, 1840-04-11
WHOLE NUMBER 33s.

cessary, it should be introduced slowly, eau
tiously, and with a careful and vigilant atten-
ton to all consequences. But gentlemen
seem disposed to consider themselves at lib
erty to legislate for a new people just
sprung into existence, and commencing its
career-one for which they may, without
reference to what they see all around them.
speculate and iteorize at pleasure. Now If
we were such a people, and were delibera-
ting on the question of what was the best
medium Of circulation to represent the prop
erty and transact the business of The country,
it is far from being certain that it would be
deemed wisest to adopt an exclusive specie
standard. But, when we glance at society
as it actually exists, with all its relations and
ramIfications. its engagements, debts, wants,
habits, customs, nothing can be more unwise,
IT seems 10 me, than to attempt so radical a
change as that which is contemplated.
cannot admit that the laborer, with his
low wages, would be in as eligible a situation
as he now is. The argument excludes all
consideration of his condition during the
transition from the paper to the specie medi
UNI. In the descending process from an
abundant to n scarce circulation, there would
be for him nothing but distress and wretch
edness; and he would be in the greatest dan
ger of starvation before the ell dorado Of
gentlemen was reached. The adjustment Of
prices to the state Of the currency is not SO
sudden a work as is imagined. Long after
the specie standard should be established,
the old prices Of many articles would remain;
and the foreign productions which enter into
the consumption Of the poor mar would con-
tinue unaffected by our domestic currency.
IL 1t be true that there would be no altera-
ton in the condition of the laborer, if he
would really get as much in value, in the new
state of things as in the old, how is that Of
the capitalist, engaged in manufactures, to be
improved? Would not his s~:tuation also
remain unaltered?
The assumption that an exclusive hard
money circulation is best for the laborer, best
for the manufacturer, best for the country, 10
against all the experience Of the world. Be-
yond all doubt, EngianI is the greatest pa
per money country that exists. Her manu-
facturers find u market in every portion of tho
globe; her operatives and laborers are paid
better than any in Europe. Have the man
ufacturers Of the hard money countries Of the
continent prevailed over those OF England,
and driven them out OF the market, in fair
competition? Far from it. There policy is
to exclude, by prohibitions and heavy duties,
the entry Of British goods into their ports
England has sough, TO make treat with them
all, and especially with France, upon the ba-
sis of free trade and France has replied that
her manufactures are too much behind those
of England 10 admit of their being placed
upon a footing Of equality. Paper money
infated-England manufactures about two
thirds of all the cotton exported from the
United States; and her cotton manufacture
alone is probably greater than that Of all tho
rest of Europe.
But, Mr.. President, If the Punishment from
of all bank paper, and the e1clu-
slve use OF specie in this country, were desi-
is it practicable, can it be possibly
brought about i have said that the legislator
is bound to have due regard to the wants,
necessities, and condition Of the
for which he acts. But a practical
American statesman has a further duty to
that Of attentively considering the
Of the power Of government in
this confederacy. Here we have local gov
for the respective states, and a gen.
eral government for the whole. The gene
raj government has but few, limited, and
well defined powers, the states severally pos
all power not denied to them or dele
gated by the Federal Constitution. Whate-
yer difference of opinion might exist, If it
were d new question, it cannot now be con-
that each Of the twenty-six state
governments has the power to bring into ex-
as many banks as it pleases. Banks
nave accordingly been created, and will con-
tinue; and must exist, in spite Of the general
government. The paper Of banks will there
remain, as it has been, a part Of the
circulation, in defiance Of any poli-
cy which this government may proclaim
And if one or more Of the states were to q.
dept the hard money policy, there would 90
others which would find, in the very for
bearance Of certain members Of the confed-
eracy to establish OF continue banks, a fresh
to create and sustain them for the
of their banks would run into the
state which had them not, and they would
thus appropropriate to themselves, at the ex-
pense Of Others, all the benefits of banking.
Irerollect well how banks were originally
first introduced into many Of the Southern
and Western states. They found them.