The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1840-10-16
INTrI-ITA2LE EFFECTS OF HfRRE
SOUS ELECTTO.NUPON PROS
PERITY or THE COUN'I'RY Y.


PERITY or THE COUN'IR Y.
Hear the testimony ola WALLsTREEr COM
MERCIAL FINANCIAL ORGAN
From the "NIoncy Market" article of the n Y. Herald
MONDAY, SEPT, 81 ,lslO.
"Thc commercial affairs of the country at large
are now just at a turning point where, II undistur-
bed by external causes, they would rapidly recover
their activity After season of initiation aud high
prices the natural remedy, reduction in value,
hns taken place. This reduction, in the usual
course oiihings, usually falls upon the raw products
last and its effects upon them is the primary cause
of renovated trode because low prices lead to re-
newcd consumption. This process has been gone
through with, notwithstanding the gigantic s,rug-
gles of spectators and nsolvent banks TO maintain
values. .qssisied By Jouniitm crops, the Artificial
interference wih supplyoa The part Of spectators
has been BROKEN through and free markets hare
once more Teen obtained. The consequence is a
gradual and steady reriral Of a healthy business,
as erinced in the tables oftrade and prices IN
.Ncw York, published By us a felc days since I'm
fortunately, however, Just at the moment that pro-
duce has lost it artificial values, and before the
new trade can again raise prices 10 any extent, the
Presidential election inieryenes and the effect OF
the low prices operating on the masses OF the pco-
pie is powerful enough to effect complete revolu-
ton in the Federal Government. The result Of
change piH be such as 10 prodace new series Of
experiments that must force fdde from its pres
ent channels and produce ncw disasters"
! In reference to the continued suspension o(somc
The banks, the following observations from the
same quarter, which certainly cannot be accused
of parlaliiy to the administration, are to the point
lIEARHIM
"IIad the banks not suspended, prices would
Lave fallen to certain degree before the abundant
supply during the pas, winter !; but brisk string
business would have followed a uniform currency
and with an increased business the supplies would
have been greater. Notwithstanding the vast sur
plus of Ohio and other Western States, the pork
packers and shippers of produce generally could
not obtain money to operate in the usual way, be,
cause the banks of those sections could not extend
themselves for fear of run from the suspended
banks. In this way, although produce had beer
RENTED at a loss in the settlement Of debts, it has
not been available for the purchase of goods. Ih'
cause of deprecated currency has Hghied bust
ness in all sections Of The union, and has Therefore
been mainly instrumental in producing The grea
political changes nor going on, "which hdr
been dscriJei TO the movements Of the government
bit arise really from The presence Of an ire
deemGJIe currency"
Mark how plain tale puts down the laboret
misrepresentation of the federrsts upon these sub
jects. Away, then, with party ialschoods and i'm
positions. Away with the Harrison humbugs o
low prices, and government interference to pro
duce them. Let the authors of our calanities bea
the responsibilities of their acts-let the architect
of ruin :" the suspended banks the gamblers in pc
litcs, and the spectators Of the "credit system
school, let THESE answer for the condition Of tn
country At all events, let them not be permitte
to make a scape goat of the Administration, or T.
drag tho nation into news expansions and NEW Ex
PLosIoNs.