Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1821-05-29

strong enough, though with long knives;
and modern Shylocks do not stand pre-
pared trembling with savage Joy literally
to cut the flesh out of the hearts of the
people, yet with like animation and &C.
stacy they view the progress of we'll
laid scheme to break the heart of any
man possessed of good farm, hand
some horse, or aught else that they have
cast their lustful eyes upon. Nor is
there any friendship in trade. Rain IS
lthe word, no matter on whom it falls,
that they may Provide for their families,
such as have them.
Such is the origin and progress, now
for the end of banking. Reformation,
or punishment of guilty speculation or
the vassalage of the honestand deserving,
| the people, blessed be heaven, have yet
the power to decide which of these two
events shall happen.
The rags of many banks stand thus in
the money market--2o, IS, 60, yea some
90, and some an 100 per cent. discount.
The people who hold bills on these ma
Inufactories ought to sue or warrant tor
their amounts, and for those of small
sums additional security must be given,
which may be good when the proud
banks shall have received merited ex-
termination, though perhaps some of
those who have pruhted by them may
unfortunately escape disagreement OF
their Hl-gotten wealth, having fixed it in
real property, the people ought every
where to do this with every bank, that
not paying its debts, has the unsuffera-
Bile impudence to make a dividend of
profits, not only as matter of justice
but as also one of interest; for l now
have no doubt that the bills of bank
rupt bank will not be received in pay
ment for debts due by individuals to such
| bank Money will be required. | warn
| the people of this in time and seriously
advise every man to make all possible
eXertion, even to sacrifice something, to
discharge any debt he may owe rag
bank before its directors or trustees shall
refuse to receive its own notes in pay
ment, as Mill be the case in mann in
stances. But l again claim their pro-
lection, countenance, and support for
such institutions as honestly endeayor to
pay, and do pay as far as they can, and
without shutting the demands made on
them. We'shall thusseparate the wheat
from the chaf, gather the one into the
garner, and consume the other with a
just indignation. 8 NJ
But after all am in favor of even the
establishment of new banks, PROVIDED
nevertheless, they are bot,omed upon
legitimate foundation. Much good might
be done with one of an adequate capital,
properly located and wisely conducted.
The following plan fully explains my
ideas on the subject.
PLAN OF A NEW BANK.
The stock shall consist of two thou
sand millions of old shirts, divided into
shares Of 100 old shirts each, to- be paid
in ten equal instruments, one-tenth part
TO be paid at the time of subscribing,
with proviso that the ID, Sd, 4th, 5th,
9th, 9TH, 9th, 9th and 10th instalments
may be paid in by stock notes, secured
by the assignment of the stock to the
bank, but no eight individuals shall hold
by any manner of means more than one
half of the qohole capital stock OF this in
stitution, and at least fifty bona fide pos
SCISSORS shall be necessaryto have or hold
three-fourths of the same. This bank
being designed for universal good, every
possible obstruction is intended to be
thrown in the way of ejaculation.
The title of the bank shall be the Rag
Bank Of the Universe. The mother
,ank shall be seated at Skunksburgh,
| with branches at Mobocracy, Hookstown,
Govanstoqvn, Out Greek, Botany Bay,
and 7wiSters5urgh,a and such otherpaces
as may be selected in any part of the
world, by the directors, who shall also
have power to put offices on wheels, on
shipboard, or in balloons, for the general
accommodation of all nations, to dis
count running, sailing or flying, so that
the exchange between different coun-
tries, planets and stars may be equalized
and regulated, and rag payments sup
ported.
(Here is the place to provide for the
election of presidents and directors in
the usual way, but as every body has a
copy of a bank charter, it not worth while
to insert the provisions at present.
As soon as the stock shall be subscribe
cd for, an election shall take place, and
any sort of proxy will be received, and
the directors chosen shall instantly pre-
pare for the operations Of the bank by
building 500 paper mills, and having a
battalion of engravers, sc. ard one hum
dred depntv r,residentS and &C MANY