Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1837-06-14
CONSTANTINE REPUBLICAN.
WEDNESDAY. JUNE "a, 1887.

inevitable consequence of breaking down the ma
tional bank, and forcing specie into the country
in opposition to the laws of trade"-Defroit
Daily ado.
" In answering the above credited print last
week, we ''met the ISSUE" far as to show. that
the "National Bank" instead of ever having been
barrier (as the Advertiser asserted in the long
article, of which the above is only the first para
graph "to keep the spirit of speculation within
reasonable bounds" had once been the cause of
pressure about equal to the present, and that in
the present it has been instrumental to large
amount.
In proof of our position that the general ad-
ministration is not justly chargeable with being
the cause of the arrangement of the currency,
and the severe pressure in the whole business
world we will cite some of the results of blasted
hopes, through extravaganza. from air-castle bull
ding on paper foundations-and show that no
"natonal bank" nor any other mandatory of
promises and rag representations of money, could
have prevented the monetary cholera Of the pres
ent year--so plainly indicating destiny not
short of embracing the whole inhabited world
dividual extravagance, cngendered in vanity,
which no administration could have known" or
foreseen as consequent to the non-existence Of a
national bank.
A few more ensamples in New York city will
be sufficient exhibition of the real extravaganza
ded all the states of the Union, more or less, for
the last year or two, and which is periodical in
its returns, once in every ten or twelve years
both in this country and in that SO closely imita-
ted by the foppish in this, England-the results
being now fully come.
The private wine vault of one fully equipped
g,ntlemln, was furnished at cost of seven thou
sand dollars-and he failed for five hundred thou
sand. Others who lived the briefperiod of a year
as the "tp top quality at the family cost of $ H.
900, failed with an Indebtedness of somthing over
five hundred thousand. The furniture ofa single
parlor, occupied by one of these nabobs, is said
to have cost forty thousand dollars.
Chairs, which cost their rich brief possessors
mot owners) eighty dollars piece, bedsteads and
bureaus at a thousand dollars each, with other
furniture in almost endless variety, to match, have
by the pressure become subject to sale at auction,
at no small sacrifice. A carpet for the parlor,
worth thousand dollars, and sofas, tables, lamps
in proportion, with mirrors long as a man, and
broad as the double Courier and Enquircr-and-
dress for the lady, the queen of all this palace
of splendour, to cost not less than five hundred
dollars-rather more than less-was not above
the range of gentility!
And, to carry out the full style Of the times, an
out door establishment, in dollars some thousands
worth, in carriages and horses; and an equippage
in human, well dressed live stock-in numerals
above units-must be maintained.
Were the bankruptcies of men, who have com.
mittod such folies but fsw, the effect would be
sufficiently lamentable; but when hundreds have
fallen-and it is to be feared that the end is not
yet-in rapid succession, like rows of bricks on
end, all jostled over from the fitting of the head
one, from New Orleans onward, not in one city
or state alone, but throughout the length and the
breadth of the land, it is indeed alarming
The result, however, is precisely what might
have been expected-as what has ever, from time
immemorial, befilen every overtrader, full Of the
frog ambition to become suddenly an OK, who
with high hopes from a cob-web fortune, through
the imaginary rise of townships in the woods of
unproductive lands, or unoccupied mill sites and
village lots, bought with borrowed funds, suffered
his vanity to lead him to ape the retired gentle
man, who realizes a sure income of hundred
thousand dollars. Tho lesson learned, and the
Advertiser we suppose will agree with us, is, that
''the shadow is not the substance"
But we are told, that tbs swintry storms, and
piercing winds, and chilling frosts, of depre-
catcd paper currency, the over-trading, wild
speculation and ruin, that enshroud the whole
land, might have been saved under the broad
shelter of Mr.. Biddles U. S. Bank. We know Of
no better way to disprove such chimcra, than
by reference to other countries similarly afili cted
and at tho same time with this.
The cry comes so direct by every breeze across
the Atlantic, that England is suffering, if posi-
BILE, more severely than this country that no de-
tail on tha point is necessary. They have a sound
irrational bank" and yet the London Courier, of
April 7, says" The Bank of England has not
at this moment the third part of the treasure
she ought to possess, not single ounce of bull
lion has returned from the continent, to which
was exported during the adverse exchang, of tho
past year above two million sterling showing
conclusively that the currency is still in excess,
and ought to DO diminished"
In conclusion, we would inquire if the recent
failure of twelve first rate houses in Havana, or
the stoppage ofthe opium trade in China, in some
millions of dollars, through system Of ercessire
credits, is chargeabe to the president the trea
sury department ofthe United States,--or, could
have been prevented under cover of Mr.. Biddle's
National Bank, whose promise to pay is now
forfeited If the disease, from our government
having tinkered with the currency was thus
sweeping and extensive, surely the wing of our
National must needs have grown long and broad
to have sheltered all the brood of spectators, so
that even the Hong gentlemen should 20 to the
extent of their ambition on the road to wealth,
without oncountering danger from overwhelming
The truth of the matter s-if the wing party,
SO called, had not this string to harp upon, they
would ind themselves SO completely out of
Sorts as to have nothing with which to accuse
the administration. 1t might DO well for that
party to suspend their fault finding, on that to-
pic, till their favorte institution shall have re-
covered from its specie indisposition.'
Hard times, no doubt, have this year made
their periodical return to every part of the earth,