SPECULATING MANIA. 411 lation, to which General Jackson, in his "humble efforts," stood pledged, an interdiet was made to all payments whatever on account of customs, or other dues to the general government, otherwise than in specie. Its agents, in like manner, were prohibited from disposing of any portion of the public domain, except on cash or specie payments. Notwithstanding, in these two years, immediately preceding the general distress of 1837, the sales of public land amounted to 32,639,348 acres, for which were paid into the public treasury, upwards of 40 millions of dollars in cash, being within ten millions of the entire amount received from the same source within the preceding forty years. The payments made to the government for lands within the last three years, ending September 30th, 1843, and for which there are returns, average not more than 1,328,500 dollars, in each year. In like manner, cotton, negroes (!) and all other description of property in America, advanced rapidly in price; for the south became seized with the same epidemic as the north and east. So desperate the ardour for speculation amidst the entire people--so reckless of all consequence, that crops were actually purchased, or large advances made on them, especially of cotton, before even that it was planted, or in the ground. The criminality and extravagance of these proceedings, materially tended to expedite the crisis that followed in 1837, and to which we have referred. Specie, that a short while before the period of this calamity seemed abundant, throughout every part of the Republic, and, in its universal circulation, to have reduced the financial theories of President Jackson into stubborn realities, or matters of fact, suddenly disappeared. Trade became paralysed— business of every kind suspended, except as to whatever interchange was found necessary to provide for the necessities or common wants of life. Even the lesser coin, including the smallest fractional parts of a dollar, that constituted a necessary part of the circulating medium in daily use, was swept away in one common whirlwind, and its stead replaced by what are so well known in every part of America under the euphonious and distinctive name or title of "shin-plasters." These were the neatly executed promissory notes, or engagements of nearly every retail dealer, with, or without character or responsibility, and who made use of this description of paper currency, some for 61, for 121, or 25 cents, being equal to 3d, 64d, and 1s, British sterling, with the other fractional parts of a dollar, and which they were wont to give as change, whenever change was required in their common intercourse or dealing. These notes, which were usually headed by a neatly engraved vignette, and executed with becoming taste, generally ran thus, No. 12 Cents. 1837. At sight, I promise to pay the Bearer, Twelve Cents and a half, in trade or Bankable Bills. N. N. That is, engaging to give goods in exchange, or OF THE STATE BANKS.. 415 drain which was made upon their resources, were again compelled to withhold specie for their notes. On the 9th of October, 1839, the United States' Bank of Pennsylvania commenced a second suspension; in this it was soon followed by most of the State institutions, south and west of the state of New York, and also by those of Rhode Island. The report of the secretary of the Treasury of the United States, dated January 8th, 1840, furnishes an account of the number of Banks in the several states at the time of this latter movement; the number that suspended; the number that had not suspended, &c. So far as information had been obtained, it appears, that the aggregate, or whole number of Banks, including branches, at this time in the United States, amounted to 959; that the number of Banks which suspended wholly in 1839, exclusive of those that stopped payment in 1837, amounted to 343; of those which suspended in part, 62; the number of Banks which did not suspend, 498; number of Banks broken, or discontinued, 56; number of Banks out of the aggregate of 959, that have since resumed specie payments, 48. A general mistrust, in consequence of this widespread calamity and the numerous difficulties it created, pervaded all classes of the American people. No person could in fact determine, or even surmise, his actual position in the world, or calculate with any degree of certainty, as to the limit or extent of his resources; for in the undefined state of the laws, as they were then recognized, with reference out according to the previously made arrangements of the parties issuing same. This was the principal circulating medium of the retail dealer and business-man of America, for a great part of the years 1837 and 1838; the completion of the grand experiment of President 66 Jackson," the straits and difficulties to which the nation was reduced, from the empirical contrivance of one man, over whom the laws, in their imperfect organisation, had ceased to produce any influence, or to control in his career of mischief and evildoing, until he had plunged his country into a state of commercial and monetary embarrassment, of of which it is to this day reaping the bitter fruits. The entire, furnishes a practical illustration of the benign and happy influence of Republican institutions; the beneficial consequences to the favoured people of these states, as well, the insufficient guards within the constitution, to restrain these and similar excesses; the overmeasure of absolute power vested in the President, enabling him of his free-will to plunge the nation into all these extravagancies-to disorganise society, and in an attempt to carry out some new theory, the mere fanciful creation of his own mind, shake credit to its centre, and reduce to want and indigence many thousands of his fellowcitizens. The several state banks that had suspended specie payments in 1837, partially resumed in the latter part of the following year, or soon after: but from the pressure which still continued, and the OF THE STATE BANKS.. 415 drain which was made upon their resources, were again compelled to withhold specie for their notes. On the 9th of October, 1839, the United States' Bank of Pennsylvania commenced a second suspension; in this it was soon followed by most of the State institutions, south and west of the state of New York, and also by those of Rhode Island. The report of the secretary of the Treasury of the United States, dated January 8th, 1840, furnishes an account of the number of Banks in the several states at the time of this latter movement; the number that suspended; the number that had not suspended, &c. So far as information had been obtained, it appears, that the aggregate, or whole number of Banks, including branches, at this time in the United States, amounted to 959; that the number of Banks which suspended wholly in 1839, exclusive of those that stopped payment in 1837, amounted to 343; of those which suspended in part, 62; the number of Banks which did not suspend, 498; number of Banks broken, or discontinued, 56; number of Banks out of the aggregate of 959, that have since resumed specie payments, 48. A general mistrust, in consequence of this widespread calamity and the numerous difficulties it created, pervaded all classes of the American people. No person could in fact determine, or even surmise, his actual position in the world, or calculate with any degree of certainty, as to the limit or extent of his resources; for in the undefined state of the laws, as they were then recognized, with reference |