The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1841-12-14

wiz '''o N0"o'''u'ioiai competency OF the
government. in order to correct the un-
soundness of the one, and the inequalities of
the other. No country can be in the en-
ioyment of its full measure of prosperity.
without the presence of medium of ex
change. approximating to uniformity of val
ue. What is necessary as between differ
ent nations of the earth, is also important
as between the inhabitants of different parts
of the same country; with the frs: the pre-
cious metals constitute the chief medium of
circulation. and such also would be the
case as to the last, but for inventions COM
paratively modern, which have furnished.
in place of gold and silver, paper circu'
lation.
The speculative philosopher might find
inducements to prosecute the inquiry into
the respective merits of the two systems.
but his researches could only lead him to
conclude that the paper system had be tier
never been introduced, and that society
might have been much happier without it.
The practical statesman has different
task toperform. He has to look at things
as they are-to take them as he finds them.
The task of furnishing corrective for de-
rangements ofthe proper medium with us
is inexpressibly great. The power e1erted
by the states to charter banking corpora.
lions, and which, having been carried TO
great excess, has filled the country with,
in most of the states an irredeemable paper
medium, is an evil which, in some way or
other, requires a corrective. The rates
at which bills of exchange are negotiated
hot ortc nE hn
furnish an index of the value of the local
substitute for gold and silver, which is, in
many parts, so far deprecated as not to be
received, except at large discount, in pay
ment OF debts, or in purchase of goods.
1t could earnestly be desired that every
bank, not possessing the means of resump-
ton, shonld follow the example of the late
United States Bank of Pennsylvania. and
90 into the liquidation, rather than by re-
fusing 10 do so to continue embarrass-
ments in the way of solvent institutions,
thereby augmenting the difficulties incident
to the present condition of things. Wheth-
err this Government, with due regard to
the rights of the States, has any power TO
constrain the banks, either to resume spe-
Gle payments, or to force them into, liqui-
dalton, is an enquiry which will not fail TO
claim your consideration.
In view of the great advantages which
are allowed the corporators, not among the
least of which is the authority contained Ill
most of their charters, to make loans to
three times the amount of their capital,
thereby often deriving three times as much
interest on the same amount of money as
any individual is permitted by law TO re-
ceive. no sufficient apology can be urged
for long continued suspension of specie
payments. Such suspension is productive
of the greatest detriment to the public, by
expellIng from circulation the precious met
ais, and seriously hazardng the success of
any effort that thi S Governn ent can make,
to Increase commercial facilities, and to adj
vance the public interests.
This is the more to be regretted, and the
indispensable necessity for sound curren-
cy becomes the more manifest, when we
reflect on the vast amounts of the internal
commerce of the country. Of this we
have no staticks, nor just data for forming
adequate opinions. But there can be no
doubt, that the amount of transportation
coastwise, by sea, and the transportation
inland by railroads and canals and by
steamboats, and other modes of convey
ance, over the surface of our vast rivers
and immense lakes, and the value of prop
erty carried and interchanged by these
means, form general aggregate, TO which
the foreign commerce OF the country, large
as it is make but distant approach.
In the absence of any controlling power
over this subject, which by forcing gener-
al resumption of specie payments would at
once have the effect of restoring sound
medium of exchange, and would leave to
the country but little TO desire, what meas
ure of relief, falling within the limits of our
constitutional competency, does 1t become
this Government te adopt! 1t was my
painful duty at YOUR last session, under the
weight Of most solemn obligations, TO diff
fer with Congress on the measures which
it proposed for my approval. and which it
doubtless regarded as corrective of exist
ing evils. Subsequent reflection, and G.
vents since occurring have only served to
confirm me in the opinions then entertained
and frankly expressed.
must be permitted to add. that no
scheme of governmental policy, unaided by
individual exertlons, can be available for
ameliorating the present condition of
things. Commercial modes of exchange
and good currency are but the necessary
means of commerce and intercourse, not
the direct productive sources of wealth.
Wealth can only be accumulated by the
earnings Of industry and the savings of
frugality; and nothing can be more ill:judg-
ed than to look to facilities in borrowing, or
to a redundant circulation, for the power
of discharging pecuniary obligations. The
country Is fnll of resources and the peO-