, 1840-08-08
WHOLE NUMBER 355.

relations, of man, that can elevate without depressing
and equalize without Destroying; the one 10 knoeE-
edge, the other credit. Against both Of them ths
arms of our political opponents are raised in fierce
hostility. For both of these The Wing Psrty u
struggling" t-
Here we are told, on whig authority, that
the Democrats are opposed to credit and the
Wings in favor of it. IL by credit is meant
an e~rtenSive credit system, the accusation IS
true enough. The paragraph shows how
near the hearts of whig politicians, the Cred
1t System is. There are but two 'sgreat NOR
al agents." they say, which can "elevate
without depressing" and CREDIT is one OF
these. By the way, the editor of the "Morn-
ing Mail" had better read Mr.. Biddle's essay
above quoted, and then he may chance to
discover how surely, under the credit sys-
tenn. the depression succeeds the elevation.
What, then, has the administration done to
produce hard times? Jackson issued a spe-
one knows it. 1t checked transportation
in public lands, one of the original causes Of
the present scarcity of money.
But Jackson placed the government de-
posites in the State Banks; and the Banks
were encouraged to discount literally. That.
according 10 Jackson's own opinion at this
moment, was an unwise move. In a latter
to Moses Dawson, dated in the autumn Of
1887, General Jackson, after stating that he
had confidence in the State Banks, at the
time he placed in their vaults the deposites,
adds:
" But was this confidence well founded, and whose
fault is IL that it was noti Let their treachery to
the Government and the people answer. Every day
that the Directors of these backs met at their boards,
they knew their liabilities and their assets to meet
them. They were repeatedly and earnestly cautioned
By the Treasury department not to overissue-thsif
charters prohibited it-their solemn obligations to
the government and the people and every principle
of moral honesty forbade it. Still, in open violation
of all obligations, they suspended specie payments
in a time of profound peace, robbed the treasury of
many millions OF dollars, and cried out at the same
time, that the Treasury was bankrupt"
Our venerable ex-president admits, then,
that his confidence was misplaced. that the
Banks deceived him and violated their obli-
cations to the people. What followsf That
Jackson erred in trusting them; and that, As
soon as he discovered his error, he corrected
it. Can a man do morei Is any administra-
ton perfect. Is it not much TO the credit of
any government, that, as soon as it sees it has
made a false step, it candidly admits that it
has been misled, and Instantly retraces its
steps?
But how, in the meantime, have the op-
position party been acting? So long as Jack
son trusted the Banks, and deposited the
public money 10 their vaults, the wings abus
ed these deposite banks, called them pets,
exclaimed against the power which the Pres
ident exercised in selecting them, and proph-
ecied the losses which might result from en-
ploying them as government depositories.-
This was all very well. But when the Ad-
ministration, profiting by experience, aad
listening to the objections of their opponents,
sought to do way with this pet bank sys-
TEN, when they proposed to deprive the Pres
ident of all power of selection, and to trust
no State bank with the public ~deposites,
what. then, was the course pursued by the
opposition? True to their principle to 60
against the Administration, right or wrong.
they turned round and dstenfed the very
banks they had formerly attacked! While
the State deposite banks had given no proof
that they were unworthy Of trust, the wings
denounced them. As soon as these same
banks really did show their unworthiness, the
wings took them, as it were, TO their bosom;
and have fostered and defended them ever
since. One half the wing papers in the u.
States al this moment, fearing that it is I'M
popular to take a stand for a U. S. Bank) are
advocating that very State Bank deposite
system. which, four years ago, they opposed,
and which has since been tried and found
utterly wanting. Admirable consistency!
Excellent politicians!
The only really strong ground Of ths
why's is n UNITED STATES BANK. When
ever, for the sake Of popularity, they aban.
don that, any tyro in politics can drive them
from their remaining intrenchmsnts. 1t
would have been their wisest policy, even
during the present contest, TO commit them
selves as a Party. and suffer their candidate
10 commit himself, for that great measure at
once.
But to return. What else has the govern
ment done to cause hard times! 1t has pro-
posed. and is about to pass, an Independent
Treasury Bill. But the very objections
made to this bill are, that its tendency is, I
%curtail commercial enterprise and check the
banks. 1t cannot then favor excessive cred.
it or foster over-banking; the great causes,
according to Mr.. Biddle, Of hard times.