Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1842-04-04


empty Treasury. But sill hope, when they shall
see Congress heartily, in earnest, engaged in re.
trenchng useless expenditure, aud reducing esti-
mates that cannot he complied WITH tina, they will
boldly bring oul TO Wow all abuses which exist in
their several spheres OF action, and let us apply
the pruningknile as to reduce the national ex-
penditufe within somo proper and reasonable n
mount AT all events, they IRE, of course, most
familiar with the details Of tho subject as il re-
iaes to ther several branches of the Administra
ton. Among other items there several uso-
less mints, which only operate to waste the public
money. friend, occupied in investigating this
subject has told me that the mint in New Orleans
has already cost the country half million of dol
lars Tor getting ready to coin bullion not yet dug
out of the mine
Mr., Bcrrien here spoke across something not
heard by the Reporter in relation TO the mint at
Dahoncga, which excited much mirIh in the
neighboring part of the chamber.
While every piece Of coin made by these use
less establishments could Just as well he coined by
the central mint at Philadelphia.
And now, having gone through with all the de-
tails OF this series OF resolutions, which thought
it my duty TO notice, allow me, in drawing TO
conclusion Of these remarks, to present some OF
the advantages which it appears to me should urge
us to adopt the system of financial arrangement
contemplated in the resolutions.
And, LIST. The Government WILL in this way,
secure to itself an adequate amount Of revenue,
WITHOUT UelnB OunHeu 10 depend on temporary
and dsreputabe eXpedicnts aud thus preserve
the public credit unsued-w which deem great
advantage of the plan. Credit is of incacuIabe
value, whether to Il nation or TO an Individual
England, proud England, country with which
we may one day again come in confilct-though
il gives me pleasure to say that cannot perceive
nj present the least "speck OF war" in the political
horizon -owes her greatness her vastncss Of pow
or, pervading The hahitable globe, mainly TO her
strict aud uniform attention to tie preservation of
the national credit.
2, The next thing recommended is reirench-
ment in the national expenditure, aud greater e.
economy in the administration of the Government.
Aud do we not owe it TO this bleeding country, to
ourselves, and the unparalleled condition Of the
times, 10 exhibit To the world fixed, resOlute and
patriotic purpose to reduce The public expenditure
TO an economical standard.
3. But much more important advantage than
either oflhose have yet adverted to is 10 be found
III the check which the adoption al this plan will
impose Oh the eluX OF the precious metals from
this country TO foreign countries. | shall not now
go into the causes by which the country has been
brought down from the elevated condition of
prosperity which 1t once enjoyed to its present
state OF general embarrassment and distress. |
think that these causes are as distinctly in my
understanding and memory any subjects were
ever impressed there but have no desire to 20
into discussion which can only revive the re-
membrancc Of unpleasant topics. My purpose,
my fixed purpose on this OCCASION has been to
appeal TO all gentlemen on all political sides OF
this Chamber, to come out and make u sacrifice OF
all lesser differences in patriotic, generous, and
general effort for the rClielo of their country. |
shall not open llIose bleeding wounds which have
in too many instances, been inflicted by brothers
hands-especally will l not do SO at this lime,
and on this occasion. shall look merely At facts
as they are shall not ask what have been the
remote causes of the depression and wretched-
ness OF our once glorious and happy country. |
will turn my view only on causes which are
proxinlate, indisputable, and Immediately before
US.
One great, if not sole cause is to be found in The
withdrawal Of coin from the country 10 pay debs
accrued or accrulng abroad for foreign Imports or
debts contracted during former periods OF pros
perity, and still hanging over the country. How
this withdrawal operates in practice is not dill
cult 10 be understood. The banks of the country
~hcn they are in a sound state, act upon this coin
the basis OF their circulation and discounts: the
Withdrawal of it not only obigales the banks to
withhold discounts and accommodations, but to
draw in what is due from their debtors, ut the
precise time when they, sharing in The genera
structure, are least able to meet the calls. Prop
erty is then thrown into the kel to raise means
to comply with those demands, depression eusues
and, as is invariably the case when there is u
downward tendency in lis value, it falls below its
rcul worth. But the foreign demand for specie
pay commercial and other public debts operates
directly upon the precious metals themselves
which are gathered up by bankers md broker:
aud others, Obtained from these repositories, ant
thence exported. Thus this foreign demand ha:
n double operation, one upon the banks ant
through them upon the community and the Other
upon The cola of the country. Gentlemen, in my
humble opinion, are ut erly deceving themselves il
0llrlbutng 10 the banking institutions, all the dis
tlesses OF tie country. Doubtless the erroneous
and fraudulent administration of some of then
.t.tr
But This would be temporary and limited, willis
the other cause.-The continued et1ux OF specie
from the country-if not arrested, would perpe
uate the distress. Could you annhiate every
bank in The Union, and burn every bank note, ant
substitute IN Their place circulation OF nothing
but the precious metals, as long as such n tariff
continues rs now exists, two years would no
Clapse till you would find the imperative necessi
~ of some proper medium for conducting TIT
domestic exchanges.
announce only an historical truth when de
clare, that during, and ever since colonial is
tence, necessity has given rise TO the existence o
paper circulation of some form in every colony
on this continent and there was pe.petu VA
struggle between the crown and The Royal Cover
uors on one hand, aud the colonial Legislature
on the other, and on this very subject of pape
money. No; if you had tomorrow a clrcnlatlo
consisting of nothing but the precious metals
they would leave you as the morning dew leave
the fields, aud you would he left under The neces
sly Of deylsing mode 10 fill the chasm produce
by their absence.
am ready to make one concession to the gentle
men on the other side. admit that, the circuIu
ton were in coin alone, The thermometer of OF
monetary fluctuations would not range us high {
low as when the circulation is Of q mixed charnC
ter, consisting partly OF coin and partly of pape
But then the fluctuations themselves, within
more crcumscribed range, would be quite as ut
merous, and they will aud must exist SO long
such Tariff remains as forces the precious meta
abroad. again repeat the assertion that, could 20
annhate tomorrow every bank in he country, II
very same description OF embarrassment, it not
the same degree, would still be found, which no
pervades our country.
What, them, is to he done to check this foreie
drain We have tried free trade. We have h'
the principles OF free trade operating on more hi
half The total amount Of our comforts for Il
greater part of nine years past That will not
II we see Do let me recal TO the recollection