Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1842-07-21

1912, verify believe, all, or nearly all of the en-
barrassmcnts of the country plainly at,ributa-
bic. IL the Bank had been rechartered, the pub
lie cepositcs suffered to remain undsturbed where
the law required them to be made, and the land
bill had gone into operation, it is my firm convic-
ton that we should have had no more individual
distress and ruin than is common, i'm ordinary
and regular times, TO trading and commercial
community.
And do just now take rapid roview Of the ex-
pcrimcnts of our rulers. They began with incon.
testibly the best currency in the world, and pro-
missed better. That better currency was 60 be sup
Piled bv the local banks and IN the first stages
OF the experiment, after the removal of the depos-
ties. they were highly commended from HIGH au-
thorty, for their beneficial and extensive opera
tons in exchange, the financial facilities which
they afforded to the Government, &c. &c. But
the day of trouble and difficulty, which had been
predicted, for the want of a United States Bank,
came. They could not stand the shock, but gave
way, and the suspension of 1897 took place
Then what was the course Of those same rulers !,
They had denounced and put down the Bank of
the United States. 1t was monster. They had
extolIed and lavished praises on the local banks
Now, they turned around against the objects of
their own creation and commenda,ion-Now
they were brood Of little monsters, corrupt and
corrupting, with separate privileges proving upon
the vitals of the State. They vehemently call
out for divorce of State and Bank. And meanly
'otie"tiuS uhuer the sub treasury from the storm
which themselves had raised, leaving the people to
suffer under all its petins and pliless rage they add
insult toinjury, by telling them that they unreason-
ably expect too much from Government, shat thew
must take care of themselves, and that it is the
highest and most patriotic duty Of a free Govern.
men, to take care of itself, without regard to the
suilerings and distresses of the people.
They began with the best currency, promised
better and end with giving none. For VIC
might as well resort to the costumes Of our orr.
glnal parents in the garden Of Eden, as, i'm this
enlightened age, with the example of the whole
commercial world before us, to cramp this ener-
getlc and enterprising people by circulation ex-
ciusively OF the precious metals. Let US sec
how the matter stands with us here in kentucky,
and believe we stand as we'll as the people do in
most OF the States. We have circulation in
BANK notes amounting to about two millions and
nall, founded upon specie in their vaults amount
ing to about one million and quarter, half the
actual circulation. Have we too much money !
No! no! exclaimed many voices.] If all the
banks were put down, and all the Bank paper
were annIhi!atcd, we should have just one-half the
money that we have. ain quite sure that
one Gt the immediate of our present difficult
ties, Is defect in quantity as well as the quality
OF the circulating medium. And it would be i'm
possible, five were reduced to such regimen as
is proposed by the hard-money theorists, to avoid
stop laws, relief laws, reputation, bankruptcies,
and perhaps civil commotion.
(CoNCLrDED IN OUR NEXT)