Maumee express. [volume] (Maumee City, Ohio) 1837-1838, 1837-09-16

mercial countries, must, as il seems 10
me, dispel all remaining doubts upon
the subject. II has since appeared that
evils, similar to,those suffered BY our
selves, have been experienced in Great
Britain, on the continent, and, indeed,
throughout the commercial world and
that, in other countries, as well as II. our
own, they have been uniformly preceded
by an undue enlargement Of the boun-
daries OF trade, prompted, as with Us.
by unprecedented expansions Of the svs.
TENS Of credit. A reference to tho
amount Of banking capital, and the issues
OF paper credits put in circulation in
Great Britain, by banks, and in other.
ways, during the years 1884, 1885, and
1886, will show an augmentation Of the
paper currency there, as much dispro-
portioned to the real wants Of trade as
in the United States. With this re-
dundancy Of the paper currency, there
arose in that country also spirit Of adj
venturous speculation, embracing the
whole range Of human enterprise. Aid
was profusely given to projected i'm
provements large investments were
made in foreign stocks and loans; cre-
dts for goods were granted witn. un-
bounded liberality 10 merchants in for.
eign countries, and all the means Of ac-
quiring and employing credit were put
in active operation, and extended in
their effects to every department Of bu-
slness, and to every quarter Of the globe.
The reaction was proportionedin its vi
olence to the extraordinary character
Of the events which preceded it. The
commercial community OF Great Britain
were subjected to the greatest difiicul.
ties, and their debtors in this country
were not only suddenly deprived Of ac-
customed and expected credits, but
called upon for payments, which, in the
actual posture Of things here, could only
be made through a general pressure,
and at the most ruinous sacrifices.
In view of these facts, it would seem
impossible for sincere inquirers. after
truth to resist the conviction, that tho
causes Of the revolution in both countries
have been substantially the same. Two
nations, the most commercial in tho
world, enjoying but recently the highest
degree of apparent prosperity, and
maintaining with each other the closest
relations, are suddenly In time of pro-
found peace, and without any great ma
tional disaster, arrested in their career.
and plunged into state of embarrass-
ment and distress. In both countries
we have witnessed the same redunden-
cy ofpaper money, and other facilities of
credit; the same spirit Of speculation ;
the same partial successes; the same diff.
ficulties and reverses and at length.
nearly the same overwhelming catastro-
phe. The most material difference be.
tween the results in the two countries has
only been, that with us there has also oc-
Cured an extensive arrangement in
the fiscal affairs of the Federal and
State Governments, occasioned by the
suspension of specie payments by the
banks. .G. .a
The history of these causes and effects
in Great Britain and in the United States
is substantially the history of the revul.
sion in all other commercial countries.
The present and visible effects of
these circumstances on the operation
oi the Government, and on the industry
OF the people, point out the objects which
call forth your immediate attention.
They are-to regulate by law the
safe keeping, transfer, and disbursement,
of the public money; to designate the
funds to be received and paid by Gov.
ernment; TO enable the Treasury 10 meet
promptly every demand upon il to pre-
scribe terms of indulgence, and the
mode of settlement to be adopted. as
well in collecting from individuals the
revenue that has accrued, as in with
drawing it from the repositories, and
adopt such further measures, with.
in the Constitutional competency Of Con-
gress,as will be best calculated to revive
The enterprise and promote The prosperi.
ty of our country.
For the deposite, transfer, and the die.
bursement of the revenue, National and
State Banks have always, with tempo.
rary and limited exceptions, been here.
toiore employed, but although advocates
Of each system are still to be found, il
is apparent that the events of the last
lew months have greatly augmented tho
desire, long existing among the people
,fthe United States, to separate the fiss
;al operations of the Government from !
hose Of individuals or corporations.
Again to create National Bank, as
4 fiscal agent. would be to disregard tho
popular will, twice solemnly and unc-
expressed. On no question
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