The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1841-07-30
ONE OF THE U. STATES AT THE CLOSE

OF THE WAR Revolutionary. Al This Heu
WW justly charge upon the legislatures; but this
'ciH be poor satisfaction for the tUO or three hun
drcd millions they wiH hare lost II is lime, then,
for The public fuaciioaGries to look 10 this. Per-
haps it may mol be too iate,"
Such is the manner in which the snge of Month
cello viewed the increase of banks, 1t has become
fashionable to charge the late increase of these in
situations to Jackson's veto Of the United States
Bank But they are born of avarce. They are
applied for by men who prefer the short cut Of Il
financial operation, in obtaining wealth, to the Sc
we're, but sure, and healthy, and honest, process OF
industry and economy Such men are of every
party and of every age. They seek charter priyi-
cges to promote their selfish ends; and hence, in
stead Of an arstocracy of mobiles, there has sprung
up among us an arEtocracy of interest; for one
charter only paved the way for another-and still
anolher-until the land groaned beneath its bur-
dens Its effects JEFFERSON ioretold accurately:
let rejecting minds say whether he could have
written much more to the purpose had he beheId
the events of the few past years The paper cir
culation commenced early In 1903, there were
thrty-lour banks, with capital of i52S, 902 900;
in 1904, siXty-six banks, with n capital Of $4S,-
1902 900. "EvERY ONE KNows"--snys JeRcr-
son, in 1873" THE IMMENSE MULTIPLICA-
TIoN OF THESE INSTITUTIONS SINCE $50" "
He then calculated that this capital had trobled.
1t was as true then as it is true now that men love
money; and as banks were considered good ma
chimes whcrewh to make it, they were resorlcd
to- And in 1889, before the paper circulation had
reached Je1Grsons NEUTRALITY-SUSPICIOUS. the
Boston merchants, in their MEMORIAL February
1866 for TEN MILLION BANK dcmoaSira-
ic{!! that the currency was Sin a sound Siaie"--
that there was mol San Orcr-isSuc Of pGper'-
it was ''aoi acknowledgement from lis be-
inc maintained on a lercl Wih he cWrreacie3 of
otter countries lcH lrhom arc hare The most eden
sire commercial dcaiiagS"- "aO drain Upg9
or coin" was even apprehcnded, and positively
affirmed "THAT WE HAVE NEVER had \
MORE PROSPEROUS BUSINESS THAN DURING
THE PRECEDING YEAR, NOR OFTEN A BET
LIN IhOMioL Ioh liz L.hlS law O.NL
Notwithstanding all this, the next year after this
MEMORIAL, signed by KERRY LEE and the
shrewdest merchants of Boston, was offered, the
crash cnme--lhe banks became bankrupt-a mill
ion of creditors were ready to bring suits against
the John Nokeses and Robert Styloscs all over the
and and widows and orphans were robbed of
their support; and labor was deprived of its bread
aud honor and morality buried beneath special
char,er-laws; and that "scandal 10 all human leg
slotion" Witnessed the passage Of laws authorizing
suspension of specie payments by the banks.-
JoHN Quincy ADAMS, DANIEL WEBSTER,
and JOHN TYLER have been thought severe in
their deuunciaton Of the enormtics Of bankism.
But Thomas JEFFERSON placed himself MS bold
~ against its swelling and corruplins tide; and Of
ten predicted its ruiuous effects; aud again and
again put forth his prophetic warnings. lie says;
"THE TRUTHIs TINT CIpIT.iL NiYEE PRO-
DUCED by iYDUSTRH, Avn ACCUMULATED ~
E"ONOMii mr. JCGGLERS ONLY WiLL PEOPOSE
TO GRE ATE IT ny LEGERDEuAiN TRICKS HIiH
"THE ORJEcT or PAPER EMISSIONS rs TO
ENPICU SJiNDLERS Ar THE EXPENSE or TUE
H0IEST IND INDUSIRiOUS PART or IHL vi
TION"
Boston roderasts love TO call Jefferson vs-
ionary; and Boston merchants claim all the wisdom
and foresight of "practical menu Jefferson, in
1918, reasoned from the operations Of known laws
and came TO accurate conclusions; the latter, mat
ter of fact men, in 1886, reasoned from false pre-
misses, and were lamentably deceived. For who
now is not ready to admit that the prosperity Of
1915 and 'G-the prosperity Of spectators in
eastern and western lNnds-in wharf lots and mill
cites-in India rubber and maeablc iron compn-
nics--in the widest schemes that ever schemOrs
could inycnt-was not ialacious-was not ma
tional Dream and only prelude TO ruin, distress,
and bitter ch0grin? Yet all parts Of the splendid
dream were set down in the notebooks Of even
shrcwd Boston merchants as actual reality rs
though down cast stones were actually worth lOl-
larg the acre! as though some SEVEN MILLIONS
could be secured 10 Massachusetts by selling state
scrip on the London Exchange in about twenty
years!
Stranger still: dominant party, at the nod and
beck of desperate and reckless politician, mad
with victory, are seeking 10 renew these scenes
yea, to pcrpetuate banking and all its evils and
dare to quote the APOSTLE OF LIBERTY to iavoI
the corrupt rise Of moneyed aristocracy.
Boston Post.
THE REFORM CONGRESS-.
The sum of THREE HUNERED A.NL
! LrTr TTTrV CEIrE n THO II 81 Nm SIN