Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1839-10-31

jeci, will see that the people Of the United
States arc now suffering more evil in pecu-
mary point Of view, than at any former period
Of our history; nll agree in one fact, that il
is caused by the arrangement Of our currcn-
Icy, but all do not agree az 10 the cause Of shs
dersngemont. Some FOR the sake ofpoliticsl
capital arc found ridcning the uiseries Of
their fellow creatures, charging it alI upon,
the Wings and the specolo,ors; with such
apologies for men it would be time lost to
give any explanations. But there nre many
worthy citizens who are seeking after the
true cause and are willing 10 understand il,
for such this article is intended.
The first great cause Of the arrangement
of our currency, wus the removal Of the mon
les Of the United States from the Bank Of
the United States, to the local Banks. This
broke up that great system of exchange,
which for IS cts. on SIO0, would send . re-
mit,ance from Boston to New Orleans, and
from New Orleans 10 Boston. II was sys-
TEN of exchange seldom equallcd and never
excelled; but Gen. Jackson let IN the idea it
was hostile 10 him, and determined upon its
destruction. Tho first act of ignorance and
usurpa,ion produced very general distress
in the country, generally called the first panic
hundreds were ruined by it, and thousands
very seriously crippled but as the Admins
tration wanted to give the people ''soonder
and more uniform currency" and "chcaper
mode Of exchanges" the pet nk.hnn'bug
was recommended, and under tho advice Of
the President upwards Of an hundred local
Banks were chartered for Z" the cxpcriinen mt"
with orders from the old Chief to dispense
their favors literally" This At the South
and West, was just suited to their views Of
speculation. aud, us by magic, towns and vii
aees rose from amid the forest, snd all that
section of the country went on madly to de-
struction; negroes, land, cotton, provisions,
in fact every thing rose TO tho most exorbi-
tant prices, and fund ready mnrkets,--all
this might have passed off with the ruin Of
the speculator and his creditors, in very
short time. This was seen by the Govern
mrnt, and asa precautionary measure the
Z" specie circular" was issued. This il was
hoped would countcruc, the scheme of spccu.
lation at the same time il would pile up gold
astonishingly in the Government Golfers
Bat men acquainted with finance, Of nll po-
lltical parties, saw o different result, and
warned the President Of its inevitable iruirs.
The old Roman, however, though q sound
democrat had never consulted tho feelings or
the interest Of the people, when they clashed
with his sovereign will, persevered in the
charm, conferred with Mr.. Secretary Wood
bury in making his dcpostcs Of the surplus
revenue with the several States. This last
act Of wisdom, was the immediate cause Of
what we know by the second panic a panic
never to be forgotten, making the predictions
u! Clay, Webster, Calhoun and others, lko
events which had passed rather than TO be
cxpcctcd.-A universal suspension followed,
and for once the eyes Of the people were
opened, and they began to visit upon the ad-
ministration their popular Indignation but
just as victory had declared in their favor,
and by one vigorous eff ,rt an investigation
of ;hc abuse 8 and nal administration Of tho
Government could be so early attended to as
to expose the roitcnness of every department,
The great Nullifcr, like Benedict Arnold, sold
himself TO the man, who of al others he had
most cause to despise, and thus, Cor season,
was the Government again secured from the
searching and scorching investigation which,
it is hoped, it con no longer prevent. But to
return, the suspension Of the Banks deprived
the Government. Of its power over the curren-
cy until Congress could be convcned-a spe-
cial session was called, and fuding with
Ca!houn's aid, the wants Of the Government
could be relieved. and tho people left to suf.
fer, Congress voted ten millions Of irredeema-
BILE paper, and returned To their constituents.
With the money thus in their control, ccr-
tain Banks were bought up to make proca-
nation that the "panic" was over. and that
the Government would no longer wnge war
upon the Banks or upon the currency, and
thus to open the way for o premature resump-
ton. The people were again humbuggcd,
they joined in the cry Of resumption, and re-
lnctantly all who saw its effects, wera COM
PEELED to yield.-ln vain did the wisdom of
Clay, Webster, Rivcs, 1almndge, Clarke and
others. again prcdict.-.They were secuted,
the Administration continued to gain, and
recovered its lost ground in spite Of their
lamentations" and Of oil who opposed; and
now again was heard the rcjoicings of the
lovers Of gold, the wisdom of the President
was ex,olled, his Roman firnncss admired,
and all on the eve Of confessing the foolish
ness of Clay and Others, when the present or
third panic was opened upon us, and all their
predictions OEcE MORE realized.
We may now pausc and enquire more par
ticularly into the cause which 20 operated
upon the United States Bank Of Pcnrsy!va.
nin, as TO lead in this suspension. The Co
vcrnment party will have it Wing measure,
and hold them accountable. For one we de-.
ny their right to do so-The Wing party