Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1837-07-12

Government. Tho great leading argument used
at the present time, is that the administration
party have broken down tho United States Bank
and created hundreds of other Banking Institu-
tons. To confile the creation of state Banking
Institutions to any one party is illiberal-both
parties and all parties were petitioning for the
charter of new banks throughout the United
and in fact very largo majority of petitioners
for banking privileges, were men who belong to
the opposition party. 1t is an error in ALL
When member of state legislature is entrusted
with petition from his fellow-ctzens, to tho
body of which he Is a member, asking certais,
chartered privileges for the community in which
he resides, he feels It bis duty to use his utmost
influence to procure a satisfactory answer to their
prayers, without paying any regard to inc polit-
ical views Of tho petitioners. The chartering of
so many state Institutions is directly at war with
the great leading principles of our venerable Ex-
President, and Of the principles of tho mass of
that party which. sustained himthrough the stru-
giles Of '32 and 80.
Congress has no power to prevent the states
from chartering banking institutions, so long as
they are not in violation of the Constitution of
the United States. Tho Legislatures of the diff
fcren states have been liberal, and much too lib
eral in granting banking privilegs-tho banks as
matter of course have called specie from circu-
lation, into their vaults, to issue from-they have
abused their charters by over-issuing. In those
times Government lands could bo bought with
bills--the land Offices were crowded-every man
who could borrow money at banks was entering
land--all the best of lands in the western coun-
try was falling into the hands of monopolists and
spectators. An actual settler might search the
woods for weeks before he could find land sui.
ficient to answer his purposes for farm-and
after entering it, he might enjoy the sweet con-
ISOLATION of finding that all the land adjoining
again in eight or ten years, or whenever the inn
provements Of the actual settlers might render
it valuable. Such was the state of things in this
country when bills were receivable at the land
oficcs-which fact must be familiar to every far
mer in this country. General Jackson saw it
he caused the Specie Circular to be ssucd-re-
quring the Government lands to be paid for in
spocic-and what was the effect? The banks
which had issued such immense sums of paper
money were obliged to retain all the specie in
their vaults for their mption-the spectators
could not borrow spocio at six or seven per cent
as they had been in the habit of borrowing paper
moncy-not only that, but they were pressed for
the payment of their notes due the banks-the
money they had borrowed was invested in lands
as yet unproductive-and this state of things has
called capital from tho natural business channels
and, together with various other caus s equally
nleip haGGs ,s5ucced : .'cneral rressuro through
out the United States. -'-'-----~-
That the Wings ofthe present day are taking
advantage of the existing pressure for the further
anco Of their political onds, no one will pretont
to deny. They uscribo tho causes to the genera
government. The specie circular was their hob
by for time, until they found they were contend
ing against too popular mcasuro-and now il
is hushod. r.
We here mako an extract on the subject of tho
'caases Of the Distress" from the Augusta, Geo
Chronicle, one of the most prominent WING pa
pers of the day--and We are willing to acknowl
edge that tho editor is an honest man. The views
which tn, editor takes of. he subject are unfor.
tunately too true:
much has been written and said both
in the bank parlors. the groceries, and bar.
rooms, of the country, touching the CAUSE
OF what is called the present commercial
crisis. Government has been assaed--
the Treasury Circular has been brought
before the bar of public opinion, and has
been condemned. Now, in my humble
opinion, neither the government nor the
treasury circular has been the cause of the
present unparalleled distress, both in this
country and in Europe. What, then, has
been the cause of this gk9at and over
whelming distress? answer, the great
and almost universal cUPrDITY of the Amer
lean and English people, which has in
creased the ,oorst Of all systems, called the
BANKING SYSTEM, having, in too many in
stances, seen in the presidential chair of
these institutions, men unequal to the task
of regulating the currency of this or any
other country--men whom the God of Ma.
turo intended for pop beer and ginger.
bread makers and sellers-men without the
requisite financial education-men so con.
stituted by nature that the lessons of OK.
perience do them no good-men who have
issued their PROMISES TO PAY, in 9th.
er words, their BANK CREDITS, to an
unwarrantable amount, and to those, too,
who were not deserving credit, and cannot
now pay ten cents on dollari
Talk and write as much as we please
about the government and the treasury
circular, they are mol tie cause. The
cause is to be found in the cupidity Of man.
kind and the banking system.
Public meetings are being called in al
most every great commercial city, to ap.
point committees 10 repair to the city of
Westinghouse do what I? To solicit
Martin Van Buren, to do something to al.
leyiaie the great distress of this country
and Europe. IL as all nonsense-aH non.
sense. Although Martin Van Buren, may
be magician enough, still he is not magi-
clan enough to alter the frea laaos of NO.
ture, or the unaltcrablc iaacs of commerce.
With as much propriety might committees
BIO appointed to wait on and solicit Martin
Van Buren, TO stop the progress of trc-
mendous thunder gust or tornado, as to
stop the commercial revolution now going
on in this country and in Europe.
Nothing can stay It's progress. II has