Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1863-10-10

,a, fsen N. rlilsdsphin North american
\ Robert J.. Walker, formerly Secretary
of.fhe Treasury, 10 his receot letter on our
6nascial affairs, estimates that In 20 years
the savings Of COR people from the use.of
the new national currency will equal the
whole amount ofour present national debt.
Nor win such calculation be deemed un.
reasonable BY rejecting men, who hare Oh
served the moueycd troubles which have De.
SCI ne on every side from the very begin
ming OF onr history. The abstinence Of the
National Government ftom the exercises Of
even undcnbied rights as regards the cur.
rency abandoned to tho several States the |
entire control over this msttsr. How i'm |
perfectly runny or them have executed the |
frnst thus committed TO them We need
scarcely say. Bank charters we're granted
BY the score, not only to irresponsible and
inexperienced men, to whom only the impu.
tstiou Of financial ignorance was justly at.
-tachahle, but too often TO organize associs.
tons of swindlers, whose deliberate purpose
IN taking charter was, to cheat aud rob
the credulous- community Their profuee
Issues Of elegantly engraved prcmcses to
pay could not he we'll refused by men in
business, even when there were doubts as TO
their ability or solvency; aud hence crash
after crash in these rickeiy concerns, too
often causing general panic and wide spcad
ruin.
Besides The positive and Immediate losses
: thus incurred by the note holders, the gen.
eralfeelng Of Insecurity aud diHrust neccs
sarily consequent on these frcquen' explo
sions was greatly inimical TO steady and
satisfactory hnsiress. Sound and reliable
Banks suffered also from the general suspi
cion, and mems minds were coniuually har.
sssed by suspense and uncertainty Par'i
eularly were these evils experienced in The
wide extended West. whose merchants were
also indebted 70 our Eastern seapor :, and
always hardened with a discount on Their
remittances in payment. SO desperate did
the disease hecnme, that in several ofthn
Western State Barks were abolished and
new charters refused but of course, the
vacuum was filed from adjoining SiaeS, ,nnd
the intended remedy rendered rngatory,
Therewss, in fact, no adequate correc'
tive for this huge system of fraud and de
moral'zation, except a return to the sahi.
tsry counsels Of those who formed our na
tional Constitution, unmistnkably implied
tn those provisions Of that instrument which
give to the General Government the egcln
sive right TO coin money, and prohibit any
ofthe States from emitting bills OF credit.
Happily for our people, that eonjnncture of
3 favorable eircumst ances which al once abe.
ted, in large degree, the cpposi' ion Of our
Bsnks, which seemed so natural in view Of
$ 20 rid cal q change, aud,rendered mluife't
to all that there was an inevitable state
necessity growing ont Of civil war, at length
arrived to Justify and facilitate tie great
reform Had in hand with mastery fin-
aneial measu' es affecting our bonded debt,
was created this admirable national cur
Fcncy, resting for its redemption upon the
eutire properly. public spd private, Of this
great republic. Who can doubt the secur
ity! Can the nation which has upheld its
Integrity through every stage of doubtful OF
adverse fortune. and faisifed, one by one,
The predictions Of every malignant encmy,
foil how in the pleutit ude of It's new found
strength ond development?
If . doubt arises N the mind Of any pat
Tjotic man. let him reflect anew on nur m
eqaaied resources, our nDwearing iudn,try,
and the wide application Of wenlIh-nccnmu.
'jatIng machinery to the diversified labor
OF our people, when a hrstie Slave oligar.
ehy wieiGed our legislation to reiard- .taes
progress Of freemeB, we vet mode rapid
strides, sbsllEe not hereafter go forward
with accelerated speed? Those enemies
have transferred their effors 10 the fettl Of
battle, and still are foiled in their endva-
vors 10 ruin ns, even as when their eumity
was confined TO the Capitol. The very
war they inouguratcG has wrought out tho
- -. 4. i
and at the same time ,neeessitated those 10
creasing iDposts on 70 eign. commodities
which henceforh will so materially eneour
sge our own manufactures. Thus from
even these portenious events which now
temporarily overshaiow our prospects. are |
we enabled to ednce that manifest tendency |
towards good which seems observable 10 all !
Our bygone history. ......,.