Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1842-05-14

ed the policy. | never was deceived by II. |
never owned a dollar OF bank stock III my life
1t affords me pleasure to recur to this portion
of our monetary history far from 1t. would
to Heaven that this cup could be suffered IL pass,
before the People of this country shall be COM
PEELED to drink II TO the very dregs; but as Pru-
dent statesmen, il is our duty TO look TO The past
for guides for the future
Sir | honestly declare that never had conf
dence in the State banks as the fiscal agents Of
the Government. In this particular, at least, |
differed widely from The dominant party at that
time; nor did differ from them more III this
particular, than did upon the question whe To er
those institutions could furnish safe, sound, and
uniform currency ior the people, upon which,
they could RELY. Such the opinion Of the
then dominant party | had little faith in it, and
therefore have been. and still am, the friend Of
a national currency of equal value IN all parts of
the nation. convertab 10 TO the precious metals at
The will Of the holder, under the supervision OF
the people. through their representatives,. then
believed and now believe, That. IN the present
age of the world, IL is impossible TO carry on the
barter or exchange Of one commodity directly
for another, tho custom IN the primitive
ages; that II IS essential TO have medium by
which article may be exchanged Tor another
at distant points; that the medium thus used
should approximate as near as possible 10 uni
formity of value in every part of the nation as
i, must be standard of value of the articles TO
be exchauged that the precious metals, although
furnishing that andn I'd IN the absence Of 9th
err, do not exist IN sufficient quantities to answer
the purposes Of general circulating medium
and tina, they are not suitable from their weight,
risk and cost of transportation distant points,
to become exclusively such in country like this
that the General Government has no power 10
reduce the circulating medium to an exclusive
metallic currency, and that 1t would be ineXpedi-
ent to exercise the power If i; had. From these
positions II follows that another medium. more
TRANSFORMATION, and OF equal
value should be resorted 10. | have contended,
and ! still ma ntsin, that, the circulation Of n
metallic currency must, in order to answer the
purposes of standard of value, well of a
medium of exchange, be CO extensive with the
business of the nation, IN Like manner, the rep
resentative Of that medium and value must be co
extensive IN its circulation with its metallic basis
and tho notes of the local banks, however
sound. can only circulate given circle around
the point of issue, and dcpreclate IN value IN pro
portion TO the extent Of their circulation from
their metallic basis 1t is NANTES, that they never
can maintain that uniformity Of value in OK
tended circulation required for tho purposes o
the Treasury, IN the collection and disbursement
Of the revenues OF the nation; well as for the
business operations of the people These posi-
tons have brought my mind 10 the conclusion
that tho character of the medium required car
only be furnished by institution whose opera
tons, credit, and respons Utilities, shall be CO eX
tensive with the metallc circulation and whose
notes would live and circulate with and form ar
auxiliary 10, the specie of the country, and no
drive that currency from circulation, as deprecI
a,ed bank notes will evor do; whose currency
would be receivable for all public dues, would b'
suuud aud UNIFORM Ia every part OF the nation
and convertible into specie al the Will OF the hol
der.
have thus given my views upon some Of tn
many important matters embraced by The resolu
tons before the Senate. For these opinions a
lone am responsible, | have never conceaIe
them, and now submit them with pleasure to III
decision Of The State whose interest ardent,
desire TO represent, well as 10 the judgment u
[ the Senate and the country; for while am tn
immediate representative of my State, hope
shall never forget the impressive truth OF III
beautiful remark of chaplain this morning
that while we are several the pillows, ar
one az tho sea''