The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-07-14

,ha constitutional medium Scyenty-five millions oil
srece n The country with the prospect Of an annual IN
crease of ten twelve millions for the neht ioui
three branch mns commence next spri's, anu '''
complete restoration Of the gold currency, eiinou.o
the success Of President Jaeksons great measures io
The reform Of the currency and sindicate the Cons
tuition from the libel Of having prescribed an ihiae
lcable currency
A prediction proved by the event TO be as I'M
founded as the style and name were bombastic
Sir, nobody will now pretend that the whole
scheme has not failed-miseraby failed, US has
every other in relation TO the currency under
taken by this administration. Where Is the
cold Who has it2 except members Of Con
gress and the ofce-holders generally The Di-
rector Of the Mint says the gold law has not
only failed to accomplish its purpose, but has
been positively injurious, and he advises MS re-
peal That such would be the result, the "Dank
iorcesn in Congress foretold-any man whose
powers OF vision were not absolutely destroyed
by partisan feeling, must have known ina, sush
a radical arbitrary effort, in despite oil an tue
laws of trade 10 acquire an undue proportion OF
cold; undue mean in relation 10 the supply anu
demand of the commercial world Seneraliyt
would prove abortIvc or worse than abortlVe-
and especially so when we look at the condition
of things in the United States and IN England
In the latter, gold constituted the specie cir
cuaton and was the basis Of the paper issues
here gold and silver were both legal tender,
and The legal basis necessarily Of the paper IS
sues-but practically II was silver, silver being
slightly oyer-rated, as the law stood, when con
trasted with gold, and hence il was retained IN
this country. There silver was an article OF
northumberland, il was SO with gold; there
was gold enough for their purposes-there was
silver enough for ours.
And vet as if TO ruin the best customer we
had for our staples in the first place and our
selves next and in which we have succeeded adj
mirably. we undertook, by mad legislation To
drive the silver from our shores, and draw from
England her gold, utterly reckless OF the conse-
quences. Gold began 10 move hlther by reason
of the artificial value we had given II; this pro
duced contraction Of the whole circulation oil
acknowledgements the value OF every thing
selling in her markets, resulting in loss on our
next cotton crop OF probably twenty-five mil
lions of dollars, and for which we got no equl-
vaent whatever, except that "A few estlmabic
gentlemen in Wall and Chestnut streets, had
for time the supreme felicity OF looking upon
the ''most beautifM currency IN NE ,eorfd."
have thus, Mr.. Chairman, hastily glanced at
some of the financial experiments OF the party
in power, and ask if am not warranted IN OPP
posing this if for no other reason, because It IS
another experiment, and 10 be administered by
the same hands.
For order and regularity, confusion, and uncer-
tainty have succeeded-the rewards of industry
tiuctuate with every breeze--ollce holders, bro
kers and shavers alone, Of all the various classes
Of society, have hourished the more, the greater
the distresses and suiierings Of others The
grand experiment for improving the best cur
rency in the world has wound up in the creation
of an rredeemable paper currency in half the
States of the Union--the paralysis of trade
general and intense embarrassment of III peo-
pie, and to the entire disgrace OF the party" the
country, and the Government
Sir, il is humiliating, Notifying, nauseating
TO look back upon our condition as it was ten
years ago--to trace our history to this time
through the wicked, miserable, bungling series
OF experiments that have been perpetrated upon
a confdng people, and 10 see whore now
are and are likely TO he for a time to come
True, the Administration and its supporters, in
and out of Congress tell US the existing state of
things is the best possible one for the country,
and they cheer forward by promising that
when we get labor down to the level of Holland
and Germany we can manufacture so cheaply
as to monopolize the home market and undersell
in foreign ones; but our fellow-cltizens, who
have been accustomed TO liberal wages and the
enjoyment of what they deem necessares and
sometimes Injuries, see no good reason why
they should be reduced TO poverty that the coun
try may become rich.
TO BE CONTINUED. As.