St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-20
1S37-f&12

1S37-1S93
On March 4. 1887, NJ ARTIN VAN
BUREfT succeeded ANDREW JACKSON
in the presidency. There was nothing
in the balmy sky, the soft, warm air of
the day to augur coming storm, as
there was in the storm of snow and
Sleet and raw winds of the day on which
his fourth successor in the party line
took his seat, fifty-siX years later. But
within week there broke OF his adj
uin!Stration the panic of 1851, whose
rigors are remembered by men yet
living.
While the financial storm of this year
does not carry with it the widespread
destruction that that of 81 wrought,
there is a marked similarity III the
sources from which each sprung. the
manner in which they were met, the
causes to which they were attributed by
the politicians and the remedies pro-
posed. AS one reads the denun Citations
Of the administration OF that day by
CLAY and WEBSTER and their echoes,
we can easily imagine that We are read
ing the statements of the HARRISoNs.
the CLARKSoNS, the REDS and the
HoARS OF to-day.
VAN buren, succeeded a Democrat,
but one who was SO little possessed of
the spirit OF Democracy that he could
admit the constitutionality of pro-
tectiye tariff, and could promise his
STEADY and constant support" 80 long
| as the encouragement OF domestic man
ufactureS was directed TO national
ends" whose supporters passed the
tariff of denominations" in '2S and COM
prolns d with protection In '33. so far
as protective tariff conduceS by en-
gcudering speculation, oyerproduction,
extravaganza, this cause had been at
work under VAN BUREN's predecessors
as it has under CLEV GLANDS.
But as i'll '95, SO in 81 there had been
financial folly in congress. The surplus
revenues. amounting to S37 100000, in
stead OF being used to reduce taxation,
were divided among the states, and one
lnstallment Of One-fourth had been dis
tributed. JACKSON had with Drawn the
deposit of the government from the
Bank of the United States and distrib-
utcd it among the pct bankS.'' MIR.
CI.EVELAND'S return to power had been
preceded oy equally vicious measures;
the squandering OF the surplus in APP
preparations, the return TO the states of
the Indirect tax, ami the increase of
paper money redeemable i'll gold with IL
decrease OF the quantity OF gold avail
able for redemption.
Bat, then as now, these bad measures
hou
duce the panic of themselves if they
had not been aided by an era OF wild
speculation as visionary as that which
has just collapsed. 1t had the same
basis, the land. SHEPA RID says of it:
he American temper rushed now to
speculation rather than to toll or vent
ure. It did not seem necessary TO create
wealth by labor; the treas ures Law
ready for whoneyer shoaid first reach
the doors of the treaSurs houses. To
make easy the routes to Ell Dorado of
prairicS and river bottoms was the
quickest way to wealth" Canals were
projected; railroad mileage rose from
- III 1853 TO 1,275 IN 1855. 80 the Amer
lean people gave themselves with one
consent to an amazing land SD5cula-
| ton" Money poured inlo our enter
prlseS from abroad. There was
| iand craze. Sales OF public lands sprung
from $!,3D1.0J1 in 1889 to S3f, 5I7,I73 in
1855
Banks sprung up like Mushrooms, to
! furnish "money" to feed the craze. Tne
! federal deposits We're USED to ii)at more
| paper with which to bay land. Cues
| We're planted everywhere, and their lots
sold to SPECTATORS. MARTIN CHUZZLE-
| WITS investment in f len IS only typ
| Icai of the most OF these. The bank
notes were secured by the land when
they had been issued 10 buy. The fed
| eral treasury was flooded with them.
| The climax came with JACKSoN'S order
that land should be paid Tor in specie
Then came the crash. 1t was settle
| meut day. Everybody wanted money,
uol paper rags. The glittering fabric of
bubble credit collapsed and came tuIn-
bling down about the ears OF dazed
and panic-Stricken people. The thrifty,
the prudent, the industrious then, as
now, wereinyolved in the wreck brought
ABOUT by the boomers"
Then. as now, it was the former ele-
ment that began at once to clear away
the debris and to begin in5 slow work of
rebuilding by patient toll, by close econ
omy, 10y living within their means
There IS 10 other way oar for US, as
there never is for any under these Cir
cumStances. Congress can help less by
affirmative than by repeating legislation.
The baleful hand of government must
be taken of the Industrial activities OF
men. We want no help; we want only
To be let alone.