The Ohio Democrat and Dover advertiser. [volume] (Canal Dover, Ohio) 1839-1840, 1840-06-12
THE EVILS OF A REDUNDANT
\ PAPER CURRENCY.

l al LII OOhhCNG1s
AT the commencement Of his admin
lstralion in 1887, Mr.. Van Buren, found
the county excited by the redundancy
ofPaper money, which had produced a
mania Of speculation and overtrading
and consequent dslusiye show of pros,
perity, which bad no other basis than a
system Of credit without bounds or Inn
iiation. The U. s. Bank had, during
the years 1884 and '36, thrown wide
open the foodgates of expansion. and
either allured or coerced the State
'tbSnks to follow iis example under pre-
tence Of administering to the immediate
prosperity Of the country, it scattered
the seeds of future embarrassment and
ruin. The country suddenly becama
bloated with an unwholsome and sick
! ly expansion, and all men not infected
with the madness of the times predicted
that this unnatural growth was but the
foreunner Of incurable weakness and
premature decay.
The lu6lment followed closed on the
heels OF the predicaton. That invari-
able and imperative law of nature, " hich
DEGREES that all violent exci,ements all
overweight efforts, whether of body or
mind shall be speedily followed by sud-
den Prostration, produced its inevitable
consequences. Within less than three
months from the commen cement of Mr..
Van Ruren's administration, and before
he had advised or carried into operation
a single measure that could, in the
slightest degree, operate to produce the
catastophre, more than seven hundred
banks, as ifby one impulse, violated
their charter by suspending specie pay,
ments; and by that means locked up in
their vaulss, and withedld from public
, uses in a legal currency, more than
twenty-seven millions OF accumulated
revenue, the property Of the people.
The Administration, under the d.
rection Of Mr.. Van Buren, and in stric
obedience 10 the laws of the land, refu'
sed to recognise the notes Of these sus
pended institutions as legal currency
though he was menaced, in various
quarters where the Federal Opposition
prevailed, with coercion, violence, ant
blOodshed, unless he violated his oath
end followed the lead Of the banks II
setting the law q, defiance. Foriunatel,
:, for the cause Of morality and jus.ice
the permanent interests of the people
and the sanctity of the laws, Mr. Val
Buren, resisted these threats and disre.
garded these clamors, although STATE
after State whirled around on ito orbit
and deserted for the moment; the ba0ne
of Democracy. He reposed on "th'
sober second thought Of the people,
aod the event justified his reliance OF
their intelligence and integrity.
| He remained at the helm, eteadil,
steering his course by the polar star o.
public faith and national honor. The
result was such as ought 10 fill with
honest exuItatiOn the bosoms of all who
value these as the brightest jewels II
the diadem of The sovereign people. Tht
sacred standard ofvalue, which 10 only
Of secondary importance to the STANDARD
of morality, and constitutes one Of the
great conservators Of human integrity,
was preserved iRviolate by the Govern.
ment, while every where else trodder
under foot. The credit Of the Unitec
States escaped the general wreck o
public confidence; and the interest and
principal every debt were paid in tht
constitutional currency, contemplated
by the fathers of the Revolution.
| This state Of things has ever sine,
continued. In the midst of vast pur'
cbases Of national territory, removals o
whole Indian nalioDs,an expensive war
and projects equally expensive, devised
| by Federal policy, to create necessity
! for new loans, or indirect taxes, and a
the same time, afford pretsxt for 8
charge of extravaganza against Mr. Var
Buren,, the specie standard has still wa
we'd over his head throughout all these
vicissiiudes. Not a single addition
has been made to the burdens Of the
people, and no, single instance Of {
failure promptly 10 meet every demand
public or private, has occurred. Th'
faith Of the Government has been pre-.
served inviolate in the midst of accumu'
lated difficulties, and still triumphs ovel
the reiterated efforts ofa party. which
is every day assailiDg it with unblush'
ing Calumnies and fac.iOus opposition
IMALlGNITY OF THE WHIG PARTY
| That party, while maintaining its 90.
cedenCy in Congress, opposed every
measure calculated TO cid the Admin.
istratiOn in securing the public funds, by
creating new repositories, and enforcing
new penalties against public defaulters