The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-05-11
BANKS.

The OBJECT OF government Is TO protect pro-
perry. For this we pay taxes and support the
laws anl the constituted authorities. 1t follows
that whenever government, whose duty it is to
protect the value of property, adopts and perse-
peres in system Of measures, the inevitable
consequence of hich is to diminish the value
of properly, it violates the purpose OF its institu
ton.
Mr.. Buchanan, in his late speech, said that to
double t',e quantity of the currency would dou-
bic tbe -alue of property. 1t follows that to di-
ninisl the quantity of the currency will dimin-
ish the value of property.
The ea'.ct of a system which diminishes a
currency and lessons the value Of property, is to
change the relation between debtor and creditor,
by reducing the value of property and enhancing
the value of money. fit be admitted that the
chief end of government is to protect property,
and that a change OF measures, which doubles
the value of rnoney,is unjust to the debtor, all
that is required of us is to show that such has
been the effect of the measures of the administra-
lion, to convict them of incapacity, what is
worse, intentional misgovenment.
Mr.Wooabury in his report to the senate of the
9TH of June, 1888, says that the bank circulation
was diminished ia the twelve months ending on
the LIST January, 1888, thirty-three millions of
dollars.
Now mark another fact. The bank loans
were at the same time diminished $50, 500, 600.
When this curtailrnent began there was due to
the banks S525, 1l5,712; there was still due on
the LIST January, 1899, SiS5, 63l ,S67.
The banks then are the creditor interest
there was more due TO the banks, than was due
from the banks, and the banks were unable to
pay their circulation and depositcs, because
those who were indebted to the banks were IN
able to pay the banks And why were the
debtors of the banks unable to pay 1t was as
Mr.. Buchanan says because the unnatural con-
traction of the currency had SO diminished the
value OF property that those who had gone in
debt could not sell property or comma nd the
money to pay.
The bank discounts were S4S5, 631, S67
Their circulation was 1I6,I3S9I0
n :s5 5sss@ m s ar 2i' s; s5s:
lation
We beg the rejecting working men to look al
tneSe 1dctS- ne cAaincr aRalnS
the banks and dcstroytheir crsditso to put it
Of their power to increase their circulation or t
enlarge their discounts they drive the pape
back to the vaults, and at the same time compe
the banks to require payment from those indebte
to them. How ara they to get the money
The Indebtedness to the banks is so much NOR
than the Indebtedness OF the banks, that if tn
banks were to require their debtors to pay up al
they owe, it conld not be done. Ruin must come
as come it has, upon every man Of enterprise, 0
who has contracted debts. When the banks shall
have collected in every dollar of the paper Their,
will still remain three times as much more to b
paid. The notes are all gone and the spcci
boarded, how is this debt to be paid 1t canno
be done And yet such is the leading measure
OF the present. administration! Such the ruiz
which they would bring upon us by their war
fare the banks, and the credit and business
the country