Mineral Point tribune. [volume] (Mineral Point, Wis.) 1854-1858, 1858-02-09
SPEECH OF HON. c. C. WAsHBgRN
January 25, 1858

/ S'css would be signallzed by some definite ra
| conmendatIon from the President of rho Irp;to,
STATES having Tor It's object the relief of tb,
commercial, mercantile, and industrial classes
nov nov yea d"wn IN such deep distress was
Inihk the general expectation of the copntr,-
he position heretofore occur,ied bv tbo pi
Gent when IN Cong reSs, upon the subiec. or tL
currency and tariff gave assurance To same :,
least, that he would have the COURAGE 70 n,srt
cut some plan for the action of Con,rress N-biI
- O"id 'ehd 10 ailay existing evils, aud prevent
/ 'heif recurrence hereafter. To all such the mae.
sage has caused bitter disappointment. Instpa.
! OF any such measure having been brourht for
N"id' the country Is now much in the dark
III IN regard to the financial policy of the Admin.
is'ratlon rs on the day we first met We are
now approaching the close of the second month
OF the session, and what has been done s.
/ iar as anything practical or useful 70 the coun.
LV IS concerned, may say literally nothing
over one iiialf OF the present month has been
given TO the consideration of the outlaw and nj
rate, william Walker, and his vagabond associ.
ates While the country is crused beneath =
weight OF financial calamity such as has been
seldom known; and whilst national ban kr,tntcv Y
Is staring you In the face, YOU turn away and
treat with utter neglect all such matters Tho,
are not worthy of the consideration of an Amer
lean Congress while Il handful of desneradoas
command the most distinguished consideration.
The President has discovered az he thinks
tife cause, and sole cause, of our present tinan-
cal difficulties, but arrives at what | REGARD as
n most lame and impotent conclusion when he
tells Us that the Government is powerless to re-
move oi lessen that cause abate the evil or anv
manner TO afford relief
The President tells you that all our difficul
ties and financial troubles are To be attributed
10 our eXtfaNagant and vicious system of ban k
credits and paper currency, and to that alone.
Geny the first, and | viii proceed to show that
tins declaration is an aittul dodge on the m RI
Str9-p tn
the real causes that have produced such wide
spread financial ruin.
The President is well aware of the preiudice
existing IN the public mind in regard to bank
ing institutions generally. The prejudice is
well grounded, and do not seek to remove If .
but | object to the President a7ailing himself
of that prejudice for purposes of concealment of
the true causes of the public distress
1t IS not my purpose to enter upon 4 defense
OF the banking system of this country. l could
lot defend 1t. That 1t has contributed to the
present difficulties, l have no manner of doubt :
nor have | any doubt but our whole system Of
banking, a. now carried on, is unsafe danger
Gus, and corrupt: and l sure that no gentle
man Will go further than l Will to reform that
system, SO as To prevent. far as restraining
the banks Will prevent, a recurrence of the pre-
sent condition Of affairs.
Our present unfortunate condition NAV be at
trIbued to numerous causes but the principal
cause IS disclosed in the extrayagant corrupt,
and corrupting practices of this Government for
the past twelve years. That a wise and prud-
ent Administration Would have saved us from
our preseu, condition, | have 10 manner of
doubt.
In 1911 n bankrupt law was passed, under
which a large number of persons who were ruin
ed by the revulsion of 1897 were dischared from
their debts, and began the world anew. OF the
wisdom of that act ! express no opinion. Upto
that period every branch of business was pros
trate; and In the opinion of the public men Of
that day, some action was required on the part
of the Government TO restore public confidence.
put the wheels of our manufacturing establish
ments in motion, and give employment to the
millions then in IdlenesS. The result of that
conviction WAS the tariff act of 1872. Under
that enactment business speedily revived our
credit, at home and abroad, rose rapidly and
the effect of the then recent financial disaster
was fast passing away labor, the foundation of
all wealth, found ready employment and ample
pay, and the whole country was jogging on in a
career of happiness and rsperIty. There was
no unhealthy initiation of prices wild spirit
Of speculation abroad among the people. While
all was peace and quietuess within our borders.
the public mind was startled by the proclama-
tion of President Polk declaring that our soil
had been invaded by foreign foe Upon that
proclamation, this House, upon a discussion of
twenty-five minutes, declared war to exist by
the act of Mexico: a declaration, in nav opinion
wholly unjust fed by the facts then in posses
The effect of that hurried declaration was TO
preciptate us into Il war with foreign Power,
from which did not emerge until we had
sacrificed eighty thousand lives and over two
hundred millions OF dollars. II Is not necessary
to nv purposes that | should spcakof the ob-
iects for which that war was prosecuted and
only speak oft as it affects our present unfor-
tunate financial condition. The primary effect
of that war was to unsettlc the public mind
Thousands who were engaged il the quiet walks
1 II
motive, abandoned the plow, the loom, and the
anvil, to meet a hostile foe on 4 foreign soil
While those who went were withdrawn from
the condition Of producers at home, those who
remained behind partook of all the excitement
of those who went. " Halls of the Nontezumas'
sprapg into eXlstance IN every hamlet, and our
before staid population became revelers therein.
- This. then, was the first shock to that stabili
" of the public mind which has led to such re-
suits. To carry that war required over one
hundred million dollars That vast sum was
raised upon the credit of the Government, and
was mostly drawn from abroad. The sum was
dsbursed while the war continued and though
portion was paid ont within the limits of Mex
leo. it nearly all went into the hands of our own
citizens, and was soon nearly all in circulation
within the United States Thus upwards
of two hundred millions added by the Govern
ment to our circulation in a short space of time
"A sum nearly equal to the entire paper cIrcu-
latiou Of this time, and far exceeding what It
then was.
In addition to this large sum, you. about the
same time. commenced the issue of land war
rants, which you have kept up since. until an
amount representing thirty forty millions has
been throw upon the market and as. to some
extent, they entered into circulation and took
the place of money, they to that eNteu still fur
lher contributed 10 the Initiation.
No perSon at all familiar with the subject of
the currency can doubt what the effect OF that
large increase of the circulating medium was
and il may safely be set down Is principle in
political economy that cannot be contreverted,
that If you increase the quantity OF the clrcula-
Ing melj1ni. you Will initiate prices in the same
ratio. regardless Of the fact whether that meGi-
um be cola or something 20 represent ii.
Thus 1t was that our country first became in
fated, and the steady habits of our people were
broken up and destroyed.
In 1916 the tariff bill Of Mr.. Walker was pas
sed, greatly reducing the duty imports. The
high prices caused by the initiation, added to the