Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1837-05-10
rRou THE DELAWARE STATE JOURNAL.

WHAT WAS THEN PRoP11EcY Is NOW
HIsToRY.--In the debate in the Senate OF
the United States, on the 11ih of July,
1882, on the voto Of General Jackson ci
the bill for ro-chariering thc Bank Of the
United States, Mr.. CLAYTON, the Senator
Of Delaware. in his speech on that occa.
sion, said:
Tile loss Of coufidcuce among m:n, the
total arrangement Of that admirable system
of exchanges which is now Acknowledged TO
be better than crists in any other county on
the globe, ousr-hadiag and speculation on
false capital IN erey part oftae countryl
that rapid fluctuation i's the standard Of
rahe for money, which, like the unseen,
pestiIence, withcrs all the efforts of industry,
while the sufferer is in utter ignorance Of
the cause OF his destruction bankruptcies
and ruin. 1T the anticipation Of which the
heart sickness, mast follow in the long
train of evils which are assurealy before
us. Where lhen-where then, demand
to know, sir, is the remedy TO save us?
The authors Of tire present evils canno.
plead that they were not fully iorewarned
ofthe mischiets they were about to bring
upon the country by their mad and wick.
ed Experiment upon its currency and bust.
ness. Not only were they admonIshed
by Wing statesmen Of the. inevitable rum
| which would result from their war against
the Bank ofthe United States, but they had
the benefit Of the wsest Of all teachers
Experience. In 1911, Congress refused
to rc.ctar;cr the old Bank Of the United
States. the immediate effect ofwhich was a
numerous creation of State banks to supply
the vacuum, as It was said. The States raL
wild-fortv new banks were created by the
State of Pennsylvania in one batch-the
mania spread far and wide, and to supply
the vacuum caused by the withdrawal Otter
millions, at least fifty millions of new bank
capital was created. The consequence
was an immense expansion ofpaper money,
| and IFS inevitable attendants, over-tradng
and speculation then q loss Of all conf
! dencc in banks, a runous depreciation OF
the currency, stoppage Of specie pay.
ments, and finally bankruptcy and wide
spread ruin. All who member the period
between 1911 and 1917 will recognise the
truth of this description. We are running
the same race now the events of the last
! five wears are but transcript ofthe scenes
which occurred more than twenty years
ago. Experiment" is running race
against Experience and, in such IA contes,
there can be no doubt of the result. Man
is the same animal now that he was twenty
wears ago, and the same circumstances oP'
Grating upon him must produce SIMILAR re.
suits.
The Bank orthe United States had restor-
ed specie payments, and by its salutary
control, combined with the lessons OF the
past, had suppressed the banking mania, re-
stored perfect order in the currency ex'
changes. and business Of the country and
when General Jackson cune lnfo power
there never was more prosperous country
than this. or one whose prosperity was toun'
dcd upon more solid basis. He has over
turned it all the power which was given &c
him by oonfding People for their protec'
ton and benefit, he has wantonly and wick
edlv perverted to their ruin. "antony
and wickedly, we say, because he did 1t IN
.i.cancn e cxnev;cnce r:oH';o" Wh!cH