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

of gravilatiln, tends to carry down The
quantity OF tho circulation even now be-
low it natural level. This is the cause OF
the existing distress. Our currency was
uunauraIly expanded, and prices swelled
to a hundred per cent. Leyound their nat
ural average. The system. Of courSe,
could not continue in this state Of inhltion.
Any currency protesting TO restupon
specie basis must sink into utter ruln, as
the inevitable result OF such an expansion.
Now, sir, what has actually taken place!
The currency has been reduced 10 one
half of its former dimensions. IN the We
ry nature of things, it Was obliged to he
thus reduced, ifthe sy.tcm was 10 rest on
specie basis, AFT rd ng sound and uni
frm currency. That reduction has, per.
hlps, not g,ne 10 the extreme point
which il must reich. And now whtta e
we aboutt t. do? Alter the c1unry has
suffered the utmost distress, and been driv-
en- to the verge of bankIuptcy--alter we
have me through the paing;I process OF
contracting II circu a'i1n-after we have
suf. rcd all the evils which must follow
from lis IN !ue expansi ,n;-af.cr al this,
ahlt is the remedy proposed? Why sir,
some seem to imagine that, in legislation,
according to the old a age, "thc HAIR OF
the m dog is good for the bite" And
now, after we h we suffered the evils in
cGcn, t. reforming a rash and Ill devise !
sys EN- Of bank ere III and bank cIrcula-
tIon. AMI see the dawn If returning pros
perry; after natural causes and the laws
of trade have nearly Corrected them, and
we are once mrc almost stlndlng Oh IA
platform ofa Nni and unif rm currency,
the m st iutel gent and spacious minds
of the 90 nlIy aie c,l ing out f'r new
system Of paper ci.cla'lon, win n M lst
carry the country tAro lgh the same cl'ci1
f eX7 ,N>.oN, contraction, and ruIn, from
| win, II we a,o ,p-tre oyering.
Sr,we hnu the patient IN a state IN
wh'chtlo adam stermg o1 medicine Is no
| 90 saluiary: and wh ~, tho 'gh at pres
.u1 ac,; l,taled, il is about 20 rec yer ~
I natu a pee IS, We are T. qut'ed T. con-
tnue tamfGring with his system, o. INC
us.,f new ana ad iitIona -n'strums. BE
ie,e me. sir, any schefne The Bank o
the Uuted st ties, under any posi- It
mo iiti ion-ln cxcheQaer b AID, vii
al tn che ks an guarantees which hu
IN 10 Wi,d.m GA prpg;de--,VLl h1 u cry
Inadequate 10 Far iSh a remedy. lh'
truth Is, he county IS very much Ia III,
condition OF a paianr vino is unwilling t.
tYs, t, the viS medicaAir nature, Out II
perpetual yea Ing tut fir medicine; ant
as Isuull in III h case, mist king en-
ItlreiY the ma ure of the remedies require
VIA do gent EN- II PROVO, t. do! Ihet
tell \on tia, en- object Is 10 scorm IN
couG,!on Of tac ourrcucS, and es abII.h :
,auk cIr, vi ZION un $ mnd "a~ls IA
firm aiue. NV, IN Iegar 10 I'M
stimulating causes of these schemes o
currency-.hs exlSlnr su.lelnES ct III
rp.e--l res oiati n Of the currency tot
stale Of somdneSs is the very last hing II
The word which the patlen:cpuld endure
or which his 1t al wants require. A SCUM
!. c,rrenN! WHY, gendem N seem to inn
zine lhal the government possessed S II
= o political Iagerjemain, BY which 1t ca
f accomplish direct Incompatible es. Ca
, Won rsiorn the curen and expand 1t
lf,hc s.nc timel The very act OF Inrrei'
Il ins the circaltiion wau'd defeat your Pre-
te sci object oi reforming The currency
=, Yol can refnm il yIllated curren"y b
n, other process than ly rurtallng 1t,
Bat, Mr.. Peas tent, un er existing Gil
cin,t,nce., as t. those who hay e talle
: victims t, the popular de usons and spec
, ulAlIo..s brodu led by tho cxcesses OF tn
!, credit s> stem. thlis clsa is hope esS; 1t
|. beyond the power of surgery or even Ga
vanish 10 revive them. II tweYcr r"plI
D.. ylu hurry on thee schemes, they wi
il come too late tor hem. Bat | am AVA
n ,l1ole is very plausible argument whl'
gentlemen have frequently ursp d ont
II pnin,--that their de,l Is Mt $ m ich
}. increase the quantity OF circulation, to l
+ duce the hanks to 60 into asy'tem u e
cesslve discounts and clrcuIaton. as
reslu.e confluence. Yes sir, that is Il
, watch worI--t restore 90 ii lcnre tot
i 1untry. G nfilence! Mr.. Presidents
Confiden ia whaIl Confidence IN bini
. that have m ldc promises only TO viola
!, Ihem? How can we have conf !en@e
., system which all experian prov
20 must, IN the nature OF things. r. silt
.. ,hoso very r,vd Sims aud distress,
N con ,cquences OF winch We ae at tlls N
,e meat cxperlcncingl Are we 10 enco IRA
N the pc pie OF the Unit ID States to md u
rs ia.s5 hu, .e>, " hi:h must inc 'tAbly be d
appointed9 Gvitorbid this sort o'cor
. tencs ever shoIll be retired. No, 5
al AXE Ihs ,nti lence that Eve repned
ar the serpent, and ty VII CHI she was ton
Ell TO cat OF "that i'rhIdden fruit, ~h'
6 mortal tHtahr"uIh death Int the woF
4 Il