Maumee City express. [volume] (Maumee City, Ohio) 1838-184?, 1839-12-14


much relief from the present pressure.-
The present crisis is one that must be met
it may be postponed, but cannot be avoided
by legislative action. Our foreign deb,
must be paid, not in paper money, but by
our exports, OF in gold and silver. An In :
crease Of paper circulation will not enable
us to pay our foreign debt, while it will in.
duce continuation of excessive importa.
tions by keeping up the high prices for for.
eign goods. Our permanent relief will be
found in the abundant crops of the country.
When they are Brought into market, and
applied to the payment Of our improvident
debts, the difficulties and embarrassments
under which the country is now laboring,
will cease to exist.
To avoid recurrence of these evils, we
must, as nation, import less, and export
more. We must rely more upon our own
resources, and not so much on foreign cap
ltal. Tho credit system must be reformed
and made secure, and brought down to the
necessary business wants of the commu-
nifty. So far as this system is within our
reach, it will be our duty to place it upon q
solid and substantial footing, and restrain
1t within those limits which public policy
and the permanent good of the country re-
quire. Other states will, no doubt, in due
time perceive the necessity Of pursuing a
similar policy. We cannot hope, perhaps,
for an entire reformation of the paper sys-
TEN in the United States, until there is a
separation of the General Government, in
its fiscal action, from banks and bank pa
per. If this should take Place, it will have
a salutary check on the over issues of the
banks, and admonsh them at all times OF
the necessity of keeping up due proper
tion between their circulation and their gold
and silver. The recent demonstrations of
public opinion would seem to leave but lit
Tie room to don5t the speedy passage of this
salu!ary measure into law.
The subject of the currency is one in
which the people at this time very properly
take deep interest, and is entitled to your
calm aud dispassionate consideration. In
growing business community like ours,
sound and stable currency, adapted to the
business habits and wants of the people, is
Of the utmost Importance, and every exer-
ton should lie made to secure this desirable
object. The currency is one of the ne
cessary means of carrying on the commerce
trade and business of the country. When
it becomes deranged-of unsteady and fluc-
tuating va}ue-and either too plenty or too
scarce, every interest in the state is more
or less affected thereby. A standard mea-
sure of value is as essential in community
like ours as fixed and certain standard Of
weights and measures. We are as much
bound, by due regard to sound policy, to
secure the one as the other, by Legislative
provision. The currency, not only Of this,
but of all our sister states, Is principally
composed oil bank paper. 1t has become
in u great degree, the only measure of val
ue by which the price of every thing is fix
ed and regulated. 1t has driven principal
ly all the gold and silver out Of circulation
and usurped the place of the precious me-
tails. The important part that paper mo.
ney is thus made to perform in all the bust
ness transactions of life, and the imprac-
ticability of returning to circulation COM
posed entirely of specie. and the strong
tendency there is towards increasing, in
stead Of diminishing, the quantity OF bank
paper, in many parts of she United States,
impose on the legislature the important du-
ty of regulating and controlling, as far as
possible, paper issues, and guarding the
public against all possible loss, either by the
failure Of banks or depreciation of their
paper. We are admonished of the neces-
sty of this from the history of the past,
and what we see daily transpiring around
us. That base and vitlated currency is
one of the greatest evils with which we
could be afflicted, cannot be doubted by any
one who is capable of appreciating the ben
efi.s of sound and steady circulating me-
dunn. That the present banking system
has filled the country with fuctuating
unsteady, and at times, deprecated cur
rency, is demonstrated by its history for the
last twenty five years. That it has been
occasionally used by men destitute of mo-
raj principle, as a means Of defrauding the
public out of large sums Of money, is e.
qually true. The public has witnessed,
year after year, a perpetuation of these
wrongs by irresponsible corporations, un-
til the policy of permitting them to exist,
has become doubtful question with some,
and the propriety and necessity Of reform
ing them is conceded by all whose judg-
ments are not swayed by interest, or infu-
enced by the party conflicts of the day.
In matter of such great moment to the
public, we should lay aside our party feel
mgs and prejudices, if we have any, and
act alone for the permanent good and pros
perity OF our country, in wgich I'VE all have
an equal stake, and the welfare Of which
we all, no doubt, desire, whatever may be
our party predictions.
The means Of obtaining sound, stable
-l-ar.