Columbus Democrat., 1840-02-29

t,'ing stale at things, the abundance of commo-
dtres, and the want Of demand Bot tha, would
only prove lha, the effect was produced N another
way, rather than by another cause, Ii these
great and sudden calls for money did not reduce
prices, but pnces fsll, as 81 themselves, to their
natural state. Sul the result /, the same; Tor Ne
perceive that after these new calls for money,
prices could no, be Kept longer at their unnatural
hejgh,
" About the time Of these foreign events, our
own bank sy,lem under went change aud all
all these causes, IN nv view of the subject, con.
CURED to produce the great shock witch took
place m our commercial cnles and through many
pats OF the country. The wear 1919 was a wear
oi upmraus latDutes aud very cousldorl distress
and would have furnished lar better grounds than
exist at pfc,cu, Tor tina, gloomy representation Of
our condition which has been presented. Mr.
Speaker has alluded 20 the strong inclination
which exists, or has existed IN various parts Of
the country, 10 issue paper money, asa proot oi
great existing difficulties. regard II rather as a
very productive cause Of those difficulties; and
the committee wtll not tau 60 observe that there l.,
al tbs moment, much the loudest compliant of
distress precisely where there has been the great.
est attempt 10 relieve q hy systems of paper cred
H. And, uu the other baud, content prosperity
and happiness are most observable IA those paris
ol the country, where there has been tho least
endcsyof to administer tehrl by law In rub
nothing Is SO bauelul, SO utterly rulnous to all
true industry, as interfering with the legal valHc
Of money, or attempting to Alsc atutcaI stlndud,
to supply It's place. Such remedies suI well
the ,pluJ of eNla,agaut speculation, bot they
,l lail
MatN important admissions are here roade by
the Senator from Massachusetts. s'ihc disasters
Of 1921 are plainly attributed hy hun chlci, to
our "ayslems of paper credit and the reaction
upon Il of 1.-THE paper system OF England We
are distinctly told that or paper system had pro
duced here artificial pnccs aud ,NUavuganl
,pecualoni' that the same system IN England
had there communicated au artificial value to
property" and when the shock took place IN
England, pfccs ltlI there aud he "cbangc was
felt in the United States severely, What chiugtl
Why, tha, change and fall Of prices IN England
which the senator distinctly asserted was produced
by chose great and sudden calls for money
arising out of the contraction. OF the English
banks which reacted upon our paper ,yslcnl, aud
finally produced hrfe the same fall Of paces and
catastrophe With which Enghnd was first over
whelmcd Here, then IN tins very speech ol the
Senator from Massachusetts, de-iencd to be rcnd
by mc for different purpose the position of the
Senator from Kentucky Is overlhro~u, aud It i.
shown that, IN 1874 duurg the climax Of the
power Of the National Bank, the then existing
catA~ttoPhe was distinctly at"'h"''d !" 'n' tr'c.
ton upon our paper money and pneo-, produced
by the cu'tmlment Of the Brush Bank, and the
I s 1 -
tall ot pitces INST n lha' Empire hul as 'h'
Senator ltom Massachusetts Is desetHedly me
highest nu'h"nly "'h tue wing parry OF Tue Tn
ion, 5rc'ose possessing 'he greatest lLl'"ec'nal
power uaFe fe"d lhls 'NfNc' tohi ms 'peech
Ia ls2l' 10 prove 'ha' DUNG 'hr existence ana
P'e'ehdeo tepu"'ns power u N'uo""l h"iN'
he admitted 'h'i our P"P" money Y"'m was
me very P'"u"tNo ,"o,' " s'' ""' ''I'' VIZ
uos' h'>' ""f "'n "e 'h'n o'st""e a. '"r
'ety i'l"'u' y" a.. ""e 'nou'uy' d, 'ct'auuI
muhc"' s'a"""u' 7" supply 'hc pa'' ~ "c
"Iegh currency !" introducing ''he tP'th o'
ey'faVag'"l sPg'"''lo"' ana '"PPpe INC very
'l"undh''h' "l h'' hpneS' acqu'S"'on oocR
were the views o. The Senator from MasSachn-
-tlt' 80 l@I4i Su'h were 'he causes !" "h''h ne
a''nho'd inc catastrophe '' ,o'' P'''o", ana o'a
not ihe same causes produce ihe same eject here
)"
/ N The special session III September 1887 IN
/ an humble 'l'f' maze Wy me upon 'nlS nooF' ~
favor o' the Independent feasufy hhl' "'th the
I specie CLAUSE asserted NO following opm'ons
upon this SUBJECT "meh m iu''Lal'oh o' ms lop.
/ &c, "Ili no" tead' - loNo"S' nom mat speeeh
as then published;
fe" The creation o' TINS gent bank power,
/ 10 become ne ally oi the Brush bank and bank.
( e'',ls indeed QUESTION not ohIy nliettR me
/ forms OF our government here, bat question
/ whether these state. 'halib recoionHedi "helhef
/ English bank, and IT'S American hihes, shall rc-
/ guaien our commerce. and ne price oi all our
I products. It's now boldly asked, that England
/ should have vast circulation oi g''d ana sIy'f'
| but that "e should have very li'he SILVER and no
/ gold and substitute bank papef' controlled hy iho
} ,lrar which retains the metals. hat money