The herald., 1837-05-05
THE HER AID.
FRIDAY, MAY 8, 1887
state OF the Country.


neratng Political and social revolution rolls onward
with the speed of the blows of Lake Erie over the
precp:tous crags of Niagara to the gloomy abyss De-
low. The very efforts made to stop its progress py
spectators and potcians-by the sensible ana 'ne
fool.sh-by the discreet and the excited-on'y .ehu
accelerate its movements TO its final catastrophe
The gross and besotted deuson which mas huhg
like Black cloud over the public mind Tor SIX years
past. does not receive single ray OF hight from the
revolutionary process now gong on lhe oaseiess
fabric of credit and paper currency has bewideied inc
world and entirely destroyed the first settlements OF the
judgment The miserable political charatans get up
meetings in the Masonic Hail. in the Park, Tor the
purpose of continuing the deusop, and OF preventing
the public mind from approaching the truth and fact
developing themselves in the present crisis.
Bank currency, paper money, the use Of credit IN
moderate way, all spring from principle as Original
and important the indAstry Of nation, as the press
or the engine is to the Development otlts mna
or the fabrication of its products The camor against
banks in general spring from the lowest prcjudices
and besotted ignorance. But when the banking sys"
teRi is abused as il has been in this country-when
gold and silver undervalued and siscredlted
by lmpudeHce and folly-when credit IS issued ten
times what it ought to be by ignoaAce IN the govern
ment-ignorance in the bankers-ignorance in the
nlerclantS-tnen must we olWdyS NC UIouSut 10 Oui
senses by such revulsion is sweeping over
the country. In times of high prosperity and resist
less confidence, the public mind riot on credit,
and urges the machine TO the very verge OF de
structon. When the collapse and revulson comes,
then the same mind runs to the other extreme as
Inadly and as thoroughly as ever.
IN the space of two short mon,hs-hardy as long
about sas hoasand merchants and traders have bro
ken TO pieces ,r an amount of 3OO 000, 900 ofdoars
The shock to public confidence is great that ge-
neral panic prevails, and a general run is made upon
The banks throughout the whole Union. The action
of political parties-thc ncendary conflicts of the po
litical press-the folly of bankers-the weakness and
wckedness of legislatures and eyecutives-all daily
add to the panic, and strengthen the dread already
prevailing that the banks will fellow the of the
merchants The President of the United States Bank
has had an interview with the President of the United
States but ridiculous point Of etiquette for which
they both deserve the seveest castlgaon, would not
permit them to consult or compare opinions on the
calamihes which their plots and counerplots have
produced upon this devoted country.
W. charge beth Martin Van Barren and Nicholas
Biddle, and zoe prore il, with being the original
cause of tAe present evils, far they arise from
the spirit Of ovcrbanking and svertradng. We knor
the fao.
20 crafty their mutual ambition they originated
IN 1929, the movements which will precpitate them
both into destruction. Nicholas Biddle wanted TO
be President Of the U. S. Bank, ved-Martln Van
Buren, 10 be President Of the United States. In
order each to reach his purpose th' one moved on
the U. s. Bank-the other the state banks. General
Jackson was a mereinstrument in the hands of Mar
nn-as Clay and Webster the agents in the pay
of Nicholas. Both these master spirits stimulated,
within their respective circles Of action all species OF
overacton, contracticn expansion and irreguarity
in the banking system.
We speak. from book and prore from in
disputable eridenc, schat zoe say.
In this personal contest for power, the banking
system was extended beyond all reasonable bounds
gold and silver was dscredited, and the whole
country was hurried into the mania of speculation.
The reaction has at length approached, and yet we
sec the same men-the same parties-Martin Van
Buren, and Nicholas Bidde, and their respective
friends and followers, as busy in urging revou-
ton, nssnec,ion bankruptcy, the destruction of all
credit, and the general disruption Of confidence tha
will IN two months break up every bank in the coun
try as il has already broke up almost every mer.
chant
We are on the verge of new agc-a new revolution
and an almost radical change Of government, cur.
rency and civilization The ignorant and corrup,
press Of Wall street. Philadelphia, and Washington
know not what they about. In the belief thai
they fighting each for his party-the one for Mar
tin, the other for Nchoas-they are actually bringing
about revolution that will sweep their patrsns and
themselves into dirt, contempt poverty and las,ns
reproach. There can be no mistake in tse move
ments now going onward around us. Every fresl
public meeting, either in New York, Philadelphia Of
elsewhere, only increases the panic abstracts more
specie from the banks and hastens the great crisis
general breaking up Of the whole banking and cor
porate system throughout the Union, and the return
Of gold and silver currency-the reduction of prices
and the total annhilaton Of the baseess huge cred,
system, which by corrupt coalition with politics has
thus far brought the country to the verge of despair
Let us not, however, despond. All the middlins
interests Of society safe. Only the higher ana the
ower-the lazy loafers in lace and the lazy oafers in
rags will feel the present revulsiona they deserve
Il. Those who have traded moderately-transacted
snug busness-gvcn notes but what they
can meet, will prosper and do we'll. The trades
unonists among mechanics, bankers, or politicians
are the sufferers and Justly So The bankers politi.
cans OF both extremes rapidly esming to the end
OF their chapter by their own acts. Martin Van Bu-