, 1840-11-07

" he in the hands Of merchants, although the
aggregate property of thai class is not near
So great rs the farmers. Excepting there
fore the few who deal exclusively IN money
in the large cities. the merchants from thefr
location and vocation must have control OF
the banks. And thus the welfare oI the
Commonwealth is dependent on the will, the
reason, and the fortunes OF n class OF men
and branch of business, not selected tor that
purpose by the people, nor qualIiled TOR the
trust by any natural or conventional preS'lmp
tions of virtue. talent. interest or sentiment
beyond an equal number of the RESI- al the
citizens. And this great power has been
conferred by the State Governments III gTaE:
Inv the exclusive privilege of a credit CIR
culation. This money government OF the
country, thus created stronger than the po-
litical power. is given TO those only who have
n property quaIifica,ion-to the man who
can paw for the stock. and in proportion to
the amount of stock taken. The actual
controlling effective government of the coun-
try is now. therefore. no longera government
of persons as the Constitution prescribes, but
of propertv-not of men bat OF money
We have zone back, therefore. and are 60
ing hack from free principles. We have
oyerthrown in practice the fundamental dec
~Iara,ion in our bill of rights, we have ahroga.
ted the doctrine of William Penn. And not
simply the political principle which he estab-
IiShcd. hut n most important religious princl'
pie. vigorously enforced by the Quakers.
and uniformly acknowledged by all secis
and morali>,s. In our country, the mer-
chants engaged in the import trade. com-
prrhcnh The g.cater part ior wealth and unl-
her of al the vocation. And our import
rri!. cnnprrhpndS nearly nil the iuxurIes
and ,up,rflmrics We use. Tnp Qnlkers, a|
= sect. aud ~ iniwidu is. IRE opposed la the
ne 81 ali these. and testify Ivy constant, pre-
cents nrd rx rmrie> against them. But they
re nuw called up n nS CITIZENS I" and III con
flnu,n- no, only tue appropriation oil sur
plus capital aud the Whole credit ni one nun
drcd millions of circulation. but the credit and
revenue of Government. To 4 class. 10 be
chiefly dcyotei to that trade-c"nS"IIdatIng
the surplus capital of he country and the
mighty energy of an hundred mIiiI"ns o
credit currency. with all fiscal power al Gov
eminent. Ia promote the expansion ot thu
business which Is most ilouri>hIng when l
carries the qualifications al VANITY. q! prIdt
and IF auperIte L. the cabin doors oi tn
frontiers, and supplies them there on credit
The customs of the people. and their habits
are drrravrd at the expense al frequent re
wilson's and cnbaIraSSinentS. AT the expenS'
Of the :,ldi' "niI tod and SLAVERY. at the ex
uru<r -, nnhIrr aud hulIer purposes oi hu
ur:u l,.r. ri.tI must I've sacrificed Ia sustain IN
creased exprnS.. extravaganza. and display
In aurirnI RcpuhllcS. winch were both Idnla
,rmiS aud arr>i"crarIc. simplicity ni manner
ve,e deemed 81 essential Ia liberty as 10 b
enforced Nv %suupruarv laws. But IN on
Christian Democracy, the mightlest power
of Government are applied I" the enervat'o
and cnrruption oi the people. IL has bee
+ the maxim of ~p"cilcaI philosophers thai WI
tue is the ruling principle at Republics.
ours we have exalted avarirc and vanity I
/. the extreme sway.
II is now almost four years since the banh
possessed. in addition 10 their circulation m
: other privileges. the use al the public dep">
f les of the United States. and their Pnpf
! was receivable in payment at public due
/, Bv their infideIiry I" their duties {" bot
. Government and people. the connection b'
: tween them and the General Government h;
2 been dissolved. Anu. dCC''uhiS I" NV -
. dependent Treasury law. lately passed. III
public money remains in the hands OF co
, ~iec,ors and receivers until paid out on a
preparations of law.
The great cnntes; now going on is to dc
I termine whether this separation ot Cover
!. ment from Bank Il is TO continue. The bank
d wish to reposSess the public depositieS. III
merchants desire either that they should |
p restored 10 the local banks. or placed IN
|. new United States Bank, where, as beior
# they can secure the use Of the money. ,
= this the interest of the people? Is II the d
tv of a plain and frugal society to apply II
e additional stimulus of public money and Pu
h lie credit to the traffic of the vices; to pr
mote the designs of avarlce and vanity al
to secure the performance OF 'nduIgrnt
over industry? Are notthe hundred m''liH'
d of credit circulation now devoted IN tn
manner. enough1 Are not the ELECTS 81
If Gcicnilv striking and instructive! N" evil
more slaring than the sudden increase,
late wears. in domestic expenditure; and !,
IS society oT Friends has experienced Pecu'i
!. difficulty in enforcing the regulations OF
in discipIrne amongst its members. on this su
lras- nHd IA