The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1840-05-15

get up an expansion and rs corresponding eXpo-
sion. We have now Witnessed the astounding fact
that we can pass through all these changes, and
even from one suspension Of specie payments to
another, in little more than two wears.
it is curious to observe with how much accu-
racy You can read the ever changing condition OF
this country in the varied amount Of importatons.
The yepr 1886 was one Of vast expansion, and
produced explosions and suspension of pecie pay
ments in 1881. The imports were greatly d-
ninishcd in 1887, being less than they had been in
1886 by nearly fifty millions of dollars. IN 1898,
they sank down to twenty seven millions less than
they had been in 1887, and nearly seventy
Millions less than ihey were in 1896. In 1883,
we had another expansion, and our Imports We're
lorty-iour millions OF dollars greater than they had
been i'll 1888. This expansion preceded the ex-
posion and suspension of specie payments in the
month of October last. Thus we have become
such sl;liiul architects of ruin, that single year
was sufficient 10 prepare the late explosion.
There never has existed II nation on earth, eX-
cept our own, that could endure such rapid and
violent expansions and cOntractiOns. 1t is the
buoyancy of youth-it is the energies of our pop
ula,on--it is the spirit which never quails before
diiiculiies--which enables us to endure such
shocks without utter ruin. Yes, sir, difference
in the amount Of our imports, between the years
1896 and 1898, Of seventy seven millions of dol
lars is sufficient TO excite the astonishment of the
wo H.
What cause chiefly operated to produce this
speedy recurrence of the second explosion and the
second suspension Of specie payments Three
may be mentioned. In the first place, after the
bank suspension of 1887, every person who was
friendly TO well regulated banks, if such thing
be possible under the present system, ardently
desired that the different State Legislatures might
impose upon them some wholesome restrictions.
1t was expected that they would be compelled to
keep certain amount of specie in their vaults IN
proportion to their circulation and depostes that
the foundation of a specie basis for our paper cur
rcncy should be laid by prohibiting the circulation
of bank notes at the first under the denomination
of ten and afterwards under that of twenty dol
lars that the amount Of their dividends should be
limited and, above all, that upon the occurrence
of another suspension their doors should be closed
at once, and their affairs he placed in the hands of
commissioners. The different Legislatures met,-
Much indignation was expressed at the conduct of
the banks. They were severely threatened but
at last they proved too powerful for the people,
Indeed, it would almost seem as it most OF the
State Legislatures had met for no other purpose
than TO legaze the previous suspension Of specie
payments. No efficient restrictions were imposed
and the banks were thus taught that they might
thereafter 70 npunishcd-unwhipped of justice
Past in punity prevented them from reducing their
business and curtung their profits in such II man
ner us to render them secure in the day of trial
They have fallen again; fear again to enjoy the
same impuny
In the second place, the immense amount of
money loaned to many of the States in England, IL
large portion of which was brought home III the
form of foreign merchandise, afforded great iacii-
ties for overradng, or rather overbuying.
And in the third place, the conduct Of the Bank
of the United States greatly tended to produce
these excessive imporlalions. That institution be-
came the broker for the sale of all State bonds III
Europe. 1t endeavored to monopoIi2e the entire
cotton trade of the country; and it drew bills of
exchange on England, most freely at moderate
rates, against the proceeds Of these bonds and of
is cotton. Every temptation was thus presented
to spaculaticns in foreign merchandise.
These three causes conbning, have occasoncd
second suspension of specie payments within two
years after the first and produced that boated cred
il system, from the wreck Of which our country is
now deeply suffering,
most heartily concur with the Senator from
ientucliy in one of his positions, We certainly
produce too little, and import to much. Our en-
banded credit system is the great cause Of this ca
amiiy. Continc it within safe aud reasonable
bounds, aud this disastrous effect will no longer be
produced. Il is not in the power Of Congress to do
much towards consultation so desirable. Still
we shall do all we can and the present bill will eX-
erci,c some Influence in restraining the banks from
making cXtrayugan loans and emitting cX,rayagant
issues.
What effect has thi, bloaed system of credit pro-
duccd upon the morals Of the country? In the
large commercial cities, it has converted almost all
men Of business into gamblers, Where is there
now TO be found the old fashioned importing mcr-
chant, whose word was as good rs his bond, and
who was content TO grow rich, qs our fathers did,
by the successive and regular profits Of many years
of patient Industry Such men were the glory and
pride of commerce, and elevated the character of
their country both at home and abroad. | ask,
where are theyl Is not the race almost extinct /;
All now desire to grow rich rapidly. Each takes
his chance in the lottery of speculation. Although
there may be n hundred chances TO one against
him, each, eagerly inten, upon the golden prize,
oyerlooks the intervening rocks and qucksands be-
tween him and it, and when he iondly thinks he is
about to clutch it, he sinks into bankruptcy and
rnn. Such has been the fate OF thousands OF our
most entcrprlsing citizens.
If the Spectator should prove successful and win
me goluch prlhe, no HallcT ny Nildt means ne
may have acquired his wealth, this clothes him
with honor and glory. Money, money, money,
coniers the highest distinction in society, The Re-
publican simplicity and virtue of Macon would
be subjects Of ridiculc in Wall street or Chestnut
street The highcs, talents, directed by the purcs,
patriotism, moral worth, literary and professional
fame, in short, every quality which ought to con-
fer distinction in society, sink into insignicuncc
when compared with wealth. Money is equivalent
10 title Of nobility in our larger commercial cities.
This is the effect of our credit system.
We have widely departed from lheeconomical hab-
its, and simple virtues ofour foreia,hers. These
are the only sure foundations upon which our Re-
publican institutions can rest. The desire 10 make
AN osten,atious display olrapidly acquired wealth,
has produced a splendor and bOundless expense I'M
known in former times. There is now more extra
vagancc in our large commercial cities than exists
in any portion of the world, which | have ever
seen, except among the wealthy nobility of Eng
land. Thank Heaven, this extravaganza has but
partially reached the mountains and valleys Of the
Interior The people there, so Gar as their potcn-
tal voice can be heard are determnd to put an
end 10 this bloated credit system, which threatens 10
involve not only their private fortunes, but their
4.