The Madisonian., 1840-02-15


cess Because, like the freedom OF speech
and of the press, il may be abused know
OF no other period against which any general
and just charge can be brought. What would
be the condition OF the country, if men were
denied credit Nothing more deplorable. The
young man born 10 no inheritance nov goes
into the world with his character for honesty
and integrity; this is his great and only re-
source, and by the faith placed in this he
commands the funds necessary 10 go forward
in business. And, Mr. President, it is one
OF the glorious characteristics of our insltu-
tions that this path is open to his enterprise,
and the way TO 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 trample on them, and
grind them to dust with the iron heel of pow
err No, sir, will espouse no such anll.re-
publican doctrines. l 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 enjoyment OF pro-
perty.
But speculation is to be put down. If the
Senator means by speculation, unwise and
hazardous traffic, il has always existed, and
always will exist, where enterprise exists, un-
less he can uproot the desire in the human
mind for the sudden acquisition Of wealth.
He might as well undertake to stop the emo
tons and passions Of the human heart. The
only way to make men prudent and sagacious
. in business-and it is very desirable they
should be so-is to make them see far enough
into the future TO avoid ruinous hazards but
the rash, who often have passion for wealth,
will indulge Elusive hopes and make ruinous
bargains, unless the Senator can enlarge their
understandings and increse their sagacity.
There is but one process by which credit
and speculation can be suppressed, and that
IL, by denying the means and facilities of busi-
ness, not TO spectators alone, but TO all I; and
that is exactly what the argument Of the Sc
nator tends to. He proposes to diminish the
circulation, declaring tfatthere is an imitation,
when we are crippled down by the scarcity Of
money. He would diminish to a vast extent
the resources and ability Of lenders, when the
Public is in despair for want of circulation.
He assumes that diminishing the currency
will diminish wages and the value Of property,
and so il may be; but the first great and
abiding result will be a dlminution Of busi-
ness. His theory abolishes credit, and leaves
nothing but reduced currency to do business
with, and no one can deny that reduction
of business must follow. Is the country pre-
pared for lhisl Do we grow too fast Is
our enterprise too greatl Do we labor too
muchl Have we too much TO eat, drink, or
wear Are our comforts and enjoyments so
multiplied that sound policy requires they
should be curtaed What response will
the People give to these inquiries Let him
who is willing to he pared down first stand
forth and proclaim it. Wages are 10 be dr.
minshed by cur,ailing the demand for them
for that is the effect OF reducing business.
The Senator, in his argument, seemed to
forget that the evils of a contracting and con-
tracted currency bear as oppresswely upon the
public, and more so, than, those of expansion.
The difference is this !: in expansion, the
weight of loss falls on the creditor portion
in contraction, upon the debtor portion: but
in either case it is a grievous calamity. He
cannot reduce the currency below what is me-
cessary, without even more suffering than
arises from too much.
The Senator from Mississippi (Mr. Walk
er) goes for the abolition of paper. The
quantity of specie in the country is not sup
posed to exceed about SS0,000,000 the
President puts it at SS5,000,000. This he
argues would ensure great reduction of
wages and of the value of property, which he
insists will be beneficial The Senator from
Missouri Mr. Benton) is also for metal alone;
and these gentlemen have bestowed the high
est encomiums upon the policy Of the hard
money countries. The latter is enchanted
with the fact that the Hollanders have grown
rich and become great lenders OF money,
while we are borrowers and | will solve for
him this enigma upon his own principles. lie
imputes il to gold, and iniers that we sho uld
be lenders if we had metallic currency only
Who, MIR. President, are the lenders OF Hol-
land Those individuals who have amassed
millions; who at one time owned most Of this
city, and who can buy up empires with their
boundless wealth, having profted by state
of things which made the privileged few rich,
while the many are left poor--whilc the labor
er, as | can prove, gets but his 3d and Al
day. This is the last policy we desire the
last that would be in harmony with the genius
of our people or in unison with their true inter-
ests. Its diifusive wealth that we desire; gen.
eral prosperity among all property scattered
every where, atlainabe by all that deserve il
and thus invigoratng successful business, in
which all may participate, instead OF amassng
it in the pockets Of few. We are borrow
ers; be il so. Ii is better, infinitely better, TO
borrow, and thus diffiuse capital ito excite in
dustry and enterprise, than to amass il in heaps
and become lenders to nations, with a nation
of paupers at home.
But, sir, fear | have dwelt too long on
these matters, and will hasten to notice that
for which chiefly rose. Much has been said
of labor, and what is it may say, without
offence, it is a commodity bought and sold
FL Al 4
his skill and service to sell 10 whomsoever