Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1837-11-18
NUMBER As.


raised ON the currency-oa the currency, and
nothing else: aud that committee OF which q
gentleman. distinguished Senator, was
chairman. being appointed upon the currency. re-
ported national bank. and that was the bank
whose charter was passed III March, lslt.
Proceeding Their, sir. has tcricails. let say
shat that bank fully answered the purpose from
the period of its establis hment up - the period
OF the expiration ct us charter. ar very near
that time. You had currency the NEST uni
form. the most equal of any nation upon earth,
beyond all comparison. SIR, If any gentleman
has doubts of this | refer him Il speech made
by the late William I.owndcs OF Soaih Carolina,
IN the year 1919. in March. valuable speech
ii IS, IN all respects. and worthy OF all re'i-
ance. MIR. Lowndes WIS man" Mho. taking has
talents his requirements. and his rnquosiionatlc
integrity. has been eXeeied by mono that have
met 18th in the course at my walk through pub
lie life. His early death was loss TO the coun-
try: for. before that time. the Legislature OF his
State had honorcd hun by nominating him Tor
President of the United States. He was, too.
an inc airing and carei;l! man. and seldom ven
turcd himself without adequate preparation, Ia
regard 10 matters at ihct. patiently collecting
them wherever they coald be learned Now. SIR.
If voa will look nj tina, speech Of Mr. Lowndes
in 1919, when the .5lnll had been about two
years III operation, Won viii hni him there STA
ting. rs the result of careful operation. that the
Currency OF the United States. by the agency uia-
der the auspices of that bank. was more UNIFORM
4
that the exchange between the most distant points
i'm the l.. :. was not more than three quarters
of per cent, whereas the exchange be-
tween Paris and Mascilles from two to three
pc recent.
Now this bank had its day, bat lis departure
was little anticipated. IL was given 10 under
stand, some six wears before its charter would
expire, that ii must then cease TO exist; and from
that period the people Of these United states were
led to believe, and to act upon the bciici, that
i 4 4. t.s,< rr-.t,s
of the period of lis existence by its charter
Sir. what do you find then occurring Inimedi-
ately after this annunciationl You have had q
uniform currency; you have had exchanges as
near to par Us possible throughout this whole OK
tent of country What is more, you have had no
such excuses of over trading and over-spccuia-
ting as even 10 destroy that uniformity, and 10
bring the banks to the condition they now are.
do not mean TO say. sir. that there was no over
trading then. II beyond the power OF this
Cove rnment. Of any other upon Garth, TO pre-
vent trading. A specie currency will not
do it a paper currency will not do it; curren-
cy will do IT, II any gentleman doubts this, let
him only look at the most remarkable incidents
presented in the history OF speculation and trade,
and he will find that the two most gigantic and
disasterous schemes Of speculation known in tho
worlds history-thc Mississippi scheme IN
France, and the South Sea scheme in England
were carried on, one III country where there
bank, and the other where there was none-
sistent with the freedom of individual pursuit,
can prevent over-radBg. Yet this mean fosay
that. during the existence OF national bank IN
TINS county. whether the people were oyer-tra-
ding whether they were not oyer-tradIng,
never produced the effects which it has done when
no national hank was in existence You have had
but very short interval between the expiration
Of the bank in 1911 and the establishment Of a
bank in 1916. You have had a still shorter inter
val between the expiration of the last bank and
l. IL. q
trading you complain of, much you lament that;
t a total prostratIon of the currency, the des-
ruction of the standa I'd of value, and alterations
md fluctuations IN the value of your money, an
uch a and TO such extent that no two parts
# the country in the same condition; no two
departments of the Government IN the same
condition; nay, that department. as VIII
PRESENTLY show YOU. even the Post Office Depart
nent, can act consistently with ITSELF but that
ne man is paid in paper, from necessity, while
mother NAV get specie.
Now, have heard ii said, thai there Pc
iod Of very great embarrassment in this country,
n the year 1919. the time before adveried TO,
nd 50 there But every " no turns back
is thoughts TO that time will recoilect doubt
he chairman of the Committee Of Ways and
leans remembers j; full well; that az that period
rices were low. and there over-abun-
ence of money, which facts, seemingly contra
ictory. nevertheless existed. They were ow-
~ to the excess OF importation IN the year mInc-
lately following the peace IL was the iangDur
trade which followed over excitement. But
, it was. That period Of 1919, 1921 and 1s22,
as not period when converse of the periods We
ave lately passed throug money was scarce.
hen specie wanting, when your currency
as debased affected Ii was, sir, period
hen money abundant, and prices low. pres
lting anomaly when the money has been
.arcc and prices high. Such was the state OF
ngs in 1919. caused by the previous year and
G arc now in 1897, gathering the miserable
,rves, OF the season prepared for US from 1880
1885.
Now. sir. mention these facts for the pur-
,se Of LAYING the ground for the unavoidable
,duction. And with regard to this period Of
80 to 1886, If confidence can be placed in ma
ng deductions from facts before you, the evil
ace is conclusive it possibly can lie. 1
still. without going farther back, that IL Is
er-banking. oycr-:ssues over-,rading, from sonse
use or other, no matter what. that have pro-
ced the present 'embarrassrnouts and disorder.
will assume that, without going any farther
ok to the final or primary causes. Now only
hoxv -t,arE cuf