Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1837-04-05

TO be surprised at ihs f4cility with which laws
were obtained TO carry into effect the paper sys-
tenn. Honest, and even enlightened men, are |
sometimes misled by the spsoious and plausible |
statements of designing. But experience has
now proved tho mischiefs and dangers of paper
currency, and it rests with YOU to determine
whether the proper remedy shall be applied.
The paper system bsing founded on public con-
hdcnce, and having Of itself no intrinsic value, it
is liable to great and sudden huctuations thereby
rendering property insecure, and the wages of
labor unsteady and uncertain. The corporations
which create the paper money cannot bo relied
upon to keep the circulating medium uniform in
amount, in times Of prosperity, when conf
dcnct is high, they are tcmptcd, by the prospect
of gain, or by the intiuancc of those who hope TO
profit by it, to extend their issues of paper beyond
tn, hounds Of discretion, and the reasonably de-
mands Of business. And when these issues have
been pushed on, from day TO day. until public
coniienco is at length shaken, then a reaction
| takes place, and they Immediately withdraw the
credits they have given, suddenly curtail their
issues, and produce an unexpected and ruinous
contraction Of the circulating medium, which is
f 1t by the whole community. The banks, by
this means, save themselves, and the mischievous
| consequences, OF their imprudcnce or cupdity are
visited upon the public. Nor does the evil stop
here. These GIBBS and flows in the currency, and
these indiscreet extensions of credit, naturally
| engender spirit of speculation injurious to the
habits and character of the people,. We have al
eidy its effects in the wild spirit ofspecula-
ton in the public ands and various kinds stock,
which, within the last year two, seized upon
such multitude of our citizens, and threatened
TO pervade all classes of soc ETY., and to withdraw
their attention from the sober pursuits Of honest
industry. 1t is not by encouraging this spirit
that we shall best preserve public virtue, and pro-
mote the true interests of our country. But if
| your currency continues as exclusively paper MS
Il now is, it will foster this eager desire to amass
wealth without labor; it viii multiply the num-
Der of dependents on bank accommodations and
| bank fivors the temptation TO obtain money ut
any sacrifice will become stronger end stronger,
and inevitably lead TO corruption, which will find
its way into your public councils, and destroy, at
no distant day, the purity of your Government.
Some of the evils which arise from this system of
paper press with peculiar hardship upon the class
of society least able to bear it. A portion of this
currency frequently becomes deprecated or
worthless, and all of it is easily counterfeited, in
such manner as to require particular skill and
much experience TO distinguish the counterfeit
from the genuine note. These frauds are most
generally perpotratcd in the smaller notes, which
are used in the daily transactions of ordinary bu-
siness and the losses occasioned by them are
commonly thrown upon the laboring classes of
|
of their power TO guard themselves from these i'm.
positions, and whose daily wages necessary
for their subsistence. II is the duty of every go
vornnent so TO regulate it's currency TO protect
this numerous class far as practicable from the
impositions Of avaricc and fraud. 1t is more es-
pecially the duty of the United States, where the
Government is emphatically the Government OF
the people, and where this respectable portion of
our citizens are so proudly distinguished from the
| r. &c 9TH n,
dependent spirit, their love of liberty their intel.
ligence, and their high tone of moral character.
| Their Industry, in psaco, is the source of our
wealth their bravery, in war; has covered us
with glory; and the Government of the United
States will but i'll discharge its duties if it leaves
them prey to such dishonest impos itions. Yet
it is evident that their interests can not be effsctu
ally protect ID, unless silver and gold are restored
| to circulation.
suflici TO call for immediate reform; but there
is another consideration which should more
| strongly press it upon your attention.
Recent events have proved that the paper mo-
| ney OF this country may be used as an engine to
| undermine your free institutions; and that those
who desire to engross all power in the hands of
tho few, and to govern by corruption or force, are
aware OF its power, and prepared to employ it,
Your banks now furnish your only circulating
medium. and money is plenty scarce accordins
TO the quantity of notes issued by them. While
they have capitals not greatly disproportioned to
each other, they are competitors in business, and
no one of them can exercise dominion over tho
rest; and although, in the present state of the
currency these banks may and do operate inuri-
ously upon the habits of business, the pccuniary
concerns, and tho moral tone of society," yet, from
their number and dispersed situation, they can
not combine for the purpose of political influences
and whatever may be the dispositions of some of
them, their power of mischief must necessarily
be confined to a narrow space, and folt only in
| their immediate neighborhoods.
But when the charter for the Bank Of the Uni
ted States was obtained from Congress, il perf.c.
ted the schemes of the paper system, and gave to
its advocates the position they have struggled to
| obtain, from the commencement of the Federal
Government down to the present hour. The i'm
mense capital and peculiar privileges bestowed
upon it, enabled it to exercise despotic sway over
| the other banks in every part of the country
From its superior strength it could seriously in
jure, if not destroy, the business of any one of
them which might incur its resentment, and it
openly claimed for itself the power of regulating
the currency throughout the United States. In
other words it asserted (and it undoubtedly pos.
| scssod) tho power 10 make money plenty or scarce
at its pleasure at any time, and in any quarter of
| the Union, by controlling the issues Of other
banks, and permitting an expansion, or COMPEL.
ing general contraction, of the circulating me-
dunn according to its own will. The other bank.
ing institutions were sensible of its strength, and
they soon generally became its own obedicnt in
strumcnts ready, at all times, to execute its man.
dates, and with the banks necessarily went Also
that numerous class of persons in our commercial
cities, who depend altogether Oh bank credits for
| their solvcncy and means of business-and who
are, therefore, obliged for their own safety TO pro-
pitiate the favor of the money power by dstin-
guishod zeal and devotion in its service The re.
suit of this i'll advised legislation which establish
cd this great monopoly was, to concentrate the
whole monied power of the Union, with its bound
less means of corruption, and its numerous dc.
pendents, under the direction and command of
one acknowledged hcad-thus organizing this
particular interest as one body, and securing to it
| unity and concert ofacton throughout the United
States,a and enabling il to bring forward, upon any
OCCASION It's entire and undivided strength to sup
port or defeat any measure Of the Government. In
the hands of this formidable power, thus perfect
| ly Organized, was also placed unlimited dominion
over the amount Of tho circulating medium, ri.
wing it the power TO regulate the value Of pro-
hperty and tho fruits Of labor in every quarter of
| the Union-and to bestow prosperity or bring
ruin, upon any city section of the country,
as might best comport with its own interest or po-
Icy.
We are not left to conjecture how the moned
power, thus organized, and with such a weapon
in hand, would DO likely TO use it. The distress
and alarm which agtatcd the whole country,
whicht the Bank of the United States wagtd war
upon tho people, in order to compel them TO SUBJ
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