The Democratic Whig. [volume] (Columbus, Miss.) 1842-1843, 1843-04-27
WIG PRO'PI3'HIi'Ej:Ic1'sfEI:.S,;I ~.

L M EGm2Ftr9h
- inc result, than have been the Or,
d'cf'ons OF Wing Senators in regard to n
consequences,which would flow from the con,.
pursued by the Jackson administration to,v.-d
the United States Bank. When we refer /,
the opinions of these illusrrious statesmen an
oOsSf"e the mInuteness of detail, with whic
tney predicted the ruinous effects. WHICH wonl
'ol'ow the ruthless destruction of that insti,u
ton, and then, when we recall the snhsacnor
history OF that measure through all its STAGES
the entire fuIillment of all their predictions ~,
cannot fail to be most forcibly impressed b,
their profound wisdom and political sarac,tv
An historian, writing an account of the ov
erthrow OF the United States bank and ,ts
effects upon the currency, and the genera
interests of this country, could not refer 10 :
more correct and graphic history of this de.
strIctive measure than lie contained in the
speeches Of the Wing Senators, delivered
years before Its ruinous consequences were
fully realized. What was then conjecture, has
now become sad but truthful history.
The Hon. Mr.. B1NNEY, of the
House OF Representatives, in the Con-
gresslonal debates which occurred in
1884, only nine years ago, and in
reply to JAMES X. Polk of Tenne-
see, uttered the following memorable
prediction, which, though d;sregarded
then, has since been fulfilled to let
ter.
eff the Secretary,s plan was carried
into effect there would be a hundred
6ants starting up to take tie place of
the prescribed United States Bank.
They would have them shooting out
their papers missiles in all directions. |
They would come from the four quar-
tiers of the Union
Again: Mr.. McDUFFIA, of the
House of Representatives, at page 81
of his able Report, made on the 18th
Of April, and thirteen years ago says
"Ifthe Bank Of the q. S. were de-
stroyed and the local institutions lef
without its restraining influence, the
currency would almost certainly re-
lapse into state of unsoundness. The
very pressure which the present Bank,
n winding up Of its concerns, would
make upon the local instituinos, would
compel them either TO curtail their
discounts when most needed, or TO +,
suspend specie payments. It is not t
difficulty to predict which Of these al |
ernatives they would adopt under the {
circumstances in which they would be t
,laced. The imperious wants Of a /
community would call for s
discounts 10 language which could not t.
re disregarded. The public necessities f
could demand and public opinion t
,ould SANCTION the suspension or at least S
n ev0sion, Of specie payments. c
Ar. Ewing was then Senator ind Con p
ress, (1834) aud has since been Pres d
len, Harrison's Secretary ofthe Trea- "
ury. He said, On the floor Of the b
senate: s.
"But this is not all. You sap the S
,orals at the same time you thus ru-
civ shake the prosperity Of the people. y
heir first resort will be to legislative al
ID. and RELIEF LAWS follow. or o
other words, laws to prevent the n
olIec,ion Of debts. (for what Legisla- 81
ire can withstand the appeals of a p
hole people suffering under general II
or, il not that, the creation B
a host Of banks with fictitious CAPT "
|. which may seem for time TO sus- CT
and the blow, bat will make it fell W
e heavier at last. And then, instead it
the safe and sound currency which in
e now enjoy, we shall again have re
.nrecisted and worthless mass oftrash bs
hich will pass into the hands of the &C
,onle. and there sink into nothing, lie
aviug them to bear the loss" ct
Mr.. CLAYTON, then as now, an oil
lie Senator in Congress, held langua- ri
prophetic and impressive. He said: Pt
"The farmer must again sell bis W
ain to the country merchant for pa
tate bank paper at discount q tTo" an
! to swenty or thirty per cent, in the tn
arrest commercial city, an
:. "The loss of confidence among to
en-. the total arrangement Of that dd- III
;rabls system of exchanges which IS y y
w acknowledged to be better than 81
lists in any Other country onthe Globe to-
ertrading and speculation on false tn
pital in every part that rapid tt1cta- 10
ion IN the standard 81 C0IUe for mon IN
,Ohsch, like the unseen pest'tencs' a
thers ale the efforts ofsndnstry, '0t,te wi
! sufferer IS ~ utter ignorance Ct the W.
nee 8 Of his destructson; bankruptcies an
i ruin, at the anticipation OF which "
: heart sickens, must follow IN the pr
:, train of evils which are assuredly az
lore u.s." y !,
II. 1885, Mn. CLAY. ia the Senate Pl
the Il. States uttered the following 81
,morabIe warning 81
seThers being no longer any sent
~ tTe head Of our Banking esfab- so