Western courier. [volume] (Ravenna, Ohio) 1837-1838, 1837-07-13
Mr. IngersoII's Letter.
TO THE PEOPLE OF THE THIRD
CONGRESSIONAL DISTRICT OF
PENNSYLVANIA.

TO THE PEOPLE OF THE THIRD
CONGRESSIONAL DISTRICT OF
PENNSYLVANIA.
Fellow CrTIzEEs:-Separated as we
are l have not the means of addressing
you but by letter and the following is
published here that may superintend its
appearance in print, the only medium OF
submitting Il to geHsral perusal.
It is with much qualification ] can as-'
sure, that the cause Of popular enancipa-
lion from bank dominion is rapidly gam
ing ground. Opportunities here OF as
certainiug public sentiment from all parts
Of the state warrant that assurance. The
doctrines Of the currency report prove ac-
ceptable almost every where, except IN
der the immediate shade of bank lnaus
rence. And wherever the light prevails,
it is additional qualification to find that far
from deeming the report, as it was hastily
stIgma:ized at first, an inceneiary or in-
Aammatory appeal 10 popular violence. it
is considered not radical enough: Not by
party men ] have been shown letter
from an easten county, which says That
those of the party TO whom do not belong
are almost all there Of opinion thai legs
lation ought TO be carried further, much
further, than the report proposes. 4
member of The Convention from large
southern central county, iells me that III
were a candidate for Congress there, the
report would carry all the votes-al any
rate a majority Of three thousand. AIoth-
er member from the west, says that we
shall have a clear majority Of votes in Con-
vention for restraining banks and corpora
tions, and Mr.. Dunlap's contumellous
malediction is SO far in full train, that
receive every day from all quarters coun-
try newspapers eagerly publishing the res
port, and calling public attention TO it by
special notice, some Of them challenging
efutation OF what they pronounce irreiut-
able argument.
Such encouraging appreciation, far from
relaxing further exeriion in vain enjoyment
of it, should excite increased endeavors
10 rectiiy public sentiment thus alive to
this vital interest. My study was, and
shall be, TO submit temperate and forbear"
ing but plain views of the evils of discount
banks, not advancing beyond common
sense as to the remedy. but leaving il TO
the intelligence and feelings of suffering
community to take the higher ground,
which their deliberate conviction may re-
commend. In this letter ] ask attention
to two subjects of great moment, first. the
effects of American banking on American
manufactures, and on labor and industry
generally: and secondly, l viii, venture to
suggest what appears to me TO be SIM
pie and efectual plan for restoring and
preserving coin circulation. without any
at all altogether separating state affairs
from bank affairs, and leaving each to ia
own orbit and operations.
FIRST: The number Of banks In the
United States now exceeds eight hundred
and lwenty.-There is no limit to their
indefinite multiplication and 1t seems to
be agreed on all hands that by excessive.
artificial and localized circulation they
have augmented the price of every thing
as perhaps to double all prices. except that
of labor or wages, always the last to fol-
low fluctuation in price and always the
eas. increased in price in proportion 10
the price of all other articles.
Is. not this the principal reason, that
with more natural advantages than any
other, this country labours under the over"
powering disadvantage, that every thing
YOU can mention cost much more here
than any where else?. Various causes are
assigned for this pernicious odds against
us, many of which may be well founded.
But all the causes are not taken into ac-
count, unless we reckon bank deprecia-
ton of money. The deduction exacted
on the bank notes in different places, adds
ed to the discount taken from private notes
cashed by banks, are heavy and double
taxation, always preying on produchons
and undertaking. and undermining indus
try---and taxation paid into no treasures
but those Of banks and brokers. Amerl-
can manufactures. industry and production
begin the world with indirect taxation,
which it is not extravagant TO reckon as
thirty-three per cent on all capital and
bv system artificial and delusive, the
supposed protection Of domestic manulac-
turers is entirely and more than annulied.
For Of what use is our impost on foreign
goods Of twenty-five per cent while we
add thirty~three per cent to their relative
value, by making our money SO much
worse than foreign money? II is delu-
sion like The English sinking fund, which
for long time, vas thought 10 save SO
much year, till its fallacy was exposed
by proof, that while annual expenditure
exceeds annual income, a sinking fund is
mere mockery-and SO it is Of our Amer
,,,b;la tho ranker NJ denraa