The Ohio Democrat and Dover advertiser. [volume] (Canal Dover, Ohio) 1839-1840, 1840-01-10

al Phlladelphia or New York. -
reaches across the ocean, and ends 10
London, the centre Of the credit sys-
tenn. The ssme laws Of trade, Shleh
give to the banks 10 nur principal cllirs
power over ,be wholc banking sjstenI
Of the Uured States. subject the to'-
IN r, IN ihrir ,urb 10 the money power
in Great britain. u ls mol denied that
the suspension Of the New York banks
in 1887, was followed in quick succes-
sion lh.ou ughcut the Union. vas produ-
ced by an application Of thu, power;snd
It ia now alleged, in extenuaticn ofthe
present coalition off large portion
Of our banks, that their embarross-
menls lieHe arisen lromthe same cause.
From this Influence they canuotnow
entirely escape, for II has lis origin m
the crcdi, currencies Of the fVo co0fi-
tries: il is strengthened by the current
oftrade and excbqOgs, which centres
in London, and ls rendered almost IRE
siriible hy the large debts contracted
there by our merchapte, our banks and
our States. II is thns, that an intro cue
ton of new bank into The most distent
Of our villsges. places the business ot
that village within the influence. Of the
money power in England. itis thus
that eyerv new deb. which we cnItraet
ia that country, seriously affects our
own currency, aud extends over the
4 pursuits OF our citizens IT'S powerful iI-A
Euence. We csnuot escape from thqs
by making new banks, gfeat or snlsf',
i State or National. The sure chains
which bind those now existing to the
centre of Tho system Of paper credn,
must equally Ee,ier every similar lnsil-
tul,on we create. l.is only by the ex.
ten, to which this system has been push
, ed of late, that We have been made full
~ aware otis irresistible tendency to
subjec, our own banks and currency to
a vast controlling power in Q ioielgu
: land; aud it adds new argument 70
those which ilms'rste their pIecatious
. situation. Endangered IN the E 1t
. place by ,helr own mismanegemen,,an and
d again by me conduct Of every iretitu-
. ton which connects 'hem ~tls The ctn-
. ire of trade 10 uur o~n c,u0'ty, Il sy
! are yet subject beyond all ,hiss, I" the
q. eject of whatever measures policy. ne
,. csssity, or cAptice mSy ind3te- those
e who control the cred'le of Ergiand Ia
: resort to. mean not TO comment upon
II hese measures present OF iaT; u'uti
IS less 10 discourage the Ir5secpllon 81
81 fair commercial dea ting be'ween TIE
: two countries, based on reciprocal ben
T. hits; but II having now been made man
T. Iles' thet the power OF irtleing these
}, and similar injuries, ls, by the resist.
D, less law Ola credit currency and cred
Ie It trade, cspap'e o!ex'rnd'pg their con.
i sequences through all the ramlfcatior,
of our banking system, ard by iha
in means Indirectly obtaIn'ng, Particular
y 'y when our banks are used as deposit
:. aries of,be public moneys. a dangerot
{ political Influence IN The United Stsies
oI ! have deemed y my do'y to bring ih'
it subject 10 your notice and ask for
SO your serious consideration
II IL an argument r'qnTed be) ond III
,k exposition OF these facts. 10 chow III
p lmpr0pnesy Vt using ouf banking insli
nd tutiohs as deposnarlea OF The publ
" money 7 Can we venture not only !
'a' encounter the risk OF their lndividu'
n and mutual rnismanagemenl, bot at IN
as same time, to place our toreign and dc
nd mestc policy entirely under the cor
to troll OF foreign moneyed inieiesl
e'd 10 do so is TO impair the independent
Of our Government, asthe present ere
IRE II system has alreaoy impaired q
n Independence "t our banks. II is
ch submit oil us Important operation
o'- whether OF peace or war, to be coniro
m led or Inverted at hrst ny our ov