The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1840-03-03


az il may be-; but the first qrenr and uhding result
VIII be dlmnurun Of business. His ui,earv ahol.
slea GTedlt und Leuves nothing but Reduced cur
rencY TO do business with, AMI deaV
that Il reduction If business must .tOluw. II the
country prepared for thIs5 Do we grow tao fast
h oar enterprise To greaL- Do ut9r TO much.
Have 10 much eat, drlug wear Are our
comforts and GnIovmGnls much mathis hed lhafa
sound roIiGv regujrn5 u,ev should be- cuftniIedF
w nat wFpunse will The people glve "a these en-
quresc Let h,n Who ~ willing To be pared DOWN
irzt stand forth und proclaim 10. Wages 10 be
dlmnI shed by curtaiiing he demand for them; tor
Illt Is the effect Of reducing business
th'. Srua'urr IN hls argument, seemed 10 forget
that The evils Of Il CuutTactng ana contracted eur.
rency hear aH 0ppres-iyeiy upon the Puhtc, and
more @). man those Of expansion. The difference
~ this IN expansion, the weight or I1-s f lis IN the
cradltnr pnrun-tn cnutraeuou, upou the debtur
p0ruon: but IA either ~ rrlt-Vi0us calamtv
he cnunot reduce the currency below what is nee
es5arv without even more sutFHiing Than arises
from much.
The Senator from VI sslszjppi Mr. WaIkrr} goes
tor the Ambition Of piper. The quantity at specie
m the country - NOT supuuseG % rEcred about $50
Ocb 600 This he argues wout insure a great re-
Gucunu 10 wales and ot the vuIue Ut prupertv.
whch he insists VIII be- beneficial The Srnatur
Fnm " .ssour Nr bentun| la also foe metI, alone.
and tho~e Teutiomen have hcetDrvpt rle highest G.
cunIum= upon me jnlicv OF rhe hari -nuuev CUM
tries. The lHater Is enchanted with the HIct that
ina tiIlanders have grown -rca and become great
Lenders uf money. while we are aCrr1 svgr4; and !
- H solve TOR hisu rl,s 'grua uDuu 1f4 own 0rn-
rlptas- Hs InDuies rn gold and u .rIs that we
~huu'd Bee lenders a. we lud / metallic .Urrancy 8uly
w no. W. President are tIe lenders ~ iiailaadE
3 nose lni.Vu!IHiS VINO have lulIs-eG mHAuF-
who II one time gyv1eh most Of thIs 81 g., and who
can Au7 empires with their auu1dless wealth. Aay-
ing 7-Dllad ay tlu- STATE 1f tlEI+ which made he
priv eaed ttw rich VIII lee the man are LETT 1ncr-
while the ahurar, I can prove, 1afs but his st
and ID ddv-Ebs - rle jgr 1u.icv we gesjrs:
tie .lat thut would ne u harmony wI}A lhe grniuus
Of our people unison with lle.r interests
10 IS dIflIsvH wealth. tAdt GeaIrpi general pros
perity among ais property scauetad a9arv where,
at.aInHhie by al tHut GesETva ~ md tAus IuviLura-
mig suCCe-s5ui ltI-luess which all NAV parI-
cipHte, rn-tend at anassiug 1t ia Jhe pockets OF
few. We burru it so. T. is better. m
llIlttlv btttar, IN B0rr0gV. and dlTfIse capita
sxEte Industry ana enterprise, than lguaEs in
heaps and hec"me LEADERS, 90 nat.ous, With natIGn
Of puapHrs at home.
Bat, sir [ ianr I nave dvyelt too long on these
uffteIs, and Will ha-tau nuJice Ihar far which
chiefly ruse.-Nuch has been sand 0t iahur, and
wadt ~ / may saw, wlth"ut orenca, 90 q a
c0mmndtv bought and sold EIn merghHudiZa IN
The market A has nId skill gnt servlcH
sell ua huma0ever Will buy them lud Hs xiuus
desire obtain tle most liberal reluGneatfInu.
Jhn Senator shys ih,a value % &c regulated by
hHHS puper NoJ so, MIR President sos but
chiefly ~ the dnuunJ lu market, and the demand
VbIch exists Nr it, CURRENCY may, however,. II
uueS have lS IN lfueuCe. kfllG supply great and
'hg demand small then wages are neressar'ly low;
bat Il the ,uppiV be small and tta tGUaud great,
thew b. Oh. w hen business ~ dourlShIug. the.
demand urueDt, and ,vn1res rise; wdeH a. ~ deprps5-
Ell me demand W it tleuCH,
r0u, IN Cuun rrIgs ianaGiv populated, the supply is
neces7ar'ly r-Hnter- prunCrrIun to The business,
than IN countries thInlv Deored- ElIts
why i great e0uHiry. lev amt full ot
SOURCES. like Gurs 10 quick demand- while n
china. w gre theia i vast 5urF.us nt punuittuu.
The mEIIat Is overstooEad. and they Hre low.
Hence too, h S. that in sirh cunCituus Cf s0cleJy
We Iiwrv4 ind We GI'atasf p07arY, sHttGrlng. and
degradation. 6alk prpcr IS obviously NOT lia Sole
ciuSe whlch hzeS The Tti'ie 90! wages
BUT str, let pursue lbIs subject lte farther,
is capable OF further Illustration.
There are three classes OF luburers; those who
pruduce from the eHrt IrrlcuituI stS; tl0se who
cunvert the products 0f the earth useful hprns
mann frctHrers: and those who engaged IN
transporting and exchanging the products Of The
other Glasses are cummerrial EhesH great dIvis
IONS OF mankind are founded Jaw but that lf
eJVliZrd social eXlstenCe. In our c0Inry al least
ach and every person may pursue any o. al kinds,
q business But appearances taHcheS US the uaces
Itv OF these dlvisIuus, for w1ui, Cotton, and HHX
of little value tIl r!rued INTO cloth hut The tar
would ind IL ii fiCuit L mTll 70 make
cloths, To build and sail -lp GIlSa hIs pro
dnce 10 mariSat- From rTs dlvISIon, too come our
markrts.--Ne have food ana clothing, ana
must obtain them by hdnGr OF ne products
ut labor huf cannot exchange horse or
watch foe Iuiut Of meat for PAIR OF shoes ;,
such property must first he brolten parts. and
this the peCutIur ami almost The only use OF mon
/ az. L. meisJITeH the value Of property and brings
&C. in "A firm 4itat IN convenIonce. This IL
lhe relation vhiGh 1t heurs 10 business. and u" 9th
ar; and, while admit lis great Un purtance deuv
rhut lies the inunddtiun, and a The great regu
IaDr Of the 1ffIirs ~ men. here 10 be sup
ported The friends OF this bill. know, assume
/ thar we have nfau0u, and tllt money rules
rIdes, and rngIiates hu+lness; when, m truth the
inquiries ought u be. first, how much - H-cesstrv
fDr1 circulating medium, that we may Know whAth
ar tlnre IL axcass; and, 4ecOnd- does nut paper
necasaarly Crenta IA expansion, or unnecessary
enlargement Of the currency, chat we may judge
! wheer it ought tI be abauduned? These mHtters,
whlrh assumed, precseiv what ought 80 be
I pruved The Senators ASSUME evident truth
I what is not apparent ThGy affirm that phper ba
comes redundunt, excessive, inflated. But they
DO not attem pt establish the fact BY drv proof
Since the first OF Juuuary I>:} our circulation mas
noe much EXCEED, hundred mi Lions; il may, at
some periods have rpucleG one hundred amt rven
lv Inclusive Of metal and paper Is this aEceseIvas
Has il reached puint ahuve the urgent neCessi es
Of husness 6,r two years Fast If ii has, how much
IL euungh5
! sumo dav5 ago [ put this inquiry distinctly to
The Senate, and It remains, and WI remain, IN
answered. Ct it be proved lhat have tJn
much r is not difficult ascertain, with sli:ient