The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1841-07-16
THE INFLUENCE OF A NATIONAL
BANK ON TIE BUSINESS OF
TIE EnI' N'VRN.

The federal leaders, with pertnacty worthy OF
better cause, are continually attempting 10 delude
the people into the idea ,hat National bank will
enable them to pay of their deb,s--that business
will revive under its benign influence, and that
general prosperity will again revisit our country
History shows tho allacy of this On the first day
Of January, 1917, bank Of the United States
wen. into operation, with capital of thirty five
millions-being five millions more than that pro-
posed by Mr. Clay's man Tommy. Two years
after the bank commenced its operations, it had
issued millions ofi,s rredeemmable paper; business
declined, bankruptcy and ruin pervaded the land
and never, since the first organization OF our Gov
eminent, was so much real distress felt throughout
the country In report made to the legislature
of PENNSYLVANIA, by William J. Duane, Esq, du-
ring the session Of 1919, 30, that distress, it was
asserted, was measurably caused by the charter Of
the late Bank Of the United States.
In reference to that panic, Gouge's Journal of
Banking holds the following language. 1t says
"Then, as now, the country was burdened with
n heavy public debt. The case is not materially
altered by the fac, that the debt pressed them i'm
medately on the Federal Government, and that it
now presses on the States.
Then, individuals owed millions on millions
more than they could pay.
Then capitalists could with difficulty find safe
and profitable investments, and laborers were con-
sequently left without employment
Then, wages and the prices Of land, and ofcom-
modiiies generally, fell greatly.
Then, as now, the troubles of the times were
occasoned in part by extensive speculallons IN the
public lands.
Then, strong party were calling aloud for relief
measures
Then, owing to the arrangement of many Of
the operations OF industry, vice Increased anu
crime abounded.'
Sour large cities were not halfas popuous then
as they are now, yet, according TO Niles Reg
i,ter, at one season in 1919, there were 10, 900
able bodied men in New York, daily seeking for
employment, or adding the women, 10000 per-
sons who desired something TO do; Philadelphia 20
600 persons were in like condition.; and, in Bali-
more, 10000 were in unsteady employment, or
actually suffering because they could not get en-
ployment.
Neither is the fall Of prices great now as it
was then. According to tho testimony of Di-
rector in the United States Bank, house IN Phla-
dephia which used to rent for 1900 dollars a year,
which used to cost II dollars. fell to 5 ~ dollars
-four fell from | dollars to dollars a barrel; beel
from 25 to 8 cents a pound.-Sec Niles Register,
vol. xviii, page 3s7.
Lands in nlnecn counties of Pennsylvania, which
about the year 1915, brought, on an average from
80 to 122 dollars an acre, would in 1919 bring no
more than from % to 20 dollars. This, we asscr,
on the authority Of Committee Of the Senate OF
Pennsylvania, Of which Mr. Raguet was Chairman.
In September, 1920 corn was sold in some parts
of Kentucky at 10 cents and wheat at 20 bushe
In May of the following year, corn was as low Il,
Cincinnati, in some parts of Ohio was at 10 cent,
bushe
A Pittsburgh paper, in the spring of 1921, re-
farring to prices at that place, says" Flour
arrel,-Si 90; whisky Is cents Il gallon; gooc
understandable pine boards, 90 cents hundred feet,
sheep and calves, Sl,Oo a head. Foreign good
a, the old prices. One bushel and half of whea
will buy pound of coffee; barrel OF fonr vii
buy pound Of tea; twelve and half barrels vii
buy one yard Of superine broad cloth"