Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1842-07-09
" IL 0 [ Vt NBER 80.

United -
upon eposltes the United States and had
granted and extended facilities
eoui! be aiey done thar basis. The deposise eSe
removed and among various local basAs which
urged ty authority likely be disegarded
peciay whsn secondng, Il did, their pecuniay IN
terestS 10 discount ana accommodate freely on them hey
did and those deposi,es performed double office,
by being basis Of bank facilities. IN the hands OF
the Uaed tes possession The local
banks addition the circulation tive country
ensued, adding that already cupoly forth by
nulItue new Banks sprinsing up like
mushrooms That aad trading should
been naturally expected 1t Is surprising that there weTo
more Prices enormouv as another consequence
aud thousands tempted, always The n
advancing market, hold make purchases undcr
the hcpo of Dfces rising still higher 4 rush of SPECTATORS
made "pon the public lands, and the money invested
their purchase, coming back the deosite BANKS
again and again loaned the other SPECTATORS,
10 make and other purchases.
Who blame for this artificial and inflated state ct
:hnss Vino for the speculation which was IL natural Off
q" the people The seducer or the seduredf Inc people,
who only used the means abundan'ly supplied in virtue
of the public authority. rulers, whose unwiSe policy
tempted them into ruinous specuiauont
3. There measure, the passage of which would
difficult to toesee after the Veto OF the Eank some
OF the consequences that would follow The multiplication
OF Banks, superintendent currency rash nnd inordinnto
sPeculatoh and probable ultimate suspension OF specie
payments And the public domain too brilliant and
tempting prze be among the first objects that would
attract sPccula In March, 1888, hlil passed boi
Houses Congress, distribute among tie States the pro-
the OF the public lands. 1t was measure
Of strict Justice the States and one O: sound policy
respects the United States bur the
which propose take of H. applies altogether The
Influence which it would have exeted upon circula
speculation 1t the constitutional duty Of tho Prcsi
bill Congress Win his lions.
If he were opposed it, with hs sanction ho APP
proved but bill fell 10y his arbitrarily withholding
from Congress.
Let rs here pause and consider What would been
opera OF timely and stluary measure,
had been arrested. The biz passed n 1893,
AMI aer the sales OF the public lands
made unprecedented extent; much, that IN
year they nmonnied 10 about ana IA levy
years ag sregae about e5D,00B0O0 TWAS mani
fest that, If tas fund. rapidly accunnatng. remained
in the custody the banks conformity Trea-
ry circular, and with their interests, II would lie the
loans acconnodatoas fresh bank facili
ties. IL az ma nitcst the Identical of
ney might fact did, purchase many tracts Of land,
by making the circuit fem the land Offices u he banks and
from the banks 10 the land ohces besides stimulating spec
ulat ton in other forms.
Under operation of the Of distribution, that
great fund would been semi annually returned TO tho
States, would applied under ihc direction OF
respective Legislatures, domet: and useful
purposes IL would have fallen upon tho land, like tho rnn
Heaven, gentle genial and general showers passing
through rl and fezing aud beau,ihying tho
country. Instead of being employed in of
would been applied The benefit of
The whole people Finally, when the fund Ind accumulated
accommodating alarming degree. distri-
bited among the States by the depose suddenly
distributed. in such rye and IN totally
in viola ton OF all the law. and rules Of finance that tho
suspension III 1897 greatly accelerated. This
land biII of is33 md been approved and exec,,ed
To these three causes, fepw-clzens, the Veto Of
Bank of the United With the consequent of
nnumeabe local banks. the removal Of The depostes Tho
Of the lant bill of 1888, verify believe, ALL nearly all
OF the pecuDary ADVERTISEMENTS Of the plainly
attributable. Ii the bank had been rechu tered tho public
depost@ suffered to remain where the law
CURED them be made mud the land bill had OPP
Grafton, my firm conviction That should have had
individual distress and ruin than Is common, in
ordinary and reg iar times 10 trading and commercial
community.
And do just take rapid review Of tho experiments
OF rulers They began with ncontcsby the best
ency in the world and promised 6etter That better
ency TO be supplied BY the loral banks aud, in the
of The experiment, after the removal Of
potes, they highly commanders from high authority,
for their beneficial aud extensive operations exchange,
financial facilities which they afforded Govern
ment &c &c. But the day OF trouble and difficulty
ha bee predicted. United States Bank
They could stand the shock, but gave way,
the suspension Of 1887 took place. Then what tho
course of those same ule, Tney had denounced And pu
down the Baak Of the United 1t monster
They exoed and lavished praises local
Now ,hey turned round against the objects Of their own
creation commentator. Now they brood of
i - 80 ~ i.aI If 10 So. b,,
" call or divorce Of Sat and Bank. meanly
rereatng under The Subj reasuy. from the
they themselves had raised leaving tho people suffer
der all pesng and psles they add insult rnury
BY telling them that hey urreasonaby expect too much from
That they take Of Themselves ant
tive highest and most patriotic duty of free Gov
srnnent, take tse. without regard he suffer
ays nd distiesses of people.
Thsy began with best currency promised better,
aud end with giving none! For we might as well
original pareats III the garden Eden,
commercial world before 10 cranp this getc AMI
erp.ng people by circulation excu-iv- Of the precious
metals. Let how the matter sarss with hero
Kentucky, and believe stand well the people
% the States. We have circulation il Bank
amounting millions and half, oprfed upon
specie IN their amounting million
luarter half the actual circulation Have too much
money! No. no! exclaimed many voices II all Banks
sere Dat down and all per anainilated,
ho3fd half ;he money that we nov have.
I'm quite Of the ifnnet Iae Of
en difficulties defect in quantity well "a the quail
Of the circulating medium. And u woub- impossible,
we were reduced regimen proposed By
theorists, avoid stop-laws aton bank
uptcie- and perhaps civil commoton
hare traced principal Of the present erabar-
assed condition Of country. hope with If
giving offence of fellow
sbo NAV differed in political opinion from IL
would been far cable feelings have
7eIg. did -32 during the third year Of President
acksoa's admin bright and cheering
ecs general prosperity shours eul
s-dr