Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-09-08

)Ialn we cannot long continue 10, ouy W
el, employ, or. be employed, because we
ammo, pay, or be paid
Chartered banks have been called mono
poles. The stockholders OF a bank are no
more monopolists than the farmer, who
owns his farm, or the day laborer, who
owns his spade or his hod. Should the
Of Virginia grant, by law, 10
The Editor of the Richmond Enquirer. for
example, or 10 any other man, the exclusive
possession and use the highway, that IS,
the free way, whether by land or water, from
Richmond to the District of Columbia,
thereby compelling every one who had oc-
casion to pass from the one place to the 9th
en- TO 90 in the time and manner the editor
chose TO prescribe, this would be a monopo- |
ly. Il would be a monopoly for the plain
reason that before the grant, every citizen
of Virginia, and every other person, had an
unquestioned right to travel this free high
way in any manner he might choose. But
neither the owner of the farm. nor the spade,
nor The hod, is a monopolists. for as PLAIN
reason, ,hatthere never was time when
every body had 10 equal righl &c. the spade,
the bod. OF The farm Nor are The stock
holders Of bank monopoists, Tor the like
plain, and perhaps more obvious reason, that
no citizen of State has ever had the night,
without law, to coin money, or to make any
thing else as substitute, and pass It as
money The right. both to create, and to or
dain as well what may be, as what shall be,
received us money in payment OF debts. be-
longs TO the State. or the nation. II is Pc
cular and necessary attribute OF sovereign
power. The trial BY jury is scarcely more
necessary TO the safety of human liberty and
life, than this sovereign power over making
and regulating money is 10 the safety oil
property.
Banks are sometimes called necessary
evils This is much easier said than prov
ed Experience is an honest schoolmaster;
and past experience clearly teaches us that
the benefits OF banking have been signally
great 10 the country The temporary evils
of banking 6ow rather from the bad organ
zaiion OF the system in the several States,
than from the principle Of banking There
is no more inherent evil in pure, honest
banking. than there is in borrowing or lend
ing loaf of bread This may be proved
by the mouth of the very men whose cry
has been, "down with banks" and rag ba-
rous," and "let banking be open 10 all, free
10 ALL" As far as observation goes, large
majority of those who object 10 chartered
banks are for removing The restraints and
distractions to private banking. BY way,
therefore, OF Kidding the country Of banks
and rag barons," the eight or nine hundred
chartered banks and branches. together with
few thousand directors. are 10 be killed
of; and. at the same time, many millions oil
rag barons" created in their siead-each a
banker and an issuer of cred, currency
How long are we to be fed with such bait
and. like unAedged squads, cape for more?
Ii one man has the right, that is, Il right
independent of, and above the legislative
power, to make a device. call it money. and
pass il as money. then every other man in
the community has the same RICH, 10 do the
same thing. But il cannot be that common
felons and paupers have this right. The
exercise of the sovereign prerogatiye OF the
Legislative power is as necessary TO protect
the honest and industrious against these fel-
on and paupeT bankers, as II is against the
counterfeiters of the current coin. II this
right be natural right, independent Of hu-
man law, then it can know no distinction be-
tween solvency and bankruptcy, or between
the honest man and the rogue. Does il not
follow. then. that the Legislature must con-
cede not only the right OF banking, but as
certain and determine, also, the ability Of the
banker2
Simple pure banking is The same, whe,h.
err carried on by one man or hundred men.
The banker gives out his notes for silver
aud gold, or for good paper. such as will
be paid at maturity. So far as is known,
this is the kind OF private banking demand
ed by those who declaim against chartered
banks, but who do not go the length of those
who oppose banks and credit currency,
and insist that we shall go back to hard
money. A metallic currency. according TO
their peculiar philosophy, is the way to in-
sure constant employment and high wages
to the poor. If these learned doctors are as
wise in prescribing for the diseases OF the hui
man body as they are for the occasional dis
orders of the monetary system, God save
their patients. Were they half as familiar
with the currency Of Spain. Italy, Turkey.
or Persia, as they profess to be with the
monetary affairs Of this country. they would
see that hard money currency only maks
the poor poorer Hard money times is the
harvest home to the rich, while the poor are
left 10 CLEAN the scattered and scanly frap-
ments of the field,
! Credit, wherever protected and used as
money, is one Of the 6rmest supports OF self
| government Ii wakes enterprise, and is a
strong equalizer Of wealth and condition. -
Liberty takes root where the Christian reli-
gion is tolerated. II honrishes as education
enlightens and expands the mind; and when
. / il, fhac.. te o1A.,h the r. Ia