The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-05-27
COMMUNICATIONS.
THE BANKS.

implacable hostility, to the whole banking sys-
tenn, was declared. The 'better currency had
not come up to the silly hopes of the party, but
had brought marked disGtace upon its reckless
projectors, whilst it displayed in brilliant con-
trast, the wisdom of those whose opposedit. The
state banks like the United States Bank, must
be destroyed. Such was, and still is the inten-
ton, and when we charge it upon them, they do
not deny it, if perchance, their course seems
prosperous But, the moment their keen vision
describes any indication of losing popularity. and
that the people shrink from countenancing this
foul plot, they draw in, and say, we wish only
to reform, and not to destroy the banks. Wit
ness the unblushing recantations of Buchanan
and King, when the Governor of Pennsylvania
showed that he could not sanction the conspi-
racy.
And thus it is, in all their unstateman-like
schemes and experiments, since the despotic and
fatal step of removing the deposites from that
custody, in which the laws of the country had
placed them. Whenever the current of public
opinion was running strongly against any of their
favorite schemes, they explained, mystifcd, and
parried the blow, until they had brought into play
all their party machinery, to divert attention
from the scheme, and rivet it on some other hum
bug, or on some scare-crow of deep laid plans of
the opposition against, whatthe facetiously term
democracy In this artful way, they regain their
confidence, if not their strength, and ultimately
accomplish their destructive purpose. Abandon
it, they never do So it is now, in regard to the
banks, and as sure as the sun shines at noon, will
they be annihilated, if Van Buren, be reelected.
1t is inevitable, not only because he and his adj
visers will it, but that it must be so from the
force of circumstances.
The banking system depends on public conf
dence; without this, it is wholly useless 1t can
not exist, because existing institutions would,
necessarily, be so Improbable, that no prudent
man would invest his money in their Stock
And the confidence essential to their salutary
operation in the United States, can only be Gre
ated and maintained by well regulated system,
beginning with the federal head. Here is the
whole matter, simple in itself, known to every
man at all conversant with banks, and most easy
of execution; so easy, that a man of ordinary
financial ability, could, in six months, organize
the whole, and place the credit, the exchanges
and every branch of business, from the lowest tc
the highest, in condition of the most enviable
prosperity.
And what must be the effect of the overthrow
Of the banks3 The prostration of all enterprise
the diminution of foreign and domestic trade, o.
the number of our vessels, and of our seamen
All, works of internal improvement will stand
sti4. The wages OF labor will fall to the level
OF those paid in Europe The mechanic arts
will decline, and with them, rents and the profits
OF agriculture, our produce, the scanty portion
OF 1t which may then be to spare, will be trans
ported chiefly in foreign shipping, and we shall
be thrown back to the dependent and thriftless
condition IN which the country stood prior to the
revolution. The metallic currency being wholly
and confessedly inadequate to the wants of the
world, we will be reduced to the sayaee state If
barter, or, perhaps, the ancient tobacco notes
may be revived. And there will be realized the
prediction of talented but free-spoken lawyer,
who is an ardent supporter of the administration.
In lauding the sub-treasury project, he said it
would have the sure and beneficial result of max
ing the farmer live on the profits of his estate
the landlord on his rents-the capitalist on the
interest of his money-the tinker's son would be
tinker, like his father-and SO would the sons
of the cobbler, and of all other mechanics
We should have, he said, no upstart gentle
men, none of the mushroom gentry, springing up
in a night. No men who, from the effects of
the credit system, and the loans from banks.
were thinkers or laborers to-day, and gentlemen
tomorrow. This sagacious lawyer did not err
in his prediction, for such will be one of the re-
suits of the Sub-Treasury, and the destruction
OF the banking system And it may be said with
perfect truth, that if Providence had condescend-
ed to offer to people scheme of finance, which
would equalize all classes, by giving to each an
equal chance of lettering its condition, it would
be the banking system, such as it has been, and
such as it may be made again. Nothing, in any
way comparable to it, has ever before been de-
vised by human ingenuity, for the promotion not
OF special only, not of general only, but of uni
versal prosperity.
And who is to gain by the upturning of this
systema by this fearful revolution The Office
holders, the rich capitalist, the usurer. None
other And what is their proportion to the mass,
As one to thousands. And will the thousands
suffer themselves to be trodden under foot, and
held in hopeless subsection, that the ofice-hoder
may keep his place, and the usurer receive his
cent. per cent? DALLAS.
SUciDE.-General Sir William Thornton
Colonel of the 85th Regiment of British Infantry,
committed suicide on the 18th inst at Quebec.
during temporary fit of insanity.
ANoTHER.-John G.. Powell, who few DAVIS
since attempted to murder his step-daughter, near
Lancaster, Pa, shortly after committed suicide
by shooting himself. It is thought the step
DAUGHTER will recover