Western courier. [volume] (Ravenna, Ohio) 1837-1838, 1837-05-25
From the Pittsburgh Mercury.
THE CRISIS.

The CRISIS.
The mighty bubble has burst. The
inevitable result Of a rag currency acting
upcn rabd spirit of speculation, and re-
acted upon by the spirit which it engen-
dered. until 4 had passed The bounds Of
control or calculation, has atlength brought
the nation to most deplorable state Of
pecuniary embarrassment. The voice of
the patriot jackson was INCREASINGLY lifted
to warn the people of the insecurity and
evils attendant upon the paper and credit
system. The leading measures Of his adj,
ministration were directed to avert the
calamity TO place the currency and the
prosperity Of the country upon solid ba-
sis. But the cunning and wealth of bank
ers and speculators evaded, or trampied
upon restraint, grasped the direction of
the trade and currency have brought
us to the verge of universal bankruptcy.
If the evil consequences of the reyulsion
were confined to those whose desperate
avarice brought it about. sympathy for
their embarrassments would neither be
just nor requisite. They have been play
ing at hazard for princely wealth from
the industry of the country, and should
take a gamester's chance. Men who fail
for millions are in little danger Of suffering
for want Of the comforts or luxuries oe life;
they take care of that and many an in
divIdual Of them retains wreck of for
tune which would place thousand men
In ordinary business, in easy circumstan-
ces. But the fair dealer. the working
man. the poor, who had no participation
in the game, but whose industry furnished
the stakes. must likewise do all the suf-
fering they could not share in the gains,
but they are obliged 10 bear the losses.
The strange spectacle is presented of
country on the brink of suffering, while
il contains within itself more than suf.
fciency for Its wants, of the necessaries.
comforts, and luxuries of life; suffering
in the amidst of superabundance But,
unfortunately, that superabundsnce, by
the magic Of banking and speculation has
been subjected to the disposal of the very
men whose wild gambling, has deprived
the working men of the means of subslst
ence, or has left them currency, involy~
ing perpetual embarrassment.
To what can these evils be attributed,
but to the tendency Of 'trade' a tendency
constantly stimulated to the utmost by in.
terested men, to keepas wide as possible
from the constitutional currency of gold
and silver! Had specie, as contemplated
by the constitution formed the currency
of the land. speculation and overtrading
would have had but little scope; artificial
scarcity would not have prevailed, and
the fearful revulsions now existing could
not have occurred. Gold and silver do
not become unavailable funds with the
holder. At this moment they who put
their faith in hard money realize the BEN
eft Of their orthododoxy: while those
who vaunted the superiority Of paper TO
gold, are obliged to give practical con.
tradiction TO their theory. Who now is
a practical beIitver in the doctrine! Test
tie most strenuous by the offer Of Biddle
Bank note for specie.
The present crisis, distressing as 1t is,
may be a lesson which will not soon be
forgotten. The people will see that their
only security tor the future, their only
protection against these ruinous huctua-
tions, lies in steady and resolute orposi,
ton to the fearful power in which they
have their origin, banking and rag money.
1t is their duty to guard themselves
against recurrence by resisting all new
grants for bank interpretations and. It
no other way avals, by suffering the ex-
istng ones 10 become gradually extin~
guished by limitation or forfeiture. Then
and not till then, will the prosperity OF
the country be placed on a solid basis -
The gross inequality ofpriyiege and con-
dition. consequent upon and fOstered BY
the existence Of such institutions, is the
bane Of the republic. There could be no
more injustice in legisla,ing for agraian
ism,' than It's ahtirepublican opposite.