The Democratic Whig. [volume] (Columbus, Miss.) 1842-1843, 1843-04-27
WIG PROPHECIES

" wv dse W1fe more fcm1rAa1l
verified y the result, than have been the prs
dieiions Of Wing Senators in regard to III
eOnsequences,whieh would iow from The courS
pursued BY The Jackson administration toward
the United States BANK. when we refer {
the opinions Of these illustri0us Statesmen, an,
observe the minuteness Of detail, with whicl
they predicted the ruinOus effects, which wOu.
follow the ruthless destruction Of that institu
ton, and then, when we recall the subsequen
history Of that measure through all its stages
the entire fulfllmeni Ofall Their predictions, vi
cannot fail to be most iorcibly impressed b,
their profound wisdom and political saraclty
An historian, writing an account Of the ov
crihrOw OF the United States bank and IT'S
effects upon the currency, and the genera
interests Of this country, could not refer 10
more correct and graphic history Of this de
sirictivO measure than is contained in III,
speeches Of the Wing Senators, delivere,
years before its ruinous consequences wer
fully realized. What was then conjecture, 'hai
now become a sad but truthful history.
The Hon. Mr.. BINNEY, Of the
House OF Representatives, in the Con.
gressional debates which occurred ia
1884, only nine years ago, and ia
reply to JAMES X. Polk of Tenne-
see, uttered the following memorable
prediction, which, though disregarded
then, has since been fulfilled to let
ter.
elf the Secretary,s plan was carried
into effect there would be a hundred
6anks starting up to take tie place of
the prescribed United States Bank.
They would have them shooting out
their papers missiles in all directions.
They would come from the four quar-
tiers Of the Union"
Again: Mr. McDUFFh, of the
House Of Representatives, at page 81
Of hls able Report, made on the 18th
Of April, and thirteen years ago says
"Ifthe Bank Of the U. s. were de-
stroyed and the local institutions lef
without its restraining influence, the
currency would almost certainly re-
lapse into a state Of unSoundness. The
very pressure which the present Bank,
in winding up Of its concerns, would
make upon the local instituinos, would
compel them either 10 curtai their
discounts when most needed, or TO
suspend specie payments. i is not
difficulty to predict which Of these al
teruatives they would adopt under the
circumstances in which they would be
placed. The inperious wants Of a
suffering community would call for
discounts 10 language which could not
be disregarded. The public necessities
would demand and public opinion
ioould SANCTION the suspension on at least
an euasion, Of specie payments.
Ne. Ewing was then Senator inC Son
gress, (ls34) aud has since been Pres
idenl Harrisou's Secretary ofthe Trea-
sury. He said, on the floor Of the
Senate:
"But this is not all. You sap the
morals at the same time you thus ru-
dely shake the prosperity Of the people.
Their first resort will be TO legislative
aid, and RELIEF LAWS follow. or
in other words, laws to prevent the
collection Of debts, Tor what Legisla-
ture can withstand the appeals of
whole people suffering under a general
visiiation?) or, Il not that, the creation
OF a host OF banks with fictitious CAPT !
tal, which may seem for time 10 sus-
pend the blow, but will make It fell !
tbe heavier at last. And then, instead |
Of the safe and sound currency which !
We now enjoy, we shall again have a
deprecated and worthless mass oftrash |
which will pass into the hands Of the |
people, and there sink into nothing, |
leaving them to bear the loss"
Ma. CLAYTON, then as now, an
able Senator 10 Congress, held langua-
ge prophetic and impressive. He said;
1.-THE farmer must again sell his
grain to the country merchant for
State bank paper at a discount 81 from
ten 10 t,Oenfy or thirty per cent, in the
commercial city,"
&c. "The loss Of confidence among
men, ths total arrangement ofhat ad.
nirable system Of exchanges which is
now acknowledged to be better than
exists in any olhercountry ontbe Globe
and speculation on false
capital ia every part that rapid fuetu-
alton in the standard ofVaIHe for mon
en-, t0hich, like the unseeR psstileaes, |
l5ithers alt The efforts ofindastry, 'Ohils
he sufferer is ~ utter ignorance eftss
cause Of his destruction; bankruptcies
and ruin, at the anticipation Of which |
The heart siekens, must follow in the
long train Of evils which are assuredly |
before u"
In 1885, Mr.. CLAY, in the Senate
ofthe U. States uttered the following |
memorable warning.