Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1840-10-27

the Salutary, and apprO
pirate mode of applying It to agriculture
and manufactures. That would be tc
reverse theiractual and recognized order
Commerce is acknowled to be subordin
ate and dependent on them--this would
subject them TO her, nor can it be main
tanned that our present system is equally
favorable in its direct dispensation oI
credit to all in proportion to their wants
We have seen the importations of the
country which directly result from mer.
camille action constantly running to ex-
cess with the progress of our banking
system. Precisely at the moment when
our bank circulation was The highest
being sixty millions beyond the exports
the highest excess known for long Pc
riod; and in fact the excess of our i'm.
ports was about the excess of our circula-
tion.
1t will not avail 10 contend that this
was abuse and overaction of the banking
system. 1t was Overaction, and 1t is bV
OVeraction in all cases that the specifc ef-
feet and tendency of all principles are
tested. There was no overaction on ag-
rlculture it is confessed-nor was there
any on manufactures; the present depres-
sion of those interests results from the
mercantile revulsion--not their own
excess.
And this operation Of the system is not
accidental and casual, out uniform and
inevitable. Banks must be in cities
where commerce is carried on-and mo-
ney must chiefly be in the hands of mer-
chants, although the aggregate property
of that class is not near so great as the
farmers. Excepting therefore the few
who deal exclusively in money in the
large cities, the merchants from their
location and vocation must have control
Of the banks. And thus the welfare of
the Commonwealth is dependent on the
will, the reason, and the fortunes of a
class of men and branch of business, not
selected for that purpose by the people,
nor qualified for the trust by any natural
or conventional Prescriptions of virtue,
talent, interest or sentiment beyond an
equal number of the rest of the citizens.
And this great power has been conferred
by the State Governments in granting the
exclusive privilege Of credit circulation.
This money government of the country,
thus created stronger than the political
power, is given to those only who have a
property qualifcation--to the man who
can pay for the stock, and in proportion
TO the amount of stock taken. The &C.
tual controlling effective government of
the country is now, therefore, no longer
government Of persons as the Consti-
tuition prescribes, but of property-not
of men but of money. We have gone
back, therefore, and are going back from
free principles. We have overthrown in
practice the fundamental declaration in
our bill of rights, we have abrOgated the
doctrine of William Penn. And not
simply the political principle which he
established, but a most important relig-
ious principle, vigorously enforced BY
the Quakers, and uniformly acknowledge
ed by all sects and moralists. In our
country, the merchants engaged in the
import trade, comprehend, the greater
part TOR wealth and number of all the vo-
cation. And our import trade compre
hends nearly all the luxures and super
fiuties we use. The Quakers, as sect,
and as individuals, are opposed to the
use of all these, and testify by constant
precepts and examples against them
But they are now called upon as citizens
to aid in continuing not only the appro-
priation of surplus capital and the whole
credit of one hundred millions of circu.
lation, but the credit and revenue of Gov.
ernment, to class, to be chiefly devo-
ted to that trade-consolidating the sur.
plus capital of the country and the NIGH
ty energy of an hundred millions of cred
it currency, with all the fiscal power of
Government, to promote the expansion
of that business which is most fiourishing
when it carries the qualifications of vani.
ty, ofprde and of appetite to the cabin
doors ofthe frontiers, and supplies them
there on credit The customs Of the
people, and their habits, are depraved at
the expense of frequent revulsions and
.embarrassments, at the expense of the
additional toll and slavery, at the expense
OF nobler eud holier purposes uf human
life, that must be sacrificed TO sustain in
creased expense, extravaganza, and dis.
play In ancient Republics, which we're
both ldolatrous and aristocratic, simple.
ity of manners we're deemed so essen |
tlal to liberty as to be enforced BY sump. |
tuary laws. But in our Christian De. |
mocracy, the mightiest powers of Gov
eminent are applied to the epervation
and corruption of the people. 1t has
been the maxim Of political philosophers
that virtue is the ruling principle of Re-
Publics. In ours we have exalted avar.
ice and vanity to the extreme sway.
It is now almost four years since the
L.