Canton herald. (Canton, Miss.) 1837-1839, 1838-12-26
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appropriations y, = Immediately igaul,ss
! ioftbo ordinary pt. Vic sefeleo, ~ ~ AN
pressing emergency sni much hy -.
dicIng ihnrSpHdIiuh vhvfa the enilfa
and Immediate alg0mp', shmeni ~ lha al.
ictls 10 view ish5t Indispensable.
Whru we call 10 nAnl ihn recent and
estfei+e embaffaasmcnts produced by
excessive issues 81 bank papcf, agafa.
oicl hy INC unforeseen withdrawal Of
much foreign tap''al, and ihe a.. Lable
ateIe.lt -Nrvtr- Trom ths A'-I-'s
button of the susp.u revenue among thu
states ss required by Congress aud con
slider The heavy expenses incurred by M,
removal OF Indian tribes; by the militia.
ny operations Ia Florida; and on account
OF The unusually large appropriation,
made Of the last two annual sessions of
Congress for other objects; we hay,
striking evidence In the prcsen, elRcen,
Stale OF our finances, OF the abundant
resources Of the country TO fulfil an liz
obligations. Nor is II less gratifying to
find tina, the general business Of tho
community, deeply affected as il has been.
IS roylying with additional yigor, cha,.
tened by The lessons Of the past, and ami.
mated by the hopes Of the future. Bv
the curtailmcnt of paper Issues; by cur
blng the sanguine and adventurous spirit
OF speculation; aud by tho honorable
application of all available means 10 tho
iulhment Of obligations, confidence has
been restored both at home aud abroad,
and ease and facility secured to all the
operations of trade,
The agency of the Government in
producing these results, has been as
efficient as is powers and means per.
mltted. By Withholding from tho
States the deposte OF the fourth in.
staIment, and leaving several millions
at long credits with the banks, princi.
palIy IN one section of the country.
'ndmore Immediately beneficial tot;
md, at the same time, aiding the
banks and commercial communities
n othor sections, by postponlng the
payment OF bonds for duties TO the n.
Mount OF between four and FIVE mil.
ions Of dollars; by an issue al Urea.
'ury notes as means TO enable tho
Government TO meet tho consequen.
,es of their indulgencies, but afford.
ne, at the same time facilities for re-.
md exchange; and by stea.
lily declining To employ as general
repositories Of the public revenue, or
'cceiye the notes Of all banks who re.
used ia redeem them with specie; by
hose measures aided by the layora.
BE action Of some Of the banks, and
y the support and cooperation of
lrge portion Of the community, we
ave witnessed an early resumption OF
pecle payments in our great com.
nercial capital, promptly followed in
ilmost every part OF the United
States. This result has been alike
;ulutary 10 the true interests Of agri.
culture, commerce and manufactures;
o public morals, respect for the laws.
md that confidence between man and
nan, which is so essential in all our
The contrast between the suspen-
ion Of 1914 and that Of 1897, is
most striking. The short duration
# the later, the prompt resto alton
# business; the evident benefits re-
,uIting from an adherence by the
government 10 the constitutional
standard Of value, instead Of sane.
ionlng tho suspension by the receipt
Of irredeemabc paper; and the ad.
derived from the large a
mount Of specie introduced into the
country previous to 1887, afford a val
liable illustration Of the true policy
Of the governmental such crisis
Nor can the comparison fail to re,
move the impression that a national
bank is necessary to such eTergen-
cies. Not only were specie pay
/ HNF