The northern galaxy. [volume] (Middlebury, Vt.) 1844-1848, 1844-07-31

this noble old Slate, the first TO aDnounc
the independence of the United State
by the memorable declaration of Meek
lenburg, and which has ever since bee
among the most devoted and faithful T.
the preservation of this Union in tn
name of the people of my own gallan
State /; and in the name of the Who'll,
people of the United States, ] feel au
thorized 10 say, that this Union will not
must not, shall not be dissolved. How
then can this unhappy conflict of opinion
be amicably adjusted Il accommodated
Extremes, fellow-ciIizens, are ever wrong
Truth. and justice. sound policy, anC
wisdom, always bide in the middle ground
always are to be found in the juste mileiu
Ultraism is very p%aneful, and, if followed,
never fails to lead 10 fatal consequences
We must reject both the doctrines of free
trade and of a high and exhorbitant Tar.
i'll. The partizans Of each must make
some sacrifice of their peculiar opinions.
They must fad some common ground,
on which both can stand, and reflect that,
if neither has obtained all that it desires,
it has secured something and what il
does not retain has been COTTON by its
friends and countrymen. There are
very few who dissent from the opinion
that, in time Of peace, the federal revenue
ought TO be drawn from foreign imports,
without resorIing 10 internal taxation
Here is n basis for accommodation, and
mutual satisfaction. Let the amount,
which is requisite for an economical ad
ministration Of the government. when we
are not engaged in war. be raised exclu.
sively on foreign imports. and in adjus-
ting a tariff, for that purpose, let such
Determinations be made as will foster,
and encourage our own domestic indus
try. All parties ought 10 he satisfied
with a tariff for revenue and discrimina-
lions Tor protection. In thus settling
this great and disturbing question, in a
spirit of mutual concession and of ami
cable compromise, we do but follow the
noble example of our illuslrious ancestors,
in the formation and adoption of our
present happy constitution. Ii was that
benign spirit that presided over all their
deliberations, and it has been in the same
spirit that all the threatening crises, that
have arisen during the progress of the adj
mlnistraiion of the constitution, have
been happily quoted and accommoda.
ted.
Next, If not superior in importance to
the question of encouraging the national
industry, is that of the national currency.
| do not purpose to discuss the point,
whether a paper representative of the
precious metals. in The form of bank notes,
or in other form, convertible into those
metals, On demand, at the will Of the
holder, be or be moi desirabIe and expe>
dlent.-l believe it could not be easily
shown, that in the actual state of the
commercial world. and considering the
amount and distribution of the precious
metals throughout the world. such a con-
vertible paper is indispensably necessary
But that is no; an open question
If ii were desirable that no such paper
should ex ST, il IS not in the power of the
General Government under its present
Constitution, put il down or prevent its
creation and circulation. Such n con>
yertible paper has existed, does exist,
and probably will always exist. in spite
Of the General Government. The TWEEN
six States. which compose the Union,
claim the right and exercise the right,
now not TO be controverted, TO authorize
and put forth such a convertible paper,
according 10 their own sense of their re-
s~pective interests. If ever a large ma
iority of the States were TO resolve TO dis.
continue the use OF a paper representa-
live Of specie, the paper would neYerihe.
less be created and circulated. unless ev
cry State in the Union abandoned its
use which nobody believes is ever likely
10 happen. If some Of the States should
continue TO employ and circulate such a
paper. it would flow into, and be current
in other States that might have refused
to establish Banks. And, in the end,
the States which had them not. would
find themselves, in self-defence, compel.
ed to carter them. / recollect, perhaps my
friend near me, (Mr. B. w. Leigh if he
be old enough, may also recollect-the
INTRODUCTION VI DdUh5 III OuG 0dtlSe
States. Virginia adopted slowly and
reluctantly the Banking system. | rec
ollect. WHEN a boy, TO have been present
in 1892 Of 1893, when a debate occurred
in the Virginia legislature on a PROPOSE
lion. | think it vas, TO renew the carter
Of a bank in Alexandria the first that
ever was established in that State. and it
was warmly opposed and carried with
some difficulty. Afterwards. Virg;nia,
finding herself surrounded by Staies that
had Banks, and that she was subject to
all their inconvenience, whatever they
might be. resolved 10 establish banks upon
a more extensive scale. and accordingly
did es ablish two principle Banks with
powers, to secure TO herself
whatever benefits might arise from such
institutions. The same necessity that
prompted, at that period, the legislation
of Virginia. would hereafter influence
having no banks, bu, adjacent to
those which had. Ii follows. therefore,
that there are and probably always will
be local banks. These local banks are
after rivals, not only acting without con-
cert, but IN collision with each other, and