The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1840-04-04

DOR Is pl the very greatest uemanu, hOles |
of doubtful credit will always be forced up |
on him. This was emphaticalIy The case
after the explosion of the banks in 1877
lie could then ptoeure nothing for his work
but the miserable shinplasler currenry with
which the country was inundated. This
he would not lay by for a rainy day, because
he did not know at what moment il might
SecCme altogether worthless on his hands.
The effect Of it was to destroy all habits OF
economy. Besides, as class, la5orers sui
fer more from counterfeit and broken bank
notes than any other class of society In
order to afford the laborer the necessary
protection against these evils, he ought al
ways to be paid, and would, from necessi
ty, always be paid, in gold and silver, il
the issue and circulation of small notes were
entirely prohibited.
Thus, it will be perceived, that without
the mposition of wholesome restrictions
upon the ban s, the laboring man can new
er expect TO receive either constant employ
men,, or steady and fair wages, paid in
sound currency, or 20 pay uniform prices
for the necessaries and comforts OF life.
which he is obliged to purchase. Under
our present system every thing is in state
of constant huctuaiion and change. Prices
are high to-day, low tomorrow. Labor is
in demand to-day, there is no employment
tomorrow. There is no stability, no uni
formiiy, under our present system. Of all
men, laborers are the most nieres led i'll snch
a wise regulation of the banking system,
by the States, as would prevent the ylolenl
expansions and contractOns in the currency,
and the consequent suspensions of specie
payments under which we have been suf-
iering Why. under our present system, we
endure the evils both Of an exclusive hard
money currency and a boated paper sys-
tenn, without experiencing the benefits OF
either. The one rs the inevitable c0nse-
quence Of the other. At the present mo-
ment we have reached point of depres-
sion in the currency which the Senator from
South Carolina Mr.. CALHOUN considers
as low, or lower, than the hard money stan!
dard. Here we are, without credit, because
no man, for the prosecution of his necessa-
ry business, can procure loan from the
banks. They are now in that state Of ex-
hausiion which is the inevitable consequence
OF their former highly excited action. The
case which Senators supposed might exist,
should we suddenly adopt hard ,noney
currency, exists already. The man who
| purchased property but one year agS, in
the days OF the highest expansion for two
thousand dollars, and paid half The purchase
money upon il, could, at thus moment OF
depression, scarcely sell it for the remain
ing one thousand dollars. This is one OF
The greatest evils Of our present ever chang
shall be applied.
But the Senator from Massachusetts has
appealed to the ballot box III the most sol
emn manner, as the means of freeing the
country from the calamites which he saws
have admitted would flow ffou the pas.
sage Of the Independent Treasury bill. /
unite with him most freely in this appeal.
His fear OF the resul. in his own State is
probably The best excuse which he could
make for the manner in which he has Il ea-
ted my speech. The morning is no, mere
ly dawnlng upon old Massachusetts; bal a
beautiful and brilliant Aurora is now she'd
ding her light upon il, aud giving promise
OF bright and glorious day. We have Al
least an equal chaLce with the friends of
HE Senator, Of carrying Massachusetts.
Mr. WEBSTER. As good chance as
we have of carrying Pennsylvania
Mr.. b. said before take my seat shall
answer this question, but at present am
speaking Of the Senator's State. will
not venture absolutely to predict success 10
The cause Of the Administration in Masss-
chusetts at the mex. election, although my
hopes are high. Year after year the cause
OF correc. principles has been gradually adj
vancing IL that ancient and renowned Com
monweallh; and such a revolution in pub
lie opinion never goes backward.
The Senator appeals to the polls, and ex-
poets that the laboring men of the country
will come to the rescue. In this venture
to predict he will be entirely mistaken -
He will find il to be Herculean task 10
persuade the laboring man that the party
with which he is identified is friendly 10
him and to his interest. What have we
heretofore witnessed in the Senate When
the presmption bill was before this body,
the Senator from Mary yland Mr.. MERaIcK
attempted TO deprive the poor man who had
fled from the oppression Of Europe to seek
a home in the far West from enjoying lis
benefits unless he were naturalized citi.
zen. His proposed amendment ,as s,,s-