Alexandria gazette & advertiser. [volume] (Alexandria [D.C.]) 1822-1824, 1824-04-29

t,ried all the salut4, checks 10 IT, The
encess therefore, OF 'hls ~ Dous Iratflc Is
attributable solely 10 the circulation oil the
artificial currency Political arithmetic
would be incompetent 10 the calculation
OF the difference IN the Liberties, wealth,
and prosperity of the people OF The Y ,.
IN favor oi the natural over the ARTIFICIAL
state oil the currency Nor do / CONCEIVE
the present Bank OF the q S. to have been
founded upon The best terms which were
within the power of the government; d in
deed It had any right to found a bank upon
any terms. | think it would have been
attended with many beneficial effects Ut
the capital stock OF the Bank OF the U >
bad been composed il part OF the stock
Of the solvent, sound stale banks. bis
measure would al nee have put an enc TO
the banking oil ,r., and consequently
to the shocking "'"d'y al their banking
schemes; and m gnt, in some degree,
have substituted snCnd for vicious cur
rency. II wouli nowever, have been al
tended with an ccession OF power To 'br
government OF the u. S. which is by no
means desirabIe; and the slate govern
mens would have thought themselves
stripped OF their brightest jewel, but this
result Is inevitable. II Is not possible 10
have sound currency, under twenly tive
discordant be us, with new head added
To the score a most every year. The states
must 10 lime We over banking; and the
only security they have agans, the in
creased power OF the u. S. is TO ameni
the constitution so as 10 strip that govern.
ment also OF tn,s usurped power, usuTped
both by general and state governments -
This, trust IA God, will be done, as in
dIspensably necessary TO the safety and
preservation OF The rights and liberties OF
the ,,eople OF neU. States. II, at The for
nation OF The present Bank of the u. S.
all the stock OF the solvent, sound state
banks mad been absorbed IN the capital
stock OF mat bank, ! am satisfied, there
would have Teen no great huctuaton in
the va,ue OF the currency, IN relation 10
the value OF ether things; and il there
should moi have been, independently OF
countless Other benefits, thousands of wor
thy, wealthy families, would have been
saved trom distress and poverty
Great misc iets to society, always result
from sudde,. and great fluctuations, in the
relative value OF the currency, TO other
tbing., but the sudden and excessive huc
tualion produced by the establishment oil
the present Bank Of the y s.; and the re-
sumptl utspecie payments by the state
banks, r.aIDly caused more general mis-
chiefs tia ever were experienced III TINS
country Oh any other occasion These
IMPOVERISHED and CommiSscialed sufferers,
can unerrIngIy, and teellngly point their
fingers to these destructive effects OF the
banking schemes, as the prolific sources
of hard tunes The bank OF tbe u S il
self W ould have derived considerable ad.
vantage from this operation. The gold
and silver IN all the solvent state banks,
although little enough would probably
have been sufficient 10 have enabled the
u. Bank to have commenced its opera
tion.. without resortIng TO ruInous loans IN
London Tor :hat purpose provided the gold
and silver baG been placed under the d.
rect,on OF one head. | have hastily
sketcbed this outline view of the derang
ed currency OF the country, arising from
The distracted schemes OF barking IN tue
hope OF drawing The attention OF The re-
hecting men Of all parties to this deeply
Interesting subject; and to show 10 the
people of The U 5. the heavy items when
must be carried 10 The credit Of hard
times under the ruiDous system OF bank
ing But before | designate the heavy
items on the score OF money, let short
sketch be made oil us heavy influence on
morals. 1t disrespects labor, anu thus les
sens the productive power Of labor, by
holding out temptations 10 all, 10 get mo-
ney by their wits, instead OF getting mo.
new by their labor. Ii holds out tempta-
tiuns to counlerieiling 10 bank and mail
robberIes. 10 breaches OF trust immune
rable 10 short, 10 tb. commission OF al
most all sorts OF crimes Il thus greatly
tends tc demOralize society. lis demands
upon the pecuniary resources OF society
for its own emolumenls are truly heavy,
and e, .ehlia!ly contribute 10 the bard
times They may BE- generallsed under
the toi wing items
Amount OF dividends, paid by the con-
tributor, to lbe stockholders, Costs Of
banking houses and other banking mscbi-
merry. Wages OF officers. Estimating
these at ten to each bank, they would
mount TO about four thousand. believe,
nearly equal TO two thirds of the. military
establishment. These hands are taken
too from productive aud put 10 unproduc
i've employment Can the people OF the
United Sta rs Goubt OF the cause OF hard
times where they SEE these things? 1t
not, then why suffer them? The govern
nent of the U. S. as al present administer
ed, is in principle, as muchs government
OF the favored lew over the oppressed
manv, as. is any government in Euiope.
The difference consists, not 10 the prlnCl-
pie, but 10 its limited duration, and extent.
| Thic Initotinp hoWever as 10 IFS eXleIIt.
relates only to the funding system. In the
banking system, the U. 5 have already
oulstrpped in numbers, all the govern
men,s OF Europe put together. Whatever
may be the forms, or professions OF CO.