Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1837-08-16
ADDRESS.
To the Democratic Republican

10 MG DeWOCTuttC hepuOUCuU
Electors of Michigan.
The delegates appointed by you to meet
in convention at Ann Arbor, on the Goth
of July, to nominate democratic candidates
for Governor, Lieutenant Governor and
Representative to Congress, having per-
formed the trust committed to them, beg
leave to submit some of the considerations
by which they were governed, together
with few remarks upon the leading poit-
ical questions which now agitate the public
mind.
The principal subject which at this time
engages the attention of politicians through
out the United States, is the regulation Of
the currency, the arrangement of which
has led to much pecuniary embarrassment
during the present year. The causes which
have produced this deplorable condition in
our financial affairs, are ascribed by one
class Of politicians to certain measures Of
the late administration of the general gov
eminent; but intelligent and candid men
of all parties attribute it to OVERLAPPING
and SPECULATION induced by ovERBANKING.
The history Of the commercial world is full
of examples showing similar results from
similar causes. By overbanking, we mean
the excessive issue of paper money beyond
the common or necessary wants OF business,
and out Of the power of the banks to re-
deem on demand for payment. That the
banks of this country are obnoxious to the
charge of the most imprudent over-issues
of their notes, the general and continued
suspension of specie payments by them, is
conclusive evidence.-And that overtra-
ding and speculation have resulted from
this overbanking, and caused the pecunia-
ry embarrassment which your country
is now suffering, we will not insult your
understandings by endeavoring to prove.
The immense surplus revenue OF last
year, accumulated by excessive importa-
tons of foreign goods, and extravaganza
purchases of public lands, affords ample
and decisive testimony on this point.
If, then, the arrangement of the curren-
cy and the consequent embarrassments in
the money market, have their proximate
cause in overbanking, the inquiry natural
ty arises, from what did that originate
The correct answer to the question is, that
it has proceeded from the injudicious legis-
lation of Congress and the States. In our
deliberations upon the subject, we have al.
ways regarded the creation of national
bank as the fountain head of the evil. The
establishment of that institution and making
its notes by law adequate to specie as a
federal currency, planted the thorns oil
which we are now reaping the bitter fruit.
The Bank may justly be denounced as the
parent of the euils Of paper money in the
United States, for it is under its fostering
care that the banking systems of the indi.
vidual states have grown up, until the
whole have burst with such disastrous con.
sequences upon the present prosperity o.
the country. Had the democratic party
succeeded at the outset, in its opposition
to the establishment of national bank and
the government from its origin to the pres
ent time, had collected and paid out the
public moneys in the constitutional curren
cy of gold and silver, we should never
have Witnessed the arrangement of the cur
rency, and the fluctuations in the value o
the great staple products Of our industry
which this country has too often had ocoa
sion to suffer and dcplore. The business
of state banking would then have been con
fined to its proper sphere its paper woulc
have been found only in the channels o