The pilot. [volume] (Baltimore [Md.]) 1840-1840, 1840-04-16

60 ',nlsSs The gentleman would include the
s J which have recently been issued
bv the Department at Washington, IN order
t9 sustain The credit OfthlS rotten and tOtterlng
demonstration. | have said, upon a former
occasion. upon this floor, that among the prom
;nent causes of the arrangement Of our mone'
torv concerns. was the withdrawal of public
confidence from our banking institutions.
also said sir, that this destruction OF public
confidence had been accomplished by the unre :
lenting and systematic warfare which had been
wared against these institutions for years past
by the government and all its departments
This opinion, upon that occasion, was repudla-
ted and boldly denied by my friend upon the
left-the learned gentleman from the city OF
Baltimore, Mr.. Giles.
now again repeat that declaration, and
think have shown the gentleman, in the
course of this argument, that the opinion
which then advanced, and now relterate, Is
fully sustained and entirely established by the
facts and Illustrations, this day submitted Tor
the consideration of this house. Sir, so long
as paper currency shall be cried down, as in
the language of the resolution under consider
ation-so long as it shall be denounced IN
YOUR halls of Legislation as ',pesfHerOHS as
beinr destructive of confidence between man
and nan-so long as men in high authority
shall promuge TO the world, from their high
Dlaces. that gold and silver is the only cOnSti-
tutionafcurrency-ius So long shall we labor
under all the embarrassment OF trade and of
commerce, which now prevades this and every
other portion 0fthe community. II Is, sir, up
on public confidence alone that the credit Of
YOUR banks, and of individuals, can exist
Destroy butfor one moment the confidence OF
the country in the credit of the country, and
in that moment you give mortal stab to the
very source from which flows all our DroSperi-
ty as nation, and as people. There Is one
other light in which wish, in concise man
ner, to present this question to the consldera-
ton of the committee, and then will have
done with this part of the subject. According
to the official documents now before me, it
seems that the proportion OF the precious me-
tails, to that of Bank paper in circulation in
this country, from 1880 TO 1887, The time Ofthe
first suspension, was three in paper to every
one in gold and silver. Now, said Mr.. Z. as
Stunning this position as truth, let us pause and
consider the practical effect of this resolution,
jfcarried out in detail. Your resolution, is
direct attack upon all paper money, and adj
hitting, for the sake olthe argument, that bank
paper was forever exploded and the hard mo-
ney era fully and practically ushered in, what
would be the efiect-the immediate, the ever
lasting efect-upon the credit of your state,
and upon almost every individual in the COM
munity' We are told by official documents
that, at this very time, your state is aboring
under the heavy burden OF fifteen millions Of
dollars of public debt She is already groan-
ing beneath this heavy weight, and if, by your
course oflegiSlatiOn, you accomplish the object
so much desired by many within the sound of
my voice, you at once cut off three iourths of
the resources Of the State to redeem her labll-
tiles. We should then find it as difficult to
pay fifteen millions of dollars as we would at
this time to pay sixty millions, with our pre-
sent resources. Sir, ifthis state of things could
be forced upon US, for one, anxious as am,
and hope ever to be, to maintain the faith ard
credit OF the State, would this day-yea, sir,
this moment, lift were practica ble-take the
benefit of the insovent laws, and cut loose from
all our liabilities, and why? Because il |
would be utterly impossible for US ever, or our |
posterify after US, to redeem our obligations
/ will not longer trespass upon the time of the |
committee in arguing this part Of the subject
| feel conscious that have faithfully, to the |
utmost of my abilities, discharged my duty to |
this house, and to those whose interest re- |
present on this floor. have warned you OF
the destructive tendency-the runous doc |
trines-the agrarian principles embodied in |
this most Ioathsome and much detested resou- |
ton.
will now invite the attention, Mr.. Chair |
man, ofthe committee to the consideration Ol
tile last; though not least, OF these famous re-
solutions. aude, sir, said Mr. P, to the
one instructing our senators and representa-
tives in Congress TO vote for the Snb-Treasury
bill. This will, it is to be hoped, constitute
the last of the experiments of the administra-
ton upon the currency of the country. As |
have already shown, the country has for years
past, been made to bleed at every pore by
these successive and reckless experiments; but
this sad tragedy is not yet complete; still
greater calamity, in my humble opinion: should
this bill pass, is yet in reserve for all classes of
this much injured but confding community
This grand catastrophe will be complete once
this government shall fully abandon, as now
contemplated and openly avowed, all control
or supervision over the fiscal affairs Of the ma
lion. The BILL sir, which the resolution pro-
poses to instruct our representatives in con-
gress to support, is declared openly to be di-
vorce-an everlasting separation OF the gov
eminent from all banks, and all influence over
the circulating medium of the country. The
people and the banks are to be left to provide
Tor themselves, whilst the government is to mo-
nopolize all the gold and silver in circulation,
for its own support, and the support OF thu
uinions Of power who throng aud sally arounC
.ba White Ho,,ea af WashinOtOn. such. sir