Lexington union. (Lexington, Miss.) 1838-18??, 1840-08-01
LOW PRICES.

Low PRICES.
We can scarcely lay our hands upon a
Wing paper, that we do not see something
said about the depression of produce; and
this IS ascribed to the measures OF Mr..
! Van Buren's Administration; yet with
what justice? Has there never been de-
preston before? Have the Wings forgot
ten the gloomy picture of national and
Individual distress, so wildly drawn by
Mr.. Clay IN 1924? II they have, lie,
hem refresh their memories by reference
to that portion Of il in which he SO elo-
quen,Iy sums up the evils, which we're
then aillicung he country,--in 'the di.
minished exports of native produce; the
depressed and reduced state Of our foreign
navigation; our diminished commerce;
successive unthreshed crops Of grain rcr-
ishing in our barn and barn yards for want
Of market; the alarming elimination OF
the circulating medium; the numerous
bankruptcies, moi limited 10 me trading
classes, but extending to all orders Of So
ciety, an universal complaint Of the rant
Unemployment, and the consequent reduc-
ton Of the WAGES OF LABOR the ravcnous
pursuit after public situations, not for the
sake Of their honors, and the pc Torrance
OF thc;I P~bl;e d.,;es, -, 80 . means oil
private subsistence ~ and finally "ihe
reluctant resort 10 the pcrilous use Of PA
PER MONEY.
Let them also refer to the years 1919
and 1890, when according to memorial
to Congress i:c;H tic Cnumner Or Com
merce of Philadelphia, in April Of the
latter year, the article of flour had declin.
ed IN short time, from twelve dollars per
barrel, to four and half, and every other
species of property had fallen in the same
ruinous proportion.
Farmers, merchants, mechanics and
short, men OF all class.
es shared in the general pecuniary dis.
tress, which at tina, time peryaded our
country. Tho local banks in those sec.
tione where the stock was most severely
felt, were, with scarcely an exception, TO-
tally Frustrated, involving in their fall the
ruin OF thousands who, but a short time
before, had been living in the lancied en-
joyment Of the highest temporary prosper
lty. Let it be remembered, thai the Uni
ted States Bank had a, that time been in
existence some three or four years yet
instead Of lis being hailed as panacea
for the then existing eyiIs-il was regard
ed as the principal engine in bringing a.
bout all the mischief. II had, by its ex-
PansIons, caused the food of speculation
to swa over the land, and when 5y her
laws Of trade it was forced to contrac, lis
issues, the revulsion as matterof course
followed. And this will even be the case,
so long as we rely exclusively as we have
heretofore done, upon what Mr.. Clay call
ed the periIoas use Of paper money.
Rest assured, that the currency Of our
country will never possess that steadiness
OF value so vitality essential to the great
interests Of the,nation, but on the contra
ry will even be liable TO frequent and VIC.
lent fluctuations, while the present vicious
system Of banking is permitted 10 exist
To this cause, and this alone, are 10 be
ascribcd-those sudden and frequert aItera-
lions in the value Of property, which, al
some times, afford the appearance Of the
greatest prosperity and at others, by a
sudden depression Of prices--scenes Of the
deepestgloom and distress. To this cause
is to be attributed also, the sudden reduc.
ton Of the wages Of labor.
The opposition may, and do attribute
these evils to the measures Of government;
yet what agency has the general govern