Baton-Rouge gazette. [volume] (Baton-Rouge, La.) 1819-1856, 1840-02-22
Erfraeh (rom The Message Of coro"o' Norto'

E,fraef, from The Message Of Corc,not Morton
IF Mnssochnsehs.
The essential vice Of our system its great eE-
rausion, and The wide Introduction Of paper as
the exclusive currency for sums ns small even as
one dollar 10 ono to which the attention of Mas
.nrhuse,ts ought especially to be directed. We
arc a manufacturing and commercial people, and
W. have been suffering from . system of hostility
to American industry. II is not when considered
as a domestic question. that this evil in our bank
ing system presents its worst aspect. II IL when
we contemplate our relation TO foreign States,
that we are made fully sensible Of the cause Of
our sutlerings. Our currency, except for the
small sums required for change. is composed
wholly Of paper. Very little gold circulates
among Tia. Even silver dollars have almost dis
appeared from The currency. Their place il Ia
ken by paper. Now this paper pretends TO be
convertible into and equal to specie: but the es-
prrience Of the few last years has proved that. as
an aggregate. il is not. The grea, expansion OF
the credit system raises prices to an unnatural
height. far escee ling what would DO possible in
countries like England and France. where gold
aud silver form so large a portion Of the currency.
The foreigner is therefore. by tho instinct of inter
est. induced TO food this country with the pro-
ducts of foreign industry. What nvai's a Tariff,
even n high tariff Of pro,ection7 The unreason.
able Use in prices more than countervails the i'm
posts for revenue. At home. public opinion IA
voring a paper circulation, the paper remains in
the hands Of tho people. The foreigner has less
delicacy; he converts his paper into specie and
exports it. This always happens when n paper
currency is redundant. Such a redundancy al
ways occasions large importations from abroad,
and the consequent export Of the precious metals.
This effect is as certain as the laws Of nature. But
worse follows: The export of the precious metals
brings with it, Of necessity, a contraction OF the
currency. Bills run ION upon ,he Banks; pt'-
ces fali; collections are difficult; and then, when
our own manufactures are suffering under the
depression, and really need additional use of Gre.
dit, far from being able to obtain it, they find the
banks themselves entering the money market;
and, instead Of being money lenders, borrowing
for their own purposes, all tho funds they can
reach.
1.-The instruction Of the onmon mind should
be the common concern. Let the whole people
be educated and brought up to the standard Of
good citizens and intelligent and mo'aI members
of society. Let the government care for those
who have no one elsc to care for them. The
poor, the weak, the depressed. and the neglected,
have the greatest need Of the protecting arm and
the succoring hand Of the Commonwealth. Let
tho cbi,n,,n of such he deemed the children Of the
republic, and furnished with suitable means OF
instruction, that their powers. me,..al and payslc-
al, may be developed, aud they be converted ii!to
IN and blessings to the community. Let
the town schools be open to all, and made so re-
spectacle aud so useful, that all may desire to en-
ter them The district school, properly governed
and instructed, is a nursery of democratic senti-
ments. |, s,rikingly illustrates the fundamental
principle of our government. There, before the
pride of family or wealth. or other adventurous
distinction has taken deep root in the young heart,
assemble upon a perfect level, children of al! cir
cumstances and situations Of life. There they
learn that rewards and honors do not depend upon
accidental advantages, but upon superior dill
gence, good conduct, aud improvement. There
they have practically written upon their tender
minds, too deeply to be obliterated by the after
occurrences and changes of life, the great princl-
pies Of equal rights, equa! duties, and equal adj
vantsges.