One single proof may be given of the ruinous policy of the Jackson administration in temporising with the
1
Paragraph from a New York paper. That old, deaf English maiden lady, Miss Martineau, who travelled through some of the states, a few years since, gives a full account of Mr Poindexter’s death; unfortunately for her veracity, the gentleman still lives; but this is about as near the truth as the majority of her statements. The loafing English men and women who visit America, as penny-a-liners, are perfectly understood here, and Jonathan amuses himself whenever he meets them, by imposing upon their credulity the most absurd stories which he can invent, which they swallow whole, go home with their eyes sticking out of their heads with wonder, and print all they have heard for the benefit of John Bull’s calves.
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The clocks in America—there rendered so famous by Sam Slick—instead of the moral lessons inculcated by the dials in this country, such as “Time flies,” etcetera, teach one more suited to American feeling:—“Time is money!”
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And in this opinion I find that I am borne out by an American writer, who says—“It is true, indeed, that the American government, which, as first set up, was properly republican—that is, representation in a course of salutary degrees, and with salutary checks upon the popular will, on the powers of legislation, of the executive, and the judiciary,—was assailed at an early period of its history, and has been assailed continuously down to the present time, by a power called democracy, and that this power has been constantly acquiring influence and gaining ascendency in the republic during the term of its history.”—(A Voice from America to England, by an American Gentleman, page 10.)
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One single proof may be given of the ruinous policy of the Jackson administration in temporising with the credit of the country. To check the export of bullion from our country, the Bank of England had but one remedy, that of rendering money scarce: they contracted their issues, and it became so. The consequence was, that the price of cotton fell forty dollars per bale. The crop of cotton amounted to 1,600,000 bales, which, at forty dollars per bale, was a loss to the southern planters of 64,000,000 of dollars.
5
A curious proof of this system of hoarding, which immediately took place upon the bank stopping payment, was told me by a gentleman from Baltimore. He went into a store to purchase, as he often had done, a canvas shot-bag, and to his surprise was asked three times the former price for it. Upon his expostulating, the vendors told him, that the demand for them by the farmers and other people who brought their produce to market, and who used them to put their specie in, was so great, that they could hardly supply them.
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