Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1842-07-29
No. 49--WHOLE No. 4O6.

and exposed US 10 The sad reality of all
that We had dreaded in anticipation.
I'itie ASKED whut is The Cause OF our
.misionunps aud what the remedy? |
ausucr look to the past and let US learn
wisdom from he teachings o hlsIory.
Ten years ago, before The first efIeciu-
al blow WIS almed at our Industry, our
credit and our currency we were pros
porous bG} "ud any people that lives or
that ever lived upon the lace ofthe earth.
Our Industry Ia all lis branches, was,
prolecred-ll was active and il was sue,
cesslul. Where vas the Industrious
mechanic Or Iaborer that did not main.
maintain his family in comfort, EDUCATE
his children, and lay up something yearly
out OF his earuings3 Our agriculture was
successful, produce found a ready mar
keJ at a good price and the farmer was
encouraged to add to his Improvements
and cultivation. We had The best cur
reHcy Of any nation on earth. Bank pa.
per was at all times convertible into gold
and silver at the pleasure Of the holder
and exchanges with the most remote
parts ortbe Union were made at a mere
nominal cost. Let all who are old enough
ioJk back aud remember the condition
Of our country IN 1882, Let them look
at It COW, aler a lapse Of ten years and
mark the change aud let them ask
themselves whence is it, and what has
lroughl this reverse upon us9 Two lead.
ing causes have chiefly produced il. In
1882 we had a TARIFF which protected
AMERICAN INDUSTRY against the comPe'
tirlop Of he PAUPER labor of Europe
That tariff was gradually consumed by
the Compromise aCl, which The most de-
voted friends Of American l~n,usiry were
compelled to adopt in order to prevent
a more immediate and more fatal over
throw. We had a BIuk Of The United
States, aud a we'll regulated system Of
State Banks acting ia union with EACH
other. At this system of credit and cur
rency The first blow was struck in 1889,
The attack was systematic and contInu'
ing it was destined to be successful, and
it w~rough, BY a~rtlfce as we'll as by pow
er. It corrupted, it debased, that II might
the more readily destroy It's victim
Millions upon millions Of banking capital
some Of II real, most Of it fictitious, was
created end SEN abroad in the United
States. c~Uuntenauced and sustained by
Government patronage, and commanded
to lis work Of mischief. 1t fulfilled lis
destiny; it flooded the country with a
false and redundant currency-and lis
overthrow. which was brought about by
the hand that reared lt-brought with 1t
the discreJi, and the deslruCtion'of what
was before real aud sound-aIl banks
were discredued-aIl failed, and the
country was left without credit or cuGren'
cy.
The mischief was not inherent in the
credit system, but it arose from lis abuse
and that abuse vas the policy Of those
who Intended them to attack and DO now
attack The system and attempt to destroy
il forever. Long and successful expert
ence prior to 1889 proved this-subse-
quent disasters go to confirm the evil
dence.
Those who oppose the principles which
we profess aud the policy we advocate
ooiGl now to the broken and ruined con-
dltion Of the banks and taunlingly tell Us
that thew are rotten and worthless. Be
it so. They are their testroyers. What
was the condition of the banks and The
credit system when they commenced the
work OF Obstruction, calling 1t rgtOrm!-
Look back TO 1882 and you hayeslhe an
swer. They sowed tares in the wheat
which we had planted until the crop be-
came worthless. They laid the x TO
the roots Of our goodly trees and now
point to their decayIng branches n
Wondering trunks and taunl US win
heir rouenuess. Where, say they, IS
he once boosted Bank oil the Uniteo
States? answer, it was destroyed by
the veto of lS32-it ceased to exist as q
N%arionoI Bank IN 1886, and by a charter
from a State became an unwieIdly State
institution, with excessive capital and no
means Of emf Toying iI-as q State bank
IA local bank it could not possibly
flourish no more than the nobIest oak tree
on your lOir green hilIs,Swould flourish,
il torn from lis place and It's giant hbers
pressed into the dimensions Of a flower
pot,
It slime 10 think and speak in truth
and soberoess; a country when broken
down and ruined is nut to be destroyed by
bold lalsqhood or specious Iallacy. Let
US reason with care, resolve with pru-
dencp, act with energy. Our country
aud its administration now indeed need
the hands Of reform, but it wants the re
forming hand Of a friend, not OF an adj
r Il. .,I.,t pnt pG the rpCk-