True American. [volume] (New Orleans [La.]) 1835-18??, 1839-11-20
LOCOEOCO TACTICS.

NSSoASSS SNasos
not indito an article or scrbble paragraph on tho
incidents and politics Of the day, without Juggling
into his lucubratons the U. S. Bank, Pennsylvania
In estimating tho numerical results of the New
York elections. he couples with It what he consi>
ner the explosion of that Bank. The idea of a
bank breaking, tho ruin of cntcrprizng merchants
seems to fill him and his clique with delight. Now
we are no advocates for overgrown banks, excess
sivs banking, or overtrading neither we or the
Wing cause which we advocate, have any into
rest in the U. S. Bank of Pennsylvania nor are
VIC tho advocates of state banking as it now exists
But who produced this state of things? Tho heads
and chiefs of the Locofoco party the self styled
the democratic party, The past and present ad-
mnistratons by interfering and mcddling with
the monicd concern and currency of tho country,
have caused tho confusion and disastrous conso
quences we are now suffering. while the leaders
laugh at our troubles. and dcnounce daily the work
and offspring of their own hands, By making war
upon the National Bank and causing it to close
IFS national existence, the present overgrown sys.
tenn of state banking was brought into operation
General Jackson declared when he removed the
public monies from the u S. Bank to tho State
Bank, that they were safer as repositories of the
public monies than tho United States Bank and
that they conId Furnish better currency. lie On
courcged the states to increase their banking capt.
tai, and held out every Involvement. Tho consc>
qhcnce was this--thut the state banks increased
immediately between 1888 and 1887 from 3l2,
the whole number, to upwards Of 500! Even the
capital ofthe National Bank instead of being with
drawn from banking, only changed its character,
from q National TO Stute Institution. The
consequence has been, excessive over banking and
overtradng and now that the ruinous effects of
all these evils are upon Us, instead of providing
a remedy, tho administration comes forward with
its odious Sub.Trcaslry schomc, to perpctuate
the disastrous effects Of its own wicked and cor
rupt policy, by leaving the people to struggle with
the over grown and unregulatcd system of banking,
while tho government gentry arc 10 have an ex.
elusive Metallic Currency ofthcir own. conidcd to
their exclusive and holy keeping. This is the sum
and substance Of their policy, and if it succeeds,
will cause more distress, and retutd tho progress of
improvement and amclioratons Of the country, in
greater degree than seven years ,oar! But the
Locofo.o editor of the Louisianan, and his con-
frere tho Globe, see no trouble, but what is pro-
duced by the U. S. Bunk Of Pennsylvania it is
their themo from day to day, and from "spring
time md harvest" onward without ccasing Ii is the
raw head and bloody bones that const ntly haunts
tIei: guilty lmaginations, and which they scz,
upon with so much avidi,y to hide the guilty deed.
of the admin stration and the gen erGl government
from the honest indignation t tho people, 1t is
this wicked policy Of tho government, that has
cnused all the distrust ard owls which now uflct
this once prosperous country.