Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1841-02-24
From the Berks {. schuylkIll Journal
Ground for Rejoicing !

co papers, consequent upon the suspension OF
the United States Bank, just as though that
event was to cover the country with blessings
and benefits. Now, it is generally admitted,
that had not several drafts for immense sums,
been presented at the u. S. Bank, OH Thurs
day, (4th inst. some OF the other banks would
have had to take the lead in suspendng, the
/ following day. 1t is moreover acknowledged,
even by that thoroughly destructive loco foco
paper, the Ledger, that this bank made every
effort 10 sustain the resumption OF specie pay
menis.
| What then is the ground for rejoicing Is
! it, that the banks aad brokers of rival State,
! have been able, by consolidation of effort, 10
discrediI and dishonor the institutions charter
ed by the legislature, and owned and conducted
/ by the citizens OF Pennsylvania? Is il that the
! banks of New York, with less than four mil
hons in their vaults, 10 sustain an immense cir
collation. OF large aud small notes, have mana
ged 10 draw nlhe m'IlI01S from the vaults OF the
banks oil this State, IN twenty daysi These
are the grounds for the rejoicing OF the locos;
and we need not be surpnzed at their satistac
uon, the fact being notorious, that whatever
has been most injurious to the country for the
last twelN years, has been most In accordance
with their policy aud wishes. They have
moreover, on this occasion, the pleasure of
knowing that the greater part of the specie
drawn from our State banks, was shipped at
once to England, by the New York brokers.
Wonderful consistency in party, which al
ways pretended such an anxious desire 10 keep
the silver and gold of the nation from leaving
our shores! The very measure which drained
the institutions, which every principle of inter
/ ! - 4
tain, the infamous nsneuvering which forced
them To suspend, AID sent their specie abroad,
a0ords, the highest qualification to these pa
iriotsl
The banks Of Pennsylvania had made eve
~ effort to strengthen themselves, and went in.
10 the resumption strong enough 10 carry it
through triumphantly, had they been treated
! with decent degree OF fairness. But if the
people are determined that the banks shall no,
exist, they have the means OF carrying their
wishes INTO efect,--fnr these institutions are
bul the creatures OF the puhlic---hy them es-
tabiIshed, and by them sustained or DESTROYED
The stockholders will fud no difficulty in CO.
tanning place. for investing their money, where
Its safety will no; be affected ny the senseless
clamors OF he ignorant and designing Il
would however, not be arniss to inquire in the
first place, whelher we can gs: along better
without banks, even if properly conducted; !;
whether The poor, but industrious and enter
prizing, the mechanic and farmer, will be ben
fitted by their dsslrucioR---and above all,
whether the community are able, at once, TO
pay tic amount due The banks
The last consideration, though generally ever
looked by politicians Of The loco foco school,
will soon, unless ihere is change in the poll
cy, which has been pursued, force itself upon
tho attention of the public. The people OF
! Berks county owe the banks IN this borough,
near million Of dollars; the circulation Of these
banks does not amount 10 one-fOurth that sum.
! Now, we should like some noisy loco foco poll
tician or editor, 10 inform the people Of the eOun-
! ty, how they are 10 raise 81 100000, in order
10 settle OIL with the banks, and how many mer-
chants, mechanics and farmers, would be ruin
ed by the universal pressure which must ensue?
/ Alter the amount IN circulation had been paid
into the banks, the remainder would be due an
specie, and no one, but the man of large proper
", and no ds5tS, would be safe-how many
there are IN this enviabIe condition, we shall
not undertake to determine.
But say they 'we 40 not expect the people
10 pay the banks.'-This is exactly their doc
Urine. The banks are TO be lenien, to their debt
ors, create no pressure, loan money 10 The busi-
ness community, keep up circulating medium,
and, at the same time, Tor every dollar issued in
paper, retain dollar III specie in their vaults
Sach Is the absurd doctrine which acted upon
by the destructiueS, has brought The country to
lis present condition
From what we can learn, Of the opinion ol
Stockholders Of banks, they consider these in
stitutions as entirely in the hands Of the legis-
laiure; nor have they much either to hope OF
fear, at the hands of our rulers. The winding
up of the banks would give the Stockholders
possession Of their money, and they might Ger.
tainly find some more profitable and less preca.
rious mode of investing If, than in a business
jagainst which SO much blind persecution is di-
rected. While the individual members of the
loco loco party are glad TO engage in banking
: and may be found III many cases to constitute
: majority OF board of bank directors; still thc
party find the cry against lhese institutions al
. excellent means to deceive and gull the igno
rant, and will doubtless keep it up, (howeve
. sy,Ilf 10 tho \ =. a.,