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

an order exists, we must not be understood as at
lacking any privilege they enjoy under the authori-
ty of law. On the contrary, our sole object is to
show that, not content with their lawful privileges,
they have transcribed the limits of the law, and
are now struggling, not for any legal right but to
take the Government of the. country out of the
hands Of the people, and vest it in their order.
GA privileged order" may be defined to be a
CLASS OF MEN ON WHOM THE LAW CoNFERs
CERTAIN PRIVILEGES OR IMMUNITIEs NOT
ENJOYED BY THE GREAT MASS OF THE PEG
PIE. Such an order the bankers or stockholders
in banks. They enjoy both 'pririleges" and SIM
munities" not enjoyed by the people in general.
The essence of their privileges is, that they are
enabled By lar to realize a double or treble in
come from their property, achile all other classes
are left 10 single income obtained By their own
unaSsiSted sreriiOnS
One man has thousand dollars worth of prop
erty in money, and another has thousand dollars
worth in lands. The law authorizes the man who
has 81 900 in money to lend $4,000 in notes not
therefor their notes bearing interest, whereby he
gets triple interest on his 81 900. But the law
does not and cannot enable the farmer to make
three crops gear upOn his land. With sweat and
toll he makes one crop, while the law enables the
banker, living in idleness and luxury, to make three
Is there no special privilege here
The law authorizes the banker to promise to pay
on demand three times as many dollarS as he has,
and recognises his notes as currency-as a stand
ard of value by which the property of the people is
to be measured. The law does not authorize the
farmer to promise to deliver three times as many
bushels Of whea, or beef cattle, or other produce
or siock, as he really has and recognize those
promises as money 1t does not authorize the me-
chanc TO promise to deliver three times as much
furniture or other articles as he has on hand, or can
possibly make. II does not authorize the laborer
to promise eighteen days' uork wock, vhen he
can renter but sir, lend his promises as money,
ami get interest upon their rOmiaai ualue. A
farmers land, stock and utensils are his capiial;
the mechanics skill, materials and articles on
hand, are his; the labOrer'S consists in his strong
arms and willing heart; while the bankers consists
in money. The law in effect triples the baakcr'S
capitai, while that of all other classes remains
single, Is there no Especial privilege" in this!
Bankers in general enjoy immuaitics also which
are not granted to other classes. If the farmer
promise to pay money or deliver his crops to pur-
chaser all his property is responsible for faithful
performance. The banker is authorized by law to
promise to pay 900 for s 900 in bank, and il
he fails to do so, though worth Il miion is rcspon-
sible to the extent of + 900 only, or the amount
of his bank stock, lie may, with three hundred
dollars of his own notes, issued upon capital Of
one hundred, buy three hundred bushels of the far
mers wheat and if he fail 10 pay those notes, can
only be held responsible for one hundred dollars
the amount of his stock He pays 10 mechanic.
who build his house, or to aborers who till hi,
lands, three hundred dollars in his pictured pron-
SEES, when he is responsible but for one; but if those
humble men promise to pay him the same sum-
they are responsible for the whole. Is there nc
| special priciiege here
In partnerships among the people for trade, OF
farming, or any other business, each partner is held
responsible in his whole property for the debts o
the firm, however small may be his part of the cap
tai. But in banks and other corporations, the part
ncrs in general are held responsible only in thu
amount of their stock. The bank may break, in
volving thousands in loss and hundreds in ruin
while the stakeholder, enriched by the use of hi
privileges, and pcrchance by the frauds of his bank
lives in luxury amidst the general distress. Is thcr
no spcciai pririIege in this exemptions
In many of the States, the citizen who is unab
TO pay his debts is subject TO arrest and inprison
mcnt. |, is not so with the banker. While all hi
property except his bank stock is exempted from
execution to pay the debts of the bank in which h
is a partner, his body is exempt altogether D.
clubbing together and getting an act of incorpora
ton, the rich whose wealth is in money, are cna
bled not only to promise TO pay or deliver tire
times as much property in money as they have
without responsibility in their other property, but t.
escape the laws of Imprisonment for debt altogeth
er. Is there no special pririlege here'
In fine, our banking laws enable the banker
GET THE USE of other peoples money or proper
to FOR NOTHING, while other people pay for tn
use of his promises, WHICH ARE NOT PROPER
rY. The farmer sells to the banker one hundre
bushels of wheat takes one hundred dollar not
in payment, and locks it up in his desk. The ban
ker has now got the farmers property, while tn
farmer has nothing but the bankers promissof
note, riihom interest," The banker sells the fa'
, mer's wheat at one hundred and ten dollars, an
lends out the money upon interest. If the iarm'
keep the note year, the banker will have mad'
in the mean time, s ZIG 60 out of the use of his PROF
erty, paving nothing Tor it. II the farmer pass III
note, and ii remain out year, the effect is III
same-the banker has the property while the moi
r, holder has the shadow. So also the banker prot
is more or less, in proportion TO the time the moi
NAV remain In the hands Of the farmer, or in crc,
la,ion.