The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-21


stand It's welfare" as contradistineuisbed
from the agrarian doctrines of the Loco Fo-
cos, who aim at the destruction Of all credit
the equalization of property. and the removal
of all restraints of law and morality, and that
republicans should take warning not To ,coun-
tenance the spirit which endeavors TO turn the
tide Of popular feeling against State institu-
tons. Believing, as we do, that the safety
fund system Of banking is the best that has
yet been devised for the security of the people,
and that State Banks are necessary for the
welfare OF society; they should with such
further restraints and notifications, as wis
dom and experience suggest, BIZ guarded from
the designs Of those who would glory in the
overthrow Of order, in the reign of riot and
msrule. We doubt, however, the propriety
OF any further extension Of banking capital at
the present time.
Resoioed, That we agree with the Presi-
dent In regretting the causes and necessity Of
the suspension Of specie payments by the
banks. and upon the importance aud adyan-
tage TO them and the country, Of an early re-
sumption Of such payments. And while we
appreciate the wisdom, which, in the peculiar
state Of the country, gave Legislative sanction,
for limited period. tn ,irar suspension, wo
efforts untried 10 effect an early return Of spe-
Gle payments.
Resoloed, That the wings and the managers
Of the United States Bank Of Pennsylvania,
are laying their plans for the rechartering Of
the United States Bank, by cndeavoring TO
create divisions among the republican ranks
They denounce the message as containing
the doctrine Of the Loco Focos, to make the
Presidents message odious in the minds Of
the people, they seem to glory in any project
which shall lead to the creation of another
money king. AT such time it behooves re-
publicans to keep good look out from the
watch tower of liberty, to be united, to keep
in mind that their political opponents are sub
tie and untiring, and are stimulating and fos-
tering secretly the spirit which would derange
the affairs of the government, and PROSTATE
the State Banks; that upon their ruins they
may rear moneyed despotism.
Resolved, That we believe the causes Of
the great pecuniary revulsion most truly set
forth in the message of the President, as
springing from cover action in all the depart
ments Of business, deriving its first impulses
from antecedent causes" but stimulated by the
facilities for the enlargement and acquisition
of credit, the vast increase Of banking capital
at home, and large foreign loans, !" the lavish
accommodations extended TO our merchants
by foreign dealers !" That the consequences
Of this great credit was reckless speculation,
immense investments in unprOductiye and
wild lands, and in fancied cities and villages,
an enormous foreign debt, a disposition among
all classes to over-trade, and depart from in
dustry and frugality, to the speedy acquisition
of wealth and luxury. That among the causes
may also be found the shortness ofthe crops
of 1886, produced by the unfayorable season,
which made it necessary to import during the
past year from four to six millions of dollars
worth of foreign grain for the consumption Of
our citizens-'rhat this latter fact can alone
explain the high prices which all articles Of
food maintained notwithstanding the severity
Of the pecuniary pressure-Thatw we hope and
believe our embarrassments will soon pass
away, and we doubt not that in this our season
Of adversely we shall learn lessons Of wisdom
more enduring than sges Of prosperity could
impart, and that we shall emerge from this
gloom with a warmer attachment to republic
can principles and republican practices.
The following is an extract from the Ad-
dress
at is reasonable credit system, aided by our State
the wilderness to bud and blossom like the rose To
reduce us to specie circulation exclusively and connc
the business Of the country in amount to the actual cap
tai possessed by the mechanic trader independently
Of that credit which bestowed probity and indus
try, the Just reward Of merit" would be to carry our
country back ia refinement and artwould deprive the
farmer and mechanic Of the by which the produce
tons Of the EARTH and Of human labor made to yield
their appropriate reward
Let us not then, Republicans be forgetul Of our
duties We to ourselves and to those who shall
come after u.s. to meet the open attacks of the oppos
ton and their mean insidous efforts through the ncen-
diary doctrines OF the radicals and uras of the day, with
unyelding frmness. In democratic principles there
extremes If there should arise among us dif-
erences Of opinion, to measures Of expedency and
as to men, let remember that to bear and forbear rs
the part Of wisdom and sound policy that event can
happen more detrimental TO the interests Of this Repub
lie and the Of liberal principles, than even the
temporary triumph Of the party IN opposition Thus
shall we but discharge the great debt owe 70 pos
tery and transmit unmparcd to future generations tho
blessings Of Freedom
From the Official Report OF the Farmers Bank OF
Virginia on the LIST day of September il appears that
the discounts have been reduced since the first day OF
June, 1912, 3S0-spece increased l2562-the increase
Of notes Of other Banks in its possession 81, 999he
balances due by other Banks increased 24SO7that ITS
liabilities including in circulation, individual de-
posites and depostes Of Treasurer Of u Staes have
been diminished S545, 455--the Contingent Fund has
increased 81 369snd that the amount Of the increased
acnc means aud the diminished liabilities of the Bank,
is in all $776, l92
a From the Nep Orleans Bee.
We have been furnished with the following letter
GALVESTON, August 81, 1887,
On the 9th Of August the Texan armed schooner
Inyncble and Brutus arrived off the Bar at Galveston,