Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1843-05-16


mismanaRement and corruption. The
truth will yet be known, and the pur-
poses Of justice at length accomplish
ed.
The two great measures BY which the
late Bank Of the United States operated
most fatally upon the prosperity and hap
piness Of the people, we're first, wanton
contraction Of its loans, and next, a sudS
den and reckless expansion, both having
the same object in view, namely, that Of
Wrestling charter from q reluctant peoS
pie. Il cannot be forgotten that Presi>
dent Jackson, in the exercise Of a power
delegated by the constitution, refused his
assent to bill renewing the charter of
the Bank Of the United States, and re-.
turned il 10 Congress, where it failed Of
the constitutional majority. For this he
was assailed with every species Of dsnun.
citation BY the adherenlS Of the Bank,
while tTiumphantly sustained BY the peo
pie, who reelected him by q great ma.
jOrity. That the bank refused 10 submit
to This decisive expression Of The public
will, indicates the consciousness Of ex
traOrdinary power, and determination to
exert Il to the utmost. Accordingly it
renewed the contest on the recurrence
Of the first preliminary step taken BY
President Jackson for carrying into effect
the decision so solemnly ratified by the
people. This was the removal Of the
public money FROM the custody Of en- in.
stitutiOn in which, If it had been suffered
TO remain, it is now morally certain the
Government would have shared the fate
of the destitute widows and orphans, who
sre now lamentiDg their confidence, 10
poverty and distress. .s
The bank determined to coerce the
government into an abandonment Of this
necessary measure of precautiOn, by
sudden curtailment Of discounts, which
would be severely felt, and the odium of
which, il employed all its arts and inAu.
ence to throw upon General Jackson. In
the short space of fourteen mouths, il
Withdrew from the exigencies Of trads
eighteen millions Of dollars, and this con.
traction was followed by that Of the State
banks, either from necessity or q COM
mon sympathy, on the part Of some at
least, in q common cause. The result of
this combined action, was arapid decrease
Of accommodation to the trade and bust.
ness Of the country, amOuntingtO TO at least
sixty millions Of dOllars.
Il must be obvious that the sudden ab.
sIraction ofsuch an enormous sum from
the general fund Of business, would be-
severely lelt by those who trade in whole
or in part on borrowed capital, and
through them, in lesser degree, by 9th.
or classes Of the community. These
partial inconvenience were magnified in.
10 universal distress and wide spread ru.
in, BY newspapers end public speakers,
either under the direct influence of the
bank, by the strong bond Of dependence,
or who we're united with that institution
in a system Of action calculated to sub.
serve the purposes Of both parties
Speeches in congress, presenting aggEs.
vated pictures of public distress, inflam-
matory proceedings Of public meetings
memorials, relief committees, and an In.
finite variety Of other appliances, which
a great moneyod institution, gifted with
ample means Of corruption, and unscru.
pulOus in employing them, could com.
mand, we're brought into requisitiOn in or.
der to create panic among the people,
and overawe the enaexibIe and Just
man who then administered the govern.
ment.
These measures Of the bank proved,
however, unavaillng in shaking the firm.
ness Of Gen. Jackson, or in deceivinR
the people whose own experience taught
them, that though there might be some
partial inconvenience, and some reduc.
ton Of prices, there was nothing like
general public distress. Years of sue.
cessful industry and we'll reRula.
ted enterprise, had laid the sol.
id basis Of prosperity not to
be shaken by the abstraction Of portion
of that capital, Of which very few Of than
had shared the benefits. They saw too.
the motives for all these exaggerated
pictures Of public suffering, these inaa m.
matOry appeals TO the most sordid mas
sion0 they knew there was deep Iaid,
widely extended plan Of deception. and
became indignant at the attempt to cheat
them into the abandonment of their prin.
ciples, by en- appeal to those interests.
which they felt had not been seriOuslv
affected, or fsO, not by the meas.
uvss Of the government, but Of the bank
alone.
The bank, pOrceiviug that an appeal 10
the apprehsnSiOBs aud sulfsrings Of The
people had failed in producing that reyo.
luton in public opinion so conf 6dently an.
tiCipated, changed its course to a dirsC.
ton precisely opposite, and unhappily far
more extensive and fatal in its conseQuen.
ces. Il resorted to expansion instead Of
contraction; and Notwithstanding the ne.
cesSity OfpreparatiOn 10 wind up it's af.
fairs, which had been made q prstext for
a,,dIan nuPtaiImant. atill exieted. AMI had