Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1843-04-10
Erom "a, Jprc,Seronsh ITAie.

From the J0RcSbcrough IIhg.
In 1885, Mr.. CLAY, in the Senate Of the L. States ut
tered the following memorable warning. Tell us We Loco
oco this prophecy and has the prediction
/ fulfilled TO the very leitcrl
There being no longer any sentinel the head Of GU
Banking establishments them by information
operations OF approaching danger the local
already multiplied TO alarming extent, and almost dali,
multiplying IN Of prosperity, will make free and
restrained emission! All the channels of circulation vii
be gorged Prosperity will rise cxiravagany high. and con
stanty looking up-the temptation will be irresistible In
ordinate speculation will cnsue. debts will be freely
tracted, and when the OF adversely comes,
must the Banks actiRg without and without guide
obcying the law OF self preservation will all, at the
time, call in their the number will exaggerae the
alarm and GENERAL DISTRESS, WIDESPREAD RUIN
rLosIoN GENERAL BANKING the establish
meni OF Bank Of the L. s. will be the ultimate c
fects."
We add moro extract and that from speech de.
liver, the Senate the T. States by Judge Porter the
present able Wing Senator from louisiana, Tuesday,
the 22nd of March, 1896. This speech opposition
the motion made by Mr. Benton eNpunge from the Jour
nal OF the Senate the Resolution of the 24th OF March, 81
dsapprovng the Removal OF the DcpOstes by President
Jackson In the midst Of the dclusOns of the reign oJaek-
soHiS 1886 1t will be seem that this sagacious States
from the proud cmnence which he stood, looked
the full of the evils which bea this
try 1929 He drew from the past, and the then prcse
salutary lessons for the FUTURE which realizing
the truth Of. Only look what he predicted would
company and follow the destruction of the L. States Bank!
Will not his prediction be found completed
He saws:
ain 1880 circulation siTtyone millions Of dol.
lars. In January, 1895, rather June 1884,
hundred and three millions. In 1896 be
less than hundred and tirenfy millions. An increase
OF Srfy millions al dollars in six years give the facts
from the official made by the Secretary the Treasury.
They SIR II Is no lower down than 1884 Bnt II
take the increase for three years before
that time. and reflect the enormous of property
since indication OF an unhealthy circulaon
be satsed that there has been more than seventeen n
hons added to the circulation within the last months
and that hundred and millions below rather
than above the real estimate.
Npus therefore ata spfth
sent state OF things and who cannot also, sir glance
how TO endlf the evil should be checked and
the reduction be slow and gradual might escape the
consequences which time has inevitably IN for
der another policy. But far from expecting this, look
to an increase of the decease. Itappeas inevitable
universal madness has taken possession OF the public mind
Within the last months have heard augmentations
OF banking capital proposed passed, the amount OF
nifty millions OF dollars and am told projecting;
that VIC may expect tins system continuing until
It brcakes I'd falls from weight and magnitude. In
the present of things the States al Interested
the circulation OF their banks and prevent that Of
their neighbours Indeed, we already see symptoms OF
waro legislation the osu TOT jealousy by which they
tempting restrain the Of banks in other States from
passing within their limits.
This dcporable Of things yet get worse; and
well might the Senator from Missouri depict IN the coors
he did few days ago He could oyerchage this pic
picture, siF, rendered painful contemplate
by the recollection OF condition before the war was aged
the Bank of the L. States. For sixteen years regula
ted the currency Of the country with wisdom and
OF which there Is parallel. e threw away, and
what VIC have got IN its place, Sir all the projects Of
regulating and checking the bank emissions by law
refusing your Treasury their OF less
than $50, will have effect than would have bucket
full Of earth hrowniuto the Mississippi stopi
And pushing gold and silver circulation when
have five hundred and fifty banks Interested m gathering
all and supplying IT. place with their that equal
y imprac ticabe cheap and dear currency never eN
Isl together; the former always destroys ihe ae. Having
tower by the Constitution interfere directly with
State Legislation m this matter that the country Is des
uned 10 through the OF agitation and suffer
ing which il did previous the ruin Of the late Bank Of the
United SAtes ATE! fhc evils have - height when
tvy Ma
tona Bank, and not until then But submit would not
haNe been well have prevented this of thiug-
Two yeaTs agoi enquire, what good has BEEN be
attained, BY putting People through this fearful trisl
FIVE lsH be tie time set ansl5er 10
these questions"