Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1840-03-27


relieved from the drains Of specie required Tor foreign
export begin once more pand aud temp, the ur. Il
wary To their ruin Property Of all descriptions com
mands far price. The fourth or the fifth year the
era OF eNua'agani banking nud speculation returns,
again 10 be suvcecdcd by aao,heF iuiuous tcVulson
This was the history of the country uphill lest
SINCE then NC nave travelled the rad b ruia mu,h
more rapidly than in former years. Before that prrc
hau required IRON three 10 IN years To gct Up an
cSpaushn aud IT, corresponding c,rlo>:on. We have
now witnessed The astounding fact that puss
st'ough al these changes and even frn ono slspcn.
SION OF specie payments 10 another. IN Lille Than
two wears. b
Il is curious to observe ,,ih how much accuracy
yoI can read the ever changing condi ION ct this
try ~ III varied amount of our iupOriatio,s The
wear 1856 wcs one of vast expulsion. and proluced
ihc cNpiosun and suspcEs on OF specie payments in
/ 1881. The imports were greatly diminished IN 1887
being less Than they hal been la 1886 by nearly Ghy
millions 81 dollars. In 1888 they sank down twVn-
tyscvcn millions less than they had been in 1887.
and nearly scvcnIv-sevcn millions less Than lacy .
were m 1856. In 1889 We had another expansion. ,
and our imports were foriy-four millions of dollars
greater ihan they had been in e3S This expansion
preceded the explosion aud suspension specie pay
mems in the month Of October last Thus we have !
become such skhill architects of ruin, that single
year was sufficient to prepare the late explosion.
Iherc never bas existed n nation earth, except
our own, that could endure such rapid and violent
pansions and conlrac,ions. II is the buoyancy OF
youu-liis The encrgi7s Of our populaon-i l. the
spirit which mover quai's before difiicucs-which en-
ablcs ms 10 endure such shocks without utter ruin
Yes, SIR. difference in the amount of our imports be-
tween the years 1896 and l53S, of seveuty%eycn
millions of dollars is sufficient to excite the asonIsh.
mcnt Of the world
What causes chiefly operated u produce this spec
dy recurrence OF the second explosion and The second
suspension q! specie payments! Three may he men.
toned Ia the frs, place, after the bank suspension
oi 1886, every person who friendly wclrccu-
lated banks. II sCch thing bc possible .nder the pre-.
sent system. arenIy desired that the different State
; Legislatures might impose uron them whole
some restrictions. IL cNpcc,cd thai they would bc
compelled 1" keep certain amount Of specie in their
vaults IN proportion 10 lhcr circulation and dcposjics
that the foundation Of specie basis for our paper cur
rency should he laid by prob bi,ng the circulation
bank notes at the FIRST under the denomination OF cn
ana afterwards under that OF twenty dollars tia, The
amo IL Of jhcir III, idcnIs should be Limited and
above al hat uron the occurcIce Of another spcn-
= SON. their doors should be closed al once and cir
affairs be placed in tho hands Of commissioners The
l. different Legislatures mot Much Indignation WIS cN.
pressed NJ the conduct Of the banks They were sc.
verey thrcIicRed hut al last they proved too ro,
II i for the People Indeed would almost seem a.
n 1t most Of The State Legislatures had convened for 10
e her pgpoSc than 10 eaizs the previous suspension
&c OF specie payments. No Efficient restrictions ver,
e. imposed and the banks thus taught that the,
ar might thereafter so UnpTnshod, unwhipi Of lusticc-
To faImptuy prevc' them from 70 lucing iheir bu
81 s!ess and cura!Hg their profits IN such a manner n,
'd 10 render ihem secure IN the day ofra The, have
io iacn agaiu-l fear agau 10 enoy the same impuni
I'd ty.
'e In The second place, the immense amount Of -.onc,
r loaned 10 many al the England large por
IN ion ct which brought home ia the form OF for
id cgn merchandise, afforded great facilities Tor over
Sc trading. or rather Overlapping
ri AID IN the third place The conduci OF the Bank
" the niiod states greatly tended 10 produce these cN
"a cossiyc mFd.atrons That institution became lh,
y Broker Tor Inc sale OF all Stale bonds in f. rope.
enieaNocd monopolize e entire cotton trade of IN,
H. couuTyi and II drew bills Of exchange ON Eng aut
ne most freely. al Odcraie rates against the proceeds
lie these bonds and of ITS cotton Every temptation VA
thus presented speculuious in foreign mel
"a These three causes combining have occasoncd ,
ne second suspension OF specie payments within Nv,
years Gicr The first and produced thar boled credit
le system from The wreck Of winch country is
Sc deeply suffering.
e. most heartily concnr with The Senator from Ken
d lucky IA ole OF h.s POSITIONS. We certainly produce
IN i"o little and import too much Our expanded credit
Y system = The great cause oi this calamity Coniine II
WhIn safe and reasonable bounds aud this disastrous
"a eHe't Mli IA logger he produced. II in TIC
\ p'eT ct Congress 10 do much towards a conslimrna.
J. Ton 80 desirablo sui we shall do all can aud
J. ic present bill Will exercise influence in RS
y Training the banks from mali cx;rayarani loans and
e emitting extravaganza = uos.
What effect has hs buttca system oc crod, tr,-iu
e eed upon The morals of the country Ia The large
commercial GILES II has converted almost II men of
J! Se,-"ss mo gamblers Where is there now 10 be
found the Cd fashioned "uogling merchant, whose
5 word was good las lond anu M;.o vas content 10
sro"Hch as oar fathers did hy the successive cnd re-.
guar profits Of many years OfPlicnt Industry Such
men were ihc glory AMI pride OF commerce, ami ee.
vailed The character Of their country both M home and
abroad ask, where are they Is not the race al
p most extinct Al now desire grow rich rapidly
ZACH iahcs his chance IN the lottery Of speculation
B. Although there may b. a hundred chances 10, one
against him, each. eagerly intent upon the golden
.F HsF|U .Ha a..
between him and ~ and when he fondy thinks lac is
aboni 10 clutch ~ hc sinks into bankruptcy and ruin
such hIi been the fac Of thousands OF our most enter.
I prising citizens.
il the speculation should prove successful and via tr
golden prize, no matter by what means he may have
acquired his wealth, this clohe. him with honor and
gi9y Money, money, money, conicrs the highest dis
Junction 10 society. The Republican simplicity anG
virtue OF Macon would be subjects Of ridculc in Wall
street. or Chcsnu; street. The highest talents directed
oy lA' pJresi p1irosm moral worth literary and pro.
cssional iamc-In short every quality which ought IN
confer distinction in soccty-sink INTO ins;ruIGconce
when compared with wealth. Money j. equivalent 70
title OF nobility ia our large commercial cities TIN.
s TIE Tee. 81 our crcdi:-sysicn
. We have itcy dcpt.tcd from the economical hnb.
ties and simple virtues 81 our frcflthers Tbcso are
The only slrc iounlliOls u9ln.,yhch our Repub,c,u
institutions can rest The desire Ia make an ostcnja
uous display Oi upd y-acquIrcd wealth has proIuccd
sple1dor und bou.CCss cNprnsa unknown in former
'''S u'It o. 10" more extravaganza IA cur large
commercial cities Than exists many r1rfon offhc yord
which have ever rgru. c-rcpt among the ,,.,I,b,
mobility ofEug!nud. Th1Is Heaven II.. exravaa,ncg
has but partially reached ihc rnounains and ,aIlevs
u ihe inferior The I,o.c there s., for ms their rotc
'ia voice can b. h"arI determined 10 put an end
10 ihis D.'7'ei 'rcdt'.sian. which threatens 10 10.
yo!yc no: o. ter private fortunes BAT heir rol.,.
%. nptr'!cs Ed fI.n
Ailtr ihc royuls..u u lSJ1-l1cr Tie bank hal
blown up, and iol iIc Government without n dollar
The President .ulua % necessary 90 convene Co1r,r
u then became Indispensable 20 take new departure
lhe course which ought io hc prrslgd was ihe qucs
ton. Tho banks lad befIavcd our frr.,. do L,l
con ,crrt OR m1ncy into RAGS hy usqccirs nfrbr,,y
90" voy rfre-f' of ,.ai which was attempted In for.
mor fines, pi converting basCT Ihinss I~f,ry,d III,
President then recommended an n5.ulute divorce be-,
tween ta1s nd state. 1ud lis political friends T.. Com
grcs. cordially RS, oud to Ibis r-cunr,u5,f, ~
htn gave our haurrrip.ho recze wilma Ir,lr-c,l,,
IclLuIt n-cr-L-I -..n Do IIakr t1 LII nm. ii