Independent Democrat. [volume] (Canton, Miss.) 1842-1844, 1843-05-13

The necessity oil a sound and stable curren
cy; hut how can this he elected? If /
were asked what system of currency |
would now propose, | would cdndidly con-
tcss that | am not prepared at the present
moment to fix upon any. should say
this much, however, with entire conf
drnce; leave nature 10 work ia her 0wa
way for time; cave The people TO their
own Industry and resources; do not place
TOO much reliance upon artificial systems
and legislative contrivances.
Is it supposed by any one { viii not say
in This Senate, but in the country that
he mere issue Of q bank ci-culation--it
you could to.m9Faw restore >the debIalce
ccnfilenre which formerly existed, spfr
as to create seven'y millions in addition
to our present circuation---wll add one
litlry cent to the wealth of the United
S,a,csl You have no ere ltive power
There is no power IN legislation by which
you can add a single blade OF grass.
gain Of corn, or pod of cotton, TO the
wealth "t The country. The reme'y is
not to he found in legsIa ion, or in any
artificial contrivanccs. OR only hope is
in undoing the mischief which such anti
Gcill contrivdnces have already done.
Sir, upon the subject Of Lauk circ'il =
ton, feel that is due 10 myself that |
sh ud read sentence or two from the
first public documenewhich ever prescn-
&c to the Congress of the United Sta o.
in relation to II. They are contained ia
report which I submitted 10 the House
OF Representatives on the question Of re-.
newing the charter Of the Bink Of The
United Slae., which alwtvs sustained Il
81 utary check on the State banks, and
WAS II mems Of preserving the undne's
OF The paper currency, by preventing
them from running into excessive Issues.
In that document the fol owing opinl n
is expre sod on the general Question Of
currency:
ut must be as mcd, as the basis Of all
sound rea, onng on This slhlett, that the
existence OF a paper cuneHc', Issued ~
faak4 deriving their charters from the
State Governments, clnnt be FrohibIt3d
b; Congress. indeed, bank ciedlt an
b INK paper are so exicnsI.cly interwnv-
, On with ,tEe c, MINER ial operations Of so
, cicly, thai, even ii Congress had the con
stl,uji NAL y we, 1t woul be ute " ny
u pdssib!e to proIuce 50 entire ch 4hse.l y
: the monetary system OF the cIunuyas u
aloll.h the agency Of hanks OF disc 'unt
4, without involving the Community IN al
$ the di,tres,i Ing c.nharra 'sments usually at
| ten LIANT on 9 eat p'Ii al revolutions
: snlverlng the tils T. private property -
? The sudden WI lIdrlwal OF some hundred
millions OF b,-k cre,i would he ePIva
/, lent. in its effects, to tie arbitrary anC
, dnsDoii: transfer of the properly OF on(
/ n riinn f the community TO another, t
e h extent, pr ,bIbIy, of hlIt the amount
i Wba,e err, tnerafo C, may be the advnnta
G ces Of purely metallic currency, AM
IA whatever the objections tpa circulating
n medium par,Iv composed Of bank paper
J, the C mmlt,ce consider that they are pre-
j c.uded, by the existing stale OF thing
from insitIing a compailSon het"ee
t them, with view 10 any practical result
II "lf they wee MT thus preclu led, an
n i, were submitted to them as an org M
II PRESTON, whether the ac,ino vledg3 I'd an
!. m ,nif,ld facilities of b INK cred and ban
J. paper arc not more than COUNTIES balance
?. BIZ the distressing ,icis>ltldes IN trade II
Y ciden, to their u. c, they are y MOI me N
nrcpareJ say tDat tney would not CIV
r. a de .idcd preference to The more cost
n ard cumbersome medium"
:. Such warc then my sentiments, an
,e snch are they at this time and the cougs
i. &C events h IS now brought Us 10 such
4. cond ton, that, without any luther Ievh
" .ioo or suffering, specie may be made nj
il only the isis OF our cIrcnlaiio'h bal Col
re sti,ue a rye portion Of that clriullhn
n Iet rs apempjio crca'e no system
is which the tanks may be agrln drawn Il
TO +, ,h.ir former excesse,; but leave lhei
\. with their recent experience, AMI und
x ,be salua ry restraint of plihc opinion,
To recover public coat Iencc by prude
he coarse OF seh.leorp, by which they "
,e deserve it. The course OF events will
= infinitely more than We can DO by legsi
is, lion.
nc IL were clothed with unlimited pow
IN at ,his moment toregul tie The currency,
es wnu d say an no, preparet TO declt
IN Ana n man oughito decide upon al
he sperlic plan in regard to II, until we ia
TO- had the experience of some years. |
pc lleving, then, as c niienly do, that
ge uI ms ofreller hsre:o!o eprnposed mu,t
is. absoI,rey lmloent TO relieve the eXl
If. inc distress; AMI that a system of cnrIen
ir: having reference 10 the tutu,e shou d
IN a wo,k OF mat ne deiloerN,ion' = am
t. cideiiy OF opinion the time has not arii'
1se when any Legislative enactment sho
ID t.ke pla upon The sabieoi. The re
Il ,vy,;,.h q r rIniry dem ,pas is Ot a m