Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-11-15
From The Washington e'Iyasie,,

I'"''c' uF"n humanity not less than
W" "espise the sandcr who uttered it, vet
WHOM welook around aud behold the many
.nP"sl!'ons hcapcd upon The people, and
,hc r Pa"encc' submission, antseven cheer
'"'hc>s with which they beafthe burden.
we arc sometimes inclined toythink thai.
'h' sh"ri, sighted aud misanihropic slan-
declaration.
Perhaps there never was a,erea,er fraud
P'"c''sed upon any people than is that of
paper money. Even under Ihc mos, f..
'"rhhlc circumstances il is n mighty rricv-
anrc, hut when carried to The tr,,Iv ,I,.,,,
IN. extent il is in this Republic -,,udnnh,.
rdly paper money is one oeihe .,rr,,c.,
anu most grinding iimpo,iliou, thar ran he
'nilic'eh ehu?on civilized community. We,
,hc Inhabitants of these States cnrrv ,b,.
load more patiently, VIC are induced ,o
| believe, than would any other nrnnic nm
| IN" lace OF the Garth. In fact. we arc
strongly inclined to The opinion I'm, ,hc
subjects of the Sultan of 'iurkev. humblr
| anu degraded as they really are. wouJ nor
| summit to Il like imposition, half 50 uuic,lv
as the Americans.
Under the operations of this stnnen,l,us
,rh"d' The immense wealth daIy created
u" productive labor, Is contmIei bv Ibis
hr'i'i"us representatives Of value. The
consequence ls.that The producers of wealth.
are indirectly made the slaves of the priv
''e"cd few who manufacture ilis spurin,s
money: hnd thus nrc,the riches created by
'''e '"'''h" many, ohlaincd by those who
"'Ncr asserted to Create them. This is the
present cnndi'ion Of things, uuder the on
'T:''l"h ot our iiaudulcnl monetary system.
"u'" any other people, we repeat, save
''c A'hcricans, submit to like evils! In
".'r m hu'hhie opinion they would not No,
,"' even tho degraded subjects of the Tnr.
kisll Sultan. Alas. for the bad Influences
| OF iyrann0us habit.
"ss'"iy some "l our readers NAV incline
!" the opinion, thai we are disposed 10 co.
lor me evils oIihiS system oflc.ai,zcd tinuI
too highly. We,Link moi. Facts. in n,,r
"p'nion, will wnrru,.t the DECLARATIONS ,y,.
nave inah". Ii is an obvious tru,,, tha,
me creators of wealth are poor. Inv
happens this! ConlA they lie poor un-
dcf the orcrd.on IF unequal and iusr
system OF distributions! lmpossiblc.-
o-"cr such IL system the wealth cr,.a
tors would lie the wealth accumul,-
tors. The productive class. would b. The
rlcil class, aud those. ..yIn tnbored- ,h.-
'Hosi woutd hsfpcptiis lf7f,sf. & .DT Illc an.
efa'ioh oi the equal aud benigiliaws of ma
'ufc have been interfercd with and thw,r-
'ca by legislative cnacinenls. The con-
sequence Is, tha, The products of labor nre
distributed partially and unjust!y, and those
VINO create none, obtain the most.
Huch Is The present condition of civilized
society, Tho world over. la munarcbpc;L
countries, where real money constitutes
.''c circulating medium, productive lubu,
IS robbed OF lis dues by other means ,ay.
spurious currency, bur in this R"pub IT,,
manly hy such means. Aside from thi,
c'i'' 'anor Is taxed comparatively light IN
these States, ana were il moi for ,Li,
ira"'. the working people would be far De
'cr OIL than the inhabitants of any other
country but subject to The effects of lh.,
onc'""> system, the many must grow
poorer, and the few become richer.
We suhl"in an extract from an cxcellcn,
d"'rcSs "i the late " orcest.r Convention
I" 'h' people OF Massachusetts. Also the
"i'hi"n "t those Republican 'worrhirs,
l A'n'aS Jefferson. John Taylor of Caro-.
me. and Gen. AasLns,on.
Bank paper was, in The first place, moth
i'@ NOR" than il certificate Of So much .nld.
or silver dcpoSiIcd in the vaults of lin.
hank. The money was alwuy, rc,Lv ~
answer I" the paper. Such were al! the
old banks in Europe prcvious 10 the ISih
century. After the revolution in EpnIand
"t 1858, new order of things arose. The
expensive war> iniiu wing upon tia, cvcuI
ilv"lvch the nation in ,lrbr. and led ;o ,b.
establishment Of IL bank, upon the credit nl
~" Government. THE nainre oi'bnuL ~,
per now undcrwcui :, iu,a! chance. I'm
>'va' ofhcinG simply The evident. of :,
nnch SpccI" Icp"ri'r,l ~ the bank, j. u,>
converted INTO Il promise OF the bark IN
pay the sum expressed IN specie. II yeas
ihen no longer money, or the representa-
iv" at money, hu! merely bank promise
lnr The Promis,ory notes of the bank
BON promise To pay in specie: pcrhaps
neither pr them has it. The fDuujoIion of
HE whole banking system, then, : based
"pon commercial credit. The solvcncy
OF ba"k depends upon the soIvency offs
customers. Instead of ofrepresenting money.
BANK notes represent, so far as iIlcy rcp"c- |
sent any thing. The properly. The Goods. |
merchandise, and estate of the banks. |
debtors. Bni they are also used as Il cir
r"la''nS medium. Aud here lies the d:ni- |
r"ltV. =" far as they arc merely repre-
sen'h'Ions of pr prriy. they might he saf.-
~ multiplied To any amount no, exceeding
us actual value. Considered as part of !
'he rnrre"cy, the question is wholly differ
cn'. me very fact that they represent
property, leads to their ovcr-issue as cur-
rency. For while The bank is thus made
secure against ultimate Ioss.the temptation
10 "rrr-l>sne, arising from the profit on the
c'rc"iatloh Is too strong to he resisted"
IN copying England saws Mr.. Jcfltr
son, we do non con slider ,I,,, Ia. ;