The Burlington weekly hawk-eye. [volume] (Burlington, Iowa) 1857-1858, 1857-12-16

- - :, - ..1.17T. 49, - 8 "a -
FROM tnas 49, = s1 Id 500 b.. y Asoane
caE 9neecsasn - - forty
yeaA ~ - = esssly q extfNsAgnnt
eIEAesaons IN ene eslansO q ths countsy,
soaso1ea ~ tasaeas coossAceaoAA ~ buc-
ceea.ve insetvaD ne psss - most eater
saes6 men 49, oeee Ae1peaA = their ruin
oyexdeeQvo. INK loans OF Meoe paper cred
't exciting shea to extrAvagantimpoftAtioaa
= iote'ee eooss. wlld speculations, and ru.
inoas aad ds9oraliaing .saoek gambling. -
When The cxisis aEttvoA - arrive it must, the
banks can extend - relief b the people
- VAIN sRuggie 70 redeem their liabilities
10 specie they arc compelled b contract their
loans and their issues; aa1 6 last in the
hoar q dissseas, when their aeistance il
most needed they and their deheoes together
sink into insolvency 81 als WI ea
Il j. this paper system Of oxtEaS1Gnnt ex-
| pansion, faising the nominAl peioo q every
article far beyoad 10 roal valae, when com
pared with No coat Of similar articles in
countries Whose oireulatiaA - wisely regu-
lated, which ~ peoseabed 40 from compe.
ting in our own markets with foreign man.
ufactures, he's produced extrasagane impor-
tntioos, and he's ccantsracted the effect of
the large incidental protection a@ofdsdv 10
our domestic manufactures BY the present
Fevenns tariff But for this the branches of
orr manufactures eomposed of raw materials
the production of our own countrya-such as
cotton, iron, and wooden fAhrics-would not
only have acquired almost exclusive posses-
sion Of the home market bat would have
created for the,nselyes 4 fore;rn !. markat
throughout the world. 81. 81 a. s.
Deplorable. however. m NAV be f,nr nra-
cent financial condition. - nav vet ;ndplcc
IN bright hopes for ths future. ~ otSer
nat;on ~ arer ex;sted vh;ch could h.vs an.
} + - snch s;olent exnan.;ons and c cont a.
Aticns Of parer credit vithout laatinu ;n;nrv.
vet the huovancv Of vouth the enerc;s. ~
our populotson and the spirit which nevsr
ouai!s before dificultics. will enable ma soon
q recover from oar preaent f;hancisl emhar-
rasaroent and NAV 4 a .o,,.s!.a;or, ma sveed;.
IL 70 forget The iesson Which thev have
6uSht.
Ia the mean time il il the duty Of the no
x.-rmert rs ali nrousr. IN, man. ,v;1h;. r..
pover. to IA in skevfsting Is saiefincx III
~. ,,e,,.i. cccs.;crs1 IL ehs ..sr,sys;e,. &c
the banks, and to provide against q recur-
INCA AZ tl,s ss,nn crlsu,stv 'TInSortrrsts,v
il either aspect of the case, It can do Sss
litte. Tha.ks 10 The Independent trsssury.
- OnVNN0uRNsak 6nNs e>nk pMA6 0aWrfnV1fA
az & va comf,eiIed To do ~ the k;fure ~
charre ;ts I;abiI;ties to the n-onle IN coId
and e;S,sr ~ d;shnr~emsntp = coin iii iii
PASS into circulation. and materially ass;st
hi9h credit. should we be compelled To make
temporary loan, il can be effected ON ad.
vantageous terms. This, however, shall, if
n. 4 At. ~
nount shall be limited to tho lowest practi.
cal sum.
have, therefore, detefmined thafWAiht
gress shall be suspended, new works, not al
rsadS commenced. will he postponed' If this
en-, he done vithont in;ury b. The country.
Those neca.aarv,f ar its iefSnsa shall nreceed
as though there had been no crisis in our
.monetarv afairs. E,.ess Y.e,s-sT- s-s9F9 |
But the federal government cannot do
much 10 proyide against = ,6eeurrence IF er.
listing evils. Even if issurmountshles
stitutional obieetiou6 fiid nor txist aea;n.t
the creation Of q Eafiona1< IlKnk this would
furnish NO adeouate rrSva0fiye neenr;tv The
history Of the last Baek of the United states
Sbundanflv nrovaa The truth of this aaaert;on
Such : hank could mot. If Il vouid. rnl,,slata
~ inenaa ard cradifa of fnsin6sen hn.dred
ataAs y,snks II mel. : mannar a "a rTnvant
M rrtfnons exnenei0ne and coots, - 51,na in
cur cs1rfsnev 1hfGh n<Ilietnd 80 eon,krv
throuchort Ia ayiS{snc a sof- ~. go fllnf
or sccifre us arainst fature M In
1928 An effort MAS made ~ cha Rank of
England To curtail the issues of the countrv4
banks under the most favorable circumstan
ces. The paper currency had been expan.
ded TO a ruinous extent. and the Bank nut
forth all its power to contract il IN order to,
reduce prices and restore the equilibrium Of
the foreign exchanges. It accordingly com.
menced a system Of curtailment of IL loans
and issues. in the vain hope that the Joint
stock and private banks Of tho Kingdom
woule be compelled to follow its example. IL
found, however, that as l. contracted they
expanded, and at the end of the process, to
employ the language Of very high official
authority, whatever reduction Of the paper
circulation was effected by the Bank of Eng
land Gin 1920 was more than made up by
the Issues Of the country banks" t-E y
But bank Of the United States would not
iii could, restrains the issues and loans of
the State banks, because its duty as rsgu-
lator Of the currency. must be often in di.
ises with 'ns interest," .,
- -.
restrain or control another, their interests
must, Ct least in some degree, be antagonis.
tic But the directors of q bank Of the Uni
ted States would feel the same interest and
the same inclination with the directors Of
the State banks 10 cxnaud the currency. to
.ccommodate their {avor;tas and friends
,s;,h Loan. and 10 declare large d;v;dcnd.
S.,ah H." 800, ~. a~ror;.roa ,v;th roro-J
Suo ~ A 10. yoo- w. s~eoAAs-s "-sAA AS5N
" .ne las. oanA.
A!ter au, We must mainly iey upon .no ]
patriotism ana WISDOM OF the osaees lot tine
prevention ana redress OF the evlL II tney
viii a6ord US real specie basis for our pa
pr Nircnlation, by increasing the denomina-
iion orbank notes, first to twenty and after
~ ~ ~ h.nfs an & al times keen ON
s.-S (. I-.4 c..s ln,i.. -,nr ,,old .n1 s!lvor
n ca - ~. 80 49, No.. - az. .;.",,i"t;o,
lol eseI 49, "a S = 49, ,s;I Tr ..or;Sa hra
anu uep 49, = s.Sy WI p.o o.i.;n ~
selfexecatlng onactmens. wnlcn notnns can
arrest tc4e the moment they suspend tney
shall 60 lhtD nQni eation, believe that such
provisions, with weekly publication by
each bank of 3 ssa&ou mt Of its.condition,
-, ii .,n -. q. q acrninst kfturo ana