Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-03-29

pay, which must ultimately fall on the in
dustry and business Of the country. But
this enormous expansion Of the system is
not astonishing; so great is the stimulus up-
piled TO its growth. Ingenious men Of other
ages, devoted themselves in vain 10 discover
tho art of converting the baser motals into
gold aud silver; but we have conferred on
portion of tho community, all art still
hgher-of converting paper to all inieuts
and purposes, into the precious metals; and
ought we to he surprised that an article so
cheap to the manufacturers. and SO dear to
tho rest of the community, should be 50
greatly over supplied, and without any re-
ference TO the Interests, or to the wants of
the community!
II we arc to believe the Scmator from
Virginia, and others on the same side, we
owe almost all onr Improvements and pros.
pcrity To our banking syslcm-and if il
should fall, the age Of barbarism would
again return. had supposed thai the basis
oi our prosperity were Our free institutions:
tho wide spread and fertile regions wc oc
cupy, and the hereditary intelligence and
energy OF the stock. from which we arc
descended; but il seems, That all these .o
Tor nothing, and that the banks arc every
thing. make no war on them. All in
''" "" 80 'hhe tsiO SflNtl
rate from them, which believe TO be in
dispcnsablc, for the reasons have assigned
both now aud formerly. But cannon con '
| cur in attrbu,ing to them our i,nprovc-
mcnts and prosperity. That ,l,ev coptri-
butcd to give Il strong impulse to industry
and enterprise in the early stages of their
operation, doubt NOT. Nothing is more
stimulating than an expanding and dcprc-
cia'ing currency. IL tcrcatcs n tclusyc nm
rcarancc Of prosperity, which puts every
thing i'll motion. Every ono feels as if he.
was growing richer, as prices rise. and ,I,o,
he has II III his power, by foresight and c<
cr,ion, to make his fortune. But il is The
| nature ot stimulus, moral as well as pi,vs;.
| cal, TO excite ut first, and to dcprcss after
| wards. The tlrausht which mt frs, ca,,scv
unnatural excitement and energy is sure to
terminate iii corresponding depression and
weakness; nor is it less certain thar tho
stltn'I1is oi currency, expanding bcyon,l
| lis proper limits, follows the same Iaw
| We have had the cXlIlarHiion. and rho do
! pcssion has succeeded. We have had Tho
pleasure of getting dunk, and now cxpc-
renee the pam of becoming sober. The
good Is gone and the evil has succccJcJ
anI on fair calculation, The latter will no
found to be greater than the former. What
ever impulse tho banking system was cal
culated TO give to our improvement, and
prosperity, has already been given; and tho
reverse effect will hereafter follow. unless
the system should undergo great aud rodi-
cal changes; tho first step towards which.
would he the adoption of the measure pro.
posed by this bill
| have, Mr.. President, finished vba,
intended TO say. have long anticipatcd
The present crisis, but did not expcct lis mr.
rival in my time. When saw its anpronch.
| resolved to do my duty, Jc the consc-
qucccs 10 me " ha. they might, and offer
my thanks TO the Author Of INV beh,r. ,ba,
he has given inc the ,esnlmiinn sse,irSssl rSs-.-s --
! 10 nc mat duty on this great subject.
How tho question will be decided. is mr.
knoW,lcdsed to be doubtful, so nearly arc the
tw"tiouscs supposed to be divided; bur wh,,
ever may be its fate noa. have the mos,
perfect confidence in It's fnal triumph. rho
public attention is reused. The subicc, w;,, iii
nc thoroughly investigated, and invc mn
Tears h" tn" side | support, will prove to be be-
the side of truth, Justice, liberty, civiliza,ion
ana moral and intellectual excellence.