The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1838-08-17

u NO HtdDs DOt
"niie' IKE the course of the winds, II deiies
calculation, the fact is equally palpabe
what memory that goes back fifty years,
may not recall men, who, with a few hun.
dred pounds of annual nicotine. lived in hon.
orable Independence and Astounding bospi
; ialiiy? What is the effective value OF
like income now Reduced al least one
halt. Yet, within that time, The supply of
gold and silver, instead OF rapidly lucreas.
ing, has VIGOROUSLY diminished. The Rev.
buttons of Spanish America have reduced
the annual production far below the annual
consulnption IN plate and iewelry. Within
that time, too, the discoveries of scieRce,
the inventions Of art, and the Improvement
Of manufactures, have more than doubled
the facility of producing almost every arti
Gle of necessity, comfort or luxury.
Take The case oil two men, each of whom,
fifty years ago, was worth 500, 000-fbe
one 10 money. lie other in land. We sup,
pose each 20 have received per cent. on
his whole capiss1, the one IN interest,
the other in rents. We suppose each 10
have spent his whole income, and no more
the one beng careful not TO break IN on his
capital, the other using equal attention for
the preservation Of his property from waste
end d,lapidaiton. They were equal then.
They have spent equally. Neither has los,
or gained any thing. Are they equal now
+ Both we're nahobs then, and the land bold
er IL a nahob STILL While the other has
dwinded to a man Of ordinary properly.
What he's made the difference The bank
ing system. Who bears the loss! The
moneyed interest, of which the banking
system is the creature. Shall this interest,
i then, which, for the convenience Of com.
msFce, and to the advantage Of every other
interest has established this system, receive
no compensation for the wear and tear of
/ the capital with which 1t works! This is
tax which the monnyed interest levies up
on Itself for the purchase Of great com
mcrclal convenience. The other interests
pay none Of IT,. Ii is for their advantage.
/, is the creditors loss. IL is the debtors
gain. We're there no equivalent for this
the moneyed interest would make itself
martyr TO the convenience of the public.
The slight excess Of interest over G per
cent. IS the only equivalent. That that is
not too great, is certain. IL II were com
petition would reduce il 10 the proper
standard.
The whole matter resolves itself into
this-there is nothing wrong, unless the
moneyed interest. through It's creature, the
Banking Sytcm. recelves more than lis due.
Ii has a right to realize 6 per cent. on
It's whole capital. and, # il receives more
Than this, the excess ~, on an average, not
more than fair equivalent for the depre
cations of capital produced hy the process.
| am aware that no part OF this advantage
is shared by those moneyed men who live
by lending their own money in their own
private way. These bear their share OF
the loss, and do not partake of the equIva'
lent. This NAV be one reason why, as by
a sort Of instinct, the usurer is always among
the most malignant enemies OF the Banking
} System. Another reason is. that that sys'
tenn is his great rival and resiralns his ex.
! tor,ions within reasonable bounds, or leaves
, him only the bare picklngs of those who
could not &c, credit in bank. But he takes
: care 10 indemnify himself, BY cultivatng the
: prejudice against the system, and specu'a.
$ ting on the alternate fluctuations produc.
/. cd by the expiration and renewal OF hank
charters. He must have been careless
Q observer who cannot remember that The
! mos, strenuous opponents OF the late Ad.
3 minisira,ion of this class, were won over TO
r its support bv the seizure of the depostes.
: They snufied the scent OF carnage, and,
4 fllpprng their wings eSul;ingly, perched on
r the banner Of the destroyer.
In truth, the hard money system is the
! system for the money interest. ES,ab-
a hsh IT, and men viii demand their debts in
/, hard money, to the utter ruin OF the debtor,
and Of all bot the moneyed interest. The
e disposition Of that interest TO create banks,
/. seems like God send 10 all the rest II
/. looks like something provideutial. as # the
Author of all Good had put it into the heart
/, of that great interest to provide means
!. BY which others might keep even way with
Il it, and save themselves from being devour
:. cd by it,
d What would be the effect, should every
|. moneyed man in the community withdfa"
I, himself from all connexIon with the banks
3. call in all his debts, and resolve hencetor'F
>. TO receive and TO lend nothing but hare
OF money? An earthquake would be hArn
in less in comparison with such calamity. The
E. fate of Sodom would be happy escape
n. from il.
of The political economist understands these
c. matters perlecty--none better than the Uu
IN htarian What pity that he does not u.s.
de his penny magazines 10 explain them t
V, his many headed pupil. instead OF excitin!