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

,,isbmeDt ofihe world. s' ea
What causes operated TO produce
this speedy recurrence Of the second ex.
piosiOn and the second 81 spension Ol
specie paymentsi Three may be men,
toned. In the first place, after the bank
suspension Of 1897; every person who
was frieadly 10 we'll regulated banks, il
such thing be possible under the pres-
ent system. urdently desired that the DIFF
feren, State Legislatures might impose
upon them some wholesome restrictions.
Ii was expected thet they would be com
PEELED to keep CERTAIN amount ofspe-
Gle in their vaults id proportion TO their
circulation and deposites, that the foun-
daiiOn Of q specie basis for our paper
currency should be laid BY prohibiting
the circulation of bank notes at the first
under the denomination of ten and af>
terwards under that Of twenty dollars;
that the amount OF their dividends should
be limited; and, above all that upon the
occurrence of another suspension their
doors should be closed ct once and
their affairs be placed in the hands of
commissioners. The different Legisla-
lures met Much indignation was ex-
pressed at the conduct Of the banks.
They were severely threatened; but at
last they proved too powerful for the
people. Indeed, il would almost seem
as If must Of the State Legislatures had
met for no other purpose than TO legal
ize lhe-preSious suspension of specie
payments. No efficient restrictions
were imposed; and The banks were thus
taught that they might thereafter 60 un-
punshed-unwhlpped Of justice. Past
lmpuni'y prevented them from reducing
their business and curtailipg their pruf-
lis in such manner as to render them
secure in the day of trial. They have
fallen again; ] fear again to enjoy the
same impunity.
In the second place, the immense
amount fmoney loaned to many Of the
States in England, large portion Of
which was brought home in the form Of
foreign merchandise, afforded great fa-
clines for overtradlng, or rather over
buying.
And in The third place, the conduct Of
the Bank Of the Uui,ed States greatly
tended TO produce these excessive i'm
portatioDs. That institution became
the broker for the sale of all State bond,
IN Europe il endeavored TO monopo-
lIze the entire cotton trade OF the couD-
Try; and it drew bills Of exchange OF
England, most freely. at moderate rates.
agains, the proceeds OF ,he bonds aDc
of lis cotton Every temptation was
thus presented TO specula,' IONS in foreign
merchandise.
| These three causes combining,
have occssioned second suspension Of
specie payments within two years after
the first. produced thai bloa'ed credit
system. from the wreck Of which our
country is now deeply suffering
| We have widely departed from the
ec0nomlcal bsbus. and simple virtues
Of our torefa,hers. These are The only
sure foundations upon which our Repub
licsn Institutions can resi-, The desire
TO make an osten,alious display ofrap-
IDLY acquired wealth, has produced o
splendor and boundless expense un-
known IN former times. There is now
more extrqvagance in our large com.
mercial cities, than exists in any por-
ton Of the world, which have ever
seen, except among the wealthy nobility
of England, Thank Heaven, this ex,
travagance has but partially reached
the mountains and valleys Of the inte-
rior The people there, so far as their
potential voice can be heard, are deter-
mined to put an end to this bloated
credit system, which threatens to in-
volve not only their private fortunes,
Ou, their political Liberties in ruin
After the revulslon in lS37-afer
the banks had blown up, end left the
Government without q dollar, the Pres
ldent found il necessary to convene
Congress. 1t then became indispen-
sable to take new departure. The
course which ought 10 be pnrsued was
the question The banks had betrayed
our trust; they had conV erted our mon
ey into rags, ty species Of alcbymy
The very reverse ofthat which was at
tempted iu former times Of converting
baSer things INTO gold. The President
then recommended an absolute divorce
between Bank and State, and his poIil-
ical friends 10 Congress cordially res.
ponded TO the recommendation. VIZ
then gave our banner TO the breeze, will
the motto Of an Independent! Tteasury
'nsctlbed upon it. Have we not frml,
aud immovablv maintained our position