Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1840-12-15


responsible duties Of those inirus,ed v,l,b
the law making Power,) Of legisls,inv
for the protection Of the properly of tbs
individual citizens, from the depredaIions
OF those who are engaged in criminal
violations Of the right Of property. Yer.
it all the losses sustained by indiVidu.
ais, by the commission Of the various
crimes against private property were
added together, the aggregate would fall
far short Oflhe losses sustained BY the
community, in various shapes, through
the banking institutions of the country.
What difference does it make to the
individual citizen, whether he has lost an
hundred dollars by the hands of the
midnight thief or by the insolvence of
bank, or the depreciation of its paperI
1t is trne, there may be a great differ.
ence in the moral turpitude of the two
cases, but the consequence to the indi-
vidual citizen is the same in BOTH
In each case he has been deprived ofthO
same amount of property without consid-
GRAFTON. Are we not as much bound
to guard and protect, by our Legislation,
the property of the individual citizen
from being taken from him without con-
sideration through the agency of banks.as
we are to protect his property from the de-
PredatiOns and acts Of the desperate and
lawless criminal? The answer would
seem to me to be obvious. This is
suiect in which we are all deeply inter-
ested, What is one mans case to-day,
may be another's tomorrow. 1t is init.
mately identified with the interest and
prosperity of the whole community.
1t is remarkable, that an attempt 10 pro.
tect the public against the losses to which
| have alluded, and TO correct the abuses
of the banking system; should meet with
any formidable opposition from any quar-
tel. The bankers themselves, who are
desirous to conduct their business on fair
principles, greatly mistake, in my judg.
ment, their true and ultimate interest, b.
cllnging 10 system and resisting every
effort to reform it, which has entail I'd on
the country such vast amount Of unmit.
igated evil. Apaper system which has
been the occasion of such large and
heavy loss to the government, aud which
has been the means, in various shapes
and forms, of taking millions from the hon.
eat labor and industry Of the country, must
be radically defective, hostile to the inter.
ests of the people, and cannot long be
tolerated in its present shape by an intelli.
gent and honest community, free TO choose
their own measures for their own pros.
periiy and happiness. 1t is believed that
the evils and various frauds committed
through the instrumentality of banks, as
now organized, greatly outweigh all the
advantages that the public have ever de.
rived from them. But be this as it mav.
it is the duty Of those who have been in.
iausted with the high and responsible
trust of legislating for the good of the
whole people, 10 attempt reform of the
'Vlls and abuses of this system, and to
remove, as far as practicable, both the
means and the temptation on the part OF
ne banks, to iniure the community thew
we're intended 10 benefit.
! am not opposed, as have heretofore
stated, to part Of the currency being
omposed of paper, provided it can bS
made safe, but only TO the excess and
improper use of paper 1t should not
'ecome (as it has in great degree, the
xclusiVe currency of the country, and
he measure of value, instead of gold and
liver, the standard of value agreed on by
he civilized world. 1t should never be
escorted 10 barely tor the purpose of in
reaslng the circulation; and when is
led, should be equal 10 the standard
leasqre Of value. and at all times con.
ertible at the will of the holder, into
old and silver. Its advantages are not
furnishing an every day currency to
. people, but in facilitating exchanges, aiding
mmeree, trade, and the heavy business opera.
ons OF the country. Under thess restrictions
Id for these purposes and objects, bank paper
ay be highly useful and advantageous to an OK.
nsive, growing, and commercial community,
ch aswe have in the United States. The pre-.
pi system, however, so far from aiding the Coms
'rce, trade, exchanges, aud heavy business opes
IONS OF t1e country, has a contrary inauen:e,
q II should ssem TO have In view, as It's main
Isct, to furnish the entire circulating medium
the country, and constitute new and unsteady
'asnrs Of value, Huctuating with every sxpan.
N aid contraction, and subjecting the price of
cry mans property and labor 10 the will or
price Of few Irresponsible individuals. who
* alone to their own, aud not 10 the intsrestof
public,
How are The evils complained Of to be Tems.
'd2 Not, surely, by the creatoI of more banks
d the multiplication Of bank paper. If I am
rect In the view which | have taken of this
,jsct, ths difficulties under which the country
" labors have been mainly brought about BY
inflated and unsteadypaper currency. These
iculties would only be enhenced, ultimately,
creating more paper money. The country is
iOubtedly laboring under some pecuniary en-
rassment: but til idea Of paying our debts by
creation Of more paperis fallacy. Wecan-
pay debt BY the creation of more debt. Eve.
additional bank pote issued, 10 but the crea-
n of a new debt which the bank owes to the
der. II is not wsalth--it is not capital-and