Liberty advocate., 1839-05-30
LIBERTY, (NII} THURSDAY, MAY 80, 1889.

s::-.ss--=ss- s. ::
is view Of the subject, which very few ofhhe {
advocates whom nave met Win
can look full in the face. They cry out IN.
stantly that the administration plan is TO guard
against a surplus! Then may we not tax them
with most unfair dealing in their argument
when they 90 against the whole state bank de-
posle system, because of The failure ot what is
called the pet bank system, although under Cir
Of management which make 4 a
very unsatisfactory experiment, and under the
Of ah enormous surplus feyenue,i
which have no hesitation in saying would,
with the sub-treasuW in full operation, have
inflicted a wound otJthe body polite, winch It
would have required more than the wisdom OF
ano,ber generation TO heal But The odpocates
of this scheme cannot expect always revenue
exactly proportioned to the cXigeAcles OF gov.
.ornment. Every revenue derivablAE EropF,h The
customs and sales Of pubic lands, Sses tlucAa y
late, aud that too between widely separates nm
Its. Just look TO the history OF our revenue
for the last two or three years. we nave seen
liz rise, and our Golfers filed to plethora; then
n vastly reduced revenue; then comes reVul-
sion in commerce, the sources Oh our revenue
are suddenly dried up, and even the accumula-
ted revenue itself seems, like the ball under
the iuggler's cup, to have disappeared as oy en-.
cbautmcnl. aud cxchequer bills mu be ISSUED
TO discharge the public dues, With these tre'
mcndous fluctuations in the revenue, can con-
re We of no scheme so we'll calculated to keep
the currency of the country IN an eternal see
sarc as the sub-treasury plan 1t Will become
sor, Of h9c1ts p0cus system, which Will produce
endless revolutions in tie condition and own
Icrsbip of the properly ofthe country.
| have some idea OF writing on this subject,
and of irving to show the effect which the
-Ihoarding of specie in the ancient world, and
during the feudal ages of Europe, has produ
ICED. | have no question but the strong DON
system has been one cause OF the frequency o
wars among the anclentS, and among haH c'
4, vilized nations. For boarding. IN time OF peace
= ION The principle have Just explained, w"ol,
, produce a most intoerable pressure, whlci
war would relieve by its rapid disbursement
+, Iort the boarded treasure. The effect produced
during wars, by spending boarded treasure
land by borrowing money to pay troops ah'
procure all the instruments oI war, gehera'e
t Ia deceitlu kind of prosperity, whIch make
, war appcar to be beneficial aud peace dlsa'
sItrous. Sir VIM. Temple, IN his account ol IN
= trade Of Holland, in the 18th century, has des
+. Icribed. in clear and comprehensive manrer
p the general stagnalion in the mercantile woFI
q which Immediately followed the peace OF Wesi
b phalia. similar fall OF prices look place !"
-Iter the peace of Utrecht, in i7l3' ne sam
tIth;ng was observed in Europe alter The genei
d al pacification in 1888, consequent on tle le'
n minaton Of our revolutionary war III III
q same manner, during the coniIhenIenta' wa,
; arainst the French Republic, ana aiterwotu
q aGainst Bonaparte, such an inflated proSperl'
/ Iin he midst of the heaviest expenditures ina
# have ever been known, was observed 10 Eng
- Hand. that even the clear head OF Arthur / ooh
- was deceived by it. In his writings, he boasie
: that war had made England the emporium c
dIihe world. and that "Such a scene OF wcai'
a. and prosperity filled every eye, as the sun DC
" fore had never shone upon.n Pitt saw the DC
n lusiye character Of the prosperity, ana Iore'o'
:, that awful reaction which did ensuc at the 'e
10 minntion of hostities; reaction when iaste
fillmore than twenty years, and brought 90"
- nricos, TO such an extent, as in many instance
=, 10 lessen the incomes and property ol VINO
al classes of society more than one halt men
n in few days, writing to Henry Hai'am' auLn. IN.
n Iof the "Midde Ages" and "Conslllu'ioli"' -
~ tory of England" to ask for some lnIormal''
ii. lon the point to which have been advertIng,
nm II is one of the most curious connected WIN
~. history of nations, and one unfortunately WIN
yoI i, requires deep penetration to deVeope clec
,,rIlv. Few Of the cotemporary historians OF p'
~ noes have known any thing of political ecor
~ - nv. and consequently have not been enabled
,ro trace out the effects flowing from this sys'e
~ No,s. we can only trace out the connection
~ tvnon cause and effect, by an accurate obser'
nCI,on Of all the facts which have come down
I'd us, however scanty they may be. -
"a, lis said by some, that this scheme OF coI'
w. ,ino the revenue in specie, will have tend'
'Lo cv IN check the banks, and consequently
,ho nrevent entirely those yncillatons IN ira
- which will give us redundant roNcnu'
rv wear. and deficient one The next ana 'n"'' !
"a EFFECT will flow from the arlllcia' aeIanu cr
;n,s lied for specie 10 this answer, hfS'' ma
;ng believe the banking system won'a % 'Il ,,
.,59 ,f constant insecurity, which would ei''
~ hrcak the banks or prevent them from attG
,tla ing The great ends otthelr establishment
,ho ,ys ,nust never forget, that all banking depe
,h;s an moral probability, resulting from co
III donce nnnihiIate the latter and the system
~ ,hos Hence one Of the dangers result
~, w., from the LEGISLATION Of hall enlightened men
''o I'd II his subject They are sure to lh
,lnJIthat every restriction, every clog when
lILo dovised should be thrown upon the bar
,n,. not rejecting that when they are mus
',J dnun and tranmeIIed, they cease to prod
,oo1 BIN in the second place, suppose
~ 2 i .lI ,,ond ,pninSt the operations oil