The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-03-10
From the Union Democrat.
THE BANKING SYSTEM.

Banking System Never was there time
when the minds Of men we're IN better con-
dition to give heed 10 sound argument or more
ready to concur in right conclusions IN reter"
ence TO o subject which deeply involves the
rights, interests and morals Of the whole COM
munily,
Look al the ruins which lie scattered at ounc'
The general suspension Of specie payments IN
1887, when the Banks had 10 circulation about
two hundred millions Of dollars in promises 10
paw, deprecated the whole mass about len per
cent, aud was equivalent 10 tax OF s'me hlteen
millions Of tdollars upon the people, Instanla-
ueously laid aud collected. The second sus-
pension extending over more than hal! the Uni
on, was within lie scope a repetIt'oa OF the
saRae species of taG 10 lbe amount OF eight or
ten millions.
All ,hls was borne psuently by the people;
for the Banks having most Of the presses and
political men 10 their interest or 10 their pow
er, persuaded The sufferers that this step was
necessary TO The public good. In all the o'a'es'
the Banks took the government into their
hands, and through the Legislatures granted
therrselves all The Udulgencies they 6estred.
Revolution was threatened, because the De-
uar,ments eftbe General GovernmeDt res'eled
this Bank usarpation, and insisted upon ooedI-
e6ce 10 the constitution and laws IN It's pecu>
n,sty transactions. This stand, as every OBJ
serving man now knows, by ariaylng a.
panst il the army Of banks and bankTupts.
was the principal cause of the overthrow oil
the la(e administration in lS4O.
Year after year have the Banks obtained
cono Tho C,ota IaUIslnIuFp. soma
times bargaining for them with race OF States
men who dared not attempt to raIse by honesl
means, the funds 10 meet State liabilities, but
more often exacting them without pTetence OF
an equivalent.
To what consequences has this surrender Of
the government 10 The Banks led2 The Mis-
siss,pp Banks we're the first 10 suspend pay
meut and tho first totally 10 explode, exhibit
ing scenes Of fraud and swinding never before
exceeded. Not warned by this example, the
other States sill quietly acquieseed in The
Bank dominion, giving fraud an opportunity 10
mature its plans and leaving the Banks to blow
up at their leisure, when their managers should
have swindIed to the utmost both the people
and the STOCKHOLDERS.
Look at that tremendous ruin, fearful enough
to be sublime, the late Bank of the United
States II widows and orphans have not been
driven by foreign enemy from the blaekened
walls of their dwellings,, they have been lett
starving within them. Look at the Schuyklll
Bank, The GIrard Bank and the Bank fPenn-
sylvania. In addition TO the plunder OF the
people by the depreciation Of millions OF dol>
lars in circulation, there has been lost to the
stockholders in the city Of PHILADELPHIA alone,
more than forty millions Of dollars. In every
portion Of the Un,on similar scenes are pres
scented on a smaller scale Ii cannot be doubt
ed tina, the losses Of the people and stockhold~
ers of Banks, through fraud and mismanageA
ment, in our Republic, have, within few years
past, amounted 10 more than ONE HUN
DRED MILLIONS OF DOLLARS. TO
this conclusion any man will be led who re-
fleets but momeat on the losses Of the peo-
pile upon Bank notes in their hands, brought a.
bout by the suspension and breaking Of Banks
and the impairing and utter annihilation Of
Bank Stocks, produced by similar causes,
But this is not all They increased the cur.
rency Of the countryto about two hundred mil
lions OF dollars in paper, while at the same
we had an unusual quantity Of specie in circu-
lalion, thereby making money cheap and in-
creasng The price Of property beyond all reas-
enable Wounds. New, they have Withdrawn
at least hundred millions Of dollars ofthe pa.
per currency. and al the same time, 10 moro
than half the Union, have, by continued sus
pension banished sfecie from circulation al.
together. The natural effect Of this tremen-
dous reduction ofthe currency is the reduction
Of prices as much below the proper level as
they were raised above, annihilating the for
tunes Of men who are somewhat in deb. and
embarrassing all kinds of business.
Nor 10 this the worst. The conduct Of tho
Banks, in violating all legal and moral obhga-
lious, sustained as it has been, by the leading
men and public authorities Of the land, has
greatly impaired respect for the laws, under
mined public and private morals, eowed broad
cast the seeds Of crime and is hurryiDg our
country onward to violence and anarchy.
Are not these losses and mischefs enough
10 make the people THINK Are they no.
enough to make them inquire into the princi-
pies and policy Of a system which scatters mis-
erV and 'desolstion over the laGd like rain and
haiIl Are they not enough to make them anx~
iously ask. is there no remedyl Must we and
our children suffer forever this robbery and
torIure2 Is system indispensable which TO-
day raises US almost TO Heaven and 10 NOR
row dashes us into the depths Of He'll.
We look upon modren bunking as the mas.
ter piece Of the DEVILS invention, 10 delude
corrupt, cheat and torment unhappy man. /