Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1842-11-04


-sltion would produce an amount abun
dainty sufficient to resuscitste their
~credit.
Occupying the position you do, | sin
secretly hope, my dear sir, that your in
.fluence throughout the Union will be
brought TO bear on this great n%ationaI
question. We all know that our couu
trymen are essentially honest, because
they are essentially sagacious, as we'll
as, ia the main, right pr%incipled, and
require merely a proper direction TO be
given 10 their exertIons to make even a
heroic effort TO recover and sustain the
character of the country.
But, auxiliary TO these efforts; some.
eIhingvmore remains to be done by your
self. II is to lend vigorously the power
OF your W genius, and The impulses OF
your own patriotism, in your appropriate
sphere, the Senate Of the United States,
TO create and establish a sound circuiat.
ing medium throughout the Union, con-
"vertible into specie, but in sufficient
abundance 10 elevate the standard of
value in cur country. Whether this be
a Bank OF the United States, or an issue
eOEa redsemabIe currency by the FEEDER.
al Treasury, is not Of so much compa
erative importance, as that we should
have an abundant and uniform c%ircu'a-
making allowance for the variation Of
the balance Of trade, shall be Of equal
value in New Orleans end Boston.
This circulation. in the recesses Of
that financial wisdom which is past find.
ing ont, was destroyed by our rriend
General Jackson, when he slew The
Bank Of the United States, with the arm
rof Samson, and almost with the self
same weapon, too when we recolIect
ali the twaddIe OF the old gentleman on
This subject. He, as Burke sad was Ger
talniy a 'consummate architect Of Ruin
in his time and tide, and had the happy
faculty Of "impersonsting q corporation
''In his minds eye for the purpose Of
hating it as cordially as he once did you
rand Mr.. Poindex,er. When therefore.
Mr. Biddle entered into u contest with
this hero Of two wars. he forgollhe wis
dom Of the Spanish proverb, THAT be
who sits down TO dine whh the devil
should eat with a long spoon What
has been the result OF this feast, in bro,
ken meat and empty plates, you we'll
know. 1t has left our currency palsied
indeed hungry in flesh and poor in
spirit. doubt, since the creation of The
world, whether such an example can be
exhibited as we have presented for the
iaDt sixteen years OF folly and misgov-
eernmrnt, No Southern planter would
permit his plantation for one hour to be
governed with such a lack OF ali sense
and providence The Catfres and Hot.
rQeDtols, 10 reference TO their CONDITION,
u doub, not, have been governed with n
policy far more vigitant and enIighten
ed. A country Of immense our
in a period Of profound peace, on the
verge Of bankruptcy! Any man wto
will read Humo's Essays, on Public
Credit and on Money. can DO at no loss
70 trace our present condition to its true
cause. We have been suffering ever
since General jackson destroyed the
Bank of tho United States Twin The ex.
s~ception ola short period of dlslempered
imitation created by his W measures J
,undera steadily diminishing circulation.
which the eminent philosopher 10 whom
/ have referred has declared 10 be one
oof the worst cAlamities that can befaIl n
civilized country far more disastrous
ethan the continued blight Of I'm favorabIe
'harvests aud seasons THIS result has
been first in the constant action Of the
Federal Government ,or their supposed
meditHled action on the Banks oil the
States, which created a universal panic,
ThW has compelled the Banks TO with
draw thoir circulation, and next the
General Government permitting to re
main in criminal allegiance their sover
eign junction to supply n currency equal
10 the wants Of the country, and 10 re
Rulale its value
The consequence is, that the States
have nothing in the shape OF credit, or
money to pay with abroad. Every spe.
cies Of properly has fallen from fny to
one hundred per cent, ana the standard
OF value so seriously disturbed that a
man in 1880 might have had property
10 three times the amount of his debts,
yet he is now ipSO fdcto ruined by the
siIen, transit OF our country from a re-
dundant circulation TO what some are
pleased most (elicItously 10 call u hard
money currency-when the fact is We
can procure neither that which 10 hard,
or soft.
By this alteration in the standard Of
value, a revolution is in portenrous pro
gress in our country, as widespread and
desolaling, as far as property is concern.
ed, as that which distinguished and it,