Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1837-05-24

1he Constantine hepu6Hcdn argues Witty
against those who attribute the present derange-
ment Of the currency to the Specie Circular
We have not yet met with any one who thought
Of ascribing the existing arrangement entirely
TO that cause, neither have we met with any in
telligent man who would deny that the specie
circular had greatly aggravated the difficulties
produced by an inordinate extension of credits
But the Republican would acquit the general
administration of all participation in causing the
mischief. This il the true issue. The specie
circular is but one act Of the administration
It has done much evil, but it is altogether mi
nor cause.
Those who would acquit the administration,
charge the present difficulties over banking,
and the inordinate extension of the credit system.
This is very well as far it goes. But we charge
the administration with being the direct cause of
this overbanking and consequent overtrading
and speculation. We wish to bring the defen-
ders of the administration to the true issue ; and
We hope SO respectable an advocate Of bad meas.
uros as the Constantine Republican will manful-
" meet this issue, and answer directly to the
charge, that the administration, by destroying
the u. States Bank and forcing specie into the
country, caused the multiplication Of State
Banks, which has been the principal cause of all
the pscuniary ills that have lately visited this
country.-Detroit Daily Advertiser.
u Without much hope of convinsing the
writer ofthe above, we have no objection to CIV
ing him " chapter and verse" on the subject,
somewhat in detail. In the first place we would
ask his attention to the distress article at the
bottom Of our next preceding column, in which
a veteran edibr discoursos sensbly on the peri.
odical spasmsin the commercial business of the
United States of past years. The Advertiser
considers us "a respectable advocate of bad
measures" we will therefore procced-and in
its estimation, the champion of tho wing party,
Daniel Webster, must be good testimony. As
long ago as 1916, in a speech in Congress, Mr..
Webster said
+" This Gournment has a right, in all cases,
to protect its tion revenues, and to guard them
against defacation By bad or deprecated pa
per-" Again, he says 1.-THE ONLY POWER
WHICH THE GENERAL GOVERNMENT POSSESSES OF
RESTRAINING TIE ISSUES OF THE STATE BANKS,
is TO REFUSE THEIR NOTES IN THE RECEIPTS OF
THE TREASURY"
And again
1t is easy for portion Of the people to ima.
CINE that the government may properly continue
to receive deprecated paper, because they haze
received IL, and because it is more convenient to
OOtdiu ~ tuon W OUtdil pdpcI, VI cpcCtcs-
Bur ON THESE SUBJECTS 1T Is, THAT GOVERNMENT
OUGHT TO EXERCISE ITS OWN PECULIAR WISDOM
AND Caution IT is BOUND TO FORE
SEE THE EVIL BEFORE EVERY MAN
FEELS II, AND TO TAKE ALL Me-
CESSARY MEASURES TO GUARD A
GAINST 1T, ALTHOUGH THEY MAY
BE MEASURES ATTENDED WITH
SOME DIFFICULTY, AND NOT WITH
OUT TEMPORARY INCONVENIENCE"
What-issuc "specie circular |" Mr.. Web
ster, when opposed to the United States Bank,
said it-or rather, intimatcd it. But, perhaps it
may be argued he was twenty years younger than
he is now. No matter-the truths of that day
are truths still. He might not have been ,ohig
at that time, but that his doctrines were demo-
cratic and American, there can be no doubt. He
not only, as men of different views are ever wont
to NEEDLE with, pointed out what the govern
ment has power to do, but what it was their duty
to do; and justified congress in making gold and
silver the legal currency of the country.
Lest we may not be considered as /" manfully
meeting the issue" let us cite few facts-which
seem to us like answering directly to the
CHARGE" The transactions at one of the land
Offices just previous to the issuing OF the specie
circular, will be sufficient TO show what hetero-
goneous mass of trash the public domain was ex-
changed for, increasing in magnitude with every
passing day, which might amount to something
or nothing as the breeze of public confidence
might chance to blow. These were the {" auail.
able funds" to the United States treasury, for
lands at Fort Wayne, Indiana, in the month Of
July last, taken by the receiver and deposited in
the banks in August.