The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-19

intrinsic worth, but upon the probable price
which they might accidentally obtain in an
excited market. When speculation was at
its highest tide, the Treasury Order OF the
18th July, 1876 was issued, requiring specie
in payment for public lands. This measure
was intended to check speculation, 10 secure
the government against losses from dePrecia-
ted paper, and infuse SO far as that amount OF
revenue would go larger portion OF metallic
currency into circulation. According TO the
estimate Of the Secretary Of the Treasury, the
whole amount Of specie in circulation did not
exceed twenty-eight millions of dollars. II
is obvious therefore, that if the Government re-
ceived from the land sales the amount est-
mated the last year, tpenty.foar millions out OF
tpenty-eieht in circulation, would have pass
ed through the Land Offices
The cotton crop of the south failed, and
the returns Of the husbandmen OF the north
were small, both in consequence of neglect
and bad season. The term of mercantile
credit had run out--no seasonable returns
were had from their enormous investments.
A heavy foreign debt had accumulated, and
become due. The only alternative seemed
to be run upon the banks for specie or an ex-
tension Of credit, until other remittances could
be made The merchants commencing with
those houses which had made advances To
the cotton growers, failed, and the banks, COM
mencing also in the southwest suspended
| r., In la
interest alone that was involved in specula-
ton, and likely to suffer the consequences OF
revusion Embarrassments of the COM
llercal interests, will always affect every
other interest, because every other interest Is
more or less connected with them. Dis
tress ensued in some of our large cities, which
has been unparalleledinthe commercial history
of this country. Business, in most places,
languished, all enterprise was paralyzed, con-
fdence destroyed, and credit gone. Such
state of things, however, could not long con-
tnue among people of such elasticity and
sagacity as those Of the United States. With
the blessings Of Providence, and the exertons
of productive industry, a short time to settle
balances, and the country would again resume
its healthy and prosperous condition.
But on the one hand, the efforts of treless
opposition, determined to embarrass and. pros
trate the General Government, have highly ex-
aggerated the pictures OF the times, alarmed and
excited the imaginations Of superficial minds,
and doubtless aggravated the disorders we
have cursoriy attempted to depict; careful
| ~ concealing their own agency in the matter
and the true causes of the prevalent embar-
rassmen,s they have endeavored TO fasten the
whole mischief upon the Government, and
turn it to political account. Taking advan-
,age Of public distress and individual suffering,
they have endeavored to weaken the conf
dence of the friends of the administration; and
irving to sow division in their ranks, have
presumed to calculate upon the complete over
throw Of the republican party. Afterpretend-
ing to abandon the ground, we now find them
unmasking their designs, and loudly clamoring
for the resuscitation of an Institution, with pow
crs CO. extensive, if not greater than those Of
the government itself, which the people had
dis tincty and repeatedly voted down.
On the other hand, party, little satisfied
with any thing as it exists living in world
of impracticable theory and abstraction, have
agitated doctrines, which not only tend to in
crease the difficulties under which the coun-
try labors, but threaten the most excellent in
stitutinns with subversion, and even the social
compact with disorganization. The burden
of their camor is, the destruction of the credit
system-a system, truly called, !" the distin-
| gushing feature between despotism and lib
cr,v"--,he lever of Archimedes, which has de-
vcloped our resources, increased our wealth,
established our power-a system with which
we commenced our career nation, with
which we have prospered, upon which we
repose, and to which we owe all we are, and
all we can hope TO be.
Party spirit, thus kept excited, may continue
the disorders of the times, and defer the rcsto-
ration of confidence. But it will not long be
/, thus. The abundant harvests Of the season,
will soon begin to aid in stimulating business
and the lessons of prudence and economy that
people have been practising, will soon enable
the foreign debt to be paid off, and the coun-
try will resume its usual course, chastened
somewhat by its adversilies. In the mean
time, all should exert themselves in propagat-
ing sound principles, in maintaining good faith,
honor and credit, and in promoting harmony
and union.
BA N h l NJ SYST f. NJ.
| The TRUE DOCTRINE.