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. trbi liberia, ibi patria- Citern,----WHEis unERTT DWELL!' TIME 18 11T cOUNTRIO
C. a MITCHENER.Emon Sz PROPRIETOR.
currency of the country, and to find out the e.
vits and defects of the present banking system,
and to trace its bearinga and influence on the dif
Pieta interests of society, with the view of rem
edying existing evils, and prevent their recur
rence hereafter, would seem to me to be a car
dinal IDA primary duty oflegislation.
Our banks are but a pm of a goat whole,
composed elite various banking institutions of
the Stdte, all foundd upon, aud governed by,
the same prtnciplest similar in some degree in
their organic structure, aud bound together and
controlled by the same general laws of trade
and exchange. In seeking therefore, to remedy
the evils of the system, in our own State, dnd
to place our currency on a more eolid and sub
stantaoting, we may gain much useful infor.-
!tuition to direct us in the path of duty, by loolo,
ing at, and understanding the eviis of the whole
or any dila parts. The mama consequences
'which we see resulting from the banking sys
tem elswhere, we may expect to witnease here
tinder the name circumstances. That there
ate great evils belonging to, and inherent in sho
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-Governor's present banking syetem ef the U. S. cannot be
successfulty controverted. That it has occasion
ally Wen inattumelital iu doing some pot', may
MESSAGEha admitted. The evils which have been in
Meted on the community through the instru
. mentality of banks of banks of circulation have
Gentlemen of the Senate become dO great and alarming. that the que4tion
aud Held6t1 of Representatives: will soon be between reformation and destruc.
Since our last meeting we have had -reason tion. If they cannet be relbrmerl so as to pro
tect the connnunity from the losses occasioned
to be grateful for the many blessings which we
by their insolvency and mismanagement, the de
have received from a kind and benedcent Prov.
1 idence. The general health of the state has
- - - preciation oftheir paper, their exhorbitant exac
tions er leterest under the disguise of exchane
.heen good, the crops have been unequal!, abun gore and the evils consequent upon their sudden
expansions and contractions, the public, for
dant, and the great body of our fellow citizens
.f their own protection, will be forced to dispense
hal:sheen, and still continue prosperous and
, 1 with the existence of banks of circulation alto,.
frs haPP3's . gentler. nowever difficuit it may be to reform
-)4, --- - s .g.he eause otadueation and Intone I
On. fret-. these inetiedons so as to pre-vein' the evira or
provement has continued to advance under our which we complain, and however doubtful the
result of the undertaking may be, I do not think
e to s liberal and enlightend system ofinstruction. At
we should despair accomplishing, to a consider.
, , s
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itall: ' ' no period heretofine have our coleges, acadae
ebbs extent, a result so desirable. The object
inies and common 'chords been in a snore pros and end to be obtained is at least worty the el
1 porous condition than they are at the preeent
time. The deep sohcitude felt by parents gene
erally to see their children receive a good edu. , forte!. the patriiot and statesman, who desires
l to see the industry of the country protected
Ifrom the plunder and fraud of incorporated
cation, end the noble ambition that characterie If the effett to reform our banks dump prove
Bee so many four youth to attain this desires
hie object, cannot fail to excite, in the bosom of
every patriot end friend to our democratic instie i unsuccessful, the remedy will be found in the
substitution of banks of discount and deposit,for
TEE BANKING SYSTEM.
tutions, well grounded hopes that they will long The banking system, as it exists in this cwt.
try and in England, has a direct tendet,ey to
I continue to shed their blessings and benefits on
a great, prosperous and intelligent people., lead to the opulence of the few, and the pate.
i - , perism ofthe many. Such has been its um
It is a fact that cannot be too often repeated,
t doubted effects in England, and such hare beer
i or too deeply impressed on the minds of the and will continue to be, its effects in this coml.
i present Led rising generation, that our free in,. try, so long as mere credit, and not capital is
i f permitted to tax taper. Its influences in- this
. stitutions can only be preserved and perpetuated
particular, is worthy of investigation.
I. 1. by a virtuoue intelligent and uncorrupted pees
There are upwards ofnine hundred and fiffe
pie. The history of all free governments ad. banks in the United States, having an aggregate
t , nundslies us of the danger to which public lib- capital of about three hundred and twenty foul
millions. The whote amount of specie upor
erty is most exposed. We are differently and
which this immense bauking capital rests, for iti
more favorably situated, it is true, than any of .
,' basis, does not exceed forty, or at most filly mi
, the republics of ancient or modern times, Our lions, leaving between two hundred and sevew
' population are scattered over a wide surface; ty four, and ei ghty four millions of bank capita
' engaged on their farms and in their workshops; to consist of nothing but credit; or, in othe
114; words, the stock notes or bonds of the stocle
pursuits well calculated to promote and encour. holden, and bank notes, It is obvious, that i
age the growth of that virtue and love of Fiber. paper system resting mainly on credit or pape
r ty; the want of which has been so fatal to the instead el goki and silver the only basis oi
which banking can be safely conductedcal
cause ()Mee government in other countries and
neither be safe to the public, or regular or uni
other times. It is on the great producing clas. form in its action. Such a paper system wi
ever be disturbed by the slightest reversion i
i ses which constitute and ever must constitute a
the trade and businees operetions of the countr
large majority of our population, that we must and unable to withstand the shocks to which th
mainly rely for the preservation ()four free in- trade and business of every commereial commt
nity snuet occasionally be subjected. But il
stitutions, 7liey are honest, patriotic and in.
capacity and inherent .tendency to double t'i
telligent, and will so contirme union the means currency at one time, and diminish it one liu
of education is neglected, and the onward at anotherand thus increase or diminish th
nominal value ofevery man's properts and Is
march of intellectual improvement, which so
bor one halfis utterly ruinous to every grei
preenrinently characterizes the age in which,we interest in the country. Whether this hole
4 . larity is brought about by those who control tli
live, should receive some great and uuexpected
'': banks, with the view of speculation, or is ill
'' 1,,' check. Notwithstanding, however our circum hecessary and unavoidable operation ofthe ste
Fiancee and population are so auepicioue to the tem itself, makes no difference, so far as the e
. feels and consequences to the public are col
. growth and perpetuution of public liberty and
free governmeto, we shout(' not be unmindful EXPANSIONS & CONTRAC 'IONS.
attic !mane by which they are to be preserved. Every expansion by the banks, beyond tl
- . real wants of the country, must be followed I
It is the duty of every citizen of the State to pro
li corresponding contraction. When they di
',s, s. mote tho.,cause of virtue end encourage the dill, count freely, and flood the country with their 1
fusion ofintelligence. But it is peculiarly the Per. theY give to the times a deceptive appse
mice of prosperity. The merchant is initnet
h' to extend his business, contract unn ecessary i
".''' ,' province of those who have been selected
the people to discharge the importantand highly (lenses, arid engage in doubtful speculations.-
The same remark is applicable, in some degro,
, responsible trust of legislating for the country,
, .. to the whole community. We are liable to I
deceited tiy the appearance aped times. II
'1.1." to guard against ihe growth of vice, ignorance
proper contract.deins more freely, live more extrav
' ' and corruption. by encouraging, by all
1 - gently, and are less disposed to labor, TI
,N, mennag the education ()film rising generation,
connection of the currency, which must of n
''t,i'iN".. and therety enable them to enter open. the int
t essay fultow, and which we are unable
'V', '' ,
. t . s. portant duty,which in the rapid cnurse ot tiM6, pity, and and an extended business which NI
clannot sustein. rhe consequences are peel
í . ,, win soon devolve upon them, of preserving
'arty severe and unjust, on ell the debtor pc
our free institutions in their original sitnetielt1 tern of community. The farmer who centric
i .", and purity, and handing thorn down, unimpaire to pay a debt of a thousand dollars, when t
s . ed to poeterity. curreticy amounts to eight millions, and win
one dollar a bushel, finds when the cheetah
77E CURRENCY. is reduced to four millions, and consequen,
l 'i. wheat to filly cents a bushel, it takes doubter ti
The subject or the currency and the improve
educe, and coneequently double the labor,
'17-.'1, . went or our banking listens will doubtless nes
Ppray the debt, that it would have done if the c
..1 , rency had remained the same. 7he same pri
cupy aportion of your time, and receive your
-7-1,,,,.. careful considerati 311. TO inquire into the va. ciple applies to the whole debtor community.
I ' s' ilss..!rle.,. owlia.t.e.rtiem:nanio.e.e!,.anotmlie,rm az gul
I es. rious causes that have operated to derange the
CANAL DOVERMISCARAWAS COIllt'inr, (OHIO) DECEMBER 18 18101
iresent banking syetem ef the U. S. cannot be ' last ten years, we will find that the imports high one responsible duties of those in: under some pecuniary enobarreeemeetet soverign power,in ridding the COUntry, ,
mccessfuli, controverted. That it has occasion have increased er diminished in proportion to i
hosted with the law making power,) ofl hut the idea of paying our debts by the ss far as practicable, alba existing se '
the expansion lud u,utritcuun oft ue bunks. lu - . .
illy been inatumeutal iu doing SUMO gotql, may tem nie ' i ,i ' lialeting for the protectinft of the prop ' creation of mote poper money is a gross vit.
paper circimunin reac,ics. its li plesn .
i'l "milled. Thu "113 "4111 haVe been in- point, and our imports eleteib,ol uur expolis a y ads, individual citizen, from the tallucy. We OtinnOt pity debts by the Ito power to act ss a regulator is no
licted on the community through the instrus that yeRr sixty millions. hi le.l7', our imeolti: d predations of thotao who are engaged creation of more debts Every additional thing more, ae ie proved by expErienqs,
nentality of banks or banks of circulation have euxtackeritntedthoeuerre !plant:es iti,ettbriut:,:,eolir'y trrnii(ilro ma!;itlimilsq; :, i i c . : i . i :
ratline. Yuma 'wee of the right of bank note issued, te but the creation of than a power to induce the local banks r.
manna dO great and alarming. that the question prOperty. Yet, it all the leases sustaits R ne w deht h; h
us in trim ire! yti;ers or eseussivo paper ci7eullissi w...c.. the hank owes 10 the to expend no it expend end to core pel;! . .
Will BOOn be between reformation end destruc. tion, num eiglity time ininieeseqtee to the 04bY individeale, by the commission of holder. It is not wealth it is not cep- them to contract when it contt netts-11os s
lion. If they cannut be relbrmerl so as to pro- entire amountofseecie iit the II. States tho varioue crime(' ageteet private prop italand it is idle to think of lessening the same experienmeproves that it stands
i wile the infla,lon attic cur
lect the connnunity from the losses occasioned iv wete added together, the aggregate the debts of ft country in this way. We full as much in need of a tegulator se
would fall far short of the
tonicn I Sal !if! . g
y I 9UL-crawly e ent rise in' the price l' er
loy their insolvency and mismanagement, the de eyery'thing, that bçiegetud ends were importe losses sue. may ehift or change our responsibilities, the local banks themselves. And Why'
preciation oftheir paper, their exhorbitant exec- from Europe, and sold at our artificial paper pri toned by the community, in various but they will still exist in some shape or should it noel Its object ie the same
Lions or leterest under the disguise of exchane erre, and the coin or its eqiyalent taken Oa in &epee, through the banking institutions other, until paid by the creative snore to make large dividends for its stock-.
gee, and the evils consequent upon their sudden en xi ecrhea ne ogle) e. b i Itilieues ,towr ti thhe a r Tient li roYn Prif 9 s eb rs es ai nt (3 I I. no a k e to i
the country. Whot difference does gies of the band of labor. The banking holders. Its temptations are the same
expansions and contractions, the public, for stuns than any other on tiPie face of the globe,and the aldividual citizen, wheth capital of the state is now near twelve & is subject to the eame laws of trade.
their own protection, will be forced to dispense with an industrious and enterprising population r be has lest an hundred dollars by the millions, which is amply sufficient, in It was organized on the same mind.
with the existence of banks of circulation alto.. we have been rade tributary to Europe for the
necessaries flab, by meane of this artificial an ands of the midnight thief, or by the the opinion of prudent bankers and bue pies, and subject to tha same imputes
solvency of a bank, or the depreciae siness men, to furnish all the means nee with 'like intstitutions created by the
;tether. nowever difficuit it may be to reform ti-american system. Such will ever be its ef.-ti;
0 of its paper? It is true, there may cis:nary to carry off the.surplus produce States. It is, therefore, unreasonable
these inefiedens so as to pre-Slim' the eille 'or feet, producing alternatety delusive preiperity,
which we complain, and however doubtful the and real adversity, until a radical change is made be a great difference in the mom turie of the State. to expect, that in de administrettot them
in the s stem itself and our outline is laced tude of the two cases, but the cense- A UNITED STATES BANK. would be more eafety than in similar .
result of the undertaking may be, I do not think on a s Y ' Y P
uhstamal and stable basis. i quouce to the individual citizen is the
we should despair accomplishing, to a consider. .1t is in vain to talk about a tarif law for the The creation eta United States Bank elate institutions; or, that it would be .
abto extent, a result so desirable. The object protection of our domestic manufactures, land eame in both. In each case he has been ebapah.18 of regulating the local banks
and end to be obtained is at lead worty the ell d d f l
n apnea o t
to prevout the excessive importation of foreig . . . es Bine itMOtint of proper- with a.capital of fifty or a thouvand mile
ncially, when it hae proved to be
ilOnS, te advocated by some as the most . ene
geode, while we have a paper currency Ibr the ty without consideration. Are we not s
fortof the patriiot and statesman, who desires measure of value, which can be increased at the as much bound to guard and protect, by incapable of regulating itself.
euectual means of teetering etablity,
PlIE STATE BANK.
to see the industry of the country protected will of those who control it, to an almost in- lour legislatio th
n, e property of the in- multiformity, and safely to eur curreacy.
from the plunder and fraud of incorporated definite extent. The bee: protection that can dividual citizen from being taken from ' brewing out of view the constitutional The late Bank of the United States
be fnrniehed to the domestic manufactures of 19366,
this country, and the only one they can rightful.' him without considetation, through the objections to such an institution. and ma the expiration of us charter in
viewing it merely as a question of ex. received a new one from the State of
If the effort to reform our banks ehould prove tv claim except that which is incidentally fur. agency of banks, as we are to protect .
unsuccessful, the remedy will be found in the nisked b'y a tariff for revenue, is a sound and his property from the depredations and pediency, I am forted to believe that Pennsylvania, centering equal, if not
substitution of banks of discount and deposit,for setnabT currency..composed of gold and silver, acts ota such an institution would but add to the greater powers and privilegeo, than the
the desperate and lawless crime .
d hat which is equivalent thereto. Such a ,
those ofetrculation. protection would not only be mcre effective 'nail The answer would seem to me ineecurity and evils of our paper syeteni; former. Ite capital wao the Name; its
TEE BANKING SYSTEM. than any tariffaw short of probibition. but at " to be obvioue. This is a subject in and. in its political tendency, endanger stockholdeis the mime, and its manage-.
The banking system, as it exists in this emus- the same time he legitimate and proper, oppresi which we are all deeply interested. poblic liberty, What additional secu- ment continued in the hands of the same
sive to nonebeneficial to all. rity would belong to an institutiou deri- officers. It was said, by the President
try and in England, has a direct tendehey to What io one msn's ciao teeday, v
The evils above eluded to are not the only
lead to the opulence of the few, and the pau- ones entailed on the cnuntry. by our paper 70 another's toemorrow. It is intimmatiteblye ving its corporate powers and privil- of the Bank. when the new charter was
perism ofthe many. Such has been its en. tem Tnere never has been in any. age of t le' identified with the interest and prooperi- egee Nan the General Government 7 It presented to the stockholders for their
is not proposed by any one to make the acceptance, that it wee then in a safer,
world, a system devised by the ingenuity of to of the whole community.
doubted effects in England, and such him been General Government, in any event, In. stronger, and in more prosperous con
man so well catculated to rob tabor of its hardl
and will continue to he, its effects in this coune ' It is remarkable that an attempt to
earnings, as this. And it is the more danger- ., ' - ble for the debts of the bank, further dition than it ever was; and that the
try, so long as mere credit, and not capital is ous to the interest of the laboring part of the , reelect the public against the losses to
permitted to tax hum. Its influences in- this community, because its operations caanot read- Which I have alluded, and to correct than as a common stockholder. Is it a connection which had previously 'xis-
ily be seen. The pee of the United States the abuses o matter,. then, of any consequence to an ted bet ween the Bank and the General
particular, is worthy of investigation. f the banking eybtem, should
pay to the banks', an:wally a tax in the shape of meet with any formidale opposition from institution, whether i! derivem its corpo. Government Wee an tinoteural one, ben
There are upwards ofnine hundred and filfy interest and other bank profits not less than fine rate powers and privilege from a State eficial neither to the Ilink or the Gov.-. .
banks in the United States, having an aggregate tr millions. So fur as this's paid for the use of
anv quarter The bankers themselves,
heir pape!, reprreentingreal capital, that is.
who are desirous to conduct their bubi- or the Geoeral Government? So far as eminent. The stockholders were pros
, capital of about three hundred and twenty four muliteitmakaelo, .
its real and eubstantial security is cons sed to accept trate now charter from
gold and silver, it is legitimate and proper. but
millions. The whote amount of specie upon the whole amount of specie owned by the banks inne eine yoinu df egi er npi er inn,: itphleeist, tgt ur ee a at lnyd
corned, it can make no differencesIn the State, on the ground that it win in
which this immense bauking capital rests, for its does not exceed at least, filly milliens; the inter i b i
nterests, y e inoing to a system and each case its credit meet, or ought to evety reepe ct mote detrtab!e than the -
basis, does not exceed forty, or at most fitly mil est on which would bethree mill ions, leaving . d charter oranted b the Gene rel Go
depend, on its ability to meet the de- ol , , y ,
t ve eff'ort to reform it, which
twenty seven millions which are annually paid 'ewe Ing e . 11 ride against it, sod the bkill and in- vernment. Yet, cotwithelanding all
lions, leaving between two hundred and seven. te the banks, by I f I r 1 h ent ilea on the country such a vast
.t ie peep e, or t le use o t mu es a ith which ite affairs have been these belittled advantages under the new
ty four, and ei ghty four millions of bank capital credit, or promisary notes, bearing interest. emount of unmitigated evil, A paper legritY w
to consist of nothing but credit; or, in other This is a heavy tax on the people, and is peld per system, which has been the occae conducted. In each case the inetitution charter, me far tio:n its beteg able to
elitirely tocrodit, not to capital, either directly be controlled and managed by regulate the exchanges and the curreu
words, the stock notes or bonds of the stock-. ion of such a large and heavy loss to hae In
or indirectly, by the labor of the country. ndividuals subject to tile sem errors of cy, and to keep the other batiks) in pro
holdero, and bank notes, It is obvious, that a Whatever is paid for the support of Govern- the governments and which has been 1.
ud ement, the same peewits, unpulaes per cheek, it is now ueiversally admit
paper system resting mainly On credit or paper ment, State or General, or to the banks, who the aneone, in various shapes and forms i g .
and feeling that belong to nitekind in led to have been one of the leading and
instead of goc1 and silverthe only basis on tax io some sha e on la
chreate,;hoiwealtlio idsa ,,,,, h of tak;ng millions from the honeet labor
eneral. Whist reuse', its there, thereL. MOb. i active agents in producing the dig
which banking can be safely conductedcan hone Oh: teox tmr ae rre entree:. y p t
lit ;on taaextlaYborw,wnill'oolcase and industry of the country, must be
rire to hope that a United Statee Bank ficulties under hi it ti t
c la cowl ry bee
neither be safe to the public, or regular or uni- the whole mystery whytit is that those eh radically defective, hoetile to the inter- b d b ' ' b
uld e governe y more W ust.one con laboring for the lest eighteen
form in its action. Such a paper system will create the entire wealth of the country after a ems dills people, and cannot long be "
udeece stud skillthan time institutiesibl mouthe, , Sr) far from its regulating
ever be disturbed by the ehghtest reversion in life of toil, are, comparitively speaking, poOr. tolerated itSite present bhope by au in-. l!!,. I
V hat merlon have we to belt. ve ilia it lie other-backs. it was the first, " un
the trade and businees operetions of the country while hanker. who bye been permitted to. !enigma and honest community, flee
usa their credit lo tax the indhipitry and labor of
meaeures for their weeld b"ilel. Y
acterized b the ettine der its former elm tier, to expand ite eir -
and unable to withstand the shocks to which the arR In choose their own
system of hazardous NAN:elation and culation arid engage in hazardous trade
tradc and business revery commereial commu tecLulettil,YelttaXILZweeonrrei,c ell; paepteer s)710-1-0-: own prosperity and happinees. It its
unsafe banking, that we have witneespd , and epeculation. It was among the firet
nity must occasionally be subjected. But its you lighten the tax on labor; as you increase it believed the evil' and various &awls
capacity and inherent.tendency to double t'le you add to the burden labor has to bear. A sys committed throe,
oh the iustrumerselity in a large majority of the local badge, to euepend specie payments, and the last
currency at one time, and diminish it one hull' tem of paper cr edit, which is such n hems,' tax S now organized, greetty
f banks a as well as in the late bank of the Uni- to retaumrs We have been it, instead of
at anotherand thus increase or diminish the on the productive industry of the country,should 1) . ted Stalest These are evils that ap- exerting its power to restore to the con
yield sonie gloat .corre!ponding adyantages to outweigh all the advantages that the
nominal value ofevery man's properts and la- pear to be inseparable from whence a try a Bound currency, tieing all its in
tisi labonng portion ot the community. public have ever derived from them. i
bor one halfis utterly ruinous to every great I bank mile derive tie powers end privii- fluence to pi event the other banks from
interest in the country. Whether this irregu- LOSS TO GOVERNMENT. But be this as it may. it is the duty of i -
I eget.. can melte eo difference ars to itis redeeming their notes in epecie.We
have been intwested with the
those who . .
larity is brought about by those who control the In May, IS37, when the banks sus- l action or ite diepoeition to do good. see this institution nOW, alter having
hi h and responsible trust of legtelatine
banks, with the view of speculation, or is the pended epecie payments, their circula- --g . - A United States' Bank, it its said, been in operation hetween four and five
tiecessary and unavoidable operation ofthe sys- tiOn was estimated at about one hundred 1 h I I
for the gond of t ie w 0 s peep 0, to at
would derive a credit from its national years under its new, and, ae was claime
tempt a reform of the evils and abu es
tem itself, makes no difference, so far as the et- and fifty millions. The paper being no name end character. This mey be true; ed, advantageoue character, utterly pros
feels and consequences to the public are con- longer convertible in gold and silver, at of thits to. aestivated to romove,as far as
but such credit is mired, uraeubetantial, trate& in a stale ot sus,iension, and 's
eemed, once depreciated on an average of ten P '
racticeSle both the meens and tho
and delusive, Led is calculated rather to king aid from surrounding institution'.
EXPANSIONS & CONTRACTIONS. per cent., making a dead lobs to the tompintion on the part r
4 the batiks to .
' deceive than to benefit the pithlie. The in order to Save it from bankruptcy.
Every expansion by the banks, beyond the people of the United States of fifteen injure the commeatty they weirs intone et
edit of a bank, like that of an individa What reason have we to believe that the
real wants of the country, must be followed by million a 1839, three hundred and ded to benefit.
eat, bhould always rest un bomething fate or influence of this institution
li corresponding contraction. When they clis- forty-three banks again suspended, have ADVAN l'AGE & EVILS OF
real and subetiontiel; not on a mere would have been different if it had re.
count freely, and flood the country with their pa A PAPER CURRENCY.
ing a etre i
ulat.on estimated at about eev- name that cue be of uo service to the ceived its corporate powers and private
per, they give to the times a deceptive appear. enty mi ions. gain their circulation I. am not opposed, es I have heretofore
II A ereiliter or the bank, in the hour ot real egos from the General Government in
ance of prosperity. The merchant is imineed dep'erieted on en average of et leftist stilted, to a part of our CurteneY being difficulty. Such fictitious credit 88 ie stead of the State of Pennsylvania I As
to extend his business, contract unn ecessary ex ' .
ten per cent; making seven millions el composed of paper, provided it can be thrown around a bank by its national I before remarked, the source from
pews, mid engage in doubtful speculations.-
it toes thrown on the community. Thns made safe, but out,' to the excess end character, may give to ite paper a wils which it derived ite charter could snide
The same remark is applicable, in some degree,
to the whole community. We are liable to be in a sit.pcii,ion of epecie peyments by improper usa uf paper money. It ehould der range et circulation; but this is only er take from or add to its mans to meet
' decened liy the appearance orgood times. It's Ihe han"' il'ili'.1i1111("1 the people alba never be resoscd le bare y for the per- calculated to load to exceesive banking its engagements, or have prevented it
controct.deles more freely, lice more extrava. n I" tl7 "n aggregate loss of twenty- , pose of incretitieg the eirculetimi; end and over iesues, without furnibhing any from pursuiug that enure. of poIiey that
gaiety, and are less disposed to labor, The two tuitions by reaison of the depreeie- when issued, ehould be equal 11) the corremponding ability in the institution hag involved it in its peewit difficulties.
, contiactism of the currency, which nitiA of nes ben of tileir piper circuit' iton. This toile standard measure of value, and et ell to meet the demands against it. Such Whether,therefore, we are guided by:the
vessity reltow, and which we are unable to fdis not on the banks, except in 8 slight times convertible et the will of the hot- was the cabe with the late bank of the ligh of ezperience, or by opinions drawn
pay, and and an extended business which we degree, whose incaution or impreper der, into silver. Its advantages ere not United States. The hibtory of the times; from a critical investigation of the nate
'menet sustain. fhe consequences are pecu- arta produced it, but oil the note hot- in furnishing an every tlay currency In prove, that at every period of exceseive ural tendencies of a United States'
, liarly severe and unjust, on ell the debtor par. dere. So far from the banks sustain- the people, but in facilitating exchauges, banking, from 1816. when it was crea- Bunk, we are foreed to believe that such
tem of community. The farmer who contrects ing any coneiderable lobs by the de- aiding commerce, trade, and the heavy led, dew, to IS36; when its cherter exe an institution would but add to the dee
. to pay a debt of a thousand dollars, when the preciatton of their paper, it Is believed liveliness operati 'ins of the country. Un pired, it wee the first to expand, and the rangement of the eurreuey, and,by great
curreitcy amounts to eight millions, and wheat that some of them availed themeelves der these restrictions', and for these pur- Net to contract its circulatioa. It is a ly increasing the pryer circulation, with
ono dollar a bushel, finds when the circulation of the opportunity,through thei ro ers poses end objects, bank paper may be
r b k fact, proved from unquestionable date, out increasingr in correeponding ratio,
is reduced to four millions, and consequently e b
el uyiug up their depreciated paper, at highly useful and advantageous to an that in every expaneion that occured du the specie bask, tend to involve the
, wheat to fitly cents a bushel, it takes doubte the a disconnt. exteneive, growing, and commercial ring the whole time of its exietence, it whole paper syetem, sooner or later. in
produce, and consequently double the labor, to
I Adopting an estimate made by a corn community, tech ae we have in the U- increased its circulation in a far grea- one common ruin. It is not, therefore,
pay the debt, that it would have done if the cur .
Mittee of the H. of Bepresettlativett of nited States The preeent eyelet'', how- ter ratio, than the increase ot the cum by the creation of a U States Bank or
r filmy had remained the same. 7he same prin- I
. eiple applies to the whole debtor community. It the United States, in I, , ( , e 9
Q32 who had ver so far from aiding the commerce, ry by the other Sanke. At two differ- by the multiplication of paper money. .
is true, what one man loses, another may gain. every means of obtaining correct in- I trade, excheogee, and lieavy businees ent time it e fte brought to the very the t the evils attendaut on the present
but the loss and gain are unjust. Thus by ere- formatioa,) the toes to the General Gov operations; ofthe country, has a contra- br:nd of insulvency, as admitted by ito banking eye'em, ere to be remedied. '
ating an uncertain and fluctuatiog measure of vat ernment alone,. by the banks, at that ry influence, end it would seem to have own officers. During its existence we The danger to be apprehended , from
I ue, contracts between man and man are impair- time, was thirty five millions, If we ndd '1 in view, es its main object to furnish had 110 losts',then four ruinous expeneitine such an institution, in a political point
r ed, and virtually changed, to ell this the lees which the public haye I the entire circulatieg medium of the end correeponding contractione, with all oryiew, is not to be overlooked or d is
1 TENDENCY OF AN INFLATED PAPER bubtained by other seepensions not al- ! country, end constitute a new and tiee their attendant evils. For a very con- regarded. Ile friends claim, . that it
CURRENCY. luded to above, find the almost incaleul- l weedy tneneure of value, fluctuating siderable portion of it's duration, the ex- would paten the power sf regulating
. The prejudice' effects of this inflated paper able loss sustained by hailks breakieg,& , with every expaneton and contraction, changes were in a more deranged elate the nine hundred and fiftysfour local
system on our manufacturing and exporting In. from various causetsbecoming insolvent ond subjecting the priee of every inan'e than they are now. The prostration banks, with their capital of three bun
terests are still more palpable, Double the' a. and that occasioned by tile total deetruc- property and labor to the will or caprice on:minus and prices, from 1816, to dred and twenty-four millions. Admit.,
ia mount attic' circulating medium of this coiln. bon of their notes by the various casual- of a few irresponsible individuale, who IS26, are without any parallel iu the ling that it would possess this power,
if try, and yeti double, or at learn greatly enhance .
, the nominal price of foreign merchandise. The ties to which a paper currency is ever look alone to their own, and not the in- history of this country. In this State, whit would be the political consequen
' price of every thing that is sold, to be cense. subject; we will have an amount of ac- lentil of the public. the bank Wail so universally considered es, if it should act in friendly anilines
n med here goes up with the inflation of the cur. tual lose sustained by the community How are the evils cotnplained of to as the principle agent in producing this with the National Executive and wield
d fancy, while the price of our cotton and other through them) institutions, which will be remedied! Not surely, by the ere- mischief, that the legialatu:e, by an al- this vast money power for political pin,.
0 etaples, for export will be regulated by the price t ll I t d I d d I f I
s ar e tie mos evo e a voca o o he Minn of more banks. and the multiplica- MOM unanimous vote, d I t I 11' i d b b I
nano a aw sax- pone ie C slime , t at I e pa fn.,
they bear in the foreign market, to which they
2 have to be transported for sale. Uur exports, present paper eyelet tion of bank paper.Ir I am correct in ing the branch located here, with the a f the National Executive ie sires
LI then, derive no advantages from an increase of The insolvency of banks has recent. the view which I have taken of this sub- sole view of expelling it from our bor- dy too great and dacgorous to ''public
b the currency beyond the real wants of the coun is, become a common occurrence. Scars ject, tbe difficulties under which the dere. At this time, and upon this subs liberty if we add to the already iwz
.. try; while foreign merchendize is imported end '
cel w k
y a ec passes ut
b 'I nnoun country now labors, have been mainly b b t t d b t t ti 'tb .
we see 1 a, Ject I ere wee u one par y an ut tended execu toe pa ron ge, s , entire
sold at our inflated paper prices and the coin or
L.' its equivalent, taken out of the country in exe ced that some banking institutions has brought about by an inflated and unateae one opinion in Ohio. Every one saw Money power of ibis country, controlled
le change. The direct tendency, therefore of this failed to a large amouns Who can ese dy paper currency. These difficulties and acknowledged the mischievous and by one common head, it would make
el system, is to hold out a hounty to the 'foreign timete the extent of individual misery would only be enhanced, ultimately, bY . ruinous operations of the United States.' the patriot tremble for the rale -01. 1 our
manufaeturer, to bring his wares into the coun
1.- and sufferinz. the insolvenc I & creating more paper money.
y, wan Bank. So deep and intense was ibis free inetitutions It is in vain, to sup
try for sale; thus operating so as to promote the . -- i
13 interest of the foreign manufacturer at the ex- starvation produced by the calms to PECUNIARY EMBARRASS. feeling among the great body Nile pee,. poets that such an institution.' after. Ito
e penile four own. which I have above alluded; We ate MENTS. pie, against the bank, that all united in creation has become a puff volition,
In looking at our export' and imports for the daily in the habit (and it is one of tee Tho country to undoubtedly laboring the propriety of the State exercising her' (Continued oil teat pegel'ssti
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CI Ark r it orm eu it, &I I present banking system et the U. S. cannot be' last ten years, we will find that the imports Ilk anti rennona,1 l A
LH Minn a thin, in.' nntios matftirftftAn ,ftoo.11"ftftoftomov,,..a.ftft ioorft oftoftekoftft, ;oft ftelolioftm fits., moftsoosoomo ,