, 1840-09-19
WHOLE NUMBER 36l.

does not authorize the laborer to promise
eight days work a week when he can render
but six, lend his promises as money; and get
interest upon their nominal value. A far
mer's land, stock and utensils, are his capital;
the mechanics skill, materials. and articles
on hand are his; the laborer's consists in his
strong arm and willing heart; while the
bankers consists in money. The law in ef-.
feet triples the bankers capital, while that Of
all other classes remain single. Is there no
especial privilege" in thisi
Bankers in general enjoy immunities also
which are not granted to other classes. If
the farmer promise to pay money or deliver
his crop to a purchaser, all his property Is
responsible for a faithful performance. The
banker is authorized by law to promise to
pay $4,000 for $1,000 in bank, and if he
fails to do so, though worth a million, is req
ponsible to the extent of $1,000 only, or the
amount of his bank stock. He may, with
three hundred dollars of his own notes, issue
upon a capital of one hundred, buy three
hundred bushels of the farmers wheat; and
if he fail to pay those notes, can only be held
responsible for one hundred dollars, the a
mount Of his stock. He pays to mechanics
who build his house, Or to laborers who till
his lands, three hundred dollars in his pictur-
ed promises, when he is responsible but for
one; but if those humble men promise him to
pay the same sum, they are responsible for
the whole. Is there no special privilege
here?
In partnerships among the people for trade,
or farming, or any other business, each part
ner is held responsible in his whole property
for the debts of the firm, however small may
be his part of the capital. But in banks
and other corporations, the partners in gener-
al are held responsible only in the amount
Of their stock. The bank may break, involv-
ing thousands in loss and hundreds in ruin,
while the stakeholder, enriched by the use
Of the privileges, and perchance by the frauds
OF his bank, lives in luxury amidst the gener-
al distress. Is there no special privilege in
this exemption?
In many of the States, the citizen who is
unable to pay his debts is subject to arrest
and imprisonment. 1t is not so with tho
banker. While sl his property except his
bank stock is exempted from execution to
pay the debts Of the bank in which he isa
partner, his body is exempt altogether. By
CLUBBING together and getting an act Of in
corporation, the rich, whose wealth is in
money, are enabled not only 10 promise to
pay or deliver three times as much property
in money as they have, without responsible
ty in their other property, but to escape the
laws Of Imprisonment for debt altogether
Is there no special privilege here!
In fine, our banking laws enable the bank
err TO get the use Of other peoples money or
property for nothing, while the people pay
for the use of his promises, which are not
property. The farmer sells TO the banker
one hundred bushels Of wheat, takes a one
up in his desk. The banker has now got
the farmers property, while the farmer has
nothing but the bankers promissory note,
without interest. The banker sells the far
mer's wheat at one hundred and ten dollars.
and lends out the money upon interest. If
the farmer keep the note a year, the banker
will have made, in the mean time, SIG 60 out
OF the use of his property, paying nothing
for 1t. If the farmer pass the note, and il
remain out a year, the effect is the same
the banker has the property, while the note
holder has the shadow. So also the bankers
profit is more or less, in proportion to ths
time The note may remain in the hands Of the
farmer, or in circulation.
A former goes to a banker to borrow mon.
ey; what does he get' Not money, but
promises 10 pay money; it is a mere exchange
os notes; the farmer gives the banker his
note, and the banker gives the farmer notes
in return. But there is this important diff.
ference: the farmers note is on interest,
while the bankers notes exchanged for it
are not. If the farmer were to keep the
bank notes until his own note became due,
he would evidently lose the interest and the
banker would gain it. The effect to the
banker is the same, if the farmer put the
notes in circulation-the banker gets the tn
terest.
For every bank note in circulation, the
banks have either the property Of the classes
in possession, without paying any thing for
it, or their notes upon interest, paying no
interest in return. The bank note circula.
ton Of his country has been about as high
as one hundred and fifty millions Of dollars.
To this amount, therefore, the property of
the people. or their notes bearing interest.