New-York tribune. [volume] (New-York [N.Y.]) 1841-1842, 1841-11-18
The Currency.

The question is frequently asked, Z" Why arc the
merchants generally Wigs" Tn. answer may
be inferred from the article below. Merchants
have do with this business of the currency
than any other class and they therefore led 10
reflect more than any other upon the causes which
have prodsced its arrangement. They know that
during the existence Of National Bank the pa
per Of the Western Banks passed in the Atlantic
cities at par or so near ii as to make the exchange
matter of no importance. They know also tina,
IA National Bank was put down by Gen. jackson
and his party, under the promise tina, the country
should have better currency,' even a gold and
silver one, when the gold pieces would shine
through the interstices of every farmers purse -
They know, also, that those who thus DESTROYED a
good currency and Introduced The pfcsen; wrclched
one, are pledged to keep ihlngs as they are, and
hence they are opposed to them hence they are
Wings.
We have been nude acquainted with a fact in
relation to this question OF the currency which IS
worth recording.
About the time of Mr.. Van Buren's Inaugural
ticn. perhaps day two after that event, among
others who called on the President was Capt II.
H. Gear of Galena, gentleman probably better
known througho the Nerthern Counties Of this
State than any other Individual The company
present consisted chiefly of gentlemen from New
York city. Mr.. Van Buren, inquired what were
the chief matters of interest in New York, when
one of the company remarked that the currency
question most absorbed the public mind that
change was then three per cent. Of we remember
correctly against the Ohio Banks that the New
York merchants had taken these bills at par for
goods, and that they must suffer this loss. Mr..
ID L.. 4 Il.
thing will last bur short time, and it
peced from the change in the policy Of the Gov
eminent In eighteen mouths from thts time the
exchange 6et'ce,m The different portions Of oar
country r,U be more eqHai Mon IL eucr was. -
Capt. Gear bore this declaration in mind, and
his return TO Galcna he wrote with chalk on the
back OF the Bank door as follows: On the -
of March, 1887 Mr.. Van Buren, declared in my
presence, in Washington, that in eighteen months
from that time the exchange of this country would
be better than it ever was The iall of 1888 was
looked for with some anxiety, and when it came
it proved that Mr.. Van Buren's prediction was as
great humbug as Mr.. Benton's stream of gold
which was 10 flow up the Mississippi about the
same period.
This fact will prove that the party which put
down the U. S. Bank, under promise 10 furnish
Il better currency, were entirely mistaken in their
calculations. 1t proves also that IL Is better 10
continue good system, than venture upon an I'M
tried one, though it may promise letter, and that
one practical truth is worth more than whole
columns of theory. The people have paid very
dear for the change, and they are destined to pay
yet more dearly, fear; but the time must come
when they will demand national bank to regu-
late the great financial interests of the naton.-
1t is possible that Mr.. Tyler may propose plan
in his message Congress month hence which
will answer the purpose hut we have our doubts
Peoria Qli.) Register.