The Madisonian., 1840-02-18

II is contended, however, that the reduction
oi wages would be only nominal; that mn exclu-
sfe specie currency being established, the
prices Of all commodities would fall and that
the lahorer would be able to command as ma
ny oil the necessnries Of life with his low wages
us ne can AT present
Inc great error Of Senators on the other
side !s' that they do not sufficiently regard the
cAis'ing structure Of society, the habits and
usages which prevail; in short. the actual state
OF thlngs' All wise legislation should be
founded upon the condaion Of society as il is,
and even where reform is necessary, il should
be introduced slowly, cautiously, and with
careful and vigilant attention TO all conse-
quences. But gentlemen seem disposed to
consider themselves at liberty to legislate for
new People, just sprung into existence, and
commencing its career--one for which they
may, without reference to what they see all
around them, speculate and theorize at plea
sure. Now, il we were such people, and
were dehberating on the question Of what was
the best medium Of circulation to represent
the property and transact The business of the
country, 1t is far from being certain that It
would be deemed wisest to adopt an exclusive
specie standard But, when we glance aLso-
ciety as II actually exists, with all its relations
and ramiications, its engagements, debts,
wants, habits, customs, nothing can be more
unwise, II seems to me, than to attempt so
radical change as that which is contem-
plated.
Icannot admit that the laborer. with his low
wages, would be in as eligible situation ms he
now is. The argument excludes all conside-
ration of his condition during the transition
from the paper to the specie medium. In the
descending process from an abundant to a
scarce circulation, there would be for him no.
thing but distress and wretchedness; and he
would be in the greatest danger of starvation
before the el dorado Of gentlemen was reach
ed. The adjustment of prices to the state Of
the currency is not so sudden work as is
imagined. Long after the specie standard
should be established. the old prices Of many
articles would remain and all foreign pro-
ductlons which enter into the consumption Of
the poor man would continue unaffected by
our domestic currency. If il be true that there
would be no alteration in the condition of the
laborer, if he would really get as much in ra-
lne, IN the new state of things as in the old,
howiS that OF the capitalist engaged in mnnu-
factures, 10 be improved! Would not his 81
tuation also remain unaltercd!
The assumption that an exclusive hard
money circulation is best for the laborer best
for the manufacturer, best for the country, is
against all the experience of the world Be-
yond all doubt, England is the most prospe-
rous Of all the nations Of the old world, and
England is the greatest paper money coun-
try that exists. Her manufactures find
market in every portion of the globe; her OPP
eratives and laborers are paid better and fed
better than any in Europe. Have The manu-
lactures Of the hard money countries of the
Continent prevailed over those of England,
and driven them ont Of the market III fair
competition? Far from it. Their policy is
to exclude, by prohibitions and heavy duties.
the entry of British goods into their ports
England has sought 10 make treaties with
them ALL and especially with France, upon
the basis Of free trade and France has re-
piled that her manufacturers are too much be-
hind those of England to admit of their be-
ing placed upon footing of equality. Pa
per money-inhated- England manufactures
about two-hirds of all the cotton exported
from the United States; and her cotton manu-
fac,ure alone is probably greater than that Of
all the rest Of Europe.
But, Mr. President, if the banishnent from
circulation Of all bank paper, and The exclu-
sive use OF specie in this country, were desi-
rable, is it practicable, can it be possibly
brought about have said that the legsla-
tor is bound to have due regard to The wants,
wishes, necessities, and condition of the
country for which he acts. But a practical
American statesman has further duty to per-
form; that OF attentively considering the DIS
tribulion of the power of Government in this
Confederacy. Here we have local Govern
ments for the respective States, and Gene
raj Government for the whole. The General
Government has but few, limited, and we'll
defined powers the States severally possess
ing all power not denied to them or delegated
by the Federal Constitution Whatever diff
ference OF opinion might exist, if IT were a
new question, it cannot now be controverted
that each Of the twenty-six State Govern
ments has the power to bring INFO existence
as many banks as it pleases. Banks have
accordingly been created and will conlinue,
and must exist, in spite Of the General Co
vernment. The paper of banks viii there
fore remain, as it has been, part of the ge-
neral circulation, in defiance of any policy
which this Government may proclaim. And
il one or more Of the States were to adopt
the hard money policy, there would be others
which would find, in the very forbearance of
certain members of the Confederacy to es-
tablish or continue banks, a fresh motive TO
create and sustain them; for the issues of
their banks weuld run into the States which
had them not, and they would thus appropri-
ate TO themselves, at the expense of others,
all the benefits of banking. | reoollect well
how banks were originally first introduced
into many of the Southern and Western
States. They found themselves exposed 10
all the inconvenience, Without enjoying the
benefits, of the banking system; and they
were reducedto the necessity of establishing