Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-08-26
The Good Old Times.

Inc ODdrlOlttSNlllo "thSAoVhi"H
SAWS that cas- soon as under General
JACKsoS's lead the severance OF the
United States Government and the
banks was complete and the sub-treasury
scheme got into operation, aud the
State banks were left authenticated by
the United States Governments nscal
agent, the currency WAS established on
solid basis and the country entered
upon an era Of extraordinary prosperity
such az this nor any other people have
ever enioyed." "And il continued until
the war" This statement of our Char
lottesyille contemporary was addressed
TO us. But it is contradicted by the
facts of history, though we doubt not
that the Jelcrsonian supposed 1t to
be true. In 1851, four years before the
war between the States began, Mr..
BUCHANAN, in his annual message to
Congress, wrote short chapter OF real
history 49, official history - authentic
history which we commend to the con-
sideration of the "Jeflersonian. ;" The
greatest Of Pennsylvania statesmen
wrote as follows:
"The earth has yielded her frnits
abundantly, our great staples command
high prices, andup to withila brief period
our mineral, manufacturing and me-
chanical occupations have largely par
taken Of the general prosperity We
have possessed all the elements of mate
rial wealth in rich abundance, yet, not
withstanding these advantages, our
country in its monetary interests Is at
present in deplorable condition.
"In the midst of unsurpassed plenty,
we find our manufactures suspended,
our public works retarded. our private
enterprises abandoned and thousands
of useful labOrers thrown ont OF employ
ment and reduced to want.
cit is one of the highest and most
responsible duties Of government to
insure the people a sound currency,
the amount of which ought to be adapt
ed with the utmost wisdom and skill to
the wants of internal trade and foreign
exchanges. Unfortunately, under the
construction Of the Federal constitution,
this important and delicate duty has
been transferred to more than 1.4bO
State banks acting independently Of each
other, and regulating their paper issues
almost exclusively by a regard to the
present interest of their stockholders.
"Ourfinancial system has prevented lis
from competing in our own markets with
foreign manufacturers, has produced ex-
trayagant importations, and has conn
teracted the effect of the large incidental
protection afforded to our domestic
manufacturers by the present revenue
tariff
During the "Jelfcrsonisns" "era OF
extraordinary prosperity President
Buchanan tells us that Gin the midst OF
unsurpassed plenty our manufactures
were suspended, our public works re.
tarded. our private enterprises aban-
doned and thousands OF useful laborers
thrown ont of employment and reduced
TO want" What caused this deplorable
condition of things thus described by
President BUCHANAN Let him answer.
After saying that it is Zone of the
highest and most responsible duties of
government" (the National Government.
OF course) to ENSURE the people a sound
currency, Mr.. BUCHANAN added;
"Unfortunately this important
and delicate duty has been transferred
from the Federal Government to more
than 400 State banks, acting independ-
emily of each other and regulating their
paper issues almost exclusively by n re-
gard to the present interests Of their
stockholders.
Mr.. Buchanan thus testifies against
the State bank system by telling us how
il operated in his day. If, with these
facts before them, the people choose to
turn their faces again towards the dis
carded, rejected, and repudiated State
bank system of old, they will have de-
served all the ills that will surely come
upon them. They will have earned
wildcat currency and currency ex-
changeable for wood "cord for cord"
So many cords of wood, SO many cords
OF money.