Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1837-07-08

come q party 10 all tnc mircnseiS WHEEL
follow in the train Of that lawIess act-d va
f,r this that was denounced and pursued by s0e
marshalled host Of political yanissanes.
TROUGH the disease which has bscn beoues'
upon our currency has now becmmo mveeer..
that no remedy which win b applied ean eue ~
cure, yet il may be interesting .o q. 80 hcen
trace the several stages by which u mas " ~
bronoht 10 its present degrec Of vi'uicnce' inc
f,-a Hlow that was dealt By the Executive arm al
the srsat nsonied inssitutioss was the origin o.
the evil though It's effects were no' az once aP!a,
rant The removal - inc ocposHes agsrNa'eu
.,J h..1cced tho csisis, not SO much by weaken
;cc ,hc hank Of the United States, as by placing
~ ;rnrnenscs amount Of p~blic money in the
h.nde n the executive and his subordinate agents
Shortly after tho removal Of the dcposites the
amount Of public money arose To an immense sum,
and rs it was credit only it possessed the attribute
Of multiplying itself to the indefinite extent.
There was, for example, ono million Of dollars
of tho public money in dcPosItc bank, moro
than would be probably drawn out IN the current
year for the purpose Of government; tnat pank
would therefore lend this million for the purpose
Of making interest upon II. The money 80 loan
cd would be paid into tho land Offices or for Gus
toms and Immediately deposited in the same bank,
70 DO loaned again and again for the same Pur-
nose. Such was the course Of things occurring
in numerous banks, which the abundance Of fc-
sitions capital multiplied beyond any former pre-
ccdent, until speculation, instgated by the f'cf'-
The unparalleled sales Of the public lands
which took place last year, amounting TO more
than twenty thrcc-millions Of dollars, were the
legitimate fruits Of the removal u tho dePosltes
This is no now thought Of mine. In my speech ON
the land bill, on the 18th and 10th days Of March,
1890, advanced the idea, and somewhat at large
developed tho mode Of its operation and added,
that what the government received for their land
ssis not money but cheat,'' mere trasb and that
~evesy thing il tending to o catastrophe similar
70 that Of 1872 lbeIicve had not tho date Of
the past commercial catastrophe exactly right,
but rs to the then fsssre, no one will say that
erred very widely in my prediction Of its com |
ing.
In tho session of 1884, Familiarity called the |
spanic session. 1--WE hear Of "pssic' now
Mr.. Clay, in speaking Of the change Of the pub.
lie dcpositcs, likcncd tho hank in which they had
boon placed toa good strong ship,thc Constitution,
and tho scvofal now dePOsitaSics to q hoot Of
''bark canoes tied together by grape vinc." He
thought thcy might float awhile in fair weather
a,sd ON smooth sea, but tho first fresh breczc that
passed over them would, no said, send them and
lhcir freight TO tho bottom. Tho only mistake
aining tho hopo that they would not sink 80 sud-
have often said, and repeat il, ] ,
0ok upon tho injury to our currcncy-tho mis-
hicfs dono tn tho present intcrcsts Of tho com
nunity, as Of small importance compared with
hat inflicted upon the constitution, and tho dam
|CG WINCH u mVOuVCS W UC suuCSsscS ~ OUs " u
ubIic. I havc not spoken, nor will ! speak, Of
hat mscrab1y III judged cxPcdicni, tho treasury b
irculns, tho last arbitrary sct Of retiring de-.
oa, intended 70 sIscaethes tho depn.i'e eanHsy y
IMPLYING isso ibem tho vaults Oh ~ S.nc "".
nnks moro than il gave. vii! not speak OF Il
dwell upon IT, ia truth, ] sickcn At tho nero Ia
Of tho usurpations ofPowcr and tho wrongs
HIGH have been borne for this misgoverncd ma ol
on. II il wcrc bat the miserable, silly cxPcr'- c.
A. u ~ r.. n
NTH. tho object Of those who guido tho cxccu. CT
vo couuscls NC might consider il ~ ended, and al
,uQhcd ut il and ut the suffering II has brOugnt nj
non us: but let us not hattcr ourselves with such
clicf Hard money cSrrcncy-the new ~."ss ~ m
and Orleans which wcrc to co'n the CT
rllov boys, sse real mint drops, that were to
Dinc through tho long silkcn purses Of our farm
-, was a moro hoax, a tub for the whaIo Inc u
roprictors were never silly enough to doubt how bt
lis would all end. They knew, and all Of US tn
new, that il would end in the destruction OF the al
,bject which they protested to mPfoveIDu' on
,ey knew also. their march towards absolute III
,wcr So far the executive has moved onward w
ith gant strides towards this object, and will tc
g present. who pledged 10 carry out the Prin- or
Pies Of his predecessor, go forward IN ms loot
eps9 that be his purpose he will seize upon the tn
osent disturbed condition Of the country, and WI
o excited state Of the public mind and attempt ar
once, without argument or discussion, to cs- an
blish TREASURY BANK which shall be the Po
ere creature Of the executive will And why Of
this be not his purpcse-why was congress on du
sudden convened after the state Of things be- ne
me irrcmetiabIc, when their convention was so
fused, though demanded by tho united voice OF in.
o commercial community while relief was yet pc
ssible? But let not the friends Of the consttu- an
% and Of tho country be for q moment dcceiv- CO
by any halt which he may throw out, or drawn Al
to any snare which he may set for them. lfthe ais
ssidcnt be now ready to resign portion Of his SUI
gotten and misuscd powcr-if he will truly sh
rrcnder the public purse into the hands an
the representatives Of tho people, let ms
en- 20 hand in hand with him in counting the CHI
schicfs Of the past, but let them not comProm-
Or yield up any Of the sacred rights and du- pm
. with which they entrusted; especially not &c
vote Of theirs, surrender the public purse in inl
the hands which have assumed il, and thus Lon
Ike legal tho plumber. If their stand be firm in
d last crisis, and their effort vigorous, success ito
n attend them, for the frown and strength Of tiv
. adversary arc departed. The present execu- gu
o may pledge himself to '<carry out the princ- to
70 Of the past" but thank God, the power-the SUI
,sal eeergy-is wanting. Tho pigmy that &C. sb
Pies The hoad cannot husi the lance nor wear
. armor d the ahsens giant. He has the scosd
4 not the arm - Weld il. Dcspotism, which
. made long and rspid strides, may DO bid to
and-nay,i it may be drivea hack in is footsteps;