Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1840-03-26

tain than this mistake. II is but delusior,
persons have fallen The same arrangement
which now exists in the commercial commune
ty. prevailed when the United States Bank
was in all its power. All who will a:tentively
read the history OF our country, and especially
of the United States Bank must perc i've that
such an institution has lille or no power 10 reg
ulate tie currency. or 10 restore 1t to healthy
condition. when it is dsordercd. We have
recently read some sensible remarks Oh this
subject, in the Boston Morning Post, from
which we extract the sub. .oined.
All the evils t,ai inw brSel trade amtl
every other industrious AMI hnnurahIr oc.
cupalion. arc charged upon the a'lmlnisIra.
tim; and with much gravity. the dtlu'!e'
merchant puts, what he doubles believes
To he. the a>snun,ling imtcrr"saIory y-"wly
is it thai things are ~; times like these did
no, exist when we had an United States
Bank" If he he Young man. The qles-
lion may be tolerated, because he NAV not
have had personal experience OF times
which are past; hui if The enquirer isa man
Of quarter of a ceutury's experience, our
charity mus, then excuse him On the ground
of forsetfulnes,. For The information or
both young aud old, we will quote an ex.
tract from letter of The Cashier of the
United States Branch Bank al Baltimore,
addressed TO the Secretary of the Trea>u-
ry, under date Of February 18th, iS30-Ien
wears ago, when the,U S. Bank was the
great regulator. He says:-
Looking back TO the peace, short
perin.!. fresh in the memory of every man,
the wrelched state of the currency for ille
TWO succeeding years cannot he overlook
ell; The disasters of 1919. which seriorslv
affected the circumstances, properly. and
industry of every district in the Unitc'l
States, will he long reonlected. A sud.
den aud pressing scarcity of money pre-
vailed in thr spring of 1922; numerous au,I
very extensive failures tnnk place AT New
York, Savannah, Charleston AMI New
Orleans. in 1925: there was a convul>inn
among the hanks aud n1her mnnir.l iu>ri-
tutiuns in The State Of New York in lS2G:
the scarcity "t money anon. 'radeis in thai
Sfale, ami eastward. in the winter of S27
and 1928. vas distressing and alarming;
failures of banks in Rhode island, North
Carolina, and amongSt the manufactures
nf New England ANA this State, character
ize the last year; and Intelligence i just
received of the refusal of some of the prin
cipa banks of Georgia tn re Icrn rh"r
nnles in sppcie-a la:nrntahle and rapid
surrrsSinn of evil aud umtoward events.
prrjulciaI ro he progress of productive
industry. and causing halefml rx,en>inn
of embarrassment. Insolvency, litigation.
aud dishonesty. alike Snhv"rsi"e at social
happiness aud morals
What will The merchants say mnw?-
Will they Innbr ih,. truth nr the sr:i'.
menI! If they do. lI,"Yrrn appeal his
tory. The newspapers nf the past vii
prove faithful hi>rnrian Now it mus
he rrcn'lrctcd. rh,t during Ihe whole peri
oil from 1919 10 1890: the u. S. Bank
was '.in it, .lorv," in the frll pos>r>Sinn
Of its powers. an enin>img eniire conG
deuce of the commercial community -
Then. there was no "war nf the govern
nient upon the banks" and III tic close OF
1890. rhe dreadful Andrew Jackson had
been in the presidency only two vea:S.-
Whni, Then. wa>ihe cause of allthe "hale
fi,l extension of embarrassment inSO!vcn
cy, litigation. aud diShone>tlyH Shall
we be termed an enemy of banks. if we
attribute these evils 10 The banking syS.
TENS of the United STATES!
,,.r ,xs .lvsz.,u,Sr. sass.rszzs sx,srasszr..s1r.a