Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-07-26

'"'a.tap'e humbuSrv. that banks, in the
"hA'Sy 10 monopolizc all gain, souI
.".'os'n that VIC war upon credit. and r
"lsaI down The prosperity of this nigh
~ PeoP'e, walking III all the energy Of man
".'oot and with giant strides, to the empir
OF me world, under the quickeninc inllu
ehcess OF free and'glorions institutions!
gentlemen sleep under a deIusion: the,
arc "here the world was twenty years ago
S'eail power has rcvnlutiuniZcd all inlau,
NAVIGATION, and now the resources of tn,
cohuity. with its cotton trade, will revolu
lZe commerce. The day is past when banl
circulation is again TO he considered as casI
or currcucy, to form Il permanent SYSTEM
IL Is to have value in proportion to IN,
crcdlt and capacity of The institution is~,,
ing II. ana no more, aud will facilitate large
commercial transactions. As far as wear,
concerned. IN our foreign trade cotton is ,t
supply, to great extent. The place of coins
IN transmiSsinns. aud is ro regulate cxchan
ges. The tide is changing. and those who
! repose under The fatal idea thar banks are
10 regulate the helm, as heretofore, and thar
me same breeze is to swr the sails. vii,
una themselves wrecked amid breakers, and
nieachin" under the unrclrmting winds of
itaven.e:a On these subjects, there is :, deep
current OF thought in The world. aud the
>p'rii OF reform is abroad. Let nni gentle
men move further in their bold career un-
der ap idea that the hankin. intcrrs, is 10
rule this country. warn them To pause
before they bring down destruction from az,
outraged aud indignant people. The res
pnnsibihty will rest upon them. AS 10 our
trade abroad cotton is to hr the great rcyu.
lnt"r. Fh" bank nr banks thar ally them
selves with that
commercial basis, will have the means I,
meet credits in Europe. and " i'll be relieved
from all transmisSinnS in coin.
There is To no proposition So dangerous
to the banks themselves as to reu.,ire them
IN anyfranactinns with this Gnvrrnrnent.-
All who desire 10 preserve the usefulness of
those institutinns which resi- upon :, sound
basis, should dread The fatal embrace of the
Government, which will either prove too
stroneSfor them, or will make c0u,bi.ln
ton too strong for liberty.
Nr Chairman. it is Interesting To trace,
out thf@nrngress and power of hankiug
eratifIa. ut't only over The curr,.n,v. hr
ayer,. H1 nnlt.ics &C the world. | shal! no
on This point. excep, hN referring briefly I"
some prominent events. We car draw
from them some important lessons. Even
1'll1 'iSN bUt IL Stipl iili't wv SCI tiIht, itI
1902, Clavier with .!io-,. who hai c"n,rul OF
the iiuances IN Franco. through agents in
England. by means OF ca,Iilng drafts, pro
durcd an operation on the Bank of England
which spread alarm & bankruptcy through
nur The nation. and compelled lh.. G",rlu
rnrnt TO create j.DOOOOOU sterling OF E,>cllcp.
hills in aid of The bank aud com l,rrciai mrn
This wouid have been carried ,nuch lurlhrr
ut that time, but for want of unil\ in The
French councils. \ gain. in '06,thr advance.
made for allies aud armies upon the coat!
ucnt, aud particularly the Imperial loan nl
thai time, produced confusion in The Eng
Iish currency, and brought down rum n,n.
.Irsolatinn 10 every class in sncicly. I'm
pending invasion. aud destruction seemed
to threaten n toIal overthrow. The ,lrran.r-
mcnt Other currency paralyZch til" srren.i
Of the nation. The bank could no luu-ry
perform its functions. The nation could
moi heal. at thai time, the taxes requisite,
for defence. The ministry w,rc forced tu
resort TO a methnh Of dchasing the COINS
aud violating the sacrednrsS of contracts. hy
legaliZino an irredeemahle paper currency.
The bank stopped specie payments on lhr
29th February, 1897: and Parllamrn,.in lis
omnip0tence, sactiOucd the act The act
Of l707 proEessed to sustain the suspension
only "for "a limited time " Th second
section exempted the bank from paying an,
of its notes, although ISSUED as payable on
demand or othrrwisr,' and provided me
mode in which i, might apply To the court
to stay proceedings against it. This ar,
expressly violated existing contracts, and
upon the plea of State necessity; that plea
under which prnligacy and Il 'spoti>n have
claimed "a sanction in every age AMI in c,o-
rv country This was the first aci the
British ministry which, III effect. dcba>cd
the coins by lcgalizins an irrcdccn,ahle
paper currcn y: and This is no,hing more
nor less than The molrrn substitute Tor de
basing and clipping them, ilIa ancient pre-
rogative Of dcspotism. This act of con.
tinuing the suspension was re rca,c,l. from
time To time. for twenty tw" years. THAT
which ai first prnfcSSrd to BIZ .'Iur n ini,"
| time" lasted about Twenty-Five wears, anr
from 1909 10 1923, seventeen years of llIt
suspension. the hank made an average dlv
denh of Ten per cent - year. Ii has hcci
udcr The operation of this legislation that III,
seat of power in England has entirely Chan
gcd in modern times Formerly, th
arisiocracv held four Gfths of the prnpcrt,
of the nation. hni now they .Iinli one sixth
The Government thr Nv itself into The inw
of those they could MOI control, and CAV
aScrnaaucv To capitalists IN stocks. II H.,
changed the aristncracv from one of landc
interests and hereditary, to one of banker
& money. The lords are now n,,nrr"u<.h'
poor. They were formerly, from their indie
pendent wealth. checks upon the Crown
NOT SO now. The wealth of the king'!ol
has changed, and the real power is in I'll
Commons, representing, as they do. cap
talISis in manufactures, commerce. IN
stocks; which will inevitably end in IL