Maumee express. [volume] (Maumee City, Ohio) 1837-1838, 1837-12-23

of conduct fully shows what different re-
suits are certain to follow.
This view Of the subject shows our
banks to be in most healthy and sound
condition, and must prove to the most
sceptical their entire solvency, and abb
Iity to meet all their engagements. The
curtailment Of their circulation, and the
reduction Of their debts, whilst it proves
the good faith with which their business
has been conducted, gives to us pleasing
demonstration of the ability OF our peo-
pie to sustain themselves, without serious
embarrassments. in the midst of press
ure in our financial affairs, that has pro-
strated the hopes and future prospects Of
thousands OF our most active and enter.
prising merchants, manufacturers and
mechanics, in other portions of the
United States. 93aa.a5 alufa
The arrangements of the currency
have brought the subjects of banking and
the credit system, as contrasted with a
specie circulation, in prominent review
before the whole body of our people.
The advantages and disadvantages of
both systems have been sustained and
defended by the ablest men of our coun-
try; and we find the whole matter still
in the hands of Congress, who alone have
the power of settling and putting to rest
this distracting QUESTION. That the peo-
pie are ready to abandon the credit sys-
tenn, by prostrating the banks, and esta-
blishing what has been called hard mo-
ney government, ! do not believe. Such
revulsion in the business ofthe country,
would be too oppressive on all classes of
society, and more particularly on that
active and enterprising portion of our
4 citizens, who have been the purchasers
and venders of our surplus productions,
and who have done so much to build up
the prosperity of the state, to be for mo-
ment endured. .u s....
Let us examine and see what would
be the operation of such hazal dous ex-
pertinent as that of reducing the circula-
ton ofthe country to specie alone. Eve
ry man conversant with the laws oftrade,
and the effects of currency, must admit,
that all articles Of merchandise, and all
descriptions of property, must fall in
proportion to the reduction of the circu.
lation. This to be sure, is not always
its immediate effect, but that it must, in
the end, approximat te to that standard, is
not to be questioned. But its operation
will not end here-it will raise the value
of debts in ratio still more oppressive.
Suppose the banks of Ohio were COM
PEELED to wind up their business, as they
must certainly be, under this exclusive
metallic currency, and after calling in
their circulation. there should remain due
to them ten millions of dolars-the re-
suit would be, that it would take what is
i. now worth forty millions in landed es-
tate, to settle this debt. We may lheo-
rize as we please, but all revuIsions in
trade, when heavy balances remain un.
settled, and especially in agricultural
+ states, must in the end be liquidated and
paid by change of property from one
hand to another; nineteen-twentieths of
which will fall on real estate. This will
prove equally true in winding up the af-
fairs in any other prominent branch of
business as well as that of the banking
Stop, for instance, the importation Of fore
ign merchandise-compel the merchants
throughout the state to close their brsi-
ness, and the debt due will have princi-
pally to be satisfied by real estate--Our
whole credit system is in good degree
based upon the security of landed pro-
perty; and the policy that shall hazard
, its sacrifice, is destructive to the interest
and prosperity ofthe whole body Of four
people.
have tried to understand all the ar
guments that have been used in favor OF
| this hard money theory, and after much
reflection, have labored TO carry out their
!. results; and | cannot see that there is
one human being in the United States to
be benefited BY its operations-the men
} receiving compensations. and salaries
) from the public, and the man Of money
5 and Of mortgages, excepted. That the
destruction Of credit will make the rich
: richer and the poor poorer, is too plain a
J, proposition to be called question. The
I history of our own state is an argument
: much stronger than any | can make in
: favor Of this position. If there is sim
+ gle district Of country in the United
0 States that owes more to credit than that
r Of any other, it is Ohio. Credit has gi.
;. ven US our elevated stand amongst oul
: sister states. Credit has given US one
! Of the most cnterprising and active sci
f of business men that have lived in any