Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1837-05-24
From the Detroit Free Press.
THE TIMES.
|. Beware of desperate steps the darkest day,
live iii tomorrow will have passed AWAY.

[" beware of desperate steps the darkest day,
Live Till Tomorrow will have passed away"
Although we are not prophet, nor the
son of a prophet, yet we canno; forbear pre-
dieting that the dawn of brighter and more
propitious times, is beginning to open upon
the pecuniary affairs of the country. The
crisis is past. Although failures may con-
tinue to occur in the commercial cities un-
til the last dollar of the surplus revenue of
last year is drawn from the deposite banks
and paid over to the states, still the times will
daily grow easier and easier to nine.te nths
of the people, until the highest degree of
prosperity again returns.
In the train Of causes which have pro-
duced the disastrous consequences from
which we are now emerging, the first and
most prominent were the overtrading and
speculation which accumulated in the trea.
sury. surplus revenue to the enormous a.
monnt Of forty-t,oo millions of dollars. This
amount was deposited by the government
with the banks and by the banks loaned to
to the people. Next in order came the dis
tribution bill, which required the secretary
to collect in, this forty two millions loaned
the banks, and pay it over to the states,
between the first of January last and the
first of October next. The period of pain
full travail which the mercantile class has
just gone through, has been produced (sec.
ondarily we mean,) by the collection of this
amount, one half of which has been
already called in and paid over to the
states. The operation of the measure of
distribution taken ic connection with the
Legislation of the states consequent upon it.,
will Low bring repose. We have endured
the evils of the system, and we are now TO
have its benefits. We have passed through
the gloom and are yet to enjoy the sun
shine. We shall be greatly mistaken if the
wing presses do not soon begin to laud the
distribution bill as warmly as they have as
sailed the specie circular.
By the timely Legislation of the several
states, the surplus money coming to them
under the provisions of the deposite act, is
returning among the people In rivulets, as
fast as it was poured into the treasury in
currents. TDenty one millions Of dollars
are now being diffused in this manner
thr oughout the United States, and hcenty
one millions more are to be spread in the
same way between this and the first of o.
tober. Let us take New York for instance.
She has just passed law providing that
the share coming to her-amounting TO
mead five millions of dollars--should be loan
ed out in the several counties in proportion
to their population. Two commissioners
in each county have been appointed for
this purpose with authority TO loan it to the
people on bonds and mortgages, in sums
of not less than $500 nor NOR than $4,000.
These officers are now performing their
duties and will soon scatter over that state
the two millions and half of dollars now
in their treasury which it received out of
the surplus revenue. The twenty one mil
lions of dollars which have been paid over
to the states, are now returning to the PEG.
pie in this manner and nearly eight mil
lions of that amount goes to the states ad.
joining Michigan-New York, Pennsylva-
MIA, Ohio, Indiana, and Illinois. From
these considerations we think we are war
ranted in anticipating quick return Of ca
sy and suspicious times.