Independent Democrat. [volume] (Canton, Miss.) 1842-1844, 1843-05-27

pital, Of which very few of them had shared
the benefits. They saw, too, the motives
for all these exaggerated pictures ofpublic
suffering, these inflammatory appeals to
the most sordid passions; they knew there
was deep-laij, widely extended plan oil
deception, and became indignant at the al.
tempt to cheat them into the abandonment
Of their principles, by an appeal to those
interests, which they felt had not been Sc
riously affected, or if so, not by the mea-
sures of the Government, but Of the Bank
alone.
The Bank, perceiving that an appeal to
the apprehension and sutferings Of the peo-
pie, had failed in producing that revolu.
lion in public opinion so confidently antic-
ipated, chtnged its course to a direction
precisely opposite, and unhappiy far more
extensive and fatal in its Consequences
Ii resorted to expansion instead of contrac-
iion; and notwithstanding the necessity OF
preparation to wind up its affairs, which
had been pretext for sudden curlalment
still existed, and had become every day
more pressing, it suddenly opened the
tioodgates of accommodation, with view
of c,rrup,ing those whom it could not CO.
ercc or deceive. In the course Of eight
months, it extende its loans 10 the amount
of neteen and half millions Of dollars,
and The State banks, as they had Toll WED
its lead in contraction, now followed il in
expanding.
This sudden influx of paper money pro-
ducing its inevitable consequences. There
Was no employment for it in the ordinary
channels oil business, nor in the usual pru-
dent, restrained sphere Of well.directed en-
terprise. 1t accordingly expanded itself
into every species of extravaganza, every
variety Of visionary and desperate under.
aking; and every scheme which men with
out property. but who could borrow at will,
could devise for wasting money in the
shortest possible time, in the most unprof-
tale manner. New banks sprung from
the bowels o! the old, and the same rca! or
imaginary capital transmigrated from one
corporate Eody 10 anolh :r, until. in less
than tao years, bank capital increased
from about two hundred to hundred and
fifty millions, their circulation from ninety
five t, one h md e | and forty millions, AMI
their loans and disc cunts non three hun
drcd AMI twen,v.four I, four hundred and
Fl tv.sc millions. To this, it we add
the vast amour, Of credit acquired abroad
by foreign loans, b, the LAVISH accJmn;o.
dations OF foreign dealers to our merchants,
we mlv form an estimate of the extent 10
which this unparal eed expansion OF cred
i, and currency was carried, and the de-
oil Jrahle consequences which would nee
sarly follow It's sudden downfall, which
n, legislation, no public prosperity, moth
ing but miracles could prevent
The final results of this extraordinary
de!usion. which may I've distinctly traced
to the operations OF the Bank of the Unit
ted States and It's successor in Pennsyl-
yania, are known 10 all. There is not
citizen Of the United States, be he
rich, or be he poor, who has not felt the
blight Of this alI-pervadlng influence, in
some way or other, in his habits, his NOR
ais, or lis property. In the brief period
of three years it beggared hundreds OF
thousands ofoitizens, impoverished States,
we'll nigh bankrupted the General Govern
ment, inflicted deep, if not indelible stains,
not only on our national character, but on
our republican institutions, and rendered
all the blessings Of unexamp.ed abundance,
incapable of administering either to Pri-
yare happiness or pubic prosperity. In
short, it has become one of those vide
soread, universal calamties, which have
been hitherto only looked for the direct
dispensltion of Providence.
The greater portion, if not The entire
mass. Of evil resulting from the sudden
contraction and subsequent expansion OF
currency and credit, is distinctly chargea-
HE TO the desperate and Cnscrupulous ef-
fort. of the Bank of the United States 10
wrn.t a renewal of its charter from the
people, first by infiicting upon them Pc
cuni,ry distress, and next, The still great
err evils of redundant means, winch could
not he benefciaily employed. Had It pro-
ceedeI u wind up It's affairs, with that
steady purpose, united with th,t sanitary
deIay, Of which the history OF the hrSt
b,nk furnishes an instructive example, ITS
final extinction would have led to no great
er distress or INC Invenience, than accoul'
panied and f,lluwed the dissolution oi thai
body. Bat its managers, before and Ge'
hinl the cnrIain, chose to act Otherwise
They combined political and Pecunlary
e enen,s together; they kept the whole
country in a state Of teverish agt .tion
which WIS MT yet sutsided; they admin
istered addIli nal fuel to the file OF part.
contention; deranged the entirel'ys'em o
trade and commerce; corrupted Poit'ca
partisans by loans AMI dOucenrs, Tor servl
l L IL. IL ..nA dnrn a. ona,llN