The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1837-05-12
From the Lynchburg Virginian.
The Causes of the Present Money
Pressure,

a commercial tornado Is again sweeping
over the country, with unequalled violence,
prostratng long established houses, which
were generally deemed safe from the yicssl.
ludes Of trade, While those Of more limited
notoriety have yet succeeded IN escaping
tue fury OF the tempest. Thus far, We are
glad 10 say, the citizens OF this place are
unsca,hed, though the rayageS of the storm
are approaching towards us-a few OF the
Richmond capitalists being numbered among
It's victims, whtle some others are supposed
10 be tolteTing 10 their fall.
As usual, In such times, almost every one
Is gazing on the spread run, and
Specializing upon the causes that have pro.
duced 1t.
Fortunately for the country, there is nc
National Bank now in existence, 10 whose
sudden contraction OF lis previous over.is.
sues the calamity can be attributed, for the
purpose Of securing lis recharler, IN the
midst OF panic oil It's own creation there
is no President TO be turned out, by atirIbut.
Ing 10 his war upon The currency the e.
/ Wis, the existence of which are too fearful.
/ y apparent to be denled-and no asplranl
+ to the successorshlp, who expects TO avail
/ himself vi the public discomfort, produced
+ by the existing calamltles, aud the appre
hensIon OF still greater, 10 reach the height,
OF power. The absence Of these extraneou,
! causes, as well as more eliectual remedy
for the consequences oIihe CONFUSION adlct
is shaking commercial credit TO lis iounda
lions, and puncturing The inflated bladder
that have 50 long cheated the public eye
as with golden visions OF permanent an
progressive prosperity.
What are the probable causes Of this eS
traordluary spectacle Speculation an
oyeriradlng," esclaims one. "Speculailor
drugged to madness, by the OVERT wln
. cup, more fatal than that OF Gree, who
T the banks have pressed TO It's lips, SAYS III
: Plalndealer, a most lnyeterate enemy Of til
L. States Bank. True--but who Gale
these banks INTO existence Is not thel
) great increase IN number and the grea
augmentation of their capitals ascrbabl
exclusively 10 the downfall of the Nations
Bank In 1880, the number OF Banks i
, the United States was $50; nov there ar
, upwards of 500 In 1880, the bankin
capital Of the United States was in roun
numbers, Sl65 100000; now it is $3.50
900, 000ll Thus rapid and extravagar
augmentation of fictitious capital, it will u,
: be denied, is the direct aud inevitable col
: sequence of the downfall of the Unite
States Bank Ii is equally certain that, I
!, longer under the wa,chtul supervision of
= central and controlling power, and each ban
at liberty to regulate lis own issues, the an,
iety to realize large profits, aud the spirit
G rivalry thus engendered, has expanded ii
5 credit system 10 its utmost point Of tension
II until, in the natural course of events, III
/. links begin 10 snap asunder, confidence
destroyed, capitalists hoard ;her means, tn
Z banks, instead of continuing their discounts
J commence curtaling their debts, i" the naiu
Q raj bond of brotherhood is dissolved, an
:, the cry of Save himself who can y is W
5 on every tongue.
!, The wild speculation in the public land
Z is another, and most influential cause,
/ producing the existing pecunlary embarras'
: ments. The following Table of Receipt
$ a, the Treasury, from this source, will sho