Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1842-03-05
SENATE COM MITTEE REP RI
MONDAY, February 81, 1912.

MIR. IALLntDGE, IIOm u oS'eC' oihHhit
on The Report from the Treasury and go m'ch o
the Presidents Message a, relates to a FGsea
Agent, delivered IN the following Report, whIcI
no read a, The clerks table:
The select Committee, to whom was referee
the "Report from the Secretary Of the Treasury
communicating a plan Of a Fiscal Agent of :h'
Government" respectfully REPORT:
That they have given The subject that consid
Grafton which It's importance demands, and no"
n,esent to tho Senate some Of the views which
have brought them TO tho conclusion 10 which
ibey have arrived
Tho committee do not intend 10 90 into an O
laborate argument in favor Of such o measure
The late period at which this subject was refer
red to them, and The anxiety of the pubic mind
for speedy action on II, has lett them but little
time, amidst their other pressing engagements,
10 prepare an extended report They, therefore,
content themselves with reporting q bill to estab
iieh a Flsea. Agent of tho G,vernment, accom-
panied by such Iem1rks upon its leading features
and principles as seem 10 be called for by tho oc-
casian.
Since The adoption Of the Constitution Of Go
vcrnment under which we 1--we, the country has
experienced much financial and commercial en-
barrassment. Bat at no period has i, been so
sn3Jcniy precipita'ed trosn an apparently high
state Of prosperity 10 the lowest point OF doPres-
sion, a5 at the present TINS The committee
will not attempt an enumeration OF the causes
winch have led 10 this disastrous result. But
fhcy taka leave 10 say, that amongst them an in
nIied aud d~orangod condition of tho currency is
the most prominent. There may 10 Z dItFor.
unco Of opinion as to kotr this initiation aud disar-
r%lngcmeni havo been produced. All, however,
Will agrcc, that the excess IN ,rade aud business
consequent upon such a state OF things Is, IN
some sort, incident TO our systeins Of credit; q
system which III q characteristic feature OF or
FREQ Institutions. In an attempt to correct
these cxcesscs, tho committee would wish 10 pre-
serve aud regulate, but not destroy tho system
itself. The eft lrts which have heretofore been
made to correct ,hom, have always encountered
ono grand obstacle in tho difference of opinion
which hVs prevailed IN tho community as 10 tho
KIND OF corrective, and the manner in which IL
should DO applied. This has led, in some instnn-
ces, 10 a reorganization, and n hostile array OF
poll fical parties; and tho great question of regu-
i4ting the currency Of tho country has formed
The .ssuo upon which, for some years past. the
n,si vsoleu, p"ll,,ca. battles have been fought
Experience has shown that IN such contests the
business of tho country must always be deranged.
Aud the greater tho sincerity with which tho
war is wagod, on tho ono eide and tho othor, the
iiorcer will DO the conflict, aud tho moro disIs.
irous The Consequences, as long as the great mat
ter IL difference remnins unsettled. There can
he no peace, no prosperity, until /, he settled
Other questions upon which political parties divide
nro comparatively harp!oss. M matter how
Violent tho contest, the business OF the country il
l't t'AtSbct ~ - htfhA41t ~ u VIZ
public mind, tho country pursaes its onward
march 10 prosperity and groatncss. Bat tho IN
slant the question of currency becomes the issue,
il is felt, llko an electric shock, from one exireni-
ty of the Uhion 10 the other.
II behoovos, thon, every good and patriotic ci.i-
zen to lend his aid IN the settlement Of this qrcs
ton. Ills inquiry should be, not what ought to
he done. but what can be done? He should be
prepared TO surrender his individual opinions, If
necessary, in order that some system my be a.
dopted which shall promise stability and perma-
nancy IN relation 10 this all-ahsorhing snbisct-
rhe dIstrcsses OF tho country are beyond much
further endurance. Tho People throughout the
extent of tLis broad land cry aloud fur relief
Thousands and thousands at our foIlow citizens
have been prostrated by the cl!srnities of The
limos which haso ovcrtaken them. They have
becn suddenly reduced frofu afil1encc to want
Their property, which, under ordinary circum-
stances, would have been ample TO meet oil en-
ghgemonts and leave q competency 10 themselves
and families, has been most cruelty sacrIfccd.-
Others, who have Survived the fonrruI wreck of
the hopes OF thousands, arc still suffering by q
dssordcrcd currency, and the unregulated exchau-
goa between distant points. The one class looks
10 the settlement OF this question as q means os
once mere engaging IN u successful business: the
Other looks To II "a Il means of profitably carry
IN. on tho business in which they arc already en-
gagged. All look TO Congress for that rollof which
Congress alone has The power 10 grant.
by relief, II is not meant that Congress can
iurnish means 10 cancel the Indebtedness into
which the community has been plunged; but, by
aiding the currency and exchanges OF the coun-
'rv- 1t may enable tho People. not already in
hopeless dependency, to ~iiquidate their own
debts. With such aId, tho productive industry of
Inc country will, IN due time, wipe out every
trace OF distress Tint was left by the deso!atinr
Jury OF tho storm which has swept over the land
ana our great object should now be, To adop, such
measures ms will protect US from It's ravares in
future.
Inc ruinous rates of exchange result essen
iiaiiy from o deprecated paper circulation. If
he currency can DO made sound and uniform. !,
VIII Of itself, go worry far, and with The facilities
winch the General Government, can give, will eff.
iectualiy regulate tho exchanges.
Tho great evil under which The country nov