Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1839-06-20
From the Columbus Argus.
CAUSE OF OUR DISTRESS.

The present state Of the times was foretoIC
years ago by those enlightened and patriotic
statesmen, Clay, Calhoun, Webster, and others
and in the Senate of the United States, they
raised their warning voices against the mac
schemes and Qulxotic experiments ofthe Jack
son Van Buren, administration. and demonstra
ted, fully and clearly, the inevitable and ruin
Gus results Of persisting in them. Their war
nlngs were unheeded, and we are now reapina
the bitter fruits of the acts of headstrong
corrupt, and experimenting government. The
removal Of the deposites from the Bank of the
United States to a league Of State Banks, with
the recommendation TO loan them freely to the
people, and thrustlng into the market millions
of acres of public lands, were acts denounced
by enllvened statesmen as leading directly and
inevitably to an expansion of paper issues by
the State Banks, and consequent speculation,
distress and ruin among the people. 1t is pro-
ttabIe to revert back few years, and to look
over the speeches made in Congress against
these measures Of the administration much
food for reflection may be found in them. In
looking over file papers of 1887, we came
upon the remarks Of Mr. Calhoun, in the SEN
ate, on the subject ofthe letter of Gen. Jackson,
calling him to account for words spoken in
debate on the land bill, which remarks Gen.
Jackson took exceptions to. The extract that
follows is a repetition Of Mr.. Calhoun's re.
marks in the debate referred to:
"lf my memory serves me, opened nv re-
marks when spoke formerly, by stating that
so many, and so subtle were the devices by
which those who were in power could, in these
times, fleece the people, without their knowing
1t, that it was almost enough to make lover
OF his country, despair Of its liberty. | then
stated, that knew of no measure which coull
better illustrate the truth Of this remark than
the one now before US. Its protested object is
to restrict the sales Of public land, in order, as
IS aVowed, TO prevent speculation; and by con.
sequence, the accumulation Of a surplus reyen-
ue in the Treasury. The measure is under.
stood TO be an administration one. then sta
ted that, so far from preventing speculation, it
would, IN TACT, but consummate the greatest
speculation which this country has ever wit.
nessed-a speculation originating in state of
things OF which those in power we're the au-
thors; by which they had profted and which
THIS measure, should it become a law, would
but complete. then asked, what had caused
such an extraordinary demand for public land.
that the sales should have quintupled within
the last three years, and said that 10 answer
TINS question, we must look to the state Of the
currency. That il was owing to the extraor-
binary increase ofbank paper, which had filed
10 repletlon all the channels Of circulation
Inc Secretary had estimated this increase
within that period, from six dollars and fifty
cents per individual, 10 ten dollars. believe
inc increase to be much greater-the effects Of
winch have been to double the price Of every
article which has not been kept down by some
particular cause. In the meantime the price