Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1841-06-08

law, and which then will be brought ac-
lively in aid of the manufacturing interests |
Of the Union, will not fail to produce the
most beneficial results. Under system
Of discriminating duties imposed for pur-
poses Of revenue, in unison with the pro-
visions Of existing laws, il is 10 be hnped
that our policy will, in the future, be fixed
and permanent, SO as TO avoid those con-
slant fluctuations which defeat the very
objects they have il view! We shall thus
best maintain a position which, while it
will enable us more readily TO meet the
advances of other countries calculated 10
promote our trade aid commerce, will at
the same time leave in our own hands the
means of retailiating with greater effect
unjust regulations.
In intimate Connexion with the ques-
ton Of revenue is that which makes pro-
visions for a suitable fiscal agent capable
oradding increased facilities in the collec-
tlon and disbursement Of the public reve-
nues, rendering more secure their cusio'
dy, and consulting true economy in the
! great, multiplied and delicate operations
of the Treasury Department. Upon such
an agent depends, in an eminent degree.
4. The establishment Of currency Of uni
form value, which is Of so great import
| ance to the essential interests of society,
land on the wisdom to be manifested in IFS
creation much depends. So intimately
interviewer are its operations, not only
with the interests Of individuals, but with
those of the states, that il may he regard
ed in great deg,ee as controlling both.
r II papel be used as the chief medium of
r circulation, and the power be vested in
!. the Government Of issuing i: at pleasure,
either in the form of Treasury drafts or
, any other, or if bInks he used as the pub
lie repositories, with liberty TO regard all
h surpIu>ses from day TO day so much add
ed to their active capital, prices are ex-
- posed TO constant fluctuations, and indus
try 10 severe suffering. In the one cas- ;,
r political considerations, directed to party
= purposes, may control, while excessive
. cupdiIy may prevail in the other. The
- public is thus constantly liable to lmposI'
~ ton. Expansions and contrac,ions may
~ follow each other in rapid succession, The
" one cngendering reckless spirit of ad
venture and speculation, which embraces
y states as we'll MS individuals; the OlheI
!" causing fall in prices, and accomplishing
!" an entire change in the aspect of affairs
=" Stocks Of all kinds rapidly decIine-in
: dvduals are ruined. and states embarrass
=! ed even in their efforts to meet with pune
J. tualily the interest on their debts. Such
T. nnhappily, is the state Of things now ex
! sting in the United States,
These effects may readily be traced to
! the causes above referred to- The pub
lie revenues, on being renewed from the
b INK of the United States, under an or
:, der Of a late President, we're placed il
= selected banks, which, acluated by The
" double motive Of conciliaring lbe Govern
mrnt and augmenting their profits TO the
=" greatest possible extent, enlarged extrav
avanly their discounts, thus enabling al
! other existing banks 10 do the same
y Large dividends were declared, which
= stimulating The cupdity Of capitalists
-, caused rush to be made to the Legisla
r lures nf The re ,pective States, for simla
:" acts Of incorporation; which by many o
;, the States under temporary inlatuation
-! were readily granted, and thus the aug
- mcnlation Of the circulating medium, con
y ssting almost exclusively Of piper, pro
} duced most fatal delusiOn. An ilIusra
:. tion, derived from he land sales Of th'
;. period alluded to, will serve best to show
The effect Of The whole system. The ave
' rage sales Of the public lands, for a peri
: :, cd Of ten years prior TO 1884, had no
=" much exceeded $2,000,000 per annum
j." In 1884 they attained, in round numbers
10 The amount of S6,0OO,00O. In the
> succeeding year of 1885 they reached
$l6.0U0,000. And The year 1885 they
: amounted to the enormous sum Of $25,
900 900 Thus crnwdng into the shCr
. spree of three years, upwards of23 years
! purchase Of public domain.
So apparent had become the necessity
/, of arresting this course Of things, that the
, Executive Department assumed The high.
ly questionable power Of discriminating in
the funds to be nsed in payment by diE
ferent classes Of public deblors-a dis
elimination which was doubtless designed
to correcI This most rUinous state of things
by the exacrion of specie in all payments
Tor the public lands, but which could not
at once arrest the tide whchhad 90 strong.
" sci in. Hence the demands for specie
became unceasing, and corresponding
prosraiion rapidly ensned under the ne
cessities created with the banks to curiail
their discounts, aud thereby to reduce
lbeir circulation.
recur 60 these things with no dispo.
sliOn to censne pre,exisiinQ admins ra.
iions Of the Government, bu, simply in
exempt 6caiinn OF The truth of the position
which haYe assumed. IT, then, any fs-