The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-21
From me Onoaaaxa .standn,d.
Loco.Foco DOCTRINES

The aLoco-Foco doctrine Of anti-banking
means anti-farming. The reason that the
multiplication OF banks leads TO the high price
OF produce, 10 universally given by the Loco
loco papers, for their hostility to banks
When money is plenty, the number Of grain
buyers is increased; and in the competition
with one another, the farmer gets the highest
price for his produce, and he obtains his pay
on the spot. When money is scarce, thai is,
when the banks are restricted in their issues.
the number Of buyers is limited. and a few
persons have it in their power to depras.
prices and control the markets. Tt tsfnar
is obliged TO sell low, or to E~ hsg I'm.
Such is the present cona; Fl lhsnq. !. re-
laiion 10 every thin pd W tha farmer for
the market, - III, als. the hiph mice
OF that w, 20 the fact, that the
s,,T I'd 10 he short and ayan
,ii,aE sioe oring the price il would il mo
me- - abundant All the Loco-foco papers
ne ringing the changes against the banks and
the spectators, because the price Of wheat
and flour is kept up Now If the banks are
instrumental IN securing a good price for
wheat, have our farmers, who raise that arti-
Gle Tor the market, any reason 10 complain,
Fhe answer Is no /; and il the banks help the
farming interest, they are beneficial TO the
whole community always excepting the sha-
uers, lawyers and sheriffs, who prosper most
when the rest Of mankind suffer for the
prosperity OF every other calling depends en-
tirely upon the success Of the farmer.
As an evidence of the feeling of the Loco
foco papers, we copy an article below from
the Ontario Messenger, paper of that school,
and which has declared the question now be-
fore the people to be Banks or no Banks"
The Messenger is for the entire destruction
of all banks. The article is prelixed to
statement from another print, that Mr.. Sim
clair had been robbed of some 60 thousand
dollars, which he had obtained in small sums
from several banks, and with which he was
proceeding west for the purchase Of wheat
The Loco-foco editor Of the Messenger seems
to think, that the people will have but little
charity for the banks, in consequence Of the
" exorbitant price of wheat and -four for the
last IL months in other words, because
the banks have enabled the farmers to get
good prices for their crops. Now we enter
tain entirely the contrary opinion. What
would the Loco-focos have the banks do with
their money! Would they have them hoard
it away, whilst the shayers and those who had
money independent Of the banks were preying
upon the whole community, and extorting the
produce Of the country from the farmer at half
price, That is the Loco-foco game undoubt-
eddy and they are such short sighted simple
tons as to imagine, really, that they can enlist
the farmers in their wild scheme Of ripping
up the geese that have been laying us golden
eggs.
Great efforts have been made to excite the
prejudices of the farmers against the banks,
by the oflice-seekers and politicians Of the
Loco-foco school, but we shall lay it down as
a principle to which we shall embrace fire.
quent occasion TO recur, that no two classes
in the whole community have such a close
identity of interests as the banks and the
farmers. The farmers give the best circula-
tion to the issues Of the banks, and the banks
furnish the means for the purchase of produce
at the highest prices. The fact is about to
be tested The revulsions in the commercial
world, and the restrictions imposed upon the
banks by the suspension act, have reduced
the amount of bank circulation far below the
wants of the community The consequences
are seen in the depression ofprices for every
thing except wheat and flour. Wool is mere
ly nominal at half last years rates. Barley
will bring, probably, A to. SO cents -oats IS
to 81 cents-corn little better, because the
corn will not be heavy-butter, beef and pork,
much less than last year. AS natural con-
sequence, farming lands will depreciate in
deed, there is no sale for farms at present, be-
cause nobody has the means to buy, and
owners Of land are not willing to sell yet at
sacrifice. All this, in great measure, is to
be attributed to the want of bank circulation
and if the Loco-foco war against the banks is
to be waged with success, the consequence to
the whole farming interest would be frightful.
But we do not believe that the true tendency
Of the doctrines of that party can be much
longer misunderstood. little experience
will set us all right upon the subject; and
then the dark cloud of Loco-focoism, which
now lowers upon the land, will be dissipated,
and the bright beams Of the sun Of prosperity
will again gladden. the hearts of all who do
not thrive, or are elevated, by the distresses
of the mass of the people.