The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1837-07-22

have increased, so have the consequences
Just enumerated, increased in the same pro-
portion. We might have spread the sta
tlstlcal facts before you, but we do not wish
TO swell this address, to greater length
than Is necessary-and if any doubt, let
them consult the records that are accessible
to all.
90. The truth of this view of the subject. is
further illustrated by the mad tenacity, with
which President Jacksons attempts at re-
form were resisted on the part Of the banks
and their friends. The rottenness of the
system is proved by the tremor and agita-
ton, with which the first exposure Of It's
deleterlous operation was received. The
Bank of the United States, the great self
styled "balance wheel" ofthe system-put
forth It's most utmost energies, and was
joined by its stripping co-adjutors, to pros
trate President Jackson=-and to grasp the
sceptre ofsupreme power.
Instead of cooperating with the govern
ment, to remove some, at least, of the most
obvious defects of the system, they clung
with infieXible resolution to them all, and
1t the very time when the issues of paper
money ought to have been gradually and
prudently contracted, they were expanded
to an inordinatc degree, & many additional
banks were chartered by. the several state
| legislatures, under the influence of threats,
panlcs and pressures, created for that pur-
| pose. 10 counteract the wide spreading
| evil, under wise recommendation of the
national executive, large amount of gold
and silver had been forced into circulation.
but the increase Of banks, and the expansion
OF the paper circulation were so great, that
this specie has been swallowed up already,
and is now expelled or Withdrawn from cir
culation, by small notes, or is boarded up
by the banks and private individuals, and
exported to Europe, scarce vestige of it,
comparatively speaking, remaining in cir
culation. That banking system, which ad-
mits of such results, is radically wrong, and
opposed to the best interests of the people.
In England similar results have followed
| similar causes, and the experience of the
banking system there, affords powerful and
conclusive proof, that the petitions which
we have endeavored to maintain, in regard
to our own banking system, are undeniablv
true. Indeed, so intimate are the CONNER
cial relations Of England and the United
States, and so blended together are the
transactions of the bank of England, and
the bank of the U. States, that nothing can
materially affect the one, without affecting
the other. The bank of England having
agreed to export so much Of the gold and
| silver of that country, as to render it incon-
venient to command, at all times, enough
to redeem its own notes, and TO meet its
otherspecie engagements, had thought prop
er to require from the banks of this coun-
try, its debtors, to return the necessary
sum for that purpose. This was either an
excellent real or pretended cause for the
bank of the United States of Pennsylvania,
to suspend specie payments, and to compel
all the other bariks 10 follow suit, and like
wise to enable their friends to put forth
copious supply of small notes, to take the
place OF the specie, and to bolster up the
Immaculate credit system, Just tottering to
its fall. Such is the true secret of two of
the most important events, the suspension
of specie payments" and the tissue of
small notes." that characterize the present
times. And such also is the universally
and identity Of effects, flowing from this
credit system throughout the old and the
wherever it reaches, and has kindred in
terest in all parts Of the commercial world. !
But as this Convention has been assem-
bled to consider the state of affairs, more
particularly in Pennsylvania, we will turn
our attention to this state alone, for few
moments, although what has been already
remarked of the condition ofthihgs, at large,
has included our own in general sense. The
extent of our territory-the fertility of our
soil-the inexhaustible resources of our
mineral wealth-the industry, enterprise, !
and number of our citizens, have all desti-
ned Pennsylvania to be the keystone of
the Union, and one of the first in business
and importance, among the sister states
That we should find here, as much banking
capital as any other state, is therefore natu-
raj, and perfectly conformable to the gener-
al order of things in other states. But that
we should possess nearly treble the amount
of banking capital of any other state Of the
union, is a most surprising fact, and one that
demands some explanation. Did our bust
ness operations bear the same relative pro-
portion to those of New York, and other
arge states, that our banking capital does to
heirs, we might have supposed, that it