The Old Democratic Times and the Present

First Bank of United States (Image from http://www.lexrex.com)

The readers may see what the people of the United States had to suffer after the war of 1812, we quote the following from Benton‘s “Thirty Years in the United States Senate.” He says:

Senator Thomas H. Benton

The years of 1819 and 1820 were a period of gloom and agony. No money, either gold or silver; no paper convertible into specie; no measure or standard of value left remaining. The local banks (all but those of New England) after a brief resumption of specie payments, again sank into a state of suspension. The Bank of the United States, created as a remedy for all these evils, now at the head of evil, prostrate and helpless, with no power left but that of suing its debtors and selling their property, and purchasing for itself at its own nominal price. No price for property or produce; no sale but those of the Sheriff and the Marshal; no purchasers at the execution-sales but the creditor, or some hoarder of money; no employment for industry; no demand for labor; no sale for the products of the farm; no sound of the hammer, but that of the auctioneer, knocking down property. Stop laws, property laws, replevin laws, the intervention of the legislature between the creditor and the debtor — this was the business of legislation in three-fourths of the States of the Union — of all south and west of New England. No medium of exchange, even, but little bits of foul paper, marked so many cents, and signed by some tradesman, barber, or inn-keeper; exchanges deranged to the extent of fifty or one hundred per cent. Distress the universal cry of the people; relief, the universal demand, thundered at the door of all Legislatures, State and Federal.

Now read the above and then mark the comparison between those good old Democratic times and the present. How do you like the contrast?

The Coshocton Age (Coshocton, Ohio) Nov 20, 1874

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