The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1843-04-19
lett NEVER BE FORGOTTEN,

LET 1T NEVER BE FORGOTTEN,
That The Country was in a very prosperous
condition when Gen. Jackson was cleo
ted TO the Presidency, and that neither
party then found any fault with the cur.
rency or with a United States Bank,
which had been The agent for the Guv-
eminent for 40 years, and never lost
dollar of the Public money.
THAT Gen. Jackson assaulted The Bank be-
cause lis Directors refused to make it a
political machine, and he took from its
vaults the Public money. and put it into
the vaults of numerous Pet Banks, telling
them through his Secretary, 10 discount
freely upon il.
That these Pet Banks did as they were re-
quired, and thereby caused other banks to
loan freely and hundreds OF new banks to
be chartered, which made paper money
So plenty that i, began 10 be used for
specializing purposes.
That these speculations were so numerous
and reckless, that the sales alone Of the
Public Lands arose from az average OF
about three Millions of dollars year in
value, to twenty-five millions in the year
1886. and imports increased even in
greater proportion, and all trade and com.
mcrce was driven forward into the most
reckless and rninous excess Of specula-
ton.
THAT in this same year, 1886, the last Of
Gen. Jackson's administration, he refer
red in his message 10 these ruinous spec.
ulaiions in the Public Lands as on indica.
ton of public prosperity and his party
throughout, the country called on the peo-
pie to sustain his administrator on &c.
count of the high wages and high price
which they drained
NoU, on the other hand, leth neuer be
forgotten,
That the present exhausted and depressed
condition of the country is the effect of
the reaction of the specializing times OF
Jackson and Van Buren-that when the
specializing fever left the country in 1886,
The country fell PROSTATE and palsied with
Gebt-which has brought on the long
train of evils predicted by Wing states
men, such as Reputation, Bankrupt laws,
Stay laws, &c.
THAT MFR. WEBSTER in 1884, predicted as
foIlows,-''I have already endeavored 10
warn the country against irredeemable
paper; against bank paper when banks
90 not pay specie for their own notes a.
gainst that miserable, abeminable and
fraudulent policy, which attempts 10 give
value TO any paper. ofany bank, one SIM
gle moment longer than such paper is re.
deemable on demand in gold and silver.
Aud | wish most solemnly and earnestly
10 repeat the warning 1 see danger of
that state of things ahead. l see immi-
Ient danger that more or fewer of the
State banks will stop specie payments
The late measure Of The Secretary, and
the infatuation with which il seems to be
supported, tend directly and strongly to
that result. Under pretence, then. of
design 10 return 10 currency which shall
be all specie, we are likely to have n cur
rency in which there shall be no specie
at all. We are in danger of being over
whelmed with irredeemable paper--mere
paper. representing not gold or silver;
no Sir, representing nothing but broken
promises, bad faith, bankrupt corpora
lions. cheated creditors and ruined peo-
ple."
THAT Mr.. Clayton in 1882 predicted affol-
lows-"The loss of confidence among
men-the total arrangement of that ad
mirable system Of exchanges which is now
acknowledged TO be better than exist in
any other country on the globe, overtra-
ding and speculation in every part of the
Country-that rapid fuctuaiion in the
standard value of money, which like the
unseen pestilence, withers all the efforts
ofindusiry, while the sufferer is in utter
ignorance of the cause of his destruction
bankruptcy and ruin, al the anticipa-
ton of which the heart sickens. must fol-
low in the long train Of evils whic are
assuredly before US"