The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-07-11

the government, at war with the very reason and
philosophy upon which all free governments are
founded. And what is this? 1t is, that it is no
part of the business of the government to estab-
lish or regulate currency Of uniform value
throughout the Union which would aid and faci-
litate the domestic exchanges Of the country
That Congress possesses no power, under the
Constitution, to exercise any control over the
subject of currency and exchanges. That it is
only the business of the government to take care
of itself, and leave the people to take care OF
themselves! This, sir, is departure from the
principles and practice of every administration OF
the government, both republican and federal, i'll
regard to this subject, from the foundation of the
government down to Mr.. Van Buren's accession
to power | repeat, bfr. Chairman, that all pre-
cediHg administrations have practised on the
principle that it was the business of Congress to
provide the country with sound and uniform
currency, both as means of facilitating com
merce and of aiding the treasury in the admins
tration of the finances of the government. But,
SIR, the superior wisdom and sagacity of Mr.. Van
Bursn has enabled him to detect the errors and
blunders of such weak and imbecile Gold gran
mics" as Washington, Jefferson, Madison, Mon
roe, and jackson. In his opinion, we have had
great many grannies in the public service be-
sides Gen. Harrison. Sir, it is within the recol-
lection Of all that Gen jackson held and prac-
tised this doctrine during his whole admins
hation. One of the first complaints, if not the
very first, he made against the United States
Bank was, that it had failed in the great end Of
establishing uniform and sound currency. And,
sir, during the whole war which was waged
against that institution he and his friends CONT
nually promised the people sEbetter currency"
than it had afforded. Nay, sir, more. After that
institution was destroyed, and the pet-bank sys-
TEN adopted, they gave us the most iattering as
surances that the state banks had proved them
selves competent to discharge all the obligations
expected from the U. S. Bank, both in regard to
the regulation of the currency and the exchanges
and the management of the finances, to their en-
tire satisfaction, and indeed beyond their most
sanguine anticipation. Now, sir, how these
promises were performed, and how much truth
there was in these assertions, is matter about
which 1 need not now stop to enquire. l will
only appeal to the experience of the country to
decide.
Sir, it is denied that the government has any
power to aid the people in their present embar-
raised and distressed condition. 1t is denied that
the policy of the government has had any agency
in producing this state of things, and asserted
that it have but little agency in correcting it.
1t is not pretended by the friends of this bill that
it is a relief measure. They have changed their
tone entirely on this subject. They no longer
promise the people Fsbetter currency" or any
assistance in their attempts to recover from the
evils which now aiflIct them, but openly deny
that they have any power to do either. We are
told that this bill is to have direct effect upon
the currency. Iss direct effects are exclusively
confined to the financial operations of the gov
eminent, according to the professions of its
friends. They tell us it will incidentally pro-
duce a beneficial effect upon the currency, by i'm
posing a salutar restraint upon excessive bank
issues, and thereby preventing redundancy OF
paper circulation.
Sir, it is contended by the friends of this meas
ure, and the general policy of this administra-
ton, that the excessive amount OF money in cir
culation in this country is the chef cause of the
EMBARRASSMENT and ruin which has overtalsen
our people; that If has excited them to engage
in speculation, and stimulated them to over &C
ton in all the departments of trade and business;
that this has brought upon us bloated and I'M
natural state of prosperity; that it has given
fictitious and unreal value to every species of
property-all the products of labor, and to labor
itself; in short, that the prolific source of all our
misfortunes is the high price OF property, Ia
Dor, and produce. The only efficient remedy,
they tell us, is TO be foand in great reduction
of the amount of circulation, and consequent
reduction OF the prices of our property, and our
produces, and OF the wages of labor, to the stand
ard of the hard money despotisms OF Europe
These men, in the same breath that they advo-
cate this doctrine, cry cut against the "anti-re-
publican tendency OF associated wealth" They
heap curses and imprecations upon the ''aristoc-
racy of wealth." and shed crocodile tears over
the msfortunes and miserics Of the poor Bat,
SIR this doctrine, | shalt presently show, must
inevitably innure to the benefit of the rich, and
to the utter destruction of the poor. Its iegiti-
mate effect, under the existing state OF things,
must be to make the rich richer and the poor
poorer.
| insist, Mr. Chairman, that the state OF suf-
! fering and pecuniary pressure under which the
country is now suffering, is attributable, IN a
very great degree, to the policy of the govern
meat. No man of candor will assert that we
had redundancy of currency, or any over ac-
ton in business, until the late administration
commenced tinkering with it and experimenting
upon it. And, sir, their experiments have turned
out about like the experiment of the farmer upon
his axe. l have heard story of farmer In
some of the new countries OF the west, who lived
at a great distance from blacksmith shop, and
being very much troubled that account, he
determined to try his hand at the business him
self He accordingly purchased small set of
tools, and set up shop And being very hon
est man, he determined to try an experiment
upon some of his own work before he undertook
any for his neighbors. He had very good axe,
and one that answered his purpose very we'll !;
but he thought that he might improve its shape
a little by 1.upscttingo it So he went to work
upon it, and after hammering at it for some time,
he found he had got it entirely out of shape for
an axe, and he concluded to make mattock OF
it. After working while on the mattock, he
Of it; but he thought it would make very good
clcaver. He continued to work upon the cIeaver
until he burnt up the iron and steel, and he final
ly found that he could make nothing of 1t but
what he called ssskow." So he heated 1t red
hot and threw it into the slack tub, and the last
of the axe was the Kissing noise it made as 1t
was plunged into the water.
This case, sir, think is quite analogous to
the experiments we have had within the last SIX
or seven years on our currency. We had cur
rency, before they commenced tampering with it,
which approached as near to perfection as it IS
possible for any human Institution to do. We
were enjoying state of prosperity almost, If
not altogether, without an example in the his
tory of the world, Our currency has been de-
stroyed, literally annihilated; and we are re-
duced to state of ruin and disaster without a
parallel in any free country in time Of peace.
And, sir, how was this state of things brought
about. Gentlemen answer, by the wild, extra
VACANT and reckless course of the banks-by the