Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1821-12-11

Mill agency, end some OF theofiicelS oil
the bank, have been among ihsprincipal
causes which have prostratedthe paper
circulating medium Of this site, SO tar
as it was dependant on the statebank and
branches. And from the direction which
for time past has been giv0 to the
funds as well as to the credit ol the state
bank, j, would seem as if i, hl been an
object, to produce deprecision OF her
own credit as we'll as that ofhe' branches;
producing thereby among other mis-
chievous consequences, the means OF dl-
rect gain to a certain portiondt The conf
munity, equal to the loss which the in-
nocent and disinterestel holder OF the
paper inevitably sustains. .'
The causes which have produced The
pecuniary distress with which we are
embarrassed, remain almost unchanged,
except the relief afforded by the act OF
Congress TO the purchasers OF pubic
lands. All relief measures within the
control of the state authority, should be
considered as temporary, and be Aiscon-
timed SO soon as the causes which pro-
duced them, shall have been So tar re-
moved as to justify recurrence to Tor
mer regulations in relation TO contracts.
A period should be prescribed by law,
and all contracts OF subsequent date be
subjected to such legal provisions as
have heretofore been usual, The want
Off discrimination of this character, in
relation to pas, and future cpnlracts, pre-
sents inducements 10 add tapre-existing
debts, while return to forAcr habits OF
industry and economy is theeby retara-
ed. To encourage by preGpt and ex-
ample the use of articles IF domestic
manufacture, and the introduction into
families Of manufacturing machinery /;
will.prove efficient aaxiliarie! in remov-
ing our pecuniary dlfficulties and have
tendency TO secure our rutufe indepen-
dencc from those sudden ami eStraordi-
nary changes, produced BY he'fuctua-
tions Of commerce, SO Injurious IN their
effects upon the moral and political hap
| pines of nations and individuals. Diff
terent measures have been resorted 70
BY the legislatures of different states,
with view 10. relieve the e,nbaI rass-
ment Of the people. Individually ac-
quain,cd, as the representatives are, with
The operation OF the system Of relief
adopted in this state, as also with the
particular interests and situation Of their
constituents, they viii be fully compe-
tent in the discharge OF their important
duties, to adjust those interests, by the
adoption of measures that may contri-
butte TO the lasting advantage of our fell
low-citizens. The propriety, however,
Of a..tiiorising creditors under proper
provisions to require additional security
or rcp!cyin BONDS, is Submitted 10 youl
confederation, in as much as The ostcDsi-
bic properly Of individuals may be sub
iect IN prior liens. II cannot be intend
cd that Judgment creditor is 70 be sab
lccted to greater uncertainty IN The ulii-
mate collection ora regal demand, by al
| lordng TO the debtor the mild means oil
| satisfying his creditor, without sustain-
| ing greater sacrifice than may be rem
>.arcu Ultimately unavoidable. Goyern-
often follow without Sufficient inquiry,
llh measures which others hayc adopted.
| Man OF the western states particularly,
have experienced essential injury from
cx,ravagant emissions of bank paper,
and Notwithstanding its great dsprecia-
ton, necessity or usage, seems 10 have
been sufficiently powerful, to induce as a
measure Of relief, new enissionsto sup
| ply want Of metallic medium; although
TIC notes upon being introduced into
commercial transactions, have been sub.
ectcd TO great discounts upon ;hcirnom,
inal value and liable to much uncertain
iiy in the rates ofiheir exchange III the
general loss which has attended pape,
credit, he people OF this state have sui
tercd sufficiently to induce an avoidaacs
Of further experiments in banking, how.
lever specious the, plan of lis details
Especially, it they cannot be based upas
specie carital. 8 .bsa.
| The Treasury notes authorized to be
Iexccuted by an at of the last general as
scpbiy, have been emitted from tht
Treasury as tho demands upon the state
Required |; and of the means within the
con..o! d the legislature, to meet tht
Expenditures vi the ensuing year, simi
Jar measure, limited BY certain amount
is dcrmed the osteligible. Such poll
cy however, will necessarily require fol
The fu;ure,. that the revenue be collected
| in specie. its cu;Iivale,lt.g or Yfeas.r1