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

chandise, afforded great facilities for over
trading, or rather overbuying.
And in the third place, the conducfof
the bank of the United tesgreally tended
to produce these. excessive importations.-
That institution became the broker for the
sale of all State bonds'in Europe. 1t en-
deavored to monopolize the entire cotton
trade of the country and it drew bills OF
exchange on England, most freely, at mod
crate rates, against the proceeds of the
bonds and of its cotton. Every temptation
was thus presented to speculations in for
eign merchandise.
These three causes combining, have oc-
casioned second suspension of specie
payments within Two years after the first,
and produced this bloated credit system,
from the wreck of which cur country is
now deeply suffering.
most heartily concur with the Senator
from Kentucky i'll one of his positions. We
certainly produce 100 little and import too
much. Our expanded credit system is the
great cause of this calamity. Con6ne ii
within safe and reasonable bounds, and this
disastrous effect willno longer be produced.
1t is not in the power of Congress to do
much toward consumation so desirable.-
Still we shall do all we can and the pres
ent bill will exercise some influence in re-
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 the
country In the large commercial cities, 1t
has converted almost all men of business
into gamblers. Where is there now 10 be
foundthe old-fashioned importing merchant,
whose word was as good as his bond, and
who was conten, TO grow rich, as our faith
ers did, by the successive and regular prof.
its of many yearsof patient industry9 Such
men were the glory and 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 10 grow rich rapidly. Each
takes his chance in the lottery of specula.
lion. Although there may be a hundred
chances 10 one against him, each, eagerly
intent upon the golden prize, overlooks the
intervening rocks and quicksands between
him and it, and when he fondly thinks he
is about to clutch it, he sinks into bankrupt
CIV and ruin Such has been the fate OF
thousands of our most enterprising citi-
zens.
If line speculator should prove successful
and win the golden prize, no matter by what
means he may have acquired his wealth,
this clothes him with honor and glory
Money, money, money, cohfers the highest
distinction in society. The republican sim.
plicily and virtue of Macon would be sub.
iects of ridicule on Wall street or Chestnut
street.. The highest talent, directed by the
purest patriotism, moral worth, literary and
professional fame-in shon, every quality
! that ought 10 confer distinction in society,"
sink into insignificance when compared with
wealth. Money is equivalent 10 title Of no.
billy in our larger commercial cities. This
is the effect OF the credi, system.
We have widely departed from the eco
nomical habits aud simple virtues OF our
forefa,hers. These are the only sure foun-
daiions upon which our republican insttu-
uons can rest. The desire 10 make an os-
lenta,ious display of our rapidly acquired
wealth has produced splendor and bound
less expense unknowa in former times
There is new more extravaganza in our large
commercial cities than exists in ans portion
of the world, which l have ever seen, ex.
cepi 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
their potential voice can be heard, are deler.
mined 10 put an end 10 this boaied credit
system, which threatens TO involve not only
their private fortunes, but their political lib
erlies in ruin.
On Friday last, when very unexpectedly
addressed the Senate, stated principle oil
political economy which | shall now read
from The book. II is this. "That If you
double The amount of the necessary circulat-
ing medium in any couulry, you therefore
double The nominal price of every article
! II, wnen the circulating medium is fifty mil.
lions, ar article should cost ore dollar, il
would cost Two if, without any increase oil
The use of circulating medium, The quaint.
ty should be increased to one hundred mil.
lions" The same effect would be produced
whether the circulating medium were specie
or convertible bank paper mingled with spe.
Gle. II is The increased euaniily Of tho me-
dunn not its character, which produces this
effect. or course leave out Of view ire.
deemable bank paper.
Leluis now recur 10 the proposition with
which commenced; and repeat that do
not pretend TO mathematical accuracy in the
illustration which shall present. The U. s
carry on trade with Germany and France
the former hard money country, and the
latter approaching ii 70 nearly as 10 have nc
bank notes in circulation under the denomi.
nation OF five hundred france, or nearly one
hundred doIlas. On the contrary, the U. s
is emphaticaliy apapcr-money country, hav
ing eight hundred banks Of issue, all o
them emitting notes Of denomination ii