Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1838-05-09
banks shall break or not, but whether The

banks shall break or not, but whether the
people are ready to pay or not.
Suppose we superadd to this, that the
deposite banks pay over to the government
the money they owe it, or break. How
archie people, without the help of time, la.
Dor and crops, to pay this very money,
which has been loaned to them, back to the
deposite banks, if theyrdon't break 7 For
here again, the truth is, that the solvent de.
posite banks are actually standing between
the Government and the people who have
borrowed the Governments money!
proposition that would be strikingly and
disasterously illustrated, If their doors
should be closed and their discounts turned
over to the Government, or to receivers
for the use ofthe Government. How came
they to owe the Government? The secre.
tary Of the treasury can best explain il by
his circular 10 the banks. "The deposites
of public money will enable you to afford
increased facilities for commerce, and to
ertend your accommodation to individuals !;
and as the duties which are payable to the
Government arise from the business and
enterprise of the merchants engaged in
foreign trade, it is but reasonable that they
should be preferred in the additional &C.
communication which the public depostes will
enable your institutions to give, whenever
it can be done without injustice to the
claims of other classes of tho community"
Again. The banks that are able to bear
the drain without breaking, will still be
drained Of the specie, and must then begin
the process Of collecting, to be able to con.
tinue their business. AS their own circu-
ation will be Withdrawn, they must collec:
in specie or its equivalent, or they dare not
lend dollar. Where are we to get it /!
1t will be no more visible then, than it is
now; with this important difference howev.
er, that then ii will be absolutely gone
now it is only boarded. Part will have
been struggled of, to where the banks
have not resumed, and locked up, to stay
there-part will have gone TO New York
to pay our merchants. debts with, to stay
there too, until we get something to buy il
back with. When resumption takes place
by the whole or any considerable portion
of the States, and the process is then made
comparatively easy, where shall zoe be p
We shall have genuine continental paper
currency, part from home, and the res,
from all creation, that will barely serve to
commemorate the rec election of specie
dollar. The banks that are now perfee tly
solvent, and to which the people would then
look for relief will have been crippled by
this operation, and as has been said before
must wait until they get the means of relief
out of the very people who want it, before
they will be able to afford any. This
would be a regular winding up of both ends
of the string at the same time.
Let US more then, for the sake Of star.
ting point, and invite the substitution of q
better plan let us have county conventions
forthwith, to consist Of two fom each town
each party selecting one, who may nee,
TO compare opinions and see what is best to
be done, not for this party or that party
but for the general oelfare And as 60 the
people, let us all go together, united, for
This once at least, for the common good.
WOLVERINE.