Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1843-03-15

t"esf'"'' "he OF thetr party, aeknOs lodged ~
address leo hs eOnstiuen 8. that the Jsbl Was twenty
two millions ofdollars.
The items Of this debt however arc oonelusively
SGT 10th an report OF ia, CrsmitIes on pualic 81
PsndHure'- of which MIR MeuweIhsr Of Ge1rgrs
was the Chairman. during the winter of lSIl-3
The rorreetness OF this report has not been imp,
sh'd from any quarter. We subj Din en- abstract.
Inds6tsd"ess recorded ia r sasury Department
Treasury notes s52s3 sal
Debts due in Holland 100000
Funded debt Of late wal 209,55i
Unfundsd debt. 36297
Those two last items were cont acted during the
late war
Debit rscords ~ War Dcpd,fnsnL
Amount duo twelve Irbes OF Indians. on which the
G~ysr't pays an iIIere,i OF 81 81 900 g. $50 roc
Amount due Chippeus Il OuawaInd as S0,06O
Amount due several tribes IN trust and ell.
pended for Of GovernmsnL I2936s
Amount due Florida militia, 3l7SOI
Amount due GeUrss do 5e495
Amount due Stale Of Georgia 207 900
Do do do Maine 800 OOl
Those four last Items, amounting 10 near a rniI
h' OF dollar. embraced ia bills soiGh PAIRED
Soh Houses Of CongrsS the iaat night Of M Vaa
B"rsns term Of Office Dat too tate receive the Sie
nature Of tle eoksr; but they hsU4 since been pro
Vided for bya Whg Congress
DStts recorded IL the Post Office BcPa, tzeaL
DHe arrearages TO contractors 21993
Due contractors beyond means S3S.99O
Dsbts recorded in Navy Department
Amount Navy provision fund used Sl.l43 e3S
Actual deficiency ol means To meet tho ap-
pro- riatIons made TIE Ciagress VIII ch
adJsurnsd March 3, lS4l, and previous
Congrcssss. sI3OSO.22I
s24.7I9OOs
Here. then. is a deh, Of more than $4,000 600
nj vht h.g a.. A J.
OF March, lS4l. which, in despite OF the difficulties
encountered by the Wigs, hiss been paid of since
their aScsndsncy IN the National Cnuncils.
And this diminulIon Of the public debt > should
ne further remcmH !, was accomplished against
continued struggle ola factious Opposition who
Throughout nea,ly the whole period Of the Extra
Session. not only spike for days and even weeks
against all regular measures for the support OF the
Government. but actually voled against nearly all
the appropriations ia winch they or their cunsttu
ens had nst a direct interest
But the worst Of the evi's under which the coun-
try iabored, merely in tho creation Of
n iional Doh(weich our sdversar es are now false
ly charging Ion u.s. and in factions res.Ia.cs 10
all measures for the payment of that deb; bat is To
De found IN calamity which years of prudence aud
sell danIal can scarcely alleviate. We mean the
WIDE spread and dcsOlaIIng effects af
BEREAVEMENT OF THE CURRENCY
The war upon the Bank and final oEerIh 70 " OF thai
institution was one OF the great and d-iing ulshing
incidents OF the Jackson era aud that TO which We
are disposed mainly 10 ascibe the long rain Of evils
aAd disas.ers TO which the country ha, since been
exposed On the ruin OF that one, rose several hun
dfeds OF similar nstrtuions TO replace 80 milons
upwards of 200 millions o( banking capital was
legISIsted into existence; TO compensate the with
dra"al ats I'D or u millions OF circulation more
than leo millions o. paper. issued by aep banks
r1ded The country. The great organ OF the new
empirical school, the Globe, eEulted ihitihe Stat
would no " furnish their own currency. President
Jackson. too. with Pheton like folly, applied the
lash to steeis impatient of restraint. and already
'hre1tening To involve every thing IN ruin--urgng
anu stimulating The mis- % those fatal over tsnes
whence have sprung ell our calamiiies SILL for
tIms' The great experiment seemed about TO verify
the Vaunt5 with which IL was tr,d1ced. To the
ialr' Dat m derhie rewards Of labor, succeeded
seemingly, InordnIte p'ofs-to rational enterprise
a wild and licenIious. bat yet sauguIne spirit of
speculation.
The amount Of money Uhe measures Of all other
Values) circulating at any given time. regulates
viii constant APPROXIMATION to the ratio which that
amount holds To the whole property OF the country
The prices OF every description Of cOmmodIy. Hence
Tho constant increase of the currency between $50
ana 1881 1.-THE am iunt Of property in the country re-
naming the while without material variation or al
least keeping no pace with The increase OF tho cir.
cdating msdium0 furnishing more and more money
continually IN proportion 10 every other commodity
Produced By the inevitable law Of cause and effect
a e"n1innal and corresponding rise in prices
SupPJSing no other Cause TO oyerate beyond the
mere increase OmOnsy, and that the relative demand
tor every sort Of property continued unchangod
through the period. the doubling Of The circulating
medium between tho dates mentioned would have
bseu found exacily to double the price Of every
comm Jdity. But this relative demand is never The
same from year toyear. and hence some commodities
exceeded, and others fs short Of an exact ratio TO
the increased amount Of cuuenoy-while the spirit
of speculation. engendercd naturally, and, as men
are constituted necessarily by the rise Of prices sci.
zIng, as it always does on some favorre sbjsct Of
Investment net oSly tended urbeT to disturb the
equal proPorionato rise Of price Of each parties ar
commodity bat, infaminE the imag naiion, gave an
impulse TO the prices OF these favure objeos hold
ing N regard 10 hem, no proper. ION whatever 10
the mere increase Of the Circulating medum.-
Western land spsculaions was the South sea bubble
OF the hour. and has added-EOne can conjecture 10
how vast an sEientio the evils and distress necos
sary incident 10 the contraction Of their issues and
tho calling in Of their loans by The banks Of the
country, IN The process Of return 10 q second
convertible currency.
The voice Of prophetic waning had, IN vain
been raised 10 arrest these mischieyous opinions
these fatsl projects. Even Of those who at first
had hearkened 10 these wsrnings. many welded up
iher convictions, 10 the delusions Of tho "botier
currency" era, and we're swept into the common
voter. Bot the great mass and body Ofths people
Judging a. they evsFdo and must. from appearances
only fatally miSt,ok The false glitter ofihoss days for
the sunshine Of prosporily-snjUysd a brief DAY
dream Of happiness. sad awoke 10 run.
10 the space " Ssv-p years the Banking capital
Of the Union was increased by more than / as mil.
lions Of dollars and the circulation rose from 81 10
l49 millions. On addition 10 the circulating medium
m that brief space. Of SO millions Of dollau-rhile
Bank loans from 200 millions IN $50. reached SIS
millions IN 1897. an increase Of loans IN the same
time Of 325 millions Of dollars
Ths rnemorable srords-sT Leave v,u 81. 4. ,,t;,-