Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1837-06-07

The session will be short; that Is our nope at
least; that is what economy in regard to public
expenses, the members will consider, time like
the present demands.
10 The Detroit Daily Advertiser says we
have not met the issue-that we did not meet the
charge, in our defence of the specie circular
which it declares to be a minor cause merely.
Then the Advertiser will no longer urge the pub
lie press in Michigan, to speak out on that SUBJ
iect. Very well-but, it does charge the gov
eminent with gross and wicked fault in break
ing down the barriers which kept the spirit OF
speculation within reasonable bounds,"--the
usNational Bank In
The Advertisers defence of that British, aris-
tocratic institution, growing as 1t was to mon-
ster, which would soon have been above the pow
er of Republic to tame, would justify the ca
ging Of venomous snake in ones bosom, to be
charmed by the music of its rattles without re-
gard to the certainty of death from the bite that
would be sure to follow an attempt at separation.
We do not believe in the visionary notions
about the National Bank having been shelter
from the storms of speculation, or shield to the
people against the multiplication of state banks.
Neither is the government justly chargeable with
robbery, for not re-chartering money power
already dangerously 'corpulent.' Is it possible,
that any portion of refined and respectable man.
hood can be so deluded, as to laud that in their
zeal of party feeling, which on reflection, their
better judgment tells them is wrong-forcing
ruin upon the Republic ?
The whole business world, without regard to
boundaries Of states, nations, rivers, oceans is
convulsed and dstracted-and to talk Of Mr.
Bddle, or Mr.. Anybody else, being general re-
gulator of the currency, is calling things by the
wrong name, and making every bellows blower
an organist.
What the Advertiser says the government
should have known is what the editor himself,
nor any one else, relative TO events altogether
fortuitous, could have known-wanting proof,
other than bare assertion-viz That excessive
banking, and an inordihate extension of the Gre
Fdit SYSTEM would be the direct, inevitable conse-
quence of breaking down the National Bank -
Just about relevant, just as :" direct and inevi-
| table" as the loss of hundred and seventy five
lives by the burning of the steamboat Ben Sher-
rod in May, followed in the course of time only
little over two months after Mr.. Van Buren's
Inauguration to the Presidency! That there is
dollar more of rag money afioat, or one more
state bank chartered, than there would have been
had the u. s. Bank been re-chartered, there is not
particle of proof any where. Every passing
year shows an increase of every thing, as the TO-
rests give way to the progress of cultivation
banks, as well as people, calves and cucumbers
and the piing of immense riches upon Mr. Mich
olas Biddle could never stop the efforts of other
men to become wealthy.
The only Just way to view this panic food Of
distress, general in its spread over the world,
their fountain heads. Their vast numbers would
give the investigator SO full a knowledge of eau
SEES, that he would scarcely notice the man who
might talk of stopping the wide spreading DESC
lation by changing the course of single brief
rivulet.
In serving up few items, for the benefit of
the Advertiser, showing that no " National
Bank" could have prevented the troubles of the
day. and that the former practices of the old in
sttuton helped to create times of great pressure,
we will by DEPRESSION begin with a paragraph
from a wing print Zone of little clearer vision
than some on that side) the Philad. Gazette:
ais it not surprising, that among other causes
for the late pressure in New York, no mention
has been made of the reat Fire Could TWENTY
MILLIONS of property crumble to dust, and sink
into the ground, and no one think TO what the dis
astrous reaction would long ago have amounted Z
The MONEY WHICH COVERED THE BURNT DISTRICT
WITH PRINcELY STORES AND TENEMENTs rebuild
ed-has 1T not been wanted lately And what
becomes of the false logic of the Journal of Com
merce, which contended, shortly after the huge
disaster, that the ground beneath the ashes and
rubbish of its scene, was more valuable than ever2
The fre-the high rents-the FICTITIOUS elsva-
ton of prices Of real estate,-thcse are among the
causes of pressure, whose fiercest hug, we hope,
with feor,) is over"
tabular view in an eastern paper, shows the
amount of land sales in the city of N. York, at
at thirty eight million, one hundred and ninety
five thousand eight hundred and seventy-four dol
lars,--exceeding the aggregate amount of the
whole banking capital of the state. The buyers
of these photographic lots in paper cities and vii
lagos, extending from the race ground on Long
Island, to the Mississippi river, became at once
rich in Imagination, expecting swift yield of
from 100 to 500 per cent, we'll justifying them
in pay ing two and four per cent. a month for tho
use of the purchase money. During the same
two years, the real estate operations bee idcs the
auction sales, amounted to forty millions more
making over hundred and twenty millions, cx-
pended in one city alone, in that short period.
The lands were paid for, the deeds of choice mill
and store lots duly recorded but the remittances
from the south and west to pay the borrowed mo-
ney, were minus, notwithstanding the prompt ar
rival of the pay day promised.
All this was almost within the period since the
sudden and limitless expansion of the credits by
the famed U. s. Bank tempted all local banks to
similar extensions, and sent money begging thro'
very abundance.