Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1841-12-03
SPECIE PAYMENTS.

SlSts, that "lhe Banks oil State, Whel
acting in concert, can have and main
tain good circulation " This is no
per Sc, paIpable to US. There are many
matters bearing upon the question which
are TO be taken into consideration We
admit that the Banks within business
community, Octing in concert, and sec
ended by the community. can keep out
a circulation and pay specie Bot there
is the rub. VIII the Banks Of any bu-
siness community act 10 concert2 And
il they do, will tho business community
second them2 Suppose our Cncinnari
Banks were to resume specie payments,
while those in the ighboring States
remain suspended, and while we owe a
large balance east, can their notes be
kept 10 circulation? Certainly not, un-
less our merchants, traders and mar.
.ket people will unite and refuse to re-.
ceive or pay out the notes Of the sus-
pended banks The demand for the
specie paying notes in order to convert
them into specie or exchange to pay
our debts, or for profit, would drive such
notes 10 upon the banks almost as fast
as they issued them-they could not
circulate If scattered at a distance
from home when issued, they would be
thrown out with popor OF less value,
would command sufficient premium to
induce the holder 10 the nearest broker
for The profit, and by him they will be-
returned upon the bank for specie, for
'eXporlalion, or for exchange.
Our merchants who owe balances,
WiU pay their eastern creditors. How
are they to make payment Our wheat
crop has mostly gone forward at pretty
fair prices, ye, our debt is not paid -
the balance is still against US Our
pork, the great staple of the Miami
valley, commands TO encouraging price
here or in tho Fast requires at this
time, a shipment Of two or three times
the quantity Of pork, that would have
been required one or two years since
So entirely fat is that staple 10 this it's
great market that hogs command no
price. No contracts are made for them.
They consume the stock of corn with,
out a prospect OF market Even our
tIisordered currency Is not cheap enough
for Investment in pork at living prices.
The ldfmar will have to sell at Uery i0w
rates, or not at all. Our merchants
who are debtors To the easi, are them
selves, creditors TO a much larger a.
mount in the West, where they find
great difficulty in making collections at
all, aud whore ouIy small amounts are
realized in the paper Of suspended banks
even more deprecated than our Own,
because the issuing banks are believed
not 10 bo in a condition to resume the
payment Of specie even as our own
Yet our merchants exchange their
claims upon individuals for these de-
precated bank notes, because thoy think
them ultimately safer, aud because they
can moro readily convert them into
means for iqudatog the demands
against themselves. This paper accu-
muIates hore-the Banks discount but
liuIe-and the holders can lend the un-
bankab'e notes to good men, at short
date, to be returned in bankabIe funds.
Thus these notes are thrown upon the
crculation- returned IN small parcels
to the brokers, accumulated and aguin
lent out, and again put into circulation.
Ii will be seen at a glance that so long
as such paper is received and made 10
pass in ordinary transactions, 1t must
form the circulating medium. How ls
it to be prevented Bv business people
refusing to receive it a, all, unless re
duccd to its value. When can this be
dono2 Just as soon us the people please
We do not see any other way oi lmme.
dialely improving the condition of tho
currency, unless by general resump-
ton of specie payments by the Banks,
aud such resumption must be followed
by a sill greater contraction of tho CIR
cuIating medium, until we pay the bal
ance against US nt :he eNst, and reduce
our purchases there to tho value of our
surplus produce al very reduced prices.
But this onIv relieves us for the pres
eni, and tho future will find us in the
same dj1iully unloss We guard against
it. We must buy less abroad and more
nt homo. We must encourage labor
and manufactures among ourselves
Wbat is paid out to Iaborers and man
uIacIures at home, is expended here
again, and remains among us, while
whatever is paid out 10 pny for tho la
b0r and the manufactures of Other coun
trios, is wholly Withdrawn from US, and
contributes nothing to sustain our indus.
Try or prosperity. Bot we need not
took for prosperous times I'LL our rulers
are mado 10 do their duty, in providing
Tor the country a sound currency, and
in making suitab'c provisions for pro-
tecDng ioc, woII paid, American labor,
from destructive competition with the
haipauppr and low priced labor of Eu-