The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-04-09


ter which, IL is thought, NEEDS smendation. Well,
perhaps il does but II 20. who are The proper per-
sons to point out iis de6eieneies1 Are those who
have no Interest amoag u, vhoare but sojourners
Of q month or year, Those who have had ex-
perience TO csabIe them 70 show that the proposed
lamentations may not b worse Than the present de-
hciencies7 or are we 10 suppose thai these modern
solons can, by intuition, without this experiences
prepare laws, perfect In every particular and exact
~ suiied to the wants and condition OF the people
our Charter has not expired, nor can expire. Con-
giess may repeal II, but IL SO, they cannot force an
other upon US. They cannot say that we shall have
lusi sucn an one as may please or suit few long
as our citizens will come oul and refuse To receive H.
which they will no doubt do, should such charter
contain obnoxious or dangerous enactments and
consequently we would be left wholly without one
Another proposition is now brough, forward in
the shape OF memorial to Congress, praying
that the Banks OF this District may be compelled
at once to resume specie payments or wind up
their Affairs. A suggestion more suicidal 10 the
interests of our citizens al this particular juncture
Of the affairs of the country al large could not have
been made and the positions taken aud the argu-
meats adduced in the memorial, on which this sug-
geson is based, are pfeposterous andabsurd. That
the banks Of this city struggled nobly 10 sustain
that it was foolish and suicidal in them to continue
topayit, when the banks OF Maryland, Pennsylvania,
and Virginia had suspended, is equally true. The
memorial commences with the declaration, that
the banks, BY suspending payments, have been
guilty Of gross and palpa5k violation " their
charters, BY which vaiuabs privfiesss pers confer
red rpon fA<s- Let Us examlne shat thsss setu.
able priritgy are which were conferred b. their
charters. Those charters grant TO certain ndividu-
ais the right To associate together for the purpose Of
banking-to elect directors appoint officers, sue and
be sued, SC Ito only such real estate as may
be necessary carry their business, TO secure
the payment Of debts, &c. These are not very
valuahI privileges. What, then, are 7 We pre-
sumo thai II be the right to issue paper money.
Bu if the reasoning in the memorial is sound they
must only issue dollar for dollar Tor every dollar Of
specie that may be in their vaults; for, il they 60
beyond his times like the present, they cannot re-
deem all their notes, aud must suspend. Let us see,
then, what would be the value OF this privilege.
Take, for instance bank with capital Of half
million, divided into shares Of $500 each, Well,
this capital must be paid in every OF il in spe-
Gle or its equivalent, and il hall million of notes
are issued on il, they only be loaned out al per
cent per annum. This would produce income Of
$50 900 per annum.
Deduct salaries Of officers, say, Pres-
dent and Cashier, each 500, $1,000
Four clerks at 1 600 each, 1900
Messenger and runner, 800
Rent OF building or interest on money
paid for building, say oO
Cost of plates, paper, stationery, &c.
and printing bills, say, per annun, 500
Total. 1000 $500
Deduct this from the above, &c. $2l, 500
is the whole Of income from the capital, and
the deductions are certainly below the mark, and
nothing is allowed for loss by connterfeils, bad debs
&C. this then would give TO the stockholders but
about At per cent per annum on their money, while
those of his citizens who chose TO invest their
money in property, goods wares, or merchandise,
would, according 10 the risk, gain from to 20 per
cent. ON it, This then, would not be very valuable
privilege, based upon the grounds of the memorial
How the suspension be debasng and demorali-
zng, is not perceyed-nor that it is grievous in
Jury and oppression on "those who are compelled TO
take their notes at their nominal value In payment
for their labor. No one is compelled TO do any such
thing. They can refuse them, and sue for and re-
cover the amount of their wages in gold or silver.
But il may be said if they will not take these notes.
that they get nothing else. Ii this should be the
course Of reasoning, proves that they an ad-
vantage for if it not for them the laboring man
would have neither work nor money-not even paper
money. The memorial next goes on to show that,
when the banks suspended in October 1882 they had
upwards of 100000 paper dollars ahoat which by
that act were deprecated l2i per cent, causing
loss to the holders Of upwards Of $780, 00 and that
the rates Of depreciation since that period, have
ranged from to l2S per cent, thus ching from the
working man, from one 9Th to one 18th Of the
nominal amount received as the wages Of his labor.
This is wholly erroneous. The paper never
depreeiated but The speete appreciated in value
1t will not be pretended, that after the suspen-
sion in October an individual could not get a
coat, or hat, or his marketing or groceries for
the same as he did before it. The experience Of
every citizen proves The iact and further that every
article Of living has been gradually falling in price
ever since. The paper was not reduced, therefore,
in value, for the same amount OF articles could be
obtained for il AFTER before The suspension, but the
specie increased in value, as every article OF mer-
chandise does, when the demand is great, and the
supply small. This was precisely the case. Specie
was wanted 10 pay our debts in Europe, and accord
ing to the demand and the scarcity plenty Of II,
its value rose or fell, mentioned in the memorial,
from no,s l2a per cent. Nothing, therefore, was
"flched" from the working man, as he obtained the
for his paper dollar after, before the suspen-
sion. True, he could have procured more i,r
specie dollar but thai would have been adding to his
wages, was the with The officers OF the Gov
ernmenl; and the memorial is not in error when il
states that kind OF currency is constituted for
the Government and another for the People--fur
such is literally the lacl, and yet the Government
currency in few any cases. pass into the hands Of
the people, for is mmedia ely exchanged for the par
currency, and this is paid BY those Tor whom the
better currency constituted, in satisfaction OF
The claims oil The people. The prayer Of the memo
al hon nbS urd he han aDl re