The Union and eastern journal. [volume] (Biddeford [Me.]) 1854-1858, 1857-10-30


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8 result /; and you might as we'll condemn Il
. merchant, the individual, the governmer
b for anything that takes place, as to censur
{ the controlling agents Of the monetary sy'
Q tenn for the expansion ofthe currency
: which they have been led. 't .' -''
II isa result demanded BY the country Z
: them, and that expansion they could nc
) refuse. Men could never have had the pow
B er to refuse under the pressure that has bee
, brought to bear upon them. Look, for In
stance, at the drain upon the East to suppl
{ thewest. In tho state of New York you hav
seen money drained from people Of ever,
, class and occupation, all going westward.
In New England we have seen the sam
thing. The debts from the West to tn
East have bcen gigantic; and in order fo
the Eastern creditor to regain the money
duo from the West, they have been com
compelled to call upon the banking institu
! tons, not only to aid the East, but the Wes
also. The expansion that has thus follow.
cd has been a result rather than the cause
of the great monetary evils that rest upop
us. The remedy is inevitable and |. is sim.
plc. Even now, as said In the commence.
ment of nv remarks ono has been indicated
nv n leading merchant of Mi, c;tv 10 which
others will assent, and I. will tbu, becomo oo
established rs a law. Ip
There arc in circulation $50. 600 900 in
hank notes of the amount of aye dollars and
under. We complain that the gold flows
out OF the country II does not flow out
by its own weight-somethinC impels it.
The man parts with his industrial products,
and whatever he has in tho shane of prop.
erty, very willingly, but the gold he has he
holds on to as long as no we'll can. Zap.
plausc.) .l... .......
It isa universal feeling Now if you al.
low the ordinary debts of the people to be
paid in gold and silver, is every working
man receives his compensation for his labor,
under the sum of fivc dollars, in gold and
silver, naturally ho Is inclined to holi on to
that but ifyou nav him in paper, the gold
and silver leave tho country, and in this
way VIC expel more or less of this amount of
fifty millions of dollars circulated in bank
notes, less than five dollars.
II was said by Mr.. Huskinson of England,
that il had been the result of many wears of
experience that the existence of one and two
mound notes was incompatible with the cir.
cplation Of cold and silver In small sums-
It was said by Mr.. Burke to Mr.. Pitt that
if he issued one mound notes he would never
SEQ guinea again. The same result will
follow here as there; the people themselves
will be enabled when they choose by their
own action thus to prevent nm excessive in.
fla,ion of the currency, beyond that which
the mercantile world is obliged to have.
I have to ask again, fellow citizens, rs I
asked before, what is the COMPENSATION we
have received from tho government, for the
great difficulties that have oppressed US
We have, instead of our former prosperity,
the establishment of now principle Of gov.
ernment-a new principle, revolutionary in
its character, discreditable to the people and
the government, and avowed now for the
fret time in the history Of the world, to
wit that tho constitution and the flag Of
tho Union carry the institution of slavery
10 whatever territory they shall bo extended,
This has n ,yer teforc been ayowed in this
country. As long ago as the formation of
the government and the establishment of
tho constitution, il was distinctly recognized
that Congress had the power to prohibit the
institution of slavery in the territories.
As long as the constitutional law of Eng
land has been understood and known, it has
hson hold that pot onIv did tho institution
Of Slavery no, 20 with the constitution. but
the consultation itself never could cover no.
quired territory except by net of Parliament
and until the present administration. or the
past administration, it has always been so
held and declared in this country, that the
constitution did not go 10 the territories &c.
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