Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1857-12-25

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wants. war broke oaF bstIWeeh7 Rassia
England and France. iinyolyin9 ali IN.
european ana ,AsiaticS powers; and, The
revolution In India has followed immedi
ately after the peace Of the Crimea." a
struggle has been going on for Years be.
tween the banks Of England aud 81
/ Francs each grasping at HE specie and
striving to hold ID the barometer Of ex.
change" for the world, whilst. the sRooy..
ernments Of Russia. Austria, Prussia, and
all the other powers Of Europe are col.
lecting their resources and summoninp
their means TO prepare for any conflicts,
civil or warlike, which may arise. Eng
land and France have the power to pur-
chase up the gold as fast as It i, produc-
ed. and they have bidden the most of it
away from US. It was more wanting in
Europe than it was wanting here; it has
gone there. out, Of the reach Of our wants
now. and to get it back a premimfu must
be paid by us far greater than that which
was paid TO take it away. We ought not.
then. to have expected So large an
amount Of specie to remain Ia our coun-
Try. and to become an enlarged basis for
increase Of banking capital and circula.
ton. -'a. -' -. : .t7'F i..t --,'d1
Yet. the popular belief. the general de-
fusion was that We were to have a super
abundance OF gold; that it was to be got
for digging without limit. and that it was
to De drug if not go begging in the mar
ket. 1t was to become merchandise, and
not remain and be any longer money.
The consequence of this delusion
should baye been. apparently, to lessen
the amount and issue of paper currency
But, on the contrary, The demand for a
circulation was greater than ever; and the
gold not being here to supply the curren-
cy. 78 millions only being left in the pub
lie repositories Of the country. there was
multiplication of banks. vast increase
OF banking capital and an inflated paper
circulation of ga millions. The number
of banks increased from 67l, in l343, the
last specie suspension. to I.4l6, by the
lst of January, 1857. The amount Of
banking capital now. independent OF pri-
vate banking, is $3.50. 834 ,686, and the
total bank assets. including capital, was
Sl.394 Ol3 452: exclusive of capital, was
1888. l78 766; the amount Of total bank
ing liabilities was $522 GEL 357-leavinp
a total surplus OF $3.50. 557 ,4O9. exclusive
Of capital; and the aggregate of imnedi-
ate liabilities. !. e. of circulation, deposites
and dues to other banks. was $500. .8o4,-
5O7; and the aggregate of immediate
means. !, e. Of specie, specie funds. notes
Of other banks apd sums due from other
banks. was but SLIT. 404, 692-leavinp a
1ehclency OF immediate means. on the 1st
81 january. 1857. of $325. 399.915. Such
was the degree Of initiation and deficiency
Ot Immediate means the lst Januray last.
Another reason for this excessive inf1a-
lion OF our currency is the speculation in
The North western territory Of the United
States. brought on by corruptiug grants
to internal Improvements by the general
government. For years past the federal
government has been giving alternate
sections of the public lands to the new
States to construct railroads. These
grants were turned over to the new State
Of banks and railroad com.
pAn'es; and these corporations have null
'lPIIed aud issued and speculated to an
extent paralleled only by the Yazoo
schemes Of old.
For years the Congress Of the United
States, without restraint, without debate
'r question even in either house compar-
'tively. has been going on in career Of
'x'raVag"nt appro'pria'i2qss"6 been partial ,
sS Che Northwest. Why II ,
!. 7" noS pertinent here to enquire. but such
9 the fact. Whilst a watchful jealousy
las guarded other branches Of what used
o be denounced as the corrupting Amer.
can system OF federalism. this branch OF {
I has been allowed quietly 10 grow into
\ policy which all have directly or indi-
,ectly. sileutly or expressly. countenanc.
I'D aud encouraged. States Northwest Of
he Ohio have had net work Of public
completed for them. In
have made millionaire fortunes.
have banked upon stocks.
and issued paper MONEY. The land
Offices have been overrun by speculators.
Though circulation there has been ex-
cessively multiplied. yet the demand for
money has been SO increased as to com.
mAnd there from Is 10 S6 per cent per
annum. Our stocks, and our money,
have gone there TO reap the reward of the
times; and are now caught in the ead-faIl
Of this crisis. The specula'ious in the
Northwest and the gold diggiugs on the
Pacific coast have inflated our currency,
blown up bubble which is now bnrst-
ing, and now threatening to put our State
bonds into the market at disparaging
rate of discount.