The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-19
CONFIDENCE.
From the Globe, Of Ma

From the Globe, Of May 8, 1886
The opposition Senators daily calling on the Go
vernment to do something" to restore confidence and
they are daily doing every thing in their power TO de-
stroy confidence.
The present embarrassmcns Of the country, arise no
doubt, from mpairng the confidence OF the public IN the
sovency Of the mercantile community and IN the crcu-
latng medium of the country But how has this been
impaired and how is 1t TO he restored !!
From the moment Congress met, up to the present
time honorable senators and representatives have been
day by day making speeches to show that the whole
commercial community were on the eve OF bankruptcy
The great object Of this was to show that the Bank oil
the United States necessary and thus to compel Its
re-charter The merchants were generally for the
Bank, and they have joined in the scheme and the
camor.
Is this the way that any expect to restore
confidence! Can the merchants be surprised to hnd
that after FIVE months ncessant exerton they have sue
ceeded in destroying their credit How is the
government restore confidence in the ability OF men
who insist upon it that they ruined, and take so
much pains TO destroy their own credit
The Banks then, alone be expected to make
loans and this they do unless their notes crcu-
late freey-and they will not circulate unless they have
the public confidence. Here again, Senators and lie
representatives. making speeches. not only IN their
places but in the streets and moving resolutions, and
spreading reports to destroy confdenccn the notes oi
the banks. The papers in the commercial cities,
and the merchants themselves are applaudlng these
efforts and exung where bank can be either forced or
coerced stop payment BY this process. the notes OF
the head banks forced back upon them so rapidly,
that they have enough do to take OF themselves
Is it surprising, that under such circumstances, that
they cannot makes oans and that distress and pres
sure are the consequences But the cry is Restore
confidence :" Confidence in what !! IL confidence Is
restored in state banks, they can and will lend freely
and the pressure would soon be relieved. Now who is
to do this Can any measure OF the Government re-
store confidence these institutions, while such detci-
mined and pcrseycring efforts making by the per-
sons most interested them, to destroy confidence =
The public will not be deceived by these loud calls for
something from Government to restore confidence
Every body sees that the men who thus call on, Go
vernment, are at the moment dong all they can
destroy confidence in the only institutions that are
willing to afford immediate relief.
What can
the people gain Can they fail that they have
allowed themselves to become the instruments OF de-
signing men, and that they themselves the first VIC
TINS of that destruction of confidence which many OF
them have contributed largely to produce II they
had taken halt the pans to preserve confidence IN the
local banks, that they have taken to destroy it. they
would now have ready relief at hand These nstu-
tons would then have been enabled 10 discount freely
and the pressure produced by the Bank Of the United
States, would have been Immediately alleviated and
gradually removed Let confidence be now restored to
their notes and they will be able to put an end 10 the
present endorsements And thi confidence only
be restored the by commercial community. Let them
frown upon the attempts that still made to destroy
confidence in these institutions
Such was the judicious and well timed
defence of the local banks, at period when
a political crusade was waging against them by
party strong in numbers, and powerful in re-
sources, and which threatened to break down
their credit, impair public confidence in their
stability, and destroy their acknowledged
utility to the commercial and general bust
ness interests of the country. This defence
was argued to save them from the. danger OF
having their circulation thrown back upon