Wheeling compiler. [volume] (Wheeling, Va. [i.e. W. Va.]) 1829-1831, 1829-07-01


owrnrtoaa from American citizens, with
tho p9ne. enjoyed by English merchants
and manufacturers ut that time to- extend
credits I'M consequence of the uou-payment
ors,ecis by the bans Of England, and the
consequent power OF expanding the cur
r7ocv fbar,.--oreyented a rise m the price
ofbils of exchange. While the suspen-
sion of our trade produced q total cessation
iD tbe import Of COIN, constant dram was
roing ON upoa that which was iu the
country. for illicit expectation. The con
sentence OF this was, that in few months
after our export ceased, a general suspen-
sion OF specie payments bv the banks took
place: O. measure u1lvo.da5.e-iu ITSELF a.
which yls admitted to be so by the gov
crament
During this war which continued from
1912 10 1915, mo- restraint was imposed
upon banks. BY common consent they
were abs1.vei from the Obligation TO re-
deem their uotes with coin, according 90
the contract on their face, as long as the
war might last. Even the government
WIS compelled To- resort to- them for the
iol1 OF their notes TO detr3y the expenses
OF tso ware
Under these circumstances, It IS not
surprising that some hundred banking cor
porlt0us, DO tine absence Of immediate no
sD1nslbIty delugcj the county with a
circulating medium 90 three or four times
the amount that they dared have ISSUED
fthey bad felt themselves bound. literally
and strictly. 90 comply with their engage
ments With this augmentation of ths
currency, q corresponding increase took
place ia the value of the fixed property of
the country Eng geuants were made 81
contracts entered into To- am iuca.cu.lble
amount, which could UC. have been done
if the parties bad reflected that the day
retribuu0l would C0me-that the banks
would be required styicty 20 comply wit
theTelgl gsments. % pay Il money iGsteai
OF promises, and that 30 enable them TO do
80, individuals would De compelled Co paw
their debts ,o the banks.
Tn tbs state the country was found at
the ratification of the treaty of peace with
Great Britain. Our Sims bad -0ted a
the wharyes or were captured; all the world
was no peace, and wc were n0 longer ne
qurei either as carriers .or belIzerelts
or TO supply their wants with tie 3rodu-tot
the soil. Our country was drained 0f.l1se
convenience and Injuries To- which t had
been accustomed, and which habit bad
rendered necessary To supply our wants
almost unlimited imD1rauols of f1raigr
goods took place, and o balance Of trad
was created against the country t0 such am
extent that exchange on England rose 60
20 OF - per cent premium Coin under
such circumstances, could not be imported
or ifim3oued, could not be retained l the
country Ehe attempt Co resume specie
payments bva sing. bank or 20 single city.
would have be futile; and it vas imDos-
y.bla to produces concert oiacuo1 amo1g
the great number 0fblH5s Throughout, The
United States each acting within Its own
sphere, and pursuing l-s own interest In
Its own way.
The community at large felt the incon- /
aud danger ola currency of u1- .
known or mo- fixed value; while the govern .
meat was embarrassed In its financial OPP .
orauo1s, aad the public treasury subjected
30 continual losses. Coin enough could
not Doe Obtained by the government Co pay
the interest ot the public debt, nor could
judgments yfc0uts be satisfied boz the b-
gal currency of the country. State legis-
latres res0ued fl the dangerous and Un
exDedIe1t OF un1lirug tine
obligations 0fc0n.rlcts, t0 prevent debtors
from inevitable and speedy RUM In Tins
o' things, the public voice demanded
tr ue government should exercise ITS
er aad relieve the country from the
yafei currency with which 10 was over.
vsnad For tl.s purpose the BANK
Of TIE UNITED STATES was es
tab. shed.
Whether the establishment of tins bank
was oruls not the best means which could
h4se been devised for the purpose of re- .
storing to tlo country q sound currency. .
is oot now question. The only 1lve
coulee0tl ls decided los c01suturo0lIty. .
ami congress alone were the Judges of the .
Dlatthas been o principal .
a-e.. lg raising the circulating medium 90 .
is .essnt standard of value w.. not be- F.