The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-03-21


PROPOSE FOR THE RELIEF OF THE
COUNrRYl
This is natural and general inquiry. 1t
is natural because the government was insli-
tnted for the benefit Of the people, and gene
raj, because, embarrassment low prices, and
distress are universal
The administration proposes no measure of
relief whatever. On the contrary, it tells us
that " the people look to the government for
too much" and that relief is not TO be found
in eapsdients."
The people Of the United States ordained
the Constitution in order to" establish JUS
tice," promote the general welfare and Sc
cure the blessings of liberty" and especially
enjoined upon the President the duty Of re-
commenting measures Of expediency And
why not The principles Of our government
are fixed. There is no longer any controver-
sy about the form. The people, therefore,
justly look to its administration for expedients
adapted to their wants, and to the general
good. And what, in this extraordinary crisis,
does the administration propose! A Sub
Treasury, with a specie clause, and five mil
lions of Treasury notes BY what argu-
ments are they urged The Treasury notes
are wanted to meet the liabilities of the Urea.
sury only. Instead of being measure of re-
lief, they will operate to increase the public
embarrassment, just in proportion to the "a
mount of the peoples currency which they
absorb without an equivalent The Sub-trea-
sury is urged upon the ground, among others,
that, it will reduce the currency and bring
down our prices to the standard Of hard money
prices throughout the world
What would be the consequence ? We will
let William III. Crawford answer, and he
gives an answer, which although written
while he was Secretary of the Treasury in
1920, in his report to Congress, most aptly
meets the propositions urged by the leaders
OF the present administration in the Senate
"a sudden reduction of the currency, by the re-
lection Of the paper which has been employed couid
not fail 10 derange all the relations Of society," By d.
minishiag the quantity Of currency, whilst TIE articles
TO be exchanged lhrough its agency tcould suffer
such domination. An immediate depression in the
price of all commodities ucoid be the ,neritatie cone
quenee of an unqualified return 10 a metallic cur
| rency" =
" All the great interests OF society would be most
seriously disordered property Of erery description
pould rapidly fall IN uaLue the relations between
debtor and creditor would be violently and suddenly
changed This change would be greatly 10 the in
jury OF the debtor the property which would be
| necessary 10 discharge his debts would exceed that
which he had received from his creditor; the one
would be ruined without the imputa,ion OF crime,
whilst the other would be enriched without the SEM
| blance OF merit. Until the engagements existing at
the moment OF such change discharged and
nc price Of LABOR and commodities is reduced TO the
proportion which it must bear to the currency EN-
! poyed as the medium of their exchange enterprise
Of every Kind rtH be repressed and misery and distress
universally prcraH"
1t will be foreseen that the currency must appre-
cate, and that all other articles must depreciate in
| value"
The price Of the exportable articles will also be
effected by the reduction IN the currency employed
in efecting their exchange. II is probable that
the quantity of exchangeable articles will be dimi-
nished Whilst the appreciation of the currency is
| perceptiby advancing, the manufacturer will not
hazard his capital in producing articles, the price
of which is rapidly declining. The merchant will
abstain from purchasing, under the apprehension of
further reduction of price and Of the difficulty OF
revending al profit 1t is even probable that the
interest OF money will fall, whilst the cry of scar
city OF money will be incessant. Under such cir
cnmstances, loans will not be required, except to
meet debts of immediate urgency. None will be
demanded for the prosecution Of enterprises BY
which The productive energies of the community
will be increased"
10 this argument against the proposed mea-
sures OF the existing administration, which has
revived policy thus exploded and rejected by
the Republican party Of 1920 we need not
add one word. If the American people are
willing to give their support TO schemes cal
culated to produce the consequences depicted
by Mr.. Crawford we can only say, they must
be snsularly infatuated with Mr. Van Buren,,
and blind to their own private interests.
THE GLOBE AND GENERAL CRARY.
The Globe, of Tuesday evening. has para.
ded before lis readers, the speech of General
4