, 1840-11-07

with Its attendant advantages is more than
equal to an annual gift ofat leastten millions OF
dollars. The banking capital of the Union
is nominally three hundred and forty millions,
Of dollars, and is held b. less than two hun
dred thousand men. the most Of II probably
BY about fftv thousand. MANY of whom are
aliens and foreigners. These men. with this
money, have been erected by legislative au-
thoiity into a privileged order. with control
over the currency. credit, commerce. prop
erty, and labor of the public. They lend
four hundred and fifty n.iIlI"nS Of dollars.
and have the power To establish or overthrow
the fortunes OF individuals, or classes. and sec
lions of the country.
IT, i>cpoueras E.Hat or greater than any
privileged order has ever yet possessed under
any Government. This is a power which
exceeds the aggregate OF all the powers con-
ierred by the people through the ConstItu-
ton on all their public agents who admins
ter the government. This is a power able
10 overthrow any government. This is a
has been exercised.
The leading and Landed maxim OF the
banker is TO give facility TO the business OF
the country; that is To give credit to COM
merce. This is the avowed principle and
standing boast of banking. And although
its sincerity has been often questioned. It's
utility has not. that ! know. been denied
Blu. | nonc denv it. ! assert that
neither needs nor merits more credit or
POLITICAL favor than agriculture or minuihc-
lures. Commerce is not more useful ar more
noble than either of them and ~ II Is IN
fact more taShInnlb.e and attractive. u re-
uuires less extraneouS AID IN IN ether. Way
then should three hun red and forty nuliiinnS
nf capital he collected InIo massc>. +" tied
with the use ni Il hundred millions vi credit.
cyrmI,ied from the vIciSSiIuie> al mart hIiv
and of fortune placed irl"ud the natural
Laws of our beng and the nblr- ili"nS "f
civil society. with incidental and resulting
powers for the purpose OF aitordInS iAcn'ies
10 business.
II il he admitted that has n"
paramount claims over agriculture ar manu-
features. but Is rather less entitled In pubic
favor than either. how absurd must the p"iI'
CIV arpca- of comforting that favor al tier ex'
'ucu<c! And thi, is the very evil ot gu!
present blnkrng system. Government has
-ryrn to banking capital alone the use and
r.r..fit If the common circulation ot the
crun:rv. E,crv mn. therefore. who holds
hnkm capr'al. re lies III" interest. not on
IL on thc sock h." subscribed. N "n about
: one-thIri at 'e -Gl n, "".r from ci'riIta
ton. Tin" c"n>rlI.t:" -. "iHiN "'ch' VA
capital f,r>:ik"S ~ r-u rc .hi 'Gtl"''''u
4, rers. "u uhlc,i nn >ucr 'rrin'y i c.'nl'r e.
bv c~nyernucu,. IA ." milo uink'nL Hui com
mr:cc. TmIs are the arcumuil'i"nS 81 nc
,vn most uScf:l brmchrs ct "mr m!u>ir!
+, dawn 81. 10 n" w,s.ri IN the other.
>iv 10 he wasted. For II has been ALREADY
remarked. the mercantile lie Is more ii>'l''h
able and attractive than the hard WORK o
the farmer and artiZln. and always secure
without government aid ITS full Pr"pnrii"n .
the capital. the talent an population al th'
community. Nav. SD seductive has beer
that vocation To all who WISH t. rvade III
. ! curse Of earning their bread by the swea
of their brow. that tie competition ana con
:. fict of capital and skill in mercantile lie !
: usually too GREATS >uIcIdal-Is waSteiW "
{ mental and monetary energy. The add'ti"'
of enormous credit and favor "GLravteS In
= morbid inflammatorv acton at mercantile
pursuits. and bring on arrangement ana DIS
ORGANIZATION in business, such as we hav
constantly beheId since our system was ad"F
+ ted.
, Il cannot he asserted with reason, tina
The accumulation of credit in commerce,
the %salutarv and appropriate mode OF apply
j.. ing il to agriculture and manufactures. fha
:. would be TO reverse their actual and reco-
E Missed order. Commerce is acknowledge
, to be subordinate and dependent on them
1 this would subject them to her, nor can 1t b
, maintained that our present system IS equa
w favorable in its direct dIspensatIons {
y credit to all in proportion 10 their wants.
We have seen the mpOrtatlons OF the cour
: try which directly result from mercantlI
action constantly running to excess W.T.
the progress of our banking system. pr'
ciseIv NJ the momen when our bank cncnli
r lion was the highest. our express "i Impor
was the highest-being sixty millions beyon
: the exports-ihe highest excess known tor
long period; and in fact. the excess oi ut
imnorts was about the excess ot our circuI
ton.
q Il will not avail To contend that tins W.
abuse and overaciion, Of the banking system
= 7, WAS overaction. aud IL is nv overacti0n