The Ohio Democrat and Dover advertiser. [volume] (Canal Dover, Ohio) 1839-1840, 1840-02-14
ADDRESS
COncluded,

~ 10 SSu S'luout P'oFNSh'Vhp hat
when all individual expends more during
the year, than the amount of his income
he will find himselfin debt upon ma
king final settlement. 1t is equally
true, that when Nation buys more
than it sells,-imports more than ex-
ports, there must be balance Of trade
against it, and that balance must be paid
in money. How stands the case with
usa For several years past, say from
1880 TO 1899, our imports have greatly
exceeded our exports. Ia one year du-
ring that period, 1886, our imports ex-
ceeded our exports, more than sixty
millions; and this excessive importation
was followed by the general bank sus-
pension oflS37. These imported goods
are purchased, to a considerable extent
on credit When brough! to this coun-
try they are sold 10 the retail merchants
on credit; and they again sell them out
to the people on credit. Thus the whole
population become indebted 10 the a.
mount of the excess of imports over ex-
ports, and that debt is due abroad The
time Of payment rolls on, and the for-
eigner demands his money from the
importer; the importer calls upon the
people. The debt must be paid, and as
all our surplus cotton, rice and tobacco,
which are the principal articles exported
are already gone, the balance must be
paid in cash. Bank paper will not do.
That may circulate as money at home,
among ourselves; bu, the Englishman
wants real money-gold and silver. II
he is paid in bank Do,es, he walks inlo
the bank and demands the coin; which
: s Immediately shipped to Europe. This
drain upon tie Eastern banks drives
them into The interior for supply of the
precious metals A run takes place
from the seabord 10 the frontiers. The
banks call upon their debtors for coin
to supply their vaults; and they upon
heir customers; and thus universal
pressure is produced. |, originates in
London, but it extends to every man in
! The United States. If il continne long
& the smonnt due abroad ls very large
, suspension Of specie payments is pro
: Iuced; if,be amount be less, we have
,ut panic, attended with individual dis
ress, sacrifice Of property and bank.
ruplcy, This IS The great leading cause
" ,l all the suffering which has existed IL
!; money matters for the last few years;
, md of all the embarrassment which now
4; .hlic,s the country, There are other
causes which have their influence. The
States aud b INKS of this Union. by 6
most lmprovldenl policy, have involved
hem aeyes ~ debls by the sale OF stock;
yhiGh must remain unpaid for genera.
IONS to come. DEBTS have been cIea,
ed for the purpose OF maklng Interna
Il improvements to procure capital for
! |late aud local banks, and for the pur.
,oee of making iaterna improvements
procure capita for State aud loca
e jankS, and for other purposes. W,
ave borrowed from the English unit
: We can borrow no more; aud the amOun
: # our debt thus created being probably
= not far from two hundred millions, pro-
X iuces an annual drain Of some ten o.
e Twelve millions Of dollars, for the inter
: est. Although we may boast, therefore
II that we have paid off the national debt
: incurred by our Two wars with Grea
Is Britain, yet the country has involved
d itself in new debt OF larger amount
j. that will remain aD incumbrsnoe upol
u US and our posterry, for a century a
I'd least, Is It surprising tina! this balanc
III of trade, resulting from excessive i'm
J. ports, and the constant demand for spe
IN Gle, TO pay 80 large an amount Of inter
y est should cause embarrassment. in OF
l. monied affairs? ....
lp Is there 10 remedy for this evill Tber
Q. is; but il is not to be found in either
3 National Bank, or IN the creation
or more local banks. The Pennsylvan
no Bark Of the U. States, when il had r
D. ceived charter from the State in Il
r winter ofl835.6, was declared by
rd President to be stronger than it ey
cy was, with ils charter from Congress
~ and prepared to be more serviceable
e, trade and commerce, and more usef
n. TO- the people, than it had been bofor
is lfa National bank could relieve u
n, why has not this one done sol v
be know that in the general suspension
he 1887, it wac amoOg the first to suspeu
xt and among the last to resume; al
en-, whilst our own local banks are now pa
on ing specie, that bank lies in ruins, un
z hla 10 meet ita liahilitias, and unRilliI