Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, 1840-04-16

But, sir, the Senator from Peunsylvan-
ia, while he declares that he is not for an
exclusive hard money currency, or, in 9TH
er words, is not hostile to well-recuiated
banks, if they can be well regulated as he
expresses himself, argues that this bill vii
diminish importations, suppress credit, and
stop speculation, by modifying the curren-
cy so far as to work out these extraordn-
airy ends.
/ am by no means satisfied that it is ca
pable of producing all these consequences;
but, as such power is imputed to it by its
warniest friends, and those who are in the
councils and confidence the Admins
tration, who bring it forward, and no doubt
bring il forward with this view and ex-
pectaton, shall, in this reply, confne N.Y.
selfto the positions assumed. Tha, it will do
the country no good | have never doubted;
but hive never allowed myself TO be-
Ieve that it can exert that influence upon
its affairs which is ascribed to it.
If it will diminish importations in tie
right way, so far i, has my most hearty con-
curronce, for they have run into an iniuri-
Gus excess. This again is the result of a
false policy not imPutabIe to paper, as the
Senator supposes. even as principal
cHuse. 1t comes Of encouraging foreign
labor instead Of our own; Of stimulating
this trade under the persuasion that it is
more beneficial to the country than to
strengthen and foster our own industry. un-
til 1t has roachen point of injurious ey-
cess, suspending our laborers from employ
mcnt and taking from them their bread
/ We buy more than we sell, leaving BAL
ance of many millions now due to Europe,
which is to be paid out of the resources of
the People; and it is time to re!race our
steps. The President, who has hoen n
promoter of this policy, complains in his
message Of this excess as a serious evil,
and rejoice at it; but he fails 10 indicate
a remedy He talks vaguely Of economy,
but is silent upon our grea; interests OF the
North and East. We must, sir, stand by
our own laborers and not suffer them to
be overwhelmed by this process, and ihen
appeal to them to lower their wages. Our
duty is plain, and we must pureue it with
manly hrmness The workshops Of Eu-
rope must not be allowed TO supersede ours.
This is the remedy. But the bill will sup
press creGit-suppress bloated credit!-
What, sir, is credi:' One would think il
some invention to defraud the Public, by
the manner in which it is spoken of; but it
is co.existent with business, AID wherever
/ there is or has been business. there credit
has always existed, and has been aud will
be abused to greater or less extent. /
cannot comprehend how commerce or
trade can be carried on successfully with
out ii! Abolish credit, and for what =
Because the false policy Of the Admins
traton in 1885 6 ,-stimua:ed ii TO excess!
Because, like the freedom Of speech and
the press it may he abused know Of 10
other period against which any general
and just charge can be brought
What would be the condition OF the
country if men were denied credit! Moth.
ing more deplorable The young man
born to no inheritance now goes into the
world with his character for honesty and
integrity; this is his great and only re-
source, and by the faith placed IN this he
commands the funds necessary to go for
ward IN business. And, Mr. President, it
is one Of the glorious characteristics of
our institutions that this path is open to
his enterprise, and the way to wealth as
well as 10 honor and fame, is clear of OBJ
struc;ions for the most obscure and hum
bic individual. Shall we deny to such the
only chance they have of success? Shall
we trample Oh them, and grind them to
dust with the iron wheel of powerl No,
sir, | will espouse no such anti-republcan
doctrines. will vote for no law that de-
clares TO the poor that they remain in
hopeless poverty, and TO the rich that they
alone shall have the enjoyment Of property.
But speculation is to be put down. If
the Senator means by speculation, I'm.
wise and hazardous traffic, it has always
existed, and always will exist, where en-
terprise exists, unless he can uproot the
desire in The human mind FOR the sudden
acquisition of wealth, lie night AS well
undertake 10 stop the emotions and pas
sions Of the human heart. The only way
TO make men prudent and sagacious it,
business--and it is very desirable they
should be SOS to make them see far
enough into the future to avoid ruinous
hazards; but the rash, who often have q
passion for wealth, viii indulge illusivc
hopes and make ruinous bargains, unles.
the Senator can enlarge their understand
ing and increase their sagaci;y.
| There is but one process by whicl
credit and speculation can be suppressed
and that is by deneying the means ar,
facilities Of business not to speculation
alone, but to all; and that is exactly wba
! the argument Of the Senator tend, TO