The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1840-11-27
From The PhHalclphia LclgCr.

During the Two last years, ana especially during
the very last, the whole country has been ugitaled
by the presidential election. OF one party, the
sole business has been to keep the present admin
isralion in, and of the other, turn it out During
this conflict, most of the ordinary operations of
business have been neglected, and President
making has been each citizens primary concern.
The result being uncertain, some have been afraid
TO engage in new enterprises; others, already en-
gagged, have been afraid to prosecute their business
with due vlgor, and others, terrified by apprchcn
died results, or perpeyed by uncertainties, have
retired from business, to waste time in idlcncsS
till the contest should be decided. At the same
time, millions Of dollars have changed owners
throug gaming upon elections, and millions Of days
have been distracted from useful labor, to listen to
the stump speeches of demngogucs, and millions
more have deem expended in building ,og cabins
and erecting hickory poles in ridiculous degrading
indicating professions, in supplying, soul and
body destroying intemperanoe, in paying stump
orators for preaching treason, and in brbng knaycs
10 commit perjury, and cast fraudulent yotcs.-
Who can calculate the loss of productive indus
try, and the moral degradation which this contest
has produced, If the former has passed over the
land liko whitening si' COCO, the latter has swept
over it like dcsolaliug hurricane. AT least four
years of repose and moral self examination will be
bauchng influence of this election.
But the contest is now at an end: and whatever
be the end the country will be relieved from
great evil. If Mr. Van Buren, be reelected, the
policy of his administration in fnanCe,aS II Is call
ed, will be maintained, and his principal project,
ted 'ndependenl ucasry act'' will continue TO be
the law of the land. The effect of this vii! be 10
compel the insoIvcnt banks to Wiad mp, TO restrain
the solvent banks within safe and legitimate bust
ness, and lhus by preventing expansions and spec
uaton 10 protect the manufacturer and the .7mCri-
can importer against destructive foreign competition
Besides these effects, state stocks will advance III
value; for us the policy Of Mr. Van Burcn's admin
stralon will be opposed to the creation Of stocks,
and this policy will exert an extensive influence
over the states, few or no more stocks will be Gre
atcd, the states will feel the necessity Of preserving
their credit by providing for existing stocks,
and therefore such stocks will augment in
value. If General Harrison be elected the first
effort of his most active parlizaIls will be TO
repeal the "Independcnt Treasury" act, and to
establish National Bank: and the expectation Of
success in these attempts will produce IN immcdi-
ate rise in the value of all stocks and of all proper
" held by spectators at speculative prices.-Ihis
expectation may also lead to greater expansion by
the banks, ana new and extensive enterprises in
business In short, however the question be set
lied, the result will be confidence in the ccraintp
of business the success of Mr. Van Buren, produ-
cling confidence in slow, moderate, and heahful
business, and that of General Harrison confidence
in extensive business, great profits aud unusual
prosperity. Therefore, the country may congrat-
ulatc itself upon the settlement.
| But however high the hopes inspired by the cleo
lion of General Harrison. we will venture 10 pro-
nounce them deusivc and to predict very serious
] :. -,
we should be charged with presenting partisan
views of the case, our reply Il, that the contest
being ended, we can have 10 interests in prescn-
ting any views beyond that which every citizen
ought to feel in the prosperity Of his country; and
that we shall be Judged candidly by all who ARE
not prevented by rabid partisan preludices or d-
rect pecuniary interest, from understanding plain
truth. First, then we say that National Bank
cannot be established secondly, that the 'lndcpcn-
dent Treasury act cannot be repealed; thirdly
that the momeniary expansion and speculation
which the hopes of such measures will produce
Immediately after Gen. lIarrison's election, will be
followed by contraction and rcruisiOp, TO the ru-
in of rash, inconsidera,e, ignoran, merchants, and
the total prostralion of spectators. We offer
these as conjectures founded on present appear
ance. IT they are verified, we shall have spoken
prophecy; if not, we shall have been mistaken,
like millions before u.s.
FRS, then National Bank cannot be created.
The Southern States have generally opposed such
an institution upon constitutional ground, and have
aided in destroying two. Besides this objection,
they urge that national banks, by concentrating
capital and business at the North, promote its pros
perity AT the expense of the South. This was MIR
Calhouns objection in 1928, and in bis mind and
those of his southern phrlisans has probably lost
none of its force New York has combined with
the South to destroy two national banks because
they were located in Pennsylvania, the object Of
New York being monopoly of such an instn-
ton. Reasoning from the past, we say that New
York will support no national bank, unless it he
located in 'Wall street," for we cannot suppose
that after such exerpns 10 destroy national banks
because they were created in other states, New
York will support another without the monopoly.
This would be throwing away the eyeriions Of the
past. Through this combination of the South with
New York, Pennsylvania has lost Two national
banks; and when Pennsylvanians consider the mo-
tive of New York TO their destruction, we cannot
believe that they viii support another, to be oca-
ted IN the latter The contest about national banks
always has been, and ALWAYS will lc, a contest