Western courier. [volume] (Ravenna, Ohio) 1837-1838, 1837-06-15

should be held from it : that .he run for
specie, ordered by their English CONNER
cial creditors and allies, should bee ONE
universal---that the interior merchants
should be pressed for gold and silver, tc
exhaust the country, and that the city
banks should be used as engines to COM
pei tho country banks to stop payment,
by converting their own irredeemabe pa
per. at any discount, into the notes of the
specie paying banks with which to make
runs.
The result of the experiment shows
that the city merchants have absolute con-
troll over the city banks; the town mcr-
chants over the banks in towns; the
wholesale man controlling the retailer;
the great banks the smaller; and in this
way the whole credit system TO be based
on the point on which trade concentrates.
Mr.. Webster's remarks as to the city in
fluence. rightly interpreted, mean nothing
more than where credit is the breath of a
country, its great cities being its nostrils,
they have the issues of life and death in
their power. 1t is on the principle that
"scealh is tie test ofmrit," that Mr..
Webster, by sort of figure, speaks of
the power Of the cities over the paper sys-
tenn, as if it were the the power Of intel
lect and "inteHiglnce."
The mercantile class, having the con-
troll Of the banks established for their con-
venience in their hands have proved not
wanting in that ambition to which Mr..
Webster appealed. and very promptly
brought TO bear upon the country that
faculty which their federal leader would
pass off in diguise as mental superiority,
and therefore worthy to command the
Union. Their sway over the banks has
been applied tl bring the Government and
the country under the sway of "tae mo.
neyed aristocrasy." This is the point to
which the federal party have always d.
rected their politics; ard they are again
supported by the moneyed power in Eng
land, which has never been found wanting
to them in any exigcncy. In the present
instance an aIl-absorbing pecuniary in
terest among the foreign bankers and
merchants operates with their kindred
political feelings; and the whole scheme
depends upon the success with which they
may work the machinery of blnks to sub
iect all the means Of the people and their
Government to their control.
While gold and silver remain in the
country, the credit currency issued by cor
porations cannot obtain complete domin-
ion. The great object of the money mana
gers was then, from the first, the expor-
talion of the gold and silver. We extract
below from all the organs of the opposi-
tion and the merchants in the great cities,
samples of their daily adjurations to their
rnartv to rid the country of specie. From
the moment thai the policy was announc
ed by President Jackson Of delivering the
great body of the people from absolute
dependence on banks, by making gold
and silver the common currency for do
mestic dealing, all the power Of those pro-
fitting by corporations and paper credits
was eXerted to counteract the measures OF
the administration having the infusion of
gold and silver into circulation for their
object. 1t was ridiculed as a humbug, and
every arlifice resorted to tendingto keep
the paper of banks afloat, and to sink the
coin in their vaults. The good sense Of
the people sustained the policy of the late
President, and now another mode ofcoun-
taraciion is adopted. The banks have
shut up the gold and silver entrusted to
them by the Government and by the pub
lie confidence. The millions Of paper
circulated by them as equivalent to specie,
is forced upon the holders as a currency,
which they are obliged TO use, or lose the
whole amount. In its deprecated state,
it is like perishable commodities in a
market, somewhat tainted-it will not
keep. 1t is hurried off by all who can use
it; and the sound money is horted, or
sold at n premium for expectation. II is
lost to the country as a currency.
This has been accomplished by the
power Of tho mere antie class over the
banks. 1t is the result Of design, otpan-
ic. The Journal of Commerce of yester-
day boldly announces the scope which the
merchants have resolved TO give the bank
suspension. "SPEcIE PAYMENTS (says
this commercial prinD CANNOT. DE RE-
suMED UNTIL THE DEBTS OF THE coUN
try. BOTH AT HOME AND ABROAD, HAVE
BEEN LIoUIDATIED." "SPEcIE PAY.
MENTs CANNOT BE SUCCESSFULLY RE
sUMED WITHOUT THE AID OF NATIONAL
BANK" This is the ordinance orthe New
York merchants. They must have the
specie to pay their debts abroad, and the
people OF this country must submit 10 take
their spurious bank issues. The Journal
of Commerce adds: "Atfer all, the 8ns
pension aoas moi premature. and has done
much good. Eorry thing is ao,o hfi to
DIS CRETTON but fifth. DLSCRE