Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-10-02
SPEECH OF MIR. BELL.
In THE SENATE, NAY 26. 1858.

not with the frankneSs that l would have eX-
pected from the character of the honorable
Senator. He can see in the present depressed
condition of the trade and indus trial enter
prises of the country no cause for any change
in our present. commercial reg ulations or
revenue system: no cause for the adoption of
any new policy on the part Of the Govern
ment either 10 restore confidence and hasten
the revival of trade, or to replenish the
Treasury at the present time; nor does he
anticipate that there will be any cause for
such change in the future. He looks con-
fdently to the native energies and recupera-
tive powers of the people to overcome all
obstacles, retrieve all disasters and effect an
early revival of trade and industry in all its
branches. He has his theory of finance, trade
and currency, which he is content to stand
by; but, sir, he has. as appears to mel beg
his pardon if | do him any injustice-with
stHdious caution avoided saying one word
as to the causes which have led to the late
commercial and monetary catastrophe; nor
does be suggest any emedy for such evils
in future. On the contrary, he openly avows
his fears that any change which may be made
in our present revenue system will tend
to retard the progress of free-trade principles.
The maxim is now, as at another memorable
period in the financial and commercial
history of the country, "the Govern
ment is able to take care of itself; let the
/
the Government is able to take care of itself
If the ordinary and current receipts of gold
into the Treasury are not sufficient, the Gov
eminent can borrow enough to supply all
Deficiencies. The holders of the millions of
gold boarded in the banks or in private
Golfers will prefer lendingto the Government
Mt low interest to any investment they can
make in private enterprises at much higher
rate of interest at time when they can see
,.ftl
by the Government. The policy of the Ad-
ministration is now in perfect conformity
with the maxims and principles of the Dem
ocratic Administration of 1888, when the
Subtreasury was first proposed. / do not
charge them with any inconsistency. They
have either to adhere to their policy of 1888
or to abandon their theories of political
economy utterly unsOund or at least in
applicable to the condition of this country.
The only ground upon which their patriotism
can be impeached is, that after experience has
so often demonstrated the fallacy of their
commercial and monetary theories in man
ner so affective to the country, they have not
the frankness or moral courage to openly
aVOw the necessity of adopting and acting
upon some modification of their former Opin-
ions and doctrines.
/ said that the honorable Senator from
Virginia had carefully avoided to touch upon
the causes of the late Revision. The Pres
ident, however, is more adventurous: he has
given us a description of the condition of the
country in his late annual message so graphic,
and at the same time true, that beg leave
to read it to the Senate:
'.The earth has yielded her fruits abundant
ly, and has bountifully rewarded the toll of
the husbandman. Our great staples have
commanded high prices. and, up till within Il
brief period our manufacturing, mineral, and
mechanical occupations have largely par
taken of the general prosperity. We have
possessed all the elements of material wealth
in rich abundance, and yet, notwithstanding
these advantages, cur country. in its monetary
interests, is at the present moment in de-
plorable condition. In the midst of unsur
passed plenty in all the productions of agri-
culture and in all the elements of national
wealth. we find our manufactures suspended,
our public works retarded, our private enter
prises of different kinds abandoned, and
THOUSANDS Of uroful lauorers t rown out OF
employment and reduced to want"
Following this faithful picture of the effects
of the late revulsion in those sections of the
country which have suffered most, these
remarkable passages may be found:
1T is our duty to inquire what has pro-
duced such unfortunate results. and whether
their recurrence can be prevented? In all
former revulsiOns the blame might have been
fairly attributed to a variety Of cooperating
causes; but not upon the present occasion.
1t is apparent that eristd,g Hisfort,naes hare
proceeded solely from our ertrdca9dnt aud Uic,Ous
system paper currency and bank credits, exciting
the people to wild speculatiOns and gambling
in stocks"
After this bold and confident announcement
that the disasters of the late revulson have
proceeded solely from "our cXtravagant and
vicious system of paper currency and bank
credits, y the President proceeds to console us
with the assurance that these revulslons
must continue to occur at successive intervals
as long as the amount of the paper circula-
ton. bank facilities, and discounts are left
to the discretion of fourteen hundred irres-
ponsible banking institutions:'' and he further
announces that 10 this cause may be assigned
tn. character "Of our financial history for
the last forty years" which, he states, has
been one of .'eXtravagant expansions in the
business of the country, followed by ruinous
contract TONS These views of the President,
if we'll founded, are of the greatest impor-
lance and should be well understood by the
country.
| will now, with the consent of he Senate.
read few passages from the British journal
to which have before alluded, and which
may be regarded the exponent, as it I'M
Questionably is, of the views of the leading
champions of the present policy of Great
Britain on the subject Of trade aud currency:
THE concurring panics of England and
America present an instructive contrast.
They occurred under dissimilar circumstances.
and they have issued in different results. In
the United States there was Il new country,
boundless extent of unappropriated land. IA
public debt scarcely exceeding the revenue
Of single year. field for employment so
ample a. to cause constant influx OF labor
and capital from Europe, and resources pro-
gressivcly developed during years of unin-
terruptcd peace. In England there was an
old aud densely-peoplod country, land so
completely appropriated as to leave no field
spot where, without trcspass, We could plant
u foot a weight of debt which no other
country in the world has ever been called
upon to bear, field of employment so over
crowded rs To cause an annual exodus of
labor and capital from the land, and resources
diminished by the vast expenditure of the
Russian, Persian, and Chinese wars, still sub
ject to a heavy dram tor the suppression Of
the Indian revolt. Who, upon CHANGING ut
these contrasting antecedents, could have
hesitatpd t1 infer that the occurrence OF "a
commercial rrvulslOu would have proved
beyond comparison more disastrous in Eng
land than in the United States? Who could
have anticipated that when u pressure came
America would fall. while England stood APP
parently unharmed! Yet such has been the
actual result. America sank at the first up
heaving of the storm. England did not bend
10 it until a desolating wave from the
troubled waters of the West had broken upon
her shores. How can this apparent reversal
of the natural sequence If events be account
ed for! BY what latent agency has weakness
been conjoined with the elements OF strength.
and strength with the causes of decline!
This unusual conjunction, however anomal-
Gus and mysterious IL may appear, admits of
easy explanation. America has an ill-regu-
lated, England well-regulated currency. In
both countries the law requires that the note
circulation shall b. convertible into gold upon
demand; but in the United States the MAIN
tenance of sufficient supply Of gold To
secure the fulfImeat Of the legal requirements
is entrusted u the discretion OF the banks,
while in Ehgland il Is secured by the provi-