Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1843-04-20
WING PROPHECY!
LOOK ON THIS PICTURE I!
From the Jonesborough WHY.


isregardcd them has since been fulfilled to let pr
Or. ISee Congressional Debaies] ~ .,
"If the Secretary's plan carried into effect al
hero would be a hundred banks starting up to re-
AXE the place Of the prescribed United States "a
Bank. They would have them shooting out their p
.aper missiles in all directions. They would come
from the four quarters of the Union." "
Again: Mr.. McDurFIr, of the House Of Repre- n
sentativcs, at page 81 of the able Report, made :
ON the 18th OF April, and thirteen years ago, ! n
says:
elf the Bank Of the United States were destroy S
ed and the local institutions left without its
training influence, the currency would almost GER
tainly relapse into state of unsouudness. The
very pressure which the present Bank, in winding
up Of its concerns, would make upon the local i'm y
stitutions, would compel them EITHER TO cuRTAIL
THEIR DISCOUNTS WHEN NEEDED, or TO SUSPEND
SPECIE PAYMENTS. 1t is not difficult to predic,
which of these alternatives they would adopt UNI
der the circumstances in which they would be
placed. The imperious wants of suffering com.
munity would call for discounts in language which
could not be disregarded. The public necessities
~-couM demand and public opinion tcouH sanction |
the suspension at least erosion, Of specie pay
meats"
Now, we ask the candid reader, if this rredic- |
zion has no, also been fulilled, and with an ex-
actness, only surpassed by the fulhllment of
prophecy in Holy Writ. Has not the currency
relapsed into state of unsoundness, since the
Jackson dynasty Frustrated tho United States
Bank Did not the State Banks curtail their dis
counts when they were most needed Did they
not suspend specie payments again and again
Have not the Locoiocos proved to be false proph-
cts in predicting that gold and silver would sup
ply the place of Bank issues And have they not
proved to be false prophets in saying that we
could get along without United States Bank,
and that the State Baaks would supply its place
We next select Mr.. EWING, Of Ohio, and Nh.
CLAYTON, ofDelaware, not as more clearypredict-
ing than those already named, what was to follow
the destruction o: the United States Bank, but
more condensed Mr.. Ewing was then Senator
in Congress, (l63i) and has since been President
Harison's Secretary of the Treasury. He said,
the floor Of the Senate:
"Dut this is not all. You sap the morals at
the same time you thus rudely shake the prosper
ity of the people. Their first resort will be to
legislative aid, and RELIEF LAWS follow, or,
in other words, laws to prevent the collection Of
debts, (for what Legislature can withstand the
appeals of whole people suffering under gen.
era visitation y or, if not that, the creation Of a
host of banks with fictitious capital, which may
seem for time to suspend the blow, but will
make it fall the heavier at last And then, instead
of the safe and sound currency which we now en-
Joy, We shall again have deprecated and worth
less mass of trash which will pass into the hands
of the people, and there sink into nothing, leaving
them to bear the loss"
Mr.. CLAY ron, then able Senator in Con-
gress, held this language prophetic and impressive.
He said
"Thc farmer must again sell his grain to the
country merchant for STATE BANK PAPER AT a
DISCOUNT OF FROM TEN TO TWENTY OR THIRTY
PER CENT, in the nearest commercial city, &c.
''rhe loss of confidence among men, TOTAL
pERANGEMRH1, OLE A1r~s niy5Htrff.y me Globe,
overtrading and speculation on false capital i'm
every part, THAT RAPID PUNCTUATION IN THE STAND
ARD OF VALUE FOR MONEY, WHICH, LIKE THE uN-
SEEN PEsrILENcE WRITER'S ALL THE EFFORTS OF
INDUSTRY, WHILE THE SUFFERER is IN UTTER IG-
NoRANcE OF THE CAUSE OF HIS DESTRUCTION !;
bankruptcies and ruin, at the antcipation of bich
The heart sickenS, must follow in the lone train
OF evils which are assuredly before u.s."
In 1885, Mr.. CLAY, in the Senate of the United
States, uttered the following memorable warning.
Tell us ye Locofocos, was this not prophecy, and
has not the prediction been fulfilled to the very
le.tcri
"There being longer any sentinel at the
head OF our Banking estab ishments to warn them
ny Its information and operations of approaching
danger, the local institutions, already multiplied to
an alarming extent, and almost daily multiplying
In seasons OF prosperity will make free and I'M
restrained emission All the channels of circua-
ton will be gorged. Property will rise extraya-
gantly high, and constantly looking up--the temp
tation will be irresistible Inordinate specula-
ton will ensue, debts will be freely contracted
and when the season of adversely comes, as come
II must, the Banks, acting without concert, and
without guide, obeyng the law of self prcserva-
ton. will all. at the same time, cal! in their ssues
The vast number will exaggerate the alarm, and
general distress, widespread ruin and an erposio
o. the general banhing system, the establishment
OF new Bank Of the United States, will be the
ultimate ehccts.''
we add one more extract and that is from a
speech delivered in the Senate of the United
States, by Judge Porter, the present able Wing
Senator from louisiana Tuesday, the 22nd of
March, 1886. This speech was in opposition to
the motion made by Mr.. Benton, to expunge from |
The Journal of the Senate, the Resolution Of the !
9th of March, "a, disappearing of the Removal I
OF the Deposites by President Jackson. In the |
midst Of the delusons of the reign of Jacksonism,
IN 1886, it VIII be SEEM that this sagacious States
man, from the proud eminence on which he stood
looked OF the full extent of the evils which were
TO befall this country in 1923. He drew from
the past, and the then present, salutary lessons,
for the future, which we are now realizing the
truth of. Only look at what he predicted would
accompany and follow the destruction of the Uni
ted States Bank! Will not his prediction be
found complete