Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1843-05-16

who could borrow ut will, could devise
for wasting money IN the shortest possible
time, in the most Improbable manner.--
New banks sprung from the bowels Of
the old, and the same real or imaginary
capital transmigrated from one corporate
body TO another. until, in less than two
years, bank capital increased from about
two hundred to two hundred and tifty
millions, their circulation from ninety
FIVE to one hundred aud forty millions
and their Ioans and discounts from three
hundred and twenty four to four hundred
and fifty seven millions. To this, it we
add the vast amountof credit acquired
by foreign loans, and BY lavish aceommo-
dalions Of foreign dealers to our mer-
chants, We may form an estimate OF the
extent to which this unparalleled sxpan'
sion Of credit aud cufFeRcy was carried
and the deplorable consequences which
would necessarily follow lis sudden
downfall, which no legislation, no pub
tic prosperity, nothing but miracles could
prevent.
The finaI resulisof this extraordinary
deIuSion, which may be distinctly traced
10 the operations Of the bank ofths Uni.
ted States, and its successor in PennSyI-
Vsnia, are known to all. There is not Z
citizens Of the United States, be be rich
or be he poor, who has not felt the blighI
Of this ali prevailing influence, in some
way or other, ia bis habits, his morals, Of
his property. Ia the brief period ofthree
years Il beggaEed hundreds Of thousands
ofcitizens, Impoverished States, we'll nigh
bankrupted the General Government
inflicted deep. il not indolible stains, moi
only on our national character, bat on ouI
republican institutions, aud rendered all
the blessings Of funexampled abundance
incapable Of administering either to pri'
vate happiness or public prosperity. Ia
short, it has become one Of those wide
spread, universal csIamities, which have
been hitherto only looked for, to the di.
rect dispensatiOn Of Providence
The greater portion, il not the entire
mass, Of evil resulting from the sudden
contraction and subsequent expansion Of
currency aud rcedIt, is distinctly charge
able to the desperate and unscrupulouJ
efforts Of the Bank Of the United States
10 wrest renewal ofits charter from the
people, first, by inficting upon them pc.
cuniary distress and next, the still great
or evil ofredundant means, which could
not be benefcially employed. Had Il
proceeded to wind upiIs affairs, with thai
steady purpose, united with that salutary
delay, Of which the history Of the FIRST
bauk furnished an instructive example,
its tinal extinction would have led TO no
greater distress, OF Inconvenience, than
accompanied and followed the dissolution
ofthat body. But itS managers, before
aud behind the curtain, chose to act 9th.
erwise. They combined political and
pecuniary elements together; they kept
the whole county in feveTish agitation
which has not yet subsidized; they admin.
iStared additional fuel to the ere Of par
ty contention; deranged the entire sys.
tenn Of trade and commerce; corrupted
political partisans By loans and douceurs,
and for services which they did not dare
TO specify; defraudsd widows AID or.
phans, and stockholders, foreign as we'll
as domestic; bankEuptsd individ.
uals; destroyed the credit Of the States
and after series OfiHjurieE, under which
the whole Union il. still smarling, finally
sunk beneath the weight Of their own
trangressionS, leaving blot on the histO
ry Of the country which can never be
wiped away.
Though all bat Omnipotent for evil, il
suifi cienlly demonstrated that It wanted
either the will or the power 10 do good
It neither regulated the currency BY 70"
straining the issues Of the State banks,
nor the exchanges by accommodating
them 10 the course Of trade. On the
contrary, in the various stages its pro.
RresB aud decline, ii set the example oi
unbounded expansion; II set the example
in suspension Of specie payments, and 10
The last momen: Of lie existence, was the
great enemy Of. and obstacle to resump.
tion. The only mode by which il ever
sought 10 requisite exchange, 60 far a
my information extends, was BY an ar-
bilrary rule Of the bank, instead Of isaV.
ing il TO the natural lAws Of trade, which
is the best Of all regulations, because II
regulates ITSELF Such is the case at this
moment. There Is no United Ststes
Bank in existsace, snd no legislation on
the subject; yet the rates Of exchange
between the different portions Of the Uni~
ted States, being thus left entirely to The
operation Of natural and inevitable cases,
are now far more uniform and equitable,
than they we're during any period in
which the bank exercised he boasted
power Of regulation. Whatever dtversi.
y exists, beyond the mere cost and risk
Of transporting specie, arises from diE.
ference in the currency, and cannot thoFe-
fore be justly ascrlbsd to the want Of a
regulator Of exchanges.
NY views on the subject Of exchanges,
and OF the DTODriatv. nacaasitv ~ aSna'