Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1851-12-15
From the Ohio Statesman.
The Crisis.
BANKS. BANKING. BANKRUPTCY AND
TARIFFS s.

beg indulgence while call attention 10
the ::.suly alarming financial crisis to which
OUT 6. uni.- .-yls just now approaching.
Financia! quaeks and political charIa,aas
may divert themselves, and delude their
dupes, by dosing them wjth "tart ifs" vast
importatlcns," "short crops" aSd long
crops," but a few plain. ungarnished facts,
with expel their wind and cure their ita:u.
lence
The bank note circulation of ALL the
banks in the United States, were in lS43,
fJty-eight millions, ($58.0OU, ,O00.) By
reference to returns made in 1881, (Janua-
ry,,, s25 banks aud branches, on eleven
millions less ca pita than in l843, had ex-
tended their issues TO ane hundred fifty
three millions! iSl53 ,00o,00O) Being
an increase since lS43, Of ninety fire mill
ionsY 1896 900 ,00U,) and more than fifty
millions $50 ,0UO, ,0DU.) Of this within the
last two Iears!!!
The immediate effect of this immense in-
fation has been TO provoke all kind oi
oyer-trading. Of laising the price nominally
ot all kinds Of fancy stocks. and marking
up manufactured fabrics and unnecessary
gew-gaws far beyoud what they will com
maud in any other country, where more
wholesome monetary sy stem prevails.
Hence the immense importaiions from
countries where species Vi more contracted
currency exists.
All the tariffs of The world could not pre-
vent extravagaEt importation under such
a state uf expansion.
And here let us remark, that with all
this unapar alleled expansion of paper mon
ey, aud contrary to the predictions Of the
advocates OF a paper currency, the farmer s
products are lower than when we had but
fny-eight millions Of paper in circulation
By reference to the Ohio Statesman Of
1919 Tan abundant wheat year, we find
that wheat (tbe standard Of the Ag'icultur.
lists prosperity J sold for sevent, five cents.
while now it brings but fifty cents bushel!
And ii there shonld be bank esta blished in
every school district in the United Staies it
wouli be. no higher.
Aud vet we see that most o. the Yves.
tern States are about to follow ia the wake
OF Ohio, and some Of the other States in
dding their millions Of what will, in few
yeas. be irredeemabie paprr,-of worth
less trash aud uause"us spawn, to the fes-
tering. pulre wing circulation, which will
soon poison evsry artery, and every vein
Of our financial system to which it may PEN
etraie.
Upon the credit Of this trash, all kinds
Of schemes will be got up, aud every imag-
Unable trap will be set to catch the unwary.
The druukard may. sustain himself by
artificial stimuli; and by increasing his po-
ton from dav to day keep his sy stem in what
be considers healthy state Of excitement
but sooner OF later, his constitution gives
way; he adds TO the fatal draught. bot dis
ease arrests his career, aud he dies Of drunk
en- deliruml .,.ls.. =
The figure. though homely, aptly repre-
sents our financial affairs just now: aud we
may soon look for *snakes in our boots :"
All the gold of California cannot prevent
an explosion - for already have the banks
extended their issues upon the credit Of
more than will de realized from the mines
during the next seven Years.
A day ef settlement is at hand--the bub-
Bile must soon burst; aud woe 10 him who
heedIessly disresards the admonitions of the
pas. EXPERIENCE.