Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1837-10-17

pend specie payments, whist lhoSe OF
England have not? This answer ought
to be suificient-because the government
of England does nothing to bring the paper
currency of that country into dlsrepute.
As this, however, is question which en-
braces the main point Of investigation con-
templated in this number, it will be fur
Their pursued.
When General Jackson came into the
Presidency, he found the currency OF the
country in as healthy a state as any other
in the world. This desirable and happy
state was attributed mainly to the con-
servative influence of the Bank OF the
United States, as well by other banks, as
by all competent judges of the subject,
and candid enquiries into the facts OF the
case And what are those facts? 1t is
fact, that after the dissolution of the first
National Bank, the currency became great
ly deranged, and was more end more dis
ordered until the establishment of the late
h3ank. 1t is also fact, that soon after
this Bank was established, the currency
became as sound and efficacious as 1t ever
had been before. And it is likewise a
fact, that it continued thus sound and
efficacious so long as the Bank existed;
and that it became deranged and disorder
ed again, soon after this Bank also was
dissolved, as we all now clearly see and
severely feel. 1t follows then, as a just
and rndeniabe inference, that The late
Nnt,n,n1 Q,nly q OT tho
rency, and that the attack Of the late
President upon this institution, was in
effect an attack upon the circulating me-
dunn of the country
The successful opposition Of President
Jackson to the National Bank, was fol-
lowed up by his specie circular. This
measure, while it withdraws from the
general circulation an amount OF silver
and gold, equal to the whole amount of
the proceeds of the sales of the public
lands, is, in effect, also an attack upon all
other banks, inasmuch as it seems to indl-
cate a dlstrust of their notes. The I'M
bounded influence of the late President is
we'll known; and it is no marvel that the
country generally should lose its conf
dence in paper currency, when by this
act he declared to the world that he sus-
pected its soundness. A run upon the
banks was a natural consequence of the
which he made, of the panic
which he caused, by this act. Mr.. Van
Buren, eulogises his predecessor for his
forecast in this case; but it was fore
cast that produced, rather than provided
against, the state of things which has
taken place. The remedy has induced
the disease.
Mr.. Van Buren, is now in the Presiden-
tial chair; and his is the high destiny to
the profound whimsy of his
illustrious patron, in relation to an exclu
sive metallic currency. Like his prede
cessor, he is all nerve in this heroic UNI
dertaking. He not only sustains the spe
Gle circular, but extends its principle in
full detail All dues to the Government
are now demanded in shining silver or
glittering gold. Even the post Office de-
partment, which was established for the
exclusive purpose Of conveying intelli-
gence, is not exempt from the rigorous
rule. Every letter which comes by mail
must be paid for in the ready silver,
whether it can be had or not or go to the
city of Washington, and there be opened
and exposed This is the ultraism of en-
ergy-the high pressure operation of "the
simple machine"
When | first heard of Mr.. Van Buren's
determination to carry out the
system of his predecessor, | was at loss
to conceive what system was meant, as |
could see nothing like systematical pro- ,
ceedlng in his predecessors whole presi-
Dental career. | now however see it '
plainly enough, But find it, to use {
term of new philosophy, to be system &
Of destructiUeneSS; system for the over {
throw OF the paper currency of the coun- c
ry, which has grown up with our trade, S
md become identified with our interests. T
Yes, Mr.. Van Buren, is carrying out this 7
destructive system, with great zeal and t
perseverance, as his measures I
md his message sufficiently evince. And t
whether the undue partiality and mis- +
placed confidence Of his majority, may or t
nay not, give him another four years of c
power, for the qualification of t
arty feeling, he has time enough in his +
resent term, at the rate he proceeds, to |
i've our currency fatal finishing blow. t
But although | deprecate the destruc- I
ion of our paper currency, am no zealot !
Or banking institutions. never owned t
share Of bank stock in my life, and | t
ave always regretted the multiplication
f banks, and the profusion of bank issues. t
am no theorist on this subject; but my q
tumble opinion is, that bank of the U. P
'tates, with branches; and bank in each s
tate, something like our contemplated h
D. L 1 L u L.