The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1840-03-03

The Senntar admits that thia was the pGhcy Of
the Administration, and tIat the disastrous cnnae
quGnces predicted by the Opposition hive been
verified He might have gone iurthnr for 1t II
truth equnllY undenahle, that this policy soved
tha seed OF nenrly quite one half o Z tho whole
number Of hunlis-hervee eight and nine hundrsd
and of more than half OF the Cnpit that IL
vas The parent Of the paper SexpaHsIon, c"ntrnc-
u0u, and eXpiosInn- OF which he has spoken IA
terms OF inst severity that it is alike rhs Paraun
OF the Oinated credit Sys6iu, Wh!ch ne alarms mas
made ali Ilmbters ; and tilat The mai IpeGula-
unn which ra4ed over the country, and mas FURNISH
Ell theme for Determination in these halls for three
years past, begoueD by 1t. such the t;Icss,
and on the proectors OF this policy let the respon
5Ibihty rest. We bad had XpRnsuus, con-
ractious or expiosions, for L h;uE period, thar did
not fairly beIoug to the yihrnuons Ut trade
mar EXCITED alarm seriously drtHrbrd public
cnnIidence, tIil we came This reforming pnlicv
hut since then the public mInd has scarcelq been
TranqniIZrd. In l-:!4 came the irst fell swuHp.
whIrh overturned and bauJrupred thousands and
Or originated here. In '35-6 came the graar era
o. bank making and trading upon the public mon
ays then Accumulated % sixty or seventy millions
Is nearly rs remenhe", which thrav the country
INTO tevsr'sh excitement, amt even firm, we'll
balanced minds out of their adjustment There
was rage for fortune milking aud 6Jrtaue huutIng
such rs had never been wltnessed, aud which moth
ng but this policy cduable Of IunerlUuI -
The Senator might and unght have limited the
bioHted credit system that made ali. he at
hc as. sglmbtHrsu this periud ami left the offspring
to stand beside rs parent proof al the DISASTERS
at this policy, and OF the fltment at the pradIC
unns of the Opposition lar 60 together they must
and live together .Aey Will in history and no so
phIstry, no Ingenuity sepura!e them
hIle the Senator admits this policy 90 beluuG
cIusivuIy 10 he Administration, and have been
stFauuously opposed nv US. and IT'S melancholy
consequences predicted, he nav repud.aie Is
rnneGus, and must allow TO INN lld MS friends
Whatever credit belongs 20 IN dbandanmenr OF 30
after II had literally eXpiodat, ana the mischief
was accomplished. BI.. SIR, ha and they must he
reminded thnl could, ii [ would, raad Gam the
.'vf,.,
Reports Ct the -ecretirv IT the Treasury anguage
1T exnltailon, trlumphIng n The entlra succass cd
The policy, AoHsJIug thar the
better footing rhan ever. -hat Jhe exchanges
greatly unruved and -hat. too, the very
ment when the bb1atat credit most expanded.
and speculation the most rtia anal rtHk. Such
the delIson rhur the madness winch had sai5-
Ell ma utudes was trulnpGted turtH as evidence of
SUCCESS and .pnerll prosperity Eha senator clear
~ r,asuus from false Promises when he makes The
buuIts the origin OF our advertisements, ttr tteY
were only instruments III The hnnds OF those who
projected the measures -hat have made them what
thew
But the Senator goes farther. amt traces JiIe
Ils af bunk and bank piper into Eng amt ana. al
l-ges. without 4iIa cafinn- Liat from this cnuse
business there is IL hndv pHralyZed a. IL ~ here
aud am not about make upon tlat
point, for 1 must hurry 10 other mHtlers. He
makes an Iutsrenc&- however winch must nou'''.
He suvs that 20 This ,urrumsrnuCe alone We owe
our ahihtv ~ manufacture goods. " Engi,ud was
a hard money cnuHrry. our mI5ls Il ri hammers
the price OF wages. and consequently the pllre OF
production, that she cannot send forth her goods ="
cheap Is she otherwise could, or 50 cheap as they
made hard money countries, where ~ag"r
are lusveT' And du owe our =Ir"esH O" Tins
. toby Do stand sach slippery lHaa,
having iIuthold but upon error OF pottery.
stupidity persisted in desire be informed
hnN the hdrtt- m.uey countries, Is they are cuLed
italy, Spaih, 3ilaHd, Fr Ince and tTermanY-iur
they have all heen put into rhat class, though nor
with strict historical accuracv-stand The compet'-
IA
hnyv, sir. do they figure IN Jhe cumpeurun Win
mas supplied our muri.ets OF The world II me-
tsiilic CURRENCY makes pruductIuu cheaper-H Il
gives vintage ground 10 i Cuuntry m The genGraI
round OF trade, how ~ It that these nations ha7"
+ not long since England out of oar MARKET with
their cheaper goods How ~ Il that We draw an
nuaIly from England two fold more at imports
/ than from all the residue OF Europe why ~ II
that thew, especially France, shut their ports l.
Iunat kinds of English gonds, To protect their
own manufacturers w nv ~ the same policy pur-
sued elsewhere la Jiirse countries the hard
money scheme has nad long. full, and faithful
trial. and know the result. England, without
auV Advantages over them IN our ports, ms over
vlelned them with her cnmpGiiunn and 80 rrls
wherever trade 10 open To Aer upon 4 h'nIh4 OF q
quality with Them
/ Is ii not Nr President a surprising flct that the
Senators who have spokan upon ths subject nave
most free most commercial administrations
which. bv their extraGCdirary enterprise lnd their
unsurpassed know ledge OF business, have carried
eXCgiled all GthEi5 IN The accumulation OF Weailn
and the en- Iuyments * brings with It-nH.Iona nigh
~ civilized. and sanding among the most eniIght
ed in the GSiohe-is Che examples OF unwlse, M
prudent and vicious guVernInent-a'' daSt'iiite OF
The first principles % puHucal ecnnomy is To waste
the nrudIcts Of their labor through the unseen
and neon prahensihle influence of bank puper
There III IA denying that they have outrun AZ
others in prosperity while in the OF this paper,
and vet accurding the theory Of the Senator
! tbay have all the time Injured under most up-
nrassve policy, hioatng wages and property while
it has been the happy dt OF other cnrnJrles 10 iYe
,,J,a, me lusuci0rs influence Of hard money
Snn,n. Ittlv, Frunce, Holland, Gernunr, on the
other hand have become PATTERN nations, disln-
rushed for their wisdom, and also tor life happy
cunditiau Of their aburgr4, vino dounues7, taiIng
IN renIzg their condition, escape- whenever heY
cnn To tins country or some other part OF this con
rinenL. ,
gut ar must leave this rnpi" ant % to lnaih-
a la Saunror assures us tIat Uilis piper brings
wirl il this alarming atTibute-is 1t expands ana