Litchfield enquirer., 1838-03-29
THE NEUTRALITY-SUSPICIOUS..
nnR THE ENQUIRER.

FOR THE ENQUIRER.
M, EditOr-One short year has not elapsed since
the whole administration party were triumphantly
boasng of our national and individual prosperity and
NJ the same time in most ridiculous manner pointing
the finger of scorn at what they pleased to term
the panic speeches Of Henry Clay and others. See,
said they the prosperity of the farmer, the manufac-
turer labor commanding the highest price, money was
never as easily obtained as at the present time Since
Gen. jackson has crushed the monster into the dust,
the State institutions have been able tournsh better
currency, and much easier obtained. What is the p0
pular cry Of the same party at this time "Over uao-
ing, over specializing, and over banking has oro"s'"
wide spread ruin upon our country. Away with your
trash, away with your rag money G Gown with the
oarchout down with tbe manufactur down with
ali monopoes' This leveing policy is the prnclpal
cry the administration party 10 Sst ne Focos
last wear considered the height OF prosperity they
now consider despread ruin Here follows extracts
from, some of the prophetic speeches. OF henry 0Aay
and others:
Mr.. B1NNEY, distinguished Representa-
tive from the city of Philadelphia, thus spoke
in Congress in January, 1884
"Sir, the project of the Secretary OF the
Treasury astonishes met has astonlshed
the country. 1t is here that we find preg-
nant source of the present agony-lt IS IN the
clearly avowed design to bring, second time,
upon this land the curse of an unreguIated,
uncontrolled State Bank paper currency: we are
again to see the drama, which already, IN the
course of the present century, has passed pc
fore us, and closed in ruin. If the project
shall be successful, we are again to see the
paper missiles shooting in every direction
through the country-a arrangement of all
values-a deprecated circulation-a suspen-
sion of specie payments-then further ex-
tension of the same detestable paper-a still
greater depreciation, with failures of traders
and failures of banks in its train-to arrive
at last at the same point from which we de-
parted in 1917. Suffer me to recall to the
recollection of the House few more of the
striking events of that day. The first Bank
of the United States expired in March, 1911.
Between the first of January, 1911, and the
close of the year 1914, more than one hum
bred new banks were established to supply
this more uniform and better currency. For
ten millions of capital called in by that bank,
twenty millions Of capital, so called, were
invested in these. In the place of five and a
half millions, about the amount of circulation
in notes of that bank withdrawn, twenty-five
millions were pushed out. Then came sus-
pension of specie payments, in August and
September, lS14. As an immediate conse-
uuence of this suspension, the circulation OF
the country in the course of fifteen months
increased fifty per cent. or from torty-flve to
sixty-eight millions of dollars and the fruit
of this more uniform currency was the failure
of innumerable traders, mechanics, and even
farmers: of one hundred and sixty five banks,
with capitals amounting to thirty millions OF
dollars; and loss to the United States alone,
in the negotiation of her loans and in the re-
ceipt of bankrupt paper, to an amount eX-
ceeding. four millions of dollars"
HENRY CLAY in the Senate, on the 18th OF
February, 1635-speaking of the measures
pursued by the administration, in regard to the
currency and interfering with the finances
said -
"There being no longer any sentinel at the
head of our banking establishments, to warn
them, by its information and operations, OF
approaching danger, the local institutions
already multiplied to an alarming extent, and
almost daily multiplying, in season of pros
perity will make free and unrestrained ennis
sions. All the channels of circulation viii
become gorged. Property soiH rise estraua
gantly high, and constantly looking up, the temp
tation to purchase ,ciu be irresistible. Inordinatt
speculation ,ciN ensse debts ,ciN be freely contr0c
ted, and When the season Of adrersity comes, az
come nust, the Banks, acting without con.
cert and without guide, obeying the law oil
self-preservation, will all ct the same time
call in their issues the vast number will ex.
aggerate the alarm, and general distress, soide
spread ralin and an explosion of the banking
system or the establishment Of a nsso bank Of III
us. WiU be the ultimate efecis.''
Mr.. CLAYTON, in hisspeech on the Veto o
Gen. jackson, in 1882 said:
9" The loss Of confidence among men, the toto
derangement of that admirable system Of erchar
ges achich is noa0 acknowledged to be better tha
EXISTS in anyother country on the Globe, 0vertrGo
ing and speculation on false capital in every pa,
Of the country, that rapid uctuGtion in the stand
ard of Ualue for money. which like the unsee
pestilence, Withers all the efforts of industry
while the sufferer is in utter ignorance of tn
cause Of his destruction BANKRUPTCIES an
RUIN, at the anticipation of which the hear
sickens, must follow in the long train of evil
which are assuredly before us. Where then
where, then, demand to know, sir, is the re
medy to save U.S."
A Jackson Mans Opinion ofae Sub Urea
surg. Mr.. Smith of Maine, ,Oho is a Member q
Congress.
WASHINGTON, Feb. II.
Dear Sir,-Your letter of the l4th inst Is a
hand. Inreply to your inquiry, do not hes
itate to express it as both my persuasion ant
wish that it would not be possible for the Sub
Treasury Bill to pass the House of Represen
tatives. doubt even that it will get through
the Senate. Ientirely concur in the opiniol
that it will prove one of the most unfortunat,
measures for the country, if it should becom,
a law, that has ever found its way into tn,
administration of our Government. The way
to prevent it from becoming "a law,is for III
people to speak in terms of settled and deter
mined condemnation of it to their Representa-
tiues. Fit becomes law the sin Of it will
rest upon the Representatives OF New Yorl