The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1839-11-23
TIE B9Nh.Y

II.
IN reia'lon to banks, has now, 10 consid-
cradle extent, become matter of historx
A general suspension throughout Papn.vI.
vsnla and several other States. has ,,L.,
place. The frequency of bank suspension.
is certainly frightfnI in interest 10 the peo.
pie, as it should be admontory 10 them
from those consequences which i'm mediate.
ly hazard the stability of their business and
their fortunes.
Ii must be admitted tina. Banking is ,
lcence Of such attenuated precision.
when properly conducted, that but few
comparatively, of the great mass of the peo-
ple' can attain TO any thing more than va.
ry limited knowledge Of its sinuosties. or
the serpentine movements of Bank Direc.
tors, or their fiscal agents. Yet most Of
the people hare sufficient knowledge to de.
termlne whether in the main, those nsttu-
tons are conducted on principles salu,ary
10 the interests of community or not. To
them, therefore, an appeal, under the pro-
sent embarrassed and embarrassing circum.
stances OF our country, may be proper.
The facility with which bank charters
have heretofore been obtained, has increas.
ed the amount Of nominal (for il cannot be
real) banking capital TO an amount almost
equal to the value of the whole sol Of the
United States. And yet, real estate is not
generally basis Of banking operations.-
Gold and silver are the only legitimate fouR-
datons on which bank should ever be
permitted TO stand. The known amour; of
those metals now in the United States, may
be something like one hundred millions
A sum Insignificant indeed, compared with
the amount of fictitious bank stock created
by too thoughtless legislative enac,ments.
This assumed, how easy for the honest
yeomanry Of the country 10 see that the in
terest Of the people, and the interests Of the
banks are antpopal 10 each other, and tina.
the times when the people are under the
greatest embarrassments (the seasons Of
bank suspensions) is the time when bank
interests are the most Aourishing. No fur.
ther evidense is required TO establish this
fact, than the enormously increased amount
of Bank dividends during the late suspen-
sion. Vthere be, lei the people become
acquainted with the long suspension, if wo
remember right, of oft,Oenty-nine gears Of the
Bank of England. When that suspension
took place, the bank was admitted TO be
insolvent to an immense amount. But, un.
like individual insolyents, she had managed
TO identify her interests with those Of tho
government of Great Britain to such an ex-
tent, that if the Bank found grave, tho
British government, as it then existed, was
in danger too, of passing to the land Of for
getlulness. During the long time that her
suspension continued, she was able TO re-
susilate her capital through the monetary
difficulties she had brought upon the PeO-
pie; and upon her resumption, hydra like.
for the one head that had been Topped of.
she appeared with ten, ready again to gull
and gore poor John Bull, and all others who
might chance to throw themselves wiIhiA
the sphere of her influence.
So too in our own country, every sus-
pension but serves to strengthen the ener1
gies of the banks to prev moro successfully
upon the interest, the rights, and the libsr-
ties of the people, These energies they
fail not to use with all their fearful eflicien-
cy. And should Legislators still continue tho
mad policy Of multiplying bank capital al
least without an entire reformation in the
present banking system, the timo cannot Do
far distant. when the hic jacit of our coun'
try's Liberties may be written by the gifds@
point ofSOme ambitious CGsGr's sWord'=