Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1842-03-22
INDIANA STATE SENTINEL
Prom the Cincinnati Enquirer.
TIE CAUSE OF HARD TINES.


The wings have conicsscdly failed 20 TAR. to fur
nish remedy for hard times. The measures oi the
Extra session have brought no relief and are 40
longer expected by the whgs themselves 10 BRING
any. high tariffs now tie forlorn hope, " the
only true remedy" for hard times.
Ifthis notion be true then u ascrIbe our
distress TO the Compromise act or free trade policy
We are to conclude that II this system had not
been adopted tie country would now DC prosper
and happy. The Wings are positive that the
cause of al our trouble. Is limited not only TO the
United States. but the government and IN fact 70
a sing.e disastrous session. IN the year l9'5. II
the b. 20. hDw are sc to account f1r the CONNER
cial distress which has oseraken every other conn-
try, as well ownl Aud thIs too. as M our
case, Immediately after a season of extraordinary
prosperity.
The greatest increase IN the numbcr Of banks and
branches ~ one year, occurred IN l-i. and amount
ed u l95. The greatest Increase IN circulation vas
IN l-35. and amounted 10 twenty-five mil ons.
These cre1t changes we're ascrioed II ten JACK
son' : Bank veto to the dep0site Of pubic money
m local banks aud the Secretary of the Treasury
order for them discount them freely We suppose
it's new % be imputed 10 the Compromise. ct 10 one
of these same wears the joint stock banks aud branch
Is IN England and W ae- increased about Two hun-
dred Ia number. and were followed By great ex-
pansion Of paper money IN that country. Even ~
Belgium among the cautious and Industrious Dutch,
the rage for speculation at the same tme. led To the
formation Of equal number Of Jpnt stock compa-
mes for speculative purposes.
In Austria tie same period was marked by an eX-
traordinary increase Of lmportatlons All Tins com
rnercal and flanclal expansion, has been followed
IN these countries by embarrassment, bankruptcy
and distress. winch has oyerspread the whole con
tneut of Europe. and has prevailed ln every part o
the commercial world aud with an intensity pro
pOrtl0ncd 20 the prevalence OF paper circulation.
Yet neither bank yetoes, nor Treasury clrculers,
nor Compromise acts have visited those lands 10
prosecute capital, credit and commerce England,
although the most wealthy country on the Glo0e,
and blest t the highest ofariifs and the most pow
erlul of national banks the most distressed OF all
There must then bc a cause for TINS widc-cXlend-
Cd num- OF more power than "A few notifications OF
the fiscal system Of "A secondary commercial country
like the United States. This cause has never yct,
TO our kuowlcl gc. been explored OK explained y q
will endeavor - investigate it.
The empire OF GEeat Britain = pre- eminent over
all the world for magnitude of capital, credit and
commerce. In the years ISL, 80 and 10, the
harvcsts Of England were extremely abundant. The
average price Of wheat those three years was on
" lis %. per quarter, which rs about twenty-five
shngs ess than the average Of the last hity years
Ia England, about two-thiTds Of tile people are en-
gaged in manufacture and commerce, aud are pnr-
chascrs ofbrcad Their annual consumption amounts
10 about thirty three millions OF quarters, leight
bushcls,l wheat. Tins they were enabled u buy
IN those three years at about twenty-five shhhngs
ahout - less per quarter than the usual price ~
follows that b one single article OF subsistence
bread the commercial aud manufacturing cias es
made a SAVING " lthiu that time Of SIX hundred and
twenty five millions dollars Thu sum therefore Wa
added IN three years the capital Of commerce. ana
manufactures. II became the basis 81 imlnchte
operations u credit, ia enterprise and ~ spccuia-
ton. Orc Of It's most signal results was the loan
~ more tan two hundred millions OF dollars 10 the
s;tatcs corporations and merchants ia this country
It's effects extended of course all other countries
with which Great Britain IN commercial inter-
course, that is 20 the whole civilized world-ahd
was attended with the expansion every where EIsl-
bic as We have described
This season ct extraordinary plenty has. however
been followed by one oiequal scarcity, from sue
ccssIyc deficiency az wheat crops tor three years.
And instead Of an annual contribution 10 the cham
uels Of commerce and manufacture of about two
hundred millions OF dollars, an equal amount per-
haps. has been annually withdrawn. and the coll
ase aud cN plosion Of credit has been proport
" tremendous. The shock has extended 10 the
United States and our systems Of Guaucc eH' cfcctt
have tOttered aud tumb'ed
"Flom tllIct 70 foundation stone"
Yet we have host of noe-eyed and mouse
minded politicians who have persisted IN ascrbng
our allotment Of tlls wide spread revolution, 20
the government ot their country, and who have con-
tended for pOwer, that they might suppress tic
ground swell ct tHs mighty earthquake Their
prayers have been granted for their destruction.
They have encountered this revolution with the con-
idcncc inspired bv a triumph IN twenty states, and
have flllen nm ''hldc0us ruin and combustion down,
60 lie as thc fragmentary monuments OF the Impo-
tence Of party wisdom and party power, in war
with destiny.
Let tins catastrophe teach US ono lesson at least.
Let Us never seek TO give, rs England has done,
by legislation such expansion TO commerce and
manufacture at the expense oi agriculture, as VIII
render the yclsstudes of season, fatal to the stab-
itv alike OF eur financial and political systems