The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1840-09-18

WINE lhe bankers notes exchanged Tor 1t 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 iflhe farmer put the notes
in circulation-the bunker gets the interest,"
For every bank note in circulation, the banks
have either the property of other classes in possess
sion, without paying any thing for it, OF their notes
upon interest, paying no interest in return. The
bank note circulation of this country has been about
as high as one hundred and fifty millions of dollars.
To this amount, therefore, the property of the peo
pie, or their notes bearing interest, have been in
the use of the bankers, ailording at per cent an
income of about nine millions of dollars per annum
When any man, not indebted to bank, has one of
its notes in his pocket the bank has the property to
It's full amount, and is making profit by its use,
while he gets nothing in return. If he owe the
bank, he is paying interest npon the debt while the
bank pays no interest on its debt to him. Thus the
banks have been enabled, at one time, (lS36) to
get into their hands the property of the community
and notes on interest to the amount of about one
hunared and nifty millions of dollars, giving moth
ing but their owa notes, wiihOut interest in return
Deduct from this the amount of specie they may
have had on hand, being about forty millions of
dollars, and it will leave about one huadred ami
ten millions Of dollors in notes, without interest,
on the amount of which they are enabled by law
TO collect from the community an interest not less
than SIX per cent constituting an annual revenue
of about SIN MILLIONS SIN HUNDRED
THOUSAND DOLLARS; and this is exclusive Of
their loans of deposits, which were many millions
more. Is there no special privilege in this Is
there any other class of the community whom the
law authorizes and enables to make money wilhou,
labor, and if not without capital also to an extent
double and triple what others can make upon the
same amount Of capitalize get into their possess
sion the property and notes on interest of other
classes, giving for them notes without interest,
"reaping where they have not sown, and gathering
where they have not srewcd."
These are the special privileges which the law
confers upon this "Order' There are also lmpor-
tant advantages growing out of these privileges
The bankers being authorized by law TO furnish the
currency of the country without any regulation as
to its amount, can increase OF diminish it at pleas
nra NV;,h ;"o,e",o Of ,i.o a,.,.,, tnr prices
of property and labor rise; with its decrease, they
fall. The banks, therefore, can increase or dimin-
sh prices at will. The same effect is produced
upon prices when the fluctuations of trade compel
the banks TO take in their paper, and reduce the
currency. Those connected with banks, knowing
beforehand when they purpose to increase or d.
mnish the currency, have advantages in buying and
selling which are not enjoyed by others. When
the currency is at the lowest cbh aud the banks are
about to increase it, they may buy; when the cur
rcncy is most abundant and the banks are about to
rctrench, they may sell, This is an incidental ad-
vantage of no little value.
Banks, in their very nature create muliiiudcs of
dependents. 1t is maxim of Holy Writ, that 'he
borrower is the serrant ofhe lender." As Il gen.
eral principle, the borrowers from banks are their
"scrvan,s." A state of dependence is created in
compatible with pcrlcc, freedom of ac'ion. The
debtor of the banks, il not absolutely compe'lei, is
in most cases iaducei by his own interest or COM
fort at the moment, to act in accordance with the
wishes of those who have power to put him to in
convenience, if not to ruin him. Through this
channel and by their power over those whom they
employ as officers, attorneys, agents, messengers
and laborers, the bankers acquire vast influence
: in the community, which renders them more pow
crful in the management of its affairs than any 9th
; err rlass of men not more numerous. They have
greater power in elections, and greater influence
, over those elected.
All these advantages constitute the stockholders
; of banks ''PRIvlLEGED ORDER" Like the
English lords they are privileged from arrest for
corporate debts. If, like the nobility of Russia,
they do not own vast tracts of land with serfs upon
thcn they are privileged by an adroit use of credit
to make whole people their tributaries. If they
have not, like the lords in England, separate
branch Of the legislative power in their hands, they
are able, by the means which the law confers upon
them, to exert an undue influence over ALL its
branches. They have UNNECESSARILY more power
D than the farmers mechanics, laborers, traders, or
professional men of equal numbers. Their priyi-
e lcges give them PROPERTY and POWER, and what
= more can be said of any "rRrvILEGED ORDER"
] in Europe' That they have not NAME is Of no
e consequence. They would moi be more rRivI-
: LEGGED If they were called "kNIGHTs or THE
e GARTER the "ORDER OF MAMMoN,''-
y "PRINcE BIDDLE,' '-"D DUKE DUNLAP,"-
: "MARQUIs CoPPERTHwAITE," or BARON
d "LEvIs." The essence Of a special privilege i.
y not in the names but in the advantages which ac
, company it and if our bankers have the special adj
= vantages, they as much "PnIvILEGED OR.
c DER" as if they were called BANK MOBILES; they
c are A NOBILITY WITHOUT THE NAME.
We do not attack the lawful privileges of tn,
II banks and bankers The question is not now
e whether it was right or wrong TO grant them, o
whether il would be right cxpedient 10 take then
away. So long as they obeyed the laws, and wer