Richmond palladium. [volume] (Richmond, Wayne County, Ind.) 1831-1837, 1836-12-24

,sues, 10 always as,saded b. Lose - ths 1a.Ir
,orine glasses. Tais portion Of the eOmmu- e
lity have neither time nor opportunity tolr
vatch the ebba and lows II the money mari
Let. Eaxaeed fro0day @ day 10 their useful
oils, thew % noG Fsreeiys thai, althoughli
heir WAGES are pGloi4ny Tho ssne, "r esenId
,omewhst higher, they are greatly reduced
a fact BY The rapid increase Of . spurious l.
which, as itappears 10 make mod- |.
~ abound, they ana a. FIRST inclined to con-
,sdcr blessing. ltisoo: % with the spec''-i
ator, by whom this operation y better un-
ierstood, and IL 10 made to contributs 10 his
advantage. 1t is not until the prices Of the [
necexsaries Of life beccme % dear that the
|aboring classes cannot supply their wants !!
out Of their wages, that the wages rise. and
gradually reach q iustlx proportiOned rate {"
that Of the producis cf their labor. When ,
thus By the depreciation in consequence of
the quantity Of paper il csrculati"n, wages |.
AZ we'll as prices becrfne exhOrbitant, 1t -
soon found that the whole effect Of the aduI- |
teration - q tariff on our home industry for
the benefit of the countries where gold and
silver circulate, and maintain uniformity and
moderation in prices. 1t 10 then perceived
that the enchantment OF the price of land
and labor produces y corresponding increase
in tho price Of products, until these products
do not sustain . competition with similar
ones IN other countries; and thus bDth man.
ufactured and agricultural productions cease
TO bear expectation from the country Ut the
spurious currency, because they cannot be
sold for cost. This Is the process by which
Ispecie is banished by the paper Of the banks.
Their vaults are soon exhausted to pay Tor
foreign commodities; the next step - a stop
page of specie payment; a total degradation
of pap'r as q currencv; unusual depression
Of prices; the ruin Of debtors. and he accu-
muaii n Of property in the hands Of rredi-
tors and cautious capitalists.
II was IN view al these evils. together with
the dangerous power welded by the Bank Of
the United States, and its reps,gnance to Our
cons titution, that l. was indu..ed to exert the
power conferred upon me by the American
people. to prevent the continuance Of that N.
.stitution. But, althou n various dangers Z"
our republican instituti ms have been olivia
ted bv failure If that bank to extort from
the government renewal Of its charter. II
is obvI'us that little has been accomplished.
except salutary change Of public opinion.
towards restoring to the country the sound
currency provided fsr in the constitutional
In the acts Of sever;,, cf the States prs'hibit-
ing the circulation Of small mites, and the
auxiliary en,ctmen,s of C"ngress at the last
OVSStVu OOOuUk SSUCuS sCSVYs"s ~ UsSsss
on public nee. unit. the true pO ICY vt the csSnn-
Il try has been advanced. and larger pssrtn'n
If the precis,sss metals in!nsed into our circu-
lasin1 medium. These measures will pr"ba-
blv be f0ll"wed "r. in due time, b. the en-.
ncimcnt "f State laws banis!,in2 irsn circu-
latn,n bank mites of still higher denosnina
tons; and the object NAV BE- m ,trrially pr'-
snosed BY further acts of Congress, fDrb;dd,ng
the employment, as fiscal agents, vt SUCH
hanka Ia 0s~en s.f loo 10
nominations, mil throw HnpesiiMents in the
way Of the circulation Of e,(L and silver.
J The effect ofan extension "f bank credits
and over issues If B INK paper have been
strikingiy illustrated IN the sales of the pub
I've lands. From the returns made by the w.
riOus Registers and Receivers IN the early
part Of last summer. IL was perceived that
the receipts arising frsm ske sales VI the pub
JIG lands were increasing I" IN MnPrecedens'
amounted 10 ns,thing more than credits N
bank. The banks lent out their n...es Z"
specu;at"rs; they were paid 10 the Receiv.
ers, and Immediately returned u the banks,
to Be lent Ous again and again. being mere
instruments Of transfer Ia specu!stOes the
most valuable public land, and pay the Gov.
eTnmens By . credit "a the books of the
banks. Those credits "a the books Of s"me
Of the western hacks usually called deposites,
means If payment, and were rapidly .ncrcas-
ing. Indeed each speculation furnished
mrans E'r another ;E,r no sooner had one ind;-
vidual ar company paid ia the notes, than they
were Immediately psid 10 another E,r like
purpose, and the banks were extending their
business and their issues - largely, ~ tn a.
'arm considerste men. and render It doubtful
whether these bank credits. IL permitted Ia
accumulate. would immediately Re Of the
least value to the Government. The spirit
of expansion aud speculation was not confia-
ed 70 the dePosite banks, but perva.led the
whole multitude Of banks throughout the
Union, and was giving rise 70 new instisu-
tons 10 aegravate The evil.
The safety Of the public funds. and the IN.