Independent Democrat. [volume] (Canton, Miss.) 1842-1844, 1843-05-13

ses of the existing caIamiries, inasiar as
they are to he ascribed to one political
party or smother. will barely remark,
in passing, as an admonitlon to all P1r'leS,
that consider Roth the great political
parties into which this country is diVidrf'
in some sort responsible for the evils
which now afflI,tS rs.
After the expiration Of the charter OF
the Bank Of the United States, The Ad-
| rnini,traiion, then in power, unque'tIona
| Lly committed IL very great error. Hold
ing The opinion, as The then President did'
Ihlt the SIEVE al State tanks could furnish
currency eqla Iy sound as that which
then existed, he selected certain State
banks as the depo<itnries of the publ
treasure, acr companied by an injunction,
almost amounting 10 law, that they
should aft ,rd Gre dist merchants and 9th
ers toa sufficient extent to supply Iha
place OF that accommodation WIN had
teen furnished by the United Site
Bank Under this system, we all know
what took pllce, ueces ,a-il,; FIR il is too
recent to be forgotten by any. AS had
been predicted by mlny of hose who en-
iered n,o the discussion Of the ques'l m,
Sta'c banks sprung up ly scores IN a |
paris IF the Union; and the currency, III
The course Of "a 'ew years. was expInded
to Gcg ee of which we had previously m
example. Ali sorts and descriptions OF
credits were enlarged; and such was the
| =. tho m which nre-
val, d, such the universal delnllm whl II
seized upon the nation, that every sort OF
specul.,,on was slimula G t. the higicsi
pos. io!e p int. :,
Ye., SIR, rennic.s aavcntrcrs Could
81 tain ere, il Tor IN .us'nds, 10 eAa. Ic them
TO eu'et int he widest specaIa>oHs.-
, Bnt very so n a ter This sen was ad 'p-
ted. the anks OF t5c scve,"l St',rs >N'.
, pended payment, anl the a lminl,tfai'o1,
finding Their expectat ons Gi'app"I ID.
f showel very rare and comm ndh. l.
I wisdom in lnst,nt y rctrlreag heir Step,
| and zen ciying, rs Inr "a p'S', be- n e.
ror they hal commit cd The StNo
banks were abandoned; the cnE. en'c
which ha been rep 'Se IN item 'e'hE
r Iius, Y flrtoile I, an IL system waS prop -
/ cd Viii Ii tcn,e to dscunnecl cnifc y VI
financial oI cations Of the Government
i. AMI the banks.
!, Thu, tar ior the responsibility Of Tx
5 Then existing Administration. Now l.
/. u, 10 ,k at the resp nsihlIily Of tn dhe
!. party. When the scheme If an IHdepen
9 dent treasury, and lnial separa IN OF
i Government If IN III, bInk', WIS Intr
g duced by the Administration, whit wv
e the mise ado tied by the o'heg pnrr =
/. The leading STATES ncn Of that PutN, VII
lin CONN, n with myself, wished TO mai
G tain The bank of tie U. SAFES as It W
/. a'reidy in cNisien C, lpleving thu II ha
i nnrlormad is!ul Il rs lenchcIi Il for IN
, D ,bli., inn hately turned ronnl aud be
e c me the a.v coates o the system 5 lls'
lly abandoned. The instant 'he IN ms
n tration, discovering their error, altemPte
Q to correct it he opp site parly--Pe'haP
It from instructive pro cns't OF all p mn "a
/. parties to a>sum. antag as p,s tons;
If will not undertake say + what cans
is --adopted the expl'ded sy't,m as ma
N woy house to mi nal blnk. Both
the great political parties, then, benz |
e some degree, the auth rs OF the sit'c
nf ,hinqs which NV nniortanaIely eAiS',
i. is the duty of them OH to uai'e n apply
is ing appropriate reme-y. Nhb - M
\. remedy? How are We II relieve the q
re- l,ress and pecuniary embarrassment wnic
i'd pervade the count y?
al am aware, sir, that an lica very c!
is tensively prevails, that the sole remedy
Al, the power of Congress 10 admlnIs'er' IS
ne restoration Of the currency by some Re
e, erol regulation of the paper circulation
al and the resolutions intro luced by the non
Il. lorable Senator from Maine VIII make
u. nv duty to submit few brief remarks
W. this subject.
he # appears TO mo. Mr.. President, (and
ar saw il with great Geference--f'r the opp
oil site opinion is held by some olthe mo
m. able men in the country that al h'ot
founded upon any scheme winch the :"
IN. dom Of man Can slggest fer the rtsto'
*. ton of the currency IF this country, W
IN. he la ally delusv'', 50 iaras It re!ard'
,us remedy for III /. disircsses and pecdnIa
fer emil arrassmcuis viii h now prevail. IL "
IN. lie. a rneic 'perf1tal rrmely; II cam
"a. rea h The seat Of the disease. Whit is /
fe. cause of the PIE emf dist essasl The
nj. mote cause IS un uu!tedy the exp nj
nd Of The currency; AMI the more Ihmeai
ell cluse. its Sudden ntra' tons. F'e
nhl f,cts which hive Ie,orc me, II appcf
OF that in The cnur,c of three years, the G.
ole encv of IN 20 utry expan, G. f"m nli
me " 10 r mini ms o'dhllars 10 one hun II
and k,riy.nne nil ions; and IN 'Im'
wa NERO |, sunk dowu t. some seve''y II
io,S NV I he Se-r,tuS in i'm r,