Ypsilanti sentinel. [volume] (Ypsilanti, Washtenaw Co., Mich.) 1843-1900, 1847-01-20
o. TIE following preambles'and Resolution
were submitted to the House, by Mr.. Taylor of

o. Tie following preamblesand Resolution
were submitted to the House, by Mr.. Taylor of
Calhoun on the 18th inst:
Whereas, The circulating medium of this
State, is altogether insufficient to answer the le-
gitimate demands of the fair and regular busi-
ness thereof, and to perform the necessary ex-
changes required in the prompt purchase of the
great and rapidly increasing product ons of our
soi--our forests and fshefies-.o desefope the
wealth of our mines, and to stimulate and en-
courage the just enterprise of the people.
find irhercas, Upsound and fallacIous theo-
ries of banking, adopted In this State, have pro-
we'd practically ruinous to bankers, and baneful-
ly perncious to the whole people.
find Whereas, Experience has shown that
pure metallic currency in sufficient abundance
to meet the wants of the people, in a country,
though rich in natural resources, vet poor in
accommodating wealth, is consummatioD, how
ever desirable, utterly impractcable.
find Whereas, A very largo proportion of the
effective currency of the State, is of deprecia-
tedfcharacter, not convertible into specie at
home, having been issued by banking corpora
tions of other and distant States and foreign
provinces, and OF doubtful and uncertain solven-
cy. Whereby, and by reason of each of the
above Causes, the people of this State are sub
lect to heavy losses, as well upon'the deprica-
ted currencyreceved, in exchange for the pro-
ducts of their agricultural and other industry,
as upon the inadequate price paid thereof, "a
| mounting to several Hundred THOUSAND dollars
| per 4nnum.
| find Whercds, 1t is solemn duty of govern
ment to provide for the people sufficient, as
we'll as sound currency, so that Industry may
not be repressed; labor go unrewarded. enter
prise discouraged; the people impoverished, nor
| the country hindered in its march of progress
| i've improvement. Therefore,
Resofred. That the committee on banks and
interpretations, be and they are hereby instruc-
ted, to devise ard report to this House, some
plan providing an adequate relief TO the people
of the State, from these onerous burdens, har-
RAISING privations, and runous losses.
We think any movement in the matter Of
providing the "people with a sound currency
is at present premature. The cautious wording
of the resolution sufficiently demonstrates how
utterly unsettled the public mind is upon the
subject. Any result at which our Legislators
might come, would therefore, be very unlikely
to meet the future sentiments of the people 50
| fully as to prove permanent'and satisfactory
There are very many who will not yet believe
that pure metallic currency is not entirely
practicable. People are still more divided on
the subject of individual liability. In fact, there
is not the least appearance of settled well de-
! fined wish of any kind on the part of the people
aside from the general feeling that good cur
rency is a desirable thing. This is all. Hence,
Legislators would be guided by nothing but their
own opinions, crudely formed, and probably err
roneous Much more time, also, will be nee
essary now, than hereafter when our wants are
more clearly felt, to form system of finance,
and if it is undertaken, the session will be
stretched out interminahlv.
Some of theopinions ofmembers may be found
| in another days proceedings.