The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1840-08-07

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I,
pled in their operations as to be neither able to
benefit themselves or the public.
In refusing to receive their notes the Govern
men does nothing more than the bank the United
States did towards the other banks. 1t received
but few of the country bank notes in payment oil
government dues; but This was all right, because
ii was done by the bank, and no political caPitnl
could be made against the administration, and
therefore nothing was said about it.
But il is said that we wan, bank to regulate the
currency. exchanges, Sc. have locked into this
matter and find that the exchanges have been more
derauncd during the existence of the United States
bank ihun since.
In 1921. when the bank had been in operation
five years, the notes of many of the banks in Penn
sylyauia were from 10 to 60 per cent under par;
New York country banks from 10 to Is per cent;
Massachusetts u per cent; District of Columbia
70 per cent: Georgia 40 per cent; Ohio from 80
to so per cent III 1927 there was another pres
sure. when PENNSYLVANIA country banks were from
TO rs and 50 per cent discount; Delaware from
mar TO 25 per cent; Maryland iom par TO so per
cent. In 1883. when it is said we had ms good a
currency as any country ever had, PENNSYLVANIA
was from par to per cent: Alabama was from 10
TO 20 per cent; Louisiana from & TO S; Mississippi
from to s. Tennessee from to 5; Missouri, H.
linois Indiana, 10 sales; Kentucky from 20 to rs.
Since 1888. the rates of exchange have not been so
high. or bank notes so low By this it will be seen
that some gentlemens memories are not so very
good. when they say that we had the best currency
| the world ever knew But say they, the United
States bank paper was good. Admit this, and what
does it prove! WHY, that YOU had one currency
c,n ,,'o ,,,or,,,on, I'D nno,her c,r ,ho nconle-
the very thing YOU now condemn. The above rates
will be found in Senate document No, l57, session
of 1873. The United States Bank shaved The
notes ofits own branches from to 5 per cent; see
Spencers report to House of Representatives JAN
10, 1919. Banks, like individuals, will have Il
credit abroad in proportion to their standing at
home.
| If they stand high in public estimation at home,
and always redeem their notes when presented, in
gold and silver, they cannot fall lower at any point
than the difference in transporting the gold and sill
ycr WHY is il that bank notes in the same state
and even in the same town. differ so much in value?
Is it not owing to their standing in public esima-
ton? Blu, we are told that the laborug classes
would be much benefited BY the establishment of
another national bank. These things have been
promised before, without being realized hap
pened TO be in Harrisburg, in PENNSYLVANIA, when
the United States bank bill of that state was under
consideration. Its friends there, like the friends of
a United States bank here prophccicd that great
good would result from it-that we had in that
state large and cnlcrpiisng class of men, who
possessed all the qualifications requisite to make
them useful: but that they were without the means
to 90 into business shat farmers mechanics, and
Others, who were in debt, would be greatly bcnc-
fitted by it-tla, money would be so plenty that
interest would be reduced to four per cent and per-
hans lowcr-in fact, it was the very bill to benefit
the middle aud lower classes This was the pro-
iession Now for the practice. Money had be-
come 50 plenty in PENNSYLVANIA. or at least in that
section where reside, that men who could secure
it well could yet what they wanted at five per cent
per annum. This wns very common rate of in
tcres But in less than twelve months after the
bank was chartered, notice was generally given
either 10 pay in the money or TO pay six per cent
interest This was all fair, We, who were in
debt, had no cause OF complaint. II was only the
effect that the charter OF the bank had upon u.s.
All these things know from experience, because
TOOK br'wccn thirty ""a forty ''"''"'" r"r """""'
l,o'' me; p"t III 'h'''arPh 1t was ''u'" worse
'han III ihe country 10 S"ch an extent was me
MI