Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1838-04-07

FACTS ToI Tue fEorLE.-Nhen Gen. jack
son. by his own personal power, broke down tine
U. 5. Bank. because it would no: become his tool,
his followers throughout the L. S, having the
maj ,rity III almost every State in the Union,
set about Incorporating State Banks to
supply ITS place, AMI then urged them TO discount
to the utmost, that the business mcn might not
feel the loss o! the L. 5. Il INK. The country
vas thus flied with bank=,-:ndeed the amount
ii bank capital was trc1lei III l,Ir o. fi"e years
md the cifrcnc. d,i bled Hence the chor-
'n,us specuiations-.!ic suljen rise III the valIe
ptpropcr'v. an! OK. people running md with the .
notion of getting rich IT once without work. The .
fist blow a; the bubble was the Treasury circu-
lar, requiring payments for the public LANDS IN
specie. The gogcrn'Ie t<Gcn Jackson We sholl!
saw " shed to check the sales Of the public ,anS,
an.l III doing ii he undermined the credit Of the
banks b. refusing their bills Then came the
reaction, the banks we're obliged to lessen their
Fiscoun,s,-wani "f conf !cncc siccec led both a,
home and abr"ad. -univcr bankruptcy follow
Cd. Tnc Van Euren men at the banks
. an! Ia: the blame upon thcm--now nothing Will
DO but s?eeic.-Aud suppose had other
than specie Tor Il currency, the effect would be
that as the currency is the medium of exchange,
the measure Of value. property ofall kinds would
&c reduced To about 20 per cent. % It's present
valuc,- the nun who thinks him self worth So.
90. AMI really is 50, would then he worth but
S;i00o- Aul the man who now gets one dollar
for DAYS work word then have to content him
self with trcnty ccats:-and what is Of great inn
portance, the nccessarics of life would not be
duced IN proportion. I'm Europe and Asa, where
they have specie currency, and bank rags
unknown, the poor are very poor, and the rich
very rich.--Evcn IN England the laborIng man
'f.tmi!v does not cat meat more than once week
and in India ''nevor:" there YOU can hire a
nirn t. work hari for YOU all day for two cents
arI find himsclf--wi,h this pittancc he buys
little rice, his only food, and to have three meals
day he must mike one ri them entirely OF the
rater in mhich his rice is boiicd-and SO great is
the deprivation of the poor that in innumerab!c
eases IT constrains even the mother pat her in
FAINT children to death 10 avoid it. specie
rencv then. docs no, make people rich com
Portable. The loco iocos agree now that SOM
, thing is the m1tter5ut the blame is all put up
on the banks Suppose you put the banks all
then the government boards up in its sub-treas
urics all the specie and keep it there to pay ou
: TO the Office hoi!crs.-how shall We who arc
: not Office -holiers get money - pay or :axes2
do the Office holders propose TO reduce thci
= salaries when all kinds of property falls 50 low
a We have heard nothing Of it. They are to be
n paid in specie, and when specie is mlde the on',
Y currency, their salaries will Lc worth at least five
5 times much is they For ms tancc
: Mr.. Van Buren, now gets S2J,OOO-when on
FARMS &c, shall be reduced TO one-tiih the, pres
cnt vaiue by the operations of the government OF
. the currency, Mr. Van BIren's salary will y,
; worth Sl2J 900, because he then buy fv,
j. times many farms it'll his salary as he cal
now. And it is with all the OF her ofiiccho'ders
When the sI3-trcasury scheme is in full operation
the banks will Of course not discount any, becaus,
the government will get all the specie, and thu
banks, not having any specie capital to act upon
C they must stop issuing notcs,--and specie ben
# the only circulation, his salary will be equal t
C five times its present amount We were well G
c nough off nine ten years ago. before Jackson
C Co, set about giving us better currency Ii the
x had .slct well enough alonc,' it would have save
n thousands VIII, ruined and avoided tn
j total loss OF many hundred millions OF public an
d private property.
C Loco FocorsM DERIDIxG THE Authority o
- THE SUrREME COURT.-We have much rcgrc,
o cd to the Bostol Post, forgetting the YER
e elementary prnci piles Of the constitution and dc
&c sccniins 10 the lowest depths of radicallsm an
l. agrarianism, the very names of which, W
a know, it but recently, and Justly rcpudiatec
&C Within 4 very short period, it has asserted doc
trnes totally inconsistent with its past profes
sionS. at with republican institutions. an
4 Loco focoism and yocobinal to the last degree
N We have discovered n more recent proof Of th
c in the following paragraph, the tendency of whic
lie is to overthrow. by encouraging n total dsregar
" Of It's decision. one of the coordinate branche
- of this governmcn:-we mean the supreme j.
:; diciai tribunal of the nation. The Boston Pos
Of the 18th inst. says.
lie '.IHe Supreme Court at Washington has dec
dcd the Mandamus Case against the Postma
ter General, it is said. WE SHOULD LIKE
al KNOW WILL ENFORCE DECIsIoN.'
is The idea intended TO be put forth the pr
III ccdng.is is. that tho SuPre1ne Court possesses Il
;e power enforce its DECISIONS. The mere su.
y gcstion. itself. is DlSORGANIZING AND REV
II, OIUTiONARY. Let that doctrine bat obtai
" credcncc, and what security is there for prope
v "? Aye, more. What security and protectio
or is there for persons and their lives. There won
nj be none! The suggestion alone, tnat the 5,
promo Court possesses no power 10 enforce i
decisions. tends to induce some to the belief, I'll;
&c the highest Judicial tribunal in the land is Inc.
u nonr.tny
OF When ina. last refuge to " hch we can a
r appcacr redress OF gricvanc ss.on grounds
of equity and justice, is scandazed and broke
m down; then farewell TO good order in society
farewell to security OF property. and to the SAT
~ of indiv dual person and life! Let the ids
in 90 abroad. that the Supreme Court Of the Ian
n! exists only in FORM and that any decisions mao
II, I, i,Yoc ,,plor H.,