The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1837-05-27
THE BANKs--spECIE.


and Maryland, and most probably in every
state in the Union, has suspended specie
payments, and thus completely deprived
the people of a metallic currency. How
obvious to every discerning mind must be
the inducements to this outrageous breach
Sof faith. Banks and Brokers, and the man.
ayers of moneyed monopolies, are an inte-
gral mass of shavers and speculators, who
connive one with another to regulate the
business and currency of the country, by
system Of insecure credit, under the sane
ton of corporate privileges, conferred by
the legislature. For some years past this
portion of our citizens have been carrying
on a game in which thousands were over
looked to accumulate millions-all on cred
it--and all depending on precarious ex-
change traffic. These spectators were
either holders of Bank stock, or the agents
of the holders-they were generally the di-
rectors of the different Banking Institutions
and whenever putting breeze exhibited
fertile soil, or mineral productions, in Ohio,
Illinois, Indiana, Michigan, or even Texas,
they drew out funds on their certificates of
stock, las is the custom,) and invested every
dollar in speculation. And this system was
not exclusively confined to investments in
real estate. The same men, during the
last year, entered into the grain speculation,
and stationed agents at every point between
our great metropolis and Cincinnati via
Pittsburg. They purchased at high prices
they overlooked the immense stock ac-
cumulating in city markets-they refused
to sell unless at exhorbitant profits; and
when the prices of land and grain depre-
ciated, they discovered that they had COM
mitted mistake. 1t was true that they
had oppressed the poor and labouring class
es of community, and put persons in good
circumstances to great Inconvenience but
it was now evident, too, that they had also
entailed upon themselves liabilities and en-
nor easily surmounted. A course must be
adopted for their own private relief; and the
suspension of specie payments was the only
alternative which presented itself. They
could thus create a revolution in the curren-
cy--they could enlarge their issues of pa
per-and by relying on the paper credit of
each other be enabled to retain their pos
sessions until a sale could be Effected
thus aiming at self-aggrandizement, even
should the consequences be more fatal to
the community than similar stoppage oc-
casloned in the fatal bank failures of 1916.
What effect these maneuvres will have
upon the country time alone must disclose.
Every one has his own coniectures; and,
for our own part, looking upon the matter
as merely transitory, we apprehcnd that the
evil will carry with it the proper medicine
to effect perfect cure. twill undoubted-
= ly check the specializing mania which has
ruined so many industrious and enterpri-
sing men, to whom many years of hard la
Dor had given a competency of this worlds
goods; and it will ultimately prove the fact,
that the only sure road to happiness and
eminence is by industry, temperance, per-
severance, and firm reliance on ones own
exertions. 1t will put stop to the number-
less creation ofcorporations by the legisla.
ture, and hereafter prevent not only the
grant of charters to so many banks, but also
exclude any institution from exercising
banking privileges, unless the directors and
stockholders are made responsible for all
its liabilities and transactions. 1t will bring
about REGULAR system of business; and il
will promulgate and encourage those habits
of honest industry and useful enterprise
which are the true basis of individual ag
grandizement and national independence.
WoNDERFUL.-A proclamation, signet