Weekly North Carolina standard. [volume] (Raleigh, N.C.) 1850-1858, 1857-10-21
Monetary Matters.

From present indications monetary matters seem
to be rapidly growing from bad to worse. Suspen-
sions and failures crowd thickly upon each other;
and it would that general crash is now inev-
table At time like this the country will think of
Andrew jackson and revere his memory, and only
regret 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;
but after ALL gold and silver constitute the only
rency that is at all times safe. So long banks is
sue two three dollars for one, promising to pay
their notes 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 wherewith to redeem
their obligations .
Gen. Jackson's administration marked by
successful contest with the monster bank None
but man of his iron will and answering determ-
nation would ever have been able to crush that pow
erful institution. He that the good Of the peo-
pic required its overthrow, and he set about the
work He 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 to look
back He trumphed, 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, revulson is upon US.
At a recent Democratic meeting in Philadelphia,
Hon. John Cadwallader said:
"Nearly quarter of a century ago, at time of
agitation greater than the present. Andrew jackson,
while President was importuned from every quarter
with applications urging him to recede from that
policy which has immortalized his name, and i'm
mortaized 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 a bank who, as rcnonstrant against
the Democratic policy, had visited ashington, was
"My friend, 90 home tell your neigbbors to spend
less, talk less, work more, and all will be right"
The first part of the advice "spend less" con-
tanned the 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 improvident banking accommodations are
cure foundations is checked. Until then there will
be no economy"
"Improvident banking accommodations have
led to wild speculations and exravagant living and
these have led to bankruptcy. Banks have been
tempted to 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 fact-a
grail. of truth and bushe of romance.
But the storm will blow after a while, and
we will lay the lesson to heart and profit by it for
few years. But as long as present system OF
banking continues, we may expect crash every
ten or fifteen years ..-