Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1838-05-09

nc SuSPcuo'o" VI oPOSiO Puyinouts was
general, and as simultaneous as the flying
news Of the event could mako it. In the
reasonable presumption that the resumption
would be equally general and simultaneous,
the Legislature of Michigan limited its pro.
lection Of the banks to the 10th May-the
day fixed by New York. If this fair and
just presumption had been borne out by the
event, il would all have been well enough.
The banks in the different states could have
combined TO sustain each other. They would
have been placed on an equal footing with
each other. They would have mutually had
the power to aid or injure each other. In
the game Of win or lose, there would have
been something 10 give as we'll as to take.
The choice is soon made, when the altcrna.
tive presented, is mutual benefit or mutual
destruction. But contrary TO all just expec.
taton, it is found that there is but one state
OIL any side Of US, in the whole Union, that
intends to adhere 10 its original purpose
This is New York.
How is this TO be done? And what is to
be the effect of this measure upon the inter-
ests of that people, unless that people again
interpose to save themselves. New York
has eleven millions of circulation, fourteen
millions Of dcposltes, and nine millions Of
specie, and the people owe to the Banks
fifty millions. Lie. US hear Gov. Marcy:
surrounded as we shall % by banks emil
ting irredeemable paper, it is not perhaps
uncharitable to indulge fear, that they may
consult their own interest, by making eiivr!s
to embarrass and circumscribe the opera.
tons Of our own institutions, with view Of
securing TO themselves the benefit of an ex-
tensive circulation Of their bills in the state.
Assuming that the re.
flsal of the banks of other states 10 uaie
with ours in resumng, is owing to con.
viction that they are not in condition TO
sustain themselves in that measure, they
will undoubtedly avail themselves of the
means which the resumption in this
state will afford them, to recover from their
weakness, and transfer to themselves the
resources which our institutions have, at
considerable expense, provided for their
own security. Banks that persist in issu.
ing an irredeemable currency, will by the
use Of it, be enabled TO possess themselves
! Of claims against such as have resumed,
and by eracting specie and refusing 10 pay
ii, they will be able to impair and eventu.
ally exhaust the resources Of the latter in.
s,itutons, unless they crcumscribe within
narrow limits their accommodations to the
public. - If there were
no object TO answer than the success of an
attempt TO resume, the subject would be pre-.
scented 10 US in much less imposing man.
nsr, and interpositon by the legislature
might not be deemed necessary. But i:
} the banks are 10 continue in their present
contracted state, particularly if the circum.
stances to which have alluded, are likely
to require further contraction on their
J part, very few. indeed, of the benefits which
have been anticipated from return to spe.
Gle payments will be realized. Though
they discharge their obligations in the legal
currency, if they continue to reduce their
discounts, or they do not generally expand
the public will not be essentially relleved;the
laboring classes will look in vain for their
accustomed employment; most kinds OF
} agricultural products will decline in price /;
} our manufacturing establishments cannot
be put in successful operation; various
} branches OF mechanical business will be de-
prived of a wholesome degree of encour.
, agement; trade will continue in its present
depressed coudtion, and the disorders of the
currency will be but partially removed, and
the immoral practices which spring from
! such disorders, will be but partially re-
, deemed. Gov. Marcy's message Of April
IL, 1888.
By what mode is it proposed to avert
these effects Not from the banks but
from the people BY lending the banks
eight millions Of State stock; authorizing
them to issue post notes, payable twelve
months ahead, and 10 extend their issues
from the limitations of the suspension act,
to once and half their capitals. The
whole project, then, Of aid and protection
to the banks, has for its motive and object,
not relief for the Banks, but relief for the
, People; and the banks arc only made the
, instruments Of this relief, by enabling them
to give the people more time to pay their
debts. The great creditor State OF New
York, with a population of two millions,
and domestic debt of fifty millions
whom nearly every body owes, directly or
indirectly finds it necessary, under exist.
ing circumstances, to interpose its powerful
protection and credit, TO saUe its own PEG.
pie. In the language Of Gov. Marcy, sit
is the daty Of the state to stand forth in
its strength, and by the use Of its credi,
and the sanction Of its name, TO shield
, its institutions and its citizens from harm"
What is Michigan, with population OF
quarter Of million, and q debt Of four
: milIions-whom nobody owcs-dong to sape
or TO help its people ? How is Mich an,
. with half million of specie, million OF
deposites, two millions of circulation, and
i. exchange running against her at IL to Is
per cent. TO do without help-what New
York can hardly do scith help when she
has New York herself the heaviest load OF
all upon her back, to boot How are the
people of Michigan TO pay, without further
: clemency, or time, or indulgence, their four
millions of bank debts1 Against what ell
ement Of evil, has New York endeavored
to guard the interests Of her people, thu,
) does not exist, in multiplied form and with
increased force, in regard TO tho people ol
Michiganl And what is to be the effect
upon the people of Michigan, Of fore ng her
, into this unnatural position : Here it is,in
. plain English.
, The process indicated in the message