put down. If the Scna-
tor means by speculation, unw-e and hazardous
traffic, II has always exste], and always will ex-
iSt, where enterprise exists, unless he can uproUt
the desire in the human mind for the sudden
QUESTION Of wealth. He might as well undertake
10 stop the emotions and passions of the human
heart. The only way TO make men prudent and
sagaclous in bu>lne>s-andit is very desirable they
should be SOS to make them far enough in o
the future 10 avoid ruinous hazards but the rash,
who often have a passion for wealth, will indulge
llluSlve hopes and make rulnous bargains, unless
the Senator can enlarge their under standings and
increase their sagaclty.
There is but one process by which credit and
speculation can lie Suppressed, and that is, iy
denying the means and facilities of business, not
10 spectators alone, but TO all and that is en-
actly " hat the argument of the Senator tends to.
lie proposes 10 diminish the circulation, declaring
that there Is an initiation, when we are crippled
down by the scarcity Ofmouey. He would dimin-
i>h 10 a vast extent the resources and ability of
lenders, when the public is IN despair for want of
circulation. He assumes that dimini> hing the
currency will diminish wages and the value of
property, and so ii may be but the first great
and aiding result will be IA dimnuton of bust
ness. His theory abol>hcs credit and leaves noih-
ing but a reduced currency 10 do business WITH
and no one can deny that a reduction Of business
must follow. Is the country prepaid for this Do
we grow too fast Is our enterprise too great Do
we labor too much Have we too much to eat
GRIN. I. Are our comforts and enioymegts 30 multi-
Piled that sound policy requires they should lie
curiallei!What response will the People give 10
these inquiries. Let him who Is willing to be pared
down first stand forth and proclaim it. Wares
are 10 be diminished by cllrtaiImg the demand for
them; for that is the e. lect of reducing business.
The Senator, in his argument, seemed to forget
mat the evils OF contracting and contracted cur
rency bear as opprc>svely upon the public, and
more so than those Of expansion. The difference
Is TINS IN expansion, the weight OF loss fall, on
me creditor pOriOn-in contradiction, upon the
deD'or portion: but in either case ii Is gricvoIS
calamity. lie cannot reduce the currency below
what Is necessary, without even more suffering
man arises from too much.
The Senator from Mis>issipr(Mr. Walkcr) goes
Tor the abolition of paper The quantity of specie
IN the country is not supposed 10 exceed about
SSO,Ooo,oOO the President puts ii at SS5,OO0,000
MS ne argues would insure great reduction of
wages ana OF The value Of property, which he IN
slst' WIN he beneficial. The Senator from Missouri
(Mr. Benlon) is also for metal alone; and these
gentlemen have bestowed the hghe cncomums
upon the policy OF the hard money countries. The
latter Is enchanted with that fact that iheilo anders
have grown rich and become great lenders Of mo
ney, while we are borrowers; and will solve for
nun TINS enigma upon his own principles. He
lnp'''eS 1t to gold, and iniers that we should he
lenders II we had a metallic currency only. Who,
Mr.. President, are the lenders of Holland. Those
individuals who have anla>sed millions who al
one time owned most of this city, aud who can
buy up empires with their boundleSs wealth, having
prohted by a state ofihngs which made the pri-
vIieged few rich while the many are left poor
M ~ -,
and Al day. This is the last policy we desire !;
The last that would be in harmonyiwth the genius
OF our people or in unison with their true interests
1t Is dIllisve wealth that we desire; a general
prosperity among all property scattered every
where, altainablc by all that deserve it and thus
lhV'Sorallng a successful business, IN which all
may participate, instead of ama>slng il in the
pOCkCiS Of few. We are hnrrnunrS LIE, 40