Columbus Democrat., 1839-07-27

as TO lh5 layors ol the government But m or
Ger 90 be able 10 meet general combination OF
the banks against Us, m cfilcal emergency,
could We not make beginning towards IA ndc-
pendent use Of oug Own money, towards holding
our own bank in all the de7ostcs where i is re-
eeycd, and lc,uns the Treasurer give his draft or
note, Tor plymeal al any particular place. which
in a well conducted government, ought TO have as
much credit as any private dtat, OF bank note, or
blI, aud would give us the same facilities which
We derive from the banhsl'
Such are the opinivns OF Mr. Jefferson IN re.
auon 10 his great question lie was against a
Bank Of the United States, against the use OF the
State Banks by the general government; he was
was IA favor Of The divorce OF Bank and State,
and IN favor of the "lndopendcul use OF our own
money" through the medium of "treasuy drafts, y
precisely as is now proposed IN the bill ior ostab-
lrhmg an independent Constitutional Treaswp
This much abused measure, originated then, not
with Mr.. Calhoun or Mr. Van Buren, but with
Mt, Jefferson himself, upon whose advice and
sanction, as well as upon principle, It has been
adopted by the democratic party.
A Bank of the United States beng thus dan.
gcrous to public liberty, ought to be opposed,
even If Il promoted our pecunlaIy interest but
when the whole banking system, state aud nation
al is shown to bc deeply injurious TO our welfare,
that II augmcnls the prlcc OF all We purchase, and
brings us no more money for our cotton (lhc
price of that beng regulated by the foreign mar.
ket) why should we hesitate IN opposing the
whole system! national bank is the great
head Of the system, declared by It's friends To be
Indispensable to preserve and regulate the State
banks and TO MAINTAIN paper currency lie II
so, and | am sul opposed 10 such a bank, because
am against the whole paper system, against II
as destructive of the morals, dangerous to the
liberties, and TuIuous TO the true interests OF the
American people.
That the system Is destructive Of public mo.
rails, the proof IS scattered throughout The Union
from Michigan 10 Mississippi The yery loun'
daIiou Of banking institutions is based upon fraud
and fiction, II is based upon an authority to
make promises, that It known must be violated
an authority to issue paper money IN ratio OF
from three TO twenty compared with the specie
IN tAclr vaults, promise to pay at all times upon
demand all hS money IN gold OF SILVER, which Is
known 10 be impossible OF performance, II the
holders Of this money, as they have ushl to do
present il for redemption M specie. promise
to any individuals to do that which II is known
cannot be done It ITS performance ~ required by
the individuals TO whom the promise Is made, Is d
false promise, and violation OF good moraIs.-
Especially promise by banks TO u whole coHi-
munlty, and which deeply involves ther mleres
should be regarded as Of a character the mos
solemn, sacred aud obligatory, and never shoult
be made, unless the Guflmem were certain
Let no, this be conloundcd with promise by al
individual to make payment at future date
which promise he intends when it is made TO pei
form, and believes be will be able to DO so. ]
is not the intention of banks 10 perform at al
times thcir promises, for they know that this y
impossible, that the specie IS not IN the country
nor can be obtained to pay all their notes at al
times ns they promise on demand IN gold OF sll'
yer; and to gamble aud speculate upon the chan
ces Of the presentation q thcr notes lof payment
is to convert paper banks into faro banks, and
with infinitely greater hazard Of loss to the com
munily. The whole system then aims fatal
blow al private morality and at public virtue, and
as a consequence mus, be destructive Of all pure
and sincere religion, for IN the absence of virtue
and morality, religion cannot exist, except IN
promises as false and hypoc1lIIcaI as the prom'-
ses Of payment a, all times in gold OF SILVER en-
grayed on the face Of bank notes.
Irtme allowed, !, might be shown lnconlcstl-
bly that instead OF a promise OF payment OF bank
notes in specie being founded on the gamblers
calculation Of chances, immoral as tha, would be,
that the notes would not be presented for pay.
ment beyond the ability Of the bank to redeem
them, it IS on the contrary, absolutely certain, ac-
cordnp 10 the known rules Of currency, that pen
DDS must occur from time TO time from the Tevu-
sions Of uade, when these notes cannot be re-
deemed in gold and slyer This IS proved by
the failure Of the bank Of France, and Of the
bank Of England though issuing but two 10 one,
and of all the European banks similarly consllu'
ted, and of the American banks from time TO
time reyery State in tho Union. We had gen
eraI failures Of our State banks in lS0S, in 1914,
in 1919, and in 1897. At two Of these periods,
ls0s and 1919, the bank Of ihc United was IN
operation In 1919 The Bank Of the United
States was itself reduced 10 the verge Of bank
ruptcy, with but one dollar in specie to every one
hundred in circulation, according 10 the ollcla
report Ol us president, ana was oh'y HaFcu nv"
insolvency by running upon the State banks Tor
the redemption Of their notes IN specie, thus pro-
ducng their failure, and the most universal and III
tense distress, and for the onges, period Of years
throughout the country. In 1887, the Bank oi
the United States itself failed upon the notes ol
the Old bank as well as Of the new, though pro-
claimed by its president more powerful under The
M a,V ,ban tho old charter All this abundautlV
proves, that though the American banking sys-
tenn, orgartzed under tho dominion oi Bank OF
The United States; may endure for periods aver
aging from five to fifteen years, yet even with
this aid, tho failure Of the banks from time to
time is certain, and consequently that II Is known
by the banks, that their sacred and solemn prom
se 10 redeem all Their notes al all times upon de-
mand in specie, could not be performed and
therefore that the promise never was Otherwise
L r +. -b,to uggI IHf