Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1821-03-20

lar SduIAlOiitu INC AkNiotjd1it IsllSli-
sions OF specie payments, that few M tn
would venture to refuse TO take The pa
per of these banks lest they should be
denounced as enemies TO their countrt !;
the government used il to support he
warand pay its debts; public creditbrs
were obliged to receive il, and to render
it as current as possible, il was made
receivable in the land Offices; all of
which Circumstances combined to give
TO it the character Of a fair representative
of SO much real coin; and thus were
those banks tempted and seduced to is
sue most une%ampled and uniustiiable
profusion of paper, from which exorbi-
iant profits were made, that generated a
spirit of banking which operated like a
contagion and produced vast multipli-
cation of such institutions, som (which
were fortunate enough to havf thor pa
per also made receivable in piymtnt for
public lands.
These banks were anxious to loan
money--the facilities with which it could
be obtained, could not fail to illurs the
enterprizing citizens Of this free and
aspiring republic into almost elery spe-
Cles OF active adventure and bob slecu-
latlons, as well as many OF them inc IN
considerate extravaganza and hence
there were many borrowers anl finally
an issue of paper SO greatly exceeding
the whole amount of the curreni coin CT
the United States, as to beget aninfatua-
ton little, if any thing, short of that
which was produced IN France aid Eng
land about century ago BY the nemora-
ole Mississippi and South Sea S themes.
IN addition to this monstrots aug
menta'ion of our circulating medium, a
large number OF claims for land(on the
northwest side of the Ohio, whifh had
been recognized by the old Congress,
IN 1887, had been converted into (eriif-
Gates, which, as well as the Miss issippi
stock we're made receivable in payment
Tor public lands, thereby increasing the
facilities OF paying for, and the tempta-
ton 10 buy, those lands.
II was during this tide of visonar,
prosperity which innocent creduiity
fondly hoped would never ebb, that the
most Of those purchases were made
and indeed the delusion continued st
long, that the hopes and expectations o
the most sanguine seemed to acquire
strong confirmation OF their fancicd prac.
Nor was this infa,uation confined &c
the purchasers Of public land; nor tc
The ignorant uniformed and inconside-
rate par. of the community. 1t affected
all classes Of society, and even the gov
eminent Itself. 1t gave 10 every species
of property fictitious value produced
an entire revolution in the manners ano
habits of our iellow-citizeus, substituted
in the place Of that republican si'nplici-
ty which had heretofore characterized
us, all the extravagant pomp and pagean-
try of royalty itself; and gave birth to d
multitude Of the widest projects, and
most visionary speculationS.
Our means were thought adequate 70
accomplish all that the imagination could
suggest, or that art could exeCute--to
minister to the comforts, convenience,
interest, and pride OF individuals; or tc
the improvement, llishment, anl
aggrandizemcnt Of our county and o
all the various mprovcments, adven.
lures, or undertakings, by individuals, OF
corporations which distinguish those
times, nothing was attempted but upon
the ,.2st magnificent scale.
The excessive importat;ons of foreign
goods that were made Immediately sue
ceeding the peace, and which have prov.
ed SO ruinous To those who were cont ern-
ed in them, had SO greatly augmented
the public revenue that j, was deemed
expedient to abolish all internal taxation
the greatest difficulty that seemed to
present itself, even to our w;sest poll
ticians, was to devise ways and means OF
of the vast sums which it was
supposed would overflow the national
cstfers. And hence, among other things,
was that rage for internal improvements
which, agitating the nation from north
to south, and from east 10 west, put in
the highest order Of talents,
and produced the most powerful argu-
ments and splendid displays of eloquence
which this or any other country can
boast, to demonstrate that this govern
ment either had, or ought to have dele
gated power to accomplish this grea, ma
tional object. And yet not one of those
keen-sighted politicians and distinguish
ed orators could have imagined that at
this early day we shouldnot only be with
out single cent to appropriate to such
purposes; but that the state of oul
treasury should be relied upon as afford
ing the most powerful argument fol
overthrowing valuable institutions, ant