, 1840-09-19

in return. Deduct from this the amount OF
specie thew NAV have had on hand, being
about forty millions of dollars, and it will
leave about one hundred and ten millions Of
dollars in notes, without interest. on the
amount of which they are enabled by law to
collect from the community an interest not
less than six per cent. constituting an annu-
al revenue Of about SIX MILLIONS SIX
HUNDRED. THOUSAND DOLLARS;
and this is exclusive of their loans OF depos-
ties, which were many millions more. Is
there no special privilege in this? Is there
any other class of the community whom the
law authorizes and enables to make money
without labor. and If not without capital, al
so, to an extent double and triple what 9TH
ers can make upon the same amount OF capt.
tal-to get into their possession the proper
ty and notes on interest OF other classes, CIV
ing for them notes without interest. "reap-
ing where they have not sown, and gathering
where they have not strewed?
These are the special privileges which the
law confers upon this 'order." There are
also important advantages growing out of
these privileges. The bankers being author
lied by law to furnish the currency of the
country without any regulation as to its
amount, can increase or diminish it at pleas
ure. With an increase of the currency, the
prices Of property and labor rise; with
its decrease, they fall. The banks, therefore,
can increase or diminish prices at will. The
sam effect is produced upon prices when
the fluctuations of trade compel the banks
to take in their paper, and reduce the cur
rency. Those connected with banks, know
mn hofprahonA uhan tbau pnrpnca 70 lnaraoca
or diminish the currency. have advantages in
tuying and selling which are not enjoyed
by other classes. When the currency is at
the lowest ebb and the banks are about TO
increase it, they may buy; when the curren-
cy is most abundant and the banks are about
to retrench, they many sell.-This is an Incl
dental advantage of no little value.
Banks, in their very nature create multi.
tudes Of dependents. 1t is a maxim of Ho-
ly Writ, that the borrower is the servant of the
lender" As a general principle, the bor-
rowers from banks are their "servants."-
A state Of dependence is created incompati-
bic with perfect freedom of action. The
debtor of the banks, if not absolutely com
PEELED, is in most cases induced by his own
interest or comfort at The moment, 10 act in
accordance with the wishes of those who
have power to put him to inconvenience, if
not to ruin him. Through this channel and
by their power over those whom they employ
rs officers, attorneys, agents, messengers and
laborers, the bankers acquire a vast influence
in the community, which renders them more
powerful in the management of its affairs
than any other class of men not more numer-
Gus. They have greater power in elections.
ond rraatar in HI,onoa nr-or thoca a1ao.aI
All these advantages constitute the stock
holders of banks a PRIVILEGE ORDER"
Like the English lords, they are privileged
from arrest for corporate debts. II, like the
nobility Of Russia. they do not own vast
tracts of land with serfs upon them, they
are privileged by an adroit use of credit TO
make a whole people their tributaries. II
they have not, like the lords in England, a
separate branch OF the legislative power in
their hands, they are able, by the means
which the law confers upon them. to exert
an undue influence over ALL its branches.
They have immeasurably more power than
the farmers. mechanics, laborers. traders. or
professional men of equal numbers. Their
privileges give them PROPERTY and POWER.
and what more can be said of any spRrv-
ILEcED ORDER" in Europe? That they have
not a NAME is Of no consequence. They
would not be more PRIVILEGED if thew were
called "kNIGHTs OF THE GARTER" the soRnER
OF MAMNoN," ''PRINcE BIDDLE,'' 'DUKE Dun
LAP" "MARaUrs Co~PpERTHwAIrE,' or BARON
"LEvis." The essence of a special priv
ilege is not in the names but in the advan-
tages which accompany it; and if our bank
ers have the special advantages, they are as
much a "PRIvILEGED ORDER" as if they were
called BANK MOBILES; they are A NOBILITY WITH
OUT THE NAME.
We do not attack the lawful privileges
OF the banks and bankers. The question is
not now whether it was right or wrong to
grant them, or whether it would be right or
expedient to take them away. So long as
they obeyed the laws, and were content
with the exercise of their lawful privileges,
nobody molested them. They were not on.
ly permitted to exert their legal rights and
powers to make money by the use of their
own money and credit, but were aided by
the money and countenance of the Govern
ment. This aid was continued until they
threw of all responsibility TO the laws, re-