The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-01-10
THE UNION .


ing fair profits, and the workngme. augmented wages
and employment" "And now, when under our
successful example the ports of Europe most probably
about being widely opened to all exports, sha
check the advancing spirit OF the and exngush
the dawning light OF commercial freedom Everywhere
nations being aroused upon this subject Their states
men are resisting the interested classes and exposing the
injury and injustice of shackles upon trade and will
soon enrol the names of other countries on the great
international league OF commercial freedom Tor the bene
fit of mankind II was our own country and her puolc
functonaries who proclaimed these great truths before
they had received the sanction OF other nations.
ready from our efforts, have every motive to perse
we're until the ree-trade doctrines of Great Britain and
America the two great nations OF kindred blood and Ian
guage, shall open the ports and dsen'hra the commerce
France, Russia, Germany, Austria Italy, Prussia.
Switzerland, Holland, Belgium, Denmark, and Sweden,
and even China, have moved vibrating or pre-
pairing to favor of the great principle and
our own country and Great Britain adhere to their present
enlightened policy the rest OF the world must lose their
commerce, or adopt, as they will, our example"
come now, Mr. Chairman, to speak of the last meas
ure in the series of the rumphs of this administration to
which my limited time will allow me TO give attention at
present REFER to the constitutional treasury, upon
which that great and vrtuous statesman president Van
Buren, fell but which, under Mr.. Folks recommends.
ton, has superseded the act OF 1889 Tor The custody OF
The public money THIS measure like the revenue tariff,
was srenuousy opposed by the horde OF bankers, bro
kers stock obbers and usures many OF whom, as GUS
oders of the public treasure had speculaed upon It,
from the repeal of the constitutional treasury IN lS4l
by federal Congress, to the date OF It's restoration IN
1896 by democratic Congress, and who, therefore, were
unwilling give it up. The country may now congatu-
late Itself upon better state of things The drawn
from labor longer subject to bank failures and
bank raudsthey cannot be prosu,ed to party purpo-
ses-they in the responsible custody OF the law The
simplicity of such system OF finance in its direct provi
sions for the collection safe keeping, and disbursement
of the public revenues, by officers appointed and penalty
it TO the especial favor Of the friends OF State rights and
republican virtue. But hear again, what the SECRETARY
of the Treasury (Mr Walker says OF the operation OF
! the constitutional treasury:
"The receipts and disbursements OF the government in
specie during the last eleven months have amounted to-
gethe the of 500 s94 402 40 and not dollar has
been lost to the treasury, any injury inflicted upon any
branch of commerce or business. The constitutional
treasury has been tried during period OF war; when
it necessary to negotiate very large oans' when
our expenditures being increased, and when trans
fers unprecedented in amount were required to DIS
tant points for disbursement. During the last ele-
ven months the government has received, transferred,
and disbursed more specie than during the whole
aggregate period of fftyseven years preceding, since
the adoption of the constitution.
|. During the year ending 30th June,
IS47 our imports of specie 1924 2l 2S9, (see table
To- most of which, under former systems, must have gone
into the banks have been made the basis Ut issues Of
their paper the additional amount OF fifty or sixty mil
lions OF dollars Such an expansion, during the last
spring and summer accompanied by still higher prices,
and followed by greater fall, and by bankruptcies in
England to extent heretofore unknown, hndlng our
banks and credit greatly expanded, and reactins upon
this expansion, would have produced revulson here
exceeding any that has heretofore occurred in the coun
|
have resued depressing the wages of labor and prices
of property and products affecting njurousy the opera
tons and credit even of the most solvent and producing
extensive bankruptcies. From this revuson we nave
been saved by the constitutional treasury, by which the
specie imported instead OF being converted INTO bank s
Sues has been made to circulate directly to great extent
as currency among the peope-havlng been recolned
here during the last eleven months by the new orders OF
this department under the act OF 9th February l793 and
the Jealous cooperation OF the able and ehcent head OF
the mint at Philadelphia, to the unprecedented extent OF
500 O4s 12 and there thousands OF our citizens
solvent and prosperous who have been saved IRON
ruin by the wholesome operation OF the constitution on
system have been rescued probably from another suspen
sion; their stockholders, depositors, and ehoders
from losses; and the country and government
from the runous effects OF deprecated paper currency
If the union OF the government with the banks had con-
tnue and their suspension and the depreciation OF their
b doFg bans not furnish
consequences the disastrous to the honor and the
interests of the country must have ensued The gov
eminent is now disconnected from banks, and yet It's
stock and notes are at par, although have been con-
strained TO contract heavy loans and to Keep larger
in the field than any former period But during the last
war; when the government was connected with banks,
its six per cent stock and treasury notes deprecated
twenty five per CENT payable in bank paper twenty per
cent below par thus amounting to loss OF forty-h
ment Now,
for the first time in our history although failures in Eng
land of the most unprecedented magnitude have occurred
including banks and bankers yet our banks and credit
are sound and stable and the business OF the country IS
still prosperous and progressive"
| This quotation, Mr. Chairman, closes my hasy and,
fear very imperfect sketch Of the internal or domestic
policy of Mr. Folks admnistration-my yindicaton OF
the model Presidenthe who has conducted one OF
the most brilliant OF any agewho has effected the
| greatest State reforms of modern tmes-who unamb-
ous and unaspirng upon the spontaneous suraSes
of his counrymen to the highest civil station on earth
in which he stands forth the faithful reflex Of their sen
mens and opinions and the admired representative of
great nation Yes, sir all this and more, has been
achieved under the auspices OF MIR. Folks adminstra
tom upon which we, his friends tender you his oppo-
meet these issues we challenge you to meet them II
you are still for national bank restrictive tariff, dis
button schemes of internal Improvement, ct ala enorma
| of federalism-if you would still pursue policy which
must unavodaby make the rich richer and the poor poorer
which must dangerously strengthen this government
at the expense of the States and the peopesay So Do
not skuk behind military chiealn nor seek to shield
Yourselves by temporary excitement prejudice, which,
when passed away. must leave you sunk still deeper in
the mire of your political sins.
| Yes, SIR under Mr.. Folks administration the column
to democracy has been completed Based upon truth,
crowned with victory inscribed with "equal rights"
"hard money" and the onward march of liberty" it
will ever stand an mperishable monument OF the fame of
its architect and the glory OF the republic
| But what, sir, have opponents been dong In the
meantime Without recurring to the past, will speak
only Of the present We know you have voted that
Mexico commenced the present by her aggressions
We know you have voted to place the army and nauy
of The United Safes-5O000 volunteers and $lO,O00000-
at the disposal of the President, to wage this our
part And we know that you have now turned round
| and voted that this war was not commenced by
l1, and pnotit, Opo1lx hx