The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1840-05-15
he thinks, will be peculiarly severe during the ap-
proachlng summer. nigh, say TO him,

preaching summer. might say TO him,
"Thy wish was father Harry TO the thought"
do not believe, however he would desire that
The people should suffer in order TO accomplish any
political purpose. But if, without contributing to
this result himself, it should be the will of the pow
ers above to involve us in pecunary distress be-
tween this time and the Presidential election, he
would bear the dispensaton with Christian for
tliude. 1t would furnish political capital for his
friends, and might contribute greatly to verify his
prediction, that General Harrison will take possess
SION OF the White House OIL the ith of Mrrch, 1874
Inmy opinion, the Senator has greatly exaggc-
rated the extent ofthe existing distress. That all
classes OF the community have suffered in some
degree is certain but intense suffering has been
chiefly confined TO the large cOmmerciul cities, and
those portous of the Unions, sach as the State of
Mississippi, where the banks have so evidently
ruined the people at to place all doubt of the cause
at defiance. Where is there the country under the
sun on which bounlful Providence has poured
out more blessings than on Mississippi No pop
ulatlon on the globe, in proportion 10 their number
produces larger amount Of wealth from the cult
cation of the soil. And the bounty of Providence
has been counteracted by her miserable banking
system, and her people are now subjected to in
tense suffering. In this instance the effect flows
/
and feels and knows it. What an astonishing fact
was that stated by the Senator from Mississippi,
| [NIr, WALKER,] that in those counties of his
State where banks do uot exist there is suffer-
ing even at the present moment ! If you wanted
Illustration of the perncious effects Of the bank
ing system, when it tempts the farmers and plant
ers to abandon their own proper business and en-
bark on the ocean of wild speculation, YOU could
not have one more striking than that presented by
Mississippi at the present moment ] am not
aware that there is much individual distress amoug
the mass of the people in the interior of Pennsy Iva
MIA There it is chiefly confined to those who have
been ten pied, in the day of prosperity, to 60 be-
You'd their means by the facility Of obtaining bank
accommodations
But if | read the signs of the times Alright, the
crisis has passed, or rather is gradually passing
away. We cannot return to 4 state of prosperity
before the Residential election: but the condition
find, iduas, generally, will not be one ofmtense
suffering. The resources of this vast country are
so great, andthe productive classes are so indus
trious, that with two years of fair play, they can
produce as much wealth as the spectators have
been able to squandcr in one. They will be no
great suffering during the next summer, unless it
may be in our large commercial cities,
After presenting in glowing coors the distress of
the country, the Senator asks what measure of re-
lief have we proposed might ask him, in re-
turn, where he will find any clause in the Consiitu-
ton comforting power upon Congress to regulate
the banking and credit system Of the respective
States, and thus strike at the root of our caanitcs
and embaraSsmens The present Administration
have not had the slightest agency in creating the
existing distress and can do but little to arrest it,
or prevent lis recurrence. This is a duty which
dcvolyes upon the states. Still we have proposed
II measure which we believe will produce this effect
to limited extent. Our chief objects in adopting
the independent Treasury, are to disronncct the
Government from all banks, to secure the peoples
money from the wreck of the banking system, and
to have i, always ready to promote the prosperity
of the country in peace, and defend it in war. In
cidcntly, however, it will do some good in check
ing the eSravagant spirit Of speculation, which is
the bane of the country,
In the first place, requiring specie in all receipts
and expenditures of the Government YOU will ere
are I'M uuu'iun"i ,on'".,i o.. sid -..d svo, IN the
amount of five millions of dollars per anumn, ac-
cordng To The estimate of the President. large
portion of this sum will be drawn from the banks,
and this will compel them to keep more specie in
their vaults in proportion to their circulation and
deposies, and to bank less. This, so far AS it may
20, will strike ut the root of the existing evil. |
fear, however, that it will prove to be but II very
inadequate restraint upon excessive banking
In the second place, this bill will, in some de-
gree, diminish our imports, especially after June,
1912. most heartily concur with the Senator
in desiring this result. What il the condition of
the importing business at the present moment -
1t is almost exclusively in the hands of British a.
gents, who sell all the manufactures they can dis
pose of in other portions of the world, and then
bring the residuum here 10 glut our markets, Ac-
cording to our existing laws, they receive credit
from the Government for the amount of It's duties.
They sell the goods for cash and this credit be-
comes so much capital in their hands, to enable
them to make fresh ilportalons. The indcpend-
ent Treasury bill requires that all duties shall be
paid in gold and silver; and after June, 1912, the
compromise law will take away the credits alto
gelhcr We shall then have system of cash du-
ties in operation, which will contribute much To
reduce the amount of our inportatiOns, and to
| encourage domestic manufactures.
In the third place, this bill makes the banking
interest the greatest economist in the country, so
far rs the Government is concerned. Their nerve
of seIf-in,crest will be touched in favor of crono-
my. and this will induce them to unite with the
people in reducing the revenue aud expenditures OF
the Government 10 the lowest standard consistently
with the public good. They will hereafter abhor
surplus revenue, as much rs they delighted in il
formerly, when they used il for banking purposes.
Any surplus which may exist in future, will be
locked up in gold and silver in the vaults of our
deposiaries and, in proportion To lis amount, will
deprive the banks of much of their specie
They will, therefore, become the parisans OF re-
du ing the revenue to the actual and necessary ex-
pendures of the Government : 50 that the specie
muy flow out of the Sub-'rrcasurics with rapdny
corresponding with its influx. Nothing but a large
surplus can seriously njure the banks This was
demonstrated to me by one Of the most distin-
gui,hcd lnancicrs which our country has ever pro-
duccd not himself, believe friendly to the indie
pendent Treasury. These Treasury drafts, in the
natural course of business, will find their way
either into the banks at the very points where our
deposiiaries are situated or into the hands of indi-
viduas there having duties 70 pay TO the Govern
ment. Take, for example, New York. pubic
creditor receives such draft on the receiver gem
eral in payment of his debt. viii he carry to
New York, receive payment, and transport the spe-
Gle from that city Such instances will be rare.
He will generally deposite it 10 his credit in the