The Ohio Democrat and Dover advertiser. [volume] (Canal Dover, Ohio) 1839-1840, 1840-07-17


regular exchanges, and moderate inter-
est-we have slagnation Of business,
reduced prices, specie unknown in half
the Union, exchanges deranged, and in
terest enormous; and all this the effect
of plan among banks and politicians to
make pressure and distress for the
Presidential election of $40. SIR, all
the evils which we now experience, re-
suit from the vicious part of our banks,
the political and gambling part-which
make suspensions lor their own benefit,
and force and seduce others into them.
The present suspension is for the pres-
ent election, and as such | loresaw and
ioretold it full year before it took
place. 1t took place in October 1889;
in October 1898, foresaw and foretold
it. ln that month, and on the 2oth day
of it, | wro,e thus to a committee Of my
fellow citizens IN 81. Louis who had in-
vited me to public dinner:
"Siuce the veto session of 1882 the
political part OF the banks AMI their Con
with alternate expansions and cOntrac-
tlons OF the paper currency, to make the
people cry out for a national bank; and
they are now. preparing for another con-
vulsion of the same kind.
The suspension of 1887 (Which was
contrived pit ce Of business and one of
The objects Of the distribution law was
fully counted upon to restore the fed
eral party, and its tulelary deity, the
Bank OF the u. States to full power; but
it was made at the wrong time. II
was a master stroke, but wrong timed.
II should have been made in the fourth
instead ofthe first year Of Mr. Van Bu>
ren's administration. Its authors did
their best to make il last until the Dexl
Presidential election; but the Democra-
CIV Of the Union and the New York
banks, forced the resumption; and now
thare is no alternative but 10 make a
new suspension for 1910 tits a bad
chance; but the only chance. They are
dead without II; and accordingly all the
preparations are now in full progress for
that catastrophe. The preliminary steps
are already taken. An expansion of the
paper currency has commenced, to be
followed at the proper time b, sudden
contraction, and tho onsequent stop
+ page of the banks and the general de-
} rangement ofthe business of The coun-
! try.
But the next suspension may not be 90
easy a job as the last The process ol
resumption has developed division
mong the banks. We have seen re-
sumption and a non-resumptlon flag
in The next attempt TO close the vaults,
we shall see suspension and non sus
pension flag. The business banks will
resist the suspension; The political ones
will force it, If they can; and, in this di
vision among themselves, the commu-
nifty and the Jaws will find an auxiliary
III the non suspending banks, which may
enable them 10 frAstrate the machna-
tons of the architects Of mischief
Sir, this Is what ! wrote, bu, not the
whole OF what | wrote in the month OF
October 1888; and the month of Oc;o.
ber 1889, saw it verified to the letter. u
saw the division among the banks, and
the source oE that division in the two
cities of New York and Philadel phia.
1t saw the mistake in point of time cor
rected, and the distress transferred TO The
fourth year Of Mr. Van Buren's admin
istra'ion, which had commenced prema,
tureIy in the first. All this it saw pre-
cisely as ! had written it down twelve
months before. And nowhere we are,
on the eve Of a Presidential election,
with this suspension and all lis evils
bearing upon the country. and intended
TO bear upon it, until The election is over
Bad enough is the stale Of things now!
worse they will be, before the month oI
November is over.
Those who have done these thing.
are able TO continue them; those whc
have made money scarce, and the price
OF labor and produce low, are able tc
, make money still scarcer, and prices
, still lower; and it will suit both their pe'
8 cuniary and political interest 10 contin-
! ue the process of scarcity and reduc,
r ton until after the Presidential election
0 is over. The country may look out fol
9 advertisements that so much will be Civ
= en- for produce, If the election goes on
= way, and so much being the half of tn
other price goes the other. Labo
Q ers may lock out for similar advertise
o ments with respect to their wages; AM
all that is threatened IN the way ofre
Q duction, will be performed. AVaric
}. aud Federalism will rejoice in the dou
= le qualification Of deudiDg the lahore
t and the farmer out Of his vote, st th