Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1840-01-02

I .a 1@t ga u
10 Yield To them.
Norls II to 10 overlooked that there
exists n chain oil teccssily dependence
amcng these instructions whieh ob;iSrs
them, to n great extent, to- follow the
course OF others, notwithstanding lis in.
justice TO their own immcdia,e cI.d:,,ys
or lnjIry 10 the particular community in
wh'ch they are placed. This de, end.ncc
al n bank, which is in proportion 20 The
extent OF its debts for circulation and do.
posiics, Is not merely on others in lis own
'I'inlty, but on all those who coorrc,
II with the centre OF trade. Distant, h,pt.
may iaii, without seriously affcciiup ,hosc
IN our priucipal..comm ,cial cities: hut the
'aI'ure oi the latter & felt at the cxtrcmi.
nes ~ the Union The suspension nj y.
Soih, In 1851, Was every where, with
'c'S iS" exceptions followed, as soon us
Twas known that recently at Ph iladel.
phia imn diairly ale ted the banks orthe
ao"th ana West III a similar Manner
ms dependence OF our who'e ba;. kim
SSs'cm ON the institutions in n few large
citirs, Is not lo.pd in the laws OF their,
oTgacizati y, but in those al trad, and
sAcEang'. he banks al tn Il ccutr, to
"al-h curieScy flows. aud whera il is
r'qui ci IN payments for merchandise.
ho'u thc power OF controlling those i'm r..
g'onS whcicc IL comcs. while the Inter
possess no means OF restraining them: go
'iat The value OF individual property. and
thi prosperity Ct stalr. through the
wh|fe interior OF the co1niry. are I'M; 1, 10
depend on the good or bad management
Oh Vie Ianking institutions in the crca,
seats 'oi trade on the Scaboa.h.
But this clsin Of dcpcndcncc DE, u,t
stop here. II docs not urr nat nj phi.
ai-Irhla o: New lolk 1t r. nc ,cs across
the &C an. and end, IN Lon dom the cent?,
OF The credit system. The same Laws of
trade, which give to the banks in our I'm
cifaI cities power over the whole bank
ing system orthc u. States, subject 10 The
l1rnlcr, IN their turn, 10 the money now.
rr IN Great Britain. IL is not dcui, d
mat the suspension of The New York
Banks In 1897. which was followed IN
quick succession throughout the Union
va" produced by an application of tina,
!e"cr;and 1t is now allcdgcd. in extcnu.
alton OF the present csudi:ion of SO larye
"a portion Of our banks, Iha, their cmbar-
~r"ssrnen's have arisen from tie ,ame
cause.
From This influence Whey cannot now
entirely escape, for i, has its or,rin in
tUc credit currcncics OF the two countries:
u IL strengthened by he current OF ;radu
ana exchange, which centres in London.
ana Is rendered almost irresistible be the
rare debts contracted there by our mer-
chnnts, our banks and oar States II is
thus that an iniI reduction OF n new bank
INTO the most distant OF our yiilares. MA.
ceS Tic BUSINESS of that village within the.
influence OF the money POWER in Enciand
IL Is thus that every new debt which we
contract in that country, seriously affects
our own currency, and extends over the
pursuits OF our citzens lis powerful infu
enc. We cannot escape from this bx
making new banks, great or small. Sta,
or N~atsnal. The sam. chain WHICH hin
thSSc now existing 10 the centre of hi,
system OF paper credit, nus; equally fv.-
Ter every similar iDs tuition we crcatc.-
! 'soai! oy The extent 10 whIch this sys
tern has been pushed o. late, that we have
oecn inadc iu!iy aware o! rs irrcsista.le
'chccncy TO SUBJECT our banks and
currency TO a vast controlling power ia a
icreiSn land and 1t adds a new argument
20 those which illustrate their prccarious
situation. Endangered ia tic hrst place
oy thelr own encouragement, and again
D. Tue conduct OF every ms ~i.u.iou which
CONNECTS Them with the centre OF trade in
oar 7" country, ihcy arc yet subjected
oeyoid AL THIS, 10 the Cifcci OF whatever
measures policy, necessity, or caprice
snav induce those who control The credits
"i England may resoa 10. mcan not to
comment upon i.lcso measures present Oh
PAST, aud much less 10 discourage tho pro
secutlon Of faia commercial dealing b
tween The two countries, based urou re.
ciptOcal benefits; but il la, inn now been
ma &c MANIFEST That the over Oh iufliciinr
Ihe-e and similar injuries, is, by Lie ne
sisi!css law OF a credit currency and :
credit trade, equally capab G of e. extending
thclr consequences through all the RAM.
4lc"iicns OF our banking sys en-, and by
that means Indirectly Oh aiming, pnrticu.
'ariy "nen onr banks arc used as de pos.
l'orIcs ol The public moGics, u dangerous |
Folticai Influence in the United States.
have deemed it my duty TO bring the
'utJc tio yoar %nDtic', and ask for il your
serious consideration.
Is AN argument r quircd beyond tho OK. !
PosilCn oil these facts, Ia show TIC impro
pretty OF using our banking Institutions
aS repositories OF tho public money? Can
we venture not only 10 encounter tho
risk OF their individual and mutual mis-
management, but at the same time. 10
place GU ioreigh aad domestic policy en-.
TREY under the control Of a foreign mo
neycd INTEREST," To do so i, 10 impair
The independence Of our Government. ms
Tue present credit system has already i'm.
tue Independence Of our banks. n
9 TO subiRiI al It's important operations.
"'Sihcr Of Gcacc or war, to be controlled
Or thwaried a: first by our own banks
ana ihcn by a power abroad greater lbsn
themselves. cannot bring myself 10 d.
Pici the humi iation 10 which tais Goysru
aud people might be sooner or Liter