, 1840-10-10
SOWLING-GREEN, MO. SATURDAY, OCTOBER

NN eho - NAAA hiAAhSt "AihAS 49,
services of the laborer were in constant de-
mand. To reduce these prices and destroy
this market, to produce hard times and charge
their existence upon this administration Of
The General Government, "a the first effort
of the federal politicians. But how was this
to be done! How could so mighty a result
be effected? The instrument, alas, was too
fatally within their grasp. The banking sys-
TEN, with its o%mnipotent control of the busI-
ness, the labor and the prices of the nation,
or means Of its unlimited power over her
money circulation, a power OF 'exPansion
10 day and contraction Tomorrow" was al
ready arTaved in the field, bent OF the de-
struction OF the democratic party, who were
seeking 10 regulate aad reform it. The league
between the banks and the federal politi.
clans was cemented by mutual interests and
mutual hopes of promotion and gain. The
banks demanded of the politicians. that the
spirit Of reform should be crushed, and the
custody of the public revenue given 10 them
for their own purposes OF private specula-
ton. The politicians, in return, required
the aid OF the banks, to overthrow the admin
~istration Of the peoples choice, and crafty
the l~on.ings of their vaulting ambition, for the
high ami prominent places of land. Avarice
and ambition. the desire Of the money and
the thirst FOX office were bonds sufficiently
strong TO unite these leaguers in 4 common
crusade, against the party that supports tie
principle OF equal rights. The banks had
realized immense gains from the use OF the
public moneys, without any corresponding
advantage 10 the people at large.
~ I'll .,,l. ,.Ear ,nl f,r rraatar prN
fits by the alarming privileges and unregu,
lated nature of the banking system. They
had annually drawn from the people Of the
United States, in the shape of interest and
premiums on bank loans and discounts, Z
sum not less than thirty millions Of dollars
This. they had been enabled TO do by theil
privilege OF furnishing the circulating mcdr
UNI OF the country. They were, therefore
very naturally hostile to the Independent
Treasury plan. by which the taxes OF the
people. instead of being surrendered TO tnt
banks for the private advantage OF those IN
stiiutionS. are kept in the constitutions
treasury of the l.. States, Under the contro
of the people themselves. They were alsC
hostile to anv measures. whose tendency
might be to bring into circulation Il create
amount of the precious metals. and thereby
lessen the proportion of bank paper, from
which they derive their gains.
|. is not wonderful therefore, that whcr
they had once resolved TO pursue their Owl
private advantage, without regard 10 IN
public good. they were found willing to max
If necessary, a temporary and partial sacr
flee Of present interest. to secure an increas
f aad perpefuiiy Of privilege. They had mii
messed the powerful effects produced by III
rereated panics and pressures created by tn
! Bank of the L. States, effects which the
vainly supposed the democracy had onl
been able to withstand through The unasSaIi,
bic popularity Of the Hero of y. Ohean:
=, That great man having retired TO the shade
of private life, thew lent a ready and Il WI
ling ear to the belief, that the means who
had proved Insufficient TO overthrow his aC
y, ministration could not fail to PROSTATE tina
: of his successor. They entered therefore
without hesitation. into the plot to defeat tn
: democratic party at the approaching Pres
=. dental election, by a reduction oil price
| and creation of hard times, which were
r be diligently CHARGED upon the admInIstr;
=. ton Of Martin Van Buren. To effect IN
!, object. they commenced a rapid curtallmer
of their circulation about the lst OF Januar,
1889, and. in the course OF the succeedIn
: twelve months. withdrew from the hands
the people over twenty one millions OF ban
> paper money. while the great Institutions
( the east increased the reduction, By tran
!. porting large sums Of specie from the Unite
). States to Great Britain. This curtallmel
e Of the circulating medium is still gong o
and now at the end of n little more than
year and a half, the reduction amounts
I, more than thirty millions of dollars.
But. it is not in a General view OF this Gu
e taiImenr. that the design we have spoke
S OF is most plainly ~discoverable. 1t Is y
o more certainly apparent in the fact, that
those great States in which the results oil Il
coming elections are most important, al
s the issue of which is considered by the o
e position leaders TO be the most doubtful, I
reduction OF the currency has been the me
n sudden and severe. In New York, for
e stance. il amounts to over nine millions
IF dollars: in Connecticut to upwards oil nit
d ST, per cent, in Ohio one half OF the emit
d circulation. Look ut the official documer
n IS ,our state. On The 3Oth day Of ApT