Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-01-04


This capital was IN strange condition. Not
mail reached it from any quarter Of the eountr
which did not bring the evidence of real distress,
the most appalling suffering. Our proudeS, cite
so far from being exempt from the general lot, wet
The very theatres where calamity most severel
fet IL would be an interesting inquiry to ask ho'
all this was brought about. MIR Nj. would not do
tain tho Senate, or weary those who understood I'll
entire case as well and better Than he did, by re
tracing the course of events which had induced
state OF things dcplorable Congress had sirich
c en- down that institution which, until 1886, had cx
ertcd 50 efficient power in regulating the cur
rency; when, ut once, the bank maai, had swer
over the land, and they up, from the dcs'ruc
ton ofthe old institution, like frogs from the water
of the Nile; until the country covered wit
them. The policy of the State Government:
meanwhile, had created an immense deut, aud ia
means OF payment did not exist, and thus the PEG
pie reduced from the condition OF the brightes
and pilmicst prosperity To the deepest distress arS
dependence. The cNpodlcnt which had been &c
sorted 10 of borrowing foreign capital he'd produced
for time u fictitious prosperity. Blu, while tint
nation revealing in all that abundance produccC
! by the influx OF borrowed wcalth-whilc oil WEI
going on glOriously, and stranger would have sup
posed that the country had attained 10 the hahcs
pitch OF national strength and public prosperity,
sudden reverse was experienced. The foreign deb
was demanded: the means OF neetng the ueman,
were not to Se found. Individual and public distress
soon spread in every dirccion.-The extremity o
the pressure birth TO the revolving idea of re
nuuin,On. III thcn, 10 tho rchucm Current, wnicl
was fast sweeping away the means Of wealth, WI
added this hateful doctrine of reputation. and tht
still more anti American doctTine-nnd, | may add
IN my judgement the atrociouS doctrne-ot the re
peal of charters, and the destruction of vested rights
and add yet 10 these the tcrsycrsaions and treach
cry. in public and the falsehoods orseries, frauds
and all the other forms Of dihonesly in the walks o.
private life, was itany wonder that men who pos
scsscd capital should lock NJ AMI hoard their re.
sources, 1nd not expose them 10 Il mass o. popua.
| linn alrealv leNplv tainted and and i'm.
bibing the poison Of asrorian principeSl
In a state OF things like this rather upon the
approximation of this state OF things, the American
People had risen as one man, and thrown oil, by a
! burst OF indignation, the individual whose NAL
administration had, rs they believed, brought about
this unparalleled state of corruption and distress.
| They thought that they were about 10 substitute for
| his reckless mSrule their own system of remedial
| measures. Every one knew hnw they had been
banked in ;hat expectation. The history OF this
national crisis would be read by our patriotic chill
drcn with wonder, as a page exhibiting the Sitan.
ses. and most unaccouutlolo aud most useless ter
civerSi,ion which the whole volume recorded, or IL
would be closed and passed with loa hing and
repuenince. The People had been utterly disap-
pointed. The measures proposed by their inends
IN Congress as the only panacea for the pubic Ills
had been offered adopted and vetoed ut the Extra
Session. And here Mr. NJ. must bc suffered 10 say
that, although voting for that measure, he had
always felt great doubt in regard 10 its immediate
efficiency. lie had his own mssvnss rs 10 its
" once az Nlat soOu which It's friends,
thelr sansuine moments, promised themselves, AMI
perhaps thoushiIessy promised TO others. lie had
never been friend TO Banks; he had never touched
n bank by any vote Of his until last summer. The
entire system was boptomcd on such principles that
Il appeared 10 him TO carry its own death within
itself. The measure which the Wings had propo-
sed, he believed, might indeed mitigate. and for 4
time repress the evils connected with II. IL might
Withstand something of that sur-eIihe force with
which the mad excuses Of the system were sweep
ing over the country.
But there still appeared 10 him to remain one
great desidcra,um, which nothing had US We, been
able 10 supply, and that was, principle within the
system Itself which should operate TO check excessive
issues and prevent those fearful alterations OF
plnslon ana contraction which so shook the system
oi public credit, and spread such frequent ruin
the mercantile community. Ii any such
remedy had yet been discovered, Nix NJ. was unac
qnan!ed with It, and 1t certainly had never been
applied. Whatever might be said Ut the regulating
power exeTted over the State institutions by Bank
oil the United States, (anc such an institution DID
exert lhat power 10 certain eXieni,) yet sill, IN
proportion TO the degree OF couhd-rce which the
pubic might repose IN any OF these State banks,
they were invariably disposed TO push their issues
10 extremes. Mr. NJ was no bank agent or bank
machnls and lac admitted that tendency OF u
States Bank, IN eNerting regulating power, would
be 10 break such OF the State banks US were essen
tally unsound-nn operation winch, however sAlu-
tary IN the end, could not but be attended with c
vas; amount Of private distress in their respective
vicnIt'es. The mere displacement of capital which
was necessarily involved IN subscribing to so great
anumoeroi blnks, was in iscfa great evil, and must
necessarily produce great structure in the money
market. TGen the explosion OF rotten banks which
must necessarily accompany n reform in the cur
Eency, you'd he productive Of great calamity. On
the whole, he bel eyed that the community had
gone so far IN the multiplication OF banks and in
all those habits 10 which This gave RISE that it would
require long course OF years - bring the country
! back TO a sound monetary condition. For these
extended and nveicrale evils Government possessed
no plnacea. Ii might do something 10y the es:ab-
lshment OF n well regulated National Bank, but
even under the effect OF such measure many evils
must still continue to exist. Nothing couc effec-
tualIy redeem the nation, nothing could ever re-
store the palmy days Of her past prosperity, bu.
patient labor, general habits Of economy, and the
retrenchmeni of individual expenditure
But now what did We behoId2 In the distressed
and PROSTATE condition Of the whole business OF the
country-a condition rendered still more distressing
from the defeat OF every plan Of reief-we had now
a project started Of which he would again saw that
II was the bodest push for absolute power which
the people of this country had yet witnessed; and
further which was the most porteniOus RBtBE 10 be
found IN the history OF modern times. Yes, hrbe;
the most open and baretlced that was offered.
In many parts Of the country tic People were
sleeping on volcano; their condition was in the
last degree distressing and dangerous; they WERE in
ilci, almost teggared; and when once was
mace beggaf, very 8 ght effort was sufficient TO
ieiiutt nm q save IN lbCN necessity thty lllcQ
up their eyes 10 the Government for aid. And
what was II now proposed that the Government
should dot Step forward and offer them n bank,
with money facilities far greater and far better cal
culaifd for the easement of their distress aud the
relief Ct Their Immediate wants than any National
Bank which their hes; friends had ever devised.
MIR NJ. said that II might he worth while 10 90
into tricf comparison tewcen n Bank of the
United States ard the project proposed in the re.
port before the Senate. 4 Bink of the United
States, when FIST started, naturally displaced a
large amount OF capital; 1t produced great money
structure, and then II went TO bank on the exist
Ing capita IN its hands and in the country. BIZ
this Exchcquer Board added by ,.rokc Of the rem
thirty millions to It's captll, and by dealing in ex
change was enabled TO extend II to a bundled or
hundred and fifty millions more; for such we're the
wants fihe country, and so long hid they con'inu-
cd and accumulated, that its business wOuld absorb
the whole OF that amount Let the demon Of
speculation once be coniurcd up and turned loose
| upoH It's wild schemes OF adventure, and no man
could set limits 10 It's demand. To offer to a fam
ishins People n supply like this was he repeated
II, The greatest bride which the history Of modern
| times could show. An Ambitions President, with a
term OF three short years yet to run, having nj his
disposal diiled corps Of Office holders aud hold.
ing under his control subsidized press ruling over
People whose spirit was broken by long pros
sure Of want and calamity, and with the means OF
| presenting them wth an immediate relief in their
distress, might perpetuac his power in spite OF al
efforts TO resist him.
The plan proposed to add to the business capita
Of the county sudden and vast increase to be ef
ieced by mere stroke OF the pen. The immedi.
ate effect would DO sudden and universal relief
comparative ease, and apparent ufTucncc; hot n,
had been ably shown by the Senator from Penn