Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-01-25
THE CURRENCY-THE TARIFF.

THE CURRENCY THE TARIFF.
Ertrdct fom The Message Of JoHN DAVIS, Gov-
ernOr Of massachusetts,.
Our public affairs have for long time been in
great confusion. Our finances currency aud hu-
sness have been grevotfsiy derangcd during the
experimental IIllicy pursued since the Chief Mag
israte Of the United States took into his custody
and keeping the revenues, which were then super
abundant but have ceased TO meet the annual ex-
pendtures, &moncy raised upon government paper
has supplied the deficiency. Attempts made
to justify this extraordinary state of things on The
ground that The currency is and has been excess
sve, tlnt through the Influences OF this excess
credits have become eXtrnvngant-trade has gone
beyond the limits OF prudence --importalions have
become imnoderae and property has acquired
an unnatural value. The apparent object of the
policy is to retain the revenues under the more
immediate control of the Executive and to check
credits among the people, by diminishing the a
mount OF money in circulation. The real effect
Is to diminish business by lessening the means EN-
ployed to carry it Oh, and thus cuitailing the val
ue Of properly, and the wnges of labor. Among |
men without wealth, credit stands in tie place of
capital, and just to the extent it is diminished by
this policy decline in business must follow draw !,
ing after it n proporlonate fall in wages.
The whole weight OF the Administration has
been thrown upon the currency, and its fortunes
staked upon so reforming it restrain credits
and trade founded upon them.
The currency has been reduced till money has
commanded ruinous rates of nerest--trade has
declined-impuration have been diminished but
not more than other busine ss-credits have been
curmiled us vast multitude of distressed debtors
can tostlly-propcrty and wages have been lower
ed-but where is the prosperity that was TO fol-
| low Where the golden era of fruition The
aching eyes of many are still stretched in vain af-
ter it, while it recedes like the mirage of the de-
sert before the weary traveller.
Since this policy commenced, years have passed
AWAY, and what have we realized but the torlures
of the experiment? In what has our condition
been improved? The people have yet to learn
how those, who not born to inheritances are
to carry on successful business without credit,
or how the country can be made to prosper with.
out it. They have yet to learn how reducing the
currency is to bring relief, when they see their
property sacrificed and themselves overwhelmed
for the want ofmoney. If, as many seem to be-
lieve, the Sub-Treasury act will diminish impor-
ations, by restraining CREDITS we have yet TO lean
that il will not affect domestic business and trade,
which are Of vestly greater magnitude and mpor-
lance, III the same manner, for currency and cred
1t are as indispensable TO the to the other
I Massachusetts, believing that no such favorable
results, as have been anticipated would be realized
has, from the commencement of it, firmly oppos"
ed this policy, protesting against it, as unwise, i'll
| furious, and an alarming invasion of the liberties
} the people. She deplored that act by which
the revenues were taken from the custody of law
and employed to enlarge and strengthen executive
!, power. She resisted the sub-treasury act because
it substantially egalizes that dangerous union of
the executive W it'll the moneyed power, and be-
cause she considers it the nitiatory step wards
paper currency founded on the credit of the u.
States With such power in ambitious hands,
she saw that her own monetary institutions would
he subject to executive control, and might be de-
. ranged or crippled at pleasure. She saw, indeed,
' nothing to hope, but much to fear and stood firm
in her purpose amid the triumph OF the friends of
this policy warning the people of the danger. -
e She has been heard, and response given, con.
d dennnng the system by an emphatic expression OF
I. public opinion.
o Yet we see from high sources proofs of dis
It position to cling to it. Is there still lingering
+ hope to satisfy such as have been struggling with
the adversely OF The times, that the country has
y been prosperous Can the people be persuaded
6 that the treasury is in favorable condition, when
y all its resources from the current revenues and
otherwise, amounting to more than one hundred
and tW eye millions of dollars during the last oul
: years, have been exhausted and the country lef
= IN debt ! Is it proof of suitable economy, thai
7. nearly thirty millions of this fund consisted of
II surplus money arising from cash OH hand, bank
= stock &c. which has been expended in addition
e, to the current revenue? Is debt the less bur
= densome because it is not permanent when Tho
il President has officially assured us that indebted
ness cannot be essened by borrowing more mon
T. ey or changing the form OF the debt ? The peo-
N pie will form their own judgmentin regard to these
le matters, but see no satisfactory evidence of econ
al omy, or any such proof of general prosperity n,
le TO justify congratulations
ID The time however, is at hand, when we may
hope Tor an administration Of public affairs which
ID will relieve business from its letters and open up
ID on The country brighter prospect. We may,
IS trust, look for enlightened measures, which vii
at quicken into activity the benumbered energies o
IN our great industrial community; and for system
OF OF actual, practical economy rigldly enforced, AM
t. in harmony with the plain republican habits ofth
IN people. We may also, trust, anticipate polio
H. that will watch over the great interests OF the cou
lie try encouraging, protecting chershlng and har
IN monizing all of them; one, that while in compre
ne henslye wisdom it embraces the planters, will nc
ne overlook the farmer the manufacturer, mechanic
10 navigator or fisherman.
ne A great crisis is at hand, when Congress mui
he settle the measure of protection which the labo
y, OF this part of the country is to derive from IN
d. assessment and collection Of the revenue frof
De imporIaons. We shall look to the coming even
with anxiety, trusting that it will he met in tll
lis spirit of cancellation and mutual concession, an
IRE harlhonze, IN common prosperity, all the grei
ID interests of the country. Nothing shor, OF III
- can give stability to n republican government al
mt lmpait contentinent 10 the people. In the accom-
plishment oil this desirable object in which no OIL
IT. has greater share than the laborer cannot doul
ms all good clIlZens will unite with zeal.
ut What we ought most anxiously TO seek, is
lat wise, firm and steady policy for nothing more d.
Ia ranges business than fiuctuO,ing legislation. Il
tu be stable, il must be Just, for iii shall disregar
Mr. one class to favor another, the wound inflicted 1
in. such parIiaty will tester until the whole syste
The becomes diseased. The harmony of the State
my and the preservation Of the Union, are of such M
menlous consideration, that they demand the e'
ner ercse OF the greatest wisdom and patriotism fro
ing all quarters. Nothing can tend more strongly
tu- such an end than the adoption of a comprehens
ion policy, embracing all the great interests of II
co. country, and trust the wisdom of Congress W
be united to accomplish result so necessary al
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