The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1840-03-14

as the Bank Of the United {
States would have done, had the revenue
been lett with it. Madness ruled the hour:
The whole community was intoxicated
with Imaginary prospects OF realizing I'M
mense fortunes. With the increased rise
of prices began the gigantic speculatlons
in the public domain, the price of which,
being fixed by law, could not partake OF
ihc general rise. TO enlarge the room
for their operations, know not how ma
ny millions fifty, would suppose, at
least, of the public revenue) was sunk in
nurchasing Indian lands, at their fee SIM !
ple price nearly, and removing tribe after
tribe 10 the West, at enormous cost; thus
subiec,ing millions on millions of the
choicest public lands to be seized on by
the keen and greedy speculator. The tide
now swelled with irresistible force. From
the banks the deposites passed by discounts
into the hands of the land spectators;
from them into the hands of the receivers,
and thence to the banks; and again and
again repeating the same circle, and, at
every revolution, passing millions of acres
of the public domain from the people into
the hands of spectators, for worthless
rags. Had this state Of things continued
much longer, every acre Of the public
lands, worth possessing, would have pass
ed from the Government. At this stage
the alarm took place. The revenue was
attempted to be squandered by the widest
extrava gance; resolutions passed this bo-
dy, calling on the Departments to know
how much they could spend, and much
resentment was felt because they could
not spend fast enough. The deposite act
was passed, and the Treasury circular is
sued: but, as far as the currency was con-
cerned, in vain. The explosion followed,
and the banks fell in convulsions, 10 be
resuscilated for a moment, but to fall
again from more deadly stroke, under
which they now lie PROSTATE.
l have now presented, rapidly, the un-
broken chain of events up 10 the. prolific
source of our disasters, and down to the
present time. In addition TO the causes
originating directly in the tariff of 1928,
there were several collateral powerful
ones, which have contributed to the pre-
sent prostrated condition of the currency
and the banks. but which would have been
comparatively harmless of themselves
Among these was the important change in
the character Of the Bank of England, at
the last renewal, about the time our sur
plus revenue began to accumulate, by
which its notes were made a legal tender
in all cases, except between the bank and
its creditors, The obvious effect of this
modification was to diminish the demand
for specie in that great mart Of the world,
and, in consequence, must have tended
powerfully 10 keep the exchange with lis
in an easy condition, while the tide of ciI-
cuation was rapidly rising 10 dangerous
height. But there was another cause
which contributed still more powerfully to
the same result: refer to the great loans
negotiated abroad by States and corpora
tions. 10 these add the operation of
the United States Bank of Pennsylvania,
the direct object Of which, in some Of its
more prominent transactions, was TO pre-
vent the exchange from becoming adverse
to US.
By the operation of these causes COM
bined, the exchanges were kept easy for
years, notwithstanding the vast expansion
Which our circulation had attained, from
the powerful action of the more direct
causes to which l have adverted. The
stroke was delayed, but not avertcd, an!
fell but the heavier and more fatally, be-
cause delayed. And where did it fall,
when it came, most heavily? Where the
measure which caused it originated; on
the heads of its projectors. Behold how
error, folly, and vice, in the ways of an
inscrutable Providence, turn back on thei:
authors.
lis full time for the North, and more
especially for New England, to pause and
ponder. If they would hear the voice Of
one who has ever wished them we'll, l
would say that the renewal of the protec-
tive system would be one of the greatest
calamities that could befall you. What
ever incidental good could be derived from
it, you have already acquired. 1t would, |
if renewed, prove pure, unadulterated |
evil The very reverse is your true poll
cy. The great question for you to decide
is, how to command the foreign market.
tn - L,noa ma RI Of of itspIc is ton scanty