Litchfield enquirer., 1837-05-04

SlDLo tO make tue IfanStefS or IunQS 1fOm Ouo part of the country to another, which are in- dispensible to the proper regulation of trade. Small sums may be managed, but large ones cannot be. Vast amounts of notes and bills, payable in distant places, which were depos- ited in our city banks for collection, and ma- tured so long ago, that the fact of their hav- ing been paid has been known here for weeks, are not vet passed to the credit of the owners, for the collecting banks have not been able to realize the proceeds. All they can do, IS, to rive the owner a check for the funds on the d stant banks where they lie, and so place him back again just where he was before the operation commenced. The banks, we un- derstand, have now declined taking drafts for collection on some places at the South and West, on any terms. We do not think the system of exchanges would ever be in this state of absolute immoveability if we had properly constructed National Bank. The efforts of State Banks have failed before our eyes. The fact is demonstrated by experl- ence, that under certain circumstances, they cannot transmit funds. But surely in such community as this, it is indispensable that there should be some machinery, through whose agency funds may be collected and transmitted from one part ot the country to another. Such an institution must be strong and truly national; and we hope the preju- dices which have filled the community against a National Bank, but which have all grown out of the wretched policy ofmak- ing the renewal of the charter of the late bank political question, will now be relin- quished, and the policy which has already been thrice adopted and thrice rejected, will once more be adopted and put into practical operation, upon such principles of modera- tion as shall ensure it's permanency.
 W. Y. Jour. of Con-, Jackson paper
 The Jackson papers labor dreadful hard to blind the eyes of their deluded and suffering readers in respect to the causes of the pres ent universal distress among business and Workingmen. Some of them say 1t IS all owing to an undue extension of the paper system. Nobody doubts that this is one of the causes but who caused the extension of the paper system? Those who destroyed the United States Bank with it's capital of thirty five millions and created in the place of it three hundred and ly-seuen 'se'o banks, be- sides 146 branches, with capitals amounting in the aggregate to one hundred and serenty- mine millions of dollars Such has been the expansion of bank capital merely by the destruction of the United States Bank From this capital the paper circulation has increased to one hundred and twenty -four millions of dollars And this is the boasted GOLD CURRENCY that we were to have in the place of U. s. Bank Notes. Another cause of the present distress, say these Jack son papers, is the immense speculations which have been carried on through the country for the last two or three years.- True-but by whom and what means was this speculating spirit created and kept alive? By the Administration and its measures. In the first place by the destruction of the Great Regulator of the Currency, U. s. Bank-in the second place by the creation of three hundred and fifty seven new banks, which gave to the country an additional paper cir culation of one hundred and twenty four mill lions of dollars and in the third place by the example set to the people by members ot the Jackson party in both houses ot Con- gress, and in the Cabinet.
 These men began and carried on the land speculations with the paper money which they borrowed from the Deposite or Pet Banks, and which they could never have ob- tained for such purposes from the United States Bank. MT. Ewing, in his place in the Senate, boldly charged some of the Execu- tive officers of the government, and mem- bers of both Houses of Congress with belong ing to large joint stock companies, which were created for speculation in lands, and his charge was not denied. It is too true, as the Jackson papers say, that this distress is brought upon the country by speculations and an "undue expansion of the paper sys- tem;' but who caused these speculations, and this "undue expansion" they do not in- form us. The Wings, however, predicted the present state of things from the moment the Government began its experiment. = These predictions were laughed at and ridi- culed as the emanations of the brains of pan- ic stricken men, ofhce-seeking Wings, &c., In 1885 and '36, these Wings were taunted
 with being false prophets, and their oppo-
 nents cxultingly asked, Where is the dis
 tress that was predicted! do not the farmers
 receive high prices, and are not the mechan-
 ics all employed and getting good wages .'
 Many good Wings began to fear that theit
 friends had been deceiving them, and as they are not so abominably stiff-neckcd in their opinions as to refuse to yield them up when every thing seemed to demonstrate to them that they were wrong, they did not in those years do their duty at the ballot boxes. Now the whole subject is revealed to them from beginning to end, and in proportion as they thought the less, they now think the more ol their friends-and one would think that the views of our opponents would in similar manner undergo change. But-no-they are joined to their idols, and it is best to lei ] tnCn dlCn~. AHOuSn SIhTVlnS tO pay TIDute to the priests of the democratic Juggcrnaut they will at the bidding of their patriotic ad- visers prostrate themselves beneath the tenn pie of their fanatic adoraton, and us the fa- tai wheels pass over them, their prayer, to the last expiring groan, will be for the success of those who have deluded, oppressed and starved them and their families.-N. 1T. Pal
 The Mississippi Republican says :-" Exe- cutions, amounting in the aggregate to two