American union. [volume] (Morgantown, Va. [W. Va.]) 1855-1859, 1857-12-18
MORGANT0WN MONONGALA co. VA FRIDAY DECEMBER * R7

"isciy regulated, which has prevented
us from competing in our own mark cts
with foreign manufacturers, has produc.
ed extravegant importations, and has
counteracted the effect of tn. large IN
cidental protection afforded to our do
mestic manufacturers by the present
revenue tariff. But for this the branches
OF our manufactures composed of raw
materials. the production Of our own
country-such as cotton, iron, and wool
len fabrics would not only have aca,,ir-
ed almost exclusive possession of the
home market, but would have created
for themselves foreign marke, through
ought the world.
DePio.able, however. as may be our
! present financial condition. we may vet
indulge in bright hopes for tho future.
No other nation has ever existed which
could have endured such violent expan-
sions and centractions of paper credits
without lasting injury yet the energies
OF our population, and the spirit which
rever qunils before difficulties, will en-
able US soon TO recover from our pres.
ent financial embarrassments, and may
even occasion US speedily To forget the
lesson which they have taught.
In the meantime it is the duty of the
government, by all proper means with
IN Its power, To aid in alleviating the
sufierings of the people occasioned by
The suspension Of the banks, and TO pro-
vide against recurrence of the same
calamity. Unfortunately, in either as
pect OF the case,.it can do bu, little
Thanks to the independent treasury the
government has not suspended payment
asst was compelled to do in 1887. 1t
will continue to discharge its liabilities
to the people in gold aud silver. Its
disbursements in coin will pass into cir
culatioD, and materially assist in r.s,or-
ing sound currency. From its high
credit. should wa be compelled to max Q
Temporary loan. it can be effected on
advantageous terms. This, however.
shall. II possible, be avoided but, if
not, then the amount shalt be limited to
the lowest practicable sum.
have, therefore, determined that
w'n.stno useful government works al
ready in progress shall be suspended,
new works,not already commenced, will
be postponed, if this can be- done with.
out injury to the county. Those me-
cessary TO its defence shall proceed as
though there had been no crisis in mon.
etary affairs.
But the federal government cannot
do much to provide against a recurrence
of existing evils. Even if unsurmouut.
able constitutional objections did not
exist against the creation of National
Bank, this would furnish no adequate
preventive security. The history of the
last Bank Of the United States abuud-
ahtly proves the truth of this asse rtion.
Such a bank could nnt If il would, rel gi
nlate the issues and credits Of fourteen
| hunured State banks in such a manner
as To prevent the ruinous expansions
aud contiacIi"ns in our currency which
afflicted the country throughout The ex
istence of the late bank, or secure US
against future suspensions. In 1926 an
effort was made by the Bank Of Eng.
land TO curtail the issues Of the country
banks under the most favorable circum-
stances. The paper currency had been
expanded To ruinous extent, and the
Bank put forth all ls power to contract
IT IN order to reduce prices and restore
.ne equilibrium OF the foreign exchan-
ses. accordingly com menced sys'
e" o' c"r'a''ment OF It's loans & issues,
III me VAIN nope. that the joint stock and
p,sa'e os"ks OF ,he kingdom would be
co,npe'ts' TO follow Its example. 1t
found, however, that as it contracted
oass 1"Pa"oe",a ana at the end OF the pro-
h;oh h aGo % aGs,P'oy '"e language Of very
.;p S" ao,'' c,Ln au'no' n.y. ,'wha'eVer reduc-
eJ I hv ,h" "' P Papef G'rcu'ation tS was effect.
was w ~ y,oro mo ,ban panA ., hng'apd 'n 1920
nf,ha o, s"a" uiaue up oy tue issues
D.. o'"Hs