Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1843-04-28


A contemporary very app'iareIy and Gnrc,by ralls
up the following remuiscens oGih ppst
LET IT NEVER BE FORGOTTEN.
THAT the Country was in a very prosperous conli
ton, when Gen Jackson elected to The Pres
Idency, and that neither party then found any
taul; with the currency or with IA United STATES
Bank, which had been the agen, for the govern
n'enI for 40 years aud uevcr lost a dollar of the
public money.
1H,r Gen Jackson asss;lea the Bank because i,s
Directors refused 10 make it a political machine
aud he took from It's vnu'is the public mnnev
and put Il into the yduIs If nunCrous pet banks.
telling them through hts Secretary. To discour [
freely upon It.
That these pet Banks did ne they were reoureJ
AMI thereby caused other Banks To loan freely
and hundreds Of new Blukstb b. chartered which
made moncy 50 plenty that IL hogan To he used
for SnccRtIt'Hg purposes.
l HAT these speculItions were numerous and
reckess' that the sales alone Of The Public Lands
rose from an average Of about three millions OF
dollars year IA value l.. twenty five millions IN
The year $50, aud imports increased even IA
greater pnrp"rltOu, nrd nll trade und commerce
Was driven iorwurd into The most reckless a..d
ruIncuS excess OF speculation
IHAr ~ ihis same year, $50. TIE last of Gen Jack
son administration, he referred "a his MESA 20 To
ihtse ruinous speculaIIons IN the pubic lands as
tlsn
The cnuniry called Oh Ilie people 10 sustain his
administration on account OF the high wages AMI
hgh Prices Rhich They obtained!
NOW, oN1HE OTHER HAND LET 1T NEVER
BE FORGOTTEN.
Thar the present exhar> e and depressed con-
dl'On Of country is The effect Of the REACTION
OF he SPECGLATING TINES Of jackson aud
Van Bnren-Ihai when the Specializing Csuer left
The country IN 1886. the country fell prusrra,o
aud paIsIed with debt-which has brought on
The long train OF e lis predicted by Wing states.
nen, such as Reputation, Bankrupt laws, Stay
laws, DC.
Thar Mr. Clayton in S32 predicted as follows
The loss Of confidence ampng men-he Iutal
arrangement of that admirably system ofeKchan.
Ees, which IS now aCkuOw edged Ia be better than
exist IN any other country ON the globe, OVER.
TRADING and SPECULATION IN part Of he
country. Tint rapid huctuaiion IN the standard
value Of money. which like the unseen pestilence
"iihers all the ctiuris of industry while the sui.
iereT Is IN utter ignorance of the cause OF his
destruction; bankruptcy and rum. at The anlici.
patton oil which the heart siokens, must follow in
the long Train OF evils which are assuredy be.
fnre us"
THAT Mr. Webster in 1891 predicted as follows
81 have already endeavored to warn the country
against irredeemable paper; against bank paper
when Banks do NJ, pay specie for their own nOes;
against that miserable, abominable aud frandu.
lent policy. which attempts TO give value to any
paper, "i any bank, one single moment longer
than such paper is redeemabe on demand IN
gold and silver. And ! wish most s.lemnly aud
earnestly TO repeat The warning. see danger
OF that slate Ui things ahead. see imminent
danger III at more or fewer OF the Slate Banks
stop specie payments. The late measure Of
the Secretary. aud the infaluatiun with which It
seems To be supported, tend directly and strongly
10 that result. Under prolence, then, Of a design
10 return To a currency which shall be oil specie,
we are likely t. have currency IN which there
shall DO M specie at ali. We are H. danger of
beng overwhelmed with irredeemlble PIPER
mere paper. representing mol gold silver; no
cir, representing nothing but brlken promises.
bad faih bankrupt corporations cheated crcdI.
tors, and ruined people"
To which may add,
THAT Horace Brnney ia 1884. in reply TO a speecl
Of James X Polk. predicted Ihal-"IT the Secreia
rvs plan was carried into effect there would nc
hundred banks starting up 10 take The pllee of the
prescribed u s Bank. They would have them
shooting OIL their paper missiles in all directions
They won ID come lIom the four quarters Of the
Union"
THAT Mr. McDufe, The present democratic Sena-
tor from South Carolina, ia his cet brared report
in $50 predicted Ihat-''If the Bank Of The Uni.
ted States were destroyed. and the local nsIiIu-
lions Ieil without It's restraining influence, The
currency would almost certainly relapse into n
slate Of unsoundness. The very pressure which
the present Bank. winding up lis Concerns.
would make up,n the local institutions, would
compel Them EITHER TO CURTAlL THEIR
DISCOUNTS WHEN MOST NEEDED, OR
OSUSPEND SPECIE PAYMENTS. IL is
not difficult 10 predict which OF these alternatives
they would adopt under the circumstances in
which They would he placed. Tho Impercus
wants OF q suffering community would call for
discounts "a language which could not be dsrc-
garied The public necessities ,vouh demand
and public opinion would sanction the sus pension
or at least evasion. Of specie payments"