Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1843-03-09
HARD MONEY & nARD TIMES

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The Presidential election ol Isi0-ahouah tbe
will. IA The same BREATH with manifest inconsistency
'A'o' ~" "'o mo ny which, as they confess
s'' " my measures were arrested, by the individual
VINO was elevated to power by the Wing votes. 'rhcs
are MOI " hig inns. aud they well know it, who II
of"e' 10 conceal their own agency in producing SO ca
'h'i. but. on the other hand l,ey are the time, fire
told by the Wings with all the accuracy Of nsplratiou
rs The necessary and neyilr consequence Of Io,ute,
experiments lvlh back toiie predictions of tho4,
"ise staiesmcn,-Alcszfs. Clay. Ewing Cloyton an,
others, on the floor Of The : Sonnte when pr,u,.a.
the nation "a better currency" aud nearer annroxi
nation Il an equality Of exchanges through the arenc,
oilhr Slate Banks. Cen. jackson commenced his A.
.an upon HE Nalion. Bank -lis,f the ,tIspring Of
state OF national distress intense and as universal as
thai which now exits and which was conceded To IN,
wants oi Tie country IN despite Of long cherished preu.
'lic's aud antpahes. by The lnstrols Madison The
author both OF the efn>hntn and Of the famous rule u
construction enbodrd IN He Report and Resolutions Of
tt'N-'-N sly, look back 10 HE predictions Of ,i1se
eminent hg Senators. md VIC shall read in them ~
accurate picture oi The present times as If they had
spoken historically, instead Of rrophecaly They told
US that thu downfall OF the National Bank world lead
10 The eNtfavaSani multiplication Of State Banks " lcl
0naidcd and mconrulledty the existence Of a great
central regulator would sonn into the most danucr-
Gus eNcesss-tlat deceltiul show Of prosperity von
be The Immediate result but thai, inevitable conse
qnfhce, crash would fil,w. They warned lis that
The efflh hath bubbles - The water hath
md that these (Nhle Bants) were of them"
and would, sponef or Later bur-, By the Free If thar
own unnatural expansion scattering ruin and distress
around them Hen, they said. would follow the aus,
pension o Specie rayncoi- and reid contraction Of
the circulating medmm,-to be followed By tie qrnans
oi an indebted people required 10 pay under a reduced
circulation. aogmeotoe le value Of money and deprc
eaing the value Of property n equal cormp,rane-
Gus aud progressive ntios the debt, contracted under
REDUNDANT circulation and rlal,d crs.-calling ON
the state Legislatures for Stay and Valuation laws aad
all the other mI,,all'd meaop, of ''rclcf' from the
pr soofe "ihr eNansis Their and paralyzes
thel' energies. li,E rIMEs are the consequence If
rh"st MEASURES. They are the horrible harvest Of
INC seed which were thon rlaatcd-and which W.
"fe told y ihe eApcrmencrs upon national prospcril
and individual happiness were 10 Weld us D,J'., e,,i,
But the Nhg prophets, Ike o.,,er ,..a,,o,. c,..,
''o''' t" ''e'f VNh comrv-Ln. on the contr,,, tho,
"'-,cd Us "p1nie makers" who were So, Linp
y "liai rAa2geauon Of llo disasters they behed i'm
i'edhg over Ihef Country 10 force the country prcma
ofey 10 abandon those glorious Experiments and 10
return back 10 tese odd paths Which the 'f,lh,r -,
The Republican Church had marked out aud walked
~ And no", when these predictions have all come
u pass aud are verified, before the eyes Of the coun
ny like The unbeieyng jew aud hardened Inflel our
opponents have the harlihood not onl, To closc the
boob III which the words Of prophetic wisdom were
written, hnt absolutely seek 10 cruelty the pnlp,rt.
themselves rs the authors Of the very mischief, apaj1st
which they warned, aud fam winch they laborrd IN
'aln' ia save tbelr caunlryncnl Wisdom nttere,h
her voice III the snocs; lat L,Lod men listen no, l.,
her teachings
Let us appeal To facts. They are stubborn ihina.
and speak mlchglby and inslraeti,ely to those via,
Will read aud hear ll,n moi like G,ldsmitL,. .cl.l
MASTER WIN, Though relulrd oft, could argne still
hui with the Wiser purpose t" learn aud know that they
may profit by the lnh. The Annual Report of the
Secretary u 'he Treasury of lSq-i0. shows tina, !,
le2o, there wcr IN The /. States sos State Banks
With ciredhrlon OF - millions Of dollars 1--WE sneak N
round numhcro,) and with capital Of 81 millions In
Ion" feod ot ten years. the number Of Banks had in
creased only to $50 with circulation of III millions
aud capital Of 10 millions-showinp a yondcrtul
stability Throughout that long period IN the WORKING.
- " y ~" " ""lo 'hit IL ilad 50 continued lin
IN ls33 the l. ). Bank having excited the wrath nj
Zen jackson, VIM made upon all institutions a.
well as men hlch thwarcd his purposes was doome,
- ad 1t lel under successive assaults by the Exccuv.
department ut the government. reluctantly aided n,
congress alter vain resistance IN the iron will which
brookod no control even from the rcpr. sentavc Of lin
people. and by stlpendary press always unlruna,el
too eager To lend itself Ia men III power. and co,hr,
VII" aI'Sl unlimited patronage ,htd then, ,uark IN
change thai fMoireH We have nus, seen that il, , re
Bank, lron s!o 10 1900 there had been AN addition
oi only - 10 the number ot State Banks. and an a,r
menallon oiuny II millions OF circulation and \ mil
lions oi calnal bnt IN the HeIt seeen gcals from lS3Ot
1857. the number OF State Banks were increased from
so To OIL IN number, the circulation from I'll TO IA
millions, lhs capital To go milon.; and in tho TEX
H"ee 3'@S going ON IN greater ratio OF increase
the nulahef o Stale Banks was ~ of circulation Isl
millions and Of capital 35S millions This vast nan,
snPefsir1cUTr, which, IN reference TO lis ,,s,,
n'i'cant specie basis has been well conpared
an inverted pyramid. could not, in the r,,ur
o' 'hngs stad the shock Of the successive reyulso
OF which II was ri the parent aud The vicn,,
hll, scattering des0Iaton aud ruin around il Ne -,
'fe'oId by the abused "panic makers" bur o,y s,,,
'han they had anticipates And new. tho mon :, ;
bu' the irail and nnsubsantia otGce. o,y, ,ao,,,a
's' ''n WIN 'he consequences Of lis saddep dpwo,
anu call These - atg times because o,.a.i Avb;a
arun9 upon Loeoocd principles, sits in the P,sl.ptis