William Leggett

THOUGHTS ON THE CAUSES OF THE PRESENT

DISCONTENTS - William Leggett, Democratick Editorials:
Essays in Jacksonian Political Economy [1834]

Writes William Leggett

What has been, what ever must be, the consequence of such a sudden and prodigious inflation of
the currency? Business stimulated to the most unhealthy activity; a vast amount of over
production in the mechanick arts; a vast amount of speculation in property of every kind and
name, at fictitious values; and finally, a vast and terrifick crash, when the treacherous and
unsubstantial basis crumbles beneath the stupendous fabrick of credit, and the structure falls to
the ground, burying in its ruins thousands who exulted in the fancied security of their elevation.
Men, now-a-days, go to bed deeming themselves rich, and wake in the morning to find
themselves stripped of even the little they really had. They count, deluded creatures! on the
continued liberality of the banks, whose persuasive entreaties seduced them into the slippery
paths of speculation. But they have now to learn that the banks cannot help them if they would,
and would not if they could. They were free enough to lend their aid when assistance was not
needed; but now, when it is indispensable to carry out the projects which would not have been
undertaken but for the temptations they held forth, no further resources can be supplied. The
banks must take care of themselves. Charity begins at home. The course of trade is turning
against the country. We have purchased more commodities abroad than our products will pay
for, and the balance will soon be called for in specie. The banks, which lately vied with one
another in effusing their notes, are now as eager competitors in withdrawing them from

circulation, and preparing for the anticipated shock. They have no time to listen to the prayers of
the deluded men whom their deceitful lures seduced so far upon the treacherous sea of credit.
They cast them adrift without remorse and leave them to encounter, unaided and unprepared, the
fury of the gathering tempest. Or should, perchance, some tender hearted moneychanger relent,
and consent to tow a few victims into harbour, is it unreasonable that he should charge wreckers
fees for the servicehalf the cargo and twenty per cent commissions on the remainder? The
cashiers of some of our banks can tell you that these are but the usual rates.