Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1840-12-08

ITte DQHktHB.- HdtlOu has Hdu
more instructive experience on the subject
of currency than the United States. One
scheme of Banking after another has been
tried, with the same result an entire fail
ure. The plan of a national bank has been
found to be inconsistent with the prospect
ty, morals and liberties Of the county,
Banks created by the States, under vast
variety of regulation, have failed in &C
complshing the prime object Of their Gre
alton, that Of furnishings sound and equa-
bic circulating medium. There is, there
fore, no other resort but to leave the bust
ness of discounting and circulating notes,
where almost every other kind Of business
are left, to the control Of individual saga
city and enterprise. 1t is gross mistake
TO suppose the interposition Of the legsla-
ture 10 be more necessary here, than in
other branches of trade. On this point let
the following observations suffice.
l. Charters incorporation, apart from
political objections, are an endorsement by
the state, OF the solvency and character OF
the corporators, which gives fictitious
value to their issues over and above what
is due to them on account of their real and
personal worth. This enables them tn
force more mouev into circulation than the
natural wants Of society require. and thus
facilitates the fatal tendency to excessive
speculation.
2. Every capitalist has natural right
to dispose of his property and hiscredit in
tie manner he thinks best, provided he
does not infringe the equal rights Of others
and according to the acknowledged prnci-
pies of free trade, while promoting his own
advantage is mos; likely to advance the in
tercsts Of the community at large.
3. Under free system men of known
worth, and wealth only could establsh con-
idence enough TO procure free crcula-
ton for their bills.
3. Such men are best qualified, having
great interest at stake, to decide upon
the claims Of men applying to them for &C
commodatons.
5. Banking would be more precisely adj
iusted to the business Of the country, be-
cause there would be fewer Inducements to
and no opportunity for, excessive issues,
personal ability and interest lessening the
former, and Unlimited competition Destroy
ing the latter. And
6. The greater part of the ordinary cir
culaton would consist Of metals, while pa
per ouldappropriated to its rightfuI sphere,
tho hea vior transactions.
These principles, too briefly stated per-
haps to be apprehended in all their force,
we hold to be no less important than COR
rect, and are destined to a general adop-
ton by society, if not through the power
Of reasoning, by the compulsion of circum-
stances. Artificial modes Of business
and what can be more artificial than our
systems of bankingl-inevitablv led to VI
ciss;tudes and caamities that prepare the
way for more natural arrangements. The
long series Of terrific explosions to which
our commerce has been exposed, cannot
close while the chief cause is permitted to
remain. That cause is the attempt 10 re-
gulate, through the awkward contrivances
Of legislation, what if left to itself would
work as smoothly and beneicialy as the
unperverted mechanism Of the human sys-
tenn. The interference Of quacks and bun
gers is the signal for arrangement.
Democratic Resiew for Oct