The Middlebury galaxy. [volume] (Middlebury, Vt.) 1848-1850, 1848-11-07

i
| If this be so, this very operation led to thu
necessary, curtailment of three and a half Of
four millions of dollars, from the commercial
operations of the city of New York. Now
this demand of the Sub Treasury could bt
made in a day, and when made in one day, OF
one week, it must be answered in one dav OF
one week. But then no Banks could make tn,
curtailment in one day or one week. or ono
month, to such an extent, without bankrupt
ing the community-what is the consequence
of that? The consequence isinevitably to in.
spire due misIrust and apprehension among
those who manage these institutions to re-
strain them from what they would therwise do
for fear that events should show that they
have, if not acted imprudently, incurred great
danger of ruin. Now the merchants and deal
ers of the country, the superintendent Of
Banks. here and elsewhere, keep an accurate
account Of the imports and exports of specie,
the imports and exports of goods, of the bal
ance of trade, and can prepare for it, because
a shock of that sort does not come like light
ning-they have some premonition Of it. But
who can calculate what will be the policy of
the Government, or what, in a particular day
or week, will be the amount of imports, if half
a dozen vessels arrive in aday-who can fore
see it ? Who then can foresee, out of this
money now in the vaults of the Banks, what
quantity can be demanded in an hour? There
fore, so far as can learn, there is a constant
apprehension and fear.
Why, as have said, We yourselves are wit
nesses this day to what is the consequence of
this. A fluctuation from day to day in the
money market; not from good to bad, but
from bad to worse. Then, perhaps, down a.
gain from worse to not quite as bad, but often
er up still further, TO degree of scarcity
which is quite unexampled in the history of
the government of this land.
Gentlemen, upon this subject let me show
you how |, with my means for information,
and my limited intercourse with men of bust
ness here in the capital of New England
with some degree of acquaintance and inter-
course with men of business in the CONNER
cial emporium of the country-New York
let me show you how far differ from the
great authority to which | have Just alluded
Mr.. Buchanan. In his speech four or five
days ago, he said, where, since the Almighty
first placed man upon the earth, has there
been any to compare with ours in rapid and
substantial improvement? / say nowhere-I
answer that question IN the negative. 1T has
now become the wonder as well as the model
Of the world and / hope it will continue to
be so. 'Our prosperity has known no cbb in
its sweeping course, except from the expan-
SONS and contractlons of our paper currency,
and the individual ruin which this occasioned.
For these temporary revulsions we are indebt-
ed to Wing policy. And even for them, to a
great extent, Democracy has found prevent
alive in the much abused and INDEPENDENT
treasury
The Independent Treasury, then, is pre-
against expansions and fluctuations
in the country, against the course of things
that makes money easy to-day and hard to-
whilst this restrains wild specnla-
ton and over-trading on the part of banks and
it has at the same time afforded
the best and surest protection to domestic
great and growing interest
which must be ever dear to the country
Now, if the commercial interest and manufac-
turing intercts see that, then nobody has a
right to complain if they sec that the Sub
Treasury prevents fluctuations instead of pro-
ducing them; if they see that this Sub Treas
ury has not protected the interests of manufac.
lures if they see that under the operation of
This Sub Treasury and Tariff of '46, the iron
mills are all fourishing,-tlre woolch mills all
going on everywhere, in great prosperity-if
they see all that, then MIR. Buchanan is entire
ly right
Now these remarks Of Mr.. Buchanan
'peak with respect-contan two propositions.
One IS, that the Sub Treasury has, in fact pre-
vented fluctuations Now, for one, | should
say that, within my recollection, there has new
er been so great fluctuation in the money
market a5 VIC have witnessed for the last two
years. Many Of you have memories long en-
ough to go back and review, in your own
minds, the transactions of the past fifteen
years. Did youever know such great fuctu-
atoms of the money market as you have wit
messed in the last two years, with the excep-
ton that its fluctuations were between prices
always high.
The next proposition is, that protection to
is afforded BY the Sub Treasury.
So Mr.. Buchanan says; but can hardly think
it is quite respectful to the intelligence and
of this community, to hold such
a doctrine. should think he supposed us
ready to swallow camels of anv size. The
Sub Treasury foster manufactures. The Tar
if of '46 foster manufactured Then why do
they not prosper? Thus fostered and protect
ed, how many of them have, within the last
six months, sunk away and come to nought?
Among our most important manufactures here
at the North, essential to the prosperity of the
country and employing large capital, do we
not see them sinking away every day Where
is the result of that fostering care?
Gentlemen, there is another consideration
with this Sub Treasury: Three
fourths of all the importations from Europe are
on foreign account our importing merchants
know nothing about it If you 90 to State
Street in Boston, or Wall Street, in New
York. and ask what importations are coming,
they tell you they do not know. 1t is ascer-
famed, and 1 believe it is true beyond question
that three-fourths of our importations from
Europe are sent to this country on foreign ac-
count, consigned to commission merchants
They are sold, and their proceeds are remit
ted, and our merchants know no more of their
probable coming, or their amount. than any
body else. Therefore there is no knowledge
among US, and can be no knowledge among
Is of twhat will be the state of the market
oriwhen they arrive the duties must be paid |
Immediately, thus placing it in the power of
oreign consigners of goods coming to this
country to depress the money market at pleas |
ire. They may transfer from the banks into |
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