The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-13
From thG TI0Tidlall.
THE TIMES -THE CURRENCY

We hear from all quarters continual complaints OF
the hardness of the times, and the deporabe state OF
the currency in Florida. What is to become OF the
country asks one : How are we to pay our debts in
qures another while third curses the currency,
and all unite in the inquiry how shall it be improved,
how shall the present state OF things be remedied
An inquiry into the causes which. have placed the
country in its present embarrassed condition, might
lead to the discovery Of corrective. The people
Of Florida, at least those of the Middle and West,
have for number of years suffered themselves to
be beguled and msled by the allacous prospects of
unbounded wealth and independence, to be acquired
by the accumulation of fictitious capital, by means
of Banks and Territorial Faith Bonds This has
filled the country with irredeemabe paper money.
1t has advanced the price of property and produce to
the same, to greater extent than the abundance
of the representative of money even warranted.
The people became eXtrayagan and improvldent,
and consequently immersed in debt This again has
had reAux, and our banks have suffered equally
with the people, and it will require the utmost exer
tons of the bank men to prevent entire bankruptcy
To acquire the actual prosperity which ere this
would have crowned the exertions of the industri-
Gus, prudent and economical, will require years Of
patient toll and economy. Many who have been
rich in their imagination, fnd alas, that the
gilded visions of the paper money times have va
nished-that the bubble has burst and left them in
worse condition than when they first attempted to
grasp at the golden bait. In debt-a large amount
of property in possession-no money to pay Tor 1t,
and none to purchase if sale is attempted-thee en-
barrassment in Middle Florida is unparalleled.
Nothing but retrenchment and reform remedy
the evil Prudence, temperance, economy and in
dusry alone repair the shattered fortunes of the
people. This must be attempted at once, and car
ried on to perfection in all the various departments
of business 1t is too late to repair the evil in any
other manner, and to put the day further off will
avail nothing. The principles of the immortal
Franklin should be seriously studied and ciiectually
practised "Spend pennya day less than you earn J"
will surely effect reformation and put money in the
pocket. The process may be slow, but certain
The time for accommodating fortunes in day, If it
ever existed, has passed away. Let us take warning
by the past, and profit by it in future.
As to the currency all should unite in pressing the
necessity of its restoration to its legitimate and only
proper standard.
driven out Of circulation. So long the people con-
tnue receive the deprecated paper Of our Florida
banks, just SO long they will have no good money IN
ci cuation-snd we shall warmly urge upon our Lee
gslative Council TO take such action as if possible
shall compel the banks TO 90 into liquidation, settle up
their affairs and close their business, Such rotten
concerns are a to any community in which they
are pei mitted to exist. We trust there will be demo-
cfacy in the Council sufficient to take the subject in
hands and prosecute it to successful erminaton.-
We are better with no currency at all; and we would
prefer introducing the sytem Of barter and exchange
rather than that we have at present. We know OF an
amount of $40 900 of good funds which would have
been expended here in the purchase OF cotton could
the lnuivluua nOlueTS OF IL nave VIII
broken bank currency Our country is rich in the
productions of her soil planters are industrious,
and labor will bring from the earth abundance Of
our most valuable staple; merchants are Intel'-
gent, active aud enterprising; mechanics pru-
dent, respectable and ingenious. Why, then, should
we suffer the produce of SOIL the labor and inge-
nuy of the merchant and mechanic, TO lie barleFed
away for almost worthless ipieces of paper, though
ever so beautifully engraved and ornamcntcd3 We
are entitled to better currency-a currency as good
~ our neghbors of Georgia Alabama. We are
entitled to good currency the United States at
ford and il is in power to obtain IT, Let the pre-
sent deprecated paper money Of our irresp Lsble
banks be refused, and good money ay, --eyen spe-
Gle will flow in to purchase cotton and other
duce The citizens Of Middle Florida behind The
age In no other than the Middle District are our
bank bills received for produce or merchandlse. In
the East Vest ahd South, the currency is good, OF
comparatively and it may be SO here. In the bank
ridden State of Mississippi where The local currency
is not deprecated as our own, il makes no part OF
the general circulation The currency there is good
Louisiana money.
We say again it is time 10 act efficiently in the
matter, The Banks should go into liquidation forth
Nth This is the only remedy the Council can adopt
Quack specifics have been tried long enough.