Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1842-07-22


aud The rally ing cry Of his ~part'Zans.-
The same Legislature Of Pennsy IVapla'
now, with equal unanlmiIv, approved
ilhe destruction Of an institution which
they had believed to be 50 Indispensable
to the public prosperity. and the deIud-
ed people felt as il they had fortunately
escaped Il great National calamity!
The Veto notwithstanding, the House
Of Representatives, by a large moJorly,
resolved that the public deposilrs were
safe in the custody Of the Bank Of the
United States, where they were PLACED,
under the sanction and by the command
Of the law, aud it was we'll known at
| Washington, that the resolution was
passed in anticipation and to prevent me
possibility Of their remnva| In the
face and IN contempt Of this decision OF
the Representative Of the people, and
ia violation of a positive law, The reno
val was orde red by the President a lew
months after, the Secretary Of the Trra'
sury having been previously himself
removed TO acco np,lsh the object, Ana
this brinos me 10 consider the effect
produced upon the business and interests
of the country, by the
Cd. event to which have alluded
It is welt known to be the usage Of
Banks, TO act upon the standing aver,
age amount of their deposDles, as upon
a permanent fund. The Bank OF the
United States had so regulated its trans
actions uDon the deposites OF the United
States, aud had granted Recommendations
and extended facilities as far as could be
safely done on that basis The depo-
sites were removed and dispersed among
various local banks, which were urged
by an authority not likely to be drsre-
garded, especially when s%econdlng, as
i did, their own pecuniary interests, to
discount aud accommodate freely on
them. They did so: and thus these do
poSites performed a oouo'e o'l'ce, ny
oelng inc oasis " on'" 'aC',''''T, "''
10 Inc hands OF '"e Da"N o' tue C"'''p
STATES ana ai'ef"afoS !" poSse'''o" u
the 'oca' banks Il 'a"' "u''''0" '"'"'
circulation OF the country ehsueo. aoo'n6
TO mat already so cop!ous'Y Pn' vow" ny
the mo''''uoe o' ne" oo'"S WHY" "e''
SPt'ng'ng UP IKE mushrooms 'o"' 'P''
cula'Ioh ana o'etlFau'"S S"oo'u ""E'
'o''o"eo' "eTs W ""'o o''" ""'u,"''
expected II Is surprising '""' '"''0
were mol moro IT'ceS rose e"o,',"u'
w. as announcer o"s'q'ehC'' anu wv"
SANDS were len'P!eu' 10 Is "'""SS WV
case 10 an uu'"nc'oS ~"''N1'' W "o'" w
OF 10 'na"e purchases u"o' '"o "'Prr
o. prices ''''"s '"" "'S"0' ''o" y
SPoIu'"'o,' ""' ~
mus u"u "''"oy '"'I'''p wv, w.
o""''' 'o"''"E Wv" ~ ''' .r'
WIS "s''" a"u ~" =
sum- u, o'"'' P' ''
o'"o' ""o o'''' PO''
Who was TO blame for this artificial
and inflated state Of thlngsY who for
the speculation whlrh was It's natural
offspring? The policy OF Government,
which produced it, or the peopIeY The
seducer, or the soducrdY The people,
who only used the means so abundAnlIy
supplied in virtue oilhe public authority,
or our rulers, whose unwIse policy
tempted them into ruI0ons specuja'Ion2
3 There was a measure, the passage
Of which would have greatly mi'lgated
his unnatural state oI things 1t was
not difficult to I]oresoe, otter the Veto
Of The Bank, some Of the consequences
that would follow The multiplication
Of banks, a euperobundao, currency,
rash and i%nordruale speculation and a
probable ultimate suspension Of specie
payments. And The pubic domain was
OF 'brilljant and tempting a prize, not
10 be among the first objects that would
attract speculation. In March, 1888, a
bill passed both Houses OF Congress, tc
! l' e.. a IL