The Ohio Democrat and Dover advertiser. [volume] (Canal Dover, Ohio) 1839-1840, 1840-10-09
woRKINGMEN MEN LOOK HERE.

at will be seen, that the tax levied upon our
country by the priviegedi bankers, is now twen-
! ty eight millions of dollars year. about equa
! to the whole revenue Of the General Govern
mea,, an6 that the amount collected ny then
since the Revolution, exceeds six hundred mill.
ions Uf dollars. This tax is now equal to Al
least five dollars annually on every head of q
family in the United States. And this is not a
tax for interest on money loaned to the people,
but for the loan of credit, for the exchange ol
notes not bearing interest," for notes bearing in
teresi.
This is not all. In 1887, the bankers had so
far abused their privileges, thatlhey were obig-
ed to stop payment, in consequence of which
their notes at once deprecated on an average,
at least ten per cent. At that time their circu,
la,ion probably exceeded $4,000, 600. so that
the loss to the Eotehoders was about fifteen
millions, or tax of about three dollars OH eve
ry head of family. Add this to the regular
bank tax for that wear. and it makes about eight
dollars for each family, or Forty-three mitlions
in all.
In 1895, the same scene was repeate1 in more
than half the Union. with similar consequences.
And now these privileged establishments are,
one after another exploding altogether, leaving
their entire ejaculation on the hands of the peO.
pie.
In addition to these enormous taxes upon in>
dustrv, the fluctuations nf this system affect the
interests of portion Of the workingmen in n
mother way still more fatally. When the banks
are in the full tide of prosperity, and issuing
notes without restraint, speculatOrs and aspiring
men obtain by loans the means Of co3s rucing
houses to rent or for occupation. and of purchas
ing an abundance Of costly furniture. Mechan
les whose occupation il is to build houses and
manufacture furniture, are in great demand; their
wages rise and their numbers increase,
Suddenly, either lrem necessity or policy. the
course Of the banks is changed; they cease to
loan, and call upon their debtors: improvements
stop. and mechanics are thrown out Of emplo, x
menr; in idenss and complaining they spend
all they made in the days Of prosperity, and
many of them are fnally driven into other oc-
cupations, and fnrcsd to seek employment in o.
ther ,egicns. The same effect is n some degree
produced upon every class Of lahoriug men.
The price of fproeuce and manufactures is made
to rise and fall by the same operation, as also
the wages Of the day laborer in every business
of society.
II requires no argument TO prove that steady
prices, though moderate, are better for the ads
rancement as well as the morals OF the farmer,
mechanic, and laboror than system which
gives him an abundance to dav, to be snatched
from him to morrow, battles all his calculations
unsettles his habits, prevents lis collecting a
family around him. or if he have one, subjects
them to disappointment, change, and distress.
Nothing could more sffectually prevent his NOR
al and intellectual improvement, keep him in
poverty, and make him the blind or corrupt in
strument to support those who aspire to an Of.
fectual dominion over the minds and bodies oi
men," --Glnbe. .. s.