Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1839-11-14
WHO IS RESPONSIBLE FOR THE PRES
ENT CONDITION OF THE BANKING
SYSTEM OF THE UNITED STATESl

The wings have been taxed by the loco-locoi
with the multiplication of state banks, and the
embarrassments which have arisen from an ex
cess of bank issues and consequent overtrud
ing. Let us examine this subject dispassionate
", and in the enquiry let facts speak for them,
selves. For the purpose Of arriving at the
rea causes of the present condition of things
t will be necessary to go back few years.
The party which now controls the destinics
Of the country, came into power on the 4th Of
March, 1929. In 1880 they commenced tn.
war upon the Bank Of tho United States. 10
1888 they seized upon the government depos.
ties, aud distributed them amongst their pei
state banks, and in 1886 the t. S. Bank ceased
TO exist brief examination into the staleOI
the banking system Of the United States, as it
existed at the commencement of the war upon
the national bank, and at the consummation OF
The policy OF the administration in its over
throw, will enable us to solve the question with
which we head this article
The administration justified its assaults upon
the Bank Of the U. S. for these reasons, jamong
Others that The state banks would give 10 the
people a 0cHer currency than they possessed at
that time, and would likewise cqualze ex-
changes more perfectly, and upon better terms
'han that institution did. At the period we
speak oil, 1880, the currency of the U. States
was as perfect as human wisdom could make
H. The notes Of the U. S. Bank we're equiva-
lent to specie every where, and the people
reaPed the reward of their labor in circua-
ton as stable as the precious metals them
selves. AT that period also, there we're in the
united States only three hundred and thirty
nine state banks, with an aggregate capital Of
one hundred and eleven millions of doilars.-
Now mark the effect of the experiment. In
1897 the number Of state banks had swollen.
under the fostering policy Of the adminis,ra.
ton, to eight hundred and tUentvt three with nm
aggregate capital Of three hundred and sepeniv
etgm millions Of dollars Here then, We have
an increase Of four hundred and eighty-Eour in
Inc number OF banks, AND TWO HUNDRED AND
SlxTY-SEvEN MILLIONS OF DOLLARS in the amount
OF their capital, brought about by the action Of
Inc administration, in the short space of seven
years Is not Mr.. Van Buren, and his party,
therefore, responsible for the multiplicity Of
banking institutions, and the consequences that
have flowed from that cause? ~
But let US look into the question Of RESPONSE.
oilIty more narrowly. It will be borne in
nlnd, that from 1896 to 1887, the late presi-
tent was IN the noon and meridian Of his pop
'larIty' The state legislatures were filed
WIN his political Parizans, who followed in
his lead with bIind devotion. This was espe-
''al'y The case in respect to the southern states
indeed IN respect to nearly every state in
ne union, BY those legislatures, then, filed
'"h administration partisanS have all these
BANKS been created The imitation of the cur
'oncy, together with the unnatural stimulus TO
speculation and overttading, was their act and
iced That party, with its chief is RESPONSE
DO 10 The nation for the mschiefs which have