The Ohio Democrat and Dover advertiser. [volume] (Canal Dover, Ohio) 1839-1840, 1840-03-13
EXTRACT


EXTRACT
From .Mr.sBuehanan's speech on the
Independent Treasury Biz, IN reply to
Mr. Clay Of Kentucky.
Before Iaddress myselfto the Sem
aIor's arguments, allow me to indulge
in some general observations.
What has been the financial history
OF this country for the last twenty-five
years! can speak with positive knowl
edge upon this subject during The period
OF eighteen years since first came uto
public life II has been history of con
slant vibration of extravagant expan-
sions in The business Of the country,
succeeded by ruinous contrsctions. At.
succ cesslve intervals many Of the best
and most enterprlsing men of the coun-
try have been crushed. They have
fallen victims at the shrine Of the insat>
lated and Unsuitable spirit Of extrava-
giant banking and speculation. Starting
at the extreme point Of depression of one
Of these perIOds, we find that the coun.
try has been glutted with foreign mer-
chandse, and il requires all our efforts
10 pay the debt thus contracted to for
eign nations. Al This crisis the banks
can 90 nothing 10 relieve the people. 10
order to preserve their own existence,
they are compelled 10 contract their
loans ard their issues. In the hour Of
distress, when their assistance is most
needed they eau do nothing for their vo-
taries. Every article SINKS in price,
men are unable TO pay their lebis and
wide spread ruin pervades the land. Do
ring this first year of the cycle, we are
able to import comparatively little for
eign Merchandise, and this affords the
country an opportunity Of recruiting MS
exhausted energies. The next year
the patient begins to recover. Domes-
Tic manufactures flourish IN proporricn
as foreign goods become scarce. TIE
industry and enterprise of our citizens
have been exsrted with energy, and our
productions have liquldaled the foreign
debt. The third year, fair business
10 dune. The coun,rv presents -four.
ishIng appearances; the banks, relieved
from the drains Of specie requ red for
foreign export, begin once more to ex-
pand, and tempt the unwary to their ru-
IN. Property Of all descriptions COM
mands fair price. The fourth or fifth
year the era Of extravagant banking and
speculation returns, again 10 be sue
ceeded BY another ruInous revulsion.
This, Sir, was The history Of the coun
try up till 1887. Since then we have
travelled lbe road 10 ruin much more
rapidly than in former years. Before
that period it had required from three TO
six years to gel up an expansion and its
corresponding explosion. We have
oov Witnessed the astounding fact that
we can pass through all these changes,
and even from one suspension ol spe-
Gle payments 10 another, IN little more
than two years.
II is curious to lobserve with how
much accuracy you can read The ever
changing condition Of this country in
the varied amoant Of our impor tations.
The year 1886 was of vast expansion,
ard produced The explosion and suspen
sion Of specie payments in 1887 Th-
imports we're greatly diminished IN 1887
being less than they had been in 1886,
by nearly fifty millions of dollars. 10
1888, they sunk down 10 twenty
millions lees than they had been in 1887
and neally seventy-seven millions less
than they we're in 1886. In 1889 we
had another expansion; and our imports
were forty.four millions Of dolIaIs great~
or than they had been in 1888, This
expansion preceded the explosion and
suspension of specie payments in The
month Of October last. Thus we have
became such skilluI architects Of ruin,
that single year was sufficient 10 pre-
pare the late explosion.
| There never has existed a nation on
earth, except our own, that could en-
dure such rapid and violent expansions
and contractions. 1t is the buoy ancy o.
you!h-it is the energies Ofour popula.
tvon--ii is the spirit which never quaIlt
7 before difficulties-which enablas us tC
endure such shocks without utter ruin.
| Yes, sir, difference in The amount o
our imports, between tho years 1885,
and 1888, Of seYenty-ssysn millioI