Western courier. [volume] (Ravenna, Ohio) 1837-1838, 1837-05-18
TREASURY CIRCULAR.

Now we shall undertake to show in a
few plain propositions, clothed 10 SIM
pie, every day language, laying aside the
technicalities of trade, such as over
trading. exporting, importing, &C., that
this Treasury circular is, in The present
condition Of things, the only instrument
thai can save the country from utter ruin.
IL is now ascertaned that the merchants
in the Atlantic cities, who buy goods in
foreign countries. and ship to this, ard
again sell them out to our interior and
western merchants, have bought and ship
ped from England, upwards of sixty nils
lions Of dollars worth, more than they
have the means to pay for, in reduce
raised in this country. This sum Of six
ty millions, must consequently be made
out to the merchants in England, in mon.
ey. Now, in what kind of money will it
be most advantageous for our merchants
TO pay this enormous, needlessly, i'm
providently contracted debt? Look at
the condition of England and see. Her
pennsular trade has drained her of spe-
Gle, and almost exhausted the vaults of
her bank of the precious metal. The is"
sues OF the bank ate eno"mous,-t the calls
on her for specie continual, and her vaults
almost empty. This state of things has
raised specie, in that country to high
premium value. 1t will be much 10 the
advantage therefore of the merchants in
this country, top pay their debts, then, by
shipping the specie from this country for
that purpose. ! his. the Treasury Cir
cular does, and will, in great measure,
prevent; and this prevention, the interest
OF the people requires. Now let this cr>
cular be resciDded, and What would be
the consequence The banks being then
without check, would Immediately ex-
pan0 their issues to an unlimited extent;
and, as the goods brought from England
by The Atlantic merchants have been sold
on credit to the central and western mer-
chants, on whom those indebted to Eng
land are calling TO satisfy their demands,
they would Immediately ly borrow from the
banks in their vicinity to an enormous
amount for that purposes ,s.and transmit 10
the cast. Their money would then be
shaved by brokers for eastern funds, on
which the specie would be Immediately
procured by the merchants there, and
shipped to England TO discharge their
debts in that country. The bills on the |
western banks would be directly returned
to them for specie, to Gil the vacuum at
the east, and thus it would 60 OIL till forty
or fifty millions of specisshoutd be drawn
from this country to England--the Bank
OF that country restored to sound condi- |
tion, Atlantic merchants Enriched |
by grand speculation, - the banksso of
the western country broken down, and
the people cursing Van Buren, for rescind.
ing the Treasury circular.
In short, rescind the Treasury circular,
and you ruin the great mass ofsthe people,
10 the great profit of these merchants,
SPECTATORS, ock"jobbers, and brokers.
Maintain the Treasury circular, and;you
save the people and lhscurrency of the
country. andi the merchants, STOCK job
'ers, &C., will meet ese fate to which
hey have improvisIently exposed them
selves. The linterest Of which class,
.hink you, is it the duty of the Govern"
nent to regard l--Indiana .elfersonian.