Iowa news. [volume] (Dubuque, Upper Mississippi Lead Mines, Wisconsin Territory) 1837-1841, 1837-06-24

go on in the good old fashion, not forgetting
the birth day of our nation, they will give
public dinner, an Grafton will be delivered, a
ball given, and a sale of lots take place on the
4th of July next. On the same day seventy
lots will be sold in Leclair's addition to Da-
venport, and on the 18th July, sale of lots
in Eagle Point will take place.
II is SO seldom, -a-days, that we find any thing
like reason in the statements of the opposition pa
pc RS especially about the of the 'pressure,
that we deem the following just remarks, from the
Augusta (Gco.) Chronicle, AN opposition paper,
worthy wider circulation. There are some few
individuals connected with. the press, who are in
principle, opposed to the measures of the admins
tration, but who are not SO much blinded by that
inyete;ate hostility towards their opponents as
to echo and fe-echo all that can be said against
the president and his measures, by that portion
who repel every thing like reason, and whose only
weapons Of warfare arc loud and bitter denunca-
tons of him and. his administration, and all who
have stepped forward in his defence. liz this
they generally succeed in their own imagination
so low and contemplate is the manner in which
they conduct controversy, that any administra-
ton paper, having tho least regard for the char
acter and standing of the press, would consider
engagement in such controversy, even though he
should conc out victor, an Improbable engagement.
We think his reasoning sound and conclusive.
ssMuch has been written and said both in the
bank parlors, and groceries, and bar-rooms of the
country. touching the CAUSE of what is called the
presen mt commercial crisis. Government has been
assailed-the Treasury Circular has been brough,
before the ban of public opinion, and has been con-
demned. Now in my humble opinion, neither the
Government nor the Treasury Circular has beer
the cause Of the present unparalleled distress, both
in this country and in Europe. What, then, has
been the cause of thisgreat, this overwhelming dis
tress! answer, the great and almost universal
cUPIDIrY of the American and English people.
which has increased that icorst of all systems call
ed the BANKING SYSTEM, having, in too many in
stances, in the presidential chair of these institu-
tons, and in their direction, men unequal to the
task of regulating the currency Of this any other
country-men whom the God Of Nature intended
for hop beer and gngcrbrcak makers and sellers
men without the requisite financial education
men SO constituted by that the lessons of
pc rience do them 10 good--men who have issued
BANK CREDITS, 10 all unwarrantable amount,
and to those, too, who were not deserving credit,
and who cannot now pay ten cents an the dollar.
Talk and write as much as we please about the
Government and the Treasury Circular, they are
not the cause. The cause is to be found in tho Gu
pidity of mankind and the banking :ystem.
Public meetings are being called in almost every
great commercial city, 10 appoint committees to
repair to the City of Washington-to do WHAT
To solicit Martin Van Buren, TO do something 70 al
lcviate the great distress of this country and E-
rope. It's all nonsense--aN nonsense. Although
Martin Van Buren, may be magician, still he is
moi magician enough to alter the fired laws Of ma
kure. nor the unaltofaple laws Of commercs. With
| as much propliety might committees be appointed
10 wait on and solicit Martin Van Buren, to stop
tho progress of tremendous thunder gust or tor
nado, as IN stop the commercial revolution now go
ing on in this country and in Europe.
Nothing can stay its progrem. II mas been
| produced by folly and madness OF those VINO must
reap the fruits thsir labor. Would to God that on
ly those who have built up and encouraged the sys
TEN we brought within the vortex; but Ior
the innocent, they loo suffer with the guilty. me
banking system Is systen that enlbrace' aA-and,
my countrymen, If you allow this system 70 90 on
gathering strength day by day and nlght ny nign',
the years will be few in number before the yeo-
many, who are now the mighty OF our republic,
will be but as the serfs Of Russia.
| / have said that cupidity and the banking sys-
tenn is tho cause Of the present distress. Let us
examine a little, and endeayor to ascertain who
| Their ! am right OF wrong in this position.
Since the year 1890, there have been created IN
tho United States three hundred and (orty-sere's
banks, and one hundred and jorly-nr brdnehes;
4 and the circulation Of bank noles and credit has