-,_'L----.:*U-PPL,E,3f - .ENT - ,.:T0.,,......rp: 1 ,0.H • : . A41 i _1r!"::
„ .
CARLISLE :
iIRODAY APRIL 24. 1838.
• • - •
. . .• -• 'E cora). §iiKE•cft,..
.. . ..- MU; ~: W_F, R, IV S•TE .:-,i
• ..
.- . ON TOE. SUIT,TREASETRY: ;BILi, -- -: ,
PILIIiEREI) ls TIIID__-SENATE OF, ,tuit: dtlirarin
. - - --- ----,-. - STATES, WIWI -12,'183,8• - :-: '• ' .*••
• . .- .
Mr. pres i dent:— if avipg l at .- .. an early stage, of
...•- the debate exiiressed,•ina; general.ntanner , *.,my
'.• opposition to
. this.bill..l 'most find•:.an.:apology
- for again-.addressingsthe•Senate, in the •acknow.
'.• Jedged importance of, the .meaSure, thenovelty
.'. Of ,its character, and the dilision' Of, opinion re
specting it.illfich is knins'n..to• exist in bUth
-' . Houses of Congress.'
. ,To be able in this state of things - . - togive - a
--- preponderance toatthat side of the Atiestion
which lembrace, is, perhaps More:than I citight
.-.--;....-to-hope'; lint taliiLiuut_:feel.tliiit • i have. done:all
----Whielt."my. duty demands, until make ano ter
•• - TO" function's of Oda' Coyerninent-which, •in
• time of peace, most materially affect the haPri' ,
' seas of the people, are, those*.whiCh respect
commerce* :stria revenue. -- " - The -, bill7 , beforeAta
- .touches both these greatinterests. ~.! tt firoikoSes
L . to act directly on the..revenue and expenditure
Of °Governmen . , and his expected fa act,' alSo,
indirectly,r•on commerce and_curreneyt,iy_bile its
friends and supporters -altogether ,gatainfrOni
- other-measures, :deemed by . a great portion . of
• Congress and of the country, to be inclisp - enss;
- I' .bly &Mantled by the preaent exigency. : . ' ..•
~ .. We have arrived, Mr. 1,...5it1e-nt,-- towards -t
.. close of a hair a century from the* *adoption - of
• .. the Constitution: During the progress of these
years, our population has inareased
*;
frointhree r
tour millions to thirteen' or. fourteen. milli
. S
~ yo
our commerce,-from little or_nothingto a ex-
' „port a hundred - and . ninetiatfillions,..and an
. • impart of It !Mildred anti twenttright and 'a'half
•millions,in the) ear 1/336: • tiurmerrintile ton
. ,
- nage approaches near•to two millions. We have
. a revenue, and an .expenditure.-Orthietytnillions
a year. .The Manilfactures of the country have
-attained very great importance; and, up to the
commencement of the of the'enr
rency, were ili f it prosperous and.growing state.
".
The o - die, fialierieu has become. vast:
and - the. general production - of the 'and
capital of the Country is incre'sing,• far beyond
' ill ex ainple .in Other countries or other tunes,
---Tarlfa-s-rdreatly.•"reaclied •an amount -which, to
those 'who have not investigated the subject,
w'. tild seem incredible.. - : • • . -
..
-•.--• - Tlfe_C-oramerce--or-the-T,Vitited,States,sirois.
- spread-over - the globe__ _lt pursuestts.objects
" 'in -. all seas,- and ..finds ;lA - AVayinto every port
- -:-witicirthe-laws-of-trade=do not. shut againstits
aPproaches..- %% ith• all the disadvantages of more
• -. costly materials, and of higher wage4.anileflen
in despite - of AthequaLand unfavorable cortuner
7617egulations. Of other States,- the, enterprise;
vigor, -and- ecOnomy. which .distinguish our iiiivi. ,
gating_ interesta,eilable it to -show ow flag, in 1
'..._*.ri-conripetition v . vitli the most favored; and-the most i
skilful; in the various:citialters of the world: to i
the r meaii time,-internal-,:activitydoesluotlagiar
• loiter. - New and.'uSeful modca- orinte'remrse ,
• . 'and facilities-of, -transportation are established, 1
• or are in progress, every Where,.: - PuhlieVorks
-are projected and..pusluid . forward, in .a spirit
. - whiclr grasps at high and' vast objects, 'with a 1
bold •• defiance. of all-00015e. •'-The aggregate 1
Value - of -the
. prOperty_ orthp- country-is aug- i
merited daily. - -A constant demand for, new I
• capital exists, altilittfgh a debt - has already been i
contracted in- Europe, for_aums advanced .to I
States, corporations, and individuals, for Put.- I
• ' poses connected with internal improvetnent. •
which debt . cannot less than a hundred i
• millions of dollars. Spreading over a great ex-
• / tent; embraCing different climates, and with vast •
: - variety-clEpriadtietwelind an intensely:emelt?.
:ed spirt--.of industry_ and enterprise to pervade ]
the whole country; while its'exterhal commerce, 1
- . as I have already.said, sweeps over all seas. We
- are connected with, all eonunereial countries
and, most of all, with that which has established
and. sustained the most stupendOics system
. of
eommerce and mantifactnres,"aild"Wliith Collects
and disburses an incredible amount of annual
revenue; and -which uses. to this end, and. as .
means of currency and 'circulation, a mixed mo.: :
_ney of metal and-paper.• . •
.• ,
• 'Such .a mixedaystem, sir, has also prevailed i
with us, from the beginning. Gsitkl and silVer,
and convertible bank paper, haire.elwaysconsti- 1
tuted our actual money: - The - people - are - used
to this system. It-- has hitherto commanded I
their confidence, and fulfilled their expectations: 1
' ' We have had; in-succession, two nationallanksi_ '
each fora period Of twenty years. Local or ,
Statellanks have, at the same time, been in
elation; and no man of intelligence or candor ,
• can - defy - that, during :these forty years,,and
with the operation of a national and these State
- institutions, the currency of the countty;upon
. the whole, has been safe, cheap, convenient and
tWitfactory.• - • When the Government was estali
lishad, it found.canvertible bank . paper, issued
..
..by_fitate Banks, already in circulation. and with
, - this•Cirefilatitin it'aid -- iiiff - Tilterfere - 7 - 411 - e - Uilii;
• ed Stites, indeed, lad themselves established 'a
~
.. a bank,, under .the sad_ Confederation; with ..an
thority to issue, paper. A system of mixed cir
--,-culation_therefore. was esactlys.that - system
•._. : . which this Constitution, at its adoption, found
ilicady m es'istenco7 --- There - ii - not.the - riliglitesf
•.'._ --, . evidence of ,any intention; in establishing•the
--- 7 constitution ; .. to -overthrow or abolish this sys
. tern, although it certainly Was the object of the
'constitution to abolish bills of credit, and-all '
paper intended for cireulation,ASsued upon the
, faith, of the States albite. ' Inasmuch. as' hate..
yet. thew existed, of the nature of money or Our
" vency, rested On_State.legislation; and . asit was
riot possible; that uniformity; general credit; and
general confidence could result, from Weal: . and
. separate acts •of . the States, there is •e . Vidences
• I think abundant eiidence-,-that it- was the in:
tention. of, the framers . of. the.• conatitution...tai
• --rgive,-teXimgreas„a_e_ontsalling_PnWer dyer' the
. whole subject, to the end that there would-be;
---for-thowlsole_country, - *curren4 -- iffktinifOrm
value. , Congress has lieletelore.eseicised• this
authority, - and*fidfilled "the corresponding chi,
ties; it - has imaintained, fur foray years out
forty 7 nine, is national inatittation,*Proceeffing froth
. - its power;, and responsible to*the•C'enCial cuiV
. 'ternment. - • • • With nitervali ',Of derangement,
- brought'. about hy74 . iiii. and r'other occurrences,
this whole systeni, taken .altogether; his. been
. greatly'sdeCessful in its actual' operation, .'ritys
__. . havefotirull;necasjon'tdcreate naidiffeteriCebe
---- 11ween - 'Gottranaent. and pepPlebetWeettintr
, . _ney for revenueiand mcifityloe'the..igenerstuse
of the cowry.- Until. the.".Coinineadelifeift of
the liat *mask:if ) ; Government had manifested no
' disposilion',- look .Out - for , itself exclusively.
Whit 'was ':good •' enotigit: ~ for ' itteloo6ple„::wini
good ina`,4llfir,,GOOptneoe :. pkcofidescijicl.
: - log and grac:tiontt.pofin'ettailittd; befOrediat - pe
~rind; ever-, been le,iiikkii, , t.4l l .iintibcivbc:: - Coni
'-: gress, over other persons baying ef:4o 4 -•460 the
public funds :,-. SOah.a".*:.aingtd - ar'iipeetiele ~had
- , never,beeweXllifrited,'aa'aWltfnlOahleAfsinter;
ester),
• s,
, and,, pitriptic •,tndeistakling,%l
etieo
those wh o : to taxe s
the piipcie Of rePlenishingthe.Treasu
.i : :•• !31 ,q
. .... those-who; from the Trifiattry,'.dispensithe'Mo.:
- isey back "again 4064 f7ilMii:::.ivigilliiit,':Aiiiiils.
. ' on it. lit :,:.tltat , .rea . lioor : ilbilkli' , ,.the!..: s ,ctiti t .4,
stands alone:.: "Ifenillfe•fitstrso:filr"fts,:ffctfovri
n _hi par lopg list of ableVads:::orpepartrifint i ,
.. 4
7 4liohas - thought
ifrkloll4llii OiOiOY,6 411
• in ,financial admidistnitioh,' .tti: WetarttPoll,
bind and cunitilitisitnt Ur flop intereolk
'Ostltttvt ,
, -
inakekh4th[sse",WhiFtipla the,.tax- 1 13 1 JS poweri
th"6`iirst..whilse yriiiiideferetice-and.cortlial
gai - d_fOr thembers,o,-COngiets led.),011tO
and receipt, something , Valnaleert
Vi
provided, at, Ore time,;, fer'. i.h - e ll4;l l'o the
thejudgea, the revolution:lT:pensioners ,
and, Abevarious classes of laborers.ip the pay%of
the Government: . r;
r 'through, Our, whole'bistory,' we. have
tumid a convertible wiper currency-, ; under,
proper Contrid,highlymefuktiy ,
circumstances, and by' its capatityrdt enlarge
ment,reascumble degree, to meeiltliej.dif ,
mantis'" of a new. and.interPrls:Pg
As 1 have. already said, 'sir, we pike iiierma - :
nent debt of a hundred n\illions.abrOad:.andiri
the -Present abiniclaiice Of Money in England,
and the state, of demand here; this -.amt Mit will
probably. be hicreased:-.Butit must be evident
to every-one, thitt,_so.long as, by.,a safe nse
paper,- we "giVe stnne reasonable espalision
i to
our circulatinn or itleast do:not unreaSoplibly
ctmtracts it,'•Wedo to'. that' extent, create or
maintain an ability ' forloans turning- mirselfefa;
and so fartlithini.sh the ainolint of annual inter
est pod abroad, ,
But let me now, •iir.,Presidert,,askiheatien
tion of the Senate 'to another Subjeet, upon
which,-indged„much:_has_already_beett.
mean that which is, psually t called the onsatT
tiirraxf ,
Sir, ' , what 'is that =system?- .Why'-ivereclit. a
word _of_ so much ' solid irriportance; and"of,sn
povrful charm, in 7 tltellliiiFecrState - 91 - * - Whyds
it that a`shoek has been.felethrottgli all classes,
atiii-all interests,:the mornerifthat this erect
it has • been"disturbedr'`Doesita importance be
long,_e.qually.;_toiall_corrimerciaLStatr
there peculiarities in our candition, otic
and modes of businesi,whith p4ke credit
indispenable, - and mingle it moi.e. naturally, More
intimately; with the 'life blood of outaystemt -
A.full and philosophicatanswer to these three
i . quirirs, lira President, would-demand that ,t
should set forth until the ground work atid:the
a'ritcture of our social' system.. lt-wo ld.sheW
that the wealth and prosperity -of the country
have as broad a-foundation as its populaeconsti
tutions: - Undoubtedly there are -peculiarities
.in that aystem, resulting from the nature of our,
political institutions, from 'oUr elementary laws,
and from The 'general character of the-people.
These, peenliarnies most unquestionably give to
credit, or to those Means and those arrange
ments, by .whatever namesiWe.call thetn,which
are calculated to keep the whole, or by fliF - the
greater part,'of the capital of the country In _a
state of constantactivity, a 'degree -of • impor
tance far -exceeding what is experienced else
-where, -
In the Old eountries. Of -Europe, there is • a
clear and a ell-defined line:between capital and
labour: a, linewhich strikes through - society with
a horizontal sweep, leaving on-onein - de wealth;
in masses, holden by few hands, and those hay,-
in, littjeparticipation in the laborious pursuits
of life; on the other the thronging mohitudes
of labour, with here - iindtheremily, an instance
of - stic.h acciunulation of earnings_as to, deserve'
the name of capital. distinction, indeed,
is not universal and abiolute. in'aq Of the states
of and_itgrows_leas and less definite as
acminter_ce advances; the effect of comnit rce and
manufactures, as all histcny slioara; tieing, every
where, to. diffiise wealth, lind not foraid its ac
cumulation in few hands. : . Bot- still the - line is
greatly more broad - ,
ropean nations
.than in the United States. in
those nations the gains of clpittil; and Wages, orb
the earnings of la - hour, are not only, - distinct in
idea, .as elements.ofthe..selence . eco
nomy, but, _id a greatilegree, also,distinct ig
fact:and their respective claims, and merits, and
modes of relative adjustment; become subjects
'of diaussion and of public regOlation. IsTaw, sir,;
every body inay see that that is a state of things;
which does not ex at with us. We have no such' ,
iisibleand_hroad.astioption between capital anal.
labour: - and,much of the general - happiness — Oft
all 'classes results from this. -I ,l"ith us, labour ia '
every day augmenting . its mean's by, its own in
dustry; not in all cases, indeed, but in very niany.
Its, savings of yesterday, become its • capital,
therefore, of to-tlity: On the other hand, vastly
the - greater portion-of the properti-of-the-omin
try exists in such small quantities that its holders
cannot dispense altogether with'their own per
sonal industry; or if, in same instances, capital
he accumulated till it rises to what may be call
ed affluence, it is usually Hain - le-grated and br
ken into particles again, in one or t ene •
tions. The abolition of the rights of primogeni
ture; rue'- descent or Property,of, eiery sort_in
females as well as •males; ;the ?cheap and . ..easy
means by-which property is tansferrOd and con
veyed; the high_ price of labmil\t...lll§ low price
of land; the :genius of our institutionii in fide,
every thilk‘belonging to us, cotintracts large ac
cumulation. \ This is - one •; actual systern. - Our
politics, our cOnstitution, our etementatrylaws,
our habits, all Centre in this point., or tend to
this result. From where' now statul,, to the
extremity of the northeast': vastly the greatest
part of the picip,erty of _the country :'is in the
hands and oWnership of these whose; personal
industry is employed in some fotni of productive
labour. .General .
tion, enterprise, actlivity and• industry,
,such'-as
never before pervaded any society, are the cha
racteristics which distingui s ah the people who
live,' and move, and actin this_ state o' things,
such as.t have described it .
---Now,-sir,-if this-view-be -true,.aslibinlc-itis,
all must perceiire that,' in the l_fiiited States, ca
pital cannot say to labour and inditstry,' l4l Stand
ye yonder, while I come up hither;" bfitlabotir
and industry lay hold on capital; hreakit-into
parcels, iiseit widely, and, instead ol
leaving lito repose in its.own inertness, c t innpel
it to act at once as their own stimulus-and their
own instrument,:_; ':
But, sir, this_ is not -all. There is another
view still more immediatelyaffecting theoperk
tion and use of-credit An every.wealthy corn
munity, however e-qtfally property may be di
vided,- there -will always. be _some_ property, ! !
holders whcillie on its income. lf this property,
be land,,-ihey live on , rents 'iritlie - mcirceri-they
lite_on_itsinterest. - ` - rheni
hount - iir - real estate
held in this country -- 0171 - eas - eTiiii - einiiiplratlyely.
very small, except in the Oitim Eta there.. are
individuals-and.familieaf=trusitees•'and. guardieni,
and various,literaly 'and charitable institntionS,
who lia7i occasion to inirest: ftinds for..thelittr
pose of annual" moneyed -income. 'Whereldo
they invest ,f where can they invest ?. ,The
saver: to tliede questions showiraVonce amigtity
difference between-the state of things
,liere; mid
that' in ''England,z.. - Hisie, - theiteliwestniMits - e to
produeea moneyed income; - aremade In,banks,
in surance- companies,'"...tanal and
po n itlons;:ituf other similar inatitntiona.'Pitteed
thiTs - iinmedidiately in
_activo'hanctiG:thii:capitall
it is - evident . , .becomes atronei the baSiti cis iiai.
nessi itgives - co:. , ctipation; :pais libmir--,-exeltes
enterprise;
,and performs, -in short, all,thefune,
tions of eniployed mon;ey. Eitglanch
vestments fur such purposeluktiallytakeintithr
direetion. 'There is, in England, a vast amount
of public as. eight - Or . nine
lions sterlingi-of - Publio'debtactualli exiat-ccep
stitutirig, to.ilremnouittof its :Mutual. interest;
a charge on ,Hier active_ capital and'industry.nf
the country; the hand/roe indiv dnalsi por
tiofia.of thisilebt are' are 'cajiital:- that is, ,they
p '.ucq income , to the proprieties, and.incoille
labdarewhile. in VOhlt-or vie*
tt What' , was' obtaiitecitbilt,' or
tinkon apcountor.whieh "tt,was'cOntractedi
ueir apent' c itt tong andArtluritia Ward,-Which' the ,
coonttylpik snwtionedifrom ;the time.of 4;:ing ;
4V4 4112 tho liii4tolol,loYlllo7*- -Th4rk*if
. • ' ' -
thousands aindividitals, therefbi.e, Who's& fixed In.myopiniith sir, credit'is•ideitiential•totlit ,
income arises; not front the.. active use of pro. great
_export of tie South, as to any other inter.
perty k .,- ,,,either..in,-their own hands dr'the bath's of est. TM: agriculture of the cotton .and sugat•-
ptliets , llnttrinuitlielliterest on' thatpart of this States partakes, in no inconsiderable
iiithinitY:. ; charge .1.9. - „Wlitali?tll94aire entitled. :.If, degree, of the nature of commerce. The - ppu•
therillirei•-ive--titte,'7,fli'elers,,niccijiti44fiiii-jkilierdUctand sale of one great staple only, is an one.'
ifeinieler pttlit.ccid-;e:eititifitii.,•4astly;';thitt ast.;ifti , A - iiltiOlit'esseAlially • different from ordinary firm-
PlYinitOTllateVehttlriCs;'.lnCtirrie:..,to..ti)(lll4ll:Cli;jlng'-..ofatiltiiriliee),,piitts. of the South,' in
We'Ohd'ail:lillOistiitto'ii!abtiiiV:'Citiiiitii- deedijnikir;he Coltilderett.* * the - ii - ggiAtitr:re . '
stATio - 04 . 4kAuk 0 h . e mo..:tiiiskfif , . tive:Uper.S. iute,ooariona;f6irn;s'toidaitOileiE:tif itiditatryi Car:
t011t . )" , •Ti'. , % - ;': - ..: ~ .'.:s '., 7 -'":" . : .‘ -71,.-,r 7 .; - ,',7," ? .,...`".-, ',,'; - - , ,-,::•;•1,.. ried i .tift,hic - ,2litt4t - iillfaltilitiliil iii'.vaiina B 444Oes,
376.illiistriate-thiililegifUrther;;liir;2letitl:snp, riatlierdlianas'•:tlie:iriere; :- Prod4o -6 f_iltel/Jailfa .
POse-tbatCbyr anme,imeirrelieti't(Sete.b 7 iiii,'l,a der- .11OM:.":,,JItittlirbilifelltiOE;i0e4 1 ;7;',Iiets4s.titdi : ;'•:
tainlY'neref to li,e-iexpeefed,(3..:lllit'iletit}..Bll9ol2lkitlViblePails iffidineahS:aretlistiitti:frOi.,:e;fifs,
be P; ; ids.off-1 seppOhe atSjtaildere:Werelifirecewe .0 - a0: - '.cif . 411,0JTiiitni.,:'„Whtt,"lisitislsT;p!it'iiialijeti
to-inbire*, Al ie i r full ankoitMis,` . .wlitit W onld they .'le!litherii4i'.laber i tti • •sijiplf itaele,o , eXCluOi,elr te
dO 7 nilli't)tem ?''. •'-)YhY;.-..,!it;,ittliey,Werelcitiliged iliiretiltivutitiit ettlteie grefteartiblea ftitlexport?
ttiloair,th . e:otielittarteK parrjni,:ts'. jko - :iiiiiog"ol c;e - j;iiiiilif.: * .i*su syfi c tilled;: , : because , :tihi OW kite: ,
ifiduOYlPL,il3-7'or44'4C,WfOr%iit.'ol-liP*4-..?fitftp,l4. O'ils a ,4eS for:prdvisl4 o andvlotHidgArutiPlirici.;
tent-la',aalia!iiiaiaaa!ii -- - - aall• ill'Altionoafion itipinc?kilii:•:iiartr`,Pliat - ;:iiiidriCka:'lt , heiSinith
could•he z. aecoitipanie&biOe.ilitWinteillgenee i . !leiteriiell; - 'aiillinot ;to:eotiittnieicaii4;o , 'lth thii ,
snd ihtleistrY,:toPOOKllie, a- peoPlZ:,.,wliii,ilf. 7 4o,efitil .liro'C'eeds pf.the Sayi it suppiies itself 4i 1
waif Ustlie reiitip.Woilid„alti r rriere;tOwardSiiiis:' ev . er...ti....4oi'oPnitililiitO'4 46 aliilio ; , 3 .Tildte" ..a rt'
ing.the_cliarite - tei:Ofthe , l - aliodritig,- clito.46,''thla . : Px"c:cPt4tat3l;: - I?"titlfil'iia - tlie - iiceriti:ci.:ti . .ittli , .!' -: ITIni
- 411 - rdilvai4 - itiryairithrenttfittsii - tnio - gtiiio F.- , ithrlititlonkilatine4ThibTFtsr s iliraittifc - inalc - c -6 ttnni
!ideal :operationsi:! . :lt. t#fitild..he.ai;_it.thitCtlebt , e,artilfge-Inalrerii - prvw : Notili . ihe-`sPinnets sat
had PeVeibieiZinif - ateTil, , iWifilteniiiii - 4•111111 Goarell: - atlqllie - ii)eai'ers at , t'hilitile:lol49,-iirei'ill
• itei 'er r :. been,spent, :thia noW'OAliiejlePag'of,lJA: . .e]vdiitribitttii's trio th - egekeridpebtliatt b - etlitarebt;
active of;drC.ibuti,try, - ,...'employed;iai,,th oh ‘ : ,,h04 . .Atl4P;' - 'for,expaye: fibr,oadi : as:. are ; -the
business of lifp . ..;;lli'd'ibisidebtkase;luass,reiecd , Itvg-AtoJk" raisers' Of Kentucky. the gralif.groW
an , enerMains.artnitiPt O,f-Iniiai,-.C....riEeti4ity.'3ition mg -farotera- all - ivlita produce:and-vend pro:
the income, of.' whickitsOnAtirs 7- .ltve,'_gluch doks •y,isloWita Indiana; OhiCrand Illinois,- The'North
hoi.„'require 'their labou r .rat, 'Shipiskitiett, •:and the niariner, vt.ho'', carry
Others,,-.1-Me `gave, : % pci.; - Stien.dela . f; .W . e have. no these . produtis to. Market. arc agents ',acting to
such, thodporiny'estnicntfn 3 / 4 14-114s-citontnsfaitce ttie,Saine -..end; _and_ so are they_ too,. vtdio,:littl
gives:quite a ,
.differea : ::itiff*t! and. IL different thinking of cotton-fields, or sugar estates,--are
Ireatity: to imr -- condition.„s . ~,-,' 7- . .,, t. ; •,_ • • ' ptirsiling their adventurous employment in the
• •Iv,tuv, Mn. ere - sidefit, whit infiderhtand by the whale4slieries, • over the whole outface, and
, s,"thrit that' Whic h epnnee6 6bor among all the islands of the Pacific'and the In:
..givitto Ca t- dnuroceans. ---- If - we - trdce - theamnuaj - cottotkerop
. _
~ words, inielligence;, good charac at sixty millions of dollars,7we may, pt:rhaps,
ter, and•good morals, hesto w, oti those who have flint that the amount Istforty-five millions is ex;
not. capital.• a. POiYer.'-ii '_ti9t . , a confidence, punted, either for interest on capital advanced;
r Which :enablei:thein to obtainit - gaud to employ or for expense of clothing and supportinilsbor,
it•tisefally'for'theinselVes and . otlfera._lliese ac- or in the charges which .belong to the !loose
live Men of business bitild theirholies'Of success hold. the education of families, and to.the do
oh, their activeness, their' eciniorny,,and their in. mestie expenditure of the prm.rictor. - • .- -
tegrity. . - A wider thetitie for ,usefulactivity is . qints, sir, all-the laborious clitisesare, in truth,
under their ,feet; , and iiriiiinil-..theni, than was Cottolf-grpwcrs and sugar makers. Each, snits
efer_sitreati_before the
,c - Yes Otthe yip:mg - and own way;and to the extent of its‘own proditc
eincrprisittg:•.tetterations of Men,- ori..any other tiveneVs, contributes to . Well- the'maghitude of
spot eidihtened liy-thc-stin. 7 -Bcfor,e -them is tha t enormous export, - which was nothing , at
the ocean:- Everything hithat direetiOn, invites the commencement of -=this Government, and
them to efforts of enterprise' and ; lndAtry in the which now has rod up' to so , many --millions.
pursuit of commerce and the fisheries, : Armpit! Through all these- 'operations -the stream of
them, 'on all.hatubt, - ,are thrivipg and prosperous credit has • constantly ~
flowed and • there is not
,
manufactures, an iniprMing agriculture,. and.the one of them that will not, be : checked fincl inter
daily presentatitin of new ;objects . of Internal im- rimted, embarrassed and thwarted,- if this stream
Pro , meet: while behind them is 'almost half a be now- dried Up. • This connexion of the various
continent, of the richest land,' at the cheapest interests of the country with one another, fortr
pricA.tindvr healthful climates, .andLwashed an important and interesting' topic. , It is one oT
by, the-Most Magnltieent riveritharmy airy part the hatiiral ti - of, - ilie - UitiMi. The. varlet:y* 7 bl
of the - *lobe - .pay their_ homge to the sea.- -In production, .anal-mutual wants mutuallY sin:plied,
the midst °fall these glowing and gloribui pros' ponstitute• a' strong - bond , between different
ii - e - CESS,Ihey arc neitliertotrallied - by - ignoranc - e; States -- .and - Ibilg - may - that - kprrd - lasti --- grawing
nor.smitten ilMiqti by the 'penury of personal cit.. with their growth,. and strengthening.with their
cumslinces.. They are not compelled - to-con. strength. ' - . - .. •
termlite,,ih hopelessness' - a nd despair,: all the • I3nt, Mr.,Presitlint,, that portion ,0f our pro
advantagea thus liestewed•on their coittlidorChy duct ions which
,takes the • firm of expert, be
Providence:'-: Capital tinaugh they may have lit. comps-distinct and- visiblecifis, , proinitient and
tle - cir_notie, clixoty supplies its place: - hot as the striking, and is seefiand womlered_at -by every
refur,e-of Elie prodigal.atid the reckless; 'ink
' as t i boilY. lite annual-returns lin show it, and every
gratifying. present.wants with the certairityoF.day,'s commercial intelligence speaks of it. We
f.ture absolute rain; but as, the of honor; gaze at it with salntiration,. l aind_the world is no
able trait and,conlidence; as the blessing, vo • less admiring than thirselves. _ • .
luntarilf,ciffered to-good character and to good 4.. With other branches •eirintluitry - the cue is
conduct; air the benefieent agent, which assists, quite different. The products of these branches,
hcetesty and enterprise in obtaining comfort and being put in the-train of domestic exchanges,
hidepenclence.. - . , • ..- , ' and consumed in the',eouritry. do not get into-
Mr. President, take away this credit;inil what statisticatialiles, arenot collected in masses;
rcniains? ' 1 do not ask what remains to the few, and are seldom prekenteV, in the aggregate, to .
but to the many f r !Fake away this system of i the public - vier. They arc not ofthe' character
credit, and, thentell me what is lilt for labor and'of a few large an.l mightrriver,s, but
,of a thou-
industry,' but , niere mittual toil and daily drudg,lsand little streams, - meandering through all the
ery?..• If we adopt a:system that withdraws ca. fieltitfof business and of life, and refreshing and
pita( from native erimloyMent..do we not dimi- fertilizing the whole. , IP . . .
Inish the rates , of wages.? • -If we ,curtail the gene. "Pew of us, Mr. President, are aware of 'what
( rat business of - aociety,...does hot every laboringrould he the amount of the general production
Ittfanfind his condition groW daily worse? In the of the country, if it could be accurately aseer
politics' oriliFaiir,-lir,-ige-hearmitclisaid-alioutttikinett,"-- -The-Legislature-of-Massachusetts,unt
idivorcea - -,and when we abolish credit, we divOrceder the recommendation of the intelligent-Chief
'labor•fronycapital; and depend upon it, sir, when ' Magistrate of: that State, has'cairsed,to be pre
we divorce labor from capitll, capital is hoarded, pared and published a report on the condition
and lahottstar,ves. - . -' . . and products of certain branches of,,its industry.
,• 'lite declaration; 'so' often quoted, that ,"all,for the year ending in April, IEO7. The returns
Who-trade_on.borrewetleapintlooghtto break,_lof the authorities of each city and town were
is .tlie most, aristocratic sentiment ever:utteredmade, apparently, with mitch - curevapil - the
in this country. 'lt is a sentiment which, if car.would con. State, and the result distinctly stated, whole has been colla!ed by the Secretary of
vied Cot, by political arrangement:- in well or-.
i
demit the great Majority of mankind to the per. ranged statistical tables: from a summary of the
petoal Conditiotrof mere day.laborers. c . It goes statenrients - ;_in.these.tables,_l_will take the fiber
to take away from them all that iieltice - did hopelty of select ing a few articles,•and.of .lu4verting
which' arises from possegsing.aqmething. which to - them.lsere: as -instances; • or ' specimens, of
they can call their own. : A man lovea his owls; the annual product of labor and industry in that
iris -fit and.natural that be, should do so; and he State. ' - _ - , . .. ....
will-loye his country and its institutions,. if he And to begin
. witlic,a very necessary . and int.
have, some stake =in it, altlioughlt be but a very pintant article: •I find, that of -booth and Thoes,
small part oftlieieheral - mass of - prcifierty. - : - If the-value-of the Whole amount manufactured
it be but a cottage,,an acre, a garden,, its, pos. within the year exceeds fourteen; millions' and a
session raises him, gives. him self-respect, self-respect, and half dollars. • 'lf the.amount of other articles of
strengthens hisatttachmetit to hi's - country. It the same class, or, material, be itddeil,,viz:- tea
ls our,happy condition, by , the blessings of Pro- they; saddles,- trunks, harness, Ike:, the total will
thatvidence, st Almost every Man of sound health, be, not far .11.ottreighteen millions and a half: of
iridutitrioui , habits,, and good - morals; can ordi. dollars. '--• - - 3.. •.::- ' ,• \
nitrify attain, at least E lo. thik degree Of, comfort '• I will read tht.Vaarneer - Of some other article s
and respectability; and it is a result devoutly. to and suite the amount of,,annual product belong
be wished, both forts individual and its general ing to each: '7-. , - ~.
_ -,:, - .". c •
Cohie,infeja - cca t '_.... .-_ .- ,: • • Cotton fabrics i ---., 4. . ... -,. : 417,09,000
- But- even'tolliis degiii:74" 7 l6iiiiiiitli - ircliat Woollenfabries; - ; -7-------- - --'4--- 7 .- ----10,399,000
credit; of .which I have already said: so tnucir, Fisheries ", t -:•?: -• . ' - 7- • , 7,592,004
(as its , general effeet is to';rats.e the price of Books t and stationery, and paper . 2,592,000
wagep; aria , render indust productive.) is Soap and candles . ''- ' ' . -4,620,00
highlf' important .3 ;here s iti•coriditiOn so Nails, brads and.tacki •' .. ' . 2,500,000
Iniv . ,_if.,it_b.p_altekcleil - with industry -and - econo- la.cliinery. of various kinds .' ; • 1,235,000
My, Which this credit does ncit , benefit; as any Atiichltural implernents - 7 -- , --- '. ,-- - --. - 7, - ,' 645,000
one'will - find, if lie ,wilt. examine and folfoxr out Glass' ,•• ' . ' ..,. ... : . •:,-. 831,000
ifa.oPerations.'-; l .' -7" 1 ..., ',.: ". .: 2' 4 '- . .... ' . Hats, :.- _ ._.400,00:i
`-'Supli#Mr.',Piesident; being . the eredit'sYsteni Clothing,_neckeloths, !cc. •.:• ' -."-. ~ 2,01,0010
in thelTnited States; As I. understand it,
_I how Wont • ,-- .• -- ..7.:: °' .' -- ,_ 539 2T- 0
-
add; that 'the.-,hanka have beets the agents,' , and 7 , 'Eliese, sir .
;we 'samples . . - 2 -The grand - total is
their OirCrilation the instrument, by'whiehAhe ninety-one, million seven hundred-thottiand dol
generatt,operations-iitthii credit - nave treen etin- lars.',". From this;-however; deductiohs are to be
ducted. , 'Much-of the.. 7 :capital of the country, froide-for the cost...oldie raw-material when iol
placed4i interest; is - vested in bank stock, and ported, and for„ - Certain articles: entunefated un
theiseymiho blirroty, 'borro* at-the tapkivand der 'different'. heads... Bad, then, ; the whole
discounts of bills,' - and 'antie.ipation of 'payments, • 'ementla confined-to - some branches of . in.
in'all. it fkiiisitite . igular and kipropriate . duty dilstry_onlyi and.ti?'iresent sii , ..entire add_ eein
,
of k . ,itilis,'prevall universally 'i - - - -- - , , '.--- '.-----: prelienslye'.vieW;'....there : . should , be added- the
,+rt-licAlle__N:ortla, the. batiks have enabled the gaihs' o cif,Corimierce avi*tythe;yeuilliaLetirttings
inii9uftietireispr all-clasieti to aliie - tlie .-- p 1., ofit , t_aVigatiolViifidlilMost.:ttie.Whole agrimiltueal
eeedkef-their:indiistry:at an,earry thoineht.' The piodtiat'of the,State. , ... ! :,.!.,...-tt4 - _,_,;.:,-',, , .. , .•.,, , .:.„. ~,
49r:se lakheteni that the producers' or eolomo.. ~,'`r he = re- 71 4 1 1 4 Fit• - oust - oli
diti*fiirAtMthici.O.,.consumptioni Jfavitig • des- eihibited together,- Woold." - !shbw. rttrat the,:annual
pittel?eir 11fehlirodifets, ,, dravt`tlieir hills: , These product - or.ll,lassachnsetta capital andslitassan,liu
billtrare-dlidounted:',43he'btiilkiio. with the sottoindustry exCeeda .one,hundred;:mdlinns,lof
`p?riceeds:btliC.fsraW7. l Matrialls::' , ':bMagltt. atad; dollara ; ;;:•NOWr:....sirs MassachuSetta is t 4 small
?tlierliabili:'ll?4;.Slnct:,thnii 7 : , the - Fetter ,4 burl - fleas
,§lo6,)n:zia;itent-,;er , .teffitoik'':Yoir!:, 6 oTili , l i k
0 - Coht11106(1 in,fkogtii4.!Wlthis-14:i;411fiiiviij out lier dlthenlinns.:Seven. of j.ciete.,tiipecpit*e .
td_thEio;.ivii,o,haycii*llili-0*i5ity,,,,,!?..1ie.10, map Tirgin!*; - • :,- 11'4 . Act', population ii s seven
Valittiiiiii4li':iticti:iinti,Ma; •••' 1. ,:0 , -,-..i -,..: ,, : z47, litinsW - tlicisatid:ainititi,i-ittglAltcattlitiatiOnsli
:Hitt' hank ciedit has nOt liOeti tittifencoesairy orthcir, latnniCtia intliiit§c , ticalinmilan4'ittb6 - r;
• • ~ .. ... ..-, I . • V ' "
r ''' 1 . ' ' .k
11' v ' tit 4 . ' ' -. '-' - ' '''
in".1114 . -Itl:ottivtitati:lCll*4out 1.-g , : ndectlino. is , !•• ! ta. e s . c .., , ,„...s: 1 : ,t• -i0..1, ; , .•..',....- , -s, ; : - ..:-., , ,, , ,.',,..r. , ,,
WiterelipS;intere-Oieii-ItiglielV.l:.;theilerhaid ',;•Alt : ,•• • :rrealcietitii - Att. , :ittalcitte'aterlitta reault;li
ftlr:OPital'ithatii•ii - p.tifttli iticlCat . nft - ertdit• lai,inost:giatifyint• ji,••, ; l4l4,Ahitvit s c„gfcat.:4li4B
nant*indiapetisiiiiCiiiitiat in.„`th'e - iteiV 7 Cottint'=, kid do 07siit,s I9 , l"sirtielottiiihtlly Teitiential:'andiSertif
attgiilt.gitnviiK,',states,J. , ',l`,,laW:getitlenien'_frotit P,Ciall,:classifC..Ake-IY. - ,ate . 'AtiSilivtlAiliff,'Llitiftie;,
those Status , !fvtilii;' - ie.''.intf:aii? :' , l,l#o l 7l(tltithe tiOsttrici.,i4hitlenn4atia. 4. :' TI 4e1 61 14 . Je:',f464 -
illailtilVata,;lineutliptglif;,"inni,'tlic:neneattary.„lal inC.:',cfothing,':,,to 'huttielisild"tdonVegettee,..ii;4ll4.
pofoiooYetri:,t - a:a . ..iireat Vktiliti'S' - ii re- 4 r k tlif? '! lo 0tib 441 : 4 :' ,14 .-theY.',o7 o :g t o, io . 7 . o i tl in 'ti te` , o lo,ti' . -
not.-„this,:•crectib..beentlilitained-',atltyier:Eiiq)o? piie4;:::iiie:.;krottf:titajaciy.:.'nf:ainiety, - .•ti,c , ctitnCi;
Even- •Illia , 44•illpr liat;tilt(t c:fai,i,iiiii] . o.' l /4vittlaP" . .a illfttq'aii‘tatedot*ttat:laatriiiigd. ' ;altt Llial.PW'
o,their.,Oi79o.9s'-o.ollortant'lll,-,iltlibliiit - ,thein,' , o its iii,l't.re.slie,cts-,'iflitiVe.lliitiltekttbrottgla . ..t l :ls
Vti,host='' - 'osip`s sta:tilatikcil:'?,Altiyirjt*ii: had 'Whole:, liar, , air. „to 'fiii4;tklio - .thlcteA:latikit.i • 1=
!i.T.:ll' itil:.crO - illt±ir,_.. , *l.lo4;ro6_iiet4Y.ttteM_ ; .)*4 rottithpliatty...oiiialip.iolig': - o.ie..liiili3O" 1*( ( :; - ..
ProvioPiCl e t •- : 1 9 6 1'...R -g liAlt°4'...,vh 2 V; , -*PAI ,a2IIIII,; v rie4 l 4 74 ifei.finct 01.0filo (it+l (l ) 7, •ln 4 4 w l j 6/ .'
beeni'at this.MunientaAliC: . slooOtiltoor,tiiiiig*i)i hainirctl,inilliont; I , firid , buti
it OlicAncii - j anti aunt
4h'Mrn"; PS!'sl 4l * l 'lqi o l lo4 : 9 lliPY ,V14,'Arki411933. 'hit isKljiti,of tWoili„;titreetutnilied`thintitand.
These Stateoi.sy 4 - Vll4:l'.Tenite.astie'fold the `iiiitl, dollars fors' '-ja4elleil'a : iclivey;rtinti silyo.plate,r‘
Atlantic sintea; . canatitittn , ,tlo,grei4i'clii i intiniCin s l ilitila , ,all tlt:heltfilgti,tvluattryi,lter.haf
interest..-' _oat Piere . .itia:,b,eali';:lV•vaat...„4lll,*l4 o . r.;!liteCtif':a...littitdred•,.fittllinnift API •,-. ort fi iii,:riiii
for piplial ta' be inves ted' in 94 1 . 4 400'e5i; Pi Atilt 4Ciiiitl'ilto' fa : i'gkeiter•piirtiCriAnt se n t 'geoid
ficiently piOIe4;',V:VIS-higli.PriePli,aitt*et.;:the AtickyCf4ticarilallyi-siri,.9u.,,the.soi4:ketne4
#4 4,..fij0 k y,,.'. '.-_,„ -; N . .:. '''' ;,---- j ..i:',..`• .. , /,.!t,: - ,- 0011ntlii "o.lllth "ht4hi pinion' ti, ugiurAP-
\ 7 4.2.-:'`..':',l:::',:',
HERALD ANDEXPOSITOR.
titres, and the operations of the ,credit system!
Aristodracy, it is said, is.stealing upon us, and,
in the:form Of aggregate wealth, is watching to
seize volitical.power from the hands of.. the -peo
ple. '.We' have been more' than once gravel)
admonished that, in order to improve, the ti Les,l
and restore a metallic currency for the benefit,
of the poor. the rich_ ought 'to melt down their
plate! 'Whatever such a melting process, mig h t
find. to act• - ; Upon elsewhere, Mr. President, I
t - Vitt • I (fr '-
asoure. oti f. ya pssso insettp it "o lsco
yerr` little, and
other:si iirtiaes,.,:Sonier,Olitliiiiiil4o)olieri •
int(' ',tank:4'4k; iiiii.. 7 ;*e;r: , Viet:inie riilkera.
b• - •itiefliCsi;.ool4,b'T'Tltbotif tke-7*;b419,., - •,
sir;- irt,tler•ba , , asf
Setts,Ah:epePple.are4dlitiriskinraKll,epaiii:l*
not 4 6: 47 e .ti,lere,
cOn'crii
of Pfieh;
equiPagei of lio - rsda•-iithis,c,o4 I
Am tot itSecii4iitiOwttO hititwph the, otljeiihatfif,
filefe-tire;:feKiwiioare'liot ' lible.*earrribe: t y
4iVes4;ao44lF4hters4ol;hi - 40P 2 siim“i0epf.
eany/snice.:''Jtis:MS,•,inatte&6lreiteC6i:..or:,
row, ,t }ls. that fei{ ar very:- rich ;-but,i'ttis; w
'pride;and• - glarY,-'.ilutt7feuriare'•-,XeryTOO4t44:
norstill higher:Pride; ~014: e ? ur,. ju ! s . ,oo;”it;,i4is'
think,•ihst ; her:citikei*:_poiiieSil theatisiF. 4 s4, l l l !
elligenCe- and- edueatioru,smal tbSt4orill ber„lit, 6 :
ductiOns;-she reckons; 'anioneille yerxefilefeitt
those : Which sprikwfronitliriptilttire)qir
;And (lie heart. • .
-Mr Presideht, - one; of.themOst,,,•sitrikitiketfa
raeleristicailf this'age; is the,ets. ra, - Ordinsry'fia;
greys which it has witnessed in• popitlin'.:ltnl)*=
ledge. • A-rie* and powerful impulse has beep
acting in the Social system
this effect in a Striking.
In morals, in,polities, in: art, in lieersinre,
there is a vast accession fo theLM qiber otread,
ers, 'and,to the number of proficient% The pre
ient state of popular, knOwledg:is not. •the re
sult ofa slow und,uniferin progress,.prOceeding
th . rough- a lapse of years, with
-the same-regular
degree of motion. - It is evidently the resfilt . of,
some new causes, brought into powerful action,
and prcidtibing their consequences ispidly . 'stid
4trikingly,What; sir, are tnese cattiest
This is not an occasion. nit., fdr - tililLenatlag
such a gait ition at length—allowne - fp say, HOW;
everithat the improved, state sof_ popular know
ledge is but,the necessary result of the improied
condition of 'theegreat ,mass Of the- People.
Knowledie, is not bne of : opr hie,ly,..paysical
wants. Life may be sustained without it. But,
in order to liver:nen must-be fed, and clothed,,
And sheltered: and iita state of-things in.whiahl
one's whole lsbor can' do • ito, , more thanprticure
lothes,v.food and nhelter, lie can +axe no time
or - means - for mentarimprovernenti-7 - ICinofv.
ledge therefore, is hot ittained, and cannot be
attained, till there is Some degree offespite - f•orn
Inily-manual-toil,-stri-never-ending-drudgery,
Ant Vlenever - a less degree of labor will protl
duce the alrsolide necessaries of life, then ther6
comes lei9Ure and _ means,. both to teach and to'
--- _ „ ,
But ir this great and .wonderfu l- of
populitr. knowledge.bethe result of an improved
condition; it may,. hi the , next' plicei_well be
asked,' what-are-the eansec.,whickhavethus end...
denly produced that great impro vement' • How
is it•that the means of fOnd; clothing; and shel
ter, are' now so much - more-cheaply and abun
dantly.procured than ,formerly? Sir, the.' main
cause I. take to be the progress.Of scientific art,
This it is, which has so much, distinguiihed the
last halfeentury in Europe andln America; and
itseffeets are everywhere visible, and especially
among its... Man has found new alliesand'aux-
Marie', in tle. powers - of nature, arlditt the in
ventions of mechanism.
The general doctrine of political economy is,
that wealth consists in whatever is useful or con
venient to Mall a and-that labor is the -producing
cause ()fell this wealth._ This is very true: But,
thin, what, is labor?' In the sense "of political
viitera,Attul in common language, if means' htr,
maw industryi. but, in a pitilosopfireal — vieT,Tf
may receii.e a much inore ccirnprehensivemean ,
ing.' it is not, in that view,' human toil only—
the mere action of thews apd..tnascles; : but,it- is
any: active agency which,, ; working ;upon the
materials with which 'the. Wityldis supplied,
brings=-forth produe.ts- naeful-r.or --ConVeinent--toi
Mall. The materials of wealth are - in the.earth,l
in the seas, and in their natural and tinalided pro- 1
thictions.. -Labor.. Obtains Ahem. Avorki , npon
them, and fashions them to human use.- Now,
it has been the.obj ect' of scientific art, or• of the
application of science to art, to increktettili ae
five agency, to augroentits-pOWer t by creating
millions of laborers - in thefortn Of automatic'init
chines,' all to be 'dilige tl employed,' and kept
at workhy the force of na ;al Rowers. lc') this
end-these natural powers,l tinetßally'- those . of
steam. and falling, water,: e'autiauliiel - ,iii - q,
taken into human em ploy t. -. Spinning ma
-epi fie 9; - powei.loems, and all t hernechanical de.
%lees; acting, . among other operativei, in' the
factories and work-shops,
.are so nattily la.
borers, They are usually . etiOritinated labor.
Invittg. maphines, but it wou lt , e ;more - just to
bell them labor-doing • madhinei. They :are
rade to 'tie active agenta; to hive : motion, :and
to produce 'effect; and though' without intelli
gence, they_ are guided .).v..t.hose law of science;
t k
which are exact and pe r fe c t, and: ey produce
results; .therefore, in gene . ' ral, m re :accurate
than the :human hand is capable,O roducini.
When:We ' look upon . ones'of tfiese, 4 tie- behold' a
Mute - fellow-laborer,
.of immense . power, .of
mathematical-exactness, and of ever-during and
unwearied effort: ,: - And. while he-604a
Skilful and productiVe laborer,hin
e is a mini JR&
-con
sumer=at least,,beYoinr 'the waiita ,- Orhis Me
chimiCat being. lie is not elaterous-fin%-fited,
rOnient.pr shelter, and • mates no demands:for
the. eipenses of .education, -.:. The eatinfpand
drinking, the realing;and vriting, od - . plothes
wearing world, are benefited by - the, 4 llthoreTtif
these:ce.operittives,,K: ill ii - c00 1 4%: , 14 , r:i . tta,,,if Pro`;
ihdence had Ortivided for their , seriuce',MilliOns
or beings, !Ike ouraelVea intextelmal app . - eon:ince;
able to labor.ind to..toil:4lnd yetregthrnigiittle
br,niithing for ; theif6WW:CiinSumptiowneettlaitit•
Mice; or_rather .I . toi_if..l l ..rcvitlertes_jiad';9.realed-- . 1 1
race. of•giants::taeh:;:ef;*A
liOrn,letnatidiiilnct
more. for his iuppo4end'eanitimptiMithan a
i st miga- I;o?ert;'shouldjei liic , tdile : .tikl ) _#4li . il .
the.,:.* Mit
A7l,iriTiiii. f,. - . 114. ' , k.4 ! ,-,1;:„, .
NOisicr;,tir*6.li:-.4hs :Atiiikiiottisett ".
i ta .,_ -
tteipc 1 1 .0440tt0r i ... , mist . yam ',Aviltice . :oo:e a li
theile,f, l 4,6#4lWilles,...Pyr .6_ 4 3oo4tric , iild
tfiese,,,•poiVers,-,:patti s ro, - ; - tlitiil: 'enttiloyed, , ini4
plitect:',iitiiAi.„:•htiitigin,Oltectiteni ',which -.We
etinlN . .-..i.lkautch;Pl4gMUtie,friat;r.tiCinanltiald.,..
' Abegreattbiisine,t4;:brpreetpiht-"the..rifeiiiii , 4l
1i 9 1 *:.. ,- P,r aclilWorti-`l l .( l s ll :;4 l .• , *eilth;:*ija : Ates
har,i9i.a.icolleit 'tie trfilluotil?iir iket,illl(4l i n ,
(htiOY-%:lint' . ii;i" . ikielief; tables ;wilee - ';* 3 ±o; ,. . sir'
i,4if t ~11 64 . . Y•P'.'1 0 .41 1 .**Rit: -01. .litiiiii*' - iftiktett
ljtk. i i i ii.t Itotkit4P o o4llo..Y.7.'4 o'6l c - 1it:40 ., `:
iliii..Y4i*ol l ,/te - lhat gciktui!ili s d-t,f,do;OreMP!
"ilikpuyiqttowle . .olo; , 'a#aiiiiiiiirleitiit,' , Omk.
406:#17'00) .I,l)l; . 644.itt , ;il4iitdispaiMile,;..,t4V - 7, - .
inehtipktlie - ge.netirsystini;,'l7',:._lVlSal: : ',;:.
: f3.;: - Ew:litai- 1 4 0 .u4P , A0 0 kYit'§A - Ftvi,o4 . ttri . # -
oki:2l,iYl46rsAv?Aat.iseileto;';'oo.oto.4'',
04!..' , eclua 1Y1 .6 6 0,m41ii . 0 1 * 41 04iiPii"?.'44 7,4 g.,
P00.1 4 r. 4 c-ilikW,lollP:iolflf .l o.e i lk e i l P e * .-o° M‘ ir '' ,
sitypattieanywhere 'elpialleciapillike'pri l
'FlttOie:eiiirfolkz..Tpiiit sentliriOt.:* - 04 . extrati - i.'
) 141101Fli,ingrarm.r9afiritic Air th e;r.t4i;"f4 l . l
Nkoile,';•sAtri:l'litikie dOntiMitli,..Massaehusetts,i,
44- net;')iraike-ilte9l4 , f! liar Sestte 9 ; of Alte-Revt
littetWl'iihkw:iirei-Ot I.:s ii':o4 . )4; ':-...,.
....;,,,..-.,:. .
, -` - '.l 4 o: l, fteoii,aolo o 4ch :icihi .state iit'll,iiigii. g(
lii..4o . e*rstillit 1 ). 'dr .. - iarifitt, ilic.l. , ot:,whiaw::
~tayo.:nOw giyenl§,u \ a 'liinip4, :::An4":1:0 thel:
4 iii,pirvi4 syhg.i.ipnrifilltly ehonct ivinitiltj).
gni
i
state .of tliikig*', ',They call it grist : o9rue)% py•-'---•• ..
beseech , thn• - Pit6r.;l9 make' war up 90414 16',"<:;', .
white, in trutlii- they know not : who *Mc:, c'Z , ..?..1. ,
rich, or poor ."-.'..llie)' ; ',coniiil;ol). of omircool4 . • : v -
speculation ' , -I..fntt.the'• pernicptlit. 1 nfl uenc e Of. an t 's ,
ctionitatedi:Witiltlr, . Thei. •erkolti ,limaly iii446st- . : -,
ttlrfiinliii.Y l intt_corponitiona,:,innl - all•.theernAw
hilWhicii494ll; : smntals becOme.uniteti.'ijr:prdo•
to-kcidiice'litiportant. and ' , beneficial rianiria
flier:C.ooy. on
l a t :mi4: : lOttiitkng4i4t.all'lpcsti
tiltibp4,taptit9titn*!'::l l icf 094 1 d*dh9 1 g041 0 .0 1 e -
..•.
-
kUlitiilt Ofiidui!ty, - *l'clif.ilo4stiet*s , ,;' l -
'
..:tii.igliiktiliktif.oll6li)lol liKoy:iiY:o l24 j * ', ,
.
opAgkiipt iilliyeol4lC?! ; liil:i9untry ; ,it,tiOifeeP . -
e.patitS4l . .ey:lwiinlit mori!tkOen
, iitid.- . esith:-. ,'.
4 1 4i 1 4 1 :-prAilMtiand;w: 6ll . o tioliiii - 4: 1 00‘ki!?: 1 L - i...; -
0 1 40-, Y .Prolierti-I 6 'iiiine:- . ol4 ll K . AiVklt4.-il.hill.i,Z kr.:f3
:inf. Where else t 'tliky . .'re . Ml . tiy.„ - iiii.•:withilhOKi.A4' , ..- , '
'sltoiAllyg :iOf 14rarian ~-..ilontrines...ll it' si4itiiii , ;''. - ''.';.. L A
~,;44...re. , :ttie*, w iigei''..9f.laborlirel .-,lt!iti:l6el'hil4;*-`V,
A:ii,S . f..itlielinlid• . whilaintS.are,olieltp,r,n4ilye... 4.
...
itit.3ll? of iiiting::l 9 l:::; -11)er . .).ypuld:titcli ,iialsk-'..sl ,: cti) .
bprefl'.,t ti 9.CW is ; bur "an . .:oppressiiirsf e ,':
av;':.t4':.l;'':V;
kiili!., dt,t2it!.F l llle..O.:WiLlit! , „Whtit-.Ao'4l4'itin? - '..r;...ai
'lll , l' . .!'ale-*Ai . 4tliing,,-.:-alr,;=•but-,ten-enArlho . 7 - t!%,•:V:r
fruits".2opither . -:"metiii tabrir. , ;;;They; -carranein.2'4n:
iothing...,-tintqAtiihi,tiee:lincl iltsojxliii‘l6ilit... 7 K•: l „;:!,
4,9slo , ,t).,§rifipiffiriti6ili*iaMl4heii. - estinEffOn
of,,the :niciral sfentnn:o3ll,:and.rncifal . `habits of fi6l•?, -'r.',; ,
sietv;l:•Aliceolionsness, of feeling nnit of.aCtion:: '....'N.,. , '
) - 4 . , : t5 - diti_itixneiP.‘-prisrtieets.,bY:',.prosperity".. , itie/f:-:, ',...; r ',-.
,m!.i'iatifitit.....-aijiiej:kariirikos=terripratjoiito.fxi,,L:=qs
- 'expiiiqdqii::;ttiV - ,r;erv:OhnFti .
,iict , ',..,: ‘
x
okit.l6'b'otintii(Of..Pr.o7l(tOnckat,iiilki+4lT liaPl '-':::::''
I iitiir . igf their':Owry:CoMlitlent% - ni:,tlYt..fat§e3l-;
nf "Our tikstitre ivilii sanetlines;klliiiiw - Ilir,olt - , - ;. - _, -- : , '.-`
ligaiii4•lt.'s 'enelosures,. hreak env, frorn.. ,
_its con.
fi.neiiktf,' ,nliii; feeling; nayvlcee:fromile4eg,s' ':::''
restratnt;.heti ke.:- hiniself ,tol* , mcippt and' .. bar - ..' •
'rend;- . w.liere , waiit: erelonifr bring 3 hin0:91,44'
6 car iees, lint! Stars , apon and iteatfrekriAii - ei!
.llaving - said , scrmuCh;.sit.Z; - 9n the'keoirtil-con
tlition hf. theicenintryi; and eKr)hiined' What
.:,'' I Mi .! -, ~
lerit am; ' by", credit; - I -- preciell., to : COUsicter- the.. :-,
tireWn . t adttlat state. 9f the - currekey:, .: ::' : '':,--.,! ' • -.:::::-:
The most reerkTreasiiry estimate, which_l.: ....
c
•, .
laVeseen;::'Su'ppogeS:i•that : theic . one eighty
liOns'' of m etallic'' , nionek'
-Vb i s:l; belieVe,-• to 4 good deal-too
cannot, :helieve`'it exeeeds.sixtY; at rhinstilinit;;;.::-,;
AuppOShig - one-half - :thlii : aunfta - , ye - ,.in'thetbattlts
thirty Millians are - iii.tirctilitioni .-- orin ;private
hands: We nave
• ranches; with. capitals;44signed..for the seeurity:l'.':-.',
notesof their . tiumuntintrio two. hue.. •:-
di ed . nod Thiartiount' Of bin):
notei in;actual: circulation is sup . posed ni, : be one
liuMlred millions;: so . that our whple circulation
one !Mildred and4hirty
dinsuiit Of debts due to the:banks, - or the amanilf :
of their:loatis., and • discolints,., May:be.talien
tour hundred and fifty MilliOnd. : • • -
NOW tir,lnis.very Shoit statement exhibits rt
once a,g4ierat: toutdine-of - •our Cxstint:sy#tem - ; - ,
• fsairrency_aniLmeditL4lite e-a:greata oust
of. money-or iiropertAin banks; as !ben' assign, •
,;,
ed and appropriate capitaVand 'we'see - a.great '
amount dui to theie•banks.: , Theiebank . debe- • •
. _ „
'ors generally belong to the classee ef .active Int:' ,
sinoss,or are such as have taken iipioredits: for'
purposesbf investment` in lands' oi..nierehandise;
looltinglo future proceeds-aithe,Meani of re . ." 1 . 7;
payment." If we comptce this - state of circulation;
of bank capital and bank debt;' with the same --
thinri En
il to irland, Jai - Portant differeliees • •
-
The, not whole paper circidation• - of England,' 6 1
the latest accounts, is tiventy.eight million. sterl:
tig —made - up :of.eighteen millions :"of I.lank of. / -
England notes,,arateninillioni of the'notea of ,
private: bankers,- andjOint-stoek companieil
Lon in the •bankrnine and a half 'debts
due the Bank of England,. twenty two and , a •
half millions. The muciniit of loans and: dia.— ,
counts hy , private bankers and joint 'dear:rim-
panies is not, usually, stated,, I believe, hi the ,
publiC accounts.'. If it bear thesameproporticau _
to their notes in circulation,,as in the ease' of the .-
UAW - of:England,. it. .would exceedtwelizog - •
mions„'LlVe - may, therefore, L take the amount of •
-
ITut•t,iluppose that, - of - )he securities held by
the Bank
,of F.ngland, ~exchequer notes coniitt:
tote' a large , part: in other wordif, that:si have
Part .of. the 'bank debt • due, by Government.
The amount of . coinin actual circulation is esti. •
,rnatedte be thirty_iind a half:_millions.`__The_whole_ ___4.
lento:Milt Of circulation' in England, metallic and
'PaPer; is 'usually in.round numbeis, itt
sixty thilli3nst - which, rating the pound if $4 80,
is equal to - two landred arid eightreight_mil,
lions of dollars. ",, •-,
- It will - he seen, sir, that our paper eirctila...
titin is one-half'ess 'than that'ti.g i nglatid, • but
hank _debt is,' neVerthelesselVgretiteri
since-thirty-five millions Sterling. aininint -to only :. •
one hundred and - siy,ty.eight of , dollarsi
and'this aim, :too, included the' amount• of
ilieq - der -. .b1114 - or - Gevernment debt in the forti.;
of such the bank holdt. T'ne se .
facts are; very . " Material to any just comparison:of -LI , :
the state of things' in the Awe .cOuntries. 'th e. -
White, or nearly the-Whole capital rf a the Beitk
of'England is lent" to G. °v 'e l 7.iitient,- . not- by
means of exchequer tiote-...b0t on per m anent
Atic private• and joint.'
theugh.thekissue bats for cur.
stocKeonniktir J. c . - 5 , , ,.
culatietr theY'have2no assigned or. appropriated.
r. - 4.:pleal: 'whatever. bills. circulate; oh the-":"';.:
private._ credit` of the jnlividt alb; raker, o"r" of"
those who coMPOSe. -the joint-stoelr,' compagies:
In the United states an .amount of •capital, app. j
Oofecl to. be sufficient to eustain the credit of the,:,•''
paper and seeure the .public against loss, 14 pro
vided by law, in - the act of incorporation.;
each bank.; and is . assigned'as a trustlgnil (4%
the'p!tyitimit, bf the liabditiei of , thebank'
if - tins, capital' be' airly-And sttbstggtially`;*dt :;
vat*ed,' it. is secutiti;- awl oat_.
cases: no it:. is:. ' 11 ,avrtncv4,
The atis triiiibsha of ;this fond aiid ther
ahliiibiti`both civilly and criminally;',tbr itaisela j . : ,
hstgeinent,. ertibe Ciliate/Ai:jar breach,. it; !That,'
_This c arnoUnt;ooSeapital; Ahhieetiged;• l ,,theL-'. O .
basis of leans and , discountar and Chi Is thp ,
on,why :or 1 4:1.T4Y,:icing loans firs,;
banking s ope,l-.. ,
bolding;Klutict intended te,:beleaned; and act ..-S':
ill,c ;. <; t tiefwi.eit s leqcjer;oa i)ortinieri this
'grls. Mi t his",heen=f4tliik 4 MCOOeAntlit*liVenihnt
end 4'"7'
"lii'sotteStitteitiistrkatly prif \ him:1(4001--
lateii . thongli-,illere o'6,h - then in . #ltialf imOrk:
g a g e ' !teull44l.,',4'4WhitlteFfigaistlitoiifeninalsle- ;,••
thi,ob,jeotiod - oPinkti* . lif , OurAi?!lgti, 4
persainal,
Vecur_ttt t - i,Tlic_Ayetetn,
Anise, in Anir . tietilarinctanees.kereitiCY_'lie% - ; ,7-
direators'"whei2tvilrugat tF.o:freelY,tothemsetiea
,ind
eeir;.of '
. 00
,
e the a . .llVeTi4nllAinfdeteted F•ari
inVelol4>vili - be* ll6 4lY:trintaif;tta;
ilikeriigtthetity ': n umber ; , biiia; thfae in=
nantes,l.thity;artitkarkthlytew."-ingteti
baiks-, and '
'xe'ikliev'ta VI be
sigient and girt: •
haveof,-
*tag in thh wink
or circulation . l have no doubts sir, t at ; thetre `.'-.',
•,timit'iery.iinpruper expansion somt yeat!aairo‘;
Lheii „Preildenti4,shl4ichitt
Iveit r th - e fptc*iituingAtte;Bank -, :cif
'kti4ey," .. (whielt 'tiet,"l.,eteem as the' true*lgintik:;:' , ,;*
!,olirce,ol* till•the ; tilitortleia;.o. .
(:* 6 . - .cdirkne.o)
ai,t Addition wailinmetliatelY
of Stateflanks. , 2, step°.
,ieswereivettiallylreinotiedlfixitnhe:Hantt'Of the '
itis:#eleeted" State
310,1‘9, of-etpAiiiiir bow
-itiefilieittifwoulit;the
=ME
.:~ ~
3
EN
BE
NNE
MI