Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1843-06-29
lDe I[tItaI..
WARNINGS OF WING srATEs1EN.


When the modern Democrats determi ned i
break down the Institution which for forty year
had promised1a sound currency to the whole PEG
pie Of the Union, The Wing Statesmen in In
Senate warned them OF the Consequences which
must inevitably ensue Henry CLAY, in 1888
raised his voice in warning and exposulalior
thus
There being no longer any sentinel al
the head Of our banking establishments to
warn them by lis information and opera
lions Of approaching danger, the local 10
stations already multiplied TO an alarm.
ing extent, and almost daily multiplying.
in seasons Of prosperity will make Tree
and unrestrsined emission All the
channels Of circulation will be eoreed
Property will rise exiravaganily high and
constantly looking up--the> temptation
will be irresistible ! lnordinate specula.
lion will ensue, debis will be freely con.
tracted, and when the season of ADVERSELY
comes, as come il must, The Banks acting
without concert, and without guide,
beying The law Of self preservs;ion. will
all at the same time, calf in their issnes :
the vast number will exasgerate the alarm,
and general distress, wide spread ruin,
and an explosion Of the geGeral bankine
system; or the establishment Of II new
Bank Of the .Uuited States. will Be The ii
innate Effects
+ In the year 1896, Judgs PoR9ra, Of Louisiana,
made speech in opposition 10 BentonIs Ell
Puhging Resolution, during which he1said:
In 1880. our circulation was sirfy one
millions SCHOLARS. 10 January, 1886, or
rather ID June, 1884, il was ONE HUN
DRIED AND THREE MILLIONS. Id 1886 il
cannot be less than ONE HUNDRED AND
OF DOLLARS. An In
crease Of SIXTY MILLIONS or DOLLARS in
six years |! ] give The facts from The off.
cial returns made by the Secretary DR. the
Treasury. They come. sir, il is irue, no
lower DOVE than 1884. Bur If we5iake
The average increase Tor two or three years
before that time, andsrefiect on the enor.
nous rise Of property since "a sure indica-
ion Of an unhealthy circulation. we
must be satisfied that there has been raore
han seventeen millions added 10 the cir
:ulaticn within the last sixteen months,
Ind that one hundred aud twenty millions
5 below rather than above the real esta;e.
You see. sir. therefore at glance the
'auses Of the present state Of things and
gho cannot, alsn, sir, see at . glancefhow
! j. 10 end, Ifthe evil should be check
ID now, and the reduction be slow and
sradnal. we might escape the consequen.
:es which time has inevitably 10 store for
Is under another policy. But. sir, far
rom expecting this. look 10 40 increase
i the disease. disappears TO me inexita-
lie. "A universal madness has iakenEp pos
ession OF the public MUD. Within the
asst four months have heard Of the aug
Of banking capital. proposed or
sassed, 10 the amount Of iifty millions of
lollsrs. and more | am told are projecting;
q that We may expect 10 see this system
continuing until il breaks and falls from
Is own weight and magnitude. 10 the
present state Of things. the States are al
Interested to increase the circulation Of
heir own banks. and prevent that Of their
,eiehbors. Indeed. we already SEE syImp
oms Of . war Of legislation. the result Of
eslousy. BY which they attempt e re-
,train the notes Of banks 10 other States
rom passing within their limits.
This deplorable stale 81 things must
YET get worse and well might the Sena-
Ior rom Missouri depict il 10 the coIoFs Be
aid . few days ago. He could not over
charge the pictures picture. sir. -ren-
dersd more painful 10 contemplate. BY The
recolIsciien Of our condition before tbs
var was hagsd on the Bank 81 the Uni.
ted States. For sixteen years ii regulated
The currency Of The country rifa ! viz.