The Arkansas advocate., 1837-04-10

PN'p'S' and where this respectable portion of citizens are proudly distinguished from the laboring classes ot all other nations, by their independent spirit ther love of lberly their intelligence ana their high iene o nor al character. Their industry, in peace, IS the source of our wealth and their bravery, in war; has covered Us with glory and the Government ef the United States will but i'll discharge is dues if # eayes them prey to such dishonest impostione. Yet il is evident that their interests cannot be eeetualiy protected, unless silver and gold gre restored 10 circulation.
 These views alone, Of the paper currency are sui-
 icieni to cal for immediate eform but there IS another reconsideration which should sl more strongly press Il upuu your atiennon
 Recent events have proved that the paper money
 system of this country may be used as an engine 10
 undermine your free institutions; and that those who
 desfa 10 enagoss all power in he hands of tks few,
 aud to govern by corruption ef oree are aware o is pome-, and prepared 10 employ it. Your banks now furnish your only circulating medium, anu money $
 plenty scarce according the quantity of notes is
 sued by them. While they have capitals not greatly
 dspreportioned o each other, they competitors in business, and no sf them exercise dominion
 oyer tae rest and although, n tbe present state of the
 currency, these banks may and do operate inafously
 upon the habits Of business, the peeuniafy concerns,
 and the moral cue of society vel, from their number and dispersed situation, they cannot combine for the
 purposes ct political influence; and whatever may be
 the dispositions of of them, their power of mis- chief must necessarily be confined to narrow space,
 and felt only in tbeir immediate neghborhoods.
 But when the charter for the Bank of the United
 States obtained from Congress, 1t perfected the
 schemes of the paper system, and gave it's advocates the position they have struggled to obtan, from the commencement Of the Federal Government down to the present hour. The immense capital, and peculiar privileges bestowed upon Ii, enabled 1t to exercise de- spotie sway the other banks in every part of the country From is superior strength, 1t could serious y njure, if destroy, the business of any of them which might incur its resentment; and openly claimed for itself the power Of regulating the currency throughout the United States in other words fl serted (and Il undoubtedly possessed) the power to make money plenty scarce, nj it's pleasure, at any time, and any quarter of the Union by controlling the issues of other banks and permitting an expansion, or compelling general contraction, of the circulating medium, according 10 its will The other bank ing institutions were sensible of it's strength, and they generally became it's obetent instruments eady, at all times, 10 execute is naudaies and with tho banks necessarily went, also, that class of persons in our commercial cities, who depend altogether or bank credits Ter their soIqency and of busi- nesa and vino gre, therefore, obliged for their safety, 10 prnptiae he favor 8f the money power by dsitegnisaed zeal and devotion in it9 service. The result e ths iii-adyised egis'aou which established this great monopoly Mas, to concentrate inc whole noneyed pewer of tba Union, Hith its boundess means oi eerrnpton, and ifs numerous dependents, under he direction and command of one acknowledged head
 thus oFgaHzing is particular interest body, and securing To ii unity and concert of action throughout
 he United States, and enabling 1t to bring forward, upon any occasion, its entire end undivided strength to support or deieai any of the Government la the hnnds of this formidable power thus perfectly organized, WAS alto placed uniimod d5mon oyer the amonnt "t the circulating medium, giving H the power 10 regulate the vane ol property and the fruits Of labor III every quarter of .he UDien and sc.ov prosper fly, oF bfiug rum, nFca aEy city section a hs try, as might best coafort with is interest po cy.
 We are not Jeff to conjecture how the moneyed power, thus organized and with such weapon in it's hands, would bp iiaolY to f. The distress end alarm which pervaded and agitaed tte whole country, when the Bank of the United States waged war upon he people, in order o coapel hem submit 10 is de- nand7. cannot yet be forgotten. The ruthless and ua- spafag temper with witch whole cities aad eommun- tas were oppressed. individuals impoverished and ruin ed end scene Of cheerful prosperity suddenly changed into enc of gloom and despondency onght to be nde sly impressed on the memory of the people of the tinted States. Ii such is pewer ia time of f peace, what would t not have been n season of war; with m enemy at your doors! To nation but the free men of the United States could have come out vcto- rons from such contest vel, if you had conquer ed the Government would have passed from the hands of the many 10 the hands of inc few and this organz- ed money power from is secret conclaye, would have dictated the choice of your highest officers. and com peed you to make peace or war, best suited their own wishes Tho forms of your government raiehi, for time, have remained; bu its living spirit would have departed from it.
 The distress and suaeriags inflicted on the people hy the bank, are of tho fruits e that system of policy which $ continually striving 10 enlarge the au- thority of the Federal Government beyond the limits fixed hy the constitution. The powers enumerated in aa instrument do not confer Congress he right 10 establish such corpo.aton as the Bank of the United Sates; and the evil consequences which followed may waaus of tha dange o departing from the true rule of construction, and oi permitting temporary circumsan- ees, er inc hope of better promoting he public welfare, 10 inaenee, n my degree decisons upon 6 cx. tent of the authority of the General Government Let