Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1838-03-17


cepiiOn until the 9th OF the present month in favor
of actual settlers. This measure has produced
many sa!utary consequences. 1t checked the ca
reer Of the Western banks, and gave them add
sional strength in anticipation OF the pressures
which has since pervaded our Eastern as well as
the European commercial cities. By preventing
the expensIon of the credit system. it measurably
cut off the means Of speculation, and retarded its
progress In monopoIiZlng the most valuable Of the
public lands. 1t has tended to the new
States from nonresident proprietorship-on Of
the greatest obstacles to the advancement Of a
new country and the prosperity of an old one 1t
has tended 10 keep open the public lands for entry
by emgrants at Government prices, instead of
their being compelled to purchase of spectators .
at double or treble prices. And it is conveying
into the interior large sums in silver and gold,
there to enter permanently into the currency of
the country, and place it on firmer foundation.
1t is confidently believed that the country will
find, in the motives which induced that order, and
the happy consequences which have ensued, much
to commend and nothing to cond. NM
! 1t is seen he again calls the attention of Con-
gross to the currency of the country, alleges that
II was apparent from the whole context of the
Constitution, well as the history Of the times
that gave birth to it, that it the purpose of
the convention TO establish a currency consisting
of the precious METALS imputes variableness and
Il liability to inordnatc contraction and expansion
to the existing paper system, and denounccS bank
ci,ates himself upon the dangers which have been
obviated by the overthrow of the Bank of the Uni
tee States, but declares that little has been vet
done, except to produce Il salutary change of pub
lie opinion towards restoring to the country the
sound currency prorided for in the Constitution.
will here say, in passing, that all this outcry a.
bout the precious metals, gold, and the constitu-
tona! currency. has been put forth to delude the
People. and to use the precious metals in
, strunent to break down tho banking institutions
Of the States, and to thus pave the way for the
ultimate establishment of great Government
bank. In the present advanced state Of civiliza-
: ton. in the present condition Of the commerce of
the world an! in the actJal rotations of trade and
3 intercourse between the different nations of the
r world, it IS perfectly chimefical t. suppose that
. the currency of .hc United States should consist
: exclusively, principally, OF the precious metals.
C In the quotations w;'h have made from the
& last annual message Of General Jackson. he
speaks OF the extension OF bank credits, and the
! ovcr-,ssucs OF bank paper. III the operations upon
the sales ofpub!ic lands In his message of,he pre-
ccedIng year, the vast amount of those sales had
5 been dwet upon with peculiar completeness as
illustrating thc general prosperity of the country,
AMI proc! OF the wisdom of has admins tratiOll
Bat now that which had been announced as bless
r ing is deprecated a caiamitv.-Now.h his object
2 being 10 assal the banking institutions Of the
states. and to Justify that fatal Treasury ORDER
C which shall hereafter have occasion 10 notice,
) he expresses his apprehension of the danger to
t which NC are exposed of losing the public DO
, main, and getting nothing for it but bank cred
: its He describes mnutcy the circular process
i by which the notes of the banks passed out OF
, those institutions to be employed ia the purchase
OF the pli1lc lands, and returned the form
credits 20 ;ha Government lie torgcts that Mr.. Sc
cretary fancy. to reconcile the people OF the L. >
l. to the daring OF removing the public de-
= postcs, had stimulated the banks the exercise
8 of great libcraiiy in the grant OF loans. He
ct'f
c pu5.,c funds, and the interests of the people gen
c orally, required that these copous issues OF the
! banks should be checked. and that the CONVEX
$ sion of the public Iauds into mere bank credits
l. should be arrested. And his measure TO accom-
:. plish these OF jects that famous Treasury
It der, already aIvefteI to. Let pause for u
e moment, and contemplate the circumstances un
. der which it issued. The principle of the
: order had been proposed and discussed in Con
T. gross Bat one Senator. far Us know, In this
,t branch oithc Legislature. and not solitary
I. member, within my knowledge. in the House o.
10 Representatives in favor OF lt.-And yet, j,
a. about week after the al ournnent of Congress
n tho principle, which met with countcnanct
n from the legislative authority, embodied il
p the form of a Treasury ed!ct, and promulgated
IL under the executive authority to the astonsh
Elent Of the peop.e OF the l. :.
IL Ii we possessed ohe- cv idcncc whatever o
re the hostility of President jackson to the State
G. banks OF the United States, that order would sup
as ply conclusive proof. Bank notes, bank issues
OF bank credits. were diStrustcd and denounced by
ry him. Ia proclaimed to the people that the,
IL were unworthy ofconfiicncc. The Government
III could longer trust in their security. And a
IL moment when the banking operations were eX
N, tended. and stretched to their utmost tension
&c when they were almost all lettering and ready t
ID fall, for the want of that metallic basis whic
lis they ali rested. the Executive Its dis
"a trust issues the Treasury order. and enters tn
by markets for specie, by demand OF an extraordn
r. airy amount to supply the means of purehasin
Is; the public lands 1.-THE sales had continued Il
BY the ratio they had been made during til
" previous year, that s, at about the rate OFF,
les lion per annun,. this unprecedented demand ere
in atcd by Government for specie must have c,
hausted the vaults of most of the banks, and pro
nd duced much sooner the catastrophe which occure
,lv in May last And, what is most extraordinary
pm this wanton demand for specie upon all the bank
re- of the commercial capitals, and In the busy
'as hckiy Peopied portions of the country, tina
les it might be transported into the wilderness, an,
led after having been used in the purchase Of publ