Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1837-09-13

| was hardly 10 be- expected, that those
who disaPprovcd the policy of the Go.
vernment in relation TO the currency.
would, in the excited state Of public
feeling produced by the occasion, fail
TO attribute TO that policy any extcn.
slye embarrassments in the monetary
affairs Of the country. The matter
thus became connected with the pas.
slons and conflicts OF party opinions
were more or less affected by political
considerations; and differences were
! prolonged which might otherwise have
been determined by an appeal to facts,
by the exercise treason or by mutual
concession. 1t is, however, q cheering
reflection, that circumstances Of this
nature cannot prevent community so
intelligent as ours from ultimately ar.
irving at correct conclusions. En-.
couraged by the firm belief of this
truth, proceed TO state my views, so
lar as may be necessary to a clear un-
derstandng of the remedies feel ii my
duty TO propose, and OF the reasons by
/ which have been led to recommend
! them.
The history Of trade in the United
States for the last three or four years,
affords the most convincing evidence
that our present condition is chiefly to
| be attributed TO oyer-action in all the
departments Of business and over-ac-
ton deriving, perhaps, its first impul.
ses from antecedent causes, but stimu-
lated to its destructive consequences by
excessive issues Of bank paper, and by
other facilities fer the acquisition and
enlargement of credit. At the com.
mencemcnt of the year 1884, the bank.
ing capital of the United States, in.
GLIDING that of the national bank then
existing, amounted to about two hun.
bred millions Of dollars; the bank notes
then in circulation to about ninety five
millions; and the loans and discounts
ofthe banks to three hundred and TWEEN.
| ty-four millions. Between that time
and the first Of January, 1886, being
the latest period to which accurate ac.
counts have been received, our bank.
ing capital was increased TO more than
two hundred and lifty.onc millions
our paper circulation to more than one
hundred and forty millions, and the
loans and diseuunts 10 more tlian four
hundred and iiily.sevcn millions. To
| this vast increase are to be added the
many millions OF creGit, acquired by
means Of foreign loans, contracted by
| the States and State institutions, and
above all, by the lavish Accommodations
extended by foreign dealers to our mcr.
! chants.
The consequence of this redundancy
Of credit, and Of the spirit of reckless
speculation engendcred by it, were-a
foreign debt contracted by our citizens,
estimated in March last at more than
thirty millions of dollars; the cxten.
sion TO traders in tho interior of our
country Of credits for supplies, greatly
beyond the wants of the people; the
investment of thirty-nine and Il half
millions of dollars in unproductvo pub
lie lands, in the years 1885 and 1896,
whilst in the preceding year the sales
| amounted to only four and half mill
lions; the creation of debts, to an al.
most countless amount, for real estate
in existing or anticipated cities and vii
lagos, equally unproductlvc, and at
! prices now seen TO have been greatly
disproportionate to their real value !;
the expenditure Of immense sums in
Improvements which, in many cases,
have been found TO be ruinouslv impro-
vldcnt; the diversion to other pursuits
Of much of the labor that should have
been applied to agriculture, thereby
contributing to the expenditure oflargc
sums in the importation Of grain from
European expenditure which, amount
ing in 1884, to about two hundred and
fifty thousand dollars, was, in the first
two quarters of the present year, in.
creased TO more than two millions of
dollars; and, finally, without enumer.
ating other injurious results, the rapid
growth among all classes, and especial.
/ ly in our great commercial towns, Of
luxurious habits, founded too often on
merely fancied wealth, and detrimental
"tNS 1" t'C iiuuSti b'iC iCSoulCCo anu
tho morals of our people.
1t was so impossible that such state
Of things could long continue, that the
prospect Of reyulson was present 10 the
minds Of considerate men before it nc.
tually came. None, however, had an.
ticipatod its severity. A concurrence
Of circumstances inadequate of them
selves 10 produce such widespread and
calanituus embarr0ssmcnts, tended so
greatly to aggravato them, that they
cannot be overlooked in considering
/ their history. Among these may be
mentioned, as most prominent, the great
loss Of capital sustained by our COM
merciol emporium in the fire OF Docem.
Der, ls35-a loss, tho effects Of which
9 L. Al.