The Weekly register., 1843-08-12
The Past and the press,,

NO as uuu the present
In 1886, Hon. Alexander Porte. .,hen
Senator from Louisiana, in a soas..
made against the financial experim.,
then commenced by the adminis,-sso,
thus warned the country against The !,
tai policy of attempting 10 do wiihou,
National Bank Mem. Eng.
In 1910, our circulation was sixly.o,.
millions of dollars. In January, lss;
or rather in June, 1884, it was one hu-.
dred and three millions. An increased
sixty millions of dollars in six years.
| give the facts from the official returns
made by the Secretary of the Treasury
They come, sir, it is true, no lowerdoFD
than 1884. But if we take the aversn
increase for two or three years before
that time, and reflect on the enormous
rise of property since, Ia sure indication
Of an unhealthy circulation,) we must
be satisfied that there has been more
than seventeen millions added to the cir.
culation within the last sixteen months,
and that one hundred and twenty mil
lions is below rather than above III.
real estimate.
You see, sir, therefore at a glance,
the causes of the present state OF things;
and who canne also, sir, see at a glance
how it is TO end? If the evil shocAd bs
checked now, and the reduction be sloy
and gradual, we might escape the com
quences which time has inevitably ii
store for US under another policy BIZ
sir, far from expecting this, look to
increase Of the disease. 1t appears Il!
me inevitable. A universal madness hu
taken possession of the public mind
Within the last four months har.
heard Of the augmentation of banking
capital proposed or passed to the amour,
of fifty millions of dollars, and more
am told is projecting, SO that We may
expect to see the system continuing u.
Ill it breaks and falls from its own weigh,
and magnitude. In the present state Of
things the States are all interested TO il.
crease the circulation of their own banks,
and prevent that of their neghbogs.-
Indeed, we already see symptoms of q
war of legislation, the result of jealousy
by which they attempt to RESTRAIN the
notes Of banks in other States, from pa's
ing within their limits.
This deplorable state Of things mus
get worse; and we'll might the SenaiH
from Missouri depict it IN the color'f
did few days ago. He could not over.
charge the picture, a picture sir, render
ed more painful to contemplate BY tns
recollection OF our condition before 'hs
war was waged on the Bank of the Ups
ted States. For sixteen years II reg
lated the currency Of the country wlf'
wisdom and success of which iheff
no parallel. We threw it away, anp@
see what we have got in lis place. ON
all the projects of regulating and fSe'A'
ing the excess OF bank emissions bylaw
refusing to receive at your treasaE!
their notes of less sum than t|eH9
dollars, will have no more effect tn|
would have O bucket full of earth throw
into the Mississippi rivers TO stop '
current. And as to pushing gold an'
silver into circulation when you nav
FIVE hundred and fifty banks intereS'Sa
| in gathering it all up, and supPlylngN y
place with their notes, what is equally
sppraodcable; cheap and dear curren'
never can exist together; the former
9estroys the latter. Having DO
be Constitution to interfefs
Staie legislation IN 'Ol,
&.he countryis is destined
the sasse scenes Of agl'a
ring which !; did Ptesl0u,
The late Bank OF the y
Amer ths evils have CONS
when they can be no longer
We shall hare another N'''0n