Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1840-03-02


In '35 q, calne the great era of bnnk making and
trading upon tile public money, then accumulated
to sixty or seventy millions, as nearly rs rcmem'
her, which threw the country into feverish ex-
cliemcnt and even firm well balanced minds out
of their adjustment. There was u rage for for
tune making and fortune hunting, such as had new"
er been witnessed, and which nothing but this pol
icy was capable OF generating. The Senator
might and ought to have limited the bloated cred
II system that made us all, as he aHrms, gamblers
to this period, and left the offspring to stand be-
side its parent as proof Of The disasters OF this
policy, and of the ufment of the predictions OF
the Opposition Tor 70 together they must, and
live together they will in history and no sophis
try, no ingenuity can ever separate them. While
the Senator admits this policy to belong exclusive.
ly to the Administration, and to have been strenu.
ously opposed by us, and It's melancholy conse-
qhences predicted, he now repudiates it as erro
neous, and we must allow to him and his friends
whatever credit belongs to an abandonment OF il
after it had literally exploded, and the mischief
was accomplished. Bu, sir, he and they must he
reminded that could if / would, read from the
messages OF the President, and from the success
sive reports Of the Secretary ofthe Treasury, lam
guage of exuhatlon lriumphing in The entire sue
cess OF the policy Boosting that the currency was
on II better footing than ever, that the exchanges
were greatly improved, and that, too, at the very
moment when the bloated credit was most expan-
ueu, unu speCuIatlOn was me most rlIe a0d rank.
Such was the delusion that the madness which
had seized multiludes was trumpeted forth us ev-
idence OF success aud general prosperity. The
Senator clearly reasons from false premises when
he makes the banks the origin OF our embarrass
ments, for they were only instruments in The hands
of those who projected the measures that have
made them what they are.
But the Senator goes further and traces the
evils Of banks and bank paper into England, and
alleges, without qualification, that from this cause
business there is us badly paraIyzed as it is here ;
and am not about 10 make an issue upon that
point, for must hurry on to other matters. He
makes an inference, however, which / must no
tice. lie says that to this circumstance alone we
owe our ability TO manufacture goods. IL Eng
land was hard money country, our mills and
hammers would all be silent; but the paper sys-
tenn so raises the price of wages, and consequent
ly The price of production, that she cannot send
forth her goods so cheap as she otherwise could,
or so cheap as they are made in hard money coun.
tries, where wages are lower. And do we owe
our success to this folly? Do we stand on such
"A slippery bass, having no foohod but upon an
error of policy, stupidity persisted in !? ! desire 10
be informed how the hard money countries, us
they are cnlled-Italy, Spain, Holland France,
and Germany-for they have all been put into
that class, though not with strict historical accura
cy-stand the competition of England, with her
bloated credits Yes, how, sir, do they figure in
the competition? Who has supplied our markets
and the markets of the void ? If metallic cur
rency makes production cheaper-if it gives van
lage ground 10 "A country ia the general round of
trade, how is it that these nations have not long
since run England out of our market with their
cheaper goods? How is it that we draw annual
ly from England two-foId more of imports than
from all the residue of Europe Why is it that
they, especially France, shut their ports against
most kinds of English goods, to protect their own
inf,
elsewhere? In these countries the hard money
scheme has had long, full, and faithful trial, and
we know the result. England, without any
advantage over them in ports has overwhelm
ed them with her competition and so it is wher-
ever trade is open to her upon footing of equal
ity with them.
Is it not, Mr.. President, a surprising fact that
the Senators who have spoken upon this subject
have selected the two most free, most commercial
nations nations which, by their extraordinary EN-
terprse and their unsurpassed knowledge of bu.
sness, nave carried their trade 10 the reinotest
parts of the earth, aud exceiled all others in the
accumulation of wealth, and the enjoyment i,
bring" with it-nntions highly civilized, and stan
ding among the most enlightened in the G ODE
as the examples ofunwise. imprudent. and vicious
government-so destitute OF the first principles OF
political economy as to waste the products Of thei
labor through the unseen and incomprehenslblt
influence Of bank paper
There is no denying that they have ouirlln al
others in prosperity while IN the use of this pa
per, and yet, according to the theory of the Sena
tor they have all the time abored under a mos
oppressive policy, bloalmg wages and properly
while it has been The happy lot of other countries
TO live under the suspicious influence of hard mo
ney. Spain, Italy, France, Holland, Germany, OF
the other hand, hive become pattern nations dis
tinguished for their WISDOM and also for the hap
py condition of their aborers, who, doubtless, fail!
: ing TO realize their condition. escape, wheneve
they can to this country or some other part ofhi
. continent.
But, sir, must leave this topic and 20 TO anoth
er. The Senator assures us that this paper bring
2 with it this alarming attribute AT it expands an
! contracts, so property and wages rise and fall
b thus making il the vital principle of the bod
polite, giving to it pusation. In speaking of pa
Y per, once and for all, wish always TO be under
{ stood rs meaning the paper Of sound specie pay
ing banks, redeemable at sight, unless otherwis
= specify. is this II sound axiom of the Senator
Is bank piper the sole or chief regulator of iii
y value of wages and property? If so, wheneve
u there is common currency there should be
n uniform price. ! ct us see how the position
d sustained in the United States, where, in ali par
u of the country, we have hanks. The Senate
e from Mississippi Mr.. Henderson, stated that I'll
e services of ordinary lahorer, which would co,
s fifteen dollars in his part of the country, he ha
}. ascertained could be had at Pittsburg for qua
ter or less, of that sum, and in New England
|, 1 understood him, for about halt. Every bod
0 knows the vast difference in the expense OF viu
II between Boston and New Orleans, aud betwee
= New York end any remote country town. b
o how is il with hard money countries? Expenses
J. all sorts are unGuestlonably fourlold greater
Is Havana than in Florence and might go on mu
N tiplying examples for il is much more difficult
lind two places that correspond than Two that N
10 at variance. Does il not follow that currenc
l. while it undoubtedly has an influence, is not eve
4 The principal cause Of this diversity?
S, But sir, cannot dwell on this. The Senat
commended, by an ingenious argument, that r,
of Cucton OF wages would be beneficial To the labo
e. er because property would necessarily fall in Il
m snme rnIiO and. In The ferynr OF dehnln uddrn