The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-05-28

ported within the time specified, some two hundred
and fifty millions more than We expoI ted-hhy
millions Of which was in specie. That, suppose
there will be no objection 10. The balance was In
goods and merchandise. We bought them on q
credit, sir. We have consumed them-we have
eaten, drank, and worn them out. And whai
should make every honest mans cheek mantle with
shame, is, that we had the unspeakabe meanness "a
draft on our chdren's labor to pay for II, in the
! shape Of State bonds. That consider, Mr.. Chair
man, unmitigated robbery, and under AZ himsy
Preiext despotsm assumed 10 cover It's black
eat crimes.
And Iferyeniy hope, our opponents have al
las, discovered that oyertradng is evil that they
will join in applying the nghtful remedy. will
not quarrel with them, sir, because they call them
selves wings Let them take what name they
please; bal lend US your mighty aid to rid the coun
Try Of this gambling system Of credit. Let Us
cease drafting on our childrens labor, that may
live in sthuencs, luxury, and hcentiousness, and
force want, Generalization, and slavery on them.
These great ends are worthy the greatest efforts Of
the statesman and philanthropist.
Let Us, one and ALL lay the axe at the very root,
and rid our country Of paper system; cease
robbing our children, and adopt the principle OF
overradingi and shall achieve, SIR the double tri.
umph OF handing down 10 posterity honest ex.
ample, and leaving them freemen.
And now, sir, what objection is offered TO a
specie currency All objections, | believe, are
abandoned, save one; il is, there is not sufi-
cheney Of gold and silver for circulating medium.
IL is false, sir. II we had a purely metallic cur
rency, there would be the amount Of dollars,
IN the main, as II the currency paper, with this
difference, that when the paper currency is expand
ed you would have a greater circulation than you
could possibly have in specie But when II is con-
tracted, as II necessarily must be- after expan-
sion, the circulation would be less and this is
| Of the principal reasons why u specie currency il
best. IL would be between the two extremes Of pa
per- escaping the evil Of too much to-day, and too
little tomorrow. We should have, what we all de-
sire, stability From the most reliable estimates Of
the amount Of paper money and specie in the world,
II paper was entirely excluded, there would not be
deficit Of Ave per cesL
lfal our paper money was Withdrawn from cir
culatIon, the effect, doubtless, would be To lower
prices. That, sir, would be the very thing that
would bring specie here. Nations would not bring
their productions here for sale, for the best OF
sons-they could get better prices anywhere else
They would bring their gold and silver, for the
reason that they could buy cheaper here than any
where else and the money would keep canning us
long as prices continued lower. So soon as our
prices should become equsllzed. it would cease
coming and an exchange Of productions take place
IL we had too much specie here, could not keep
It. Prices would raise; other nations would sell
their productions to us al high prices, but would not
take ours, but take away the specie and buy in
| other countries where the prices were lower. You
cannot have too much too little-trade will regu-
| late il.
If we have paper money, it drives away gold and
silver, in this way: say, sir, that had one hun
dred and fifty millions in specie, and that
enough TO fill the avenues OF trade; say there was no
paper money, and these spectators were to per-
suade TO establish banks, to make money more
plenty-the one hundred and fifty millions Of spe-
Gle would be put into the banks And say again
they issued two hundred millions Of paper money
| prices would rise; other nations would sell to us to
get high prices but would not buy Of us, for the
same reason. They would take the silver where
they could buy cheaper, until the paper currency
should come down to where it was before you issued
the paper, Zone hundred and fifty millions) But
then you would have much less gold and silver.
Say again, that you destroy all the paper banks,
| prices would fall, and gold and silver would come
IN until it brought the prices up to an equality with
those of other nations. .
I This thing, Mr.. Chairman, was fully exempli-
fed in the years lS4l-2-'3. Some years prior to
that time, the people Of the South and South west
took New Orleans deprecated bank notes, much Of
which were entirely worthless. The peoples pa
uence was worn out with this wholesale swindling,
and they refused any longer to take these rags
demanded the gold and silver. Ship after ship
| brought It from all parts Of the commercial world
until there was more gold and silver: nay double as
much as ever was brought before; and the friends
of specie currency had the glorious satisfaction Of
man realized. Louisiana, Mississippi, Arkansas,
and the West demanded gold and silver for their
-four, pork, cotton, &c. A stream Of gold and sill
yer assembled the great Mississippi in exchange for
the farmers labor. To the delight of the friends Of
real moley-to the surprise of those who were de-
luded into the belief that there was not gold
and silver enough in the world to do the
business-and to the horror, modification, and
disgrace of the money-mongers the democ
racy Of Louisiana, sir, threw the specie flag to
the breeze; and the battle-cry "Real money us,
Paper money!" PAY itself Promises to pay "
"No Bank Us. Bank" The victory was won ere
the battle had fairly commenced. Half of the wing
party nobly acknowledged their error, Joined the
democracy, fastened clause in the constitution OF
Louisiana prohibiting the charter recharter Of
another bank in the State; and when the vote was
cast in the convention, of seventy seven members
but fifteen voted in favor of banks
| That, sir, was glorious day for the democracy
and not less glorious for the noble wings who Joined
us in the great work in defiance of party commands
| but did their duty to their conscences and their
country. Let me beg my friends to place this issue
fairly before the peoples trust to their honor and in.
telgence; and my word for it, if our opponents dare
meet that issue, we will not leave them a corporal's
guard.
would ask, Mr.. Chairman, why our Bentons
Calhouns, Clays, Webs ters-he first intellects OF
| our country-devoted months TO the discussion OF
the gold bill, and days in urging the proprety OF
improperly of making fve-dolar gold pieces one
grain more or a grain lessi Why this exactness
Does it not appear childish for grave senator's,
puted our .wlsest men, to occupy so much time in
settling with the minutest exactness the weight
quality, and value of this coin; and after having &C
complished this great end, for us to allow set Of
legalized counerfeiters to undo their work, by ex-
pansion or contraction Of the currency, by making
paper money, which they substitute for specie
scarce or plenty at their pleasure1
| would ask our opponents to point out the differ
ence between adulterang and clipping the coin, and
altering its value by making paper money scarce OF
plenty. There is no difference that can see.
tits made, sir, penal offence to clip the coin Of
single grain adulterate it with alloy. Your law
says it is stealing, and whoever does il is sent to the
penitentiary also say 1t is stealing, and the pun.
lshment just But what justice is there, in sending
one man to the penitentiary for altering the value
single coin, while you permit others to alter tn,
value Of the whole currency Of the country, ant
egaize the wholesale punder' You have one Law
for the people, making it a crime to swinde on
| small scale and punish sayerelvt and another In u