Lexington union. (Lexington, Miss.) 1838-18??, 1840-08-01
men, in he contraction and expansions o.

Banks Z
Those who will take the trouble to ex-
anime this question, cannot be deceived as
to the true cause Of these variations 10
the value Of property, and the wages Of
labor. This subject addresses itself with
peculiar force TO the laboring class Of the
community, for upon none do the evils Of
these sudden ard violent contractions and
expansions Of the currency fall more hea.
Willy, than upon them. Should they con-
,inue in their present unmitgaied form,
they mus. inevitably upset the govern
ment, aud scatter devastation and ruin over
the farest land that the sun 10 his course
has ever shone upon.
How jasily has the Richmond Whlg,l
the organ Of the opposition in Virginia,
remarked Unhappy was the day for a.
merca when banks were introduced into
the country speculation, debt, ruin, de-
prayaiion OF morals have followed in their
train. Much Of the Improvement which
they are said to haveaccomplished, we be.
Iicye to be no Improvement at all but il
it be, improvement prematurely attempt
ed, and effected by the unnatural expan
sion Of the paper system, WHICH, again
collapsing, as collapse it always will, af-
ter such an expansion, has scattered de.
struciion through the land"
A leading ,phig Of New England in
speaking Of the unhappy effects Of the pa
per system upon the retired and laboring
classes OF the community, uses the follow
ing forcible language -
"Ihe effect of the undue expansion from 1884
TO 1885, when the bauk issues wee increased
from IS to sc millions, aud liabilities -four III
10 IA millions, which was the main, and The on.
ty e0eettre cause OF the commercial revulson and
bank suspension in 1877. We repeat, the effect
OF that over the issue of paper, was to raise and
to maintain the prices Of the necessaries OF lie
from 40 10 30, and occasionally so per cent. be-
You'd what they would have been had oul cur
rency been kept in a natural and Il sound state.
thus the cost OF living was enhanced perhaps
one-third, while the incomes and wages Of the
large classes to which we have referred were in
great degree, stationary. This evil, too, is still
existing; and will not cease 10 exist, till
by further contraction OF our exubcrant cur.
lency, prices are brought TO a more natural
level--to that level in fact on which the rewards
of labor, and the incomes of invested capital
were based, when Our courrency was in its orai-
nary sound state. To place these classes on Il
level with the active business portion of the com
mmity who, from their position, can profit by
the fluctuations of our currency, their fees wages
anil ncomes should have been increased in n cor-
respouding latio with the effect in the prices of
the Dccessaries of life consequent upon an en-
largement Of the currency. No such aupmepta
ton to the incomes and wages OF the classes 10
which we alude, was even made; nor is there
any probability of its being done; because. in
the first place, the sufferers, being for the most
p9 ri ignorant OF the true Causes of the increased
expense of living, 30 not comprehend the Reason
ablenpss of demanding an inrre"se af rs..s,,.
ton proFortionate TO the decreased value Of
money; and secondly, if sucl, demand was
made, would it not be alledged that the dcrange.
men, OF the currency, being in its nature tempo
rary, aud liable, therefore, 10 return 10 its for.
mer sound state, il would be inexpedent and
unjust TO make these changes in the prices Of
labor,and OF prot, ssional services, which itwould
be Just and exne....rnI 10 make il case of pcrma-
nent alteration in the value of money-snch for
instance, rs would arise from sudden and cor.
siderable variation in the quantities of the pre-
cious metals existing in the commercial world1
Such, we apprehend, in the case here immagined
would be the Arguments employed by the most
powerful against the most powerless portion of
the community, to prevent their obtaining any
abatement for their loss in The decreased value Of
money consequent upon an enlargement of the
circulating medium.
"Agan not only are the less afuemt and labor.
ing Glasses compelled TO pay the increased prices
for their provisions, founded upon Il supcriuous
currency, while their fees, salaries and wages
are based upon a lower scale of an undepreciaied
currency, but AT every Ievulsion in business they
are liable TO be thrown out of their accustomed
vacations, and driven to new ones for which they
are less fitted, and sometimes wholly deprived or
any employment"
Can any reasoning be palmer ?--and is
il not clearly TO be seen, that the low pri.
ces Of all commodities, us well as the re.
duction Of the wages of the laboring class.
are TO be described alone to our miserable
and corrupt system Of Banking Away
then with the abused and ridiculous no.
tons, that these things have been brought
about BY the policy Of The past and pres
ent administrations. Ii is too palpable.
that the 900 banks. capable as they are
"of expanding the circulating medium 10
any extent they may deem proper, and,
consequently, Of altering the value Of pro.
perry TO like extent,'' have produced all
the arrangement Of business and prices,
from which we are now suffering, and the
attempt TO fix the blame upon the admin