The Massachusetts spy, and Worcester County advertiser. [volume] ([Worcester, Mass.]) 1825-1831, 1828-10-22
WORCESTER:
WEDNESDAY. OCT. %, 1928.

ALLIED BANK system. In some remarks we
had occasion to make, more than three years
since, on the subject of the Suffolk Banks war
fare on the country Banks, we predicted, as we
then said, " more in sorrow than anger, that it
would, if persisted in, have tendency to divert
portion of the country trade from Boston TO
enrich the marts of other states This was
prior to the difficulty between the Suffolk and
Worcester Banks. The suggestion was met at
the time with very significant sneers from the
advocates of the alliance, who appeared to think
that they could control the trade of the country
with the same ease that they coerced the coun-
thy Banks into the payment of tribute by means
of the enormous capital which was applied to
that object. What was then prediction is now
reality. The mere agitation of the question in
duced many TO look and see whether they could
not do as well elsewhere as in Boston 1t was
soon found too, that those who made their pur-
chases in Providence or New York could get
accommodations at the Banks, when those who
traded at Boston could not, because all the
country bills which go to the latter place, in
stead OF standing any chance for circulation.
are instantly thrown back upon the Bank which
issues them. From the operation of these eau
ses the course of trade from the southern Sec
zion Of Worcester County has been regularly,
and not very gradually, turning into new
channel. Those who want any evidence of this
fact, may find it in the number of heavy teams
which may now be found on all the principal
roads leading towards Providence. They will
learn on inquiry that great quantities of groce-
ries and domestic goods are purchased in that
place for this County, and, that the amount of
goods brought from N York by the Providence
packets, and bound hitherward, is by no means
inconsiderable. So great, indeed, has been the
increase of business in that direction, that three
stages day, we'll laden now run between
Worcester and Providence, where, seven years
ago, the only communication Of the kind be-
tween the two places, was by means of post
rider, who went but once week, some times
with one-horse wagon, and some times with
a light two-horse carriage, and found but poor
encouragement even for that.
1t may be said, however, that Boston is -four
ishing, and that it never grew more rapidly.
We admit the fact, and long may it be So But
hence it does not follow that the business which
has been driven away would not have added to
that prosperity, or that a continuance of the
same policy will not most seriously diminish it.
An honorable and magnanimous course in
business almost invariably brings its own re-
ward; and we believe that goodly proportion
OF the most intelligent merchants Of Boston
will agree with US in opinion that the paltry
nominal saving of one half of one per cent. on
their current money, is but as dust in the bal
ance, when weighed against the alienation of
feeling OF their country friends, and the other
effects, which the policy of the allied Banks has
produced. We say nominal saving, because it
in fact is so, for the price of merchandise is al
ways regulated by the value of the medium in
which it is paid for, so that whatever is gained
in the value of the currency is lost in the price
of the goods, and 0ice uerSa.