The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1837-09-16

throughout the commercial world; and that
in other countries, as well as in our own.
they have been uniformly proceeded by an
undue enlargement of the boundaries of
trade, promoted, as with us, by unprece-
dented expansions Of the systems of credit.
a reference to the amount of banking capi-
tai, and the issues Of paper credits put in
circulation in Great Britain, by banks. and
IN other ways, during the wears 1884.
ana 1886, will show an augmentation of
the paper currency there, as much dispro-
! poruoned to the real wants of trade as in
the United States. With this redundancy
OF the paper currency, there arose also a
| spirit OF adventurous speculation, embracing
the whole range ofhuman enterprise, Aid
was prolusely given to projected improve
ments; large investments were made in for
eign stocks and loans credits for goods
were granted with unbounded liberalitv to
merchants in foreign countries; and all the
means Of acquiring and employing credit
were put IN active operation, and extended
IN their effects to every department of bu-
slness, and to every quarter of the globe.
The reaction was proportioned in its vio-
lence to the extraordinary character of the
events which precededit The CONNER
claI community of Great Britain were SUD-
lected to the greatest difficulties, and their
debtors III this country were not only sud
denly deprived Of accustomed and expec-
ted credits, but called upon for payments,
which, in the actual posture of things here,
could only be made through general pres
sure, and at the most ruionous sacrifices.
In view of these facts, it would seem
impossible for sincere inquirers after truth
to resist the conviction, that the causes of
the revulsiOn in both countries have been
substantially the same. Two nations. the
most commercial in the world, ENJOYING
but recently the highest degree of appa-
rent prosperity, and maintaining with each
other the closest relations, are suddenly, in
a time of profound peace, and without anv
great national disaster arrested in their ca
reer, and plunged into a state of embarrass-
ment and distress. In both countries we
have witnessed the same redundancy of pa
per money, and other facilities of credit;
the same partial successes; the same diff
ctuues and reverses; and, at length, nearly
the same overwhelming catastrophe. The
most material difference between the re-
suits in the two countries has only been.
that with us there has also occurred an ex-
tensive arrangement in the fiscal affairs of
the Federal and State Governments. occa-
stoned by the suspension of specie payments
by the banks.
The history of these causes and effects. |
in Great Britain and the United States, is
substantially the history of the revulsion in
all other commercial countries.
The present and visible effects of these
on the operations of the Gov
enment, and on the industry of the people. !
point out the objects which call for your
attention.
They are, to regulate by law, the safe
keeping, transfer, and disbursement, of the
public moneys; to designate the funds to be
received and paid by the Government; to
enable the Treasury to meet promptly eve
ry demand upon it; to prescribe the terms
Of indulgence, and the mode of settlement
10 be adopted, as well in collecting from in
iyiduals the revenue that has accrued, as
n Withdrawing 1t from former repositories,
md TO devise and adopt such further mea-
'ures, within the constitutional competency
If Congress, as will be best calculated to
evive the enterprise and to promote the
Of the country.
For the deposte, transfer, and dsburse- {
nent, of the revenue, National and State t
'anks have always, with temporary and {
United exceptions, been heretofore employ I
ID; but, although advocates of each system I
re still to be found, it is apparent that the l.
vents of the last few months have greatly a
augmented the desire, long existing among h
he people of the United States, to separ-
te the fiscal operations of the Government Il
rom those of individuals of corporations. h
Again to create a national bank, as a fis- c
al agent, would be 10 disregard the popu- |;
ir will, twice solemnly and unequvocalIy S
Xpressed. On no question Of domestic 0
olicy Is there stronger evidence that the a
entlments ofa large majority are deliber- il
tely fixed: and cannot concur with those o
Tho think they see, in recent events, e
roof that these sentiments are, or a reason it
lat they should be, changed. Il
Events, similar in their origin and char I
cter, have heretofore frequently occurred, o
'ithout producing any such change; and il
ne lessons of experience mnst be forgotten, Il
we suppose that the present overthrow a
credit would have been prevented by the S
xistence of a national bank. Proneness to o