The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1840-05-15

ilc correctness Of both these propositions; and,
in the first place, for one, am not in favor Ofes-
tablishing an exclusive metallic currency for the
people of this country, desire 10 see the banks
greatly reduced in number and would, il
could, cOnGnc their accommodations TO such loans
or discounts, for limited. periods, TO the CONNER
cia, manufacturing, and trading classes OF the
community, as the ordinary course of their bu-
sness might rcEdcrne ] never wish to see
farmers and mechanics and professional men temp
ted, by the facility of obtaining bank loans for
long periods, to abandon their own proper and use
lul and respectable spheres, and rush into wild
and eXayagant speculation. would il | could
radically reform The present banking system, so as
to cOninc it within such limits as TO prevent ia
turc suspensions of specie payments ; and without
exception, | would instantly deprive each and eve
nv bank Of its charter, which should again suspend.
Establish these or similar reforms, and give US Il
real basis for our paper circulation, by mcrcas-
ing the denomination of bank notes first 10 ten, and
afterwards to twenty dollars, and | shall then be
the friend, not the enemy Of banks, knew that
The existence Of banks and the circulation ofbank
paper are so identified with the habits of our pco-
pie, that thay cannot be abolished, even if this
were desirable. tn reform, and not to destroy,
il my motto. 70 coutne them to their Hppro-
icyng TO the spirit of Wild and rackless spccu'u-
ton, exiuyagunt loans and issues, is all which
ought to be desired. Eut this shall say. If
experience should prove it to be impossible to en-
JOY the facilities which well regulated banks would
afford, without; at the same time, continuing to
suffer The evils which the wild excuses of the
present banks have hitherto entailcd upon the
country, then | should consider it the lesser evil
TO abolish them altogether. If the State I.cgisla-
lures shall now do their duty, | do not believe
that it will ever become necessary to decide ON
such an alternative.
We are also charged by the Senator from Ken
lucky with desire TO reduce the wages Of the poor
mans labor We have been often termed agrari-
ans on our side Of the House. 1t is something
new under the sun, 70 hear the Senator ind his
friends attribute 10 Us Il desire 10 elevate the
wealthy manufacturer at the expense Of the labor
ing man and the mechanic rom NY soul re-
spcCt the lahormg man. Labor is the foundation of
the wealth Of every country and the free labor
ers Of the North deserve respect, both for their
probity and their intelligence Heaven forbid that
should do them wrong &C all the countries on
the earth, we ought to hive the most consideration
for the aboring man, From the very nature of our
institutions, The wheel of fortune is constantly re-
yolNirg aud producing such mutations in proper
y
the poor luhorcr cflo-morow. Truly wealth often
takes TO itsc'lwng| and ncs away. \ large for
tune rarely lasts beyond the third generation, even
# endure 50 long. We must ali know instances
of mdiS duals obliged to labor for their daily bread
whose grandAihcrs We're men ci fortune, 7 he
regular process Of society would almost seem 10
consist Of the efforts Of one class to dssputc the
fortunes which ihcy have Inherited, whilst another
class, BY their industry and economy, are regularly
rising to wealth. We have all, therefore, II COM
mon interest, ~ it il common dUly, To protect the
rights Of the laboring man; and il believed for Il
moment that this bill woud prove injurious to him,
it should meet my unqualified opposition,
Although this bill viii not have az great IN in
lucHra as could desire, yet, as lar as !, goes, il
will benefit the uholing mnn as much, and probn-
bly, more, than any other class Of society. What
is it he ought most to desire; Constant en- poy-
mcnt, regular wages, aud uniform reasonable prices
for the ntccSSarics and comforts Of lie which he
requires. Now, sir, what has been his condition
under our system Of expansions and conructous !;
He has suffered porc by them than any other cit
~ ~ i.,. - I.. 80 i.., ,,,s.- :, G,v,i -uI
known and they are the last 10 rise with the IN
creasiug expansion, and the first to fall when the
corresponding rcyulSion occurs. l,csli coninucs
10 receive his dollar PER day, whilst til, prize Of
every article which he consumes il rapidly rising.
lie Is at length made 10 feel that, although h.
noninaIy carnS rs much, or even more than h. did
formerly, yet from the increased price Of all the
ncccssarlcs Of life, he cannot support his family.
Hence he Strikes for higher wages, and the uneasy
and excited feelings whi,h have at different perl
DDS, existed among he laboring classes. But he
expansion at length reaches she exploding point,
and what does The ahoring man now suffer! He
IL for season thrown out o. employment a;ogelh-
or, Our manufactures are suspended our pub.
liz works are stopped our private enterprises Of
different kinds are ubanded and, Wills, others
are able To wealhcrIhr slorm h. can scarcely pro-
cure thu means Of bare subsistence
Again, Sir, who do You suppos, he'd the greater
part of the worthless paper Of the one hundred and
sNly-iye hrokcn banks 10 which | have referred
Certainly il was not the keen and wary spacu-
lalor, who snulls danger from afir. IT YOU were
Ia make the search, SOU would find more broken
bank notes in the cottages of the lborhg poor than
any where else, And there miserable ,hinpasters
where are they Aicr the rcNulson of 1887, Ia
borers were glad to nbIain employment on any
terms; and they often received il upon the express
condition that they should accept This worthless
trash in payment. Sir. an entire suppression of all
bank notes of u lower denomination than the value
of one weeks wages Of the ahoring man is abso-
lulcly necessary for hiI protection. lie ought al
ways To receive his wages in gold and silver. Of
all men on the earth. the lnborcr is most Interested
in having sound aud stable currency.
All other circumstances being equal agree with
the Senator from Kentucky, that that country is
most prosperous where labor commands the highest
wages. do not, however, mean by the term
"highest wages" the greatest nominal nmonni.-
During til, Revolutionary war, one days work
commanded hundred dollars of continental paper;
bu, this would scarcely have purchased break
fast. The more proper expression would be, to
say that that country l. most prosperous where
labor commands the greatest reward; where one
days labor will procure, not the greatest nom-
nal amonat Of n deprecated currency, but the
most of the necessares aud the comforts of lilc.-
II, therefore, YOU should, in some degree, reduce
the nominal price paid for labor, BY reducing
the amount Of your bank issues within rea-
sonabc and safe limits, and establishing n metallic
has. for your paper circulation. would this iniure
the lnhorcr Certainly not because prices of al
nrccssaries ard comforts of life are reduced in the
same proportion and hr will be able To purchase
more Of them for one doIor IN n sound state Of the
currency. than he could have donc in the DAYS of
cSinvagani expansion. for dollar and quarter
80 Gar from niurng. it will greatly benefit the la
A,