The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1840-08-14

tions from the people, by reason of loss of pub
nc confidence and yet be compelled nor to contract
their circulation more than they have ever done be-
fore, EVEN DURINGTHE YEAR OF THEIR sus-
PENsIoN Has the veto of the U. S. Bank Just
began to Operate 10 destroy 'public confidence!
Has the removal of the deposites after having no
effect Tor SIX or seven years, to prevent Banks from
dscounling began now on the eve Ofths presden-
tlal election to be productive of mischief Has the
Specie circular, which while it was in force did
not cause the banks to "wnd up" now after it has
been for long time resnded, the power to Grip
pie the Banks that they cannot discount to the a.
mount of their capitol stOch paid IN? How ut
tcry absurd.-And yet this is the ground now as
sumed to shield the banks in their oppression of the
people for political effect
II The banks have been forced to this great cur
tai!ment OF their circulation by any commercial or
financial revusiou, then of course the pressure
not be honestly charged to the administration. If
they have rcsorted to this great dimnulion of their
discounts, or if they continue their curaimont now
for political effect, then the hard times and all the
misery and losses to the people consequent upon
them, to be charged to the banks and their man
ayers, and not TO the administrations does
not see that the hue and cry raised by the wings IL
ganst the administration, on this score, is wholly
without foundation, and is an attempt by desper-
ate and corrupt party to lay the ruin and destruc-
ton wrought by their own partzans and their own
iayOrltc system, ut the door of those whom they
wish to overthrow politically?
Blu; say the banks it is impossible for us to dis
count. If we do, we cannot redeem our bills. Is
there any run upon the banks for specie The
idea is absurd. Will the bills of banks travel any
faster to market now than they would last year at
this timc' We think not so fast, for the very rea-
son that they are more needed as a circulating me-
dunn for the transaction of the ordinary business of
the people at home Now suppose that if the banks
have honestly paid in their capital stock, they have
it on hand to be used for the redemption of their
bills, either in specie or other funds in their vaults,
or in specie or other funds in market. If this be
the case, how comes it about that they cannot now
put in circulation in the community as much money
as they have Withdrawn from circulation to consti-
tute banking capital and have on hand to redeem
bills with! Who ever before heard that, at time
when there were plenty of good borrowers-when
their money was wanted for actual business pur-
poses, and when there was no run or apprehension
of run upon their banks, that they could not make
their circulation equal, and much more than equal,
to their capital stock paid in? Last year the bank
OF Middlebury had, ON the LIST of August, SllS,-
600 and upwards in circulation, with capital
stock paid in of 5000 Now it has, probably,
short of $40 900 in circulation with the same cap
ital stock. OF course, the people are not so well
off now, far us it regards circulating medium,
into 1000 us they would be if there was no
bank of Mddlebury! And they are worse of by
Sl36,710 than they would be if the above named
seven banks were not in existence, that being the
amount which their capital stock paid in, and thus
withdrawn from circulation, exceeds their bills out!
We beg of the people to look ut these things and
see who their oppressors are. We do not 20 into
these details and statements to show that all banks
ought TO be amnhilated, or that they may not bene-
fit community if properly administered and con-
duced but TO demonstrate 10 the people that the
present hard times and all their attendant evils, do
not proceed from any measure of the adminisra-
ton, but from a general, if not concerted under
standing and cooperation among the banks OF the
country TO reduce their circulation beyond all for
mcr precedent-cven lower than it was during the
s"rPersion Of specie paymens---and thus bring
down and continue upon the people, the most glind-
ing and disastrous money pressure from which they
have ever suctcd for the express purpose of ma
king use of it politically to overthrow the admins
tration And we submit it to the judgment of
candid and intelligent community, if the point
which we have attempted to establish, is not fully
proved