The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-09-11
CAUSE AND EFFECT.

CAUSE AND EFFECT
There was considerable excitement through
out the city Yesterday, on account of the sudden
suspension of payment by several of those who,
for some time past, have been filling the chan
ncls of circulation with an issue OF Individual
notes. As was to have been expected, the par
tlsans of this corrupt administration have seiz-
ed upon this explosion, and making great
efforts to manufacture political capital out Of it,
who are to blame for this state of things? To
which of the present political parties is it to be
attributed Who is it that have produced it,
In the first place, the Wings arc in a minority,
and have been, and this fact of itself is sui-
cient answer to the charge, that they are TO
blame If either party IS responsible, it is GER
tainly that party, which was in power, and
could, if they would have done so, have provid-
ed against it. We have heard of some cases Of
peculiar hardship; and it is greatly to be regret
ed that the loss has fallen generally upon the
poor and laboring classes; and that the subject
of the currency is capable of beng misrepresent-
cd, and that the poor, who are the sufferers by
it. can be deceived in relation to it.
Now there is a very simple way of testing this
matter When General Jackson came into pow
er, we had the best currency in the world. When
he commenced his war upon the U. S. Bank,
he was told that the inevitable consequence OF
that war would be to destroy that institution,
and destroy the currency. 1t predicted by
the Wings that shinplasters, suspension, frauds,
losses and distress to the laboring classes would
follow, MIR. Benton, Kendall, Gen. jackson and
Van Buren, told us that this was all false; that
it was banlI-bought clamor; that so lar from
producing crop of shinplasters, the overthrow
of the u S. Bank would produce harvest Of
gold and silver. Who does not recollect Mr..
Benton's prediction, often repeated by the
Globe, that we were to have a golden current
flowing up the Mississippi Now Gen. Jack
son commenced his war upon the t. S. Bank
in 1929. The same party have been in power
up to the present time, and here we have the
consummation of their experiments upon the
currency Is it not preposterous, then, in them
now to pretend that the Wings are responsible,
or to blame, for the present state of things?
Gen. jackson, in his first annual message to
Congress, opened the war upon the Bank On
the 10th December, 1929, so much of the mes
sage related to the revenue, the public debt.
and the Bank of the United States was referred
to the committee of Ways and Means, consisting
OF MIR. McDuflie, Yerplanck, Dwight, Smith.
Ingersoll, Gilmore and Oyerton. In a renorf
which they submitted to Congress, they say: esthc
question really presented to their determination
is not between metallic and paper currency;
but between paper currency of uniform value
and subject to the control of the only mower
competent to its regulation, and paper curren-
cy of ranging and fuctuating value and subject
TO no common adequate control whatsoever.D
Gen. Jackson, in his message, had said Of fine
Bank Of the United States: cit has failed in fin,
great end of establishing an uniform and sound
currency" The committee proceed to examine
this proposition, and say of the Bank. that if had
not only saved the community from the immense
losses resulting from the high and nuctuatino
state Of the exchanges, but that 'Eit has act,,ol
furnished a circulating medium more uni farm
than SPECIE" which proposition they proceed
to demonstrate. Here was the issue then made
Gen. Jackson said, that the Bank of the United
States had failed to establish an uniform c,,rren-
cy. The committee, with Mr. McDufie At ~
head, declared that it had given currency moro
uniform than specie itself, and foretold that to
destruction OF the Bank would destroy the cur-
rency, and bring in its train bankruptcy and die
tress. "For," says the committee, "recurrino to
the past history the last year ofthe war present.
ed the singular and melancholy spectacle of a
nation Astounding in resources-a people abound |
ing in selfdevotng patriotism, and a govern |
ment reduced to the very brink of arowed bank. |
ruptcy, solely for the want of national inst;tu-
ton, which, at the same time that il would bsv. |
facilitated government loans and other treasur,
operations, would have furnished circulating |
medium of general credit in every part of the
Union.o
1t is impossible to read these extracts, and not
to see that the party in power, and they only.
are responsible for the present state of things
In the face of past experience, and with am in
Iatuation, which nothing but their own ieno.
rance, their avarice and thirst of power can OK.
plain, they have rushed on, overwhelming the