Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1844-09-05
Volume " %"::"N Number II

~ bifl' ftlhfA h'fN~ tl lfN Ht f'I'iN " ''
great portion -Four industrious people - brought 10 sale
nj one fourth of lis value. and struck iii to spectators.
leaving honest creditors unpaid, aud families reduced 10
bcggary.
Sundry inhabitants OF Huntington county repre-
sent
"That tho mass Of the people are utterly unable, at
once, To pay Their debts aud their property II selling at
such rates. that even the fees Of lHw officer are not real
lzcd that the industrious are Impoverished, whilst the
specializing part of The community are daily growing more
wealthy that the evIl i only beginning, and demands
legislative lntcrPosiuon.
A memorial from sundry citizens Of the western
parts Of the Stl.e, a, crts-
THAT embarrassment Is universal that the sordid and
avariciou> are acquiring the sacrificed property OF the lib
cral and industrious that - much property Is exposed To
sale under execution, that huNc r> cannot I've had To- paw
more for 1t than the fees 81 officers. that those miSclnei>.
instead Of diminishing. are daily increasing. and that ov-
criradIng and the facility Of getting credit have produced
these effects
The petition Of the inhabitants Of Fayette county
represent
That he fictitious capiiaI and houndlcss edit extend
ed by banking, the almost universal spirt Of speculation.
the prostraiion of the manufacturers hy The mistaken pol
icy of n national government. the introduction of luXr-
res and cxiravagances. aud a reduction OF exports. have
produced a long tram of ealainIiIeS; that industry = par
aiyZed-that the precious metals have Nanishcd-ihai the
banks are loitcring-;hat litigation Is unprecedented in
estcut. aud ruInous IN rs chectS-thai many mercilcss
creditors, not content with plunslng unfortunate debtors
into the most ahjrct poverty. frequently take from them
the whole of that property to themselves, which IN BET
ter times would pay the sums due 10 all, leaving the un-
fortunate debtor ia laIl. aud has family ~ misery
"ThcSc are bt a few extracts, which might be pre-
scnied 10 The House aud placed upon The journal but
these are deemed sufficient, accompanied hy the remark,
that these representations are not only supported by all
other petitions presented At this session. bat by tie ieSi-
monv Of the members Of the legislature, coming them
selves from all quarters oithe State
The committee ihcn give a short sketch of the COM
mercial history Of the country, afer which they ,-y-
an defiance Of all experience, aud m contempt of
mn almost prpnl,ftg t,ltgI ,,.ro cr,.p ., tIat, -
the time, the people Of PENNSYLVANIA. during nn cxpen-
sivc war. and in the midst OF great emLarra>,mcnis Is
tabIished %tortyORc new banks. with a capital of seventeen
and n half millions of dollars. and authority To issue bank
notes To double that amount In Consequence of this
most destructive measure, tie inclnalions Of a large part
of the people. created by past prosperity. 10 1--we 10y spec
ulation and not Nv labor. was greatly increased Il sprIt
IN ali respects akin to gambling prevailed a fictitious
value was given to all descriptions Of prop rty specie
was driven from circulation. as If by common consent,
and nil efforts 10 restore society 10 - natural condition
were treated with undi~cuiScd contempt"
These remarks are fJii0Wcd by 4 ,ho,t view 81 op-
craton~ Subsequent 20 TIC war. after Which tie com
mittcc declare
"a new measure, however. remained 10 be adopted.
that was really 10 close the last scene in the drama "fer-
rr the currency had already nearly vanished but was
temporarily restored on The sra board. Ihe ruurmii. T..
fictitious crcl.i ttzah 10 be felt; the abusive extent ot pa
per ISSUES was abuni 10 fleet rs own remedy IA The State
when Congress created "A oorpoTGf'on. The Bank # The
United Siaicsl with authority Ia circulate upwards OF op'
h"Hdr'd millions # a new paper mednm-a c"rr"ro'lor
sra",l'"s ~ 49,, i.a" r,hcS oyer me '"''" =" 'e '""''"
:" - ~ :, ,ho o.rl noo.s. =, ,,on. h.,s
irouS. from the dream of perp"luai prosperity under wlucl
They had been - long cnlrarccd. the ptolie row fin,
+ themselves IN. o ed IA ii dresses. against wlrh no pa"
VISION had b, n made, and from which, The. aIlcee. the.
can find no refuge but IN legislative interference.
Tn, commticc, II viii bc sccn. also aiir butte L
!, IL L. 5. Bank. ~h,ch. 1t Wil he borne in mnl. wa
chartered under that cliu~e Of tie Constitution wlicl
/, gives Congress authority to lrovidc for tic "gen'ra
, ul'ore." and fr tie purpose If '.r,eVo'jp4 Re ca.
uncv." much f. the Dalarra~,mont, r,ricr which th
pco;lc e PENNSYLVANIA at y At tmc w,rc afflicted.
3, This embarrassment wa NJ, confined 10 Fem y
t wanna alone. The same explosion and tie runou
contraction of tie United States rank reduced IT
p cllcc' in other part, of tic rnta; ard tie Frees o
4 = price 80 lw as almY>, To exceed bel e. Mic Re
f gis'er. of September -, ISL. say, that orc oft,