, 1875-10-23
THE Currency,

| -. PLEh TOP THE G2EEHDACk
! y M' I'i'1F NJ jie tht-,y, 7rim,r.
fHhAHp. oct. ~. IN yp,5r i"- ;c If li1o ~ in
rtaHt demonstrated tAn lsgaty If urrcn
hsckn during THAR csiHseuce' md p!luwtl 3toy
tina Federal Court, by tInrrcea, Ind scttled til,
principle Of law In rtfescnro thereto, tia
'Thaleyer in 1iercHaary IL authorized" anJ
HOW ray that sl,o coubttuted autIfortiea, lacket
hJ fnHgrcsa hnl tho people, hare fnrnie'led III
cnncilcy Tor which tito cn.iso nation in boil
Aah[a and rospousibln, ln,-R Hccuril; Attaching K
IN "tA"r circulating medium previously iss,lat
IN ff1c United Statoa of america,
| III illtihsEaiias this, let mn grosp the f1ctt
tnarnE TN il, Within my own time and recollae.
| tim.
1hn ehnflor OF the last United States Cauk be
f'le nbout 10 expire. congress. in 1872. pa~scd
ah @ct VI ionowal: which tien. jackson snluct
II n'th olnont1y obtained a charter from Pom.
r:l'hf'a an tho popularity Of NlchoIas Ddde.
i's ifoa1tett. fouF'.hed un n hlt, scale for a
time but ehtcl III utter ruirl and lanlr1r,tcy.
noon alter tho vctn tf,n Government t,cposits
were placed i'll p,iyhtc-k:ocl; aud State banks
throughout tho country, which, d.counti,,v
freely to the pntlic cd u speculation it, cudlesa
variety. All sortd Of operatiof,s wore 70 ,.errd.
! ana tile cutie community rsil tIra4puu it1,
dnbt Tor Wild oud". tuwu-lo:s t.,nber, mulberry
trees Tor Ailk-Worms. faucy hogs ct..., etc. Jhin
continued without check untiE ]R1,; wlc,, ti,m
Government issucd the tiacn-fasuo,lA Soccio
n,cnts in gold and silver. 80
ll1rnE tint rehr NJ the tfrat alarm. came tic
failure Of the Hank of Maryland. III baltimore,
with all extended circulation aod Goposit ac-
lasting scyorsI dnya a,,u closed iry the tcaring.
down of the elegant 1,rck 1nnnsio,, 1n Monmna,t
Square, sorlh thounatdu Of dollars, osnod i,v
EeTe1dy aolso4', tho great lawyer. ho taiug n
me hero utte. Rs Warming to ali cities tlat III.
courage 1uuLs by a loose systen, ri nnt,rc.Togn.
!ationk TINT tho C,tv u baltimore was sued asd
c0fnpetipd tn r,ar Mr. rpt,run1 for i,;a -rn,,a,.
From this die. failures con,iura to t,a ~
nserous; aud. in Mar. 1877, tiers ess rencral
s,lknonEion Of specje-paynauts ty nil thn f,,rtu
throughout tho country This is luovu IN his.
| tory as tho panic Of lsj7
EuHlhcss everywhere was in q chaotic statn
and no continued, without nuy nuuarent n,,xlo
of relief, uut t6jY when tho baus.. hy concnrts
Cd action made m OF Ut to RESUME: but aftcr
Lrief period, MI again susncudcu. c.ce,. tin
Now York and Eastern LnIEt. aud thosn Of Scw.
OEleant, Charleston, Savannah, and 3 few other
points. N>1o'
Thus standard OF raluc was established for
cotton, naval store=, pork, an,l produce. at tin
ing the West. TO far AZ its homo transactions in
trads, III u terrible condition,
Then commenced the vild-cat-crrreucr era.-
"1ed-do9,' "blus-pup," Brandon" and at1
IuHnIEf 1l MISREPRESENTATION.
III Tho n,eantlrno, tho Van Durcu Adn;nistru,
tion, Which was nearing its close, was held re-
si,onaibo BY the pcopie for good times which
norur came; and the Community, with one &C.
cord, swept tho country with ..iattl.fidnr" .n1
"coor-skins." electinK "TipEocaroo and Tyier
too" III 1910, THIS was the first inroad maf1c
into tho old Democratic ranks. virtually. si,,co
tho retirement Of Washington, c1cop: tic
memorable Adams and Clay bargain il 1875,
Tho new President took charge Of aIfairs. and
Congress in ISL. In special session. PASSED at
olyce tile Bankrupt Law. following with Eniteti
States I3auk Charter, which was yc,oed hv'Trlnr
Harrison lay1ng t1od shortly after liz insue,ira.
tiou.
The Ohio and Indiana banks were reon.red hv
law IL resume On the 3th of March 1san ~a;ni,
was oucycd by tho fow solvent ones in Cncir-
natl. Cleveland. Columbus, Dayton. a.e-, and by
greater Number, with tlelr tbous.nds If deIts
o,s closed thetr a1ars u a 1jaukr1,pt f,onrt the
Bank Of Cincinnati aud the Minn,i Ernor,;n~ |
Company u being ulobbol bY IN iu1ipuant ntn.
plo claiming 70 te ayinilei rrcditnra feo
As time passed ou, Chicago and iho then Far
West began to grow into Importance. auI lin |
Wisconsin Iusurauce Company Of Goorse Smith
aud Ale1ender Mitchell, and Ike institutim,s
With eome chartered bsuks of igIinnis -mIod
largely with Indiana and other wildcat atn.k-
bhnke, formed the currency ii tho EtatcN hnr.
,lcrinG on mud doing business with Chicago, 70.
this state Of things continued Until Tia INIT HI.
HAAAAAHt ~ <Alh4sk% 4c1ts NA4Q tnD -CHtO LlfD
& Trust Company" astoundod lilo country by
its proclaimed Insolvency; following which |
closely camo tho failure again Of tho banks in
Now York CITY and throughout tho Union.
THIS last general suspension virtually uound
up tito attempt at Furnishing circulating medi- |
un for tho country. 30 far as tle1e was aiiy unit
ed effort to that eud by tho few au1yeut banks. I
Dcatterei as they were Witle npart throughout |
tho Union aud tho variou8 institutions. Whor-
ever situate limpcd along through the panio OF
1867 to 1862 uud this brings us down to the be-
ginning Of tho gsconback aud bond cru, made
necessary by tho Wnr.
during tho past forty years, tho longest suntinu
OTIS period thss specie-phymeutB have bton 1uniu~
.alrea iB eighteen years, a,-1s39 to 1357,-aud
Ius onay oy leN hleh'yIiayofea institutions ia
lon '';rtntn ~ ,,e hs1a, ~ t.ua IT,. suS POSI-
vet they yielded Ike sho ye,iest Wildcat wi,na
tleir solysuey wns rreationed hy n de,n.nd ~ |
payment W their creditors.
,,aSh na9 ptsa @ .no resnt o. a the currency
iES2. wh,c VIVA bs,,c1 ~, s,atn Iaoi
nfffvitlua, aeo,tritv and il, thn ,,ujr,v a. ~