Indiana American, Volume 9, Number 50, Brookville, Franklin County, 10 December 1841 — Page 2
ladieaapelis end Lafayette Turapikeroad--l $100,000 ofthe Webaab end Brie Can I Imi, sadi.rcatlv beieW noaaiaal value muiM t
the amount advanced ob tbe public work!, by M, i:. i;i:.: .
bsak, which bear aix per cent. i end about 30,000 ""r7 " , 7"0V . 7,B?
71 miles in length total estimated coat. $,797 1 the amount advanced oa tbe public works, by I ha
amount expanded, $73,183. Tee bridging and
ISMltmem of the Senate - and House of Repreientativt: In meeting together to consult for the general food, we are led te review the past, even while the mind it directed to the consideration of the future. Although the jear now drawing to a clee Int produced no amelioration of the cnuics which are distracting the business, trade and commerce of the country, the bounties which have been showered upon u. bv a beneficent Providence, rail for the
most lively expressions of gratitude tn Him, who is the source ef every blessing. ' The labors of the husbandman have been crowned with a rich abundance of the fruits of the arth. With tome local exceptions we have enjoyed a year of more than usual health. Thestorirsof war which lowered upon our
keiixen hat passed away, and the blessings of
peace are continued to our common country. Liberal principles, sound morality and pure religion have exercised their restraining influence upon the community, and we have been spared the pain of witnessing those in
fractions of law and good order within our State so dangerous to our institutions, and
subversive of the fundamental principles of
onr government. You have mr.t under peculiar lytryingcir
aimtUtvcei. Since the adjournment ofthe last legislature we have reached a crisis in our af
fairs, dreaded indeed hy many, but which it wet hoped might by avoided. In jiana, until the present year, had succeeded in paying the interest on her public debt, and at the
last session ample'prouiBioii was supposed to
have been made for its payment this year,but circumstances beyond the control ofthe agents ofthe Slate, have rendered it impossible to procure the necessary funds, and we art compelled to admit the unwelcome truth, that the credit f the Stale has not been sus
tained, j It now devolves upon the legislature to devise and adopt measures, the best adapted to the exigencies of our situation. To do this, it becomes necessary to look over the wbole (round to examine our exact situation with the ttriclest scrutiny, and uaake the most cor reel estimate wc possibly can, of the liabilities and means and resources ofthe State. In order that the whole subject may be fully resented and understood, I shall in the first place consider somrwhat in detail, the commencement and progress of those measures, he unfortunate issue of which, has involved the Sthte in her present difficulties. -. Id the year 1827, the State of Indiana ohh ml n f t from fnrul nArornmonf m mint
f land to aid in the construction ofthe Wabash und Erie Canal, with a view to connect the Wabash river with Lake Erie. A por-
'(ion of this grant torrcinlercd to thesla'e'
f Ohio, on the condition that she would construct the Cnel from the boundary cf Indiana to the Lake This canal has beeu completed, ready for navigation from Lafayette cn the Wabash, to the eastern line of (he Slate. This work is not generally regarded as forming part ef the general system of Internal 'Improvements, in the prosecution of which the State subsequently engaged in the year 183d. It it now understood that Ohio will complete her portion of the line ir. 1842, hy which en uninterrjpted communication will fee opened between the Wabash and - Lake Erie. In the month of January 1836, thelegislatare passed an act to provide for a general . ay stem of Internal Improvements, embracing v number of expensive works. The extent and present condition of these works, including the Wabash and Erie Canal, with the
" total disbursement thereon, up to the present
lime, with the expenditure under every head.
way be briefly summed up as follows:
1. The Wabash and Erie Canal from the
- State line to Tippecanoe, 1291 miles in length.
completed ana navigable for the whole die
; fence, at a total expenditure, including payment for every purpose, of $2,041,012. This tern includes th cost of the steam boat lock
- e4 the Delphi dam, now nearly finished.
2. The extension ef the Wabash and Erie
Canal from the mouth of TiDoecanoc to Ter
re Haute, 104 s miles. Total probable cost $1,500,000 amount expended, $408,855.
she navigation opened as far down as La fay
ttte, and a portion of the work performed in the vicinity of Covington. 3. The Cross Cut Canal from Terre Haute
to Central Canal, 49 milet in length estima
ntd cosf.$7 1 3,672 amount expended ,420, 79. No part ot tee work is navigable.
4. White Wtr fanal from I .arinrhiirv
9 a IL. b . L. .fM.,,1 1. mc, -i
estimated cott.$ 1, 675,738-amount expended
$1,099,867. Thirty one miles of this work
navigable, extending from the Ohio river to
HrookviMe.
5. The Central Canal from the Wabash and Erie Canal to IndianapoIis,includingthe
eeder dam at Muncietowp. total distance
I24i miles total estimated cost, $2,299,853 . . , amount expended, $568.046 -eight iiles
completed, other portions nearly done. 6- Central Canal from Indianapolis to Ev-
esviiie, on me Jhi river. Length 194 miles
total estimated cost, $3,532,394 amount expanded, $ S3 1,302--19 miles ef which, at tbe southern end, connected with the Ohio
surer, are finished, and 26 milea extonHmo
c ai m a a 4.m.
eotu iroin Indianapolis, nearly nntshed. 7. JErie aad Michigan Canal, 1 821 milet
- . .s.u,o-0 amount expen- ; Jed. $156-324. NVpart -of this work is finTha' Maditoo and Indianapolis Rail Read 851 miles long total estimated cott, 3.nl6.f)00 amnuat mm.h at sennit
- w v f , m-wwv mwm Road finished and in operation for about 28 i Grading very nealy finished on 27s !
AIM la tf fitten extending to Ediagburgh. I
moot of tbe grading done oa 27 nwles from Craw
lorasviue to Lafayette. 10. New Albany and Vincennes Turnpike road 105 miles long estimated cost, $1,127,295 mount expended, (654,411. Forty-one miles graded and McAdamized, extending from New Albany to Paoh and 27 milea in addition, partly graded. - - . 11. JefiereonvilleaadCrawfordsville road 1641 miles long total estimated cost, without metal-
ling, $952,000, with metalling added, the cott
wouw be Sl,b31,ttu0 amount expended, H75f,733.
roriy-faves milea partly graded and bridged, ex
tending from leffersonville to Salem, and from
(f reencastle north.
12. Improvemeat ofthe Wabash Rapids, under
taken jointly by this State and Illinois, one half of
the estimated cost of winch i JUZ.O0U amount
expended by Indiana, 9,539.
There baa also beea paid for the ireneral contin
gent expensce of the Board of Internal Improve
ments, for the purchase of instruments, etc., char
geable alike to all the public works, the sum ef
36.J64 41.
By summing up the foregoing atatement, it will be seen that tbe whole length ia 1289 miles, 21
milea of w)i;ch have been completed aggregate
estimated cost of all the works, $19,914,424 a-
mount expended for all purposes, apte this date, ,164,529 21. The above estimates of the cortof the entire lines, are bated on tbe cost af the work already done; front which it appears it would require to complete the whole of tbe above works, 11,750,000 At tbe present reduced prices, it might take less, were it net for tbe logs and dilapidation oa the unfinished portions ofthe works. Followins in immediate connection with this
view of our public works, is the amount of the whole public debt of tbe state- Including all our liabilities, this may be estimated at 15,033,146. i There is some difficulty in ascertaining the exact
amount of a part of the items, bat upon referring to the most accurate sources of information, it is beliered the following statement will be found substantially correct: 1. For the Wabath and Erie Canal. 1 1. 727,000
For the establishment of the State Bank 1,390,000 For the enlargement of the capital f -aid bank. 1. COO ,000 Advanced to the Bank in antic
ipation of fourth instalment of
the Surplus Revenue 204.000
ft. For bonds advanced to the T.awreneeburrh and Indianapolis
R. Rod Company 231,000
For bonds sold for the Internal
Improvement System of 1830 7.050,000
Due the State bank for advances
on tli Public Worka-includine
interest 9S,M6
8. Amount of Tmnirf Notes out
standing 1,308.000 0. For t Jul inStnt of interest 259.000
10. Hypothecated bonds sold. 404,000 11. Bonds now hypothecated 665,000 12. Interest on outstanding Treasury Notes 85.000
of aeven per cent, beads recently disposed of ia
payment of interest. The annual interest on the above sum may be set down at 582,440 dollars. If
we add to this the amount to be paid for exchang
es, commission, expenses, Ore. the least amount
necessary ta discharge the interest on the above part of the publ: debt, will varv but little from
615,000 dollars annually.
To pay this amount of interest tbestate posses
ses tbe following means, which may be relied oa
witb certainty:
1st, The interest on the proceeds of selee ofthe
Wabash and Erie Canal $24,000 2d. Interest from Surplus Revenwe 32,000
2. 3. 4.
6. 6.
Total $15,039,146 Ti.ere has been advanced on the bends now hypothecated, 145.000 dollars nearly. Should this sum be refunded by the sale of Stale bonds, that i! n will be reduced to tbe amount of bonds sold to redeem those hypothecated. When the revenue of the year 1641 shall be paid into the treasury, the atneunt of treasury notes will he reduced perhaps to $850,000. That part f cur liabilities usually called the suspended tebt, upon which nothing hhs been received, in which may be included the Cohen property conaists of the following.-
Due from tbe Morris Canal and Banking Company, for bonds
old to increase f-e etock of the State bank From the same, for bonds sold for Internal Improvement purposes From other companies Cost of Cohen property.
3. 4
I.OOO.OOO
1,146,000
694.000 241,000
Total amount of the sespendd debt $3,381,000
By a joint resolution, "in relation to money due
in eastern cities and statea. for state bonds dispos
ed of, approved February 24, 1340," it was made
the duty of the Fund Comimssioaers to require collateral security to double the amount of tbe
bonds sold to the Morris Canal and banking com
pany, to raise money to increase the capita) stock
ofthe state bank, or require payment of said bonds.
or the return thereof. By this transfer to the Ca
nal Fund Commissioners, the management of this
debt was taken from the othcere of the bank, and
it has siure then become blended with the debts
contracted on account of the general Internal Im
provement system.
No correct opinion csn be formed ofthe probable
amount which will be realized from tbe suspended
debt, nor of the value of the collateral securities
taken at different times for its payment; the eecur
itiesare as various as can be well imagined, and
many of them are doubtless scarcely worth the pa
per employed in conveying them to the state. A
part of the debt may be recovered, but bow much,
t r when, are questions it is impossible tc answer One thing, however, is pretty certain, that very lit
tle of it can be collected ia time to be used for any
immediate purpose.
The public debt ofthe state may be srraaged un-
oer i Dree ainerem beads.
Firti, That part upon which tbe inte-estcan be paid without a resort to taxation. This includes
the following loans, Via.
1st. Original loans to create bank stock 1.990,000
Zd. Advanced to the bank ia anticipation 6f the 4th instalment of the
Surplus Revenue . 24,000
sd. Advanced to tbe La wreneeburrh
and Indianapolis Rail-road Company 221,000
Total $1,905,000
aeeead, I he I reasurv Notes remaining ia cir
culation. The wbole amount issued up te the f rst
or rtoremeer, 1S40, was, 1,450.000 dollars. The amount which has not been returned te the treasury is estimated at $1,300,000. These bear inter
est from their date until redeemed, at tbe rate ef
six per cent, per annam.
Third, This part ef the public debt consist of
an tnoee liabilities or every description exclusive of the treasury notes upon which interest is deataadable, and for the payment of which no adequate means are at present provided. These may he stated as follows: 1. fonds sold forth Wabash and En
C'enal $1,727,000
uonds disposed of for Internal Improvement purposes Principle due the state bank for advances en tbe public works Hypothecated bonds sold and unsold r or bonds sold to the Morri Canal
and Banking Company, to increase the capitol stock of the Sute Seek 1,000,000
7,050,000 641,500 1,069,000
TVs sea bear
Total percent.
$11,487,500 interest, aicopt
Tota $56,000 Which being deducted from the proceeding
sum of $615,000 leaves the annual interest
due under the third head, at the turn of $559,
UUU.
The proceeds from tells, water-rents, fer some time. And all other extraordinary
sources of revenue brought into the estimates
usually made, are too uncertain to be relied
upon at present. But I think it may be calculated safely that in five yeart, should Ohio complete her portion of the work at teoa as expected, the tolls and icntt derived from the Wabash and Erie Cabal, when added to tbe annual interest received from the sale of canal lands, will be sufficient to pay the interest on on the loan foi its construction. It will be discoveied from the foregoing
statements that we have a two-fold debt pressing heavily upon us, from which immediate
relief cannot be expected, namely, the sum
actually expected on the system of Internal
Improvements adopted in 1836, comprising
works which are not in a situation to yield
any piofiit,and also the suspended debtupon
which the accriung interest is to be pato, al
though the State has not rece'ved any part of
the principal.
It is due to ourselves in this state of our affairs, t examine into some ofthe prominent
causes which have produced the present em
harrassments. The first of these is doubtless
to he found in the number of a large and ex pensive werke, embraced in the system ef In
ternal Improvements, and their simultaneous
prosecution. Alro the unexpected increase
in the prices of provisions, labor and maleri
als was such that a sum much greater than the
original estimates was tequired for the con
ttruction oi tbe public works. I wo great
errors were committed on the progress of the
system. I be hrst wet pavine the most cf
the interest out of the money borrow t-d. This subjected the State to the payment of compound interest, and the people not feeling the pressure oftaxrs todischarge the interest, naturally became inattentive te the polk) which was pursued. Had the legislature commenced by levjing taxes te defray the interest as it accrued, its amount would have been a cei lain index to the sums expended on the
works. This of itself would have done much
to check extravagant expenditures. The econd error was selling aonds or credit.
This finally led to (he must disastrous consequences, and it constitutes a prominent cause ofthe failure of the State, to progress with the
general system of improvements, that those
companies to whom bonds had been sold on time did not comply with their contracts.
During the .Summer of 1839, several very
mportaat works were rapidly progressing to
completion. Loans had been negotiated with
the Morris Canal and Banking Company, and
other Companies of less note, amounting to
nearly two millions or dollars, and generally, the proceeds were tn be paid to the State in monthly installments, so as to enable the canal commissioners to meet their engagements.
with contractors on the public works. Every
thing seemed to he moving forward as prosperously as could be desired until the month
of August, 1839, when the Companies be. came unable to fulfil their contracts. As a
matter of course the operations on the public
works ceased immediately, except the Madi
son and Indianapolis Rail Road, for which a special loan had been made with a company
in Madison. In a very short time the situation ofthe country became such, that money
(o progress with the works could not be obtained from any quarter.
But the enumeration of the canes which
produced our present embarrassments does
not stop here, particularity as relates to the
nonpayment ol interest. The legislature at
the last session made provisions for the ay n.ent of interest, and the redemption ofTrea
sury notes by authorizing the tale of bonds, to
not exceeding seven per cent, interest, and
hy directing the levy ef a tax of forty cents
on each hundred dollars of the grand attest ment. At it well khown, the Fund Commit-
sioner could not dispose of bends on the terms
required by the legislature. Nothing could aia.a si
be reaiisco in me collection of taxet toon
enough to meet the July instalment of inter
est. But thit it not all. The act of 1840, authorizing the issue of tbe Treasury notes,
made them receivable for taxes, and it will be found when the revenue of the present
year shall have been paid into the Treasury
that most, if not all of it, will be returned in
Treasury notes which by law are required
to be destroyed at they are received by the
Treasurer ef State. And the amount of
those r.otet in circulation mutt prevent us for
several years, from -deriving any available means from the collection of taxes, with
which to liquidate any part ofthe interest on the State debt. The condition of the suspen
ded debt is such, that although portions ef it
may be collected, yet we cannot procure it to
pay interest as it 'alls due. Such is actually our condition, and candor and justice to ourselves, and to our creditors, require us to acknowledge, that we have neither under our control nor in prospect, for some time te come, the meant to discharge tbe interest on the whole of ear public debt. ! It it tre we might by tt sat tf bends
(he vast depreciation of our bonds, the debt ofthe state would soon be aucmented to a
sum so large tbat it would be impossible
unaer tne most lavoianie ctrrumttnra.
to sustain itt accumulated weight. Kurh a
line of policy muslin the end, lead to a failure
more disastrous and oppressive in is conse
quences than to pause at the present period
. . etc -
oi onr aiBcuiues. Ileavv sacrifices te nav
interest will add to the existing burdent of
the atate, without the most remote piomise
of ultimate relief, although thit mar not be
true in respect of measures,to secure the com
pletion of some ef the best works, tbe cum which
it would e accessary to lose in order to pay our
interest at tbe preseat selling price cf our bends, if
property and prudently applied annually, would do
more to relieve the etate and calm the fears of ju diciouo creditors, than large end continued aacri
fices to racet the interest white permitting the
weras ta decay.
Ptevcrtneles it becomefus to leave nc efforts untried t recover eur former position. Indiana
possesses aa euterprisinr and a rapidly increasiae
population. Tbe natural resource of the State as
they thall be developed by the industry ef ber citiseas will add continually te bar wealth, uid tbis very addition will result ia a constant relative diminution ofthe burdens of the publie debt. It is our misfortune that we cannot support tbe faith of tbe State unimpaired. Still we should not despair of recovering from eur diiculties whi'c any
means remain within our power witu wbieb wc
can work. Although whatever means available at
present, arc insufficient t pay all the interest, en
our internal imprevementdcbt.yet can wo act with
these, and such other resources as can be reached, properly and prudently applied, place tbe State in a situation tc pay ber debts, and finally redeem ber sunken credit. Unless infamy is to be sought in the suicidal measure of redeeming the publie debt, and wc furthermore adopt the destructive policy of abandoning all of the publie works comprised in the act of 1836, thus throwing away st a dead loss forever all that has beea expected, the state eould not do better than to collect all her scattered mesne, which can be made available and with a determined effort, endeavor to place some of the most valuable works, ia a condition to become profitable.
So far as it can be dona consistently with tbe public good, aad the pledged faith of tbe State, and
without granting privileges which may prove set
rimental te the future interest of tbe citizens, the
State would do well to secure the assistance of
companies, who may be willing to contribute towards the construction cf the publie works. That companies can be found to embark to any great extent in an enterprise of this character, I do not believe. Nevertheless en some of the lines it is
7 As tbe eessien efCeovi kt... .i r
kiu connrroed. to ditioaal q-iantityof land, to be applied.. continuation of tbe Wabash and r. . '
to Torre Haute; and the selections aflT made by tbe State authorities have bee?'
iue oeaeral C.J
i, rrr r 1 11,11110 ,h . . - 1
" ". limner, a to r, d estimate of the cost of this w.h, "(
made by an experienced Engineer, th... sense of which was dfravl 1.- .l. . . c
r- - "j me citifM af the f MillllM ihrnuak Bkl.k .V. .
" me .tai
pass, l lie surveys and estimates wi!J be
before you.witn the proper explanation
a ucec leiias were ciaime oy the State her claim was allowed k f V r. '
ticular object, and it will devolve on the I ent legislature to determine, when .j l.
it shall he applied to the accompliihaesui that object. '
Some modification ofthe laws.
me wM employed on tne public vierki. advitable, with a view tethe most ririd
omy consistent with the general intereiuJ
Agents to superintend the works already k' isht d, and preserve the public nraaen. JL
unfinished portions of the works, will b ts quisite. Tbe ofiee of chief Engineer, in believed, may be dispensed with for U ent, as the services of Engineers fox open,
...... wu j ! inuiar line can at all Ctfltf be procured. In tbis epixion the chief ) gincer and his colleage on the Board ef paw lie works, both concur. It is not virv mats'
rial, what particular mode is adopted in
erence to these matters, so that the interest si
the atate are sulhcienlly protected, and t!
retained in her service' are competent, si
uiiucr a proper supervision. Tbe affairs ef the state bank will claim jsarutention. As exhibited on the 30th or Octobsr lit the condition ef tbe bank wu as follows
MEANS-. Discounted notes and bila of sichange fS.TOS.lM Ifeiances due from, aad aetes ef otasr banks 417.M0
Specie 1,17 ,M C
uiher reseurses 1,395.491
Total
18.649.210
3
currently understood that associationsofindividuals ean be induced to step forward, andiaest" fends in the shspeof Stork to an amount which will tford efficient assistance in emoletien ef thoee
works. Noah Noble. E?q.,the Fund Commissioner, has beea assiduously engaged through the present year in the duties of his office. Your most earnest attention it invited to his very full report, which will be laid lefore you. Its magnitude and the variety of topics, relating almost exclusively to the suspended debt, and
the collateral securities taken to crruia i-s payment, forbid my attempting any particular
statement of its contents. You will perceive
frcm the renort that the oreuter nnrt cf the
suspended debt is involved in no doubt aad
dithcully. i.very fair and impartial mind must'receive the impression, thai Indiana has been in many instances the victim of preconcerted imposition and fraud. If broken bankt were to be resuscitated fordishnnest purposes, Indiana Bonds were obtained by the projectors to aid in the enterprise. If clamorous creditors were '.o be satisfied, it it to be feared
that they sometimes lent assistance to their debtors, in cajoling our agents out of the bonds. If heavily operatng institutions were
involved in extensive speculations under
which they must sink, unlets a powerful effort were put forth, Indiana bonds were procured
at nearly their par valne,and thrown upon the money market at reduced prices, to raise the means of meeting a pressing emergency.
There is nothing pleasant in arriving at these
conclusions, nor in expressing them, but
while so much is said in a spirit of reproof, on the subject of Indiana protecting her credit under such a complication of difficulties, we ask to have it remembered, that some of those
upon whom we relied for the means of pro
gressing with our public works, have not kept their faith with us. How much soever we may be obnoxious to cen.ure, as a State, fer
the inconsiderate manner in which the svs
tein of Internal Improvements was projected
ana prosecutca, it is our misfortune, and not
through any dishonest intention, that we oc
cupyour preaent position. Could we collect
the whole or even a moiety ofthe suspended
debt, much could be accomplished in sustaining the faith ofthe State. It was the creation of this debt, which put a stop to the oper-
uonson tne puoiic works, and its weight is now crushing the energies of those, who are struggling lo sustain the credit of Indiana. As to our own public agents indentified with these transactions, so fares any of them have wilfully violated their duty, ther shculd
answer therefor to the proper tribunals ef the
country if ou will or course, in justice to all concerned, give this subject a fair and impartial investigation, and if necessary, direct
such proceedings as justice and the interest ef
the Mate may demand. In presenting the preceding details, views, and remarks, respecting the condition of the affairs of the Statetnd of the suspended debt, I have found no pleasure. An imperious sense of duty has alone induced me to adopt tbe course I have pursued on tbis occasion. As regards the public works, the State debt and
our future prospects, it can subserve no useful
purpose to ourselves, or te our creditors to
conceal our real situation. When all know the ground upon which we stand, the wisdom
of future measures can be fully appreciated,
me oejeci at wnich our exertions should be aimed, can be more clearly perceived, and tally understanding the premises, the probabilities of a favorable result can be tbe snore readily estimated by ourselves, end those so wsen we nvayloek tor aatUraeat.
Netee ia circalatioa
Individual depositee
LIABILITIES.
Other liabilities, except those fer the
stock and ita profits
$3,040,414 J
Balance being ameaat of Mlate and
individual slock, and nndivi-
294.7P4
-4d7,lfr4
ded profits
i.64.Xlt
It is to be remembered tbat in the year 1539 tl
Htateused $641,461 00 ef the mesas of tbt bi
upon which not even the interest has been ptid.i
to this amount is restricting tbe power of loinii
to tne citizens. As a matter of course, the bsi
like individuals, feels tl.r pressure i f the titv
and il has become almost essential to the
istence of seme of the branches that this i
should be liquidated.
The subject of resuming specie paymti
has been frequently pressed on the weitci
banks. It is difficult to foresee all the rem quences of such a measure, but one thins;
certain, that a change in the times for
better, will not be fully established oiitillht:
has been a return to a specie paving cum
ry, resting on a durable bais. Still the oil
permanent remedy of the present diitrert to be found in the removal of individual
debtedness. Such a result must be produce
mainly by the profits arising from the sale
the staple experts of the country, and the if te.rchance and transfer of property, ard ill
surplus productions oi laoor in me paymn of debts; and a well regulated currencj, sat equal exchanges are most important spot! in facilitating that part of these operatic oi.ij
which money is requisite in buving and it
ing, or to pay debts at heme, and especial!;
abroad.
It must, however, be borne in mind ll
another crisis is before as, in which erenrki;
of property will be liable to a further dsprecij
ation. Just as sunn as the IbsnKt returns
whether immediately or at some distant M those banks, unable 'to withstand Ihe ibou mutt sink, the most, if not all ef them nevtr it rise again. As most of these have a Urr circulation, a vast amount ef paper rosn depreciated in value, or proving worlhlcM ij the hands of the holders, will add te the siK ten of the times. At the re sumptisa ef W cie payments, the paper of all these onsblcfj redeem their liabilities in geld and must suffer a depreciation which will ren it nearly valueless in the payment ef dtbv until it shall have undergone the shaving prc
cess of the brokers oDce. One matter v. dm materially effects the present embarraHmcn consists in the great declension in prices, lK real effect of which iathe same as if the s
indebtedness ofthe country had been iocrrK ed in a similar proportion to the tcs'K which has taken Dlace in the value of I'M
and every kind ef transferable property-' A like result may be produced by cautinr 'fS
pronation of the circulating medium. '" ever the leading banks in the West shall 1 commenced paying specie, tbeir paper ria te. th - it..t.rt. Hie amSUSf
their circulation will be rapidly dimi'MJ and for safe protection not be throW,V'j again, until it has been clearly "ccrta)
wnatbaakine institutions bare survive ;
paper which roust depreciate, and it sssj
i. j rw r .l:. fitwte.
imac tne a rcavurj asm vi ini ' remain for the debtor, who will discover
unexDectediv.tbat his debts have been ei
red bvtba Increased amount of Svckf'
which it will require to pay those debts t
traciea, at Dome ana aoroaa, who to a mora uniform afata o curJCBCff
m icaaa
every consequences naajr nriag j sumption, I tear thenar wUl fodsvteeVJ
. a . .-H - - m - imj