Bloomington herald. [volume] (Bloomington, I. T. [Iowa]) 1840-1849, 1841-06-18
d;v;deods were declared, which slim

LARGE dividends were deciarec' wiz" Ss.a
lazy, ,he cnpidi,y Of capitalists, caused
uIa''" y he made to the Legislatures OF the re-
rush ~ g States for similar acts of lncorpora-
sPec" n,b;ch by many of the States. under the
tom WIZ WHY ;nfatuation, were readily granted
tehpo,'".' rho augmentation OF the circulating
and snu' o nm exclusively ofpaper, pro-
meo'aa'' me, fatal deuson. An ILLUSTRATION
1''ceo f,oro The land sales OF the perioc anu
deri'e0 Iii serve best to show the effect OF the
eeo 49, we The average sales OF the pub
w"u 1anSs for period often years prior to 1884,
tic ian"s ,v oyceeded S2,0o6, 900 per annum.
mao ~, ,har a.,a;ued in round numbers to the
/" aoo, or e 0oo, 900. in the succeeding year
aI n,oos NV reached $l6,000,00O, aud the
u ,oD 49, n 1886. they amounted to the enor-
men, I snn, Of s25, 0OO, 000-thus crowd'ng INTO
n.y. ..or, sn,ce of three years. upwards OF sew
", s1 Years purchase of the public domain.
", ,.n.,en, had become the necessity OF arrest
90 'r t;s course of things, that the Executive
hs's ..r,ment assumed the highly questionable
D, fa, If discriminating in the funds to ne useo
pow" erment. by different classes of public debt.
Gsr The publis moneys were drawn from
Rank. they were placed in deposlte
Foe y. S,.,e Banks. and the result OF that pol
WIN ~. wv sosn before the country. TO say no.
cy nas ~ tho questions whether the expert
'n "n1 was made under prcpitious or adverse
Circumstances, it may be safely asserted '""t
!, did receive the unqualified condemnation 0,
nost Of its early advocates, and II is believed
WAS also condemned by the popular sentiment
The existing Sub Treasures does not seem %
stand in higher favor with the people, out was
recently condemned in manner too plainly IN
hea,ed to admit of doubt.
Objects of political agrandisement may Sc
,uce the first, and the promptings OF bound
sss cnpidity will assall the last. Aided by
he experience of the past, it will be the pleas
re Of Congress SO to guard and tortlfy the
DrbIic interests, in the creation OF any new
,uent. as to place them so far as human wisdom
tan ACCOMPLISH it, on a footing of perfect Sc
taity, Within few years past three different
schemes have been before the country.
The charter of the Bank of the US. expired
hv its own limitations in 1886; an effort was
made to renew it, which received the sanction
Dfthe two houses Of congress, but the tnen
PRESIDENT of the United States exercised MS
Ep,o mower, and the measure was deIe'ed' n
kegard to truth requires me 70 say ''a' '.'e
,Tesident was fully sustained in the course he
ad taken by the popular voice: ;.
His successor to The chair OF State unqual'
kedly pronounced his opposition to any new
s. ,bar;er Of 4 similar institution and not only
ha nonu)ar election which brought him into
hover. bu. the elections through much OF his
ERIN seemed clearly to indicate concurrence
with him in sentiment Or the part OF the peo-
pie.
discrimination which was doubtlessly de-
icned TO correct this most ruinous state OF
linus. by the exactlon OF specie In all pay
uenls for the pubic lands but which could not
ii once arrest the tide which had SO strongly
Bat in. Hence the demands for specie became
nceasing and corresponding prostratlon rapid
ensueI under the necessities created With
he banks. 10 curtail their discounts. and there
by TO reduce their circulation. recnr to these
Existing things with the disposition to crnsure
re.exis ting administration of the Government,
but simply in exemplifcaton Of the truth OF
he position which have assumed. If, then,
sny fiscal agent which might be created, shall
,e placed without due restrictions, either in the
lands of the administrators of the Government,
those of private individuals, the temptation
abuse will prove to be resistless.
Thus, in the short period OF eight years, the
popular voice may be regarded as having sue
BtssIuiIV COHutIlliIeu cdCtl vi tHC ttiCo oCHohoo
finance TO which have adverted. AS to
he FIRST it was introduced at time OSLO
Then the State Banks, then comparatively few
number, had been forced TO suspend specie
ayments by reason Of the war which had pre-
lousy prevailed with Great Britain Wheth-
+, if the Uulted States Bank charter which
Rpired in 1911, had been renewed In due sea-
pn, ii would have been enabled to continue
pecle payments, during the war, and the dis
slFous period 10 the commerce oI the country
Mich Immediately succeeded, is, to say the
tas, problema,cal; aud, whether the United
lates Bank Of 1916 produced restoration OF
pece payments, or the same was accomplish
through the fundamentally of other means,
as matter of some difficulty at that time to
siemine-certain i, is, that for the first years
the operali of tina. bank its course was
disastrous as, for the greater part of It's sub
eqaent career, it became emlnen,ly successful.
loF the second, the experiment was tried
u. u redundant Treasury, which continued
increase until it seemed to be the part of
SuoIn to distribute the surplus revenue
AOns the States which, operating at the
'Ae Nlne with the specie circular, and the
fuses before advered to, caused them to sus-
eAe specie payments, and involved the coun-
mine creates. embarrassment. And as TO
"'a,u carried through all stages Of its
;a uta'lon, from paper and specie, to mo-
'.s ou' The precious metals, to say nothing
MS insecurties Of the public moneys, its
y.Hous effects having been anticipated by the
vvunHy' IN It's unqualified condemnation
nat IS now to be regarded as the Judgment
'ae American people on this whole subiec.,
= nave no accurate means Of determining bu,
appealing to their more Immediate repre-
aalves. The late contest, which termina-
yin the election of General Harrison to the
'ssOency, was decided on principles well
n9s N and openly declared and while the
WI sG'l reasury received in the result the most
e 0sa condemnation, yet no other scheme of
aa'ee seemed to have been concurred in, 10