Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1840-07-28

~ ous ont ns a citizen. Under the absolute monarchies
Of Europe there are few citizens. properly speaking.
a few tina, engage m business OF the pursuit Of wealth.
or in the ,nio,ment Of life. while the great mass ara
servants laboring for a subsistence. Every person.
tb,,,C,rc il, Aner;en counts one. Cities and towns.
important IN their business. are built mp with a far less
population than less impor,an, towns ia Europe, pos
scss. These towns too. are built up IN a snort nHno'
and by people. not dependent upon wealth 'hey inner
tied. but upon their own enterprise and inuusug'
A soon as this town. reaches To imporiaaeo-as soon
as 1t has its mechanics. OF all classes. 1t be- !
comes a market, for the produce. of the surrounding
country. When 1t arrives ut a certain grade the
citizens Of the town petition to the legislature. for the
charter Of n bank. Until within a few years. the
member, of the Legislature. were in the habit Of taking
the subject into consideration. asking what was the
business of the place. It's population and the necessity
fora bank. II these answers were satisfactory. the
charter was granted. Commissioners were appointed
To receive subscriptions Of stock. one mas took one.
another TWO. another Eve. and another ten shares. OF
the stock. until il was all taken. One object in sub
scrihing for the stock, was TO have a safe inyesirRent.
for money, bat the most powerful incentive was to OBJ
tain the benefit Of the bank, TO the place. Tho bank
went into opcraiisa-s young man who wanted
money. to commence business presented his note. aud
obtained il; anoniher who had not enough TO carry on
has business. presented his note. and obtained it, an
other obtained money TO build a house &c, The
bank by being able to issae three notes for one Of
silver in her vaults. trchled the amount Of money. Of
business. Of labor for mechanics and draymcn and as
persons increasing as it did, the consuming, also in.
creased the prices of produce, and land. ~ long rs
the bank was well conducted and there Is every
| ,piucapnanf y<hpre thprp m numprOuf stDck holders
to conduct a bank well, its notes are as good as specie.
pass as current. buy as much, and will in fact always
command specIc.
The stockholders OF that bank received a fair inI0res,
Cor their money. Who Paid that INTEREST," Who paid
the expenses Of The bank Not the holder Of the
note, for he could buy as much with The note rs he
could with silver. lay it sside nhis -afe or drawer, for
a year and he would still find The note the sarne-ils
value was no, diminished. lay aside goll for a year
and its value would not be increased. Who then
paid the INTEREST," lie who borrowed money from il
but he borrowed that money aud agreed tie pay the in
tercst on II because he could make more than six pei
cent with that money. The borrower therefore lest nc
money but was rather benefited. Who then, does a
bank injured No one. Who does i, benefit 1t
benefits the poor mar who borrows money from il
and goes into business. 1t benefits the man he EN-
lhNsS bNN u hlAit 10 give uthb cinptcJ Hltllt'
1t benefits the m~echagic because IL enables the MAI
so employed to purchase his work and pay for it. /
benefits The farmer because il furnishes men To con
sumo his produce aud money To pay for it. This banl
cannot therefore be a very bad thiHg, if it docs good
and does no harm.
But OUT ObJest is not now 10 commend banks; but 4
show that the above section will destroy these insiitu
lions. however sound they may be and compel them Il
close their doors. If the bank cannot keep money il
circulation, If II loans out thousand dollars Of ia
notes 10 day aud these notes are returned 10 morrow
and specie demanded for tkem, eff course the bank
must have rs much or nearly as much specie in i'll
vaults as money in circulation. IL therefore makea
no hing-It gains no interest for the use Of its stock
holders, and they, of course, will moi be content. vii
withdraw their stock, aud loan out the money 10 indi
yiduals or hoard it up. The public ihus loses pho a
mount Of money the bank furnished over ana ubor,
what was paid into il, or over and above the speci
. in It's vaults. How vii his section thus cripple ihc
bank and drive it 10 close business3 In this way
! \ bank note, TO be curreai. TO circulate from nan L
man, must be rs valuable as silver or ge'd,-mus
buy every thing that they Will buy. Here the gov
eminent declares IL will not receive bank notes for IL
dues. IL declares that public land shall not be sol
!; for bank notes, that posagcs shall not be paid in ban
! notes AMI that custom house duties shall not be paic
t ia bank notes, while gold nnd silver will buy every
hing. Therefore gold and silver bcconcs more val
a liable than bank notes Ifyou have thousand dol
c lars in bank notes and you are al the place where il
sueI. you Mill take the notes to tho bank and get gol
and silver. because you can sell it for a premium I
those who wish to buy public lands or pay govern
ment. Suppose a man is gsiug west 10 purchase lunt
& i through tins ullce He has nofp.nr ,IifIar.pt bopE. Al
Ohio. He cannot go all over the state to exchang
his money. 50 he goes to a broker and sells this none
for specie and pays him f'e or six dollars on ever
hundred. lie sends The notes, when he has collecis
d enough, TO the bank That put them out, draws II,
: specie. and then is prepared fer another o.
, Grafton. 1.-THE man going West has money of
. Wheeling Gank lac will take it to the Bank aud lher
demand the specie.& if you have a note ola Wheelin
Bank you 60 10 the bank and demand speci
because you can sell the specie for two Q
+ three cents on tho dollar to the broker. or four O
! hveto the %emigrant who wants il. Thus the circulationo
the banks will bo cur Of.and although tic bank is per
fcctly sound and its paper ms valuable as paper CA
be Under such circumstances, il will not circulate be
cause the specie is worth more. AfCr viewing n,
subject r. al It's phases, we DO net conceive that IN,
effect Of tits section Of the sub-.reasury bill can b
, any thing else han to compel every bank IN de. cUun
Try TO wind up. ~. ibis opinion we are sustained boil
by the friends and foes oft.e bill.
We are compelled 10y the length Of this article 10
postpone the balance Of our comments until our nl,r
We viii then on these premisc5s4s1uss to some !enrtl
The elect Of this return to a specie currency. on IN,
farmer mechanic. and laborcr The remaining sec
,:nns arc Of minor importance.
SrC. 20. And be n G,-be, enacted III. .
afcr TIC ISirIeenlh day Of June. which will be M ,he
year one lhOuscnd eight hundred and forty flrcc
every officer sr agent engage IN making disbursc.
merisoa account Of the United States, or o. 80 Con.
srai Fos' Office. shall make al payments in cold an,
SILVER com ctly and any receiving or Ji.buTsi m, "a;