The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1841-07-16
HIGHLY IMPORTANT.

The attention of the reader is especially called
to the following able, concise, ineligible remarks
from the Pald Spirit Of the Times. The notion
which too generally prevails that, "we common
people, cannot understand these money Matters"
is delusve Every man who is capable of trans
acting the common business and exchanges of eve
ry day life, can understand the remarks which fol-
low They are not wing ogic,-but full Of plain
matters act,-FULL OF TRUTH.
A National Bpnk-HOw ii wW regulate the
Curreacy-Hs BanetH Operation and EtectS,-
Among the advantages which Henry Clay says will
flow from National Bank, the following is the
most weighiy; " 1t will give the people sound
currency, of uniform value throughout the Union"
The currency to be sound, if we admit it can be so
with portion of paper, can no so in no other way
under the sun, than by having fixed and deter
inmate amount of paper; thereby confning all va
ralons in the amount Of the currency TO the article
of SPECIE Will any man have the hardhood to
say that the proposed Bank can accomplish this J
A bank with its own capital even unfxed!
10 make the currency of uniform value, it must
make the notes of all the Banks of all the States,
and of its own Bank of equal value Will any one
assert that it can do this' Why, it can hardly To-
cate branch in any city, without finding a State
Bank with more capital than the capital of the
branch Furthermore, the capital of tho branch
will be quite small, in comparison with the capital
of all the banks in the particular city! Can the
weak conquer the strong And suppose the Chief
Directors should withdraw capital from one or more
branches to concentrate it in particular city, for
the purpose of compelling large refractory bank,
or several banks leugued together, to yield to its
policy. What a fine currency we should have!
very sound and very uniform. The regulation of
the paper money Of the United States rests with
the States alone They only can do it, If Con-
grcss knew its constitutional duties, or the nature
and Office of money, it would leave the currency
where the constitution left it, The people of the
States have been gradually discovering the vices of
their banking institutions; and they would apply
the proper remedies before very long, if they were
not inieriered with. But they are not to be per-
milted to do so; because the moneycd oligarchy
would lose great portion Of its power, should the
people of the States establish really sound eur
rcncy
A United States Bank must be ushered into ev-
istenCe, to prevent the consunmalOn intended by
the people, The proportion of paper is now too
large, Yet, the specie in the country (which is al
ready made to bear an overload of paper, must re-
ccye nm extra load, of more than thiry-seyen mil
lions and this is the pnnacea for all the ills of the
country. We must lose more blood, and supply
its place with deugc of warm water! Oh, the
Sangrados! The operations of this Bank, will raise
the prices of every thing; and the people will be
gulled again by the cry of high prices, high wages
sc. But don't be deceived by these Quacls, It
will be mere rc'aiire rise Of prices, owing to the
depreciation of the currency and no one will be
,nl th,,, all q IL,
nal rise his products or wages, But, during the
issues of the proposed Bank in lis incipicnt state
there will be no Just relation of debtor and crcdi-
tor All men who get salaries, monthly wages,
&C., and all creditors will be deprived of Il portion
of their dues. An individual, who has debt be-
coming due 10 him, two years hence, will be de-
tiauded Of about twenty dollars in every hundred,
which will be regulating the currency for his benc-
fit with a vengeHnce The surest way for the gen.
cral government to aid the people of the States in
restoring the currency to its sound and pristine
health is TO use the precious metals in its financial
opcra'ons-tho only currency recognised by the
constitution.