The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1841-12-17


devise any constitutional provisions on the subject,
that could not be avoided; such is the efficacy of
money in warpng the consciences of men.
The fate of our national money cannot be for
COTTON. The fate of our Treasury Notes during
the last war, though issued comparatively 10 a
very small amount, Qhc resources Of the country
consldered,) is not a less impressive warning a.
galnst entering upon another paper money expert
menl The Treasury notes Of the last war, al
though not issued as currency, and therefore not
subjected to the severest test of public confidence,
yet went down 20 or 80 per cent. below the paper
Of suspended hunks. lflhese Treasury notes had
been really put on. a currency instead of obga-
tons for an indirect loan they would have depre-
clated much more; for when Democratic Gov
eminent has once taxed the people with a depre-
ciaed currency, it is hard to get the people, who
must vote the taxes to redeem it, to put the impo-
sion on themselves, TO make good the paper in
the hands of spectators who have obtained 1t for
little or nothing. The first tax they pay without
rebelling, because it goes to the Government; the
second tax, to make the bad paper good again, is
for the benefit of the Spectator, and is obtained,
il at all, with difficulty. The knowledge of this
state of things must always render paper curren-
cy, issued on the authority Of popular Govern
ment, rapid and unrcsistible. In monarchies and
IL IL W sumo eAltHt OlNcINlst, ioI
there the classes that hold the securities of Govern
ment, are themselves the Legislators who impose
the taxes. This is the reason that the excessive
public debt is sustained in England 1t is in the
hands oflhose who vote the taxes to pay the in
lerest. Ifhs debt consisted of deprecated paper
in the hands of spectators of the inferior classes,
it would never be paid,
10 afford our readers 4 striking example Of the
destiny OF all paper moned systems, we refer them
10 THIERs's recent history Of the French Revo-
luton, which shows the progrers Of the ass ignatS
and mnadatcs-the paper money issued by the
slrong-thc almost nipocnt-rcvolutiona
Government of France. 1t was supported by all
the means that can ever be brought TO keep up the
circulation OF such n currency. II was founded
upon public domain actually worth more than the
amounts issued upon it, The Government forbid
the use OF specie altogether, so as to preclude
depreciation by comparison. Ii carried multltudcs
OF stockholders TO the guillotine, who had vcntured
to purchase it at less that its nominal value. 1t
fixed maximum Of prices for commodities, and
punished with death multitudes who engrossed
necessarcs and sold them for higher prices in the
paper money than was fixed in the law. The pow
er of the Government in controlling the public will
and opinion, and sustaining its confidence, was
aided on all sides by the victories of its armies
But at the moment Of its greatest trumphs-when
BoNAPARTE had conquered Italy. and imposed
terms on Austria, at Lecken, in sight OF Vienna,
the French Government was reduced TO the last
gasp for the means Of deIiaying its ordinary ex-
pensc, although armed with the power of adding
millions Of its paper money to the means Of the
Treasury. France was only redeemed from its
thraldom and financial distress, by burning its pa
per, destroying its printing plates, aud becoming
,,I, al, h,. nj Er,p,
that moment its commerce received new impetus,
and its finances yigor which carried it through all
the trials of the Directory, Consulate, and Empire
and which still attends ii, under its present con-
stutional monarchy.
The following are the remarks Of Col. Benton,
alluded to, before.
Mr. Smith of Indiana moved that 500 copies Of
the message with the accompanying documents,
and $500 without the documents, be printed for
the use Of the Senate,
Mr. Benton observed that he could not reconcile
ii to himself 10 let the resolution pass without ma
king few remarks on that part of the message
which related to the new Fiscal Agent. Looking
at that feature of it, as read he perceived that the
President gave an outline of his plan, leaving it to
the Secretary Of the Treasury TO furnish the details
in his report. lie (Nr Benton) apprehcnded that
nothing in those details could reconcile him 10 the
project, or in any manner meet his approbal OIL
There were two main points presented IN the plan,
to which he never could agree-bolh being Who'll
ly unconstitutional and dangerous. One was that
Of emitting bills Of credit, or issuing treasury
currency. Congress had no constitutional author
itv 10 issue paper money, Or emit Federal bills OF
credit and the other feature is to authorize this
Government to deal in exchanges. The PROPOSE
ton to issue bills of credit, when under consldera-
ton at the formation Of the Constitution, was
struck out with the express view oil making lhs
Government a hard money Govcrnment-not ca
pable of recognizing any other than specie cur
rency-a currency of gold und silyer--a currency
known and valued, and equally undcrs,oodby cv-
cry one. But here is position to DO what was
expressly refused 10 be allowed by the trainers OF
the conslituton-to exercise power not only gran
ted TO Congress, but power expressly denied
The next proposition is TO authorize the Federal
Government to deal in and regulate exchanges, and
TO furnish exchange 10 merchants. This Is new
invcn,ion-a modern idea of the power OF this Gov
eminent, invented By Mr. Biddle, to help out Ma
ional Bank. Much as General Hamilton was IN
favor Of paper money he never went the length of
recommending Government bills Of credit, or deal
nps in exchange BY the United States Treasury
The fathers of the church, Macon, and John Ran
dolph, and others, called this hard money Gov
eminent; they objected to bank paper, but here is
Government paper; and that goes beyond llamil-
ton, much as he was in favor Of the paper system.
The whole scheme making this Government reg
ualor of exchanse-a dealer in exchange FUR
nshcr of exchange is absurd, unconstitutional,
and pernicous, and is new thing under the sun.
Now he, (Mr Benon) objected TO this Govern
men, becoming n seller of exchange 10 the country,
for which there is no more authority than there is
for its furnishing transportation goods or country
produce. There is not word in the Constitution
TO authorize it-not word to be found jusilying
the assumption The word exchange is not in the
Constitution. What does this message propose'-
Congress is called upon to establish Il Board with
agencies, for the purpose of FURNISHING the country
with exchanges. Why should not Congress be al
so called on TO furnish that portion Of the comma
nifty engaged in commerce with facilities for trans
porting merchandise The proposition is one of the
most pernicious nature, and such as must lead TO
the most dangerous consequences ifadopted.
The British deb, began in the time OF Sir Robert