Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-03-09


tain IN 0ey 81 any sserihee y 40 become stron-
ger and sironSsr. snd Inevitably lead 10 cor
ruption. which al bud ,ts way into your pub
isc eosneils. and destroy. ct no distant dsy, the
purity of your Coverpment Some 81 the
evils which arise from THE system Of paper
press with peculiar hardship upoa the class Of
society least able To besr r.. A portion Of Tins
currency frequently becomes deprecated or
worthless, and all of % u easily counirrfeited,
IA such \ manner 90 To require peculiar skill
and much experience to distinguish the coun-
tetfeh from the genuine note. These frauds
are usOst generally perpetratrd in the smaller
notes, ~hieh are used an the daily transactions
OF ordinary business, and the losses occ ss,on-
ed BY them sr- commonly thrown upon the la
oorng classes % society whose situstion and
pursuits put d out Of their power 10 guard
themselves from these impositiou. and ~ hose
daily wages are necessary for their subs,,t-
enes. u - tie duty of every Government So
10 regulate IT. currency AZ To protect this nu-
merous class - far ss prsctic able from the
"nposii'ons OF arsrice aud fraud. Its more
especially the duty OF the United states, where
the Government 10 emphatica ally the Govern
meni ii the people, and where thi, respceta-
Die portion of our ctixeps are 90 proudly DIS
tnguished from the laborins classes II all
other nations, BY their independent spirit their
love Of liberty, their intelligence. and their
high tone OF moral character. Their industry
IN peace, 70 the source Of our wealth aud
their bravery, in war, has covered ~ with
glory; and the Government Of the United
stntes will hut III dischsrs- its duties IL Il
leaves them prey To such dishonest impo,i-
lions. Yet II o evident that their interest,
cannot be edsctuaily protected, unles. SILVER
and gold are restored TO eircuiAiicn.
Tivse views alone. Of the paper currency.
are sufficient To call for immediate reform. /;
but there II another con-,de ration shich should
.ti'l more strongly prrss II upon your aiten-
ton.
REGENTS events have proved that the paper
money system Of tins country may he used a,
an engine to undermine your free institution. .
ard that those who desire to engro., all pow
er m the hands OF the few. and TO govern by
corruption or force, are aware u its mower
and prepared io enpio, Il. louf bshks noa
furnish your only circulating medium, and
money 10 plenty or scarce according 10 the
quantity Of notes issued by them While they
have capital. not greatly dis2roportioned TO
each other, they arc competitor, IN business
and no one Of them can txercise dominion
over the rest, and although, ~ the present
state of the currency, these bank. may and do
operate injuriDusly upon the habit, of bust
ness, the pecunlsry concerns. and the moral
tone Of society, yet, from their number aud
dispersed situation, they cannot combine for
the purpose. of political influence; and what
ever may he the dispositions Of some of them
Their power Of mischief must necessarily be
confined Ia narrow space. aud felt ouly in
their immediate neighborhoods.
But when the charter for the Bank of the
United States was obtained from Congress, IT
! perfected the scheme. Of the paper system,
and gave To its advocates the position they
have struggled In obtsin, from the commence
nent OF the Federal Government down TO the
present hour. The immense capital, sud Pc
cuiiar privileges bestowed upon II, enabled Il
to exercise despotic svay over the other banks
IN every part OF the country. From its supe- :
rior strength, Il could seriously njure, II not
destroy, the business OF any one OF them
which might incur Its resentment; and II open
~ claimed FOR itself the power Of regulating
the currency throughout the United States -
In other words. il asserted and It undoubtedly
pos'e.ssd) the power TO make money plenty or
scarce, at its pleasure. at any time and IN any
quarter OF the Union, by controlling the Issues
ot other banks, and permitting an eNpansion,
| or compelling general contraction, OF the
circulating medium. according 20 tie own will.
| The other banking Institutions were sensible
! Of its strength. and they soon generally be-
came iis ooedIent instruments, ready, at all
| times, 10 execute its mandates; ani with the
! banks, necessarily went also, that numerou.
class Of persons m our commercial eiIiss " IN
depend altogether on bank credits for their
solvency and means Of business and who are.
therefore, Obliged, for their own safety. to pro-
ptiate the favor Of the money power by dis-
| tinsuiNhed Zeal and devotion in it, service -
The result Of the ll-sdsised legislation which
established tins great monopoly was, To con-
! cehtTaie the whole mooeyed power Of the
! Union, with its boundiess means OF corrup-
ton, ard its numerous dependents, un-
der the direction and command Of one &C.
knowiedged head thus organizing this par
tienlar interest aS one body, and securing 20
Il unity and concert Of action throughout the
United States, and enabling 1t to bring for
ward. upon any occasion. its entire aud undi-
vided sireny 9Th TO support or defrat any mea-
sure Of the Government In the hands OF this
! formidable power. thus perfectly organised.
was also placed Unlimited dominion over the
amount Of the circulating medium, giving Il
the power tn regulate the value Of property
and the fruits Of labor IN every quarter OF tho
Union and 10 oestoW prosperity, or bring
ruin. upon any city or section Of the country,
as might best comport with tie own interest or
policy.
We are not len to conjecture how tho mo-
Deyed power, thus organized. and with such
weapon ~ tie hands. would he likely IN use
and sgitated the whole country, when the
Bank Of the United States wagsd war upon
the people, IN order 10 compel them 90 submit
TO iis demands, cannot yet be forgotten. The
ruthless and unspsrng temper With which
whole cities and communities were oppressed.
I individuals impoverished and ruined, and a
scene of cheerful prosperity suddenly changed
INTO one of gloom and dependency, ought 10
he indeiibly impressed on The memory 81 the
people Of the United States. n such was its
power ~ . time Of peace. what would q not
have been IN a season % war, with an enemy
~ your Doors No nation but the frremen Il
the United States could have come out veto
rious from such a contest yet. " YOU had not
conquered. The Government would have pass
ed from the hands of the many g. the and. Of
/ The few, and this organized money yosef.
/ from Its secret conolavs would have dictated
the choice q your highest officers. and com
PEELED you 20 make pescs or war. - hest suit
1 81 their ovn wishes. The f,fus 81 your 60
'srnmsni might. for time, have remained !.
but Ne living spirit would have departed from
u.
The distress snI ,uGsr,sg, inflicted m the
people ~ the Bank. are some ~ the fruits q
that system % policy whrh - continually
striving o. enisrge The authority of The Fede.