The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-02-13

" miiiions TO one hundred and fourteen; and in the
.nens year Juss past almost sixty millions Such
haohs ana contractions must be destructive Of all
~ calculations for the future while the
Causes OF them shall continue operate unremed,ed
What are these causes They will be found 10 have
bsen chiefly connected with the abuse. IN hanLina
On the occasion just referred TO- they were the supea
abundance OF fictitious medium Of circulation Nth
me attendant operfrading and speculations IN 1896
aud the consequent suspension Of specie payments In
1897, as well the disasters aud scarcity OF any me
DUN I'LL the latter part Of 1888" Then another ex-
pansion he says, and increase of imports OF nearly
my millions, followed by contractions, suspensions
ana commercial reverses. The great principles OF
uaue can never be long violated with impunity And
any nctious or unnatural Of credit soon ends
10 rseyuisions, &c. ! understand the Secretary in
,,.dan ~ air mat IN 1886 THE great principles of
trade mad been violated that revuIsions necessarily
lohowed that there was a superabundan of icti.
uous Credit bringing on overrading and speculation
the consequence of which was suspension of spece
Paynen's disasters and scarcity of any medium, sc.
lie says, also, some imIrudences abroad NAV have
augmented the epiis here.p Now if all this he 40 l
cannot comprehend how il 10 that the operations of
these years OF abundant and large receip,s-
operations which have brought in their train reverses
disasters, and evils, and have inflicted such deep and
widespread injury upon the country--how il can be
that they furnish evidence of great fiscal ability and
unexampled prosperity According to the Seeretary's
statement, we have been undergoing in pretty rapid
succession for several years these alternate conrac
lions and expansions; or, to another expression
OF his the community has been kept under the con
slant excitement and depression Of the hot and cold
hts ota violent fever" ls that condition of health
Does u indicate prosperity shall not now 10 into
the consideration Of the causes of the and
fluctuations which we have experienced They may
all be directly traced TO the action Of the Government
itself; and whatever Of disaster the community has
undergone, the Administration is responsible for
That hold to be clearly demonstrable
Mr. Chairman, have endeavored to confine nv at
tenon TO the present condition Of the Treasury and
to Its probable necessities during the present year
As TO what will be the state Of affairs in the next and
succeeding years, shall not now undertake to exa-
mine have no expectation that this Congress will
look SO far in advance that. Very heavy burdens
am aware, will be thrown upon the coming Admin
stration for many years, by the and policy
OF that which is about to close. The aggregate shall
not venture to compute. have already said that
should prefer early action the part Of Congress to
supply from the ordinary of revenue sufficient
means not only for this year, but for the future
despair OF that. The present measure | consider
wholly inadequate for the service Of the whole year
but It will relieve the Treasury from present embar-
easements, and keep the wheels Of Government
rolling yet awhile. TO the wisdom and patriotism Of
those who are SO soon to enter upon the adminstra
ton of the government and to succeed US in these
seats, look with confidence for such measures as
shall restore not only the of the Government
but the business and prosperity and happiness of the
People.