Maumee express. [volume] (Maumee City, Ohio) 1837-1838, 1837-09-16

of stock in the banks selected as depos-
itories. The supposed and often exag-
gerated advantages Of such boon will
always cause it to be sought after with
avidity. will not stop to consider on
whom the patronage incident to it is TO
be conferred, whether the selection and
control be entrusted to Congress or to
the Executive, either will be subject to
appeals made in every form which the
sagacity of interest can suggest. The
banks under such system, are stimula-
ted to make the most of their fortunate
Acquisition the deposits are treated as
increase of capital loans and circula
tions are rashly augmented, and, when
| the public exigencies require return,
it is with embarrassments not provided
for, nor foreseen. Thus banks that
thought themselves most totunate when
the public funds were received, find
themselves most embarrassed when the
season of payment suddenly arrives.
j Unfortunately, too, the evils of the
system are not limited to the banks 1t
stimulates a general rashness for enter
prize, and aggravates the fluctuations of
commerce and the currency. This re-
suit was strikingly exhibited during the
operation Of the late deposite system and
especially in the purchase of lands. The
order which ultimately directed the
payment of gold and silver in such pur-
chases, greatly checked, but could not
altogether prevent the evil. Specie
was indeed more difficult to be procured
than the notes which the banks could
themselves create at pleasure ; but still,
being obtained from them as a loan, and
returned as deposite, which they were
at liberty again to use, it only passed
round the circle with diminished speed.
This operation could not have been per-
formed, had the funds of the government
gone into the Treasury, to be regularly
disbursed, and not into the banks, to be
loaned out for their own profit, while
they were permitted to substitute for it
credit in account.
In expressing these sentiments, | de-
sire not to undervalue the benefits of
salutary credit TO any branch of enter
prise. The credit bestowed on probity
and industry is the inst reward oi merit.
and honorable incentive to further ac.
quisitions. None oppose it who love
their country and understand its well
fare. But when it is unduly encourag-
ed-when il is made to inflame the pub.
lie mind with the temptation of sudden
and unsubstantial wealth-when il turns
industry into paths that lead sooner or
later to disappointment and distress-it
becomes liable to cepsure, and needs cor
rection. Far from helping probity and
industry. the ruin to which il leads falls
most severely on the great laboring clas-
ses, who are thrown suddenly out Of en-
ployment, and by the failure of magnif.
cent schemes never intended to enrich
them, are deprived in a moment of their
only resource. Abuses of credit, and 4
excesses in speculation will happen in
despite of the most salutary laws; no.
Government perhaps can altogether pre-
vent them: but surely every Government
can refrain from contributing the stimu-
lus that calls them into life.
Since. therefore. experience has shown
that to lend the public money to the local
banks is hazardous TO operations Of the
government. AT least Of doubtf,l benefit to
the institutions themselves. and nroduc.
tive of d;sastrous deranoement in the
country ;s # the mart Of wisdom AGAIN
70 rono,y tho connection
Il = trno tbat suoh on onorcv ;s n
manv resnects conven;ent to tho Treos
nrv but 4 is not ;nd;snensable 4 Inn
;t,t;on 3 Of The eynenses Of the Govern,ent