The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-07-27

UNITS from that hard money ctty, that msney is
abundant, seeking safe investments at small
fner cent INTEREST," and yet to carry the point for
an irredeemable currency in the ten miles square,
the same impudent party were then threatening
the farmers Of the neighboring States that their
crops shouldsrot on their hands, unless they en-
forced on Congress the irredeemable paper poll
cy, to favor the banking corporations ameng us
These contradictions are gross and palpable; and
the notice copy above shows that the mer-
cha-s viii find money of the right kind, rather
than lose his trade with the farmer, although it
may not suit the banks"
Here it will be seen that this refusal to re-
charter the banks is justified ON the ground that
arrangements will be made elsewhere to obtain
funds to do the business of the District cities
That Alexandria will go abroad and obtain funds
to purchase the flour from neighboring coun-
ties.
Does it not make the heart sick to think that
Amos Kendall, who came mendicant to the
city but few short weeks since, should have it
nav in his power, by a single dictum through
the Globe, to bring such distress upon whole
community, as must follow in the train Of such
policy, and that while he ruins whole COM
munity, he should enrich himself !!
WI IS AleAdnufla cnaDieu TO make arrange
msnts elsewhere for funds to purchase produce? 1t
is because there are banks in Baltimore Philadel-
phia, and New York, authorized to lend, and be-
cause the banks in those cities are not broken
down. But what will be the condition of the
country, if the policy here avowed is carried out?
The party, il they prevail, will not stop at the
District. Mr.. Van Buren, is now armed with the
sub-treasury and he can so administer that de-
partment, as, by the aid of his ant-bank faction,
to break down every bank, and thus change the
policy and usages of commerce. What are we
to do when their power overspreads the whole
land? As the district banks arc now compelled
to go elsewhere, so will we be compelled to go
elsewhere. As the citizens of Baltimore, Phila-
delphia, New York and Boston, which purchase
the flour of Alexandria, now furnish the means
of trade, by the use of their credit, so viii the
foreign bankers, who purchase oar produce, for
the foreign market, furnish the means by the
use of their credit This is war upon Alncri-
can credit, for the use of foreign bankers, and
so it viii be found. In proportion as you destroy
American credit, dc you increase the value of
foreign credit. This is easily demonstrated
Trade between this country and England is but
an exchange of the products OF the two countries
We give them our cotton for their merchandise.
We always import to the extent of our exports
We consume the British goods, and we must pay
for them. We give them our cotton for their
goods, but the course of trade is, that manu-
facturer sends over an order for cotton to his fac
tor in New York or Charleston The factor
pays for it. not in money, because if he did, the
money must go back to pay for goods; but he
pays for it in bill upon England, which bill is
sold to the merchant, who RENTS it for goods
Does not this resolve itself into the substitution
of British for American credit? Or does it not
compel the shipment and re-shipment of specie,
when credit would do as well?
refer to this practical illustration, to show
the folly of sacrificing the interest of whole
community TO crafty speculative notions of po-
litical economy which, if carried out, must be
accomplished by an entire revolution of the
property Of the country. Who can believe that
the intelligent people of this country VIII live
without enlightened use Of credit Capital
viii concentrate itself into the hands of few;
and, in the absence of banks, these few will
use their credit in some form, as a substitute foi
the credit of banks. This will be paper money,
and as the present banking system has been the
result OF progressive Improvements, it will be
again re-instated in ITS present or a more appro-
pirate form. Why, then, ruin whole people
to make an experiment, Look at the figures
read shc sums, and YOU will see that the banks
are the creditor interest, and that in winding up
the banks, you transfer over to the banks all the
property of the country. The people owe the
banks and they cannot pay them.
It will not do TO tell the plain farmer who fol-
lows his plough, that he does not owe the banks
He does owe the banks, and will tell you how
the ruin Of the banks will rim him.
The merchants in Baltimore, Philadelphia and
New York owe the banks. The country mer.
chants owe them, and the farmer in his turn
owes the country merchants. When you compel
the Baltimore, Philadelphia and ". York Bank.
to wind up, they wind up the country merchants
and they, in turn, ruin the farmers, mechanic.
and laborers.
Say that the amount OF bank notes in circula.
ton was but Sl5O,00O 600 These are all due to
the banks, and if you destroy the banks, these
bank notes must be paid back to the banks and
cancelled Now look at the consequence! Mr.
Calhoun tells you, thai as yau diminish the cur
rency one dollar, you diminish the value of pro-
perty thirty dollars; destroy the banks, and you
diminish the value of the property in the country
in the proportion of thirty to one-that is, you
must multiply SI5O,OOo,OOO by 80, which give.
81, 50O,0OO,OO0 as the sum of the reduction Of
the value of property equal to the whole amount
OF the national debt of England!! That this may
be understood, will bring it home to the bust
ness of every man.
A. has house worth $50, O00-this policy will
reduce it to $1,000
.. receives IN mouse rents, 5000 per ann