Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1843-03-23


rency between 1880 and 1887, (the amount q
property In the country remaining the while with
out material variation, at least keeping no pac
WIN the increase Of the circulating medium fur
nisning more and more money continually in pro
Por'ion 10 every other commodity, produced b.
thc inevitable law Of cause and effect n continue
.tE2nd corresponding rise in prices. Surprising M
other cause to operate beyond the mere increase
4 money, and that the relative demand for everv sor
OF property continued unchanged through the pc
r'od' the doubling Of the circulating medium be-
'weet eie oates mentioned would have been found
eXactiy TO doubs the price of every commodity
But this relative demand is never the same from
year 10 year, and hence some commodities excee.
ded, and Others fell short Of an exact ratio to the
increased amount of currency-while the spirit of
speculation, engendered naturally, and, as men
are constituted necessarily by the rise of prices
se'zng, as ii always does, on some favorite oh
Ject OIL investment not only tended further to dis
urD the equal proportionate rise of price of each
particular commodity; but, infiaming the imapi-
hation, gave an impulse to the prices Of these ia
vor!e ob)octs' holding, in regard to them, no pro-
Poruon, Whatever, TO the mere increase of the
circulating medium. Western land speculations
was The South-sea bubble Of the hour, and has
added-none can conjecture to how vast an ex-
tent-to the evils and distress necessarily Incl.
GENT 10 the contraction of their issues, and the
calling In OF their loans by the banks of the coun-
NY, IN Inc process oil return TO sound convcrti-
BILE currency.
The voice OF prophetic warning had, in vain,
been raised TO arrest these mischievous opinions
these fatal projects. Even OF those who, at
hrst' had hearkened to these warnings many yiel-
ded up their convictions, to the decisions of the
"better currency" era, and were swept into the
common vortex. But the great mass and body of
the people, Judging. as they ever do and must
from appearances only, fatally mistook the false
glitter OF those days for The sunshine OF prospect.
y--enJoyed brief ay-dream ofhappiness, and a.
woke to ruin.
IN Tie space Of sepen years TIE Banking cap;tal
q the Union was increased Jy more than i45 m,k-
Mons u dollars, and the circulation rose from, 81 TO
i49 millions an addition tn the circulating nedi-
UNI. IN that brief space, Of 80 millions Of doliavs--
'oh,e Bank loans iron, 200 millions IN $780, reach
Gu o., m'"'ons IN 1897 an increase Of loans inAe
same time IF 3s5 millions Of doilarsi"
The memorable words-"I leave you, az ma
lion, prosperous and happy" drowned, even as
they were uttered, in the crash Of falling houses
IN the two great emporiums Of our trade in the
south and in the north, ushered in the last sad
epoch. They have found continuing response, al
most from that moment TO the present, in vast
ard still widening wall Of despair and distress
as city after city, town after town, and hamlet af
ter hamlet, and finally, the country as well as the
towns, have been reached in succession by the
pervading and all dessolating tempest. The
States of the Union all, " ithout exception strait
verge OF bankruptcy-some sunk in the abyss Of
repudiatlon--and TO crown all, the Federal Gov
eminent itself, the main contriver of all these
woes, exposed to the anspeakable shame Of be-
ing driven, as not trustworthy, from the money
markets of the world and often only able to ore,
along by forcing its bills of credit on unwilling
cTeditors-competes the deplorable picture Of
the consequences of ignorant and wicked misrule
From the Government In the hands of MIR. Van
Buren,, pledged Gin his own words) to "follow ir
the footsteps OF his illustrous predecessor
pledge which, whether we regard the moral, poli
tical or economical errors of that administration
1t must be admitted he but too faithfully fulfilled
no relief Of course>was to be expected In
deed, after persistng in the measures that brou OH
about the public calamities-after aygravatin,
those calamities by the clumsy and awkward
manner in which the measures were carried ont
and adding for himself other and serious cause
OF complaint, he hazarded the bold fallacy rattle
than retrace his steps admit his errors tina
Government, however poten: TO destroy, was i'm
potent 10 relieve-and co!dly babe suffering pee
pie, crying out for relief, to look for it TO Their.
selves. They did so-deposed from power me-
who had shewn themselves incompetent to IN
, task of Government, or iailhess to its high res
possibilities, and called to the helm one who's
warmer sympathies with the public distress. AM
I, jusier views Of the powers and uses of Govern
2 ment, revived atresh, as they justified, the ma
TONS hopes. Under the auspices of the lamer
L
the Government would be once more put upon i,
old tack-its pristine integrity INDICATED anew
the policy under which the country had so lon
and greatly fourished be restored, and with
those good old times that had been SO recklessl
sacrificed to new aud fatal experiments VIII
have these cherished hopes been disappointed q
? Why have these promised blessings not been re
allied! The answer is easy and obvious Tb
restoration to its ancient policy, which the natio
had decyeed, and from which alone a return G
prosperity was expected, has never taken place
Why, is familiar to all. Death cut off the ar
pointed instrument Of this Reform, when he ha
but iustlived long enough 10 confirm the nation'
confidence, and give assurance Of the faithful fn
hnent OF the nations hopes. How bitter III
disappointment of those hopes.--how fatal to hi
coun,ry--how suicidal to himself-.he betrays
of a like confidence by him, whose conscience
sleeping while its revelations might have hinder
ed prefermeni, woke (place and emolument ono
secure) only to conf,und his friends in the mid,
, OF victory, and give succor TO his enemies in tn
= !, moment of defeat--we forbear to discuss.
, ssssEsE9 175SSIE55 g29.