Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1840-12-15

COln pE us equlValent taken out IN ca
change. Thus, with a country posses,
Jog more capabilities for the prOduciio
ofbread-stuffs than any other on the fac
of the globe, and with an Industrious an
enterprising population, we have bee
made tributary 10 Europe for the necessa
RES Of life, by means of this artificial, an
i-American system. Such will ever b.
its effect, producing, alternately, delusiV
prosperity, and real adversely, until rad
ical change is made in the system itseli
snd our currsncy is placed on substan
tial and stable basis
II is in vain to talk about tariff law 70
the protection Of our domestic manu-
tactWres, and to prevent the excessive i'm
PorlatioG of foreign goods, while we haV,
a paper currency for the measure of val
ue, which can bS increased at the will O
those who control it, to an almost indefi
mite extent The best protection tha
can be furnished to the domestic manu-.
features Of this country, and the only one
they can rightfully claim, except thai
which is incidentally furnished by tariff
for revenue, is a sound and stable curren,
cy, composed of gold and silver, and thai
which is equivalent thereto. Such pro.
lection would not only be more effective
than any tariff law short of prohibition,
but at tho same time be legitimate and
proper, oppressive to none-bene6cial to
all.
The evils above alluded to are not the
only ones entaIled on the country BY our
paper system. There never has been.
in any age of The world. system devised
by the ingenuity Of man so we'll calcula.
ted TO rob LABOR of its hard earnings. as
this. And it is the more dangerous to
the interest ofthe laboring part Of the
community because its operations cannot
readily be seen. The people ofthe Uni.
ted States pay to the banks, annually, a
tax, in the shape of interest and other Dro-
fits, not less than thirty millions. So far
as this is paid for the use of their paper
representing real capital, that is, col and
silver, it is legitimate and proper. But
the whole amount ofspeCie owned by the
banks does not exceed, at most, fifty mil.
lions; the interest on which would he
three millions, leaving twenty-seven mil.
lions whichare annually paid to tho banks.
by The people, for the use of their credit
Or promissory notes, bearing no interest
This is heavy tax on the people, and is
paid entirely to credit, not to capital, eth
er directly or indirectly, by the labor of
he country. Whatever is paid for tbe
support of Government, State or General
,r TO the banks, who create no wealth. is
tax in some shape, on labor. This ex.
raordnary capacity which has been civ. |
m 10 mere credit TO tax labor, will solve
ne whole mystery why it Is, that those
Vho create The entire wealth of the conn. |
ry, after life of toll, are, comparative. |
: speaking, poor, while bankers, who |
ave been permitted 10 use their credit
, tax the industry and labor Of the coun.
y, have grown rich in few years. As
on diminish, therefore, the paper svs-
I'm, yog Tighten the tax on labor: as Won
lcrease you add to the burthen labor
as to bear. A system of paper credit
hich is such heavy tax on the produc.
We industry of the covntry, should Weld
'me great corresponding advantages to
lc laboring portion of the community.
In May, 1887, when the banks suspen.
I'd specie payments, their circulation
as estimated at about one hundred and
1y milions.-Their paper being no
'nvertible into gold and silver, at once
'PIeciated on an average of ten Der cent /
aking dead loss to the people of The '
nited States of fifteen millions. In
1883, three hundred and forty-three j
nks again suspended, having a circula. t
~ estimated at about seventy mill.
MS. Again their circulation deprecia. ;
on an average of at least ton per n
Mt; making seven millions of loss t
rown on the community. Thus, in a 5
lie more than two years we have had \
o suspensions of specie payments by II
banks, inaicting on the people Of Ia
country an aggregate less of twenty 9
millions by reason of the depreciation : :
their paper circulation. This loss i
s not on the banks, except in =
yht degree, whose incaution or improp g
acls produced it, but on the note hol. - y
$. So far from the banks sustaining :
considerable loss by thu depreciation di
heir paper, it is believed thai some of al
NJ availed themselves of the opporuDi. 8 :
through their brokers, of buying up n,
If deprecated paper, at a discount. al
adopting an estimate made by com. q, q,
Toe of the House of Representatives y; n
he United States in 1889, (who had bu
~ means ofobIaining correct informa- tn
} the loss tO-Ihe GENERAL Government, nc =,
10, by the banks, at that time, was Il
fy-five millions. II we add TO all this ho
loss which the public have sustained ii
'ther suspensions not alluded to above Y Y
the almost iDcalculable loss sustained OF r
banks breaking, and, from vayions ha