Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1840-05-28
From the Charleston Patriot.

Ifperchance Gen. Harrison should be
elected Chief Magistrate of the Union, Of
which, however, the possibility every hour
diminishes, and nearly simultaneously with
this event, there should be restoration of
commercial confidence, what credit would
not the Wings take to themselves Tor their
vaccinations. Here they would cxcaim
is triumphant proof of our avermcnt that
the monied and mercantile difficulties into
which the country has latterly been plum
ged are attributable to Mr.. Van. Buren's
administration. An accidental conjunction
of circumstances would be, iu this manner,
adduced as evidence that il exhibited the
necessary connexion of cause and effect
That which the natural operation of
events is gradually cllectirs would be
assigned 10 change of administration
This could have no influence, of course,
with any but those who look beyond the
surface Of things; if it effects The purposes
Of those who employ this sophslry, The
popular delusion would have answered the
ends OF party. There are, however, signs
that the sober sense ofthe people will reiec,
this party logic, and fully vindica,e, if a
little time is allowed for reflection, those
who now administer public affairs. The
mist in which this subject has been cnvclu-
ped is clearing away. The people begin
to see that The Government has had no
agency in plunginS the people into debt
and stimulating the over-sanguine TO
speculation, but, on the country, have en-
deavored to restrain the latter and to keep
the former in the path Of regular industry,
so far as its constitutional power would
admit of interference to check The irregular
action Of individuals and corporations.
The snphisiry that cOnnects the cmbar-
rasmenis and losses Of the country with
the conduct Of The administration is, of
The same complexion as thai with a,tribu-
ted the speculative manai Of 1891 and '35
to the overthrow of The National Bank
1t seems not to DC thaueht of by these
reasoners, tha, the phrenzy of speculation
a, that period was popular movement
vast aud uncomfortable impulse, orisl-
mating in The public mind which neither
Government nor Bank OF any kind could
have restrained. ltseems TO be forgotten
that like The apparment prosperity of Eng
land in 1924, when the administration Of
that day were misled by appearances, in
common with the Bank of England, the
popular movement carried along with it
both bank aud government. Ii seems to be
more especially cast into oblivion that Mr..
Biddlc. deludedby appearances and seek
ing 10 countcr-check The administration in
its attempt 10 control speculation by the
specie circular, contented that the favnra-
BILE state Of the foreign exchange indica.
ted the soundness ofthe currency and that
speculation did NOT exist. How it may
be asked, with such opinions entertained
by the Head ofthe U. s Bank at the peri
od, can it be contended that Mr.. Biddle
would moi Eave been borne on the general
ride-would not have been driven in the
direction which The popular feeling was
then taking, and lent the resources of the
institution over which he presided 10 the
enlargement of the limits of speculation?
AS was the conduct Of the local banks at
that period, so would have been the con-
duct of the Bank ofthe United States al the
same period.
This analogy shows the sophistry of the
argument that would shift from the gov
ernment, those errors Of conduct which
have their source in the people themselves
that would connect the origin of specu-
laton and multiplied pecuniary engage
ments, as we'll as their cure or remedy,
with the administration Of public affairs
Charleston, Patriot.