The Democratic Whig. [volume] (Columbus, Miss.) 1842-1843, 1843-04-06

e2A6l6005
Here, then, Is debt Of more thafrWEN
ny -FOUR MILLIONS Of DOLLARS, eve
~ cent Of Whichwas contracted before the Alb
4 'sf March, l64l, and sons Of which, m despite
of the difficulties encountered BY the Wings,
has been paid or since thur asoondanoy IN
the National Councils.
And thig 5iiminution Of the public debt, Il
should BE- further remembered, was accom-
phshed against aicontinued struggle Of fac.
'tious opposition, who Throughout nearly the
'whOlo period Of the lExtra Session, not only
spoke for days and even weeks against al reg
lular measures for the support Of the Govern
ment, but actually tied against nearly al the
regular appropriations 10 which they or their
,consttuan,sihid not direct interest.
But the worst Of the evils under which the
county laborod, was not merely in the crea
ton Of National Debt, (whtch.our adverse.
iTies are now faiselyaharginR upon us,) and
IN heiious resistance 70 an measures .fof the
payment Of that debt; but Is 10 be found IN a
calamity which years Of prudence and self de-
'Aial can scarcely alleviate. We mean the
,Piie.spte1d and desolating elects ofa
ARRANGEMENT oFiTHE C URREACY
The war upon the Bank, and FINAL over
THROW Of that institution was one Of the great
acknowledgement Of the Jackson eTa,and
that to Which we are disposed mainly toas4
'cribs the bong tpain Of evils and disasters 20
which the country has since been exposed.-
On the rum Of that one, tose,several hundreds
'of similar Institutions; to replace is 30 mI.
lhcuF, upwards Of 200 millions Of banking capi-
ttal was legislated into existence; TO eompen.
safe the withdrawal Of its 10 or 10 millions OF
circulation, more than 100 millions Of paper,
is5ded by net0 banks, flooded the country. The
great epgan Of tho new empirical SCHOOL the
'Globs, exnltea that tie States wouldnow fur.
tnisb their oWntcuHeHcy. President Iackson.
too, with q ,Phetonlike'fony applied the lash
ito stseds impatient Of restraint, ard already
Threatening to involve every thing 10 ruin
urging aud stimulating the banks to that fatal
'over.issues whence have sprung ell our ealam.
'Ities. Still for q Tina, the great experiment.
-ssgrugu atUut ~ - ti4u Teunts wftn wiii1t.
n was introduced To the fair, but moderate
rewards Of labor, seen succeeded, seemingly,
yinordinSts lm6iita.--tc rational enterprise, a
wild and leohtions, bit yet sanguine spirit Of
speculation.
THE amount Of money Che measure Of all
'OthsF values) circulating al any given time,
regulates, with constant approximation 10
the ratio which that amount holds lOthe whole
properly Of the country Pficee.of every de
scription Of commodity. Hence the constant
increase Of the'currency between $50 and
1887, (the amount Of property in he country
remaining the wh.la without material varia.
ton, or at lesst keeping no pace with the in
crease Of the circulating medium,) furnishing
more and more money continuallyin proper
ltion 10 every other commodity produced by
the inevitable law ofoause and effect contiH-
'ual aud corresponding rise Ia prices. Suppo-
sing no other Cause to operate beyond the mere
increase Of money, ana that he relative de.
'mand foreyeTy sort Of property continued nn'
changed tbrougSthe period the doubling Of the
circulating medium between the dates men
toned woudhave bseh fluid exactly to double
the price olegery commodity. But this rela-
tive demand is never the same from year to
year, and hence some commodities exceeded,
and Others fell short Of an exact ratio OF the in
creased amount ofepFreHcy-- while the spirit
Of speculation, eEggRdered naturally, and, as
inen are constituted necessarily by the rise Of
prscee, soizings ss Il always does, on some ia
'vorte object Of investment not only tended fur
ther to disturb the equal propdftienate rise Of
the pficB 'uf each particular commodity, but,
infaming the imagination, gave impulse 10 the
prices Of these faV0rits objects holding, in re-
gard to them, no proportion whatever TO the
mere increase OF the circulating medium. Wes-
tern land speculations was the South-sea bub-
bic ofthe hour and has added--ncne can con-
iiseturs 10 howyast an exteft-at0 the evils und
distress necessarily incident 10 the contradio-
ton Of their issues, and the calling in OF then
loans BY the banks Of the country, in the pro.
b cess Of return TO sound convertible eurFen'
iey.
The voice Of prophetic warning had, in van
been raised 10 arrest these Tnischievous opn
ions--lhese fatal projects. Even ofthose who
at fTst, had hearkened 70 these warnings, ma
ny yielded up their convictions, to The delhi
'sohs Of the Hbetter currency" era, and were
swept 10 the common vortex. But the gfea
mass and BODY Of the people, judging, as thel
'eyer'do and must, from appearances only 70
lally misioOk The iaise glitter Of those days 70
the sunshine Of prospsrity--enioyed a brio
iday-dream Of happiness, and awake 10 pain.
IN he space Of ssuen years he Banking cap
itdl Of de Union Dds increased By mere thai
n45 millions Of dollars, un8 he circulation F0s
iron 6lto lA9 millions, an addition 10 The CIR
suLlliHg medium, in that brief space, Of 81
Millions d dollHrs--tohiis Bank loans iron
200 millions IN 1880, ysaehed 525 millions 4
1881, an tHertass Of loans In the same time 3
.826 millions 81 aallarsl
Tho memorable woras--aI leave you as
nation, prosperous and happy drowned, eve
as they WeTe uttered. IN the crash Of fallin
houses in the two great 'emporiums Of OF
trade 10 the south end the north, ushsred
the last sad. epoch. They have found a lcor
tinuing response, almost from thai moment
the present, in avast and still widening wall
DESPAIR and distress, as city ailercity, town a
Ter foru ard hamlat affar haunlat ana 6naU
The country as well as the towns, have be-
reached in succession by The pervadlng 81
an .desolating tempest. The States Of d
Union, all without exception, slraitened
means or unmarried IN crsdit-some on 4
verge Of hanl dptcy-- some sunk, in,the ably
Of fspudiation-and % crown ell the Fedei
Government ITSELF the main contFiyer Of
thsss woes, exposed to the unspeakable shaE