Baton-Rouge gazette. [volume] (Baton-Rouge, La.) 1819-1856, 1843-07-29

A rHfbfeTIoa.-In 1886, the Hon. Alexan-
der Porter, then a Senator in Congress from
this State made a speech in opposition To
Benton's famous esfunglng feHolutte II BE-
low we give an extract. the force and truth Of
which will readily be discovered.
In 1880, our circulation was siktY-one mil
lions Of dollars. In January, 1895, or rather
in June. 1884, it was one hundred and three
millions. In 1896, it eannnt be less than one
hundred and twenty millions. An increase
of sixty millions Of dollars In six years |
give the facts from the official returns made
by the Secretary of the Treasury. They
rome, sir. II Is true, no lower down than 1884.
But If we take the average Increase for Two
or three years before Tint time, and reflect
on the enormous rise of property since, "a
sure indication Of an unhealthy circulation
we must be satisfied that there has been
more than seventeen millions added to the
circulation within The last sixteen mouths,
and that one hundred and twenty millions Is
below rather than above the real estimate.
You see, sir, therefore at a glance, the
causes of the present state Of things j; and
who cannot also, sir, see at a glance how it
Is to end ! IF The evil should be checked
now, and the reduction be slow and gradual
we might escape the consequences which
time has inevitably in store for us under
another policy. hut, sir, far from expecting
this, look 10 All increase of the disease. II
appears TO me inevitable. A universal mad
ness has taken possession of the public mind.
Within the last four merths ! have heard of
the augmentation banking capital proposed or
passed to the amount Of fifty millions Of dol
lars, and more ] am told is projecting. SO that
we may expect'to see this system continuing
until it breaks and falls from it's W weight
and magnitude. In the present state Of things,
the States are all Interested to increase the cir
eulation oftheir own banks, and prevent that Of
their neightors. Indeed, we already see syIBp-
toms of a war of legislation. the result of ieal-
ousy, by which they attempt to restrain the
notes of banks in other States, from passing
within their limits.
This deplorable state of things must get
worse and well might the Senator from
Missouri depict il in the colors he did a few
days ago. He could not oyercbarge the pic
tnre. a picture, sir, rendered more painful to
contemplated by the recollection Of our eondition
the war was waged on the Bank Of the
United States. For sixteen years it regulated
the currency of the country with a wisdom
ana success OF WHICH bHeFe Is no parallel.
We threw it away, and we see what we have
got in its place. Sir, all the projects or feg-
and checking the excess Of bank
by law. refusing to receive at your
Treasury their notes ola less SUM than twenty
will have no more effect than would
have n bucket Of earth thrown into the Mis-
river to stop its current. And as to
gold and silver into circulation when
you have five hundred and fifty banks in.
terested in gathering it all up, and supplying
its place with their notes, that is equally inn
practicable a cheap and dear currency never
can exist together the former always des-
.roys The latter. Having no power by the
Constitution to interfere directly with State
legislation in this matter. [ see that the cotln-
ny is destined to go through the same scenes
Of agitation and suffering which it did pre-
visus to the time of the late Bank Of the
States. After the evils have come to
4 height, when they can no longer be endured,
We shall have another National Bank, and
not until then. But Isubm / if it would not
rave been we'll 10 have prevented this state
If things two years ago ! enquire what
good has been or can he attained by putting
he people trough this fearful trial. Fire or
sir years hence miH be the time 10 get an an
'rer 10 these questions.