The North-Carolina standard., 1837-11-01
RALEIGH, ] = ~. C. WEDrEsDAN, NoVEMnnI /, 1897.

adding to what he supposes tosbe the mercantile
debt. allthe loans which have been negotiated
in Europe, By banks. railroad companies, and
other corporations in this country The Presi.
dent surely had never. intendedsto comprehend,
in his estimate all the debts and loans contracted
in Europe by corporations, some of which were
payable not until many years hence. On the
contrary, he speaks of the debts which had been
contracted by our Citizens" thus obviously allu
ding to the mercantile debts due by iadividuals,
as distinguished from those contracted by cor
porotions AS he had already remarked, i've
had no means of farriying at certainty in es.ima-
| ting. the foreign mercantile debit He had,
however, understood that the best informed
merchants had supposed it not to have exceeded
lhe sum ofthirty millions on the first OF March
hst Its rapid liquidation, as is proven by the.
4 great fall in the premium on bills of exchange.
on England, goes greatly to favor the SUPPOSE;
ton that it had not exceeded that amount or
otherwise it could not have been so much redu-
ced in so short time
| The gentleman from Georgia attributes much
Of the disaster which has fallen on the nation, in
its pecuniary affairs, to the policy OF the late
President in relation to the national bank, and
thinks that what he has been pleased to cali
"glory," is in rapid state OF depreciation. MIR.
B. was neither an admirer of what was called
national glory nor of individual glory. IT. how
ever, it was meant to convey the idea that the
disting gushed Individual who had lately retired
from the station of Chief Magistrate Of this ma
tion to private life no longer enjoyed that exat-
\ ed emnence in public esteem which he had be-
j fore occupied as patriot statesman, he begged
aSpermission to differ from him. In the single
It bet which the gentleman from Georgia had
v complained of, the late President had done E.
kn,, 70 90 hahl fo md
S b hand his name down to future ages as one
If 7 the great benefac:ors of mankind. In ad-
]. Sng his humble testimony to the eminent pub
1t y services of the late President, he was more
Y gati6ed to do SO as it was a just tribute due to
s atindividual now no longer In the possession
d ofofficial station but in the unostentatious re-
e tirenent Of private life.
>. 1e could not concur with those who sought
2. sSution Of the causes which had bre ught a.
o boul the present commercial distress an. embar-
t rassnent of the country in the policy of the late
J. Administration Cause did not more certainly
l. prod ce effect than did the paper system occa-
l. sion revulsions in trade and commerce. whe-
!. ther Aexisted IN the form of national bank o,
If State Institutions. This was undeniably pro
l. ven byparallel cases of distress. which had oc.
- CURED Ia this country during the existence o
d the late national bank, and which had repeated
E. ly occurred in England with similar insttu
e tion. R1t besides the ordinary tendency o
4. that sysem 10 visit on the country occasional
pecuniart distress, he saw in the violent politi
h cal warffe which the United States Bank ano
e its indefaigabe partzans had waged agains
IS the partyin power for the last five six years
n many of tie causes which had led to- the presen
state of things, and which the real perpetrators
S, with Characteristic dexterity. were now endea
n voring to ocharge to the policy of the late ant
: present Administrations.
E, The primary causes which had led to thi:
$ catastrophe, in his opinion, were not of recen
date, but had their origin some five or six year:
J. back. They originated in that rapid succession
q of expansions and contractions resorted to BY
+. the United States Bank when it was seeking to
n effect re-charter. The history of no simia
$ institution in the world had been marked by Sc
|, many and snch sudden fluctuations in its man
r agement. Unless all past experience in bank
If ing false unless all that has been written by
J. the wisest men on this subject is to be repudi
!. ated as untrue, this Of itself was suffi
/ cient to give an impulse to that spirit of specu
II laton, which, reused into actien then, has since
$ spread far and wide over the country.
n Among the most effectusi of these expansion:
n by the Bank Of the United States in doing mis-
chief was hain the later part OF the year 1884
: and in the beginning Of that of 1885. by which
it increased its discounts in the course of few
months, from about forty-fve millions of dollars
l. to about sixty-ive milloos 1t would be borne
d in mind, that this enormous increase took place
e some time after the removal of the public de
:, posites from that institution and after the State
v banks, strengthened by receiving them, had fl
If led the pacuumm the moneyed circulation o
d the country, ogcasoned by the great reduction:
= in its loans made by the Bank OF the U. State:
/, shortly afterfhe deposites were removed Tb.
U. States ,Rank having thus discounted largely
q when the. ,annels of circulation were already
- full, powerfully contributed to create that redun
r dane v IN the paper system which has since pro
:. ducea so much mischief. Besides he would asl
:. what period has there been since that time, tha
4 the country has enjoyed repose from the violen
>. ond continual assaults made by that bank, AM
:. the powerful party which has acted with it, o,
4 the financial policy of the Government? VIVA
4 expedient has been left untried by them to frus
q trate and defeat that policy? Is it, therefore
:. now to be tolerated. that the perpetrators OF S
J.. much Of this mischief are 10 escape, by raisin,
# false clamor against others2 Imperceptibl
and difficult of detection as the means often wer
= employed by great moneyed power to accom-
!. plish its purposes. yet he could not doubt tia
q the public intelligence was fully competent t
e understand the sinister agency which had Il
e bored with untiring perseverance, and at tn
J. hazard of destroying the prosperity of the cour
}, try, to effect its designs.