The Massachusetts spy. [volume] (Worcester [Mass.]) 1821-1823, 1822-06-26

DA(~oAAS
TO the country, he will not hazard predic-
ton. 1t seems, however, that a suitable num-
her, established on equitable principles, and
guarded against the possibility of failure,
might be useful and convenient, especially to
the commercial part of the community.
The idea is frequently advanced, that they
are founded on principles of inequality.
class of men Generally the most wealthy are
permitted to receive greater compensation
for the loan of their money than is allowed to
others not thus privileged. Statutes are in OPP
GRAFTON imposing heavy forfeitures on those who
exceed the prescribed rate of interest. This
privileged class are indirectly authorized TO
put these statutes at defiance. The argument
is surely not without some weight. The evil
does not seem to admit of a remedy without
abolishing entirely private banking companies.
and placing them on national basis, by which
the profits may be equally distributed.
The writer would not-Se understood as con-
demning entirely private associations of this
kind, when properly regulated and restricted
to reasonable number. The inquiry is fire.
quentiy made, Are they not becoming too nu-
merous?
Scarcely session Of our General Court is
suffered TO pass without being crowded with
petitions for new charters. The petitioners, in
some unaccountable manner, generally obtain
their requests.
Can the interest, harmony, or good morals
OF the community be possibly promoted by es-
tabllshing banks in every considerable town, or
might have said Calculating what will be
the event within few years from the rapid
progress that has been made in this way) IN
every town in this Commonwealth Does the
location OF one OF these paper minis render the
farms and diaries contiguous TO them more pro-
dnctive: DO they possess some magical pow
er, by which all classes of citizens can gain a
more honorable and comfortable subsistence?
DO they stimulate the agliculturist and me-
chanick to greater industry, enterprise, and
Improvement in their several pursuits If such
would be their probable effects, no one would
stint his patronage.
Because suitable number, under salutary
restraints, might be of public1 convenience, it
by no means follows that they may not be iu-
creased to such degree as 10 render the
whole puhlick nuisance. As the number
increases, the profits probably diminish in the
same ratio: consequently, management must
be practised to advance the interest OF propri-
ctors. 1t is moi difficult to find those who are
ready and willing to enlist in the nefarious
service of deirauding the publick. | am not
making ex.ravagant suppositions or inferences,
or such as have not been realized in the ruin
of many individuals.
VINO can restrain his indignation at the
fraudulent practices of a banking company,
few years since, in neighbouring State, or at
similar conduct in number of Instances with
IN our own.
am DEPRESSING from my object. My design
IS merely to suggest that there is some lurking
mischief in respect 10 our paper currency, and
l would, il possible, rouse the attention Of those
TO the SUBJECT who may be able 10 remove it.
shall not attempt 10 trace this mischief TO its
source, but leave it with those to tathom who
have authorized, by their legislative acts, the
circulation OF such prolusion Of this currency.
would beg Of them 10 examine the iounoa-
tons of these numerous superstructures which
they have laid. would inquire whether
they have with vigilance watched over the
rights of their constituents? Whether they,
whom the people have confded in and invested
with legislative authority, have weighed well
the acts which they have sanctioned
When the legislative power OF Common
wealth tolerate the circulation of Currency,
the people have right to presume they shall
nal value. They little mistrust that they
shall be entrapped by a,tful spectators.
When the foundation of one OF the aper
establishments becomes rotten, thousands. who
had no agency in rearing it, suffer in greater
or less degree by it's overthrow. Those who
anticipate its fate, and aided in lis subyersion,
can boast of wealth, the reward OF their arti-
hces
1t is no.easy task to enumerate all the evils
which flow from a fiuctuating currency. In
tellisence OF a depression is frequently COM
inundated in secret to few individuals at
distance, who take advantage OF the irlorma-
ton by imposing upon others. Thus bitter
ness and mutual recriinination are excited.
an appeal is made to the law for redress
Perhaps half score of legal processes, in the
same neishbourhood, are the unhappy conse-
Quences.
How extremely hard for the man who has
accumulated small estate by laborious in
dustry, to be obliged to sacrifice il to depre-
ciated currency!
The rogue who utters but small amount,
knowing it to be spurious, is doomed to AN ig-
nominious punishment; but the publick may
be deirauded OF millions by method no more
honorable, and the perpetrators can boast of
tue impotence Of the law over them.
In ala countries that are blessed with wise
governments, the circulating medium is deem-
cd an object OF prime Importance. In Eng
land the law considers ii a species of treason
to counterfeit the established coin, and iniiicts
a punishment more aggravated than that which
the assassin is doomed to suffer. As paper
currency IN this country seems to have assuin.
ed the place OF specie, would inquire what
reason can be assigned why it should not be
placed on as safe footing as it respects the
community The publick is never in danger
OF suffering by reason OF the fuctuation OF spe-