Iowa news. [volume] (Dubuque, Upper Mississippi Lead Mines, Wisconsin Territory) 1837-1841, 1838-06-09
loco roco DocTRIN.


in your Legislature, it would have been
decidedly aguinst a piper emission,
upon the general principles gifts INu-
rIL1TY as representative. and the
WANT or NECESSITY foritasa nae1iu1a.
To assign reasons orthis opinion, would
be as unnecessary as tedious The
ground has been 30 often troa, that
hardly a place remains untouched. In
a word, the necessity arising from the
want Of specie is represented asgreater
than it really is. contend that ii IS
by the substance, md nat By the
shadow Of thing, that we are benefit
ed. y Whether it lpaper1
be a legal teadcr or not, j. will, as has
been observed truly, leave no altcrna-
tive. IT MUST DE THAT on NOTHING.
An evil equally great, is the door il
Immediately opens for SPECULATION;
BIZ avhich the least designing, and
perhups most vuluablc, payt Gflhe
community, IS preyed upon by The
morehno,oing neutrality-suspicious..
The natural consequence [ol
a paper ernission will be, that the spe-
Gle auhich remains aaerportea aoiu
be locked up.'
The doctrines advanced in the fore
going extract, are among the number
OF those which have lately been term
ed, with view 10 bring odium upon
the,n) Loco Foco, Ayrurian Dssfruc-
the, Fanny Wright: principles, &c.
Now we are among the number Of those
who have not only always generated
the name Of the great and good man
who uttered those sentiments, but we
have also acknowledged, throag bout
our short career, the truth and justice
Of the sentiments themselves. And
while the veneratca THOMAS JETFEa-
SON all his life cxcrted his abilities IN
favor Of those sentiments; while the
true Democrats that have lived after
him, are and have been constantly us
ing their best cXertlons to elect tho OBJ
iect mentioned in the extract, to the
greatest extent compatible with the in
terests of all our country men; what has
been the need awarded to them by
portion Of their countrymcn? The
one has been, and still is, denounced,
as demagogue, and the others branded
as stupid, ignorant creatures, ever rea.
DIV to bow at the shrine of P0,Ccr; and
TO kiss the hand that was inficting IU-
IN upon them. Yes, reader, this is in
substance the language Of those against
whom the Democratic party arc corr
tending, used with refer ence, not on
~ to the man who now presides over
the destines of this free country, but
also to the venerable chief who was late
~ twice honored with the highest OIL
Ger on earth.
We will return, however, to the cx-
tract. And in doing SO, we ask every
man who shall read these rcmarks-is
it not literally true? Has not the
past experience Of our country, for thir-
ty-eight years confined the truth OF
every line?--No man can deny this.
Why then do we find the largest por-
ton Of those now opposing the admin
istration, in every State Of the Union,
constantly and resolu!eiy opposing eve
ny attempt made by the Democrats TO
place the Banks Of this country on a
firm basis, and TO. throw upon them
the responsibilities that attach TO other
companies? The reason TO us is cbvi-
Gus. Should our Legislatures, they
say, attach to the Banks such response
bilties as we contend ought 10 rest up
on them, there would M longer be
found men willing to risk their money
in such way. This assertion is par.
TALLY disprovcd by the probable result
Of the new banking law Of New York
This law allows any number of mcr
to associate together for the purpose O
issuing bills OF any denomination, from
one to one thousand dollars; provided
they commence business with a joint
capital Of not less than one hundred
thousand dollars. They must file
their bonds with the State Comptroller
and give in pledge one half the amount
oftheir capital in stocks, the other hall
in mortgages ON urincumbered real cs.
tate. They can then commence opera
tons; retaining at all times twelve and
half per centum OF their issues ii
specie. Such is the system which thu
wisdom Of New York has devised. W.
think it is good one, FOR paper cir
cuIation. AT all events, the one gram
principle is preserved, that Of stric
accountability. II there be neccs
sity for Bunhs Of circulation at all