Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1843-03-08

ton commodity. Hence the constant Increase Of the
currency between 1880 and 1887 he Of property
in the country remaining the while without material Naria
ton at least keeping pace with the increase OF the
circulating medium,) furnishing and more money
unsay an proposition every other commodity, produced
by the inevitable law Of and effect continual and
corresponding rise in prices Surprising other
operate beyond the increase OF and hathe
lauNe demand for sort Of property continued
changed through the period the doubling OF the circulating
medium between the dates mentioned would have been found
exactly 20 double the price of commodity But this
relative demand the from year year. and
hence commodities exceeded, aud others fell short of
ratio the increased OF cuuency-whio
the spirit OF speculation engendcTcd naturally and.
constituted necessarily by the rise Of prices seizng
it always does sverite object of investment
only tended further disturb the equal proportonate
OF price OF each particular commodity; but inlsming the
Imagination impulse the prices these
objects holding, in regard thcm proportion whatever
10 the OF the circulating medium Western
land spccuatons the SOuthSea bubble OF the hour
and has added-nonc conjecture how extent
to the evils and distress necessarily incident the
traction OF their issues and the calling their loans by
the banks OF the country in the process Of
sound convertible currency.
The voice ct prophetic warning had in van been rais-
cd TO arrest these mischievous opinonsthcsc fatal pro-
Jects Even OF those whoat st had hearkened these
warnings, yielded up their CONVICTIONS the dclu
sons OF the better currency and into the
common vortex. But the and body OF the peo
pe Judging as they sver do and must from appearances
only fatally nstook the false glitter OF those days for the
sunshine OF Prospcnty-cnoyed brief daydream OF hap.
piness, and awoke ruin.
In the space Of years tie Banking capital Of the
Union increased By than lbs millions dollars
and the circulation from 81 lI9 millions add.
ton 10 ne circulating medium, that bref space Of -
millions Of dolIarS-rhile BaRk loans 300 noAs
1880 reached 525 millions 1887, loans IN
| tie saEae time Of AS millions Of doiiars..
The memorable words-"I leave YOU, a nation pros.
porous and happy" drowned, they uttered,
In the crash OF falling houses the great empoums
trade IN the south and in the north, ushcrcd
sad epoch. They have found continuing response al
most from that the present, a and still
widening wall OF despair and distress, city after city,
town after and hamlet after hamlet, and finally, the
wall haga hnar had
sou by the pcrvadng and a desolaiing tempest. The
States OF the Union all, without exception, siraened in
impaired in credit-somc the verge bank
uptey-some sunk in the abyss OF repudiaion-and
crown ALL the Federal Government itself. the con
ver OF all these exposed the unspeakable shame
OF being driven. not trustworthy, from the money
kets OF the world and often only able get along by for
cling its bills OF credit unwilling credItorcompletes
the deporabe picture the of ignorant and
wicked misrule.
! From the Government in the hands of Mr. Van Buren,
pledged lin his words TO "foow IN the footsteps
his illusrous predecessor-a pledge which, whether
regard the moral POLITICAL economical OF that ad
minsration, it be admitted he bat faithfully full.
hiled-no relief of course be expected. Indeed.
after perng IN the measures that brought about the pub
lie caamticsalter aggrayatng those caanities by the
clumsy and awkward in which the
carried adding Tor himself other and serious eau
OF complaint he hazarded the bold aacy rather than
retrace his steps admit his errors, that Government,
however potent destroy, mpOtent reheve-and
cody bade suffering people, crying outfor relief To look
for to themselves. They did so-dePossd from power
men who had shown themselves incompetent the task
Government, taithless high responsibilities and
called 10 the helm one whose warmer sympathcs with the
public Distress and OF the powers and Of Co
revived aresh, they Justified the nations hopes
Under the auspices of the lamented Harrison the conf
dence INDUCED that the Government would be
more put It's old tackits pristine integrity indicated
the policy under which the country had long
greatly ourshcd be restored, and with those good old
times that had been so recheS>ly sacrificed 10 and
fatal experiments. Why have these cherished hopes been
disappointed Why have these promised blessings been
reaizedl The answer Is easy and obvious. The
ton to its ancient policy, which the had deceed aud
from which alone return OF prosperity expected, has
never taken place Whv Is familiar to ALL Death cut Off
the appointed instrument OF this Reform, when he had but
Just lived long enough 10 confirm the nations confidence
and give OF the faithful uimen. OF the nations
hopes. How bitter the disappointment Of those hopes
how fatal To has country-how suicidal TO hmse-he be-
aynl OF like confidence by him, whose concence sleep
ing while It's revelations might have hndercd peierment,
woke place and cmOluent only hi
friends Inc midst nj victory and give his
| IN the moment OF defeaJ-We forbear to discuss.
Having thus adyercd the embarrassed condition of
the country propose proclaim the principles and policy
by whch the Wing party expect and maintain
national prosperity. The rs and most vital Of the
/ 10 accomplish that end Is the restoration OF
SOUND CURRENCY.
No laboured augmentation Is required at this dav 10
satisfy you that existence OF national prosperity
upon national currency OF equal vauc credit and use,
wherever may circulate" That your currency is the
measure Of value of oil propery-hat it controls every
transaction Of business-and that commerce, foreign and
domestic depends upon it, none will deny. It. functions,
have been beautifully compared 10 those OF the blood
the human frame. 1t Is the prHulH mobile the source Of
life the whole system. When flowing in sound and
heahfu condition, through its channels, the whole COM
muny, from the Of commerce, the fields Of hum
bic labor quckens under It's impulses and blossoms as the
rose with prosperity. When becomes diseased blight
ruin and desOlaon pervad the land. Every riegulay
obstruction in it, action felt in the extEem
ties OF the county IL only be sound IN condi
ton, and sufficient IN quantity, but regular hOw
supply the OF the country You look through
the borders Of your country and doubt this subject
iew since, possessed sound and regulated cur.
rency and you prOspered above oil the nations the earth
fIfI I,.-nr -wk, -.
You have Lost and now your dstresscs beyond much
further endurance. You do not dOubt-vou know that
until you have sound aud well regulated currency you
cannot be prospecting people and you earnestly de.
sring and seeking It's restoration. The and
ties Of the Government, which subordinate to yours
also require
The powers and duties Of the Federal Government over
and IA connection with the currency u question Of the
greatest magnitude, and Is between the
/ two great parties Ot this country.
In other countries Whatever their grade Of civilization
when elevated above babarsm, tine power and duty VI
Government 10 create and regulate the currency Of its
people, have been fully recognised exercised and accom-
P!ishcd And m this Union until recently It was not de-
MED that Federal Government had power and wn.
bound by the Constitution 10 create and 10 regulate the
currency Of this country give equn value credit
and wherever 1t might circulate" The only question
in dispute the mode by which the duty should be fol-
filled. The Administrations Of Washington aud JefTrron
and Madison have illustrated their recognition Of this duy
by their efforts discharge General Jackson exceeded
al Others IN hs claim OF power for the Government over
this subject, for his Farewell Address he that
u m duty regulate the currency not only for the general
good but for the benefit Of particular cln Of the cJtnuu
nity and his Administration made repeated efforts i'm
prove and regulate the currency. And Mr. Van Buren,
too in the first years Of his Administration made similar
promises and efforts.
The Wing party, adhering to principles whish were the
guides Of the ustrious of country maintain
that the Federal Goyernmens endowed with the control
over the cunencywh the power aud regulate
-and bound % H. IN such manner as will en-
sure % the people of this UnOn "O equal value Gre
dit and use Wherever may circulate" The accumulated
experience OF onrnatona existence demonstrates the facts
That the power regulate currency exists only in the
Federal Government and that lie failure exercise IT, j.
o0Eed by Tire most disastrous consequences. That cxpc.
ncnce demonstrates the further fact that while Fix md
twenty sovereign States, the Of conceded pow
err have created, and Banks Of issue which
supply the people Of those States with their local currency
thereby furnishing large portion Of the general CURRENCY
(Which - consequently Of unequal value credit and uso
,f..o