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Show 4.70 INAUOVHATJ AND l!'AHEW.lt:LL A])J>HEf:l. 'JJ:S. upon to keep the circnlnting medium uniform in nmonnt. ln tim es of pro. periLy, when conliu ·nee is hi gh, they nro tempt d, by tho pro. pe ·L of gain, or by the inflt~ c nc of those who hope to profit uy it, to extend their i ~su •s of pn.pcr beyond the bounds of discretion nnd tho rcaHo nablo demands of business. And wh('n these issues hnvc been pushed on, from <lny lo day, until public confid('n·e is at ]cngt h shaken, then n rcn. ·t ion takes plaee, and they immediately wiLhdm.w tho credits they have given, Ht1<ld erdy ('111'tn. il their issues, und produ o n.n un expected tiiHl ruinous cont.mction of the circnln.ting mediurn, whi eh is felL by tho whole co mn11rnity. 'rho IJ~Lnk s, by this mcn ns, Hnv·c lhcmselvc~, O.tHl the 111is ·lticvouR conseq u<'nccs of their il1lprudencc or cupidity arc visill'd npon the public. Nur dues the evil slop here. Th(•se ebbs nnd fl o w ~ in lhc currt>ncy, and th ese indiscrc L cxtensious of credit, nnturully ougc udcr n HpiriL of speculn.Liun injurious lo the hauils ar11l charnclcr of the people. We have n.lrcncly sccu its effectH in the wild spirit uf sp •e ttlntion in Lhe public 1alllls nnd vuriouH kirH1s of sto ·k, which within the ln. L y •:u· or two seized upon such u multitude of our citizens, un<l threatened to pervade all classes of soc iety, and to withdraw Lheit· attention frotn tho souer pursuits of honc:L industry. It is not by enco uru ging this spirit lhat we shall best preserve public virtue nn<l promote Lhe tmc intcrm;ts of our country. But if your cunency co ntinues n.R cxclu~-;ivcly p:tper ns it now iH, it will fo ster thi~ cngcr desire to amatis wcnllh without Jn.uor; it will multiply the tlumucr of dependents on IJank aecommodaLions nncl uank fn.vors; the temptation to outain money a.L any snrrificc will become strung \r aud stronger, nncl ineviLal>ly lead to corruption, which will find ils way in to your puulic COtlllci., und des troy, ul no distant day, Lho purity of your government. Sotne of the cvilH whic.:h arise from this systcn1 of paper, prcRs with pec uliar hardHhip upon the class of society least aiJlc to bear it A portion of this currency l'r'CfJII nLly becomes dcp rec i nL<~d or worthl esH, nrHl all of it is easily cotwtcrfcitcd in Huch n. manner n.s to require prculin.r skill ancl much exp ~l'i <·nc to <li!-ilinguish tho counterfeit from tho gen uine JI OL . These frn.r1ds nrc moHL generally perpetrated in the smaller uot H, which n.rc used. in tho daily t ra.nsn.rLions of ord inary buHir J<'SS ; nntl tltc losses occaHiOn(•d by I h('llr ure <'Oilll llonly thrown upon t.ho laboring elnsscR of Hociety, whm.;c Hituati011 :wd pursuits put, i L on t of Lhci r powc·r to g un. I'd thcmH ·I vc~-; front thoHo imposiLi onH, an<l whose daily wuges nt·o necessary fur Lh •ir suusiHten·e. It is Lho duLy of every government. so lo regulate its c•utTcncy as to protect th iH numerous class, as far us prn.clicnble, from the imposiliollS of avnri ee and fnw<l. It is more espec ially Lhc duty of the United LatcH, where tho govcmlllont is cmphnlically the government of th • pCO}Jlc, and whore this rcHpcctnulc portion of our cilizens nrc so proudly dislingui:;hcd from the laboring classes of nil othct· nations, uy their inuep ndenL spirit, their love of li ber ty, thcit· in telligence, nnd their high tone of moral character. ~rh eir industry, in peace, is tho so urce of om· wealth; nnu their bravery, in war, ltns covrrcd us with glory; and tho government of the U ni ted Lntcs will but ill discharge ils dutioR, if it. leaveH them n prey to Ruch dishoucsL impositions. Yet it is ev ident that lh ir in t •rests <:n.nu oL bo cff·clually protected, unless silver an<l gu!U. nrc resLo retl to circulution. These views alon , of the paper currency, nre Huffic icnt lo call for immediate r eform; !Jut Lhcro is auoLhcr consideration which Hhould Rtill more stro ng·ly press it upon your a t te n ti o n . Rcccn t even tH have proved thnt L11c paper-money Ry~tcm of thiR co u11(.ry may b • li !:!Cd ns an r ug ine to unllerrniue your free ill sti Lu ti OIIf:l; un<l thn.L thOR(' wlru desi re to engross nll power in the hands uf the few, nrt<l to govcm l>y corruption or force, arc nwnrc of its power, and prepared to employ it. |
