Preble County Democrat. [volume] (Eaton, Ohio) 1857-1859, 1857-11-05
Effects of the Policy of the Dem
cratic Party ON the Finances
of the Country.

onismto the Democratic party by an
erroneous but honest conviction that its
policy was inimical to their interests,
and calculated to "ruin" the country.
Ia the progress of events this impress
sion has been fully removed from the
minds of many by the advantageous eff
fects which have resulted from the prac-
teal operations of Democratic measures.
The unusually earnest scrutiny of 6nan-
cial affairs, induced by the present cri-
sis, will, we think, greatly servo to
strengthen tho conviction that in many
things the policy ono bitterly deuoun-
oed as pregnant with evil, is in truth
eminently wise and bene6cial-that
Democratic laws which were ~inconside-
Fately condemned as missiles of devas-
tation are in reality sheet anchors of
protection. - -qs..r =.
The muchsreviled Independent Urea
Eury system has exercised a conserra-
tive influence, universally felt and &C
knowledged.;n- Had the money of the
Government been deposited in the banks
and made the basis of additional expan-
sions, as under the old system, the cor
responding reaction would have been
infinitely more serious in its effects than
the existing contraction can possibly be.
Under the alluring enticements of a
smooth sea, we would have launched
much further out into the ocean of OK
travagant expenditure and speculation,
and when the storm came on, beer ex-
posed to infinitely greater dangers, and
been much less likely to speedily return
to a safe harbor than we are at present.
The acquisition of California was bit
terly opposed, and was a purely Demo-
cratic measure. But for the persistent
and earnestly resisted efforts of the De-
mocratic party, We should have been
altogether deprived of that wonderfully
rich source of supply of the precious
metals. 1t is true that much of the
gold mined there is exported, but a large
per centage of it has permanently re-
mainod with US and greatly increased
our metallic currency. If small notes
wcre driven from circulation, as they
should be, a much larger portion of it
would be retained and pass into general
circulation, Unfortunately, Congress
does not possess the power to inaugu-
rate this important reform. 1t can only
be done under the Constitution by the
State Legislatures, and as many of these
are in the hands of our opponents, there
is little room TO hope that they will per-
NIT their characteristic devotion to spec
ulative interests to be outweighed by
an honest regard for the welfare of the
great body of the people, and the best
interests of the country.
In 1910, Mr.. Buchanan introduced
in the United States Senate a resolution
directing an inquiry into the e%xpedien-
cy of so amending the Constitution as
to authorize Congress to pass a general
law prohibiting throughout the whole
Union the circulation of small notes,
but, unfortunately, the proposition was
attended with too many difficulties to be
her practicable. Were such a measure
adopted, tho currency of the country
would soon be put upon a firm and SUBJ
s~tantial basis, far beyond the reach Of
any panic. and a permanent and unfail-
ing remedy would be afforded for those
ffightful financial Commissions to which
we have been frequently subjected.
The caution which the Democratic
party has displayed in its efforts to pre-
vent an excessive increase of banking
capital, and the guards it has thrown
around those Institutions for the protec.
ton of noteholders, and the public gen.
orally, in nearly all the States where i
has been in power, are now gratefully
referred to by those who, but for its pol
icy, would End many of the bank tote:
IN their possessi0uwhich are now for
tunateiy good, ~irredcemablc, aud almos
worthless
The foreign emigration to Americ;
has brought with it a tide of wealth 0
immense value. It brings us annual.
an Importation of a large number o
able-bodicd, Industrious inha bitants, il
the prime of life, the great majority o
whom are always eager to obtain usefu
employment. Ifitbe true that labor j
the real source of wealth, who can cal
c1atc the benefits which will flow from
the reinforcement of the ranks of tot
by the addition of so7maEy strong arm
and willing hands? But, Independent
of the Physica-wealth thus acquired
the records of Castle Garden show tina
very largeTamount of specie is ais
brought into the country by emigrants
We're VIC at this moment destitute 0
the specie obtained from this source du
ring the last ten years our conditioI
would indeed be deplorable. Yet, not
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