Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1842-07-05

bIr. EDITOR:
We frequently hear men sly tin, thcy
are IN favor Of banks, provided ;hey can
be hal on fair principles, will fa,. 'sh a
sound currency, and issue notes at all
times convertible into gold and silver at
The will of the holder for one, sir am
bold 10 avOw myself hard money man: /:
and IN reply, would ask has, there ever
been a bank that did this! Or a
b1hking system that ever furnished such
a currency as here described? ask
when was there ever such a systernl
whercis il 10 be found! Ia England has
been tried, the South Sea company, the
East India company,the bank Of England,
The toyal Insurance company the Char
table Corporation, and a host Of others,
besides the Exchequer and Funding sys.
tens, and all have successfully failed
producing ruin and distress, wherever
their influence extended They were
nothing more nor less than perfect ma
chimes for sElngiiDg debts and taxes on
the people, and saddling them on poster.
lIy, together with an enormous debt. the
interest Of which may long continue 10
paid-the principal never will In the
United States we have tried the system
for more than sixty years. and with the
same results. We have had the Bank of
North America, Two National Banks, LO.
cal Banks, and the State Bank deposit |
system, and allN have failed, plungiHg the |
people in misery and embarrassment !
We as people rro now suffering in con.
sequence Of the scarcity of money, and
the arrangement of business, occasioned
by the explosion of these worthless, these
soulless Institutions.
Perhaps shall be told very well si,
you are hard money maD; and we would
like for you TO inform us how we are to
do without banks? how are we TO get
money are we TO work for l2A cents per
day, or how are we to do2 will tell /
you with the greatest Of pleasure; create
demand for silver; and then you will
have money, and thatwhich is good. You
will not then after working hard all day
be paid OF in worthless shinplaslers al
night, which is good to day and ofnO &C.
count to morrow.
Let Congress require all duties on i'm
por;s TO be paid in gold and silver. Let {
them collect and pay out all Government I
duties in gold and silver. Let them cre- i
ate demand for the precious metals and
introduce the currency designed by our
Constitution. Let the States prohibit +,
the banks in existence from issuing notes !
of any other than large denomination, +,
specie will flow in to meet the demand; >
and we will soon have money and such as !
is available.
From 1921 TO 1912 period of2l years !
there has beenas the documents will show !
lS2 millions of dollars gold and silver !;
imported into The United States; and if (.
we make an allowance for the amounts
brought over by passengers and not en- /;
tered on the books, the Total importations :
csnnotbe less than 200 millions. The i,
coinage at our mint during the same Pc !
Rod is GO millions Of dollars. The pro- :
duet Of our goldmines during that peri !
Od has been several millions, and ma.
by millions Of gold have boeudrag. !;
ged from their hiding places and {
restored TO circulation by the gold bill of
1884. Putting all together and our spe I
lie acquisitions must have amounted to i
20 or 230 millions in these 81 years,be- =
ng at the average rate Of ten or eleven !
millions per annum. =
The greater porton'of this woull have d
here, had it not been for the h
'act that out circulation has been com. il
posed of paper, which according TO the S
we'll known laws Of currency, that the in r
ferioT will Danish the superior and take o
It's place" has driven the specie from cir II
culation here exported Ito foreign coun. f
tries, whcTeithere was demand for it,and q
where It commanded premium. This a
is easily proven: from 1872 to 1881 pc. h
riOd Of teaayears, inclusive, during which n
time the United States Bank was in its
our exports Of specie exceed
ed our imports three millions and half.
From 1882 10 1888, seven years inclu. m
sive and subsequent TO the vets, our i'm tr
ports exceeded our exports 81 millions. q,
The withdraw al of its paper created a W
demand for silver 10 supply its place, and th
il was promptly forthcoming. The am. ia
cunt of specie in the United States is be
probably computed at about so millions, CT
which il limmediathly thrown into cirCua. te
ton, and distributed among the several er
States in proportion 10 their respective tr
would give Ohio about : h'
millions, as she had in 1917 at the great 81
est period Of the bank expansion ~
Nj. GalIatin estimated the arnount ui al
specie in Europe aud america in 1881 at a
four iIousand i've hundred millions, Of al
dollars, which ifdvided between the two "
countries in proportions would give Anne Il
RIGA 257 million, or Ii dollars per head, b
man. wemln, and child. 10 1929 when a
the U. s. Bank and its affiliated insitu- X
TONS were in all their glory, the same n