Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1840-03-02
SPEECH OF MIR. DAVIS,
OF MASSACHUSETTS,
ON THE gu B-TRE ASURY LII.
IN SENATE-JAN o. lS1O

OH lHe u0ul puSsHse vi VIC Dii
Mr.. DAVIS said: rise, MIR. President, with
great reluctance at this late hour to address the
Senate, iagued as it is with on unusually long
session, and exhausted by the debate but, pain
full as II is, must enreat their indulgence while
make brief reply to the new doctrines which
have been now, Tor the first time. published here.
and come to us through channels that leave no
doubt OF their being the doctrines Of the Admin
istratiOn. They involve and have drawn into this
debate great and momentous considerations, af
iectng the most cherished interests of the people
j represent as wei as OF nearly the whole country.
With the exception of few incidental remarks
made by me day or two ago, no one from the
North and East has addressed you during this dis
cussnn and as some part OF the debate has been
pointed in its character and directed to me per-
sonally, as ifthe position assumed were incapable
oil relulaton, | feel urged by an irresistible sense
of duty-nay, cannot reconcile myself TO ior-
beur from making some reply
The Senator from Mississippi, (Mr. Walker)
with his usual acknowledged ability and The dis
tinguished Senator from Pennsylvania (Mr. Blu
chanan,) following in his tiack, have advanced
the propositions that the embarrasSme hts and dis
tress with which the country has been grievousy
afflicted for several years past, and which now
parayze all its energies, impnablo TO the per-
nicious influence Of bank paper; that this bill con-
tains the necessary corrective, as it will check i'm
portations of foreign goods, suppress what they
call the credit system, and, by restoring a specie
currency reduce the wages of the laborer at once
to the value OF property.
This is the character given to the measure by
its friends and alarming as the doctrines are,
am grafed that they are frankly avowed. have
been anticipated, to considerable extent, by the
Senator from Mississippi (Mr. Henderson, In
what have TO say, shall, however, confine my
self chiefly to the speech of the Senator from
Pennsylvania, who has gone more in detail into
the subject, for we all acknowledge his ability on
this floor, and his capacity to do ample justice to
the subjects which he discusses.
do not propose 20 follow him through very
large portion of his elaborate argument to prove
that Executive power has of late been Stunned
instead of being sought after, or that the present
and the old Bank of the United States are idenii-
cal, and both national banks. Enough has been
said ON these points. He has, however, asserted
that we have abandoned all the arguments which
we have before used against the sub Treasury,
because the progress Of events has proved them
unsound. Not so; far from it. With others, |
entered into that debate, which is before the pub
lie, and the arguments unrefuted stand as firm MS
ever; but it would be profiIess task to reterae
them here, and this is the reason why they are
passed over in the discussion.
But, sir, will not dwell upon any OF these mat
ters but go 10 that in hand The Senator says
we labor under distressing embarrassmens, and
so we do no one will have the hardihood TO de-
ny IL, for all the country in sorrow bears tesno-
IL.
CLEAN of light, but it has been obscured, and
we have been shrouded in gloomy uncertainty.
He says further, that the cause is excessive issues
. of bank paper, speculation, and bloaed Il use
his Words credit system. He lodges the guilt on
the shoulders of the banks alone. Ii is neither
just nor fair to hold them alone responsible. aud
| will make it manifest, by showing That they were
seduced into their errors by the administration.
Before the late President (Jackson) seized the
public money and took it into his own custody, in
1888, there was no complaint about the currency
all the People know this, for all, even the Presi-
dent himself, in one of his messages, united in de
carng in substance 1t was sound, and equal 10
that of any nation on earth. There no com
plant, no inconvenience, no embarrassment
from this source, in doing business; hut content
ment and satisfaction everywhere. About this
there could he no mistake, nor will any one here
attempt to refute the well known facts.
Bur from that act Of the President, which was
the first movement to reform the currency, TO Thu
day, there las been what the Senator is pleased Il
call Expansion, contraction, and explosion" il
rapid and fearful succession; crisis upon crisis
pressure upon PRESSURE panic upon Eanic hav
Succeeded, till we have reached state of suspi
cion and alarm that has deranged and almost sus
pended business. The storm in its fury has swep
over the country, once aud again uprooling tn
stateliest and frmest trees, and leaving in its trac
dreary, desoate waste. lis marks are too deep
ly engraven, too distinct, TOO well defined TO eav
any thing unceran-any thing equivocal. 1t fe
upon us with such whitening energy as to leav
no doubt when, where, and how it began.
Gentlemen may tax their ingenuity, they ma
task their inventions, 10 discover other causes
disiress-they may belabor and hold up scor
and execralion the banks as long as they please
they cannot change the facts, for they cannot oil
literate history Things were well, and every bod
y knows i, ill 1888. Then began the bank reforl
by the removal of the deposiles-and then bego
= this rapid series Of expansion, contraction, an
explosion followed crisis after crisis; the
\ came the arrangement of exchanges and then til
y enAarrassmenls which have overwhelmed tn
country--then came, too, the nine hundred bank
of which the Senator speaks, though he has prol
ably swelled the number beyond historical truth
The Senator admits what cannot be denie
that the Administration proposed aud carried inl
effectihe State bank depose system. 1t was
this place and by them that State banks were "a
ken into favor, petled, and boaslingly held ont
the country as affording better and safer curre
cy Into them was the revenue put in enormoI
sums, and they were directed to loan freely upC
it by.lhe President, for the accommodation OF Il
People, and 1t was his pride and pleasure to mai
known to us that the public money was thus er
poyed, instead of being locked up; a striking cor
meptary upon the present plan OF vaults and safe
Mr.. President
The Senator admits that this was the policy
the Administration, and that the disastrous cons
quences predicted by the Opposition have he
verified. lie might have gone further; for 1t
:. truth equally undeniable, that this policy sow
the seed of nearly or quite one half Of the who
number OF banks-between eight and nine hu
hundred-and OF more Than one half of the ca
ital lhat it was the parent of the paper expa
sion, contraction, and explosion of which
has spoken in terms Of Just severity; that il
alike the parent ofthe bloated credit system wifi
he affirms has made M all gamblers; and that I
tlnsip xxsni .h anaA nya Tho
ana has furnished the theme for defamation al
denunciatlon IN these halls tor three years pa
was begouen by it. Such are the facts, and on
projectors OF this policy let the responsibility re