Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-08-04
EXTRACTS FROM THE SPEECH OF THE
HON. THOMAS EWING,
Al Chiliicothe, Ohio, June 10, 1888

| At Chiiiicothe, Ohio, June 10, 1887.
Though the disease which has
been brought upon our currency has now be-
come so inveterate that no remedy which
will be applied can effect cure, yet it may
be interesting for moment to trace the sew
eral stages by which it has been brought to
its present degree OF virulence. The frs,
blow that was dealt by the executive arm al
the great monied institution, was the origin
OF the evil though its effects were not at once
apparent. The removal Of the deposits has
tened and aggravated the crisis, not SO niue b
by weakening the Bank Of the United States,
as by placing an immense amount OF public
money in the hands OF the executive and his
subordinate agents. Shortly after the reno
val of the deposits the amount Of public mon
ey arose 10 an immense sum, and as it was
credit only, it possessed the attribute OF mul-
hplying itself to an indefinite extent There
was, for example, one million of dollars Of
the public money in deposit bank more
than would be probably drawn out in the
current year for the purpose Of government;
that bank would lend this million for the pur-
pose Of making interest upon ii; the money
so loaned would be paid into the land offices
or for customs and Immediately deposited it
the same bank, to be loaned again and again
for the same purpose. Such was the course
OF things occurring in numerous banks,
which the abundance Of fictitious capital mul-
tiplied beyond any former precedent until
speculation, iustigated by the fictitious state
OF things, run out into wild excess.
The unparalleled sales of the public lands
which took place last year. amounting 10
more than twenty-three millions of dollars,
were the legitimate fruits OF the removal of
the deposites. This is no new thought of
mine. In my speech on the Land Bill, on
the l5th and 10th days of March, 1886, ad-
vanced the idea, and somewhat at large, de-
veloped the mode Of its operation; and adj
ded that what the government received for
their land sis not money, but a cheat" mere
trash and tina, every thing is tending to |
catastrophe similar TO that Of 1882 | be. |
lieve had not the date of the past CONNER
clal catastrophe exactly right, but as to the
future no one will say that erred very wide
Iy in my prediction Of its coming.
In the session of 1884, familiarity cal.
led the panic session." 1--WE hear of no pan
&c" now Mr. Clay, in speaking of the change
'f the public deposits, lkened the bank in
Which they had been placed to good strong
hip, the Constitution, and the several new
Repositories to fleet of "barks tied together
" grape vine" He thought they might
loaf awile in fair weather and on a smooth
ea, but the first fresh breeze that passed over
hem would, he said, send them and their
relght to the bottom. The only mistake in
hose who predicted the event, was in enter
aiming the hope that they would not sink so
suddenly But have often said, and re.
'eat 1t, look upon the injury to our curren-
y-the mischieis done 10 the present inter
sts OF the community as of no small i'm
compared with that inflicted on the
constitution, andthe danger which it involves
the Liberties of our republic
have not spoken, nor will speak oil
nat miserably i'll judged expedient, the
reasury circular, the last arbitrary ACT of a
etirinig despot, intended to strengthen the
epoSsIt banks by emptying into them the {
aults OF all the others, but which led to pri- !
ate boarding, and took from those banks
lore than il gave. will not speak oft or J
well upon it; in truth, sicken at the mere I
ecltal of the usurpations of power and the I
'rongs which have been borne for years by |
ais misgoverned nation If itwere but the
llserable, silly experiment of hard money
urrency, which was in truth, the object Of /
hose who guide the executive counsels, we /
hight consider it as ended, and laugh at il i
nd the suffering il has brought upon us - ,
Ut let us not fatter ourselves with such be, +