, 1840-04-11

creditors OF the government. This is its
simple and entire principle. Divest the Bill
under consideration of all its drapery and
paraphernalia, this is its naked, unvarnished
and une%xaggerated principles according TO it:
own friends. This exclusive use of specie
in all receipts and payments of the govern.
ment, il is true, is not 10 be ins;antaneously
enforced !; but thai is the direct and avowed
aim and object of the measure, to be accom-.
pllshed gradually, but in the short space Of q
little more than three years. The twenty
eight sections Of the bill. with all lis, safes,
and vaults, bars, and bolts, and receivers
general, and examiners, have nothing more
nor less in view than the exaction of specie
from the people, and the subsequent distribu.
ton OF that specie among the otiid. JpoI the
government and the creditors of the govern
ment. II does not touch, nor profess to
touch, the actual currency of the country
Ii leaves the loca. banks. where it found
them, unrelnrmcd. uncontrolled, unchecked
IN all their operations. il is n narrow. sci.
fish. aeartlesS measure. Il turns away from
the people, and ~abandons them 10 their hard
and memorable fate; leaving them exposed 10
all the pernlcious consequences Of an uu-
sound currency. utterly irregular and disor-
d"rrd exchanges, and the greatest derange-
mcnt IN all business. 1t is worse; II agri-
Yates and pe:petultes the very evils which
the government will not redress: for, by 60
lng into the market and creating 4 new and
additional demand for specie. i, ~cripples and
disables the state banks. and renders them
incapable Of furnishing that relief TO the peo-
pie which parental government is bound to
a rnrs Ill TO- naA -. .-l -,-.. - I'll
The divorce of the strte fron banks. of which
rs friends boast. is not the only separation
which 1t makcs-it iSa separation OF the 60
r"rn'nent from the constituency--a disunion
OF the servants of the people from the inter
ests Of the people.
This bill. then. is wholly in-commensurate
with the evils under which the country is
suffering. II leavcs them not only alio-eih-
~ unprovidcd for. bat ac-ravatcs them
L carries no word Of cheering hope or en-
ca-rmant 10 4 depressed people. 1t leaves
their lanCui>hinG business in the same state
OF hopeless Encouragement.
But lis supporters argue that such n sys-
TEN Of convertible paper rs this country has
so long had is radically wrong that all our
eviis are 10 he traced TO the BANKS and that
the sooner they are put down. and a curren-
cy exclusively mrtali. is established. the bet
ter. They further argued that such 4 metal
&c currency will reduce inflated prices. low
er the wages of labor. enable us To manu-
iacture cheaper and thereby admit our man
uiactures TO maIni lin n successful cornpeli-
ton with foreigners. And all these results.
nj some future time or other. are Ia be
brought abought by the operation Of this
measure.
Mr.. President. in nv opinion, a curren-
cv purely metallic is neither desirable, in the
present state oi the commercial world, nor.
If ii were. is it practicable, or possible to be
attained in this country. And if it were
possible, it could not be brought about with.
out the most frightful and disastrous conse.
quences, creating CONFUSION, if not revolu-
ton.
or all conditions Of society. that is most
prosperous in which there is a gradual and
regular increase Of the circulating medium.
aud n gradual but not too rapid increase in
value of property and the prices OF commod-
tiles. In such 4 state of things, business
Of all kinds is active and animated, every de-
partment of 1t flourishes. and labor is liber-
ally re awarded. No sacrifices are made Of
property, and debtors find without difficulty,
the means of discharging p'omtly their
debts. Men hold on to what they have,
without the apprehension of loss, and we
behold no gIutted markets. Ofall conditions
Of society, that is most adverse in which
there is a constant and rapid diminution Of
the amount of the circulating medium
Debtors become unable TO pay their debts,
property falls, the market is %glutted, bust
ness declines, and labor is thrown out of
employment. In such a state of things, the
imagination GOES ahead Of the reality. Sell
ers become numerous, from the apprehension
that their property, now falling, will still
lower and purchasers scarce, from an unwil-
lingness to make investments with the haz-
card of almost certain loss.
Have gentlmen reflected upon the con-
sequences of their system OF depletion p
| have already stated that the country is
borne down by a weight of debt. If the
currency be greatly diminished, as beyond
all example it has been, how is this debt
to be exiinguishrd Property, the resource
on which the debtor relied for his payment,
will decline in value; and it may happen
that n man. who honestly contracted debt.