Western courier. [volume] (Ravenna, Ohio) 1837-1838, 1837-09-14

has since appeared that evils similar to
those suffered by ourselves, have been
experienced in Great Britain, on the con-
tinent, and, indeed, throughout the com.
mercial world, and that in other countries,
as well as our own, they have been uni-
formly preceded by an undue enlargement
Of the boundaries of trade, prompted, as
with us, by unprecedented expansions of
the system of credit. A reference TO the
amount Of banking capital, and the issue
Of paper credits put in circulation in
Great Britain, by banks, and in other
ways, during the years 1884, 1885, and
1886, will show an augmentation Of the
paper currency there, as much dispro
portioned to the real wants of trade as
in the United States. With this redun-
dancy of the paper currency, there arose
in that country also spirit Of advcntu-
rous speculation, embracing the whole
range of hum n enterprise. Aid wa pro-
fuseIy given to projected improvements;
large investments were made in foreign
stocks and loans; credits for goods were
granted with unbounded liberality TO mer-
chants in foreign countries; and all the
means Of acquiring or employing credit
were put in active operation, and extended
in their effects to every department of
business, and to every quarter of the
globe. The reaction was proportional
in lis violence to the extraordinary char
acter Of its events which preceded it
The commercial community Of Great
Britain were subjected TO the greatest DIFF
ficull:es, and their debtors in this country
were not only suddenly deprived of ac-
customod and expected credits, but called
upon for payments, which, in the actual
posture of things here, could only be made
through a general pressure, and at the
most ruinous sacrifices.
In view of these facts, 1t would seem
impossible for sincere inquirers after truth
to resist the conviction, that the causes
of the revulsion in both countries have
been substantially the same. Two ma
tions, the most commercial in the world,
enjoying but recently the highest degree
of apparent prosperity, and maintaining
with each other the closest relations, are
suddenly, in time of profound peace,
and without any great national disaster,
arrested in their career, and plunged into
a state Of embarrassment and Distress
In both countries we have Witnessed the
same redundancy Of paper money, and
other facilities of credit; the same spirit
of speculation; the same partial success
es; the same difficulties and reverses;
and, at length, nearly the same over
whelmng catastrophe. The most mate
rial difference between the results in the
two countries has only been, that with
us there has also occurred an extensive
arrangement in the fiscal affairs of the
Federal and State Governments, occasion
ed by the suspension of specie payments
by the banks.
The history Of those causes and effects,
in Great Britain and the United States,
is substantially the history of tile revul.
sion in all other commercial counties.
The present and visible effects Of these
circumstances on the operations of the
Government, and on the industry of the
people, point out the objects which call
for your immediate attention.
They are-to regulate by law the safe
keeping, transfer, and disbursement, of
the public monies; TO designate the funds
to be received and paid by the Govern
ment; to enable the Treasury to meet
promptly every demand upon it; to pre-
scribe the terms CT indulgence, and the
mode of settlement 10 be adopted, as well
in collecting from individuals the revenue
that has accrued, as in Withdrawing it
from former repositories, and to devise
and adopt such further measures, within
the constitutional competency Of Con-
gress, as will be best calculated to revive
the enterprise and to promote the prosper
ity of the country.
For the deposite, transfer and disbhrse-
ment, of the revenue, National and
State Banks have always, with tempera,
ry and limited exceptions, been; hereto
fore employed; but, although advocates
of each system are still to be found, it is,
apparent that the events of the last few
months have greatly augmented the deT
sire, long existing among the people Of
the United States, to separate the fiscal
operations of the Government from those
ofindividuals or corporations. - =
Again to create national bank, as q
fiscal agent, would be to disregard the
popular will, twice so!emnly and unequiv-
ocalIy expressed. On no question OF do
mestic policy is there stronger evidence
that the sentiments Of d large majority
are deliberately fixed; and l cannot con-
cur with those who think they see, in.
recent events, proof that these senti-
ments are, or reason that they shouldbe
changed.
Events, similar in their origin and
character, have heretofore frequently oc-'
CURED, without producing any such
change: and the lessons Of experience
must be forgotten, if we suppose that the
present overthrow of credit would have