15

and the work was continued. Need I stop here to in-
quire what was the effect of this mistaken policy on
the prospects and fortunes of the country? The melancholy
response of suffering thousands is wafted on every breeze.
Entire derangement of the whole monetary system; prostration
of public and private confidence: fluctuations in the value of
property; sudden expansions and fearful contractions are
some of the results of a policy which has brought us as [illegible]
tion, to the very of bankrupcy.

Having destroyed the Bank of the United States which had
furnished, at all times, a currency equivalant in value
to gold and silver, a resort to another system of currency
was [illegible] necessary. The State Bank system was re-
gard as the most plausable, and it was even alleged that
State Banks could and would, furnish as good or better cur-
rency, than the Bank of the United States. This experiment
was made, and with what success, is clearly set forth
in the history of the times. At the period of the ex-
piration of the charter of the Bank of the United States
there were a number of State Banks in operation, but it
was deemed necessary still further to increase this num-
ber, in order, as was alleged, to supply the vacuum in
the currency occasioned by the withdrawl from conso
lation of the notes of the Bank of the United States.

Thus the State Banks were increased until they reached
the astounding number of about nine hundred.

To secure the public confidence, and cause the lap of the