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Show chartering the Bunk of tho United States. This was Mr. Crawford, and it is presumed lie took, with him tho opiniou or consent of all the elderly statesmen of that time who had formerly for-merly put the bank in the category of their political arguments and grievances. griev-ances. Mr. Crawford ran, as Mr." Jefferson's Jef-ferson's preferred candidate for the presidency, and the bank was his main Idea. ' . . '. '' s . ' DlHOiisHioii of the Cause of Panics and Keasoiis for tlio' Present ; y ' Financial stringency. ; ' i" ' '" ; Ilnj ', World Made '. Up of Enterprising 7 Skinflinta and All Kinds of , ,:;'y Hopeful Promoters- " ""-7 'tis wbiyibuAt becklesness That Makes Up tho Apgrregatc of All Panics, as Shown by an Historical Keview. There Mcst beSurfetia, Despondencies and a Sense of Failure in Spits of Success, WHEN EXPANSION FIRST COMMENCED The K.ltl Positions of Railroads, Ilnnks ana 1'olltles and Canal ana Other Enterprtsas. New York, Dor-ember 2 1. Gath in Cincinnatti Enquirer. Many reasons are given for the financial strirvgeucy, but 'individual recklessness or center-priso, center-priso, as the case may be. make up the Aggregate t ot panics. ; The world is composed "of the -unenterprising and tha enterprising, skintlints and ardent, hopeful promoter.. .We have a large country, the productive area of which .has been shown to be groator and greater. as we have !arrijd railroads, telegraphs and 'settlements Into its remoter re-moter parts Tiiese dlstaut Und intermediate inter-mediate investments have nearly all based upon credit. We ".commented this' expansion twelve' years previous to tii e civil war when the California :fovorsetin. The lirst bold step of, the Row Yoak and other men tfas to obtain ob-tain a concession and built a railroad across Tauama, We then put commercial commer-cial lines upon Lake Nicaragua and expedited large numbers of bold and J hopeful men to tho Pacific coast, who there founded citi- s, established navigation navi-gation lines and built railroads as far in the interior as tho foot of the Sierra Nevada. It became almost necessary to connect this California coast with the older part of the Uuited States, and so in the midst of the civil .war our government had the courage to put the Pacific railroad on foot, and the Texas railroad as well, , and the completion of these was soon lollowed by the issue of more bonds and the launching of more railroads until we built three lines across the continent, conti-nent, built a fourth line to tho Gulf of California, built two lines to the City of Mexico, built some three other lines at J., least half way to California, extentled the California system up and down that const across the whole breadth of the United .States, and instigated the Canadians Can-adians by our example to almost bankrupt bank-rupt their dominion in order to have a Pacific railroad also. Most, if not all, . of these lines wcre.btijlt by construction XJr ipniptuyeB aftjr, the' example of the '.Union arid Central - Pacific railroads, which together made the first line to California,- Cross lines were of course put down to connect these" various Pacific Pa-cific railroads. The multiplication of western lines led to the building of more trunk linos in the east. We have extended our railroad rail-road systdm, until we possess half the railroad mileage of the globe. Manyof these railroads were built in response to a healthy demand; tamo were built I with careful economy; others were V built to sell. Where one railroad was if ' doing a fair business and promised to do better. .it finally got to be the habit of parallelling merely to sell tho bonds or bring about the acquisition of the unnecessary properly by the menaced one. Carl Sehut'7, said in some of the excellent ex-cellent speeches he made after 173, in ' the senate of the Uuited States: "There is no limit to tho amount of money a panic may not absorb." That was the lirst panic fro had after we had boldly adopted emancipation and justice as tho basis of our future progress; it was brought about by tho Northern Pacific railroad coming to a snip and failing to pay interest. About four years were required to bring the country back to ecneral hopefulness again, and these four years were attended by political and party revolutions and by a good deal of reformation, self-examination and the diffusion of economical information infor-mation among tho multitude. Our disposition dis-position after 1873 was to recommence the manufacture of .paper money, as wo had done during the civil war, but President Grant failing under conservative con-servative advice vetoed the inflation infla-tion bill. His secretary of the Treasury,, who is still living. Mr. Poutwell resolved, in a grim puritau spirit, to commence paying off the national na-tional debt. We have' therefore discharged dis-charged about two-thirds of that debt , and broimet it down to something like $81)0,01)0,00 0, or about half the measure, perhaps, of the various kinds of cur-rence, cur-rence, including coin that we kept to do business with. The paying off of this debt emboldened Kurope antl the world to lend to us lustily, aud we have taken advantage of this extended credit as too many do who tiud money close at hand. Seeing our prosperity and having hav-ing some jealousy of continuing to be our debtor as well as our creditor for many of the necessaries and staples of life. Europe undertook to build up new Americas in other parts of the globe. The French being an economical economi-cal race and habitual savers of money, wont into Mexican expodition, the Suez canal, African settlement and the Panama Pan-ama canal. , The English, to whom a vastly extended ex-tended marine is not an unmixed blessing, bless-ing, felt the propulsion of that marine to go and connect it with railroad, ferries fer-ries and internal empires such as India, Australia, Canada, N'ew Zealand, the Argentine Confederacy, etc. This glut of building railroads nearly broke England Eng-land awav back in tho thirties aud forties, fho great Hank of England had to suspena payments in that initial ! railroad excitement; The reunion of the American states after extinguishing' slavery, however, has been the principal prin-cipal invigorating fact of the present period, Immediately after our reunion the contending nationalities of Europe undertook to readjust their boundaries. Austria was reduced by Prussia and Denmark almost destroyed. The French, remembering their Napoleonic and other triumphs, became excited, and still further swelled the area of Germany by losses of territory. It is significant that France, with the great-I great-I est debt in the world and the heaviest 1 I 1 taxation, has been able in the present year to lend money from her national bank to the bank of England and its associates in order to save the world from a panic, and this illustrates what I began by ennuueiating, namely, that a national burden may be a conservative conserva-tive influence over the saving habits of a people. -tr Hard up for money to fill the void made by the miscalculations of the Barings, England began to sell her American securities which had been sustained in this country by their owners own-ers with much heroism. As long as these securities held up in the public confidence money was forthcoming upon them, but whore there was a general gen-eral slump following the failure of the Barings our principal railroad magnates mag-nates Jiad to take alniosl anything for their bonds and stocks. The bauks had fallen into the habit Of lending their money upon nothing but these certili-cates certili-cates 'of indebtedness. . They had been so much multiplied that the'baukers in general had ceased to lend money in the old-fashioned way upon bond and mortgage upon land, and chatties. Hence, . as our population- was extended ex-tended to the frontiers, aud some dull years came in crops and prices, there was felt a pinching amnug tho new settlers set-tlers and farmers, and hence we see at the present time the breaking out of a political movement to alter the status of the currency, while in the East money mon-ey has retreated into the coffers of the skinflints, and the leaders of enterprise enter-prise feel cramped. "The 1st of January Janu-ary being at hand, it will soon be apparent ap-parent just what proprieties can go through and what must go down. -f- As both the east and tho far west are making their complaints on the same subject of a searco currency, it may be considered to be tho greatest subject of all. and the dogmatic views of our . national bankers and capitalists must be overhauled as the extreme and crude views of the frontier population will also require to be correctod. V ou will notice, however, that these different interests and motives in the east and west are both crying for tho same thing, namely, a more elastic and adjustable currency. The farmers' alliance alli-ance in its groping convention in Florida Flor-ida has come out in favor of numerous national depositories in someway connected con-nected with tho treasury of the United States and the roinago and currency issuing central power, the said depositories deposit-ories to make loans at low percentage upon imperishable things like lauds and crops.. The Now York banks are also calling upon the government to strain its security, sell something which it has, put the same into currency and have this currency at the disposal of money lenders and money borrowers. -----It does not seem to have crossed the minds of many of our people that perhaps per-haps the national banking system introduced in-troduced by Secretary Chase almost thirty years ago has served its ends and requires a step forward. Might not this next step bo the re-establishment of the national bank of our forefathers, which would have been a century old at tho present time but for various political po-litical preferences? The United States Bank was devised by Secretary Hamilton Hamil-ton as the medium for the government and for tho people to meet together and turn the people's monev into some onward on-ward chanuel, which, iike the Nile, is to rise at the proper seasons of the year and overflow tho fields and fructify fruc-tify the kingdom. -H -t- -t- There was no hostility to the United States bank worth talking about when it was first launched, except that some persons did not like Secretary Hamilton Hamil-ton to show so much genius at the expense ex-pense of -some of his more jealous colleagues. It was the Frenoh revolution revolu-tion which overthrew the first bank of the United States, and nothing which legitimately took place within our own country. . The French revolution- was the result of the failure of tho French government through the debauchery of the kings, princes, no bins and people thereof. The system of Louis XIV.. which was more Asiatic than European produced a reaction in the French mind against so much interference by the court aud the crown with individualism. individual-ism. The crowning folly of that reign was the attempt to make everybody agre.e uot upon a uniform soup, but a uniform religion. The industrious Huguenots were expelled from tho realm or forced to be hypocrites and conform to a religion which was more formal than faithful. This hypocrisy brought about in the next reign tho most hideous immorality. Clericals had multiplied over France, and there was but one faith; but everybody was breaking the moral restraints. The regent of France in the minority of Louis XV, was a man eaten up with licentiousness. His example was continued con-tinued during the reign of the young king ensuing. - -t- -i" Corruption, neglect of the public interests, in-terests, the reign of refined prostitutes, carried the French kingdom down. Tho American revolution had preceded the French revolution by a few years, so that when that great convulsion eamo upon the Europe we had been accustomed ac-customed to look to for example, the extravagant ideas of Rousseau and others were picked up by our statesmen, states-men, importod into the cabinet of Washington, and the now Bank of the United States, itself blameless, began to be complained of because somcthiug analogous to it in Europe was supposed to bo one of the tyrannical influences there. The British nation adhered to its old fixed inttitutions, among which was the Bank of Engla'nd. While the Bank of England, with now and then a lapse in its power to redeem its circulation, continued to be an in-tregal in-tregal part of the British constitution and system, our own Bank of the United Uni-ted States, when it came up for a re-charter re-charter in 11!, was allowed to fail, through Vice President Clinton, whose daughter had married Citizen Genet, of France, giving tho casting vote at the head of the senate against tho bank's j continuance. As the war of lrU2 against England, however, continued, it became apparent that we. were financially finan-cially going to pieces. The successive secretaries of Mr. Madison abandoned their old party hostility to the bank. Gallatin and Dallas called upon President Madison, in spite of his record against the bank when he was a mere politician, to come to the sescue of his fellow citizens. Tho bank was rechartered in 1810 and again started upon a prosperous career for the people peo-ple and for all, or until the hot political politi-cal contest of 1824, with a quantity of presidential candidates, struck the country onlv seven or eight years after this bank had been rechartered. It had become too much the fashion in Jeffersonian times to denounce a bank, not to reraise this issue without occasion occa-sion for the same. The politicians who fought the war of 1813 considered the world to be their property, and each pne of them thought that he had been the hero of that war, and so we finally had Clay and Jackson, Calhoun and Crawford -all running for the presidency. presi-dency. The secretary of the treasury under Mr. .Monroe, who was an inti-mrte inti-mrte friend of Mr. Jefferson, had hear(ily espoused the cause of of re- |