Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-10-07

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| rousiy the powers OF your own genius and the i'm
pn's-s Of your own patriotism. in your appropriate
sphere, the Senate OF the ". States, to create an
| establish sound circulating medium throu.hou
the Un'on convertible into specie but IN suffcien
abunjance 10 elevate the standard OF valne fon th
dreadful depression 10 which II has fallen, and IL
tct 10 DC adequate TO petfJrm the exchanges o
Itada and value m orr county. Whether this I've
Bank OF the United States issue OF redsema
ole currency by the Federal Treasury. is not OF v
much comparative importance, ss that we shoa'C
have an abundant and uniform circulation from
some source or oh-r, which, making allowance fc
the variations in the balance Of trade, shall be o
equal value in New Orleans and Boston.
This circulation, in the reessscs of that fnaneia
wisdom which is past hnding out, was DESTROYED by
our friend Genecal Jackson, when he slew the B,nb
OF the United States, with the arm Of Samson ant
almost with the sell-ssme weipon, too" when We
reeoeet all the twsddlc Of the old gentleman this
SUBJECT. lie, Us Burke said, was certainly "con-
sunmate archiIee, Of Rum" in his time and tide
and had the happy faculty. of impersonatng a cor
poration I'm his mnd's eye" pr the purpose OF ha-
ing II as cordially he once did YOU and Mr.. Pon-
dexter. When, therefore. Mr.. Biddle entered into
contest with this hero Of two wars, he forgot the
wisdom of the Spanish provetb. THAT he who
sets down 10 dine with the devil should eat with q
long spoon" What has been the result Of this feast,
IN broken meat and empty p,rlcs you we'll know.
II has left our country palsiei indeed-hungry in
flesh and poor in spirit. doubt, since the creation
OF the world, whether such an example can be eI.
hibited as we have presented for the last sixteen
years of folly and mis- government. No Southern
planter would Permit his plantation Tor one hour to
be governed with such lack OF all sense AMI pro-
violence. The Ciffras and Hoti,ntots. in reference
to their condition, doubt ro', we been governed
with policy for more viglant and enlightened.
a country Of immense resources, IN period Of
PROFOUND peace, on the rye OF bankruptcy Any
man VINO will read Humes essays on "Pubic
C.ejt' and on Money be at no loss 10 trace
our present condition 10 its true cause. We have
been suffering ever since General Jackson dc
stroyed the Bank OF the United Statei with the
exception OF short period OF distemp.red inf iion
-ereated by his own mehsuros) under steadily d.
minishing circulation, which the cmiseni p'ilcso-
pher to whom have referred has declais to be
one OF the vors, calames that can befsll q civilized
country-fr more disastrous "thnn the continued
blight of unfavorabe harvss;s and seasons" This
result has been first in the constant action Of the
Federal Government, or their supposed meditaied
action on the Banks Of the States, which created a
universal panic, that has compelled the Birks 70
withdraw their circulation, and next tho General
Government permitting TO remain IN cTim;aii sbey
inee their sovereign function 10 supply a Currency
equa. TO the wants Of the country, and 40 regulate
is valuo.n
The Consequence is that the States have nothing
10 the shape Of credit, money home nay with
abroad. Every species of property has fallen from
atty to one hundred per cent, and the standard Of
value so seriously disturbed, that man in 1889
might have had property TO three times the value
OF his debts yet he is now ipso Iae,o ruined by the
silent transit of our country from a redundant cir
eulaiion TO what some arc pleased most feciiously
TO call hard money cutreney-when the fact is
that We can procure neither that which is hard o.
soft.
BY this alteration in the standard of value, revo.
luton Is in poFten;ous progress in our county, IS
Widespread and debating rs far as properly is
concerned, as that which distinguished and Illus
;taiei the masterpieces Of human policy cf the RI
Oesperes, Dln,ouS and MuTais o. another Inflated
country, which in its time governed by its de-
mlsosues too, who made paper money thick
that it showed assGuals in the streets Of Paris end
then turned round and burnt in their phreuzy their
owa handy work. Look, my dear sic, at the thou
sands, and tens Of thousands OF families tina, have
been ruined-that have had unutterable woe carried
into the very bosoms of their houses, by the nos,
irums OF our political quaeks who, in their senseess
war on the very banks they created gave time
"by the preparatory revolution of the Intervening
discords" Tor the country TO pass from period Of
expansion 10 one Of severe and arid restriction.
To those who have been ruined in these unhappy
times; whole estates have passed under the tender
grippe Of the sheriff. the moral ius,ise of Gen. jack.
sons memorable apo,heysm will be but dry crust,
chat those who borrow money ought 10 break,"n
doctrine out OF which ;her creditors are likely 10
derive as little comfort as themselves, although i,
must be admitted that the General tried all he cou
TO secure this blessing 10 the country. But, my
good sir, the day Of reckoning must cone. The
account will b, adjusted nov by posieriiy here.
after. One Of its first sums will be 10 settle what
the victory Of New Orleans has cost Us. Thess
are generally expensive paseanis any how
BOnarnTts probably never achieved one for La
Belle France, except TO the tune OF twenty millions
Of francs-to say nothing Of the lois OF "craeksd
crowns and bloody noses" he left on the field OF
battle. But his victories, in cost, no more 10
be compared TO the victory Of New Orleans, than
p,nn7 whistle 10 Baron Manchausen's celeb,a,.
ed clarion under IN April thaw. | Calculate ,hst
the victory OF the S.h OF January cost Us hundred
mil ions OF dollars, besides the email expenses OF
ent-''rs mon the country, "a set Of drIvellers
whose iol'y has taken avsy al dignity from Is.
tress, ant made even calamity ridiculOusn You
ni!l say hold. You and are greatly responsible
Tor this heroS gein. into power. Yes, u is true
willingly would eIpia;e this sin, sir, with nv
oood II II could recall the fatal past. But this is |
Impossible. lie, MS lock With courage, and ress. |
luton to the future. care not what your abstract
theories on banking are, whether they agree with |
or differ from my own. believe you have, as you
mad at the close Of the late war, the resources OF
mind end spin; 10 M the country out OF its presen
deep deeadenee Yes, my dear cir, believe your
ambition and your genius are on q level with a
III. It's great an gor Gus human action and enter.
Prise. The held IS e'ore you-take the lead IN
some great public mtasUre, whether u he q Bank
OF the United States, or an Ex;hsquer sgsnt, II is
ImmaerIa so tina, II shall restore Confidence iuvi-
gorats industry give 10 US abundant. souni cir
euiaiing medium, and drag up from the deep the
lowing credit Of the States. Do this, End If the
inst honor OF the coubtry does not ait YOU is ast
blessings will rest upon your fame
remain, my Dear Sir, with sincere esteem
Very respectfully and f,i,hfully yours.
J HAMILTON.
P. ST. shall be out in the next Halifax steam
or, ord hope 10 confer with you on the subec, OF
this letter on my arrival 10 Clrons.
The GOOD OLD RErUBLToAE TrMEs.-The sad
falling oil when is exhibited at this dsy from the
spint OF our mutations as compared with former
times, IS IS rorgly marked as is the departure
from sound and well timed principles Of policy
An incid -nt Is tod by the PMIaie ph.a o. :. Ca
ze e iI'usrauve Of the sac Of things IN Mr. Mon
rot's aom'ni uaiIon. MIR Monroe requested Gea.
Sieee, Then Collector n ihe port u Pnad. pho 10