Western courier. [volume] (Ravenna, Ohio) 1837-1838, 1837-06-08

complained OF tne 1aYorltlsm OF the banks.
1t is stated that they have made immense
loans TO great houses, which not only
bought up the cotton in the market, but
purchased crops, the seeds of which had
not yet been planted. The same sort Of
bank cngrossments has existed, in
greater or smaller degree, throughout the
continent, and Il is this which created our
American paper asi5honaires. The Jo-
sephs, for instance, extended their credits
through the banks in all directions. We
have understood that even some of the
little banks of this District did not escape
their attention. They, and other mann
moth men in New York, offered higher
per cent. to the banks in different quar-
ters of the Union than they could make
on sums lent out in driblets to the small
customers in their ncighborhoods; and the
result was, that the banking capital, far
and near, was posted offto New York, to
make profits at the rates Of two or three
per cent. month, according to the usu-
ry that rcigned in Wall street. This made
the city of New York become the theatre
of the most extravagant speculation ever
known in our country; and hence it is
that the merchants and money dealers in
that great mart have made the banks eve
ry where subject to the consequences Of
their mismanagement or misfortune.
But the effect of this monopoly of cred
it.by few, on the merchantile class gen.
orally, is point to be considered Every
body must see that while it starvcs the
means, it overshadows the growth of all
engaged in business on actual capital, and
in the regular mode. The millionaires,
by absolutely cngrossing all credit, mako
men of real, substantial means, their
mere jobbcrs and understrappors. They
are mere saplngs, overshadowed by an
enormous tree, which, when il becomes
too top-heavy for its feeble hold of earth,
crushes them l.e:cc,0,t;hh lis ii; falling weight.
The Josephs, who failed for six or seven
the Hermans- the Briggs--the
Yeatmans-the uills-anda hundred 9TH
crs, all going down with their millions,
and have sunk beneath them multitudes
of strong, substantial men, whose means
they appropriated for time to prop their
tottering odifces. The banks,
on whose masses Of paper these mon of
great arrangeme nts stand, have becn COM
PEELED, as we have seen, to follow the
course TO which the fate of those hitherto
taking the lead ofthe mercantile world has
given direction.
This millionaire system, let it be re-
had its origin with Mr.. Biddle
and the Bank Of the United States. He
irst led the way in this country, to this
conversion of banks into appcndages to
Individual stock iobbing and trading es-
Adjustments. The report of the commit
&c of Congress showing the appropria-
ion OF the capital Of the bank Of the Uni
ed States to the amount of a million at q
ime, and for periods exceeding year,
~ the broker establishment of Mr.. Tbom-
Is Biddle, at Al and s per cent; when the
and soundest merchants of
Philadelphia could not borrow thousand
lollars at six per cent. affords fine sam
'le Of the transactions out of which the
present disasters have grown.
Is it well for the mercantile class as a
'ody, that such state Of traffic should
ontinue in this country? Is it we'll that
hese enormous houses should, by holding
nut inducements and finding favor with
anks, be overpowered TO grasp and con-
rol the whole commerce of nation? Is
we'll that the moderate capitalist, hith-
rto safely and industriously, end useful
Y, to himself and others, employedin car
wing on the sale and transfer. Of eommod-
tics, should be suspended by the man.
10th merchant, and be converted into
o;t Of factor and dependant on another,
y whose overgrasping attempts he is Ii
BILE, without fault on his own part, to be
ninedl
The Indian tradition of tho extinct
is, that the enormous race de-
royed every thing in its way, crushed
le trees, devoured the animals, and left
ian himself no safe habitation but cave.
he Almighty, according TO Indian story,
aving resolved that the smaller and fee
erraces should thrive and multiply upon
e continent, and that lis plants and
ees should fructify and adorn it, hurled
s thunderbolts among the mammoths,
I'd destroyed the whole race except the
eat bull, who shook the lightning from
s horns, and leaped from the summit of
Q Allegheny beyond the great lake,
aving all this fine region to the domin-
n Of man. Tho civilized race of the
esent, it seems, are not so fortunate as
cir barberous predecessors; they have
,ewsortof mammoth growing up among
EN-, not less voracious than the old race,
Il Il L