Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1840-03-02
MONTPELIER, MARCH 2, 1910.


appropriate connection, shall pass il for the pres
eni, with n single remark il such are the ndvan-
tages of other countries, why do the poor emf
crate hher and why do OF our citizens emigrate
thther?
will now notice the effects upon the pubic
policy which are imputed TO this bill We have
always been told that II WIS II simple proposition
to divorce the Government from the banks, so us
TO enable it TO hold its money, aud, therefore, |
harmless in its character as ii would affect moth
lug else.
But, sir, the Senator from Pennsylvania, while |
he declares that he is not for an exclusive hard
money currency, or, in other words is not hostile
to well regulated Stote banks, if they can he well
regulated, as he expresses himself argues ihnt this
bill will diminish iinporlaiions, suppress credit and
stop speculation, by modifying the currency so far
to work out these extraordinary ends
! am by no means satisfied that it is capable of
producing all these consequences, but, as such
power is imputed TO by its wnrInest friends and
those who are in the councils and confidence of
the Administration, who bring it forward and no
doubt bring it forword with this view aud expec
talion shall, in this reply confne myself TO the
positions assumed. That it will do the country no
good have never doubted but have never al
lowed myself TO believe that it can exert that in
fuence upon its affairs which is ascrihed to it.
II it will diminish inportaons in the right way,
so far it has tiny most hearty concurrence for they
have run into an injurious excess. This again is
u
us the Senator supposes even ms principal cause.
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,
until it has reached a point of injurious excess,
suspending our laborers from employment and
taking from them their bread. We buy more
than we sell, leaving balance OF many millions
now due to Europe, which is to be paid out of
the resources Of the People; and it is time TO
trace our sieps. ! he President, who las been
promoter of this policy, complains in his message
of this excess as serious evil and rejoice at il ;
but he fails TO indicate the remedy He talks
vaguely OF economy, but is silent upon our great
interests of the North aud East. We must, sir
stand by our own laborers, and not suffer them
to be overwhelmed by ibis process, and then APP
peal to them to lower their wages. Our duty is
plain, aud we must pursue il with manly firmness
The workshops of Europe must not lie allowed
to supersede ours. This is the remedy. But the
bill will suppress creHit-suppress bloaed credit!
What. sir, is credit? One would think it some
new invention to defraud the Public, 10y the man
ner in which it is spoken of; but it is co-eXistent
with business, and wherever there is or has been
business there credit has always existed, and has
been and will be abused TO a greater or less ex
tent | cannot comprehend how commerce or
trade can he carried on successfully without it !
Abolish credit, and for what? Because the false
Docy of the Administration i'm 1885 ';}6 stimta-
ted it to excess Because, like the freedom of
speech and the press, it may be abused ] know
of no other period against which any general and
Just charge can be brought. What would he the
condition of the country if men were denied cred
it? Nothing more deporable. The young man
born 10 no inheritance now goes into the world
with his character for honesty and integrity this
is his great and only resource, and lay the faith
placed in this he commands the funds necessary
to 20 forward in business And, Mr.. President, it
is one of the glorious characteristics Of our ms
tuons that this path is open to his enterprise, ard
the way 10 wealth, as well as to honor and fame,
is clear of Instructions for the most obscure and
humble individual. Shall we deny TO such the
only chance they have Of success? Shall we
rnmpIe OIL them, and grind them 10 dust with the
iron heel of power? No. sir, | will cspouse no
such anti republican doctrines. will vote for no
law that declares to the poor that they shall re-
main in hopeless poverty, and TO the rich that
they alone shall have the enjoy ment OF properly.
Eut speculation is TO be put down. II the Sen
aor means by speculation, uuwise and hazardous
traffic it has always existed, and always will ex isl,
where enterprise exists, unless he can uprOot the
! desire in the human mind for the sudden acqusi-
ton of wealth. He might as well undertake &c
stop the emotions and passions OF the human heart
| The only way 10 make men prudent and sa2aciou:
| in business and it is very desirable they SHOULD
| be so--s to make them see tar enough into The
future TO avoid ruinous hazards; but The rash, who
often have passion for wealth, will indulge iu
sve hopes ana make rninous bargains, unless tie
Senator can enlarge their understandings and in
crease their sagaclty.
| There is but one process by which credit ant
speculation can be suppressed, and that is, by de
nying the means and facilities of business Il
spectators alone hut to all and that is exacll,
what the argument Of the Senator tends to. II,
/ proposes to diminish the circulation, decarn,
that there is an initiation, when we are crippled
down by the scarcely of money He would di
minish to Il vast extent the resources and ability
H.. 70. 4
J circulation. lie assumes that diminishing tn
currency will drnish wages and the value @
property, and SO it muy be but The first great nm
abiding result will he n diminution Of business
His theory ahoshes credit, and leaves nothing bu
radical currency to do business with, aud no on
can deny that II reduction of business must fol
, low. Is the country prepared for this Do "
grow too fast 4? Is our enterprise 100 great? ID
we labor too much Have we TOO much to en-
drink or wear? Are our comforts and enjoy
4 ments so multiplied that a sound policy require
they should he curlailed? What response wi
the People give to these inquiries Let him VIII
! is willing 10 be pared down first stand forth an
e proclaim il. Wages are 10 be diminished by cul
failing the demand for them; for that is the effe,
of reducing business.
The Senator, in his argument, seemed to for
$ get that the evils of II contracting and conracte
currency hear rs oppresslvey upon The lmhi,
( and more so, than those of expansion. The dit
a ference is this: in expansion, the weight OF los
I falls on the creditor portion - in contraction, upo
Il the debtor portion but in either case it is gre'
I ons calamity. lie cannot reduce the currenc
below what is necessary without even more su
D fering thuu arises from too much.
e The Senator from Mississippi lMr. Wake
= goes for the abolition of piper. The quantity
II specie in the country is not supposed to excee
about Ss0,000C00; the President puts il ut SS5
n 100000 This he argues would nsure a gree
20 reduction of wages aud Of the value OF proper
=. ln..l ,.al
G from Missouri (Nr. Benton) salso { metal alone
md lhnsn nenIlenlen hnNn hesiOMed the hinhe