The Madisonian., 1840-02-04
The TRUE DEMOCRATIC REPUBLICAN, TICKET.
FOR PRESIDENT,
WILLIAM HENRY HARRISON.
FOR VICE PRESIDENT.
JOHN TYLER.
LoCo-Foco TIMES.

ness. day laborers, and Of the poor have
seldom been more gloomy than at the present
moment The country is reaping the fruits
Of loco .focoism, and the harvest is as bitter
as ever was predicted by the opponents Of
this unfortunate administration. In the rash
and reckless proceedings Of its partisans in
the Congress of the United States, in the Le-
gslatures of many of the States, and in pub
| lie offices, we see the causes of the general
prostra,ion of credit, depreciation of prices,
and reduction OF labor
In the Senate Of the Union, the partisans
of heartless President declare war upon
State credit, and send forth an anathema
against their industry and enterprise. calcua-
ted to embarrass all their affairs, and disgrace
them abroad.
In other quarters the partisans of the Pre-
sident, urge (unconsttutionally) the abolition
Of the laws to enforce the collection of debts,
thereby exciting alarm, and creating general
disrust, suspicion and embarrassment through
out the ramifca,ions of trade and commerce.
In one State, they have extermnated the
only banking institution within its borders.
| In others, they are endeavoring to.throw
such restrictions around the use of credit, as
to make its abolition matter Of necessity,
and to compel the banks TO surrender their
charters.
In Pennsylvania, the same party, regard
less OF the necessities which the times and
the people themselves, have thrown upon the
banks, have passed law through the lower
house, compelling all those institutions in that
State, to resume specie payments within two
weeks tits now reported that, in consc-
quence Of the prevalent doctrines and pro-
ceedings Of loco-focoism, proposition has
been, or is about 70 be, made to the Legisla-
ture of Pennsylvania, by the Bank Of the Uni
ted States. to relinquish their charter, on con-
dtion that the commonwealth will return the
amount Of bonus paid by the Bank.
But it can hardly be expected that loco.
foco legislature will ever exhibit such spirit
Of Justice and good faith, as to undertake to
disgorge any plunder they may possibly get
from bank. They will endeavor to destroy
the bank; but they will keep the bonus.-
/ This is the usual conduct Of loco foe coism.-
Whenever they get deeply indebted to an in
stitution and cannot pay, they turn like the
viper, and bite their benetactor, 1t is even
said OF a loco-foco Senator Of the United
States, who was once friend Of banks, that
his present extraordinary hostility TO those in
stitu,ons, arises from his great Indebtedness
to them, and that in their general destruction
is his only hope OF escaping the demands of
the law !
We are glad to see that one administration
print is sensible of the various consequences
which must follow the passage of the . Re-
sumption Bill" The American Sentinel
says:
"Much alarm has been fel, among the business
men of the city aud county Of Philadelphia for Sc
veral days past In consequence OF the intelligence
from Harrisburg in reference to the probability Of
the speedy passage OF the resumption bill. Such a
measure is regarded by them extinction Of The
hopes that were beginning to be entertained Of the
revival Of business in the spring. by placing 1t out of
the power OF the banks TO afford the customary fa-
cilities, and compelling them, as a matter of self
preservation to curtal their business TO deStruc-
tive extent. Even some OF those, who short time
ago, strongly diSapproved, and still disapprove of
the course Of the banks; who thought that the sus-
pension Of specie payments was entirely unnecessary
and were decidedly in favor OF enforcing resump-
on, are beginning 10 hesitate and to express their
apprehensions, that the action Of the legislature is
premature, andif consummated, is calculated To in
flict more injury on the people than on the banks
As mere party measure, many Of them are now
constrained to admit, that il Is highly nexpedicn
and if carried into effect will inevitably place The
democratic party OF the State more in mino
rtf, anI p1ary 81. ..
extremely doubtful"
In consequence Of the doctrines and pro-
ceedings Of the party in power, the banks are
driven to curtail their business, and the farm-
ers and laborers are beginning to feel the
scarcity Of money in their pockets.
In illustration. we copy the following letter
from the North American:
"WELLsvLLE, Ono, Jan. 25, 1910.
lowing to the scarcity Of money there is but i
tie demand for produce in our market Flour is Of
ferng at $3 per barrel-wheat so cents per bushel-
corn 50 cents-potaoes IS cents no price vet esa-
bished Tor bacon. In The spring there will be con-
siderable quantities of flour in section of country
for SALE and if there could be reduction of tolls on
the Pennsylvania Canals that the Transportation
would not cost over 81 25 to 81 SO per bbl from
here your city would receive large supplies, that
under existing circumstances must go to New Or
leans or TO Cleveland, to be shipped thence al less
We find another letter in the N. Y. Times
from the rich and beautiful county of Ontario,
written by sheriff, which will show the effects
Of the oco-foco doctrines of this administra-
tion in that section of country
CANAsDArGuA, Jan. 18th, 1910.
Dear Sir: yesterday offered 10 sell, for cash,