The pilot. [volume] (Baltimore [Md.]) 1840-1840, 1840-04-02

OF the purpose 10 be accomplished by the Sub
Treasury; That paper says:
eve received by this mornings western
mail, letter from the greatest and wisest man
OF orr country in which he says; The passage
Of this bill Independent Treasury and the
bank OF Pennsylvania being put down-its
charter being repealed by the Legislature Of
Pennsylvanla-will at once give more relief to
the present pressure than any thing that can
be done. Our solvent banks being relieved
from the constant drain of specie by the frauds
and Vaccinations of the directors Of this bank.
This will put down all insolvent banks and re-
ieve the people from the curse ola deprecated
paper, which we now labor under and which
| trust we will never again be visited with.
The eyes OF the people are now wide awake to
this evil. They toiU sustain the Government in
putting dotrn the paper credit system, and all
bills under t,centy dollars, and hope ere long,
all 6a16 notes under one hundred dollars"
Here is the distinct avowal, of a settled pur-
pose to pet down the paper credit system, and
ALL BILLS UNDER ONE HUNDRED
DOLLARS. Is it not matter Of surprise that
with this creed engralted Oh the flag of the
party, Mr. Buchanan should declare that he
is not hostile to banking,-What is the paper
credit system which is to be put down? What
else but the Banking system is intended?
For the present we pass over the repeal of
the Charter of the United States Bank, and
meet the proposition 10 put down all banks by
suppressing all notes under one hundred dol
lars.
In the political clamor against banks and
banking, the end for which banks are created =,
and the description of persons who own the
greater part of bank stocks, are overlooked.
In long established communities there is gra-
dual accumulation Of capital in the hands OF
persons who cannot administer it themselves
and it will be found, if we analyze the list OF
stockholders of most banks, that large part
consists of females, guardians, trustees and be-
nevoent nstitutions-because banks are OF
should be under the management of Intelligent
so as to give a certain and fixed income-Tf
business men, who are familiar with the oper-
atoms of trade, find it difficult to manage the
banks so as to give certain and fair dividends,
how can the widow and the orphan be protect.
ed against loss? The experience of ages has
confirmed the wisdom of such investments: and
it will be found when the losses by banks and
bankers are compared with the losses in trade
or even on real estate, that the balance will bt
in favor Of the banks.
| 1t will thus be seen that whatever NAV bt
the character of the first subscription to banks
the stock is,gradually absorb by surplus cap
ital belonging to innocent parties, widows, ant
orphans, and persons unable or unwilling I,
perform the labor of its daily administration
What spectacle then is presented when gray,
senator's make war Of determination on thi
property!! And when appeals are made to th
passions and preludices of misguided party
urging them to deprive the widow and the or
phan of their bread, by destroying the value O
the bank stock ON which they rely for subsist
ences
But we will be told that the banks have sus
pended specie payments; that the object of tht
party is To compel them TO redeem their notes
in gold and silver. Now it so happens, tina
wherever the policy the party predomnates
there the banks have suspended while wher
the banks are permitted TO issue small bills
there specie is abundant and the banks redeem
all their issues in gold and silver.
The war is not only against the paper credi
system, but ii is to be gradual-GG5-it is TO b
continuation FOUR gears; it is to run through
the next presidential term, and to furnish new
food for political agitation. We have beef
told from high authority that if we divorce tn
government from the banks, agitation wou,
cease, and business and confidence revive; bu
now we have it upon even higher authority
that the war is to be continued, that the bust
ness and credit of the banks are to be assaile,
until all notes under one hundred dollars ar
driven from circulation. This may serve tn,
purpose of those who enter into competition
in counting popular favor by such means
but what will be its effect on the business thu
enterprise, the character, credit and labor o
the country? II this war is to continue another
four years, will not its effect on business ane