Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1858-01-06
SOMETHING WORTH READING.


of the State.
SOMETHING WORTH READING.
The annexed resolution taken from the proceed
ings of Democratic meeting, lately held in Fayette-
ville n c. contains condensed historical truth
in relation the banks and currency, than is gene
rally found in documents of the same kind. 1t de-
serves only to be read, but to be studied and
membered. A Democracy armed With such weap
ons, may successfully withstand the attacks of the
adversary with its volumes of lying speeches and
myriad sheets of perversions and msstatements
No one rise from the perusal of this resolution
without feeling stronger in his political faith, and
more determined to persevere in the good cause of
Reform in which the Democratic party has been SO
long engaged. The all prevailing power of truth
may be slow in its conquests but it is sure, to
the ultimate overthrow Of error, ignorance and de-
ception.-Baltimore Republican
Res0lUed That the fall of prices and the distress
es of the country the effects of the overtrading,
Frauds suspensions. contractions and expansions of
the currency by the banks in this country and in
England: That, in proof of this, we submit facts to
q candid world. The vast expansion of the curren-
cy by the Bank of England after its rechater about
1889 or '33, involved that country deeply in debt
this expelled gold from circulation, and caused its
expectation. To regain this gold, the Bank of Eng
land in 1887 contracted its currency, called in its
notes by enforcing payment from its debtors The
price of all labor and produce fell from twenty to if
ruined ard reduced to beggary, starvation,
[crime] and death. Having regaincd its gold, the
bank, in 1888 and 80, again expanded its currency,
increased its loans to such extent that not only
the people involved in vast debt, but the bank
ITSELF the great regulator to prevent its own bank
ruptcy had, last fall, to borrow millions from the
Bank of France; at the same time, it commenced
calling in its notes, pressing the merchants and man.
ufacturers that in debt to it, in order reduce
the foreign exchange and prevent the etux of spe-
Gle from its vaults. The consequence has been Gas
in 1887, that ruin overwhelmed many persons Of all
classes prices Of labor ard produce fell from thirty
to fifty per centum; the merchants and manuiactu-
could no longer buy our cotton, flour, &C., ard
had to discharge their laborers; thousands of fami
lies were reduced to beggary, deprived of houses
and homes and all the comforts of life +; children
begging bread from mothers who could not supply
it starvation. crime and death too appalling to be-
hold, spread the three sister king oms Of Eng
land, Scotland, and Ireland, comprehending, in one
sad fate, several hundred thousand human beings.
The course of the banking system in this country,
during the same period, is but the counterpart of
the course Of the salue system in England showing
what the President said in his last message is true,
that the banks in this country are bound to the
bankers in England, by one chain of sympathy and
dependence. And when we properly estimate this
influence and the corruptons fashions and aristo-
cratic notions which too intimate intercourse with
Europe may spread throughout this country, every
Democrat ought to be awake to the danger.
The country we'll remembers the expansion of the
currency in 1918, when the Great Regulator this
side Of the water took the lead every body in debt
trying to live without work, prices rising, people
specializing, and business seemingly prosperous
Suddenly all was changed. The Bank of the Uni
ted States, then on the very verge Of bankruptcy,
Gust saved herself by loan of specie) commenced
calling in its debts. pressing the local banks for spe-
Gle, shipping this specie to Europe. All the banks
at the same time bearing down upon the people who
were in debt to them What was the consequence?
The banks in 1919 all suspended specie payment;
the prices of nearly every thing fell at leas, 20 per
cent, commerce and trade were suspended, proper.
ty changed hands, millions ruined the jais ev
cry where were crowded with debtors, and the land
covered with mourning.
No Sub.Treasury-no specie circular-no removal
of depostes in the year 1918 or 10.
The next expansion took place in 1925. The banks
loaned freely announced specializing in cotton, it
rose to 20 cents a pound they next call in press
the people, contract the currency; the prices of land
negros, cotton. &c., tumbled down to almost moth
country continued palsed throughout 1927, '2s 20.
No Sab-Treasury-no specie circular-no removal
of the deposites in 1926. '27, '28.
In 1929 and go General jackson called the attcn-
ton of the Congress to the proAigate course of the
Bank of the United States her charter was to
pire in 1885, The bank, for the purpose of obtain
ing a recharter from Congress, began to increase its
loans to the people, but especially to members Of
Congress and to editors of newspapers. In October
1881, her statement shows total of discounts and
bills of exchange $4,000, 052. In March, 1882, a
total of $40, 42s, 070-be,n;, an increase of about
thirty millions in about two years Congress passed
bill to recharter, it but General jackson vetoed it
in the summer of1s32 showing he could not be in,im
idated corrupted by the bank, which now changed
its course and in the year 1888 contracted its issues
called in large portion Of it's vast debt upon
the local banks for SPECIE shipped the specie to Eu-
rope to pay the debt it had contracted there in 1882
and raised the shout of ruin and distress by its panic
orators in Congress- and by its hreing presses thro
out the nation. This created the memorable panic
of 1889 and a. which suspended the trade and bust
ness Of the country; threw down prices and caused
distress and ruin to thousands; and which was got
up by the bank its panic orators and presses to alarm
the people into the belief that the country could moi
do without the bank, and force its recharter from
Congress-
No Sub-Treasury-no specie circular in 1S33'34
The Bank having failed to obtain charter from
Congress, next applied to the Legislature of Penn
syvania, and by bribery and corruption effected its
purpose under the title of bill not to recharter
bank but to repeal taxes and to promote the inter
nal improvements of the State.
With larger powers than she before possessed, al
Mr.. Bidde affirmed, these same corporators, under
q new name, commenced new and grander scale o