Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1840-03-28

hscarrd and we have been shroudcd gloomy NM
rraint. lie say. further. that the Is excessive
ssucs Vt bank paper speculation. and bloaied "a use
,is worisl credit system. lie lodges the guilt on the
sujers Of the banks alone. II is neither just nor
air to hold them alone responsible. and win make u
manifest by showing that they were seduced their
rrross by the Administration
Before The late President (Jscksonl .eizcd the pub
lie money and took il into his own custody ana 1893.
there Was complaint about the currency all the |
People know this. for ALL the Prcssdent himself
in one Of his messages uait,d in declaring i'm sub
.iance il sound. and equal 10 That of any nation
no embarrassment. from this source. in doing business
but contentmen and satisfaction every where. About
this there could be mistake. will any here
attempt TO refu;c the well known facts.
But from that act Of the President. which was the
FIRST movement On reform the currency. 70 this day.
there has boen what the Senator pleased call
pansioo. contraction. and explosion in rnpsd and fear
u succesion crisis upon crisis pressure upon pressure
panic upon panic. have succeeded, l we have reach
el state Uf Suspicion and alarm that has dcrancei
AMI amos, suspended business The storm in its fury
has swept the country and again up-roo,ing
the siseliest and rmcsi and leaving in its track
dreary. dcsolac waste. Its marks TOO deeply
craven. % distinct well defined leave any thing
uncortain-any thing equvocnl. II fell upon with
such whitening energy as to leave doubt when
where, and how II began.
Gentlemen may their ingenuity. they may task
their inventions. discover other of distress
they nay belabor and hold up and cxecraiion
the banks long they please-thcy cannot change
the facts. for they canrot obliicrae history Things
were we'll and every body knows it, till 1899 Then
began the bank reform by the removal Of the deposits
and Then began this rapid series of xpansion con-
traction, and expiosion-hen followed crisis aier cri.
sis-then came the arrangement Of exchanges, and
then the endorsements which have overwhelmed the
conniry-then came too. the nine kundrtd banks of
which the Senator speaks. though he has probably
swelled the number beyond historical truth.
The Senator admits What cannot be denied that
the Administration proposed and carried into effect the
State bank deposite system II was in this place and
BY them that state banks were taken into favor pecd.
and boastingly held out tn the copn'y affordng
better and safer currency. Into them the reve-
nue. put in enormous sums, and they were directed
loan freely upon by the President for the
dation of The People and his pride and pleasure
make known TO US that the public money thus en-.
poyed. instead Of being locked up. striking common
tary upon the present plnn Of vaults aud Safes Mr..
President
The Senator admits that this was the policy Of the
Administration and that the disastrous
predicted by the Opposition have been verified. lie
might have gone further for is truth equally und
niable that this POLICY sowed the seed of nearly or
quite one-half Of the Whole number Of banks-b
tween eight ard mise hundred-and Of more than one
hi oil me capai, mat NJ was The parent OF the
Expansion, contraction and explosion" Of which he
has spoken in terms Of just sevcrty tina, il alike the
parent Of the boated credit system which he alirms
his mate us all gamblers aud that the mad specula
ton which ragged the country and has furnished
them for defamation and dcnunciaton in III re hall
Tar three years past. was bcgotien by H. Such ar,
the ncis and the projectors Of this policy let the
responsibility rest We had ao expansions coniras
tons or explosions for long period that did not fair
ly belong 10 the vii oRs Of trade none that cxcirct
aarm or seriously disturbed public confidence nil we
came 10 this reforming policy; but since then tie pub
ic mind he's scarcely been iranquized. In 1884
came The irst fell sHoop which overturned and bank
ruptcd thousands; and u originated here In '35-6
came the great era Of tank-makng and trad N upor
the public money then accumulated to sixty or seven
~ millions. as merry as remember. which threw the
country into n teverish excl emeat mud even firm
wei-balaneed minds out of their adjustment There
Was rage Tor foriune.making and fortune huntir,s
such as had never teen with .ssed and which nothr
but this policy vas capable OF generating The Sen
aisr might and ought 10 have limited the boaled credit
system that made ALL he nffirms gambers 10 rhi
period and efi the offspring 10 siand beside its parcn
PROOF OF the disasters Of this policy and Of IN,
inihiment OF the predictions Of the Opposition; for o.
together they mus and live together they will in his
Tory; and 40 sophsiry, no ingenuity ever separa
them. While the Senator admits this polcy IN he
long exclusively TO the Admins TRITON and 10 hav
Deem sirenuousy opposed by US. and is melanchol,
Noi'c'i"rHNts p'cucteu ne now pudates 4 as
GUS and We must allow 10 him and his friends What
ever credit belongs TO abandonment of il afler /
had lnerliy exploded. ind Tie mischief WINS accon.
p!ishcc But, air, he md they be reminded ,ba
could n would, read from the messages of ~,
ana iro'a The successive reports of the Scose
iary OF the Treasury language Of exultaon, triupnh
ing in the entire of the policy hoas.,na IL
INC currency was on better footing thun ever tl,a ia,
exchanges were greatly improved and lint ,oo nj IN.
very m"m'n when the bloated credit WIS most CT
pahdeh' md speculation was the mesi rife and rank
Scch was the dclLson that the madn,s =. vxb;rb M,
seizeh muitnudes was uumpcd firth as evidence q
success and general prosperity. The Senator cJco,I,
reasons from false premises when he makes the ank,
INC origin oil our cmbarrassmenis for thov war. o,,
instruments in the hands Of those " no pr, ,eced m,
measures that have made ihcm what they are.
Bot tho Senator goes farther and traces the evils
basks and bank paper England. aud alleges with
out quniIbcaf on thai Gomqhis cause busiEess :tc-c
as badly Parayzed il here; and am not about
70 make an ISSUE upon that POINT. for must hurry ON
10 other matters. he makes an inference however
"mch must notice. He says That 10 hi, cir nm,
see alone We owe our ability TO manufacture goods
= England was hari-money country, our mills and
nnn ers would oil be SILENT but lie pa;er system 81,
- ,e proe Of wages. and con elueniy the price
production That shc send forth her ooods %
cheap as she Otherwise could or 80 ch,so n. The, a..
.aoe IN hard-money countries. whore wages arr lower
hha 90 we Owe our to this folIv, no q. !.
s'ano ON such slppery basis having no foo,hold but
upon an error OF policy. siupidly persisted ni 7 de-
sire 70 DE- informed how tho hardmoney countries IA
hey arc oalied-lfaiy. Spain Holland France and
Gerneny-for ihey have all been pot insp that class
though not with strict historical accuracy stand The
composition OF England, with her bloated cresirs,-
YES how. slr. DO they figure in the compehtoni Who
ns supplied markets and the market. of tho world,
u metallic currency makes production chcapct--f 4,
gives vantage ground TO q cooniry in the general
sound OF trade. bow n il that these nations have moi
long siRce run England out Of our market with rbei,
cheaper goodsl How is il that we draw annually
rom Lhginno TWO fold more Of imports than from eli
the residue Of EUropel Why rs Il that thev esnec;a
france shut their ports against most kinds Of Fur
.'sn goods to protect their own MANUFACTURES, Win
Is me same policy Purvsod elsewherel In these conn.
ies NE hard-money scheme he's had 'ons, h1ll. and
'o'l'ui nio' ono we know the result England. with.
"heimeo them with their composition; and 90 !, !,
wherever trade open to her upon footing Of oou,I