Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1843-02-04


stroyed the first bank, when convinced Of their
error, came forward and established one similar
10 the one they had pu, down. The nsiuu.
ton went INTO operation. A currency IN which
all had confidence soon became established. The
interests Of the whole people soon began to give
evidence of its beneficial influence. Produce
bore high price. Plenty ned the labors OF
industry, gladdened every heart, and spread
smile Of happiness over the whole land The far
mer the mechanic, and the manufacturer, were
pressed with business, and all were on the high
road to prosperity. There fear then that
the proceeds of their toll would become worthless
on their hands.
Ia an evil hour for the welfare of our people,
their prejudices were aroused against the new
institution. Like the first, it became The victim
of political warfare. Like causes produce like
effects. As a, the destruction of the frs, Bank,
so now, local Banks wero ushered into existence
with more than magic rapidty. Their issues
soon covered the land as leaves do the earth in
tumnai seasons. They soon became worthless.
and, before, the earnings Of toll persisted in the
hands Of the people!
Now, the question presents itself, whether we
shall remain are, without currency, upon
which can rely, with worthless rags our
circulating medium-or shall we return to that
state of things which the experience Of forty years
Of our country's history seems to have been,
above all others the mos, prosperous? Our OPP
ponents deafen our ears with their curses upon
tho Bank OF the United States. They must for
get, whilst they do SO, they pour forth their bias
phemous impreciaiions the heads Of Washing
ton. MaG;son and n host of revolutionary IA
theirs who were instrumental IN establishing the
! two institutions now out of existence. They tell
a National Bank is unconstitutional, moth " it'll
standing tho opinions Of Washington, Madison,
Monroe and Jackson-a ma jority of It's farmers,
and the decisions of the Supreme Cour, of the
United States, TO the contrary They tell Of its
| inexpedIency, whilst the history of the past
should convince all to the contrary, md, willis,
! the present condition Of currency demon
s,rates its falsity. To deceive the peope-and
| argument against National currency, our
! opponents presen, a false issue TO the public
/ They point TO the corruptons and frauds Of that
Bank, chartered by the State Of Pennsy lvania,
and by n democratic Legislature too, called the
United States Bank, conceang the fact ,ha, it as
entirely State institution. Whilst they point TO
the great losses which the people sustained by
this lnstituton-,hey dare not avow the fact that
by neither OF the institutions created by Con-
gress, was single dollar lost TO tho people, al
though hundreds Of millions Of the peoples mo-
ney passed through their vaults, in the financial
transactions Of the Government. 1t is mark OF
wisdom to persevere in doing wrong after a con.
victIon OF our error, IN order to preserve what
may be esteemed consistency of political action
or, would not wisdom dictate candid renuncia-
ton of that error, and honesty compel determi-
nation to do right?
I A just regard for western in,erests-aside from
a national point of view, demands the establish
ment Of an institution of some kind, national in
It's character, and whose ability would be sufli.
cent to give safe circulating medium, and at the
same time to regulate and equalize the exchanges.
To do this it is necessary 10 g i've lite to the old
charter which many objections existed. No
one desires IL. Let institution be ted
probing by past experience in its fnrma ton, old
ing all the evils of either of those existing here
lotore-and but few years viii find Us enjoying,
"a enjoyed in times past, currency whose
safety would be unquesioned. The effect oil
such an institution exchanges alone the
west, would be immense. We of Indiana have,
during the few years past, paid, by way of ex-
change alone, (the difference between our local
{ paper and City par funds.) enough TO have paid
The interest our State debt, which would hav e
been saved to US had national currency been in
existence.
THIRD: The public domain is rich inherit.
ance, purchased by the blood and treasure Of the
nation, and the proceeds arising from its sale
should be considered a common fund for the use
and benefit Of all the States" 1t upon this
condition the rights o! the several States were
, yielded to the General Government. Does no,
the terms Of this cesson create an equitable title
in the States, 10 the proceeds thereof, inasmuch
. as they given in trust 10 the General Gov
eminent for all the States, after a certain speci
fed Indebt edness being discharged. The whole
: Of unsold land Is estimated to amount 10 500,
Q 600 millions of acres-one hundred and sixty o
: which are situated in the nine western and south
q western states. What immense sum Of mon
ey will be derived, in the progress of time from
this source, and, to what object other than fai
Y distribution among the States should il be appro
, pria,ed! To what other purpose could ii be ap
l. piled where much good could be accomplished
, Congress, impressed with the justice Of the
= distribution policy, passed a bill, early a.
o 1882, giving the proceeds TO the States 10 jus
g proportion. i, prevented from becoming
. law by the action of the President. Had it beer
otherwise. under It's provisions, the state of Indi
b ana would have received over three millions o
dollars her distribu;ive share up to lS3S. II
O the defeat Of this measure may be ascribed an
h other cause Of present enbarrassments. A
# tina, time the national treasury was Overlooking
9 with the ecep,s from customs, and the sales o
l. public lands lowing to the wise policy Of the pre-
lcoI dpio \ nd dad