Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1837-08-02


visions ofthat instrument.
In the following article, taken from tho Tecum-
sch Democrat, our readers will find some good
sound reasoning. At time when every body,
from tho veriest aristocrat down to the boot black
had entered the field as spectators, and neglected
their own business, we could not expect that our
country would be prosperous. When our pro-
duco has to be imported from Europe instead of
raising it at homc what else could we expected
but general ruin and bankruptcy We have suf-
fcont territory and sufficient industry in ordna-
ry times, to supply foreign countries with bread
stuffs instead of their supplying us.
The Wings in this county, who have so
long fought us in our own camp, under the
guise of friendship, are now determined to
raise their own flag and take the open field
in the coming campaign. Theircry is now
that the Democratic party have brought all
the evils of bankruptcy upon the country,
and a National Bank is recommended as
the only cure.
New we earnestly request the attention
Of our readers 10 the following facts; and
after duly considering them, we leave you
TO make up your mind upon the truth of
these positions.
In the years of 1856, thousands of
producers had left their shops and farms,
to make their fortunes by specializing. By
means of bank facilities, and the loose
manner oftransacting business at that time,
many of this class were enabled to get into
fl,n,,. hon Of
which being rated at a fictitious value, gave
them a show of wealth which had no real
foundation. And upon this they lived in
a style of extravaganza characteristic Of
the times. Thus, those that the year be.
fore were adding TO the amount of the real
wealth ofthe country, by being producers,
were at this time consumers. Not only SO
themselves, but their new style of living
created new wants, and thousands were ia
ken from the useful cmploymenis oflife, to
become walters either at the hotels or in the
families of this mushroom aristocracy. BY
these means the country was actually
growing poorer every day, when there
was the. greatest display Of hustle, and
"splendid operations" The reason of this
is plain. Every man taken from the ranks
of the producers, is draft upon the actual
wealth ofthe country. Add to this the I'M
favorable seasons for the farmer who had
escaped the Specializing fever" and still
continued his honorable occupation, and we
find in 1886, instead of exporting bread.
stufis, as we had heretofore done, millions
Of bushels Of grain acas brought from the old
countries, to keep our farmers from starr.
ing! Yes, wheat that grew on the shores
of the Black Sea, was brought into the
western part OF the state of New York, to
market!
But can these disasters be Justly charged
to the administration
Another cause of commercial distress
was the importrtion of more goods than the
necessities of the country required, and
the forcing them off upon drummed custo-
mers. This is an evil of magnitude, not
only to the mercantile community, bur TO
the people generally. The case with which
goods could be obtained, induced many to
leave the business to which they had been
accustomed, to figure as merchants. Their
total ignorance of the ways of trade soon
involved them in difficulties which not only
ruined themselves, but brought distress up
on others with whom they we're connected.
The wholesale dealers, vieing with each
other in the amount of sales, imported with
out discretion, until it was discovered that
they were indebted TO foreign manufacture
ers, to the amount of t,co hundred million
dollars, and without the means of paying it
when it became due. Or, in other words,
they had "lued too fast" and were three
years in advance Of their proper and lcgiti-
mate business.
But, say the Wings, the democrats have
increased banking institutions and banking
capital, and thereby furnished temptations
to overtrading not to be resisted. But look
at the facts of the case. Massachusetts
has increased her banking capital upwards
of twenty millions since 1880 and during
the whole of this time her Legislature has
been true to old federal principles, ard bit.
terly opposed to the national administra-
ton.
Louisiana, another wing state, with de-
cidcd wing majority in the legislature, has
extended her banking capital beyond any
other state in the Union, in proportion to
her population.
In Kentucky, even when the u. States
Bank was in the "full tide of successful
operation" FORTY Banks were chartered
in one batch.
We see by this, that where the wings
have had entire control of the legislatures,
banking capital has been greatly increased.
With these facts before us, how utterly false
and silly is the wing assertion that " the
democrats have been the means of cstab-
lshIng the rag CURRENCY"
But let us compare these with the state
Of New Hampshire, which has always been
democratic state, and now has banking
capital of less than three millions, while
Massachusetts wing state, has banking
capital of FORTY MILLIONS! And Maine,
another democratic state, that is engaged
in an extensive trade with tho East and
West Indies, and also with Brazil and The
Southern states, has five millions of bank
ing capital, about an eighth part as much