Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1841-06-22


the cupldity of capitalists, caused rush to be made
to the Legislature of the respective States for similar
acts OF incorporation, which by many of the States,
under temporary lntatuation, were readily granted
anu thus the augmentation of the circulating medium,
produced most fatal deus ion. An illustration de-
rived from the land sales of the period alluded to- will
serve best TO show the effect of the whole sysem.-
ne average sales of the public lands for period of
ten years p1or 10 1884, had not mnch exceeded two
million dollars per annum In 1894 they attained in
round numbers to the of six million dollars in
the succeeding year 1885 they reached sixteen mil
lion dollars, and the year of 1896, taey amounted
TO The enormous sum of twenty five million dollars
thus crowdng into the short space of three years up
wards OF seventy three years purchase of the public
domain.
SO apparent had become the necessity OF arrosGing
Tins course OF things, that the Executive Department
assumed the highly questionable power of dscrmina
tiag in the funds to be used in payment by different
classes ofpubhc debtors. A discrimination which was
doubtlessly designed this most runous
OF III ngs by exacting specie in all payments of public
lands utwhIch could not at the tide which
had strongly set in. Hence the demand for specie
became unceaslng, and corresponding prostraton rap
idly ensued under the necessities created with the
banks to curtai their discounts and thereby reduce
their circulation recur to these things with dis
position TO censure pre-existing administrations OF
the Government but simply in exempcatan of the
truth ofthe position which have assumed. IT, thea
any fiscal agent which NAV be created shall he placed
without due restrictions either in the hands of the adj
mnstrators of the Government those of private in
dlviduals, the temptation 10 abuse will prove 10 be
resisess.-Objects of political aggrandisment may
seduce the first and the promptings of boundess
cupidty will assa the last. Aided by the experience
ofthe past, it will be the pleasure of Congress so TO
guard ndforfy the public interests, in the creation
of any ne~s agent TO place them, far as human
wisdom can accomplish IT, on footing of perfect Sc
curlty. Within few years past three different
schemes have been before the country. The charter
of the Bank Of the United States expired by its own
limitations in 1886; an effort was made to renew it
which received the sanction of the two Houses of
Congress, but the then President of the United States
exercised his VETO power, and the measure was de-
featcd
A regard 10 the truth requires me TO say
that the President was fully sustained in
the course he had taken, by the popular
unqualfcdly prom ounced his opposition TO
any new charter OF q similar institution;
and not only tho popular election which
brought him into power, but the elections
through much Of his term seemed clearly
TO INDICATE a concurrence with him in SEN
ti'nent on the part of tho people. After
the public monies were withdrawn from
the u. 5. Bank, they were placed in depo-
site with tho State Banks, and the result Of
that policy has been before the country
70 say nothing as to the question whether
| that cxpe riment was made under propi-
! tious or adverse circumstances, it may safe
| ly be asserted that il did receive the I'M
| qualified condemnation of most Of its carly
| advocates, and it was believed was also
condemned by the popular sentiment. The
| existing sub-Ireasury system does not seem
to stand in high favor with the people, but
has recently been condemned in manner
too plainly indicated TO admit of Doubt
Thus in the short period of eight years,
the popular voice may be regarded as ha-
| wing successfully condemned each of the
three schemes Of finance to which have
adverted.
AS to the first, it was introduced at u
time (16l6) when the State banks then
comparatively few in number, had been
forced TO suspend specie payment by rea-
son Of the war which had previously taken
place with Great Britain. Whether, if
if the II. S. bank charter, which expired
in 1911, had been renewed in due season.
| it would have been able to continue specie
payments during the war, and tho disas-
| trous period to the commerce ofthe country
which Immediately succeeded, is, to say
the least, predetermined; and, whether the
L. S. bank of 1916, produced restoration
of specie payments, or the same was &c
complishcd through the fundamentally oil
other means, at that time was a matter Of
difficulty to determine it is, that
for the first years Of its operation Of that
bank, its course was as disastrous; for the
greater part Of its subsequent career, ii be-
camo immnently successful.
AS to the second, the experiment was
tried with redundant treasury, which con-
tinucd to increase, until it seemed to be the
part Of wisdom TO distribute the public re-
venue among the States-which, operating
at the same time with the specie circular,
and the causes before adyerted to, caused
them to suspend specie payments, and in
volved the country in the greatest cmbar-
rassment. And as TO the third, it carried
through all the stages Of its transmutation
from paper and specie, TO nothing but the
precious metals, to say nothing of the in
security Of the public moneys, its inJuri-
Gus effects have been anticipated by the
country, in its unqualified condemnation.
What is now to be regarded as the judg-
ment Of the American people, on this
whole subject, have no accurate means
| of determining, but by appealing 10 their
more immediate representatives. The late
contest, which terminated in the election
ton Of Gen. Harrison 10 the Presidency,
was decided on principles we'll known and
openly declared; and while the sub-trcasu-
ry received in the result the most decided
condemnation, yet no other scheme seemed
TO have been concurred in. To you then,
who have come moro directly from tho bo-
dy of our cons tents, | submit the entire
question, as ba1EI nalilicd 10 give full OK