The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-19
10. IL scH result IN an increased demand
for National Bank, and secure its establish
ment
A cURsoRY REVIEW OF THE TINES

We do but tell you, what you all do know"
This country has progressed for half
century, under system as favorable to its
prosperity, as any perhaps that can be devised.
II has been borne triumphantly through two
wars, involving an expenditure Of nearly tpo
hundred millions of doiiars--it has establish
ed its system Of government, embracing in
its policy, internal and external, an area and
extent surprising any nation on the globe;
sustained an honorable peace, and preserved
its faith and credit; improved itself within,
and fortified itself without delivered itself
from the bondage OF all debt, and distributed
large surplus revenue among the states;
developed the resources and exhibited the pro-
mise of a great, free, and glorious nation.
For these things, we, who enjoy them, are
indebted to the virtues of our fathers. the wis
dom of the founders Of our institutions, and
our own conservative conduct, industry, and
enterprise.
Twenty,six separate and independent states
have been formed, many Of them differing in
pursuits and geographical features. Appa-
rently insurmountable obstacles have been
overcome, and the howIing wilderness has
been transformed, as if by magic, into popu-
lous and cultivated communities. Rivers and
lakes, hitherto accustomed only to the wild
waterfowl, or the Indian bark have become
suddenly alive with commercial vessels and
the machinery of steamboats,. McAdamized
Highways, railroads and canals, have pervaded
the country in every direction, giving free
circulation to the products Of mechanical skill,
of art, and of labor, and animating the whole,
immense, diversified country, with every sort
of active business and intelligent enterprise.
The abundant means of wealth every
where presented, and within the reach of all,
attracted crowds of emigrants from less ia
vored foreign countries, who have swarmed
in our Atlantic cities, and lined the great high
ways leading to the rich valleys of the grow
ing west. Many of our own citizens had al
ready found their way there, and the rapid
settlement of that country was no longer
matter of doubt. The policy of the Govern
ment had rendered the terms OF purchase
easy and convenient, and the ownership of
western lands and the occupancy of valuable
sites and eligible localities for cities and towns,
became matters of strife. So long as people
confined themselves to their actual means, or
were sustained by the business and resources
of the country around them, Interpretations
were for the most part safe, healthy, and prac-
ticabe. But the rapid increase of population,
and the demands of rapidly expanding bu-
siness and trade, could not fail to be observed
by people shrewdly alive to their own inte-
rests. Their cupdity became excited, and
an inordinate desire for wealth was generated.
The rage for speculation ensued. 1t seized
The old beaten track of Flooding for our gains,
was forsaken and condemned by the restless
anxiety for change, and all seemed TO engage
in the alluring game of running hazards~ 1t
involved the wool grower, manufacturer, and
merchant Of the north, the cotton grower and
merchant of the SOUTH the tobacco planters of
the middle states, and the traders and adven-
turers of the west.
prosperity, had fortified every interest with
universal confidence. The long and profound
peace of Europe, had accumulated surplus
capital which sought Investment here. The
charter of the Bank Of the United States ex-
PRED. The enlargement OF the specie clrcu-
ation from twenty Eight millions, to about
seventy millions, had furnished basis for an
increase of banking corporations, and con-
sequent extension of bank facilities. Nothing
but some great public calamity could have
stopped the course Of events. The career
was hastenedby the most incorrigible and uni.
versal passions of human nature, The mcr-
chants of the south made enormous advances
to the cotton planters in anticipation of their
crops The capitalists Of all the large towns
engaged all their surplus funds in speculation,
or in loans for the purpose. Lands and pro-
duce rapidly advanced, and every thing COM
manded unusually high prices. All were s,i-
muatcd by the opportunities which these rs-
ing values presented of making money
People of small means, and people OF no
means, were alike infected, and to make up
for the deficiencies Of their own resources,
the banks were called upon for more and ex-
tended accommodations. The operations of
trade and commerce, became also every mere
inflated The merchants of the west, invest
ing the proceeds Of their sales more prof,ably
in lands and other speculations, would ply up
at the usual periods but a small proportion of
their old accounts, and run in for new bills up-
on extended credits Their creditors al tho