Maumee City express. [volume] (Maumee City, Ohio) 1838-184?, 1839-02-09
MAUMEE CITY EXPRESS.
SATURDAY, FEBRUARY ., 1889.


SATURDAY, FEBRUARY 8, 1889.
MoNoPoLy BANKIEo--On the first intro
duction Of banking into this country, when
capital was not plentiful and the introduction
of foreign capital was, by every thinking man,
deemed desirable, it wns, no doubt, necessary
and proper to grant to capitalists, engaging to
furnish sound medium for circulation, priyi-
leges, which might operate as partial monopo-
lies. These privileges were, in those times,
granted by legislatures to persons, whose
known honesty, wealth and intelligence were
such as to give the grantors the assurance that
the powers conferred would not be abused; |;
and this care on their part, with the right OF
the bill holders to demand payment in specie,
on presentation of the notes, constituted the
whole security, which, in the opinion Of the
grantors, the public safety demanded. Here
was an application of the dictates of sound
common sense to the circumstances of the
case, rather than adoption Of any system OF
banking then in existence; and its operation
was intended to be protective to a new branch
Of business that needed fostering in its infan-
cy. The granting ofthese favors soon became
regular practice, and the practice grew into
! a system, and from that dislike to change in
existing institutions which forms the conserv-
ative principle in men, that which was once
IL g., To- fho 6pd nc n
right, and the system of monopoly banking be.
came firmly grounded. 1t then became dan
gerous to the liberties of the people, and lnju-
rious to their interest. 1t welded an inordi-
nate influence over Legislative bodies, and at
tempted, and in some cases, succeeded in rem
dering its power perpetual; it excluded from
awholesome competition the great mass of the
capital Of the country, rendsr'ng much Of that
capital dormant, and obligiag the people to
deal with the monopolies upon the terms, die
tated by those all-powerfal institutions. 1t
controlled the business operations of the coun-
try, extending or contracting the same, as
suited the interest Of the banks and their own
ers, without reference tothelwanis Of the peo-
pie; and created huge, oyergFown fortunes
out of their earnings. Thus hasa plan, which
was demanded by, and well adapted 70 the
wants Of a new country, become, when that
country has grown wealthy ard populous, an
incubus upon its enterprise, and a dead weight
upon its commercial prosperity. The instance
is not solitary one, in which institutions ad-
mirably fitted for one state ofsociety are high
ly injurious in another.
The remedy is an easy one; il is in taking
off the shackles. Apply the plain rules OF
common seuse to the present state of thee
try. Cease to protect those who need no pro-
lection, and let tho protecting hand be extend
ed to those who require it. Legislatures can
no. choose directors nor officers of banks, nei-
ther do they grant charters in consideration OF
the wealth or honesty of the applicants; let
them therefore open banking to general COM
petition, that honesty and talents may have
their reward in the encouragement of the peo-
pie. Let them proteet the bill-holders, not
the bill-makers. Letthem free the dormant
capital of the country from the chains of mo-
nopoly. They who legislate with an honest
determination to benefit the great mass of the
people, will seldom 60 wrong, while they who
labor to build up the interests of a particular
clique or party win never 60 right.