, 1840-07-25

III ptSooSSS 1919 SS
ty of money (as it is called) and suspension
of the banks, are all charged to the account
of the Administration; but with what reason,
and upon what ~pretext? The banks are al
most exclusively in the hands Of the FEEDER
al party, and suspend or resume as that par
ty dictate. The present suspension was no
toriously made for the present election. 1t
originated in the policy Of the Federal par
~, and the insolvency of the Bank OF the
United States, and was followed by other
banks to the south and west, with little or
no effort, to resist a proceeding both polltL
cally and pecuniarily beneficial to themselves
and their party. The banks of New York
and New England did not suspend; and
those that did, cannot invent a solitary rea-
son TO Justify their conduct. They have no
longer a specie circular, or any other act OF
the Government, to charge it upon. They
cannot name an act of the Government of
which they complain. Their suspension
is voluntary and political and will continue
until the presidential election is over. They
lock up the specie, and lock up their notes,
and make money as scarce as possible; in
The meantime, there is five times as much
specie in the country as there was at the
time Of the veto session in 1882; and al
though the banks will not redeem their notes,
vet the brokers will! The brokers have
plenty of specie to redeem lat a heavy dis
count) all the notes of all the banks, while
these banks refuse to redeem their own; and
this should be a proof to the country Of the
injustice and wantonness of the suspension.
Why cannot the banks get specie as well
as the brokers'? Certainly they can, if they
will; but they make money, and promote
their political objects b doing otherwise; and
the country, thus far, submits 10 their tyran-
ny. A bankrupt law, applicable to corpo-
~rations, would quickly regulate them; and.
in the meantime, every state can take care
of itself by excluding the deprecated trash
Of other States from its borders.
1t is suicidal, in Missouri, to permit the
small notes Of other states to enter her lin
its while her own bank cannot (and ought
not) issue such notes; and it is equally suici-
dial to permit, the deprecated paper Of other
States to circulate among her citizens while
her W bank continues (and ought TO con-
tinue) to pay specie. The exclusion of small
notes, and the notes of all suspended banks,
from our borders, would be Immediately fol-
lowed by an ample circulation OF gold and
silver. The United States can have as much
gold and silver as ii pleases. The authentic
reports show that we have gained, by impor.
~tation, one hundred and eighty millions Of dol
lars in the last twenty years, and two-thirds
of il in the last seven years; that our W
mines have yielded near ten millions in gold;
our minis have coined, since the correction
of the gold standard, about fifteen millions
in gold and seventeen millions in silver; and
the mint at New Orleans is now coming about
one hundred thousand dollars 4 month, and
which is expected soon to be doubled. Such
have been our acquisitions OF specie in n
short time. They are ample TO supply the
whole country; and all that is needed, IS to
prevent the BANKS from suppressing and ex-
porting it. Each State can do this for itself
by excluding small paper and deprecated
paper, and the Federal Government can do
il for the whole by a bankrupt law made ap-
plicable to bankrupt banks.
So far as prices depend upon the home de-
mand, the suspending banks, and those con-
nected with them, have succeeded, to some
degree, in reducing them; so for as they de-
pend upon the foreign demand, and are be-
yond the reach of our banks, they still re-
main comparatively good. Thus, the price
Of our tobacco is regulated by the European
market, where it is consumed, and it is not
subject to the expansions and contrac,ions
of the banks here. This article is. according
ly, at a good price, and is probably double
or treble what it was twelve or fifteen years
ago, when we had a national bank in exist
ence, and a Federal Administration in pow
err. Cotton is somewhat reduced, and that
is chiefly attributable to the gambling at
tempts of the Bank Of the United States
to m%onopolize the article, and to govern its
price in Europe. After monopolizing a great
deal, the embarrassments Of the bank have
compelled it to sell at any price, and has in
iured the market both at home and abroad
Flour, beef, and pork, being articles Of home
consumption, are sensibly affected by the Sc
we're bank contraction which is now purpose
ly inflicted on the country; still, the prices Of
these articles are better than they were when
we had a national bank and a Federal Ad-
ministration. The same may be said of
hemp, lead, and other articles. The same
may, also, be said of the wages of labor;
they are reduced, but are still far better than
in thu national h,nl onJ EoInro ,lo;o,c