The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-08-11

prices oil PRODUCTS RISE " Whether ALL these
predictions, or whether any of them have
been fulfilled, the whole country is amply able
TO testify. A whg Congress with commands
ing majority in either branch, has been in ses-
sion more than eieUeR months out of the SeUen-
teen whiChhave passed since the 4ih of March
1S4l; and yet, with the Executive, Judicial
and Legislative branches of government IN
their own hands, the promises made TO the
people of increased "inGvdual and national
prosperity" have in no instance been fulfilled.
An extra session of Congress, held at a cost
to the people of more than half million, IN.
der the dlciation and control Of the indvid.
ual who, one year before, had been so lavish
in his promises, succeeded, after three months
devoted 10 debate, in absiracting three millions
Of land revenue from the national treasury alrea
dy Oh the verge Of Insolvency, and legslating
1t into the pockets Of the states. AT the same
session, by the same political leaders $780,
OOOOOO of debts, contracted with the people
by splendid bankrupts and paper money spec
ulaors, worc cancelled by single act of leg
saton, These two acts with others of SIM
liar caste, constituted the grand measures Of
whg reform enacted at Tho disastrous extra
session of one hundred days, and The propos.
ed repeal of which, during the past winter,
has arrayed their former friends in open war.
fare. Since December last, al an expense of
more than million and a half of money, the
same triumphant 'retrenchment and reform"
political leaders have for eight months been
assembled in Congress debating questions not
Of public merit, but having in view the eleva,
ton of rival candidates for the Presidency,
and up TO the latest report of their doings, had
refused 10 consider proposition fixing upon
day Of adjournment.
In the midst of all the disappointment and
ill~leeDg tha: have resulted from bgh!ed
hopes and pledges that remain unredeemed,
it is not surprising that the rival parties which
compose The disc0rdant elements OF The whp
party, should seek 10 skuk responsibility, and
rest the blame one upon the other. But it is
alike hopeless and dishonest to attempt lon
ger 10 persuade deceived and deluded people
that the incorporation of a United States
Bank, uuder any guise or name, would "re>
vive confidence" in the broken faith and vio~
lated pledges Of faithIess political party And
it is equally dishonest, when banking nslitu-
tons state and national, have crumbed, one
after another under the accumulated weight of
their own corruption, TO endeavor TO lead the
public mind into belief that the great reme-
dy for all public and individual evils would be
found in high tariff upon foreign mporla-
tions. Both attempts carry with them an in.
suli 10 the common sense OF the community,
and are al war with candor, and The convic.
tiOns which sound reason strengthened by ex.
perjence, thoroughly enforce. To reliance
upon. '.fcticious capital, (or paper money issued
without an equivalent basis 10 gold and silver,
is the United States to attribute tour-ffth of
the periodical dsresses which have befaIIen
her in thirty years To this cause, and to it
alone, as was tested in Congress at The time
by Messrs, Clay, Tyler and Webster, can be
ascribed the stagnation of business, the want,
the depreciation iO the value of property, and
the general distress, which pervaded the union
from 1919, till 1928. Al later periods and
more especially in 1884 and 1887, The panic
disaster and distress which overwhelmed
large portions Of the community, have still left
a hundred thousand witnesses 10 testify 10 The
folly Of yielding TO the temptations Of paper
money or relying upon ficucious capital. A
myriad Of honest men, allured by The exam.
pie of those who were both bankers and spec
uIators, yielded at fatal moment-thought in
a few moments TO have ammassed fortune in
the wild paper inducing specuIations of the
day, but were reduced TO beggary and want,
10 dleness and disappointment. by the fatal re-
lance they;had placed upon appearance instead
of reality.OWhat has been the history Of the
past, must under similar circumstances, be the
experience Of the future. PAPER MONEY adds
nothing 10 the wealth of nation, nor can il
relieve The necessities of a peo-
pie, Sound policy allows its use alone for
commercial purposes, and that, not because
there is an iusufficiency Of gold and silver to
afford the world currency, bu, by reason Of
its convenience in being transferred from one
point 10 another. The history Of the banking
institutions Of the Union nconteslibly proves
that where one Of them has been conducted in
view Of the public good, NINETY and NINe have
manifested contempt for statute lava dis
regard of right-a csrelessness for the public
veal, and scorn for the law of public opin.
ion. Bankers and their dependents have sci
up for themselves a coGe of honor, honesty
and morality, peculiar to paper mrney corpo.
raIlons. An act that would consign a private
individual 10 perpetual in(amy, IS in Tho dc
tonary of the banking house, but better ev-
idence Of the actOr's taen, as inancier. The
banker who robs community un-