New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1842-07-01

unwisc policy tempted them iats rsissus sPesna-
tion
3. There was measure, the passage a which
would have greatly mi,isaicd this annasursl state
OF things. Il ~ss vet dlfca,; to iorcsse, after the
Veto OF the Bank. sore Ut the ecnsequcnces tlsat
woulI follow. The multiplication ef banks. So
persbund.nt currency. rash and inovdus,c srccs-
lstion, ana probable ultimate suspension Of spe-
Gle payments. And the public domain vas too
brilliant and tempting prize no, to 30 among the
6rst objects that would attract speculation. Ia
March. 1885, a biz plssed both Houses ct Con-
grrss 10 distribute among the States the proceed.
OF sales Of the public lands. IL was a MEASURE Of
strict m,,ce TO the States, snd one of sound roli
~ a. \, re,,ects the revenue Of the United States:
but the visw which new pUposc 10 teAe OF u
applies altogether ~ tie influence which il would
have exerted upon circulation AMI speculation. is
was the constitutional duty Of the President To-
have returned the bill to Congress with his oblec-
tons, II be were opposed tn IT, or with his sane
lioz il he approved il bu, the bill fell by his ar
brrary Withholding il from Congress.
Let us here pause ,nd consider what would h,v.
tecn the operation Of that most timely and salu,ary
measure, ii il had no, been arrested. The bill
passed in 1885 and in 4 short time after, the sales
If the public ,nds were made to unprecedented
extent: in So much. that in one year they amount
cd TO about s25 900 900, and in few years 10 an
acsresat. of abost So, Q00, 900. IL MAS manifest
that il this fund, SO rapidly accommodating, remained
in the custody oi the local banks. in conformity
with the Tres sur, circular. and with their inter
e.rs il would he made the basis at new loans,
new recommendations. fresh bank facilities. Ii
Vas manifest that the same identical sum Of money
m; sht as i, in fat did purchase many tracts OF
land. bv making the circuit from the land offices
to the banks and from the banks 10 the land Offices.
besides stimulating speculation in other forms.
Under the operation Of the measures OF the ds-
tnbu,ion. tina, great fund would have been cent
annually returned ~ the States, and would have
been applied, under the direction Of their rrspec-
tive Legislatures, to various domestic md useful
purposes. Ii would have fallen upon the land like
tho rain of heaven, in gentle. genial and general
showers, passing through Thousand rills, and fer
| ,ilring and bsautItyisg the country Instead OF
being employed in purposes OF speculation. II would
| have been applied To tbs common benefit OF the
whole people. Finally, when the fund Rad accu.
rpnlated and was accumulsting in an alarming de-
gree il wa. distributed among the States by the
deposte act. but suddenly distributed, IN such
large masses, and in Q manner 80 totally IN vioiu-
ton OF all the laws and rules Of finance, that the
"a Isl. OF suspension in 1887 was great. acce'ess-
ted. This would have been postponed, II not Alto
rether avoided, il the land bill Of 1889 had been
approved and executed.
To these three csusss, fellow citizens, the Veto
of the Bank Of the United States, with the ccnse
ouent creation of innamer,bo local banks, the re-
uoyal Of the depositcs of the unl,ed States from
the Bank 81 the United States and their subsequent
Tree use and the failure of the land bill OF 1883,
verify believe ALL or nearly all ct the pecunary en-
L. Of rho plainly NtfTlDutA-
bic. IL the Bank had been rechartered, the pub
lie deposies suffered to remain undisturbed where
| the law required them to bs made, and the land
| bill gone ia,o operation. it il my firm conviction
that we should have had more individual dis.
trc.. and ruin than is common, in Ordinary and
regular times to trading and commercial com.
| nuDity.
| And do just now take rapid review of the sx-
periments Of our rulers. They began with ineon-
ies,iby the beat currency in the world, and pro-
missed a better. That better currency wss to BE-
supplied by the local banks and, in the FIRST Stages
Of the experiment, after the removal OF the dspo
sites. they were highly commended from high ~.
thortv fer thsir benetcs and extensive operations
| IN exchange, the financial facilities which thsy At
| forded to the Government &C., &c. But the day
of trouble and difficulty which had been predicted,
for the want OF U ned States Bank, came. They
could not stand the shock, but gave way and the
Suspension Of 1887 took place. Then what was
the course Of those same rulers J. They had de-
nounced and put down tire Bank VI the United
| Stntes. Ii was a monster They had extoled and
( layished praises on the local banks. Now, they
turned round against the objects OF their own crsa-
| ton and commentator. Now they were brood
Of little monsters, corrupt and corruptiDg, with Sc
psrstc privileges, preyng upon the yitals OF the
| state They ychemently call out for divorce Of
State and Bonk, and meany rstrea,iSg under the
Sub Treasury from the storm which themselves
had raised leaving the people to suffer under all
il. pctug and pitiless ruge, they add insult to in
| Jury, by telling them taat they unressonaby ex-
| pect too much from Government, that they must
take care Of themselves and that il 10 the highest
sntmost patriotic duty Of free Government, to
take care of ITSELF without regard TO the suiierisgs
| and distrsses Of the people
| They began with the best currency, promised
better, and end with giving none For We might
as we'll resort to the costumes of our original pa
rents in The garden Of Eden, as ia this enlightened
age with the example Of the whole commercial
world before rs, TO cramp this energetic and en-
tcrprsing people bya circulation exclusively OF the
precious metals. Let see how the matter stands
with US here in Kentucky, ard believe we stand
~ well as the people do in most OF the States. We
| have q circulation in Bank notes amounting 10
about two millions and half, founded upon spe-
| Gle in their vaults amounting to about enc million
and quarter, half tine actual circulation. Havc
We TOO much money! No. no exclaimed many
voices. Ii all Banks were put down, and all
Bank paper annhated, We should have just one
half the money that We now have. ! am quite sure
that one of the immediate causes Of present diff
6culties, is defoc, in quantity as well as the qua
lily of our circulating medium. And it would be
impossible, if we were reduced to such regimen
q. i. proposed by the hard money theorists, to
avoid stop laws relief laws reputation, bankrupt
cies, and perhaps civil Commission.