Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1843-07-01
WING WARNINGS.

HENRY CLAY, in the Senate of the United States
in 1888, raised his voice in warning and expostu-
lation. See (says the Philadelp ha Forum) how his
prophecy has been verified, and then ask, is it ye
too late TO rerace our steps, retrieve our errors
and carry out the whole plan of his proposed re-
lief! Where is there single point which his eagle
eye pierced not when he said
There being longer any sentinel at the head Of
banking establishments them, by its information and
operations of approaching danger the local institutions al
ready multiplied to alarming extent, and almost daily
multiplying, IN of prosperity will make free and an
restrained emission. All the channels OF circulation will be
gorged Property will exravaganty high, and constant
Iy looking up, the temptation will be irresistible. nord.
nate speculation will ensue debts will be freely contracted
and when the Of adversely comes come It must
the banks acting without concert and without guide obey
ing the law OF self preservation, will all at the same time call IN
their issues the number will eraggerae the alarm and
general Distress wide spread run and explosion to the
general banking system, the establishment OF Bank
of the United States will be the ultimate effects"
In the year 1886, Judge PORTER, of Louisiana,
made speech in opposition to Mr.. Benton's Ex-
pungng Resolutions, during which he said
In 1880 our circulation sirty millions of dollars
la January 1885 rather June 1884 hundred
and three millions. 10 1886 be less than one hun
dred and tarenty millions An increase of SIXTY millions of
made by the Secretary OF the Treasury They come
sir il is true lower down than 1884 But if take the
average increase for two three before that me and
reflect the rise of property SINCE nd
cation Of unhealthy crcuatIon,) must be satisfied
that there has been than seventeen millions added to
circulation within the last sixteen months and that
hundred and twenty millions below rather than above the
real estimate.
You see sir therefore glance, the of the
a
glance how it is 10 end II the evil should be checked
and the reduction be slow and gradual escape the
consequences which time has inevitably in for ander
another policy But sir far from expecting this look to
of the disease appears TO inevitable uni-
versa madness has taken possession of the public mind
Within the last four months have heard of the augmena-
of banking capital proposed passed 10 the amount of
fifty millions of dollars and told is projecting
that may expect this system continuing until i,
breaks and falls from its weight and magnitude Ia the
state of things the States all interested
the circulation of their banks and prevent that Of their
neghbors. Indeed, already symptoms Of war of
legislation, the result of Jealousy by which they attempt to
restrain the notes Of banks in other States from passing
within their limits.
This deplorabe ste of things must yet get worse and
well might the Senator from Missouri depict in the coors
he did few days ago. He could overcharge the pic
tue picture, sir rendered painful contemplate by
the recollection Of condition before the wsged
on the Bank of the United States For sixteen years il
guated the currency OF The country with wisdom and
cess of which there parallel We threw away, and
what have got in its place. Sir all the projects Of
regulating and checking the of bank emissions by
Law, refusing 10 receive your Treasury their notes of
hess than twenty dollars will have effect than
would have bucket foil Of earth thrown into the Mississp
p river stop And pushing gold and silver
into circulation when you have five hundred and fifty banks
interested 10 gathering all up, and supplying its place with
their notes, that - equally mpractcabe: cheap and dear
currency exist together the former always lie
sreYs the latter Having power by the Constitution to
interfere directly with Stale egsah in this matter
that The country destined to go through the of
agtat and suffering which it did previous the
tie late Bank OF the United States After the evils have
come to height, when they longer be endured
shall have another National Bank and until then. But
submit if it would not have been well have prevented
this state Of things Two years ago inquire what good has
been be attained by putting the people through this
fearful trial Fire sir years hence toH be The time gel
ansuer 10 these questions"