Piney Woods planter., 1839-05-11

exorhiiont demands.
Biddle set the example, by speculatina
/. in cotton.
The Wisconsin Bank mas become tbO
monopolizer of lead. The people Of ,hat
Territory assert that it is the greaics,
; curse that was ever inflicted upon anv
people.
Several OF the Southwestern bo pts
have also converted themselves into snoc,
ulators, TO the enrichment of themsolyos
and the destruction of all around them
: Ohio Statesman.
Here is the whole theory of the nrosor,
extravagant prices ofalmust all the cen,
venlences and necessaries of life in thc
United States practically illustrated
Another mystery ofpoliticaI and financial
economy, is also laid open in the proceed
ing paragraph. We shall notice the two
points in their natural order, beginninr
with the second.
1t has long been evident TO those wbo
look beyond the surface of things, that
the excessive multiplication of bankpa
capital in the United States could neither
be required for, nor applied to, the ler
innate purposes of commerce or trade, and
that of consequence it must be perverted
to other objects. This is most emphatic.
ally the case in tho small towns of the
interior, and most ofaIl in the new States
of the Southwest and West, where there
is little of that business which requires
the aid Of banks TO enable the trader 70
Fahticipate his means by the discount Of
his notes.
The question then arises how is hi,
vast capital of eight or nine hundred
banks, daily increasing, and adding new
initiation TO the credit system, SO employ.
ed as not only TO pay the expenses Of
baking houses, and the salaries of tens
OF thousands of officers and clerks. but 10
make dividends for the most part higher
than the legal rates of interest?
Here is the solution, as explained in
the paragraph at the head of this article.
BY MONOPOLY BY employing it, first. in
creating an artificial scarcity Of money TO
depress the prices commodities; next in
purchasing them up by wholesale, and
creating an artificial scarcity to raise
them.
The thing is as obvious in its inception
ms palpable in ITS consequences. These
little village asd country banks are, for
tho most, held by klot of SPECTATORS,
who own y great portion of the stock,
such as it is, control its issues, and of
course accommodate themselves. Thev
begin by dlscounting freely, and making
money plenty. When the time comes for
commencing the monopoly of any one or
more OF the products of the neighboring
districts, they begin to call in their debts.
Money becomes scarce, and of course
creditors are clamorous, and debtors nut
to their trumps. Those Who'll have commod
ltIes to sell must do it at any sacrifice
and those who have nothing but credit to
raise the wind with, must submitnot only
TO be shaved, but skinned.
In this state ofdepression, the Bank en-
tors its field, not openly, but by its agents,
and having the entire command of the
local market, purchases at its own price;
for all want to sell, and there are no buy
crs4 The producer cannot afford to keep
his stock on hand long; the country ira
der ls crippled in his means by the cur
tailmcnt Of the bank, and cannot pur.
chase; and 80 the pro 1ucer falls dead into
the hands ofthe little knot of spectators
which rules the destinies Of the paper
Thisis only the prelude to the ulte.
rlor and final operation. The commodity
hus cheaply purchased, whether flour,
pork, butter, or what not, must be with
lrawn, as it were, from circulation. until
IN artificial scarcity is created. Ii must
DO kept out ofmarket; and this the specu-
ators are enabled to do by means of hav-
ng .he command ofthe little bank, which
'hairltably renevs their notes, and fur
llshes them with capital, SO long as
nay be necessary to mature the process
u artificial scarcity. Finally, when the
'rlce Of the commodity is sufficiently ad-
'anced. and theproper time for disposing
II 1t come, it issaoled out In such portions
IS may not materiaIly depress the mar.
'et, the profits realized, and the world
made to believe that the farmers must be
q most prosperous condition, because
ne products of the land are so enormous
y high.
Inc truth ofthe matter is, that little of
hese gains comes into his pocket. He
as sold oat long before these high prices
egan. The profit comes into tho pockets
the bank spcculators and the Golfers of
nc bank. In the mean time, the whole
eight OF these despicaple expedients fall
2 the consumers, consisting principally
the laboring classes of society, who are
nehed at both cars by these monopolies
banks, which have become so extern
We and various, that from cotton down to
read, the very staff of life, every thing
ay now be said to be the football Of mo-
1poly. In country the most fruit[ul Of