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

the multiplication of little banks is still more iniu-
rlous. mean the farmers the owners and cult.
vators of the and whose labors are the blessing of
every country, and whose products the staff of life
to all mankind. speak of what has passed under
my own eyes, when say that a country bank is
nuisance OF the worst kind to all parts where its in
fiuence extends. 1t at once begets among the far
mers taste for expensive improvements, and is the
parent OF a thousand Imaginary wants, which it af-
fords at the same time the momentary means of
supplying. The old Dutch barn, which answered
the purposes of his honest odfashioned father and
his own, must be pulled down, and replaced by one
OFT more improved construction, and far more ex-
pensive One expense begets another. The house
which kept the old barn in cOuntenance, and was
kept in countenance by the barn, can no longer
hodup its head; it is disgraced by the modern struc
ture and must also be pulled down, to make way
for palace. which is far too large for the ground
to which it appertains A new house requires new
furniture, and a mode of living to correspond with
the rest of the new creation. There is capital
mill seat on the farm, and though there are plen-
| ty of mills for all the of the neighborhood,
the demon of speculation whispers him to build
merchant mill. with all old Oliver Evans machin
cry, and heaven knows what other improvements
besides. Thus he goes on with improvement up
on improvement, till he is over head and ears in
| ebt.
| :" But where does lie get all the money for these
Improvements lhus it's: A LIBERAL kind hearted
man, belonging to of these little country banks,
Tor whose paper there rs no earthly necessity in
ransacting the business of the neghborhood, falls
accidentally IN his company at an election, or at the
little market town, and begins by wondering why
he don't build new barn, new house, new
al, or undertake some other great Improvement
o. his farm. Every thing is rising at the moment
N its nominal value in consequence OF the floods of
paper poured forth by the new bank ; and those
| IN unll
great advantage, and make capital speculation.
| The people of the United States race of men
having few. it any equals in the world, in all the
essentials of great nation. But they have their
| 'oibes They cannot harden their hearts against
he seduction OF SPECULATION At that magic
word, their ewes begin to sparkle; they prick up
their ears and snort, and curvet, and caper about,
| like the young warehouse in the meadow, when he
hears the sound of the trumpet. Like him they
run from side to the other, poking their heads
through the fence, measuring its heights with
their arched necks to see if it can be cleared at
hound. Nothing can restrain them. and finally,
the, either break down the barrier or leap the gate,
and away they go, looking neither to the right nor
the left, before or behind, in their ardor to follow
the empty sound. So with our honest farmer. He
listsns-and is overcome. He is determined to
make a speculation, and nothing delays him sin
gle moment but the want OF means.
"These are promised HIM with unlimited gene
rostv, by the liberal gentleman aforesaid. 1t is
only to give his note backed by mortgage, or as
Segment Of his land, and money will rain down
in showers. The note will be renewed at the end
of sixty days. as often as he wishes and in the in
term there will certainly be opportunity for a
great speculation. The bait is swallowed the
| note signed, the mortgage recorded in do0mSdny
book the money received and the mill built but
no grist comes to it--and mill without grist is
but poor speculation. Sixty days are like sixty
minutes, to man that has note to pay. Time
lnps with creditors. but flies with debtors. The
note is renewed, with the interest added. 1t is
astonishing. gentlemen, how debt grows, when it
is thus fed with meal of interest every sixty days.
The agent of the bank. who very likely has no
ton of making a snug speculation himself out OF
the farm, watche, honest farmer as cat watch
es a mouse, ana plays with him as pretty, till it
time for tr coup de grace All at the bank is
hard pressed for money and the note which by this
time has nearly approached to toerably fair price
for half the farm. must be paid. The farmer tries
to sell his farm, and realize his great speculation
But no ever gets great price when it is known
that he must sell. Besides, the little bank has it
always in its power to make money scarce in the
neighborhood, by calling in its loans or refusing
discounts. The catastrophe is inevtable-the farm
is sold, and ten to one, bought in by the bank, at
a great sacrifice; and the next thing you hear of
our honest farmer, he is on his way either to Jail,
l or to Missouri or Arkansaw, in search OF new
!, speculation. l have seen half township, aye,
gentlemen, halfa county, change hands in this way.
before the final catastrophe-to wit: the failure of
the bank and the loss to the public of perhaps three
times the real amount of its nominal capital 1t is
E a fair exchange-rags for lands and houses-a crust
of bread for shoulder of mutton-a shadow for a
l substance.
. "Such consequences are not accidental, but in
Z, eyitabe. have visited many parts OF this coun-
y try, and been much conversant with the life and
history of the farmers. was born and brought up