Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1840-02-29
SOUND VIEWS.


man will admit them to be sound, and acknow
ledge the absurdty of the agrarian doctrine o
/ Down with the Banks" "The Crisis" has In
deed arrived, and even the ultra Anti-Bank mer
are forced to concede that the best interests of tho
state, and the welfare of the people, depend mate
rially on the existence of banks. and the perpetual
Ition of the credit system. To crush the banks
would bring noting bnt run---therefore it is desir
Gus that our Legislature act udiciously and wise
ly in fixing time for resumption, giving the
Banks such opportunity to effect this much desir-
ed object as will place them beyond the necessity
of injuring those who are indebted to them by an
arbitrary, though perhaps just exaction of their
dues:
eff there had not been bank in the U. States
for the last twenty years. and should never be one
yet if we import more than we export we will be
as we are, in debt, and while our laws compel US
to pay our debts we WILL as as we do, feel the pres
sure incident to that situation.
s. Did the banks occasion US 10 be in debt to for
egners; or was it occasioned by the extrvagance.
the specializing spirit of our own people; the GO
ahead system which was ineverybody y'smouth and
under which many 60 at full speed even in sight
of fearful precipice before them.
"We are in debt to creditors out of the state );
and to creditors within the state; that is in debt
to one another 1t is for creditors out of the state
that general currency, gold and silver, is wanted;
by those who even now wish TO import more goods
in hopes to make money for so doing; does the
suspension Of the banks injure those indebted to
foreigners doubt it if they have produce they
can export it and pay their debts if they have
bank notes they can buy any kind of produce and
export it to pay their debts; if they have no pro-
duce, and no bank notes with which to buy, how
do the banks iniure them! Why they say the
banks ought to lend them money, but | never
knew or believed the banks were bound to con-
tinue lending when they had already lent as much
as they could on their capital But we are indebt-
ed to one another and the banks continue their
loans TO such as will take bank paper does this
injure anv body does it not do good to thousands
and save thousands from runl 1t enables US to
pay one another; we are like all other enterprls-
ing and growing people all dealing and manufac-
turing men are more or less III debt; all men who
have bought property are more or less IN debt all
the heirs of deceased persons who have taken lands
at advertisement are in debt. The debts, from one
citizen to another exceed by ten fold the debts of
citizens of this stale to foreigners. This in my
opinion ought to be kept steadily in view by the
Legislature at present our people are using indus
try and economy and are paying off their debts
more rapidly than in more prosperous times no
one is going in debit like the Incorporate man
who has been frightened by disease we have be-
come temperate. In very short time this burden
of home debt will be extinguished or greatly les
sened and this is greatly promoted by the banks
the notes of those to whom they have
lent money, and occasionally, and very sparingiy,
as they get in money. making new loan.
"While we are in this situation there are men
who propose to destroy all the banks not gradu-
ally but Instantly say destroy all the banks, for
that is the inevitable result of the measures now
urged by some men. A man is sick and exposed,
if you please, by his own folly and imprudence
and you compel him TO leave his bed and chop a
cord of wood in two hours or walk ten miles in
two hours or you will take all his property from
his family; he attempts to do it and falls down
and dies. We have had suspensions before l
distinctly remember two before this; some banks
by imprudence and sheer folly were ruined and
never resumed, but the number was only one sixth
or at most.one fifth they neverexpeced to resume
and they sued and sold as unwisely as they had
lent money, when fifty farms or houses were to be
sold on the day, 10 buyers were found none
who would give tenth of the value, and the bank
after selling out the drawer and endorser often lost
half it's debt. The stay law passed (the wiSest and
best law enacted this century, and sacrificing pro-
perty ceased, and when it expired but few debts
were to be paid, and those so reduced in amount
that sheriff sales were not more frequent than in
ordinary times; and the debt notes already lost
by harsh and imprudent sales were all paid.
i
all hope of resumption; they must all recover
what is due to them, and we will see a scramble
for the first Judgment and execution and sense of
ruin and distress, beyond what the most vivid i'm
agination can anticipate The merchant sues the
the storekeeper sues all his debtors,
a few may pay and escape, but the poor may es-
cape through the gate of insolvency; take notice
all debts will have to be collected in specie you
double the difficulty to the debtor and double the
value received to the creditor; you make the rich
richer and the poor will have nothing left
'If / am not much mistaken, there is great in
accuracy and confounding of terms and even of
ideas, even in the minds of some members ofthe
legislature in speaking of banks; of compelling
hanks to pay specie, of forfeiting the charter of
banks who are to be afiectedby such laws! some
will answer; the bank. | then ask what is meant
by the word bank in such speeches or laws. tits
not the building in which the business is conduct
ed the president and directors not the banks.
The man who supposes they will suffer most from
such laws is too ignorant to reason senSibly
"The Bank is the stock holders, the borrowers,
the men who hold its paper, the men whose bu-
sness depends onits accommodation whether he i
be the employer or the person employed and