, 1840-10-31

acknowledgements. From this ruiz
came the second national bank, a lame and
lmpotent relief; and in three years from tbs
day OF lis creation, the currency and the
country were worse oil than ever. The
men of 1882 had seen all this. and thew de-
termined to avoid the error of their precur-
sOrs. They determined 10 build mp rs wall
as 10 pull down, and to create rs well rs to
destroy. Trcv determined 10 revive the
constitutional currency. and 10 reform and
strengthen the local banks. This was their
determination, and so avowed from the be-
ginning. The movement, against the nati--
III bank was made early-Several wears be-
fore the expiration of It's charter. and made
early on purpose that the revived currency
might lake the place of that which was 90
I'M out. The preparations for both events
went on together. Tie error IN the gold
Standard VAS corrected. and tha,has already
given Us about thirty millions of dollars in
gold; which * about three times the amount
uf the annual average circulation of the
bunk of the United States. durina the whole
period Of It's existence. The act Of 1919
against the circulation of f0rei-1 silver was
repealed; and that Immediately started the
Mexican and other dollars. and French COINS
INTO general use. and has raised our silver
currency from about twcntv.tn near seventy
millions of dollars. The min, of the United
States WIS branChnd. and sent into the rnld
r. ION of the south. and Ia the CITY of New
Orleans. tie proper place 10 coin for the Great
West. All small Notes. al under twen.v
dollars. were excluded from the receipts
and disbursements ri the Federal Trea>,Ir,.
These foIr measures were taken, aal tlrv
accomplished much: but other measures re-
mT'nri behind t. complete the great object.
On OF these WIS In establish Constitution
ii Treasury for the Federal Government:
aud that has been done. Another WAS 20
suppress all paper money under twenty dol
lars tuv " limit vas one hundrch.) and
tins has been attempted, but il is not vet ac-
c"mp'iShcd. \ third was to supply 4 bank
rupt Laws to bankrupt banks. as it is in Eng
land. AMI every "'hc: country where LAWS.
nnI no'BANKS, govern.
Al the measures fDr the revival OF the
constitutional! currency have been adopted
except Two: and these two may he accom-
piishrd. substantially by the state govern
mnLtS.a ~ w,ll - by the fedora. government.
Let every stat" suppress within rs "wn Inn
it, the cir'mln'inn of all Prpcr under twenty
dollars: ANY State can pass lis banks INTO
the hands of commissioners. To- be wound
M. If IT f,iiS Ia meet is OBLIGATIONS in specie.
Oar ne lsurcs for TIE revival Of the con>'i-
tutinnal currency are 50 far successful that
there is ~ way To CnUnteraCt them except
for the banks IL make suspensions AMI stop
-, ,-prntt. fbnrn - n ID, tyn, 4. err tbnr, T., tnYla
even temporary and Partial distress. but bv
closing their doors. and setting the conmI-
niiv and the government nj defiance. This
they have done twice in three wears; but
without accomplishing their main object.
namely. total rum al the currency and the
re-cStabliShmrnt "f Il national bank. ThcSn
objects have not been accomplished. The
100 millions of specie we have brought into
the country. have sustained prices: the cpn-
duct of the Bank of the United States IA ;
opened the eyes of many of the folly AMI
the danger Of rpaking Il KING BANK in tie
country To rule other banks, and To make AMI
break merchants. and 10 regulate trade and
commerce. and prices of stocks and proper
" according To lis folly or lis wisdom, its
interest or It's caprice.
| repeat ", SAIL VT. ID. tNe currency IS
the great question of the age: it absorbs and
swallows up every other. The democracy
must purify aud protect IT. They must save Ia.
Dor, industry and commerce form the dcpra-
dnrinnS of deprrciarrd paper: they must
stop the banks from Susprnding when they
and rcsuming when they please: they
must reduce corporations as well rs individ-
uals to the suboriiaatIon OF the laws; they
must maintain the specie circulation; they
must do these things. or surrender the rains
of government. both state and federal. They
will lose all powcrif they do not; and, what
is more. they will deserve TO lose II.
Mr.. b. would say Il few words upon the
constitutional Treasury. its nature, object.
and effects; and, first, he would presume
that all the predictions Of its enemies have
been already exploded by the test OF time.
Their predictions were that this measure
to break all banks, TO ruin all prices,
To destroy trade and commerce.. TO absorb
all the specie for the federal Treasury
were their predictions; and what are
the facts? Why, that the constitutional
Treasury has been in operation near four
the premium on specie Is becoming