The North Carolina Standard

The New Orleans Bulletin in one article gives a statement of the present state of embarrassment in that city, and very correctly attributes it to the excessive use of credit which has prevailed; and in another article in the same paper the Administration is denounced as being the cause of the present difficulties. Every man of common sense knows that it is not in the power of the Government to increase or diminish the amount of credit; although the Whigs have alleged that the effect of the course of the Administration has been to destroy credit; yet the editor of the Bulletin, while he admits that the existing embarrassments have resulted from the excessive use of credit, charges the Administration at the same time with being the cause of the embarrassment. That the evil has resulted entirely and exclusively from the excessive use of credit can admit of no doubt in the mind of any intelligent and reflecting individual.

The banks have issued too large an amount of paper for their specie; merchants and dealers have purchased too many goods in England; speculators have purchased too much land, too many town lots, too much flour, and pork and beef; every thing has been carried on upon the high pressure principle, and the machinery has been strained until it could no longer support the pressure, and an explosion has been the consequence. Yet the Whigs undertake to impress the people with the belief that the evils have resulted from the course of the administration, when it was utterly impossible for the administration to restrain the use of credit, or to strengthen the machinery by which it was carried on. It might, with quite as much reason be alleged that the administration is chargeable with the bursting of a steam boat's boiler, as to charge it with being the cause of the present embarrassment and distress.

It could no more have prevented the excessive use of credit which the editor of the Bulletin and many other Whig papers have admitted to be the cause of the embarrassment, or have prevented the explosion which has taken place, than it can prevent an excessive application of steam to a steam boat, or the bursting of a boiler when it is applied.

The Whigs who made the charge against the administration, of being the cause of the existing evils are not so ignorant as not to know that the charge is unfounded; but they hope to be able to deceive the public, and induce them to believe what they very well know to be destitute of truth. They know that it is the excessive use of credit which has produced all the evils complained of, but as the favored few were benefited by the excessive use of credit, at the expense of the laboring many, they desire to revive and continue the ruinous system; and hence they are continually extolling the beauties and the advantages of the credit system. Credit is very useful in its place; but when carried to excess it is as ruinous in its effects, as an excessive quantity of steam is to a steam boat.

Baltimore Republican.