American watchman and Delaware advertiser. [volume] (Wilmington, Del.) 1822-1828, 1827-04-20

necessity, which forever connects effects with the
causes. Wherever you throw temptation in tn
way OF men, and at the same time afford them tn
means of gratifying their longngs, you do all tina
is necessary to ensure their yielding to these tenn
tations. The first and most certain consequence
of establishing bank among simple race of yea
many, is to tempt them from their usual habits
economy and prudence. The examples of thos
who share in the favors of the bank the improve
ment and embellishments they are thus enabled t
make; and the increase of Injuries they displa
IN their style of living, are but too apt to temp
others to participate in these novel delights. Mel
do not like to see those with whom they have beef
hitherto on ali equality, suddenly shoot ahead O
| them in the voyage of life; and one single exam
pie of splendid pauperism in the person of de
pendant on country bank, is sufficient to lead
whole neghborhood into habit of taking up none,
in loans of sixty days.
"The remarks which took the liberty of offer
ing. upon the mischievous disadvantages of thes
short accommodations in the mercantile communi
ty, apply with ten fold force to the business ant
condition Of the farmers. The merchant buys on,
day, and sells the next and that punctuality witt
regard to pecuniary engagements which is essen
tia to his existence, enables him to calculate will
some degree of certainty, on receiving, or beins
able to pay, certain sum of money on a certain
day. Besides this, he enjoys in various ways, ia
cllities for meeting his engagements, unknown II
the farmer, who deals but little in notes of hand
and Is not considered bankrupt if he omits to pay
on specified day. The merchant, moreover, i
in any regular business, will, generally speaking
be able to make by his bank accommodations
enough to pay the discount, and little besides fo
himself. But the farmer who can afford to pa,
six or seven per cent for money out of the produce
OF his farm, must rise early and work Latch,
must live upon rye bread and salt pork, and carr,
all the rest to market.-This is the case where h,
pays interest only once year, and the creditor i
content to wait till he can thresh bis grain, kill hi
hogs, and bring to market all he has to sell. Blu
it is infinitely worse where the liability of paymen
recurs. regularly. every sixty days, and where TIL
interest mast be paid on a certain day, or added t.
the principal. His harvest of wheat; his hayma
king; his beef and his pork his receipts of money
in fact, only happens once year, and once only
at most, twice in the year, is he prepared to pa,
any considerable sum of money. How then cal
he endure for any length of time, this rapid
sion Of demands, and this unceasing accumulation
of interest never knew but one farmer, VIII
survived bank discount, and he was happily pre-
served from certain destruction, by the bank beiny
ruined, before it had time to ruin him.
"Thus it is, gentlemen, that deceitful painted
spectre of prosperity is seen to stalk for while il
the neighborhood of one Of these pernicious insti
tutions. The houses become better the barn
more capacious; the fences more neat, and tn
fields are dressed in smiles. But the heart of tn
poor tenant at will, reoces not in what now no Ion
ger belongs to him. His pillow cases are finer thai
they were, but they pillow an aching head-hi
curtains are far more fashlonabe-but they hid
an aching heart, and sleepless man. He can IL
longer look out in the bright sunny morning on hi
inheritance with the calm satisfied eye of unincum
bered possession nor stand as he once did, cree
and Independent before the first in the land. H
is in debt and a slave to others. The profits of hi
land-the land ITSELF belongs not to him; ant
thus race of honest industrious, virtuous, and in
dependent farmers, is exchanged for single pala
ces--panted fences-unnecessary outbulldings
and the superfuous trumpery of genteel DRAWN
room, for country gossips to meet in, and env
their neighbors the possession OF some gilded geW
gaw.
I" How is it that bank is necessary to its affair
ment? Either the projectors of this undertaken
for the public good have the capital or the cred
necessary to its completion, or they nave not
! the former. then bank is not necessary; if tn
latter. would ask, who takes the risk of the fai
ure Of the project Certainly the people at larg,
among whom the notes of the bank have been Gil
culated. If the project fails-f the funds are elr
bezzled, misapplied-or if the cost, as general
the case, far exceeds the original estimates, an
the bank fails; as a matter of course, the holder
of its notes are the sufferers, and the public, as
usual in all these projects for the public goot
either directly or indirectly, pays the price Of tn
failure.
SIN the history of these projects, based upo
banking privileges, the bank has generally,if nc
always, been found to depend upon the success
the former, Where the object was really prose
cuted in good faith, the failure Of the project wa
either preceded or succeeded by the failure of tn
bank. But the ordinary course has been, and pre-
lhrh1 81 h. ,,kl
having answered its purpose of ladder, by who
the real object, the bank, was obtained, is kicke
away without ceremony; the project is left to d
natural death, while the bank continues in opers