Richmond Palladium

From the Indiana Journal.

A HARD-MONEY CURRENCY.

Its effects exposed.—Its Locofoco parentage proven.

A SPECIE CURRENCY! This humbug, which the redoubtable Mr. Benton put in motion and which has resulted in Bank suspensions and explosions, Scrip-notes, absolute dearth of specie and general distress, is the Locofoco humbug yet! It stands shoulder to shoulder in the Locofoco creed of Regier, with Free Trade, Direct Taxation and No Distribution of the Public Lands! Let us adduce the proof of this, because Locofocoism will change its position, as it ever does in a twelve-month. That Party, although the authors of them, profess now an utter horror of all State Banks. Their policy is, if they procure the power, to wind up all Banks as fast as their Charters expire; and to admit of the existence of no Banks except such as shall issue gold and silver as a Currency, and paper only as Exchange, based upon the gold issue. To say nothing of the common and proverbial slang of the Roast Beef Party in reference to Banks, we will descend to a few particulars of recent date. The Globe, the leading organ of Locofocoism, of the 11th of last month, contained a letter from Locofoco Senator Tappan, of Ohio, denying the constitutionality of all Banks, and telling the People of Ohio that they have no use for Bank Notes—that they have nothing to sell but what they can get the gold and silver for. Senator Tappan is an oracle of Locofocoism. Upon this letter, The Globe thus speaks: "He thinks with Judge Tappan—that the gradual Extinction of banking institutions, as their present charters expire, is the only means of prevention against the recurrence of the calamities that now overwhelm the country.—If banks are ever to be useful and salutary, they must be established upon the French mode!—issuing specie ALONE for a currency, and paper only as exchange." This is broad ground enough. It is the EXTINCTION of Banks as fast as their present charters expire; and no Banks except such as shall issue gold and silver upon the French mode.—That the Reader may form some idea of the operation of the French mode upon the working class we quote a short extract from a letter written by Gen. Cass, while Minister to France, to Martin Van Buren. Mr. Cass, it will be recollected, is a Locofoco. Speaking of the condition of things in France, General Cass wrote: "It is impossible for an American to conceive the true state of the Working class. Perhaps THIRTY CENTS a day may be THE AVERAGE PRICE OF LABOR throughout France! and out of this THE WORKMAN MUST FEED AND CLOTHE HIMSELF! And then come the seasons of interruption, when work is almost discontinued And WHO but the STARVING MECHANICS ARE THROWN UPON THE COMMUNITY TO SEEK THE SUPPORT OF LIFE AS THEY CAN!" James Whitcomb, the Locofoco Candidate for Governor announces his hostility, says the Locofoco Indiana Eagle to "all Banks, State and National." So much for State Banks. As it regards a National Currency, we all know the sentiments of that Party—they will have none. When it was apprehended that such a Measure would pass at the Extra Session of Congress, we all remember with what unanimity the Locofoco Party avowed their determination to REPEAL its Charter! This was the language of their Member of Congress. Locofoco State Conventions were held in Maine, Vermont, New York and New Hampshire, in which resolutions were adopted like the following, which was passed by the New Hampshire Locofocos:— "Resolved, That the Democratic party of New Hampshire, will support no Candidate for a seat in the Congress of the United States who will not, when requested, pledge himself to go for the ABOLITION AND UNCONDITIONAL REPEAL OF THE CHARTER OF A NATIONAL BANK which may be created by the dominant party." At the head of the Locofoco Indiana State Sentinel floated the following, in 1841: "NO NATIONAL BANK to swindle the laboring population." General Howard, the great I AM of Loco-focoism in Indiana, speaking of a National Currency says: "I am OPPOSED to it in EVERY FORM and UNDER ANY NAME. No such Institution can have support from me. It is the POWER and not the NAME that I resist."— James Whitcomb, we have already seen, declares himself against it. And now for the cap sheaf: From the Locofoco Indiana State Sentinel, of the 5th of December last, we take the following delightful paragraph, viz: "At Gibraltar there are no banks! There has never been a pressure in the money market, and property undergoes no fluctuations. SPECIE IS THEIR ONLY MEDIUM! Our Eastern Merchants know this. IN CUBA there are no convulsions as in PAPER money countries—no ruinous bankruptcy—and the trade there amounts to $45,000,000 a year, and the currency is sound and fluctuating! HOW IS IT THAT FREE AMERICA CAN NOT HAVE AS SOUND A CURRENCY AS A DESPOTIC GOVERNMENT!" This, now, is Locofocoism, on this subject!— Opposed to State Banks, to a National Currency in all forms, and in favor of the French mode, the Gibraltar mode and the Cuba mode of doing business with specie, in this Republican land. It is all of a piece with the accursed and revolting edicts of Martin Van Buren, for the utterance of which he and his allies were "triply damned" in 1840. But this article is long enough. In another column we advert to the effects of this miserable policy upon the People.