Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1837-07-01

sbsh@ .-..;,v and erati:uis. The sns0ss"na'' GU"
[n.aise pssnss 10 very eo'""''' .'...-. :,
$50 49,. that could Pcodse" snst'n'es ~
81. .~.ola;nsd Of by many se''s'0'e ."' I'''
..,. Il bss broksn the peace % NAVY
s".'..,,,ss ,s.scns, who have b'c" e"sased ;"
.s-..-.-.;. dy6ssa, All paved the way
.c,s6j eADssa1
,rx .ruxo~D isDsssa PALLADIUM.
-..cACsEy OF THE Pss1
...;A.e.e the present eosd''" % Jul ."".s' -"
80, =. pssps 70 take - a''i ..
I.esssss, wheshor -. 80, d,,,l,,,h,,
- $500 % do dis, should first dves' our
ss's"" 80. .,.;~l;es asB pastality. After cnicav-
sse go mind into this preparatory stats % ex-
.h;.e,. am eorsrainsd 10 50 back for tive first
s -. Twin. Cause, ~ the removing the deposses
:, s..,-. a.nk wher. Congress had placsd tiism
~. .,smrs Dust into operation other secondary
;.;,. with shs krss produce orc general effect,
As.;n eclssvos make appear. One Of the i'"msd'-
= ,euuv;ng the deposits from the u states Bank,
-s, snss Institutions in its mcans 70 regulate for
49, ;-ss,;e exchange; domestic exchange has been
1900 ass from that time until recently, ~"e" q" eA-
-~, " have entirely ceased BSt tho most awfo'
-,-. .....ou.ueos Of that measure, together with
$3.50. n.ok were yet 70 b. developed. The whole
..T =, eovsrumen,, amounting - about ~ millions
No. ,s,, vas thrown into the local banks, while
..,. ..dsr no restriction responsibility to the
.I .sver,sns cisss by Law or contract whose '"nds
- - tssp and 70 use, without charge This VASE a.
r.e a public rsveSuc was just 50 m"'n eap''a' " a''
lh,dsu a sAsss banks, upon which shey 'oa"ea "' "
,~.A ,apsr without restriction; and governed ." "e' p
80. \. a. -. ,.v, of human nature by which shc rest
r eomuo;sy are aeused, their desire was 70 make 'ne
r,aasss amount profit And willis 50 many inflow I"
At kw ~
.,e r he a. ssass according his god will and pleas
~ h held 10 bis hand the powerful temptation" to the
ssass and sbs people, organize themselves into moneyed
;,su,sioa and copsts with another, who would 80
C,ess in doing bis wi and counting Executive favour
h., uor,;ou ann that the amount Of deposss placed
10 bsis Asspg, nigh, be in proo'o" 10 sh''' Willingness
% serve him. Under Tho appreciation OF these influences
b,ovxbs about by administration, not to be
- sat the banks ssn existence, I'D extend their OPP
srs,o 10 secure their profits, and that others would be
e,.a,sd wish s object which the in fact
70 go less Isl banks speans mp like mushrooms
,s, ss vsso making alsoge. abou. 900 local banks, all
.ssssSg issss and discounts, many Of them IN five
Zines tho Of specie in their vaults; for there
sautay sssssntupon them from any source their
sai Cypress each other, for they all
play game, making the greatest Of prof.
hey could The very existence Of many Of these banks
- the ex,euc bcin.
- me ssusss Of administration, became J" their turn,
aiding bringing about the present state Of things
sss ,oeai banks flooded the country with their paper
rvr,sry ossy became cheap, almost every could OBJ
s Il upon mere nominal security. This sencraseda spir-
i n speculation in every thing that could DO boush: and
~aPsbe aud ysivass land, bcsf pork and grain,
nlizs every An coa iron, lead and gold MINES, and
ssocks Of every dsserpon Tho rapdisy with which all
these things changed hands with profit induced the deal
bid high prices, AMI tho Importer import large
". This whole of consequences leysimatcy and
the result Of the operations Of tho Of the
,dmnisssason But great distress and ruin has up
N country; ami forsoot, by tho sover"ue". ADD
subcsgans, is all charged upon the over trading Of tho
aesrh.nss-sban which nothing ca" be more unjust.
why did merriam. import largely! Because he could
ell largely retail merchant Why did the retail
hoy largely! Because he could sell in the pro-
orsion the eonsmerMoncy plenty in the hands Of
no people, and they disposed crafty their de-
ircs-a 10 law Of human nature But il is said shs I'm
bought than he pay for; and why
pay his demands in Europe, because the west
m souths and southern merchants whom he sold
is gpos have been able their
he Impostes,-aad they have failed do so, from two
Of obaians mo,y, by chs specie circular requiring
,sce payment public lands Under tho influence Of
spirit Of speculation, BY the policy Of the
vsnmcns East West, North and South eagerly
sAins puplic ads, and in order obtain them after
Treasury Ordsr great Of bank paper had
undated The country, sodicnly thrown back upon the
Of the banks md t,s specie drawn ought and
sssd in the Land Offices. Thus the paper currency lay
nd h she banks and the specie lay equally inactive in
I'D sce and tho Pet banks; and the people Left almost
''shous any easency all. This principls
ny ne western, southwestern and southern merchants
sfe unaO's 10 obtain money their engagements
ne eastern merchants. Another was, tho dcrange
'e"s ." the exchange, produced by similar train Of
no lengthy upon the detail Of in this arsi
- oos proceeding from tho (the admnisra-
%" by which The funds they had rendered
"a" any ono suppose IL the western, southwestern and
'a"e" merchants had received payment for the goods
" y" u states paper funds could convert
~ PsPss ~ par, that they would not have been able
meet "s" engagements 10 the Eastern merchants and
Easier" merchants in like manner would have been able
. meet their dues in Europe.
a SPECTATOR.
fOR RICHMOND rALLA piuN. |
1ABVOTERS OF WAYNE COUNTY.
'all"w Cr'1sSs:-At the carncs, solicitation If many
my "'e"ds, have consented r,y name placed A.