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Contraf, Satchman and ROOTPELLIEI TUESDAY, MAY 16, 1837. The Times, the Times,--are as bad as ever. Now is the country suffering the very evils prophecied by the opponents of the adminis. tration in Congress, when a ruthless war was commenced upon the currency ; and yet the administration editors, from the Globe downwards, will have it that this ruthless war is not the cause of the ide spread desolation.As well might they may that armies, spread ver the land to eat out its substance, and burn and pillage its towns and cities, would not cause desolation. However, the people have nothing less to expect from most of these men, living as they do upon the smiles and the money of the officeholders ; the public ought to know that by these men, any cause but the right one will be assigned. Thus far " overtrading" has been quite a favorite phrase with them, and the Globe has even pretended that the fact, that our trade with foreign lands last year exhibited a balance of 30 millions against us, is to be set down as one prominent cause of the pressure. This is readily disposed of in the first place it is not shown that the money has yet been taken from the country to pay this debt: indeed, the Globe iteelf shows that in April last the imports of specie were exceeding the exports; of course no want of money has yet arisen from th source. In the second place, the payment of this debt of 30 millions could not possibly occasion failures and losses to an amount of at least five times as great sum ; and in the third place, the fact that, a year after year the balance of trade has been against us to about the same amount, and has been paid year after year, without distress difficulty, conclusively shows that this is not or now the true source of trouble, " Wild rulation" is another favorite phrase-and a spcc- ve. ry foolish one. Wild speculation produce scarcity of money! Never--never. Speculadraw tion in a particular quarter of the country will money there, to be sure; but it will not stay there, unless the strong arm of the or the unrearrantable interference of the Exce- law, utive, as in a recent case, compels it to there. Any body can see-we care not how stay prejudiced he may be, or however strongly disposed the not to see-that any peculation, own wild, confined within the limits even and between citizens of cannot produce either own country, most country, scarcity our of of mo- our ney or general distress. However great losses of some individuals may be, others the the gainers, and the capital or wealth of are the mass suffers no loss. But let us turn from feigned causes to the mis-govdense ettement of the country, and the want of confiand credit consequent thereto. When AndrewvJackson came into power-let that word fit be taken in its fullest meaning-he to attack the bank of the U. S., and saw his deluded followers caught the anti-bank infection. Nexteame the gold of which developed the u and want of confidence in, Benton, cion paper of, humbag disease-suspi- banks Tom and money. the point, as is for the n e purpose of bringing about the present reign very d ruin, the same Andrew Jackson placed the of 's public revenue i the vaults of banks, thus af. s fording them in opportunity to issue the money more abundant!y upon the strength paper of public revenue and completed his victory n e, over the U.S. Bank by a veto, defeating a charter, ment and putting an incontrovertible argn. reto into the handa of capitalista to ask ot 1more and bank capital, which was effectively used for resulted in doubling the amount of bank ic tress capital. Here are elements enough for an enormous increase of banks, and dis. of e population Yet, had prejudiced against paper a rd Jackson stopped here, perhaps money.- the t, country least would have escaped from harm st, of torious for a time; but he did not stop: the at e treasury order followed-noturious noill having ter been issued by Jackson a few days af. as I the Senate rejected it, with only a solitary e, h. dissenting tinued voice, and notorious as being conhtwo by Martin Van Buren, after more i. ted thirds in both houses of Congress have than n. to repeal it. This order has carried vo. the y, id the specie from the North and East and South at there; West andSouth West, and is locking it to a does of course crippling the banks, while up nobody any good. In this state of things, he brought banks about directly by the Executive, a in plenty, prejudice against banks of Is bounding, have, and specie, the only soul a bank a. ly at not to be had-the failures b. York. New-Orleans and quickly followed commenced at New nd a red for The country was altogether on bank such a crisis: there WES no National unprepas for he with means and power to have ed there storm and to stem it when it prepared the was and is a host of banks, disabled come; but n measures of Jackson and Van Buren from by rt er affording of relief to others, and hard driven, of They ny them, to keep themselves above he because dare not supply the wants of the water.irt state they can not do safely, in people, Extortioners of public feeling and of public presHE banks and and shaverr look the affairs. 60 been have supplied money-but at rates place of roinous. The extortioners which may
