Holly Springs gazette., 1842-06-17
FRIDAY, JUNE II, 1912


eia report apon case the winter Of 1885,
nolice cd the fact in the following language:
1T Will prove also for the security OF The Treasury pub
c opinion should IN relation such denquences hereafter
indicate much higher of morals and stronger OF
ohcai fidelity and honor than have, unhappy heretofore
prevailed"
Garng indeed must have been the delinquency that scared
the moral optics Of Levi Woodbury. and far fallen The people
who brooked such reproof from the who mudded the
stream its fountain Hence has flowed the corrup
on that has suIed the American hence the pollution
that has tainted the air with Its STENCIL hence The niquiy
that has prompted public repudalon and the disregard OF
private obigaton and hence the base and plant morality
that like the pestlence that walkeih darkness filing
the country with its victims and blanching the cheek with
the OF Its desolations.
locofoco denomination, has been equally afflicted IN It's
commercial and productive interests We remarked IN the
of this address, that when the administration fell into
their hands they found the country blessed with currency
of unfJrn value exchangeabe every where at par with
specie and available for all the purposes OF circulating me-
dunn Ii useless task 10 recount the circumstances
under which the against the Bank of the United States
begun and followed up the final overthrow OF that IN
stitution Suffice shortly after the guraon
of President Jackson Treasury Department
tel ere in the internal policy OF the Bank IN the matter ola
pointing a President to the branch at Portsmouth, New
Hampshire This attempt 10 subject It's management to
political espionage and make subservlent the ends
Of the party, promptly and properly resisted From
Ou u 50
can't the refusal OF the directors to dismiss the cashier oil
the Po mouh branch the behest of the Secretary OF the
Treasury grew the clamor against the parent
ne adherents OF the President at rs cautious and covert
gradually ax bold in their assaults until the Executive par
~ incorporated lis destruction leading article into their
creed But the overgroHn popularity the then chief
gate could thoroughly revolutonze the opinions
OF his party, by merely denouncing institution which had
in 1916 brought order OUT of confusion and restored sound
circulating medium when the people bad almost despaired of
such blessing. The leading members Of the party prom
Ised better curreney upon the destruction Of the bank
T. Iuisud 3ank denounced incubus upon
enterprise cTpPng the caeges Of by restraining
the issues and business Of State corporations within
row bounds The people were induced to believe that tue
and drafts ofhe Stale banks would the ends o
exchange AMI circulate better than those Of the United States
Bank had done that money would become abundant
would Improve and that the general business of
woald expand in every direction Demagogues excited
tile pruices OF the uuenghts d. and parzln leaders slim
utted The cupdy OF ire spcculator The people bein not
prepared io radical change in their system
tDe power Invoked thwaTt their will The
ny thrown ulo CONSERVATION by the Il tcrnined hostility Of
the Executive against the bank, wareed constancy and
hnily sustained the chief magiate Whilst the question
pending the halls Of Congress wig admon
sed dohnaut party OF the appalling consequences that
would iiiow In TIE wake oil innovation th the certainty
o prophecy they oreiod the very condition of affairs that
has transped Their speeches that memorable period
predicted OF locotOco policy with he
acy inspiration But the orIty nexorabe; with
them argument had lost power convince entreaty to
soften prayers soo:h The destruction of the bank
doomed The first fruits Of this the multiplication of
State banks La 1882 the bill rechaer the Bank Of the
United States vetoed in 633, the deposits removed
In 1880 the aggregate banking capital of the Union was
Sl45 l9O26S Within two years after the removal Of the
deposits banking capital had swollen 33l 337
and in 1887 reached S44ol951 TO- Whilst the United
States Bank existence the local banks not aspng
the regulation of the currency, chartered with small
capitals and business required; afer 1883. they
chartered without necessity and multiplied beyond
ample In December 1887. there less than 100
States banks ary four hundred banks sprung up upon
the ruins Of the United States Bank aud 250O00OoO OF
capital incorporated supply the formerly dis
charged by the 35000O00 capital Of the United States
Bank. The impulse given extravagane and speculation
by this increase of banking capital qucened
by the circulars Of the Treasury Department those pet
State banks that made The custodans the national
enues calling upon discount freely the locoiocos
had made objection against the United States Bank that
did dihusive loans upon the government de-
poss The legislatures OF the States during pamy days
of the pet bank SYSTEM principally controlled by the
ocoocos who, acting with the national ad
ninisiraon multiplied the local banks every direction
Il the memory OF most of that whilst the Experiment
flush. that for series of years during which
boaed currency had added fictitious value TO species
property that whilst the country seemed to be travelling
as with rail road velocity wealth and glory the
prominent party derded the prophecies ofClay Even and
the and appealing the Of men deuded and daz
ed by the glitter OF the iime scoed al their
prediction and laughed to their fears New banks
legsated into existence to meet imaginary want
The party pushed their scheme the extremity CT bursting
from self inhl6nAga the wishes ofh wings and in
despite of their opposition. these corporations chartered
until May 1886 the whole system exploded upon the FIRST
revuson trade And forsooth they charge upon
wings