Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-04-27

mer, and Congress has put il fully in
the power Of the ad minislratioo 20
keep them at work. By On act Of the
last session Of Congress. the sum Of one
million OF dollars NAV be kept at the
min, to supply il with metals; and by
an act Of the previous session. an IN.
limited amount may be transferred 10
the mint and its branches for the s,me
purpose. Thus the supplies Of metal
viii be ample. for IL will be unlimited;
and the public may rest assured, that
the successor TO President Jackson. .he
author Of the letter TO Sherrod Will
Hams. will not suffer the mint and il,
branches to stand idle for wan. of ma
terol to work up
This article. indicating the de,ermi-
nation Of the Administration to con,in-
Ne the gold humbug system. and not
10 repeal the Specie Circular, has add
ed 10 the gloom and distress in New
York, and makes things there look
worse and worse.-.4!cr. Coz.
y !
To give some idea Of the rapid incrca.e If
banking and the excessive expansion Of ,h,
currency in the United State, since the wear
1880. We ssojoin the following statement;
First. There has been an augmen,a-
ton in the number OF banks from $40
TO 627. being an increase OF three hun
died and ffy-sepen. besides one hun
dred and fort, -sir byageA,s.
Secondly. An augmentation in m,
banking capital Of the United States
from Sl45. le3. 20S to 1924. 24O. 292.
being an increase Of upwards Of one
hundred and sersnfy-nine millions. Of
dollars.
Thirdly. An expansion in the circu-
laiion Of bank notes from SOL ,323. s9S
to Siso. 762, 506. being an increase oc
the paper money OF theocountry OF up-
wards Of one hundred and serenity. foi.r
millions OF dollars.
Foarthiy. An augmentation Of the
amount Of deposites. public and private.
from $55. $50, 72S 10 1854 5aI sol
beng an increase OF near ninefy-niae
millions Of dollars. y
Filthy. An extension OF the amount
Of bank loans and discounts from 5000
4ol pa to $3.50. S92, 66l; being an in
crease Of upwards Of three hundred and
ninety millions Of dollars, 4 sum ONLY
twelve millions less than the aggregate
Of the increased capitals. circulation
and deposi,es.
Now who. af:er reading this state
ment. can be astonished at the embar-
rassment under which the countr- ia
laboring. The bright bubble has been
expanding until ithas burst and resoly-
ed itself into thin air. The day of re-.
trbution for this amazing folly has AZ
last come. and we must bear the conse-
quences Of our own senseless impru-
dence.
Who can suppose tor moment that
The business OF the country has at all
kept pace with his hapihg extension
Of what are called commercial faeih-
hes. Even suPposing, what is not az
all conceded however, that the means
or sources Of credit, were not sufficient
Tor the legitimate purposes Of business
SIX years ago. who will maintain. for
one moment. that the resources of the
country have been trebled, or even
doubled. in that short space Of timei-
How have the most obvious principles
of political economy been violated.
how has the experience Of the world
On the subject Of 6n1nce, been scorn-
I'd and defed by our reckless legisla-
ors' They seemed TO think that tho
'ecret Of promoting universal prosper
~. was simply TO create money, by tho
Of banks, when notes
we're TO be scattered over the land on
he wings Of the wind. They did not
'ecollect that there must be a due pro-
portion between the currency Of a
country and its business ope, alton. be-
ween credit md the resources which
I should represent; and that beyond
hat point the first must lead 10 depre-
'iation, the second TO bankruptcy, thro'
destructive reaction. High pnces.
he consequences and symptoms OF that
wild specuIstions. the
esult OF the dangerous facilities of
redit. were mistaken for unusual pros
'erity and spirited and enie rprising
development of the resources Of the
ountry. But the evil day has come
I last, and il is perhaps fortunate that
was no longer retarded. We have
earned lesson by which il IS to be
'oPed. We will long profit, IL we are
Iot absolutely ineorrigible. We will
oi be so apt hereafter to sacrifice every
hing 10 political passion or to trust the
elicaFe. but all important questions
{ finance and cuTreucy. TO the expe-
lmenis Of ignorant projectors, or the
lmpering Of scbeming demsgogues.
All that has been foretold, as 10 the
ofthe destruction Of the
J. s. Bank has been lesrfnlly reslized.
FSsSsrieksbu'g Jg,sns.