Page:The Green Bag (1889–1914), Volume 11.pdf/201

 178

Blair was elected clerk and, by order of his pied their attention to the practical exclusion court, forcibly took the records of the " Old of internal finances and economics. The Court" from Achilles Sneed, the venerable people knew little of the workings of their clerk of that court. At the end of two years government and even less of the problems of popular reason was restored and with it the peace, such as the currency or commercial judges of the " Old Court" resumed full dis relations. charge of their judicial functions, although at Long wars in Europe had done much to no time had they abandoned their post of drive specie out of circulation and to sub duty. stitute an inflated paper currency. In this country commerce was practically restricted Much has been written and told concern ing the long campaigns that were waged be to exchange and barter. There was very fore this controversy was ended. While it little specie here and, it is believed, only one was at its height the periodicals of that day bank during the Revolution — that estab — the " Patriot" on the side of the "New lished by Robert Morris in aid of the Con Court " and the " Spirit of 76 " on the side of tinental Congress. In 1789 there were but the " Old Court" — contained many articles three; in 1800 twenty-six; in 1805 thirtythat for elegance of diction and force of logic eight; in 1811 eighty-eight; but two years might well compare with any papers in the later an abnormal demand for paper cur Federalist. Little, however, has come down rency had increased the number of banks to to us to show the extraordinary crises out of two hundred and eight. A large propor which these troubles arose and the important tion of the specie of the country was in New bearing which their solution has had on England which had kept up a sort of com constitutional government. History repeats mercial intercourse with other countries itself and, while some of the questions grow (with neutrals if not with enemies) despite ing out of this conflict are perhaps forever embargoes and proclamations. Most of the settled, there are others still coming up to banks were located there. harass and to perplex us. Moreover we In the South and especially in the new ought not lightly to dismiss a cause — albeit State of Kentucky, then known as the" West," a lost cause — espoused by such men as there was but little money of any kind and Bibb, Rowan, Barry, Sharp and many others, the development of Kentucky's vast re and it is therefore proper to briefly review sources offered a promising field for invest the conditions out of which these difficulties ment and speculation. Of course the money arose. for such purposes had to come from the The United States Constitution is, of East, mostly from Philadelphia. Philadelphia course, recognized as the prototype of all merchants supplied nearly all the increased existing State constitutions mapping out (as and increasing demands of people in the Montesquieu had indicated) the three dis new State for necessaries — then comforts — tinct departments of government — legisla then the luxuries of life. In this way the tive, executive and judicial. From the time population of Kentucky came to constitute of its adoption down through the troubles one large class of debtors, the creditors re with France, Spain and England to the end siding outside the State. of the second war for independence in The country was already suffering from January, 18 1 5, the affairs of the United States the want of confidence caused by a depre as a nation and as collective States were con- ciated paper currency, but the people seemed ' ducted on a war footing. Few real or severe to think that the remedy lay in having more tests of the Constitution had been made. A banks and more paper money. In 18 14 the common danger united the people and occu bank of Kentucky had come near suspending,