Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-09-11


done; and for the sake Of argument, (un.
heard Of concession.) we have supposed i,
10 re honestly done.
Who knows what is donei These gen
ilemen alone. Who knows the lncvilatl
consequences that are TO follow from in
These gentlemen alone.
They ATE men OF business; they are in
some degree, perhaps men Of wealth; they
ave bank directors. at all events, and can
help themselves and each other TO the same
iacilitles they are empowered TO grant 10
others.
viii not every one Of them, then, neces.
sariIy see that. by using either their capital
" credit, where these results are about 10
nIlow from their action, they can deal with
community who are in The dark, while
they have the light Ia themselves ?--that
they can go or send. and buy Or sell stocks,
~ any thing else, al present prices. they
showing that they are to change and how
they are to change, and the persons they
deal with knowing nothing about ii? And
Nho are they thus trusted with secret that
turns whatever they tunch To goldf Are
hey angels. Tor whom gold gitters not?
They are men--men OF like passions with
ourselves. Could We hope Of poor human
nature that 1t would overcome the tempta.
tons of such a situation! If in some he.
+. ic men i, could, could il be expected in
ali? And If the virtue 10 refuse 10 enter
into such dealings with The knowledge of
such secret could DE found in any. or in
ali: yet these directors, or some of them at
least would he men of business. Would
they stop their business because they had
this advantage Of knowing what was to
come, i'll carrying it on, through scorn of
using such an advantage? or would they
continue their ordinary pursuils9 In con.
,inuing them in their dealings with Others,
would they tell others of what was done,
so that they might deal with equal knowl.
edge and on equal terms? No, that would
he IA Bunk secret, not to be disclosed.
Would they then keep the secret, and deal
without using ii? give more than was ask.
ed, or sell for less than they were offered,
and thus make their knowledge of what was
to happen, benefit their neighbours at their
cost? Alas! when virtue like this becomes
common we shall need neither Banks noe
laws. ~"
Nor is this The whole process. When
ibis resolution is entered in the book then
are despatched the letters to the branches.
They are received in great city by its
prominent men OF business and money, The
directors of its branch of the great nation.
| al institution. 1t is read in cnnriave to the
nine or the twelve favored individuals who
are Ia carry out these orders.
| They go out with this secret. They
know what money now is, and what it is
about to he--what it will buy, and what il
will buy the next week or the next day
they gn To the exchanges, the brokers' halls,
and the marts OF commerce--and thus
Sharp.s'g1ted as to what is to come, they
deal and traffic with the blind.
! Is such Il system desirable---is it even
Itulrrahle!
We have only exhibited view of the
ordinary and necessary operations Of such
a machine Us National Bank for loans and
discounts. Such an one as has now been
prevented from going into operation by tbs
virtue and frmness of one man, exerted
under circums.ancesas as appalling as ever
tried patriot.
We may complete the picture by Illus
tra,ng it with some of the many we'll
known instances of events and incidents
that have been brought to lLht in the
| lTanSacllOnS OF lneSe lnSlllullOnS, ana give
some desert ption of the breaking up of
such concern, 10 show how its deprecated
ard worthless paper is then found in the
hands of the innocent and unsuspicious,
and bought up by those in the secret. by
those who have brought about the calastro.
phe, 70 discharge debts for which they re.
ceived full value, but sour hour is out"
and we must conclude.
We say, then. it in The hurried close OF
this session any National Bank scheme is
TO be adopted, let it he well guarded and
strictly imited--thal no power Of loan or
discount be allowed in its operations-nor
any faculty which by any art, can assume
that power, under any form or Disguise
Or, il any such power or faculty must be a.
dopted, let it he BY the unqualified assent
of the States first had and obtained.
We certainly believe that there is no
time, nor opportunity, nor necessity TO at
tempt any thing further in this wav now
We believe the State Institutions can be
safely used by the Treasury in its opera
inns, till the next session OF Congress
and that the whoIe subject may we'll be left
10 he discussed and considered by the Peo-
ple-and that whatever may be necessary
may then he matured, under far more favor
able circumstances.
ncH rruE Gid