The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-07-12


urged the abolition of unnecessary taxa
ton. not the distribution Of is proceeds,
and both Jackson and Van Buren, had no
sympathy with the stupendous folly OF the
government assuming 10 loan its moneys
80 the needy
Jackson in Jaiy. iSs6, ordered the pay
mentor public lands 70 be made in specie.
with an exception until December Is. 1885
in favor Of actual settlers and actual resi-
dents Of the states IN which the lands
were sold. In iSS5 the land sales rose
suddenly from 81 500 ao 10 STA 81, 90.
and in 1856 TO So s-7,l79 Jackson ssv
that tremendous speculation was the true
significance Of the enormous increase
Between January /. IS3o and January /.
1886. the banking capital Of the
United States hsd risen from Sol ooo. 600
10 s25I, oea.oe the loans and dis
counts from 500 coo 900 20 s457. 0sal. 600:
and the note circulation from Sol ot1. 90
20 si4o, ooo, oaa Prices Of course wen: up;
everybody thought himself richer and his
labor worth more. The deposit hill dis
trloating the surplus revenue among the
states Was passed n June 1855 and the
crash followed n iSS7.
Sensible Governor Marcy, 0. New York,
in his message Of January ~1SS6. had
warned the nation what Was coming and
so had Tom Benton.
Jackson's circular regarding special pav-
ments for government lands puncsa-ei
the bubble sxelled 10 bursting. Banks
could neither make their deb tors
pay in gold ana silver nor par
their own notes in gold and silver.
50 the banks suspended. Then the
merchants Of New York city denounced
President Van BUrsn for continuing The
specie circular. and declared that the
panic was not due to excessive develop
Tneni % mercantile enterprise, but 20 that
unwise system which aimed 8; the sub
stiigtion % q metallic for psper cur
reney." These great merchants held that
tAe government by making spectators
psy for Western lands IN real and not in
nominal money had caused the CONNER
ca. panic IN lSS-. They demanded the
withdrawal Of tie speeis circular; the
passage Of bill fer the distribution of the
land revenue among 5ae states
President Van Buren, behaved like
statesman sai sound business man. IN
+ his message - the extra session of con-
c7ess n September, lsS-. he sad the gov
/ eTament coa.a not hep PEOPLE earn their
/ living. hus il could refuse 70 az the de-
/ ception that psper VAS gold and the de-
/ lns5on that value could arise without Ia
3 Dor. The government had net caused sa3
, could noi cure the profound COMMERCIAL
dlssempe-. Ae declared thar :: VAS act
/ the province Of The government - sid IN
( GsvlGua.s n the transfer - tAss. funds
except through The poSiof1ice. Il was TO
more the Gaty q the government - sd
: commercial exchange than Il Was 10
trAuS2or; merchandise, The operations
q trade were - Pc coni2otea ~ those
4 who we're interested u them. Tie affairs
( 81 The coIuaerS.Al void ought - Se car
I Pied On ny private enterprise ana co-ape;i-
t1oa. without legislative assistance, free
( from The tn1Genoe q Political ss.tagsoa.
and from the neglect Partially. niassiee
+ and oppression unayol5Ao,v attending
! the interference q coveramsn; wj.A
the proper concerns % individuals
. IN conclusion Van Buren, SAID:
Those WAC lock - the action #
tbs government To- SYec56c IS - 5hs ci.l-
/ ger q relieve eEaoarEass.nvnts arising .rota
losses ~ reva ssoas IN commerce Aad credit
forget taat il ~As nc; intended - corEer
] spee.A, fAvozs o. individuals, Or % aav
( e.aSs g tArns, - create systems .; sgylcu :
IRE. manufactures =, trade, or - engage
Z in theua. either separately ~ u ccaae,-
ito With jn3lv.3aA. olt.seas - organ a.
tons Il Is nut the legitimate ~ ec5 IS.
rove-ar3cD; - Hls&e men r5cA. - II ~
pair by 3.ve,g grants Of money ~ leg s.s-
tson IL iASo2 # particular Yo->G.,s, losses
uot incurred n tAe YGhic service"
Pyvsl4ea; Van Barea IN iA.s message r..
Dukes aad r&3i.es into st-laSs the wA2.e
absurd, na$tv aaj frotAy philosophy oi
the Peoples pAEiy movement. au3 today
this Peoples party Is tGl II she same
! kind II decisions that Gl,ed the k>1ue.s
/ Of the ruined merchants sa4 SPECTATORS
! II 1857 when Tre>taeat Van Eagsa tod
| lhem that sAe people 0psI rsp4-- tAe.-
! own disasters without the pAterOal ae.2 -
government ana mast dismiss tAe ae,a-
| SION that government Was se7-
Araie snutv which caa,3 help It's
! people, ana not ne7e Sseney
| simply using wsA,fa and (,awes
which the people n1G>s themselves ceeale
This same message oS Nan 6a7esi was 3e-
aoaa1ed ~ she po,iysosl opposition Hve7
Weosser. ln - Iaaas speecA Nase1
n 49, o.
Tested woyAs. sa,3 thAs help mGss c>a.s
'tron Sao government u TIE (Di,e1
S.a5es aua tsosa taenes &,one, " a-4 rre-
d.ct.7S 1aa5 aa NvaE mSa would eVe'
see tae sseCts-slx states resaGse spec3s
payments - r>s-.As saoosSSAo2 ones