Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-05-02
COMMUNICATIONS.
a REMEDY for iAs Prssssi disirsss-saaa PRE-
yENTfyE Of Js,urs sB,bsrrsssmsa,- subniiisd
70 hs consideration Of ths People Of the Uaitsd
States.

Sfats.
We have heard olive have seen-and We now
distinctly ieel, aud gtosn under, overwhelming
embarrassment 10 this great country. The present
Is a state at things which needs m argument nor IL
iuSiration in proof. Promises OF Improvement have
been made 10y the successive aseendent parties,
which have all terminated alike, in disappointed
hope. Disaster meets and overturns every attempt.
The great vessel of State is still hurrying with
paraieled rapldity upon rocks and whirpools.-
The ships company are becoming every day more
and more willing TO "gire up the ship" and shift.
for themselves. But before this last step is TAKEN
the PEOPLE should be heard for themselves and
at their own mouths. Let them hiak-lei hem
'Peak-for they deeply feel. Let the Press OF the
United States give uttcranee 10 the voice Of the
people themselves, and not to that OF their political
leaders only In this light It is, that wish to offer
my thoughts to my countrymen otthis trying crisis.
MIR TaUmadse has we'll said, alt behooves every
good and patriotic citizen lend his aid in the set
tement of this question:" So far as have had an
opportunity Of looking into the plans proposed for
relief, have been unable to perceive that they are
adequate to accomplish what the country requires
nay. demands. IN order to avert the most nean.
choly hnal consequences. Temporary relief Is not
| what this nation expects at the hands OF the Gov.
ernnient: It expects, and has n right TO expect
something like permanent prosperity. The people
OF this country want peace sbrosd, as well ne at
home, and prosperity. Without these. our crer-i
ous pursuits, happiness, must be ever 6uctuat.
ing What a commentary are we about To make
on seli' government! SKY years have not yet
rolled around-and pride, luxury, ambition, love OF
money, and corruption in ten thousand lorna- are
making mammoth strides towards the overthrow of
this last effort at human liberty! Let US deeply
pause, ana CONSIDER well our steps TO wesi or
In order 10 advising cure, We should inquire
INTO the disease. WhH; than, | ask is the present
condition OF our ecuatry1 And answer-ete,,ly
| m CcCt, without an Adequate circulating medium
an adequate amount OF good FiOntu IN circulation
Tor the transaction Of tho commerce or trade Of the
Srcditor and debtor. IL other UOrdr debts have
been contracted under otter circumstances. greatly
differing from the present, which could have been
lquidatec under those, but cannot be, without great
distress, under these. Debts which were contract
Ell with The mutual understanding ard evacuation
OF being discharged m wha; was then Gale ,rone,
which abound d IN the county have now to be .. a
OH N property, estimated at twenty Eve fifty and a
hunutc' per cent less tnFn u nt tue contraction
ct the debs. This is now, | conceive, the trse
condition Of oug coun'-y nationally, IN reference TO
states, and To indivi.uals The country ccuno;
pay It's d,bts, without great Individual distress un.
der present circumstances IL is not now that mo.
ney Is TO chsnge hands, but proper,y-rea prop
eriy-the true wealth of the people and OF the ma
too, IS 10 change hands, (en,irey IN favor Of one
class, 10 the utter ruin great injury OF auother)
as the result ct cluscs, over which a grca, maiory
OF neither OF these classes have exerted any tn15
ence intentionally. The creditor is to 10 en-.
rched IN lie rars above stated, out VI the ac.u,l
property OF the dehio- contrary TO the expec-t:on
oi eiiher al tie date Of the debt. The wlrt OF n
permanent Currency, or good mon'y. under eosd
Government, well administered, constitute tcseth, v
The great cause of our present distressed condition
The alarming ssue IS 10 be tried between tho creti.
tos and debtor. have supposed bo'h to have been
innocent IN the origin oi their transactions, but nv
10 lkNnr $3.50
the main, has the vantage ground, ard was greatly
peter advised OF what awaited the dcbio- than was
the debtor. And now arises the question-Shall
me creosr exact the amount of his debt to be paid
out OF the property OF the debtor, in the ratios
above named7 The true answer TO this ousstion
will present the REMEDY to be proposed for the
present distress.
Let u Re noted, TINT the monetary system Of this
country, as hitherto conducted is entirely aboye the
control nl the people, and has generally been re
eatded oy them as worthy nj confidence which conf .
dence hiss been the basis OF their trade or commerce
with each other Believing that the increase of the
circulating medium, which was going on for several
years AFTER the arrest OF the u s. Bank would iust
~ enlarged dealing, the people accordingly con
tracted debts, 10 be paid with what was considered
the monfy Of the country; their property bearing
que releuve value thereto. Under such circumstan-
oes, II was lar ana lust, that payment should be
made, ~ either money or property, because debts
were contracted when they were nominaly alike
valuable: The footing OF creditor and debtor was
|
5 property was fairly bound. But does this rule an
ply Justly under present crcumstances3 Is The
ueotor Justly bound TO pay IN property at present
l value, debt, contracted when the same prnpertv
was worth double the present valuel | think moi
nc hbouFrs the mechanical. and the professional
classes, who did not rise in their wages prices or
lees with the imitation OF The currency, are more
Justly entitled 10 the full amount Of their debts Than
are those under different Circumstances; but it is
70 DC urged IN reference 10 them also that their
rates are generally permanent under circumstances
OF depression too, which greatly contributes 10 an
equality OF position among creditors eenerallv-
Let them receive fair equivalent under general
regulation. BY false money, the government has
deceived the people. How shall they paw
The consideration received constitutes the true
ground OF equitable adjustment. Without due re
CARO- 10 'hls principle, by every government as in.
vowed between creditor and debtor leen sanctions
are we liable 10 great abuse. Law IS desiensd ~
MAINTAIN justice and equity among men. While i,
says TO the debtor, pay your Just debts; il saws 10
me creditor, you shall have no more than is Justly
due you. IL - vain TO talk of covenants or con
tracts, or bonds, or obligations OF any kind without
reference TO The consideration. Consi5erntion-"yalue
received" IS the true point 10 be looked at We
ma II IN every ten, and every ten thousand dollar
| bond, now IN existence IN our country The desion
the truth OF the obligation, IS TO be found in the ian
guase and the circumstances Of the Obligation. n
the ooigaton he true, u ought to be fully dischnrged
It It be untrue, then there should he mitgation.Z
ANA upon this point, will lay down this PROPOSE
/ uon' By tho operation OF the Federal and State
governments OF this country, the aggregate trnnssc.
TONS OF the whole country have been rendered more
or less fictitious and the obligations Of individuals
originating under such circumstances, are actually
false, and at this time highly oppressive. Whether
the obligations, witch bear date from '33 TO al.
were based upon trade in the common articles of
commerce-upon real or personal estate-uoon
bank notes-or upon gold and silver il IS certain
the real, permanent value was not the consideration
out nids sprcad governmental fiction by which
the people were not only n1uced 10 over-rats pro
perty Of every kind but geld and NiUsr themselves
This state has been made the ground work Of oh
lIgltons most distressing. which the people are ma,
prepared to meet osder the present reverse. We
have 10 legal, national currency, with which to pay
our debts consequently the debts OF the country
must he liqu,daed with property. The Cons,itu.
ton Of the United States provides that Congress
shall coin rnonsy, and that nothing but gold and s
yer shall be made tender ~ payment OF debts f.
iorbids the States TO coin money or 20 issue bills of
! credit; ye', the government Of the United States
has no legal currency whatever. The States have
| provided for some years back large supply of
unconstitutional, legal money, which, however, was
not 70 be made a tender in payment Of deb,si The
Federal Government has likewise attempted 10 for
nish the nation with a similar cursncy-noi cons
derng that the constlutonalIy coined money should
have been made the legal currency. So NO have
had constitutional coin, and uncOnsttuiion1 leeaI
currency, ahoat together. Congress thought that
constitutional coin, IN fact, would be utterly inefH-
Gent as currency, unless II could be rendered In
part fcuiou5 II mad the right 70 regulate the rtal