Columbus Democrat., 1840-10-03


highest estimate, is one hundred aud twenty millions
ofdogars %, That the amount Of gold and silver
in the world S FivE THOUSAND MILLIONS OF DOLLARS.
a Thai within fraction OF the lory-seeOnd part
This amount only IS necessary ssa circulation 70
MI IN the channels Of trade and commerce Of the I.
Sts,e.i an. That the na0n ls now actually pos
s5 oe two thirds the requisite quantity 81 gold and
silver e,r an exclusive metahc currency When
- i,e,s are submitted 10 an ingenious vhg we
- vb., beeomes Of the dogma Of his party, that
..,h i M. ,,ol5 and siveT enough in the world tn
c,..;,h ,hs n States with hard money currencN"
NVal ,n,gh, he answer in the language Of General
WssbiDS,,n. uthe Necessity arising from the want
oC sDeeie i represented greater than II really s
That the wealth of the nauoh Is increasing WIN
r,,,s ,,lin the last few year, IN lS2s the exports
were ss0 s6s 66s while the exports Of 1888 amount
eb % eoe o3s sal. By these statistics We IND ihat
in ten wears our exports have increased nearly one
hund,ed ner cent or lorty-three mlnns oi doiars.-
with he 6nest SOIL saubrious climate, ana 'lie
most industrious population efany ns'Ion on EaItn'
j. in vain hope that we viii, IN ew yea's hen1e,
hsys an uexcblsiye metaie currency Aa "no
have bestowed any thought on our commercial ,''e''
conrse with other nations, must feel The importance
~ an exrluSiye metallic currency. Oold ana shNe'
il the onlv medium known among nauous ~ ~ sewing
The balance of trade for or against them nc "n"e
commercial void constitutes unto "h'eh eac',
Kingdom. State or ConledeHey iorms an 'h~e,a'
part. That country which enlargtsts cfculnso" ~
the artificial means oil bank paper p'aoes n''" m
nower of foreigners aud exposes It's people '" "'t-
bs rollanses az currency aud revolutions o poverty
Th;s r. easy of illustration. When large emissions
of hank paper take place IN any naiiol' spIt " 'aa
venture and speculation 10 immediately engrndered'
The importing merchant is the first to leeI me 'mpe
tus pveno trade by the. excessive EMISSION o. oahA
papcr A natural desire oi gam INDUCES nun
h.o
crease nj, impor alons; this he does IN articles OF
Isysyv which are always in demand when The splr-
h ~ speculation rules the hour. by This excessive
impoFiaon the balance Of trade IS turned against
the nation and the consequence IS when 'he oaiahce
is called ior henstion in drained otits SPECIE pane
ensues, banks fail and property IS sacnnceu' ="
,rue ,ha, the balance a trade was against the U.
S..,es ami n favor Of England for many years pre-
vous 10 1889, and that Notwithstanding thus ihe ma
lion was not drained Of al It's specie. lhs Is east
10 accounted or M these annual balances were SET
,Ied Ior the time being by two hundred millions oi
State bonds he'd now by England y these oonds
had no, been created, this excessive impor'auo,,,
could not have gone on, the drain OF specie womb
have warned rs that retrenchment and economy were
neee..arr The finances of nation are like those
Of an Individual. No matter what amount ol prop
er,y nm individual may own, Il he expends more an
nua " than his income he must eveh'ualv Dec"Hle
insoyent. Thus i, s with nation; y us imports
continue larger than its exports, national insolvency
must be The consequence.
We are essentially an agricultural nation; nearly
nine-tenihsof the population are engaged IN a9rcul
tufal pursuits. A farmer rarely ever gets mn accom
moda,;on from banks while he is certain TO SUITE
Whenever depreciaton Of bank paper takes place
From The very nature OF banks he is debarred IRON
their facilities No bank be safe that issues TIRE
dollars Of phper for one OF specie, IN lis Vau'ts
any of The notes they have discounted has more INA
four months 10 run 10 maturing. larmer can on'
get returns from his crop once year. ana 'heTrio'
no loan for less than that period would DC benehc'a
10 him; indeed The experience Of 'his o'a'e goes
show, where discounts for twelve months nave ocel
tried, that such loans have proved injurious to mos
of the farmers that borrowed even for that perod-
II is somewhat singular that 80 manv farmers Ut
Iound the advocates OF banks when they can tsvelV
no benefit from them, and are constantly haoW
lose by the depreciation OF their paper promises,
That The benefits which flow from bases are ho' u'i
fused like the dews Of heaven, is easily demonstrate
by the history Of banks in any Of the states OF ie
r;,ories. lew extracts will show the beauties
this system. The first specimen Of lavortibm' who
ia The most prominent feature OF this system, we e.
tract Ciom the report Of the bank commissioners
the State Of Miss. for 1859.
ali will be seen hv an examination OF the 'oreg
ing statement that 203 directors OF ~ banks, O"
,he banks they direct nearly as muoh as one hali !!
entire circulation ofthe t,centyt five BANKS I'M
however IA only their immediate liabilities aspayo
Ia their own banks but as they often have paper di
counted Tor their benefit, without appearing Iab
e;ther ns prnepal or ehdorser, and many oi lhe
have exiensi 10 accommodations in each Other
hanks we are unable TO state the amount oil oa
credl, used BY these 90S directors
We next proceed to Louisiana and give lhc
erntion Of tie system in that State. as de'elWa
Mr.. Walker IN his letter Of the 4th Of July ieSs'
certain citizens OF Mississippi.
"By Official communications made by lo,n' "
mittee of both Houses Of the Legislature OF h"u's
ma, in December 1887, and March lsseu appe
that the liability ofthe bank directory (lIs N M
ber) of the sixteen Banks OF New OHeaw F" W.
Banks, was, as reported by themselves ~Uem' 0'
o,iIi,ons sirht hundred and serenity tpe tho"C
fire hundrsd and ninety-t,po dollars, namely as p
orsand dscounters, &i5607 27i, and endorsers
oRs sAl the to,nl amount Of all the discounts oi
Ranks beng nj the same time S5a,iOI, ~, eXh'
mo a Rank liability Of l72 directors IN an amo
about equal 10 one third oI the bank laouHy o'
whole population of Louisiana"
This is the system as illustrated by the y
Banks; let US now examine whe'her '"e y
States Bank was free from this monopoly ana a'
u;sm. II appears from the official documents
lanes c. Biddle, cousin of the President, procu
accommodations 10 the amount OF 81 l5l,oI@ r.
The E,Ilownr statement furnished by the Bank
committee of Congress il appears that Thomas
die s. Co another cousin oi Nicholas b'ddle'
cnrcd more than twenty y-one mlllons'
amount of money, loaned by The United States u
to Thomas Biddle s Co.
1880, Sepsmher II, $S6i $50
+" Ocober Is 9,a54,772
" Noyember i6 l,i67,lIl
December a. l,4670l2
- So,o93