The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1857-11-04

DEounW nOHle Ill tHe lotti Vi iotciSh ihSi-
chandise, aiIoroed great facilities for over.
trading, or rather overbuying.
And in the third place, the conduct.of
the bank of the United States greatly tended
to produce these excessive impor,ations,-
That institution became the broker for the
sale OF al State bonds in Europe. 1t en-
deavored 10 monopolize tho entire cotton
trade of the country and it drew bills of
exchange on England, most freely, at mod
crate rates, against the proceeds of tho
bonds and of its cotton. Every temptation
was thus presented to speeulations in for
eign merchandise.
casioned second suspension of specie
payments within Two years after the first,
and produced this bloated credit system,
from the wreck of which our country is
now deeply suffering,
most heartily concur with the Senator
from Kentucky in one of his positions. We
certainly produce too little and import too
much. Our expanded credit system is the
great cause of this calamity. Confne ii
within safe and reasonable bounds, and this
disastrous effect willno longer be produced
|, is not i'll the power of Congress TO do
much toward consumation SO desirabe,-
Still we shall do all we can and the pres
ent bill will exercise some influence III ro-
straining the banks from making extrava-
giant loans and emitting extravagant is
sues.
What effect has this bloated system of
credit produced upon the morals of tho
country In the largo commercial cities, it
into gamblers. Where is there now to bo
ioundthe old fashioned importing merchant,
whose word was as good as his bond, aud
who was content TO grow rich, rs our faith
rrs did, Ivy the successive aud regular prof.
its of many years of patient industry Such
men were the glory a'd pride of commerce,
and elevated the character of their country
both at home and abroad | ask, where are
they Is not the race almost extinct? All
now desire TO grow rich rapidly. Each
takes his chance in the lottery of specula-
tion. Although there may be hundred
chances to one against hun, each, eagerly
iutent upon the golden prizs, over'ooks the
intervening rocks and quicksands between
him and it, and when he fondly thinks hc
is about TO clutch it, he sinks into bankrupt
CIV and ruin Such has been the fate of
of our most enterprising citi-
Zens.
II Inc speculalor should prove successful
and win the golden prize, no matter by what
means he may have acquired his wealth,
this clothes him with honor aud glory
Money, money, money, confets the highest
distinction in society. The republican sim
piciry and virtue of Macon would be sub.
iscls of ridicule on Wall street or Chestnut
street. The highest talent, directed BY the
purcst patriotism, moral worth, literary and
professional iame-in short, every quality
that oneht to confer distinction in society
sink into insienicance when compared nth
wealth. Money is equivalent 10 a lille of no.
billy in our larger commercial cities. This
is The effect OF The credit system.
We have widely departed from the eco
nomical habits and simple virtues of our
torefathers. These are The only sure foun-
dations upon which our republican instilu-
lions can resi-. The desire to make an os-
Ienla,ious display of our rapidly acquired
wealth has produced a spendor and bound
less expense unknown in former times
There is now more extravaganza in our large
commercial cities than exists in any portion
Of the world, which | have ever seen, ex-
,ept among the wealthy nobility of England.
Thank Heaven this extravaganza has but
partially reached the mountains and valleys
Of the interior. The people there, so far as
heir potential voice can be heard, are deler.
mined 10 pu, an end TO this b!oated credit
system, which threatens 10 involve moi only
heir private fortunes, but their political lib
,ries in ruin.
On Friday last, when very Unexpectedly
the Senate, stated principle of
political economy which | shall now read
rom the book. 1t is this. "That if you
iouble The amount of lbe necessary circua-
ng medium in any county, you therefore
louble The nominal price of every article
{, when the circulating medium is fifty mil. |
ions, al article should cost ohe doIar, it !
would cost Two if, without any increase of
he use of circulating medium, The quaint.
v should he increased to one hundred NIL. !,
IONS" The same effect would be produced |
whether the circulating medium were specie !
" convertible bank paper mingled with spe.
lie. II is The increased quantity OF the me-
linn not its character, which produces this ,
fleet or course leave out OF view ire.
eematle bank paper.
LIE, me now recur 10 The proposition with
which commenced; and repeat that do
10, pretend to mathematical accuracy in the |
Illustration which shall present. The U. $.
AIRY on trade with Germany and France;
he former hard money country, and the
after approaching il 20 nearly as 10 have no
ank notes 10 circulation under the denomi-
alton OF five hundred fraHcs, or nearly one
undred dollars. On the contrary, the U. 5.