Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1840-09-30
GEORGETOWN O., WEDNESDAY, SEPTEMBER So 18O I n NEW

But Notwithstanding this unfortunate
arrangement of our monetary affairs, the
commodities and labor of the country
continued to command the highest pri-
ces paid since the close of the war. The
products Of the soil and the productions
of the mechanic found ready and GER
tain market, while the services of the
laborer we're in constant demand. To
reduce these prices and destroy this mar
ket, to produce hard times and charge
their existence upon the administration of
the General Government, tpas The first cf-
| fort Of the Federal politicians. But how
was this to be done? How could so
mighty result be effected? The instru.
ment, alas, was too fatally within their
grasp. The banking system, with its ON
nipotent control Of the business, the Ia
Dor and the prices ofthe nation, or means
of its unlimited power over her money
circulation, power of 'expansion to
day and contraction tomorrow" was al
ready arrayed in the field, bent on the
destruction of the democratic party, who
we're seeking to regulate and reform it,
The league between the banks and the
federal politicians was cemented by mu-
tual interests and mutual hopes ofpromo-
tion and gain. The banks demanded of
the politicians, that the spirit of reform
should be crushed, and the custody of
the public revenues given TO them for
their own purposes ofprivate speculation.
The politicians, in return, required the
aid of the banks, to overthrow the admin
istraton of the peoples choice, and graft
fly the longings of their vauling ambition,
for the high and prominent places Of the
land. Avarice and ambition, the desire
of money and the thirst for office were
bonds sufficiently strong 10 unite these
leaguers in a common crusade, against
the party that supports the principle of
equal rights. The banks had realized
immense gains from the use of the pub
lie moneys, without any corresponding
advantage to the people at large.
They had made other and far greater
profits by the alarming privileges and un-
regulated nature of the banking system.
They had annually drawn from the peo-
pie of the United States, in the shape of
interests and premiums on bank loans and
discounts, sum not less than thirty mil
lions of dollars. This they had been en-
abled to do by their privilege of furnish
ing the circulating medium of the coun-
try.--They were, lhsrefOre,very naturally
hostile to the Independent Treasury plan,
by which the taxes of the people, instead
of being surrendered to the banks for the
private advantage of those institutions,
are kept in the constitutional treasury of
the United States, under the control of
the people themselves. They were also
hostile to any measures, whose tenden-
cy might be TO bring into circulation a
greater amount of the precious metals,
and thereby lesson the proportion Of bank
paper, from which they derive their gains.
1t is not wonderful therefore, that
when they had once resolved to pursue
their own private advantage, without re-
gard to the public good, they were found
willing to make, if necessary, Temporal
ry and partial sacrifice of present inter-
est, to secure an increase and perpetuity
of privilege. They had witnessed the
powerful effects produced by the repeat
ed panics and pressures created by the
Bank of the United States, effects which
they vainly supposed the democracy had
only been able to withstand through the
unassailable popularity of the Hero of
N. Orleans. That great man having re-.
tired to the shades of private life, they
lent ready and willing ear to the be-
lief, that the means which had proved in
sufficient to overthrow his administration
could not fail to PROSTATE that of his sue
cessor. They entered therefore, without
hesitation, into the plot to defeat the
democratic party at the approaching pres
identiaI election, by reduction Of prices
, and creation of hard times, which were
, TO be diligently charged upon the admin
. stration of Mr.. Van Buren,. To effect
) this object, they commenced rapid cur
tailment Of their circulation about the
! lst of January, 4s39, and in the course
I of the succeeding twelve months, with
drew from the hands of the people over
twenty one millions ofbank paper money,
! while the great institutions of the east in
creased the reduction, by Transporting
r large sums Of specie from the U. States
= TO Great Britain. This curtailment of the
circulating medium IS still going on, and
now, at the end of little over year anC
a half, the reduction amounts to more
f than thirty million of dollars.
= But it is not in general view of thi'
curtailment, that the design we have spo
: ken Of'is most plainly discoverable. Ii il
+ yet more certainly apparent in the fact
g that in those great States in which thu
l. results the coming elections are mos
n important, and the issue of which is con
l. sidered by the opposition leaders to b.
J. the most doubtful, the reduction of th,
], currency has been the most sudden ant