The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-05

f FOR MApIsoNiAN n.
Our country has, for some months past, presented a
curious if not alarming aspect We find scattered
around us great number Of banks which required for
their creation the open, direct and unequvoca support
Of majority Of the Of the people Of the
different states in which they have been established.
Owing in great though secondary degree advanta-
gcs derived from the banks country has prospered
and fourished for series Of years beyond precedent
Facilities for in the shape Of roads,
railroads. canals, &c have been made and multiplied
in the country to very great extent facilitating
and intercourse, promoting general prosperity,
and cementing firmly the bonds of union between
the various and remote sections Of our great common
country.
The advantages Of banks and bank credits seemed
be soen felt and acknowledged by all Their benefits
not supposed, asserted to be confined to the
lenders the equally willing borrowers, nor to
both these The Industrious but cautious farmer and
mechanic, whose efforts Of gain we're limited to their
usual and more appropriate vacations, from the ready
sale and advanced prices Of their several productions
have harvested the surest, though not always the lar
gest gains Still many farmer and mechanic awaited
themselves, advantageousy Of bank credit for supplying
the means Of establishing themselves in business ex
tending their operations. Times were brisk" indus
try was stimulated, and inducements to crime were les
sened in number and weakened in force by offering
employment to ALL and liberal rewards to landible ex
erton. The interests Of all producing classes were
never better promoted while those engaged in CON-
merce and speculation seemed also to prosper.
But he need not live long to be disappointed, who
in our latitude forgetting in spring the past winter, and
the regular succession Of annually produced by
the revolution Of EARTH should delude himself into
the expectation Of perpetual uninterrupted verdure and
bloom. So he deserves little credit for sagacty and
forecast, who na time Of general prosperity, shall fiat
ter himself into the hope Of living long, and meeting
interruption to such state. And the statesman who
would efecualy guard against all fluctuations in the
price Of the products and the and rccur
renee Of rcvulsons in the business Of country, must
confne his efforts the destruction Of its banks to
the establishment of national bank, or to change in
the administrations Of its government !; but he must
crush all that spirit Of enterprise, which proudly and
particularly distinguishes citizens and must eecu
ally close all the Of trade and business against
all competition.
The best and swiftcst horse is limited in his strength
and speed and, doubt, he might endure longer if he
were never exert himself to the full extent of his
power But what credit would be given TO the horse
that despite the goads and whips of rider and drivers
walks shufes steady pace, while those Of his
kind around competing for the prize Of superior
speed Or where is the purchaser who gives higher
price for such The banks all sides bese, by
borrowers Of all parties and classes, all eager par
cpatc the advantages Of the general in price of
property, deriving Its first impulse from anecedent
causes" to which each successive purchase gave new
impetus and force This again stimulated and increas-
ed the demands for further extensions Of bank credits
too great compliance with which, no doubt, enlarged
the foundation for subsequent embarrassments the
nutritious heathul and innocent productions Of the
farmer may be made to minister, to vtated appetite,
the means Of sickness even death.
The price OF public land, unwisey or unfortunately
fixed too low, drew all eyes them. Those who had
paid Government two, four dollars per in
times past saw far better lands and ready cleared
for USE selling for dollar aud twenty-five cents per
acre. The cupidty Of spectators was excited to