Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1843-12-19

Notwithstanding the able expose OF correspondent,
Henry" published last week. su persis, IN tracing
home la the jackson the spirit OF Reputation. Such
thing dreamed ut being put into PRACTICE
withsanding the opinions OF few theorists until the ge-
corruption Of manners, which Jackson and his
/ sures produced.
During the corrupt and prOhgate" administration Of
John Quincy Adams the public man who had proposed
such method OF getting rid OF Stale liabilities would have
been booted of socety monster whose very breath
contamination. In those DAYS OF prohgacy and
rIpdon States took their shoulders than they
could conveniently carry and always ready and will
ing meet with pIomp uiude the claims which might be
presented against them. But necessary put down
Mr.. Adams-aye would have been though his admnistra
ton had been pure rhe angel that sits At the night hand
God :" otherwise the views. OF aspiring Dema
goguez. would be ihwausd and disappointed and he
accordingly put down.
The necessity Of large moned institution, having the
enhr, United States for it, field Il operation had been
y felt by those with the affair Ih
country, and the Bank o the United States after having
been approved OF 10y both the great parties the
country regarded portion OF the seuled policy of
the Government II had the great controlling power over
the State kept them from issuing money than
sufficient to supply the wants Of the community among
which each destined operate All political
admit that nothing can b, disastrous than re-
dundancy Of paper money and, had been found By
experience, that IN te absence o the supervising power
the H. States Bank such had taken place the
detrment Of the country. from the State Banks not
thought that the experiment. Of dispensing with it, would
ever again made So thought all reasonable men Of
this county and Tor long time, thought General Jack.
himself. lie had the light OF experience before hi
oye-ho knew, that unless the State Banks were narrowly
watched, they would oyerssue in nine OF =;
and yet, crafty his spleen against tie President 81 the
Bank 81 the r.. =, be destroyed that Bank
The consequence wa such as every thinking man lore.
The State Banks, always prosperous prompt
enough extend their circulation, stimulated to ex
cc-,. issues by the President himself and his Secretary
oi the Treasury order affect the elections. Having
the fear Of the Bank Of he g.. States before he
eyes, they did fail obey ihi. executive mandate
which, u order that they might be better enabled u do H.
was backed by the placing in their hands the public dcpo
ste- which removed from the United States Bank
for the purpose New Bank with fictitious capital sprung
up eycrywhereie capaIo the old ones increased t
duubl, It's orur amount, and a Of them each
the other in the grea, Of isauing paper money gen
cral maniq stimulated by the Executive Department. per
vaded 40 classes Money, from it, abundance became
cheap dirt-eyey body would get hold Of iiwhe III,
nominal price Of property advanced beyond al former pre-
ccdent Every thought himself rich, and the Gov
eminent encouraged this fatal and doiusiyc opinion.
When the circulation Of a country is five or six time.
great the quantity Of money required carry on IL. bu
sinos requires Seer iorcic what will BE- the end
Ruin and Bankruptcy to individuals cnsnc. But ih
sovereign States Of tins Union had fallen the same ~
with private individuals. They had mistaken an nna
ted bubble for solid wealth. They commenced, aud il
instances completed public works OF to stupcn
dous character under the belief that they could easily POI
for them. being deceived by what they thought the ovidon
/ Cos Of prosperity around thtm.
In the meantime, the bubble eSpodcd-propcry fell
dollar is worth what five then-but the no,niao
debt Of the States has u bo paid Of exactly It none
/ were cheap then. 4 State which owe
million o dollars then, pay tai pfeci-e sum nov
though that operation the payment of five nil
lions NJ The time the debt incurred
The whole n this infringement tlon proceeded from NJ
destruction Of ihe United States Bank and the interference
ofGcncru jackson with the currency Had the Bank .,
NAMED The State Banks would have oyerissued-lu
they not o,cri..ucd artificial prosperity would hay
been e-abshed-aud had ihot never cxr ted The stat.
would have involved themselves 20 tie amount the
have done All disasters orc raccabe IN one source
and dat source b. Andrew Jackson.