Maumee City express. [volume] (Maumee City, Ohio) 1838-184?, 1838-12-15


nostnon;no annronriations not immediately r..
pn;red for the ordinarv public service. q foTTs
an,, ,,rass;n,, ar,srgoncv. md mncbg ~ redu-
cing the d;t,ras yvbara theE entire and
Immediate ascnn, nl;sbrner,s of the, objects In
view is moi ,nd;snansa ble ~ FlfFd FcD
when we cali o7m;ud tho c,recenf and 0ex--
treme embarrassment = nrodpced INV, excessive
Issues Of bank paper, MORA ayated by the unfore-
seen withdrawal, Of much foreion con;taI and
the inevitable derangement aS;s;no from fbssH
distribution ofithe surplus revenue amonr thne
States as required by Congress: 4 and consider
the heavy expenses incurred by the removal of
Indian tribes; BY the military operations n ~ :
Florida: and on account of the unusually laroe, y,
appropriations made at the last two annual
sessions of Congress for other objects we /.
have striking evidence, in the present efficient
state of our finances. ofthe abundant resources
OF the country to fulfil all its obligations. Nor
is it less gratifying to find that the general bu-
siness of the community, deeply affected as It
has been, is revivng with additional yigor,
chastened by the lessons of the past, and ani-
mated by the hopes ofthe future, BY the cur
tailment of paper issues; by curblng the, SAN
guine and adventurous spirit of speculations j.,
and by the honorable application of available
means to the fulfilment of Obligations, conf.
dence has been restored both at home and
broad, and ease and facility secured to all the
operations oftrade.ys, .iafi etri9 ,,pa ur;i9 IN
/, The agency of the Government in producing
these results has been as efficient as its powers
and means permitted. By Withholding from
the States the deposte of the fourth nstalment
and leaving several millions at long credits
with the banks, principally in one section of
the country, and more Immediately beneficial
to it: and, at the same time aiding the banks
and commercial communities in other sections,
by postponing tho payment of bonds for duties
to the amount of between four and FIVE mil
lions of dollars; by an issue of Treasury notes
as means to enable the Government to meet
the consequences of their indulgencies, but at
fording, at the same time, facilities for remit
tance and exchange: and by steadily declin-
ing to employ as general repositories of the
public revenues, or receive the notes of nll
banks which refused TO redeem them with spe-
Gle: by these measures, aided by the favorable
action of some of the banks, and by the sup
port and Cooperation of large portion Of the
community: we have witnessed an early, re-
sumption of specie payments in our great COM
mercia capital promptly followed in almost
every part of the United States. This result
has been alike salutary to the true interests
of fagriculture, commerce, and manufactures;
to public morals, respect to the laws, and that
confidence between man and man which is so
essential in our social relations. ;tr.-o, b,f
The contrast between the suspension of
18 IA and that of 1897 is most striking. The 4
short duration of the latter; the prompt restor-
alton of business: the evident benefits result
ing from an adherence by the Government to
the constitutional standard of value, instead of
sanctioning the suspension by the receipt of
irredeema Bile paper, and the advantages deri-
we'd from the large amount of specie introduced
into the country previous TO 1887, afford VAL,
liable illustration to the true policy oftbe Co
vernment in such a crisis. Nor can the CON-
parison fail TO remove the impression that
a national bank is necessary in such erner-
gencies. Not only were specie payments re-
sumed without it's aid hut exchanges have al
SO been more rapidly restored than when it ex-
listed, thereby. showing that private capital,
enterprise, and prudence are fully adequate to
these ends. On all these points experience
seems to have confirmed the views heretofore
submitted to Congress-, We have been saved
the modification of seeing the distresses of
the community for the third time seized on to ,
Ffasten upon the country SO dangerous an in-s
stitution: and we may also hope that the busi-
ness ofindividuals will hereafter be relieved
from the injurious effects of continued agita-
tion of that disturbing subject. The limited
influence ofa national bank in averting de-
rangement IN the exchanges Of the country,
or in compelling the resumption ofspccie pay
nlents, is now not less apparent than its ten 4
dency to increase inordinate speculation by
sudden expansions aud contractions; its dspo-
sition to create panic and embarrassment for
the promotion of its own designs; its interfe-,
renee with politics; and its far greater power