The northern galaxy. [volume] (Middlebury, Vt.) 1844-1848, 1844-04-10

2
we knew the consequences;-we should be
hurled from our seats by an indignant people,
Our heads POLITICALLY speaking) would pay
the forfeit of failure-Al admitted the ne
cessity of action, prompt and vigorous. We
proposed protective tariff, bank, the dis
tribution of the proceeds of the public lands,
and bankrupt law. The last was tempo
rary and limited measure, intended merely
to relieve class of citizens who had been
crushed by the calamities which had befallen
us. The distribution of the proceeds Of the
public lands was intended to give relief TO the
states in their corporate capacities; but nei
Their Of them was regarded as reaching the
root OF the evil. or adequate to the great end
proposed, TO restore the last prosperity Of ths
nation. The Bank was never an especial ia
vorite with me. have ever regarded the
question Of the currency as a secondary con-
sideration. A paper currency you must have.
The increase of your specie circulation to
keep pace with and supply the rapidly increa-
sing Of wants of this growing community is
impossible.-Were you able to do so you
would derange the commercial operations Of
the world.
Sir What IS your paper currency! Moth
ing but Misrepresentation Of your credit
And that credit, whether public or private,
rests upon your resources and the use you
make of them The paper of bank is but
the embodied credit Of the community which
deals with it, and depends for its credit and
ultimate redemption, not upon the specie in
the vault, but upon the pecuniary resi- onsi-
bility Of those TO whom the bank lends its
credit. Ifyou would have a sound currency,
you must look to this foundation. Let youi
productive industry, 1.-THE true source oil
wealthy in all its variety Of pursuits, find full
and profitable employ ment.-Let it be well
rewarded-give it prosperity in all its walks
-clothe it with pecuniary responsibility TO
meet its engagements, and rely upon it your
currency will take care ofitself. Your Banks
and your currency will be sound il sustained
BY flourishing and solvent community, but
neither can be sustained If this basis be want
ing. had no expectation that any rcgula-
ton of the currency within the power of leg
islatiOn would afford adequate relief. Tho
arrangement of the currency lay at the sur
face of things, the evil to be reached al tho
bottom. The deficiency in the revenue Point
ed to the measure which in my judgtmen
was the only measure calculated to revive the
hopes of the country. And that measure
was revision of the tariff, and the adoption
of such a system Of imposts as would raise
the revenue TO the standard Of our eXpendit-
ures, and at the same time by wise discrim-
ination in its arrangement revive the industry
and energies of the country, and thus restore
the foundation Of national prosperity. This
was the Wing policy.
And what was the policy of our adverse
ries? Adherence TO the Sub-treasury that
odious measure, which had beel so recently
and emphstically condemned by the American
people. Their policy was to collect the rev.
enue in gold and silver, and, by the aid ofiron
chests and stone vaults, lock it up securely
from circulation. That the government
should dissolve its connection with the peo
ple,-take care ofitself and its treasures, and,
with cold and heaTtless selfshness, leave
suffering, and in that event, ruined people,
with all their great interests, agricultural,
manufacturing. and commercial, TO shift for
themselves. Such was the relief which they
proposed.
Thus the issue was fairly formed. We
had tasted the fruits Of the Sub-treasury-
their bitterness had more than perhaps any
other measure Of an infatuated policy con-
tnbuted to that astounding revolution which
so speedily followed it. 1t could hardly be
expected Of Wing Congress to adhere to it.
No third course was proposed.-None could
be by the ingenuity of man. OF free trade
and its theories we had had enough.
Sir We adopted the good old policy of
protection: policy coeval with your govern
ment. The wisdom Of the measure is sppa-
rent in the reviving prosperity Of the country.
Let us look little further into the causes
which produced the disasters Of the country.
To discern the remedy we must comprehend
the evil. What was it that caused the tre-
mendous revolution which Frustrated and we'll
nigh ruined this peoplel Senators on the other
side have heretofore told us that 1t was over
trading mot among ourselves, which could
produce no such result,-nor the excessive
importation Of the productions of our indus
try which would have led TO the opposite re-
sult,-but it was the excessive importation Of
foreign productions to an extent transcending
our means Of payment.-Our expenditure
had exceeded our income,-an immense for
eign debt was contracted,-to be paid, not IN
our own productions, but in specie IL was
this debt which pressed with resistless weight
upon the banks and drove them to the alter
native of bankruptcy or suspension. II was
this pressure which annihilated the currency,
DESTROYED confidence, and arrested the hand
of labor. Sir Could that foreign debt been
at any moment wiped out as with sponge
ton new life and vigor. it would have re-
stored the currency instantly.
Much has been said heretofore OF the State
debts as the cause Of our embanassments.-
Had the amount Of these lands been brought
into the country in gold and silver, it would
have been capital on hand TO meet your in
dustry and our own resources. The manu-
facturers Of Europe had competed too sue
cessfully with your own. The enormous
amount Of those lands was received in foreign
fabrics, woollens, cotions, iron, &c. &C.,
which in few months we're used up consum-
ed and gone, and you had nothing to shew IS
the consideration Of your Indebtedness. You
were in debt to the extent of two hundred
millions and for whatl Literally for dead
horse.
The removal of the deposites has also been
arraiened as the cause of the reyulsion. Sir,
Although that high handed measure was
dangerous experiment, and mischievous 10
the last degree, yet cannot admit that 1t
was the origin fthe evil. No Sir, it was on
" shock to the crumbliug edifce which first
disclosed to you and to the world that the
foundation Of your credit had been already