Cheraw gazette. [volume] (Cheraw, S.C.) 1835-1838, 1837-01-03

by folly, against the banks in the United
States. Until it was disturbed by the
Government the banking system of the U.
States was at least as good as that of any
other commercial country. What was de-
sired for its perfection was precisely what l
have so long sriven to accomplishing
widen the metallic basis Of the currency by
great infusion of coin into the smaller
channels of circulation. This was in n
gradual and iudicious train Of accomplish
ment. But this miserable foolery about an
exclusive metallic currency is quite as ab-
surd as to discard the steamboats,, and 20
back to polling up the Mississippi. Banks
may ofen err from want of skill, and occa.
sionaly be injurious as steam is, but 1t is
not the less true that the banks this coun.
try have been the great instruments of is
Improvements, and thai. during all the con-
vulSons of the last fifteen years, for every
American bank which has failed, at least
ten Englislrbanks have failed.
So with regard to the lands. For the
last few years the amount OF the sales OF
the public lands has been constant theme
of congratulaton with the Executive. In
the very last message, on the 7th OF Decem-
Der. 1885, he repeats the same strain.
/" Among the evidences Of The increasing
prosperity ofthe country, not the least graft.
| fling is that afforded by The receipts from
the sales Of the public lan':s, achich amount
in the present year to Sll,OOO,OOo. ms
circumstance attests the rapidly cith 'rhtch
agriculture, the first and most important oc'
cupation of man, adrances, and contributes
to the weahA and pocer Of our extended ter.
ritory." In the same message he declares
that "thc circulating medium has been
greatly improved, By the use of the State
, banks it is ascer:ained that all the wants OF
the community in relation TO exchange and
currency are supplied as well as they have
ever been before" Scarcely seven months
elapsc when these pastoral and financial
] visions dissolve into air. Agriculture ceases
, to be :. the first and mos: important occupa-
ton of man." the State banks cease TO be
, the models Of exchange and currency;
r but forth issues the Secretary with decla.
. ration that, to protect the Treasury g from
, frauds, speculation, and monopolics in the
purchase Of public lands" from excessive
bank credits, from ruinous extension OF
bank issues" nothing shall be received Tor
t land but gold and silver.
r Now what an exhibition is this
| The public lands are exposed to public
r auction, the prices reduced in order to en-.
courage sales, and the President stands by
: exuIting at the amount, when suddenly he
, declares that he will permit no specu'a:lons,
and that he will raise the price Of the lands
: bv raising the price Of what alone he will
, receive for them. Now, supposing it true
f that men have bought much land what
, RIGHT has the President to dictate to the cItl-
zens of this country, whether they buy too
, much land or too much broadcloth! They
might be permitted to know and to manage
their own concerns quite rs well as he does,
, leaving the evil, if it be one, to correct itself
by its own excess. If he prohibits the re-
. ceipt Of any thing but specie, to correct
/ land speculations, he may make tine same
, prohibition as to the duties on hardware or
broadeloth, or wines, whenever his pater.
e nal wisdom shall soc us buying too many
shovels, or too many coats, or too much
t champagne, and thus bring the entire in.
, dustry of the country under his control.
These troubles may not, however, be
{ wholly useless, five extract from them two
e prcat lessons. The first is that we can
\ have no permanent financial prosperity
t while the public revenue is separated from
. the business of the country, end committed
, to rash and ignorant politicians, with no
guides but their own passions and Interests.
i have little doubt that the specie order Is
the revenge of the President upon Congress
D for passing the distribution law. | have
, less doub: that this dispersion OF the rcVe-
! rue among multitude of banks was to ad.
? vance the obscure uspirings ofsomc Treas
ury Caesar.
The other lesson is-onc thousand
, times repeated and thousand times forgot
r ten-to disirust all demagogues Of all par
, ties, who profess exclusive love for what
they call the people. Forthe last SIX years
the country has been nearly convulsed by
: efforts to break the mutual dependence OF
ALL classes of citizens-to make the laborcr
regard his employer as his enemy, and to
f array the poor against the rich. These
trashy declaimers have ended by bringing
, the country into condition where its whole
, industry is subject, far more than it ever
was before, to the control of the large CAPT.
talis.s, and where every step tends inevita-
bly to make the rich richer, and the poor
poorer.
! I, ,remains TO speak ofthe remedy ofthesc
evils. They follow obviously the causes
of them. The causes are the injudicious
transfers of the public moneys, and the
Treasury order about specie.
, The first measure of relief, therefore,
| .ho,,LI bo tho ;nstop, reneo1 of the Treasury