The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1841-06-18

all SURPRISES from day to day as so mucl
added to their active capital, prices aro
exposed to constant fluctuations, and in
dustry to severe suffering. In the on,
case, political considerations directed to
party purposes may control, while eXces
sive cupidity may prevail in the other
The public is thus constantly liable tC
imposition. Expansions and contraction:
may follow each other in rapid success
sion the one engendcring the rockies.
spirit of adventure and speculation, which
embraces states as well as individuals
the other causing fall in prices, ant
accomplishing an entire change i'll the
aspect of affairs. Stocks of all sorts ra
pidly decline, individuals are ruined, ant
states embarrassed even in the efforts tC
meet with punctuality the interest on
their debts. Such unhappily is the con
dltion of things now existing in the Uni
ted States. These effects may readily be
traced 10 the causes above referred TO-
The public revenues being removed from
the then Bank of the United States, under
an order of late president, were placed
i'll selected state banks, which, actua,ed
by the double motive of concilating the
government and augmcnting their profits
to the greatest possible extent, enlarged
cXtravaganily their discounts, thus enab-
ling all other existing banks to do the
samc,-Largc dividends were declared,
which, stimulating the cupidity of capita
lists, caused rush to be made to the
legislatures OF the respective states for
similar acts Of incorporation, which by
many OF the states, under temporary in
tatuaton, were readily granted: and thus
the augmentation OF the circulating med-
um, consisting almost exclusively of pa
per, produced a most fatal delusion.
An illustration derived from the land
sales of the period alluded to, will serve
best TO show the effect of the whole sys-
TEN. The average sales of the public
lands for period of ten years prior to
1884, had not much exceeded 81, 900, 900
per annum. In 1894 Trey attained in
round numbers to the amount of So, 000,-
600, i'll the succeeding year of 1885, they
reached $4,000, 900, and the next year,
of 1896, they amounted to the enormous
sum OF S25, 1000, 000-thus crowded into
the short space of three years upwards of
seventy-three years purchase of the pub
lie domain. So apparent had become the
necessity of arresting this course OF
things, that the executive department as
sumed the highly questionable power Of
discriminating in the funds to be used in
payment, by different classes of public
debtors: 4 discrimination which was
doubtlcssly designed TO correct this most
ruinous state of things, by the cxaction
of specie in all payments for the public
lands, but which could not at once arrest
the tide which had so sirongl " set in.
Hence the demands for specie became
unceasing, and corresponding prostration
rapidly cnsued under the necessities Great
ed with the banks, TO curtail their dis
counts, and thereby to reduce their circu-
lations. | rccur 10 these things with no
disposition to censure prc-cXisting adj
ministrations Of the government, but
simply in eXempliicaton of the truth Of
,bn ,,osit;,n ,ybi,b | b,pn ,csnn,oI II
then, any fiscal agent which may be Great.
ed shall be placed, without due restric.
tons, either in the hands of the admin
strators Of the government, or those Of
private individuals, the temptation to abuse
will prove to be resistless. Objects Of
political ACKNOWLEDGEMENT may scduce the
first, and the promptings of a boundles:
cupidity will assail the last. Aided by
the experience of the past, it will be the
pleasure of congress SO to guard and for
tliy the public interests, in the creation
OF any new agent, as to place them, so fa
as human wisdom can accomplish it, or
a footing of perfect security. Within ;
few years past three different schemes
have been before the country. The char
ter of the Bank of the United States ex
PRED by its own limitation in 1886: al
effort was made to renew it which re
ccivcd the sanction of the two houses O
congress, but the then president of tn
United States exercised his UciO power
and the measure was defeated.
A regard TO truth requires me TO say
that the president was fully sustained i
the course he had taken by the popula
voice. His successor to the chair o
state unqualiicdly pronounced his oPpo
sition to any new charter of a similar ms
tuition; and not only the popular cIcctlo
which brought him into power, but tn
elections through much of his term seem
cd clearly TO indicate concurrence wit
him in sentiment on the part Of the pee
pie. After the public moneys were viii
drawn from the u. $. Bank, they wcr
placed in deposit with the state bank
and the result Of that policy has been b,
fore the country. TO say nothing as
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