The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-10-30

THE CRISIS.

tho just expectations Of those who look 20 the
| public press for information to measures affecting
the general welfare say that the mischief which per-
vades tbs currency and consequently ihs business u
the people, is precisely such predicted BY
the mos, sagacous statesman. at the commencement
Of that war upon credit that overcams. frs, the Ma
,onal Bank. and then tho State banks, and finally,
threatens TO PROSTATE the general prosperity.
The evil that exists and lie causes, arc too obvious
to require any illustration BY argument. and although
its authors deserve At the hands Of the people the
we're apprehension yet this boo,ess il some mode
Of sustaining The country under tbs pressure Of its
ami,iss and Of ultimate relief, be not pointed out.
To do this the nature and extent Of the evil should
be understood in order to Judge Of the efficacy Of the
remedies proposed. The writer does not think il
fair to regard The present suspension in any other light
thaa that " general Suspension Of specie payments
BY all e Banks in The Uaited States Il is true there
is partial appearance Of continuing TO pay in New
York and Boston bot the whole community perceives
that il is by painful effort. and far distressing in
ts effects actual suspension itself Il il plain
that the Government, which ought 10 sympshiIe equal
~ with the people everywhere in the affection its errng
eounses have fastened upon Them is directing its
specie TO favorie banks for party objects' The par
press carries two, il not multitude Of faces upon
this topic. Some Of the Administration papers, more
ultra than the rest in the city Of New York boldly
charge il upon Mr.. Hoyt. who doubtless acts by
thory that he is aiding the weaker institutions in that
city, BY deposits Of the collections from the revenue in
such banks Showing that by this course local stocks
had advanced 10 Is per Is i, to be expected
that this system Of favoritism-ths mode OF admins
.enng the Sabheasary with the speeie clause can fail
to give the greatest ofencei Will the banks Of New
York and New England sacrifice commerce and their
customers BY indirect nay. by direct cossion with
the Executive to build up parzan banks and put down
the country!
The people should know once for all, that with the
tide Of foreign debt--he result Of over buying and
over borowing-tow which is superseded the Government
against credit, it is possible in the nature Of
things, for the banks in any part Of the Union TO main
| tain, at tho utmost, any thing more than q merely
nominal position Of cash payments for their ssues-
Where is the utility Of this mockeryl The mischief 10
now obvious. IL il to be expected that win
recuperate when the currency is Withdrawn: Will the
merchants retrieve their affairs when the Of pro-
scouting their enterprises to any result cut of Il
On the contrary, they nothing ahead but ruinous
sacrifices and irretrievsble ruin. New York is the
great creditor State Tho merchants there well know
that their customers in the Southern and Western
States could, with difficulty, send them six
hundred dollars, when they owed thousand. And
what may they expect that twelve hundred dollars
are demanded for that purpose! And the payment.
too. because Of their own bank restrictions made
douby imperious, and only deferred cost Of one to
three per cent per month! Who, but must know,
that in New York and Boston there an incalcuabe
r. 81, A.
os.entaton Of ability to pay, when, do so. must
parayze the best energies Of the country, and bury in
the deepest Distress half Of their neghbors Isit
wise just for tho banks Of few cities brave the
unequal contest! Do they wish to create distinction,
by effort tina. will end in defeat, while j, begins by
making them odious!
The writer is aware Of the undcserved odium that
hesped upon the banks their former suspension
He is aware too how much the measure presumption
FASTENED, and how premsturcy by the idle clamor
and senseess vituperaon Of the Globe and its satetes
while the action of the Government FIRST caused the
original catastrophe-whlIe too the same causes were
vet acting with all life and vgor perpetuae the mis-.
chief
II is time the American people aroused to the
| contemplation Of the true condition in which they
stand. This then is that condition. They
must do business upon faith, in such curren-
cy the best regulated nonspeeie paying banks can
afford, till their Government shall show some sensible
sympathy with their sufer.ngs by furnishing, permit
ting more adequate and satisfactory substitute
must content themselves their business cut up
and narrowed down less than half its present magn
tude-dismsntling their merchant ships, suspending
their manufactures well Of their public i'm
provements having the modification to their Com
merce pass into foreign ships and themselves depen-
dant upon foreign manufactures. Win you, American
people, rather submit to this degradation, than rally in
support Of those local institutions which by uniting and
supporting each other, aided with your confidence,
may yet contribute most essentially TO sustain and
cherish the successful industry Of the country.
1t is by no means intended by the writer to deny
the fact Of over.adng Of grasping at too much, BY
the Bank Of the United States Of Pennsylvania, but
who can look without execra.on upon the Of the
official organ, in denouncng that Bank as having per-
pctrated deliberate and fraudulent bankruptcy This
charge is, beyond all doubt, false as it is foul and
calumnious II is well known that this bank is no
longer Bank Of the United .Staies, but institution
Of Pennsylvania chartered by that State, shsckled BY
onerous bonuses and weakened by the purchase from
the Government Of its stock in the old bank and by
anticipating, for the accommodation Of the Treasury,
the payment Of its bonds If this bank has ncautiousr
" stepped far in its efforts to relieve the country
from British debtor the moment pressed by the
weight Of the responsibilities it had assumed, added to
the hless conduct oft agents in Paris in protesting
it's bis--wss this time, when il proper even
decent, to denounce this bank, and proclaim to tho
world that its directors company Of swinders
and conspira,ors combined to dcfaud the public Will
generous community suffer these incendary printers
~. a.eaa he they haye instlx drawn nnnn