New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-11-23
MONETARY CONVULsfONs.

| iAtAhN1dl ptulCS always pItC&ttGi
by monetary commissions that are certain t
produce crisis wherever business ha
not been conducted on sound principles
The people Of the United States have al
ready passed through several convulsion
OF this kind. It is true the pecuniary az
fairs Of the government have been a
| times embarrassed BY war, but the mos
serso1s troubles experienced have beer
those produced by tie same causes thai
brought about the present monetary con
| yulslon. The war Of the revolution left
the country seriously in debt, and amid
| consequent financial embarrassment OF
every kind Washington's first admins.
tratlon was called upon to provide a
| revenue sufficient to meet the current ex-
penses OF government and gradually pay
tfty-four millions of the public debt con-
tracted by war. MI Hamilton. then Sec
rotary Of the Treasury, took the true
ground, that, to maintain its credit, the
country must pay its honest debts. This
prln clple prevailed, and with it confidence
and prosperity soon returned to bless the
people who indorsed it.
The next pecunary embarrassment
experienced by the government was
after the close of the war with Eng
land il lS74-15. This war had exhausted
the treasury and GRATED debt of one
hundred millions Of dollars. Besides this
the war had destroyed commerce and de-
pressed all kinds Of industry. In fact the
pecunlary affairs of the whole country were
in a deplorable state The banks generally
had stopped payment, specie was scarce,
and there was no currency that COM
manded Che confidence Of the people.
To remedy this and give reiet to the GOV
eminent Congress was induced TO change
IFS views, expressed but few years be-
tore, IA regard 20 national bank In 1911
that body had rtusel 20 secharter the old
National Bank. Blu in 1915 this oliec
ton was overcome, and an institution
with q capital Of thirty five millions was
chartered. Il commenced operations in
Philadelphia on III. fourth of March,
1877, and, with is branches in other
cities, promised 90 supply the country
with uniform currency, fedeemable at
all Il mes with gold and silver. Yhe none
tayy conEulsioas upto this time had in a
5rea: degree been caused by war, and The
oorse Qutrces were felt most severely bv |
he g government! ana laboring classes who |
we're the Mos- exposed to the effects of |
l&rd shines. The hard fsted money men
vese holding on 70 their funds. and this
.raE Ing back caused tightness in tie
money snagkes that produced a crisis
noNg gnen who dil not have nor could
'os sa5se he nloaey:o carry them through
be critical period. The people. having
us LILLE thought then OF wildcat
cheSHes Cog making fortunes IN q day, ap.
lied Themselves vigorously 20 work. a. a
seals g getting oCs 81 SLeir difficulties
nd % % lew years che country was
gain ia eGe enjoyment Of much
rosgesisy. 1ais continued without una.
91isS Interruption Unit! tLe yeas 1888,
hen coaS0ls;oa soos place fSom fls
lfesens causes shaa shose produced by
ar. Sixteen gears Ct prosperity had led
many excuses. The corzupsing power
Che Unified STATES Bank had spread q !
influence throughout che coun-
y. 20 check rs dangerous political in
1ence SyeslGeG. Jackson yetoei. liz 1892 !
e bill secaaeseriag thai institution, and
Hoved rom Is The public funds. IN
deH 10 eouateracs The influence Of the
resident, The bank had shsown les money
oaGcast throughout The Qar2. being
tfoas I'M. u The matter of It's paper
sues. eAss Did aoe save il. Ssowe ser. and
closely BAD che 5aal. connected d
'elS With she commercial Interests
she country :na: when che government
solved 20 give il no Surt1eg counfenaace
support, and sha: sacs became known,
created yanic and plunged she meg !
n:sye community into 3issre So resulting It
many SalluSes. yhis convuIsion con. a
sne6e sle President in his apprehen- +
ms il regard 20 IKE pernicious influences W
the bank and aided by she House Of b
representatives.. Re stood firm in his re- Il
We no. 20 restore The deposits to the Il
inch STATE banks # om which shey had S;
20 taken. -snJ this firmness was main. Il
ned in tae dBce Of powerful political in. I
luerces. Je
The maa.s Cog banking, however, o
S not overcome. The United States st
ak obtained :. cbartey 5rom the sc
tie Of Pennsylvania. and with State So
inches enlarged, a career Of much ap- OF
ent prosperity was soon perceptible II
in. Money was plentiful and easy to p'
bad. IAis led many men 90 abandon &c
d aabog anH, with borrowed capital, 'n
ar iuto meEcansile anS other pursuits u
rely new g :as9n. s'atsers ran along ne
Lis way FOR asw years until the gov 81
meat had worke>s issels out of debt aa
accumulated a surplus og sorty mill. e'
) 0: dollars IN the treasury But while 'e'
esnmen., through is good manage. 'eS
Z, had 6one sh!s, large portion 0; Pe
.eosle rho lad i.ve1 40. wisely had al
)1ae iI.olsel with debt. and ehe couno 9f'
vas Oh The verge o: another co2y1lsion ! sn'
Ia. 20 .aas S..cs, la2 occurred in q.
~. g,r y,,c.o.s o1.,i,;.or,+;o, sol
barely commenced ia 1887. when :ae 'H'
gess sn.n q gle county, os d !as9e Gay
son o: 'hes!. we've yasa!yzea bys coz. ~