The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-10-24
From the Detroit Free Press.
The Money Pressure-Cause and En,ct.

Ii is great pity that - uAg friends JUS, before the
elections cannot produce general bankruptcy OF the
mercantile communltyit would so aid them IN fostlng
upon the country their tariff policy and their tariff men
That they cannot do this not because they do not work
hard TO effect it, but because business Will not always be
controlled and give way 10 newspaper Talk II is great
misfortune TO the commercial men OF the Uned States that
for thirty years past the federal press par excellence, has
been their guardians ad visers and directors in
first urged the means OF reaching that maximum OF
prosperity in business which could be attained by no
other agency The exchanges CT extended country
could be regulated and conducted only by It's facilities
There no law OF trade except such as was proclaim
ed by the bank. The financial Affairs oil the general gov
eminent depended upon that institution Tor Their success
full and prosperous conduct and the land sales and
the business OF the custom house and the post ohce,
away from the centre, could not be conducted without
the agency OF the bank Our readers surely have not
forgotten these pre,ensions OF whig friends. They
believed Them; and the whole federal press, without an
exception, became thoroughly instructive on the sub
ec read the great OF democrats out OF the pale
OF respectable society Tor resisting such absurd and ride
uous pretensonsor rely indeed. upon wel-settled
laws OF trade and commerce. not only for conducting
business ald exchange, but also TO cure commercial dis
where they found To exist General Jackson
then the great ohende and his heresles grown
into experimental truths, which nobody doubts or ques
TONS ard himself the most honoed OF all the iurlous
dead, subjects of revlngs and of unmeasured de-
Dunciatons, which have bad parallels in the history
OF the and measures OF the republic. The wing
press were then, now (perbaps not to the same ex
tent, the guardians and advisers OF commercial men
They had not then penetrated the rural DISTRICTS nor
had respect elther The magnitude oil
raj interests they elegantly term the farmers OF the
country, or the intelligence OF tina, great body OF voters
whose productions never have BEEN and can be-
identified with national banks national protective
tariffs. II the latter interest which came so gal
lan,y and nobly TO the aid OF General Jackson. We
need not recount the deeds OF the stern contest which
suited in the triumph OF the democracy under his lead II
was battle worthy OF the General and the soldicD-
worthy in the manner Of its execution and in it's results
The bank was put down, and the true principles OF po-
cal economy such now struggling against wing
policy the subject OF the tariff and such will again
triumph as sure as truth can prevail error, will
sumo their place IN the public administration,
We recollect apecdote of General Jackson, at in
tervew between himself and committee appointed by
bank men in OF the large cities The chairman OF
the committee. in the strong language OF the day, repre-
scented that, the cities and the towns, there but
sentiment and that was that the bank necessary
and, If 10 close the list OF unansweable why
the old patriot should give way the eloquent advocate Of
the bank concluded: Yes, sir, there is but WISH
and every great thorough fare pfocaims it, To this Gen
Jackson quietly answered. "Wel well, gentlemen, turn
on at the hrst that leads into The country and you
Will there md other sentiments and other w,shes"
The present money pressure is now being drawn into
service to sustain the protective system Just all the
pressures during The days of the bankperhaps created
by that institution for special paraded before
the country as reasons for its re-essb shment The
question was. " Il we have such hard times with the
bank, what would we have without Z" This question
preceded BY contraction Of bank DISCOUNTS three
MONTHS OF ten or fifteen millions Of dolars. brought
about by the removal of the deposes by the refusal OF
the President TO sanction recharter" The language Of
the day was, now the specie going IRON the country
under the democratic tariff and what would be the dis
tress if none in from California" IT none had
in from California, the stimulan to excessive i'm
ports had been wanting banks had discounted less deal
had imported less and there would have been just
distress at all. The correction OF the evil OF over.Im-
ports, which will in every country where there is
anything like freedom OF trade. is always found 10 the
condition of the foreign exchange. II IL one OF the
vicissiludes OF business inseparable from great enter
prlses, that there should At tines be oversupples az
there At other times under supplies. Where is i'm
ported than Is required Tor consumption, there must be
arrangement OF trade but arrangement OF trade in this
country with all it's energy, ts intellect and its money,
does moi mean destruction OF trade The who will
not trust 10 experience in such country as this ought 10
fail and experience has taught, plainly as ever lesson
was taught from Websles spelling book that the import
alton OF goods over The wants Of the people for mere spec
uatine purposes or business display sure 10 end in loss
and bankruptcy. The great amount Of importing Is don.
by sagacious men, who calculate the influence not only OF