The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-05-22

comparison in extent, to the same demands in the
United States. The next great and comprehensive
item is the fact, that the commercial transactions Of
England concentrate principally in London, and few
commerce and manufacturing towns, which admits
OF, and may be assumed, as producing greater and
FAR greater activity Of the circulating medium enabling
to accomplish given amount of business in com
paratively short time; whereas the circulating medium
of the United States is forced TO spread itself out
our wide domain, and can therefore accomplish but a
comparatively small amount of business in given
time.
hensive Of the Iother things as we think will be adj
mied to settle this question and to show that nei-
Their in 1885, in any other period Of history,
have we had an excess Of circulating medium, as
compared with the demands of our business The
only point, far see from which this posi-
ton could be assaied, would be showing that England
has also had contemporaneously with US, Of
circulating medium. Even then, it would be mani
fest in view Of the commercial ryalship Of the two
nations that could afford to have its crculat
ing medium curtaled unless that Of the other We're
reduced in the same proportion. Certainly cannot
afford it.
talk and defamation has been exhausted, consist?
In an abuse of credit simply. In 1886, the aggrc-
gate Of the loans and discounts the banks in England
was $l6s 900 900; in the United States was $780,
100000 is to be observed that this fact is no guide
todetermine the amount of circulating medium. The
excessive use of credit may increase slightly but not
materially. We not prepared to say, that none
tary expan ion il not possible though see not how
can be- at least we think it would be difficult TO find
such thing in history, if by it greater
circulating medium than the business Of the country
has required at any given time.
Whatis the cure for an abussef credit?
It must ITSELF and will do SO, if left to il.
self II is too delicate and too sensitive part
Of the moral machinery Of society to lay the rude
hand Of government authority upon, or for e-
gislation- to .tamper with. The action thereof is
identical with freedom. / trust my neighbor as
far as | please, and when ! find it unsafe,
refuse to trust him. This is the only law that cir
cumscribe commercial credit, and it will apply the
remedy quicker than any other. There is no other.
What, then, hare been our difficulties?
Bad government and an unsound system ofbankng.
The former has to great extent been the cause Of
the lat er. Under good government our banking
Government, making war upon a currency of its own
creation, has put the whole machinery out of order
mpeled its agencies to desperation and occasoned
frightfn reaction upon the wide community.
The History
The causes and effects are obvious in their connex
on with each other. The demolition of Nationa
Bank stimulated the creation Of State Banks in the
greatest excess too rapidly to be sound and the Uni
ted States Bank Philadelphia State institution, is
Of the fruits the removal of the deposites genera
ted disease in the State institutions and tempted them
overacon the order Of the Secretary Of the Trea-
sury of the United States to loan the depostes and
urge them upon the public, seduced the whole commu
nifty into the widest specuations and occasioned the
abuse of credit spoken of above the surplus revenues
unnatural product of this operations the VIC
lent action Of the Specie Circular upset the ship under
such press Of sail and at last the Sub Treasury
finished the work ~ ,s 4s uSs
A steady and uniform Government, abstainng from
hazardous experiments and violent usurpations would
have kept US on in good way. Thelittle and tran
silent excuses the enterprise ofthe country AWAY
carry their own cure with them. But when Govern
ment itself generates vice and disease in the body pol
itic and dsturbs the action Of this great machinery
the effect Of disorder is terrific. It was the Govern
ment that seduced the people into mistakes, impru
dence, unwarrantable expectations, rashness of en-
terprise oveTaction, overtrading,. and exravagan
and wastefui expenditures. No people ever mad
such Mistakes left to themselves under uniform laws
1t notn the nature Of credit to 60 thus far if it b.
not stimulated by artificial and extran eous causes al
together alien to its own sphere.
We have only to add-Give this country a goot
Government and let trade be Free trade in money a
well in any thing else let credit have its natl,
raj scope and legitimate action and the country will b.
rich and grow really faster than any other because
there is other which has equal with equa
enterprise to work them Capital will depart blu
will always flow in, 50 long such is our condition
and characters and all that comes will reproduce itsel
a thousand fold. This country and the people o
this country are capable of producing
wealth and national prosperity, under free and goot
government than has yet been laid out for then
in their own hopes, or the predictions of mankind
The great principle on which the improvements o
the country have been projected, is sound one,
nothing is required to make it exceedingly and meal
culaby productive of national prosperity, but careful
notice Of past errors, and such prudent management
future operations, as experience may suggest. w
will also say, that, in our opinion, never shou
have been baked as a nation if our rulers had no
baked us. IA gETaa
APPOINTMENT OF EDITORS
We notice in the Intelligencer Of yesterday com
municaton on this subject Like the editors of tina
to disfranchse this class of our society live though
Ia n