Maumee express. [volume] (Maumee City, Ohio) 1837-1838, 1837-12-23

ment-the people commenced gathering
their paper to meet their dues IN Inc
land office, but before they could COM
mand the requisite amount, the banks
were down, and with them went down
the credit of their paper, which, IN ma
ny instances, was left to die in the hands
Of The land debtor, altogether worthless.
and in others, was not worth twenty
five cents on the dollar. Under these
circumstances, the people were excited
the friends Of the broken banks were
excited-the members Of the legislature
were excited-all, all were excited
against the acts and doings OF the bank
Of the u. States.-But the bank steadi-
! " pursued its course; the solvent state
institutions withstood the shock and con.
tinued their business; confidence was
restored between individuals, and in our
banks: exchanges were suddenly bro't
down from ten and twelve on our best
paper, and thirty-seven and half on
our doubtful, to one half of one per
1cent. Never had any people a more
Uniform or sounder currency: nor
was any people ever better satisfied
with the facilities it afforded, in carrying
on our commercial, agricultural and ma
nufacturlng operations.
This prosperous condition OF our
country has passed away, and we are
again in the midst Of a disordered cur
rency. AS yet, this state has felt but
partially the whitening influence Of its
effects. The distress and want that
have swept over our commercial cities
: and manufacturing districts, are but
slightly felt by US. How long, and to
what extent, we are to be exempt from
these Affections, time alone must dis
close but that they are to reach US in
some shape or other, to much greater
degree than we have yet felt, is not to
be questioned.
! BY what has been said, you will per-
ceive, that at the times that our curren-
cy has been most deranged, there has
I been no bank of the United States, act
ling as the agent OF the government in
the collection and disbursement OF the
revenue. In the forty years that this
duty was performed by the bank Of the
United States, no such embarrassments
took place, and the agency Of such an
institution, it is yet believed by many Of
our ablest statesmen, is Indispensable to
the regulation Of our exchanges, and
the uniformity Of our currency.
1t has been found that the demands of trade,
which may require large amount of money
in New York to-day, and in Charleston, New
Orleans or Mobile, tomorrow, cannot be sup
piled safely and without hazard of severe pres
sure in the district from which it is removed,
in any other way than by well founded bank
credit through bills Of exchange. This, we
are aware, cannot be done; we can have no
bank capable of performing these functions.
On this subject, both Congress and the presi-
dent have paralyzed themselves, in their at
telnpts to forestall public opinion: and be the
+ wants and the wishes of the people what they
may, there is no prospect of immediate relief
from that quarter. Gu. only reliance, then,
must be upon the state institutions. That
they have the ability to carry out perfect f.
nancial system, so as to meet the demands of
commerce, and equalize and reduce the price
of exchanges, is what we do not assert but
ly than any other system that has yet been
spoken of, Ia bank of the U. States excepted,)
! is our sincere belief. os.l .g....
, 10 enable the state banks to give this re-
lief to the country, they must have the aid Of
Congress and the state legislatures. Con-
gress must repeal the specie circular, and
give credit to the paper of all solvent state
: institutions, that shall pay specie for their cir
) Il OF loni al nlilst do
all that improvident legislation, that prohbi-
ted the issuing and circulating Of small bills.
Let the condition upon which this relief 10
, offered, be the resumption by the banks of
specie payments, and REIMBURSEMENT OF any
right they may possess to issue notes under
the denomination Of one dolar.-This will
, bring back our state institutions to the point
from which we started when we commenced
experimenting upon the currency of the coun-
try. Small coin will take the place OF our
individual and corporation tickets. The man
{ that wants government lands can easily sup
I ply limself-the man that wants specie, Will
be able to obtain it--confidence will be every
where restored--our produce willfind more
: steady and certain market, and all the opera
tions of business and of tradewill revive and
+; prosper. II .s,t-4i.,se. ,,y kste .5e..s.
, 1t is the duty of every good man 70 lend ms :
\ aid to restore our circulation to a sound and
: wholesome condition. Allmust agree, that a
: general suspension of specie payments, ON
the part of our banks, is one Of the greatest
: calamities that can come upon an Industrious
: and enterprising people. If permitted to
D continue for any length Of time, or to become
permanent, it will throw into inextricable dis
order our whole currency. The only test ot
the stability of our banks being lost, the good
!, and the bad, the sound and the insovent, will
q soon become mingled in indiscriminate confa-