Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-06-15
80. l3s. 22O
Making


Making 80. Us. 220
The sctualdemand could not have ex-
cceded two millions Of acres per annum
$50 that about $ 10. 000. 900 have been
invested in lands which the purchasers
cannot convert. Where did these for
~ millions come from' The Deposiic
Banks.
The Deposiles were removed from
the Bank OF the U. States, where the
law and our contract placed them. and
where they should have remained till
the expiration Of the contract, or tall
they were removed by LAWN the
month Of October, 1893. II was not
till the July following that Congress
had definitely refused to restore them
to their legal depository. The Pet
Banks then feltsecure OF their plunder.
The money which they had wrongfully
acccp;cd-because they knew its Gus
tody legally belonged TO others-vas
to remain Eith them for some months
at any rate-and they were determin-
ed TO MAKE THE MOST or IT.
Then commenced u career Of the
most blind, reckless aud proiligaie spe-
culations that ever dIsgracsd any age
or nation. And who took the lead ia
them' Pet Bank directors, officers and
stoekholSers-custom house officers
navy notwithstanding psrlizans Of the
administration. And where did the
money come FROM What paid for
Eastern lands-WesIern lands-ihe
piles Of granite on our wharves-the
semI-city at East Boston--to insinuate
nothing Of the monument of Spells pa
tnotism in the vicinity Of DorcesteE
Heights, Bills or THE PET BANKS.
And to whom We're these bills loaned ;
To the Wing merchant Not at ALL
To the noisy pariizan and the hopeful
convert. The Pet Banks had double
duty Of payment and proselytis they
were 10 re " ard the fidelity of old friends,
TO enlighten, encourage and stimulate
the newborn zeal Of the converted.
But the great centre Of speculation
was in the Public Lands; and this spe-
culation was especially foJtered at the
seat Of Government.
The Forty Millions sunk in the Pub
lie Lands were borrowed of the Pei
Banks. In the Pet Banks Of the South
ern and Southeastern States, on the
FIRST Of last November. there were III
millions Of Government deposites, 50
called. resulting entirely from the sale
OF lands. These were nothing but
Bank credits, based on the insolvent
paper Of partizan borrowers. These
borrowers connot pay. They cannot
convert their lands. The Specie Cir
eolsr Was issued for their bene6t-to
compel settlers and purchasers to buy
OF the speculators. that they might be
enabled to redeem their notes at the
Pet Banks, and thus secure the Urea.
sury.
Il hss fsiled-and the Spectator.
cannot pay. The Bank credits in the
South and West come undeF the int
resting denomination Of unavailable
funds" II will not be necessary for
Mr.. Woodbury. 10 enter into any very
careful analysis" 70 con vince himself
Of this painful" fact. Aud now who
are the creditors Of the Western and
Southwestern bankss Are they Wing
merchantsI Are they Wing million
aires Does any OF all of this Reeve
nue. rest on mercantile credit Not a
cent--not a brass faTtbing. Il rests
entirely on the political credit Of bank.
rupl spectators. Is this accommodation
Of unavailable funds IN these Banks the
result Of Mercantile Overtrading, OF
Political oveTtrading' Are the mer.
cantilo millionaires or the Political
millionaires TO bs held responsible