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

L}"We give the following article from the
Globe, relating to the most important portion Of
the Presidents Message, which appears in to-days
paper. also some remarks of Col. Benton. The
views of the democratic party are fully expressed
in these articles.
CONGRESS.--THE MESSAGE.
The Message was the engrossing matter in both
Houses to-day. In the Senate Mr. Benton, upon
the proposition to print, explained, in n few brief
remarks, the grounds of his dissent to the plan
proposed to manage the finances, conduct the ex-
changes, and provide paper currency for the
Union For the remarks we refer to the Congress
sional head.
We must be permitted to congratulate the conn-
try that the President has far adopted the Demo-
cratic principle as TO recommend nothing in the
shape ola corporation-nolhing which, under the
disguise of contract with individuals, assumes to
charter away the Government and the rights of
the people as secured by the Constitution. In this
respect, Mr. Tyler has made good his stand against
the encroachments which his vetoes arrested; and
for this he has at least our hearty thanks.
But the plan ola Government paper currency
of Government dealing in exchange through n
buurd of control-and of receiving depostes and
emitting certificates on them to circulate also as a
cerrency, however convenient in many respect we
apprchend will not meet the sanction Of Congress
or the country. Whenever Governments, whether
monarcncal or republican, have undertaken to make
any "bu authority" substitute for the money Of
the world, it has hitherto proved n failure; and the
failure has ever been the worse where it has en-
deavored to add to its functions that OF u merchant
dealer in exchange, or banker
A paper currency, issued by State, has never
vet succeeded. 1t invariably increases in amount,
until. whatever may be the confidence in the ablli-
tyand fidelity of the Government, the excessive
quantity cheapens ii, and makes an incalculabe
change in the prices of all commodities. The STAN
Inrd of value is utterly lost sight of in the constant
,lepreciation of the paper medium Of exchange and
the whole business Of society is converted into n
spcculation upon the quantity OF money which the
influences brought to bear upon Legislative power
NAV induce il TO issue. And there is no such thing
a, setting bounds to the influences. lfa war comes,
necessity swe Fps away all resistance. H. easier
TO issue paper dollars than TO borrow-much easier
than to Law taxes and collect them. The universal
experience of every Government issuing paper
money pending war, is downward progress as
long as the money thus manufactured will pay for
its manu- racture, and leave any profit worth con-
sderation to the Government making IT, II is then
given up, and perishes in the hands OF the people.
after iufictng immense injury not only upon the
fortunes, but the morals Of the COMMUNICATIVE
homes, and credulous being the principal sufferers
the knavish and disrustiul being the only gain-
ers
Government paper money is never redeemed
infer i, has run the course for depreciation. To tax
rho honest and industrious classes Of such pur-
nose would be doubling the wrong perpetrated on
them. while the paper currency is running its ca
reer. A long as it is possible to buy any thing
with IT, the products of the farmer, mechanic and
manufacturer are obtained for il. II undergoes lis
deprecia,ion in passing through the hands of COM
annuity, and taxes every man who touches It and
pives any thing Of intrinsic value for it. Alter ii
H,s nossed the period Of circulation, it is found in
rho hands of the gambling specializing classes, who
.ob,oin il for little or nothing If when a thous-
and dollars of this money, which has gradually tax
ed the whole community, until it has fallen TO the
value of a single dollar--the price at which the
speculator buys it-were paid in specie by the
Government, dollar for dollar, it would require a
tax to be levied o, that very portion of the poo
plc which have been already taxed by giving their
commodities for it, while undergoing its progress
i've depreciation.
This notorious truth has always prevented Gov
crnment from redeening their exhausted paper
currency. 1t is considered as having operated as
indirect TAX on every DUu anu Tue government
dare not levy new tax to make it good, dollar
fnr dollar. on the heads Of those who have borne
she greatest share of the tax in the first instance.
A paper money system not driven on by war
although not so rapidly. not less surely runs into
cxcesses. President Tyler "purposes 10 limit III,
issues 10 an amount not n erceed fifteen million
of dollars, withom The express sanction Of tn
Legislature porcr.' Well, how long would 1t b.
before the multitude of appropriations which thu
log rolling interests in Congress always possess TIN
power to raise up, would demand an increase o
another fifteen millions. When these .appropria
tions are to be provided for, not by taxes but b!
poper money, made by the machine of the isca
department, has not all experience shown that the,
ara voted without stint' Among us there is rea
son 10 aporehend that there would be race anon,
The States, whenever the appropriations had beer
besun to accomplish objects Of peculiar interest IL
portion Of them, to try their strength and activity
to sec which could get most. What with the pres
sure of the Representatives Of States in Congress
to Recommend themselves by drawing to each TIT
greatest share of the appropriations, and the uni
Sersal activity Of the debtor and specializing classe
TO make money plenty-to cheaper it-so as Il
relieve them from difficulties, no one can doub