Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1844-09-05

From he Ohio Statesman.
HE Bank Of tIic euiicd StatcS---Jha
rain ana diS;Tc> Of I~2O traced di-
Tcctly 60 its cement.
The late L. States Bank was chartered in lSlG.
for the purpose Of aiding the business Of the country,
regulating thc currency, and otherwise conducting to
the ''9c"raj rcgarc.' 1t went into operation on the
1t day e January. lSI7.
On tie oh day of December. 1919, nearly three
years after tie Bank # The United States went into
opcrat On, a committee Of tie Senate Of PennSylya-
MA was appointed 20 inquire INTO the causes and eX-
tent Of the public distress, which then Frustrated the
energies Of the people # Penn ylvania. and caused
rum and bankruptcy 20 Icrvade every portion Of that
fair State. OF that committee. CoNDY Racquet. Esq.
who was aferward, llr. Adam>'s Charge d Affairs
to the Court of Brazil. was thurman. and made a re-
port On tie 19th Of January. ls2o, being three years
and & enty-ninc days after tic Bank had taken upon
Itself tie management Of the financial concerns of
tie country.
In s,caking of tic extent # the distress. the com
mitoe, through Mr.. Racquet, their chairman, spoke,
1t OF the ruinouS sacrifices Of landed properly
Al Shcriif's salcS. whereby, in many cases. land, and
houses have been sold ut less than Il half, a third. or a
fourth # tlcir Former va!ne, thereby depriving num-
Der, Of industrious farmer, Of the fruits of years If
toll. and driving vast numbers Of them from tie
State.
ID Forced %Salcsc f merchant 10, household goods.
farming stock. &c, at prices far below tie cost Of
production, by which many families have been de-
privcd Of even the common RcccysaricS Of he. &c.
I'd 1hc numerous bankruptcies and p"cuniary en-
barras,mcnts Of every description, as well among the
agricultural and manufacturing as among the mcrcan-
tie classes.
iii: Tho general scarcity Of money, which render
cd II lmpoS. IDLE 10 borrow, even when the best land
cd security was offered, and Il u.uriJu, interest ten
dcrod.
9th 4 general suspension If ali kinds e labor
by which Thousands Of the most useful citizens were
rendered destitute # the means Il support. and are
reduced to the extremity If poverty and despair.
9Th .An almost entire cessation Of the usual cir.
c%ulation If comm dities. and the consequent >tagna
tom Of all kinds of bu -iness.
1h The universal suspension Of all large manu-.
featuring operations, and the e n~cqucnt dismissal O
the numerous rr ductye laborcrs engaged therein
who could find no otter employment.
eth: The u~uri0us c~XtortlonS Of banks, &C.. in de-
fence # law. WHO possessed them elves of the pro
ducts OF industry. without giving an equivalent.
S2i The overflow ~ of iri>ons with in>olyon
debtors.
10th Tho numerous hw >uts u2on tic Gochc;s @
court and justices Of the peace.
llth Tic lp,>c> from tie depreciation and iiuctu
atan in tic value Of bank note: and,
18th The general inability N the community Il
meet the payment e debt, contracted. even foI FAM
Is cxpcn -, experienced a we'll by those who ar
Vc1iLy in properly. as by those WHO lave hitler.
i'A III nv ''' ~ 49, 4 ''' "
rent engagements.
Tie committee then proceeded 20 show The cause
f tits embarrassment, which tlcy say was brt ugl
about. I>t, by the excessive number e banks. and d
by Their mi,cr.0i tGf characterization and under tn
latter lead tl,Y ARA IN tic conduct # the boGsi'
r%caUqtor Of he currency. Tie Bank of tic Unto
States had >wcllcd it, discounts beyond the limits ,
safety. and was cYcn then completely within the pow
cr Of it, creditors. II was forced 10 cut down lis d,
counts. which forced other hanks 20 curiall, and tai,
was the pres urc e tiat year directly attr butod TON
fills and mi>uanagcmcnt # the Bank Cf tie tr;c
=. les.
A>mlar conamitcc in lie House e ReI rcsen,,
tye> in the Pennsylvania Legislature wa> aploiuio'
which. on the 18th ofJauuary. la. reported thr NJ
il, chairman. tie celebrated William J. luane, whes
honesty and ,agacity wa extensively uili in l.:
by the whig mc>>. From that report We select Il
f1ll0% NJ
~ 20 tho extent &C tie distress. 1t might be- answcrc
) in the language IT the resolutions under whieli 10,
committee at. that It l. general It extends, Ind',d,
the pursuits and hahi'arlous of The former capitalist,
we'll aS 10 those 81 the more humble iarm.r and mechai
ic there l. ro part 81 Tie commonwealth INTO Which &
lamiiy has not penetrated. or ~ wluch numerous Niciu
have not been found. Iut with regard To HE extent
: lie loss WaIch the State has suffered from The do>lruotf
Il capital. the emigration 4 our citizens 10 The wild,
n.,-, The siaenntiou # business. he dei' uorarion Of Ian
: ed property, and the prosiraiion Of manufactures, ~
: above all. ~ the chnugc If The moral character of MAI
90 our c,flyrus by Tie presence OF di>ire,<. Your comtni
. A. hN NiAFl Nv Wv A' , tf h'N ~ ~ 'E' fE e -"
l'l'ese, defics scrutiny aud suppose the p"Ner OF Gale
laueu.
: from the numerous petitions winch have been pr
q scented at the present ses>ior. your oommiti'e quote u
fi'oNi my extracts. which dcsorihes scenes uf distress ~
e ~ have been seldom, If ever, before beheld on this =
Of the Atlantic.
: SundIy citizens of Northumberland County d
] clare
r 'The currency Is so diminished rs scarcely to sufi
3. lr the Transaction ufihc most ordiuar, business the o.
n ducc ct the country has met win an unprecedented
n ducilou The greater part ct tie citzeus ,fihis once H.
: r,hins COMMONWEALTH. even wuh the uimcst ecouor
aud industry. are scarcely able Ia obtain sufficient afuc
to sustain lie real and personal property are daily =
! riccd, aud before the prey OF speculitor debts are Il
d PAID. creditors are dissatisfied. aud the prisons are crow
: I'd viii, honest but unfortunate persons, Whose wives u
= children must be- a burden on The township, or suffer
: the want Of tie mere neccs>aIics Of lie
y Sundry ctzens Ct Wayre County rcpresent-
From the fall Of every Kind Of produce. tie scare
@ of the circulating medium. and oih"r cause, The gene
n distress Ia our pari nf tie STATE hat. become - great .
- alarming. as To- call for the attention and wisdom at
Legislature. Our most industrious ciilzens are n lof
able 10 meet their engagements. but Their hard-eafr
/ property j. dali, sacrificed n n nominal value, and ilHi
D into the hnuds OF few >peculaiors-
'e Suudry inhabitants # Pike comfy assert-
AT no tine since the Revolution. has greater di-ir
!" been flt than at the present moment We consider
u baulin. system TO have he, n the principal cause; Inst
g 81 becoming, - wa- predicted, blessings To TIE Peep
Is banks have become LIKE the scorpions among the child