The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-03-07

tuss Now is the time for acton.-Ep o. s. Ri
From the Missouri Reporter.
HOW TO MAKE MONEY PLENTY AND usp
NOTHING BUT THE HARD.
series Of essays (edtorial) appeared in the Glib
in the month Of January, headed "Relief 10 The n,
debted," which we should have noticed some weeLs
ago, had we not been apprehensive that portion Of
the members Of our Legislature would receive ibcr,
the standard Of orthodoxy and ac, acco,dnpl, !"
which event irreparable injury would have been
done. The Clique seem 10 have fully adon,ed The
views of the Globe on the hard and we were ann
hensivc that its recommendations in favor of relief
and valuation laws, and the constitutional ysm,d Of
making real estate, at its full value, tender M ray.
ment OF debts might be fully carried out AT any
rate, we thought there might be danger in the dis.
scmination Of such doctrines, coming from 3, oh !,
source in season for the Legislature 10 act on them
But that danger need longer be feared as The IN.
hueDce of the clique will cease to be felt ia our o.
gis,ative halls in a few days.
As to the cause of the distress of the country tho
Globe is very explicit. 1t ascribes it 10 banks and
the lack of the erei'sirs hard. 1t says:
"No be so blind to the teaching of exns.
rience as not to see that all our suherinps on ibs
score OF currency have had their origin In a. s,h
sttution OF paper IN ney for spece-a counterfeit for
the true standard OF value"
This makes all bank notes. however good corr-
terfeits But the Globe proceeds:
"The fact is not only recorded in our history t,,
upon the page OF the Constitution BY the sage; who
framed II, IN an express inhibition to the Stat. 10
emit bills Of credit"
This is the Tsppan doctrine. that the s,a,.. ~.
no right 10 create banks of issue Hence The c,S
against any more banks renewing the charters of
those in existence. The Globe remarks:
1.-The great 6nanciering tribe (who have failed b.
overreach ng themselves IN their remorsel,ss snrc1
lations) have delivered themselves from their obIi.
tons BY the sponge of the universal bankrupt act
Consolation might have been derived from tho IN
formation, that all the bankers and 6nancierS l,g
overreached themselves and become bankrupt af.r
piundering and taxing the people 10 an extent bcb
produced all the pressure felt IN the country bu be
very next sentence is calculated to cover the and N
gloom. II runs thus: "
1.-The great capitalists and bankers who have
played the game with skill, and enrich ,bemss,,a.
oy ue caiamiues oil the country, are now nursing
their strength, puming their wings and ub.,,,,s
their beaks, making ready To pounee un.n he 80
sPoii-which the execution Of the laws in thes hard
tunes bringing the whole debtor class al once 10 lie
sher'n'' bioek-must soon put at their mercy
How Sc, Of banlrupts be supposed 70 be rs,.
dy TO play the part OF sbylocks, after taking NJ.
o enen' u ud sc'; ana surendering all their e,-
dences oil deot and other assets we must leave tf-
Globe to explain. Ii says, however.
1.-The multitude who are TO maks M, ~. -
heeaiomo to avarice-the victims of psoer -ior,,
sna banking irauds-are looking around with almost
hopeless eye Tor some mode Of deliverapce.
And, subsequently, i, recommends the snnibi,,i,,
" a." oanNs as Their charters expire and The use Of
" an exclusive metallic currency
Afisr stating that the FedersIs,s ar.
marks wy "'oOe '''
The Democratic party insist upon an en,;r,ir A.,
ierent prescription Their remedy require. , rraa
uai abandonment Of all artificial stimuan,s ,nS A..
aooPoon OF SIMPLE, natural, Dourishing ailments n
requires patience, temperance, resolution and a.
exer;on of all the faculties and enerv,,s az -
dNidua sufferer, to bring about perIeoi r,s,ors,,
Of health TO the community '''''
This IS in very Passable qusck phraseoIovx ,b;,t
snever intended 10 be entirely ipielIixiblr RI -
meaning OF II rs, that the people must como 20 "a.
hard and work out as best they can-with The "a -
sweeping rehe. Iass, OF course. II will be seer In
The sequel That relief and valuation laws are r,cI.
ed as orthodox, and that in order 10 get "a - IA
banks and paper the paper Globe Is willing 10 ro,k
The globe We inhsbit legal tender IN rsyn,,, -
debts This measure Is, by the wsy OIL, 60 g..
soop,ea WIN view 10 insure hard money currency
aided 81 course by using the lands as psr, Of ,bs -
Gu nf'ng med,9p We suspect this is Inc Coz, "a
u'red omTtney that Is advocated by some of hose Nh
look to the Globe for financial informato, and nj,
tea orthodoxy. "' pO''-
To demonstrate that he hard is slta;o,bls n.
Globe says; 'H'
In The hve years preceding 1899. the imno,t, II
specie (ss shown by the returns of the r., 60,
were erenfy,oo millions; the exports but l;t,Ie no.
Than twelve millions-Ieaving the clear e.in ~ &C.,
eie TO our circulation al least sirfp rLops e.ci,
OF That brought in he pockets OF ern,grnots md n
returned 10 the cusomboose But TINS si,ty n,ll,,,
Was soon bsn'shed again by the substitt,op of n,sr
That amount Of bank paper in its stead and pov A..
total dscrcdit OF hliy.four millions of the sn,,y,
bank circulation has brought on the country he nrs
sent distress, growing out OF destitjon Of rooey %
"The great relief that the Demo- racv nrono.e.',o
The country IS To bring back the gold and silver wbcb
paper money has bsnisbed and TO adopt /. .ys,sn,
which will retain it,
The i've years preceding 1899, were the years IN
which The great expansion took placo-snd thu. The
doctrine OF be Globe, that paper issues expsI specie
from the country, would seem TO be re(,i,ed <, -,
own statement. In the fall Of Is73 Tho de,o.,,,,
were removed from the United States Bank Isqa
and 1854 The panic 'ession Of Congress occurred
1894, the Blddle Bark began 10 expand. srd N.
state banks stimulated by the deposites also ncreas
ed their circulation In 1897, the expansion sfisinsa
It's height and The suspension Of nearly al The nks
south Of New York followed. Some of Them cur
tsiled-resumed--and suspended again in 1888. Will
the Globe state bow il happened that the great paper
expansion snd the unprecedented importation Of tpe-
Gle 10 which II refers 20 ng on Of the same teg
Facts are sometimes at war wnh theories
In reference 10 valuation laws for The benefit Of
lsndholders, the Globe says.
"The difficulty OF converting real estate inmedi-
atey into cash, has induced many States to preyert
the great sacrifices which wou follow from uneon.