Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1857-10-17
Monetary Matters.

From present indications monetary matters seem
10 he rapidly growing from bad to worse. Suspen.
sioDs and failures crowd thickly upon each other
and II would seem that general crash is now inev-
table AT A time like this the country will think of
Andrew Jackson and revere his memory, and only
re,ret that his policy has not been more strictly
carried out in regard to banks We may talk of
sound banks, solvent banks, stocks, and all that
Init ator all, gold and silver constitute the only
rencv II at is at all times safe So long banks is
che two or three dollars for one promising to pay
their notes on demand, they promise more than they
can perform; and the consequence is, when their
notes begin to flow back upon them for redemption
they are compelled TO suspend specie payments, be-
cause they have not the specie Wherein it'll to redeem
their obligations.
Gen. Jackson's administration was marked by a
successful contest with the monster bank. None
Init man of his iron will and answering deermi
nation would ever have been able to crush that pow
edul institution. He saw that the good of the peo
pie required its overthrow, and he set about the
work. lie was denounced, threatened and impor.
tuned; and every species of opposition that cunning
could devise, talent command or money buy was
brought to bear against him; but he had put his
hand to the work. and he was not the man 10 look
hack. He triumphed, and in that triumph the peo-
pie have had twenty years Of prosperity. They
have prospered until they have partially forgotten
his advice and departed from his policy and now,
as consequence, revulsion is upon us.
Alta recent Democratic meeting in Philadelphia,
Hon. John Cadwaladcr said:
"Nearly quarter OF century ago, at time Of
agitation greater than the present, Andrew jackson,
while President was mpOrtuned from every quarter
with applications urging him to recede from that
policy which has immortazed his name, and i'm.
mortalized the memories of the Democratic patriots
Of that period, who fought under his banner the
great contest for lawful currency His answer to
an officer of bank who, as a rcmonStrant against
the Democratic policy, had visited Washington was
ANY friend, go home; tell your neighbors to spend
less, talk less, work more, and all will be right"
The first part of the advice "spend less" con-
tanned the true secret of the remedy for such evils as
the present. The remedy consists, first and last, in
economy; and economy will surely be practiced as
soon as mprovident banking accommodations are
withheld and banking, in other respects, on inse.
cure foundations is checked. Until then there will
benO economy"
"Improvident banking accommodations have
leu 10 VIVA specu'atohs a"u eA"N"S""t living, anu
these have led to bankruptcy Banks have been
tempted to over ISSUE and at the first signal of alarm
have suspended. Bank notes and fancy stocks, that
were counted as great wealth, are brought to their
true value, which is simply nothing further than as
they are based on gold and silver; and this basis is
something like tale of fiction founded on Ect-a
grain Of truth and bushel Of romance.
But the storm will blow over after while, and
We will lay the lesson to heart and profit by it for
few years. But as long as our present system of
banking continues, we may expect crash every
ten or fifteen years.