Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-06-08


ngi"es 10 restore metallic currency. With |
mat in'u''lve sagaciiy are the means adam.
y" Inc end Sir, his State bank, would |
Ana me na''on, they are already huriing IL,
MO un'cersat bankruptcy His hand mus,
&c stayed or the nation is undone"
The following, from the speech of Nj.
lLAf, in the session Of ls34-'5. is prophecy
Itself:
MT. Clay thought il extremely fortunate
that this subjcctof Executive patronage cam.
up al ms session unincumbered by any col
lateral question. AT the last session we had
The removal Of the deposites, the Treasury
report sustaining il, and the Protes, of the
President against the resolution Of the Sen,
ate. The bank mingled itself in all our dis.
cuss'ons, and the parlisans Of Executive
power avaiied themselves of The preiudices
whicn had been srtfully excited agains, tina,
lo'u'uton, To deceive and blind the Exec,
i've Pretensions. The Bank has been doom.
ell 10 des'ruct,nn, and no one now thinks the
1e'cnar!e; oil ., IS praclicabfe, or ought TO be
nntepp'ea; I lear, SAID MIR. Clay, that the
People will have just and severe cause ,n ,o-
gre' ITS destruction. The administration q,
u was nacommonly able and one is al loss
"stch most To admire, the imperturbabIe
.smper or the wisdom ofits enlightened Pres.
nen'. no country can possess a better gen.
e'ai currency that II supplied The ipi,,r;
GUS consequences Of sacrifice of this S,,n
ao'e institution ,oiH soon be fat. There hs.
ing no longer any sentinel at the head ,,f 49,,
pan king establishments TO warn them bv ~
Information and operations, of approacbing
Danger, The local institutions, already mI,i'
P'ieo 70 an alarming extent, and almost ,I,;iy
u'.''iayhs' IN seasons of prosperity will
maNe Tree anu untestrained emissions. All
'he channels OF circulation will become por.
gu properly WIZ rise eNlravagantly high
and, constantly looking up, the termination
To purchase will be irresistible. InorJ;n.,.
speculation will ensue, debts will he freely
contracted, and when the season of adversi,y
comes, as come II must, the banks. actin,
without concert and without guide. obeyine
the law oil self preservation, will, all al The
same time, call in their issues: the v.s,
aumoer will exaggerate the alarm. and pen
erai distress, widespread ruin, aud an exn;o.
SION OF the whole banking system, Or the es.
! u. of "a new Bank of the United
Skates, will be the ultimate effects"
MIR. BINNEY, distinguished Vh;e Rem.
resent"tive from the city Of Philadelphia.
mus spoke in Congress in January, 1884
"Sir, The project of the Secretary Of Tho
Treasury astonis met has as,,n;sh"S
me country IL is here that we find nregA
hant source Of the present ngnny-it,is in The
clearly avo~ed design 10 bring, a second
'nhe, upon this land, in the cui sc Of an ,tarrg-
u'"Iea, uncontrolled, State bank paper cur.
rency We are again Ia see tho dra,n,
which already, in the course OF the present
century. has passed before US, and closed in
rum ~ the project shall be successful. We
are again 10 see The paper missiles shooting
ing IN every direction through the countrv-a
arrangement OF all values-a depreciated
e'lGu'ation-a suspension OF specie payments
linen further extension of the same d.tec,
table paper-a stilI greater de precistion w,,h
failures Of traders aud failures of banks in ;,s
Hah-'o arrive at last at the same point from
winch we departed in 1917. Suffer me IN
recall 10 the recollection of the House a few
u OF The striking events Of that day. The
hrst Bank of the United States exnired ~
Maroh, 1911. Between the Let of January
iSi l, and the close Of the year 1914. more
man one hundred new banks were establish.
e"' 70 supply this more uniform and bette,
currency. For ten millions OF capital called
ny that oank, twenty millions of capital.
>" CARED were invested in these In the
place OF hve and half millions. about the
amount of circulation in notes of Thai b.nt
Withdrawn, twenty-five millions were ,,.b.
ed out. 4 hea came a suspension OF spec;e
payments, in ~ uSust and September, 1914
as an immediate consequence Of this suspen.
zion, the circulation o! ;he country, In The
course ei hheen months, INCREASED fifty per /
ent., or from forty five TO siSiy>eight mil, !
iohs OF dollars; aDdlthe fruit of In is more un,-
'orm currency was the failure OF INN, n srable |
traders, mechanics, and even farmers ,,fore
hundred and sixty five banks, with cnni,o,s
amounting to thirty millions Of dollars: and
loss 10 The United STATES alone, in the ne. |
gotia'ion Of her loans, and in the REGENT of
millions Of dollars" ''''
might add other warnings without n,m
s 9Sf, out these are enough for our purpose
neS establish tie TACT that the wisest and |
VI our STATESMEN warned our country |
nc" ., 'he approaching danger. But intst- |
uaied by their devotion Ia Gen. JacLson 81
people sanctioned The denuDciations of H.
eloqnehs Senators as "faIse prophets, "Pan. |
&c makers "Factious A risiocratsni W,
me IA MEL who read The writing on ,be
'Vans OF The proud BelSbazzar. and pracI,irn-
90 10 trumpet tones to Gen. jackson y,e,,a
71eae, tekeI 1tpharsen wss deri.led as -,
aiarmist! The bold chafnuions nj ,o,,,Ia
tights, who had the courage TO stand mn f..
me Iioer'ies OF the people against the viii ofl
sne despolIc old mao were aenounced as ar;s,
ocIasf Those who still, with a boIy and
'eii sacrIhcing patriotism dared to raise The
ALTERED banner Of the constitution from the
'uSt IN which 1t was iraiIed by faithless mis-.
'Feaots, and give its ample folds TO The
oTesze, were beralded TO the world as fac.
ionS and unicyal "sgitatorso and "Panici
nakeTs"!
Whence come these evils of which wsi
AVE been speaking? With the prophe,ir
which are given above, and their
'xact iulhlment which we are now witness
ng IN every direction around ,,s La L. -