Madison Whig advocate. [volume] (Canton, Miss.) 1839-1841, 1839-09-21

| which furnish this wonderful and llesE1n-
cholv contrast are fresh IN our memory
The recollection OF every honest uaa
forbids that they should be denie3-
Such being the state Of things n 1887,
the effects of which are now severely
felt, and must continue for long time %
be felt. every political doctor has been
endeavoring to account for l. and 70 ap-
PLY a remedy. But. unfortunately foE
the country, that AiaderaHce 70 the pro-
per conduct of the human understanding
so clearly pointed OUT and deprecated b
Locke, and which has even sent many a
victim of the "healing art uncaIled for
into the presence OF his God, has pre-
scented itself as a formidable obstacle 70
the honest application Of salutary rene
dies for political disorders. PrefusIfrs-
party prejudice, IS found busted in stain
ing nearly every account, as wen as re-
mcdy, for the disorders of our currency
with its internal tinge One attributes
them to the removal of the deposI,es-
second, TO the distribution law. third.
10 the specie circular; fourth, 10 over
trading; and others to several or al OF
these causes together, or other causes
Senator in Congress from the STATE
Of Ohio, Il mean Col Allen in a speech
delivered in 1897, to a large assemblage
of the people of that State. declared that
the arrangement of the currency and
pecuniary distress Of the country was to
be ascribed to a principle co-eval with the
existence of our Government: the prin-
ciple Of ariStocracy!ttt According to
the distinction of political parties made
by this loco foco Senator, every one who
Is friendly to banks, whether State or
National, Is an aristocrat; and, on the
contrary, every one who IS opposed to
all banks is a democratic republican,,t,
IL this be the true distinction, a large
majority of the ''sages who toiIed, and
the heroes who bled'' during our Revolu- F
ton to defend the principles Of liberty
of free government, from the grasp of
despotic power would be liable TO the OBJ .
noxious title of "aristocrat.- And IS II
true that the Congress Of 1871. who
the Bank Of North America
that first National Bank, put into opera
ton by the patriotic merchants of PhiIa-
1elphia Ga class whom Gen jackson de-
bounced in 1887 as devoid of patriotism)
that bank which recruited and fed our
diminished and dispirited army and
hereby prevented the total abandonment
If the cause of Independence say Is
t true that that Congress was composed
If aristocrats? Is It true that that noble
,and of Legislators consisted Of men
Who were enemies to democratic govern
nent, or a government by the peOple2 =.
Iad is it, also, true that George Wash n
ngton and James Madison, the 0HIg
residents we have had who gave their %
fficial sanctions to bank charters. were =
nemies to democracy? Where IS the s.
descendant Of the Wings OF -
776, over whose head the Star-spangied
amer has waved its protecting 9gis- =
hose blood does not kindle at the reel -.
Il of a caIumny so foul? And yet such -
ust be their classification if the dis ~,
notion made by Col. Allen, sustained 4,
? Thomas II. Benton, and advocated BY 81,
ebert J. Walker, under the protecting -
ing of Executive favor, be correct. If =,
e four Congresses, of 1871, Of 1871, -
1916, and of 1882, each of which =.
nctioned the establishment of Nation >.
Banks, were aristocratic; if James a.,
ldison was an aristocrat; if even our -
atchless Washington, whose very name N.
a eulogy Of every human virtue was am
aristocrat, then, | am proud to call ,a
yself an aristocrat for |, too, advocate =,
2 establishment Of a National Bank
But what is the opinion Of the first r.
icor of our Government in regard to =.
2 causes of the ruin of the credit and
rrency of the country? In order that
nay not misrepresent him, will let the -.
ragon of modern democracy speak for
nself. In the first message ever com
nicated to Congress by Mr.. Van Blu :.
!, in September 1887, he uses the fol-
7ing language: -
The history of trade in the United fin,
les for the last three or four years, mo,
'rds Inc most convincing evidence that by
present condition is chiefly to be at rrie
'uted to over-action in all the depart ed
nts of business; an over-action deriv- ass
, perhaps, its first impulses from an ges
edent causes, but stimulated to its des- Len
Give consequences by excessive is val
5 of bank paper, and by other facili- the
for the acquisition and enlargement Of
credit W.
was, certainly, not going too far, for bot
people Of the United States to ex- ed
t, that, after he had been elevated to the