Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1841-10-19
GEORGETOWN O., TUESDAY, OCTOBER 49,

liefwas a necessary StimulGnt to indus
try, instead ofa tax upon production, 10
enrich favorite class of bankers.
One essential advantage would be
gained ly the national notes have de-
scribed. Foreign goods could not, as
before, be pushed into our market, when,
by adulterating our currency, we inflated
the nominal prices. The importer could
not, as formerly, present a small share
of our notes for redemption, and receive
in payment nearly all our whole stock of
sPecie-the basis upon which the entire
of our circulation was issued-and leav-
lug our own people with nothing but
certificates Of the insolvency of our
Banks; and upon these, too, instead of
reeeiUing, actually paying interest TO the
bankers for these evidences of their
bankruptcy.
Exchange II have said nothing of
the utility of National bank in regulating
the exchanges. This power is claimed
for such an institution by many who dis
sent from the opinion that it can regulate
the currency. The currency and the
exchanges are supposed, by many un.
thinking persons, to be necessarily con-
nected. That the regulation of one ar.
ranges the other. That the necessity
and the power of a regulator TO control
The one, involves the necessity and the
power of regulator of tho other. Moth
ing can be more erroneous. If our cur.
rency we're exclusively specie, our Phil
adelphia merchants might buy from New
York more goods than they could pay
for at maturity. Their notes or drafts
drawn against them, would be greater
in amount than would be required 10
meet New York engagements in our city;
this would cause them TO be sold at a
discount. Exchange would, therefore,
be against US, till we reduced our pur.
chases to our means of payment. How
can any machine control you and me IN
our purchases, or keep exchange at par
between any two States, when one has
bought more than it can pay fort The
thing is impossible. The only effect of
such an attempt would be TO conceal for
time from both parties, (buyer and sell
ler) the error they commit against the
natural laws oftrade, and to prevent the
speedy application Of the only regulator
-retrenchment.
This wholesome and unerring regula-
tor shows us, at this moment, by the rise
of exchange on Europe, that we are buy
ing too much, and we are instantly warn
ed of our danger. As the "goyernor" in
the steam engine indicates the maximum
pressure which the boilers can safely
bear, so does the table of exchange in.
form the merchant when the point of
safety is reached in every direction. If
there existed now any patent contrivance
as the U. S. Bank to throw cloak over
this "governor," TO keep down the natur.
al rise Of exchange, by any borrowing or
kteing scheme, and it is only by such
means it can be done, even temporarily,
we should be deceived into further in.
debtedness, until we effected our ruin.
This is what has been the exact effect of
the exchanges, as it IS called;
and to it may be ascrbed the ruinous
credit system which has broken up most
Of the merchants Of this country. Pre-.
serve us from any patent National regu-
lator of exchanges! Our business is
fast to healthy condition.
People buy only what they want and caa
pay for--and this is the most profitable
business in the end for buyer and sell
ler. Let US consider we'll before we dis.
turb it, and produce return of the sys-
tenn which has ruined us, when we bought
and sold more than could be paid for.
It made livelier show then, bnt now
pay day is here, how dearly we feel that
we have paid for the qualification.
ANTHRAX.