Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-11-01

Hotels, &C &c, sec fr>t page OF daily paper.
Banking in Ohio.
The Intelligent and humane observer must loo,
With very earnest concern. the progress of whs
the Legislators OF Experiment ore doing, in som
OF the States. These philosophers imagine them
selves to be engaged merely in solving certain prob
lens Of finance; while their experiments really fs
on oil the Property Of every man in the communi
,y.
Ohio, Indiana, Illinois, Tennessee and Alabama
seem destined to be plunged the deepes, into IN
flaming crucible Of these political aichemists. I,
all of these States, the worthy Goid-fnders ar,
proceeding, he,dopg, upon the very judicious prin
ciple that to relieve the country from the ills Of al
inflated currency, the best aud speedesi remedy i,
no currency Of all; that to pull down all the Banks
Is the way to set every body at his ease again; anc
IN short, that these Institutions having plunged tn,
land IN distress, the land has nothing to do but tc
p'unse them into an equal distress, and then all vii
| be well.
The operations Of these srea, Regulators OF whai
they so little understand have been particularly be-
nihoent in Illinois, Ohio aud Tennessee; where 20.
litical jugslers-hodng the disturbed state OF mo-
MED affairs and consequently OF all property TO of
Ter the eases, means Of obtaining power for them.
selves, by playing upon the public fears or hopes
have We'd with each Other, in bringing into action
whatever could excite the popular prejudices and
passions; inA,mins agains, the hanks all Who now
share in that general distress, which the folly and
the fault OF all, and not of the Banks in particular
had brouga, about.
Demasosueism, in word, ever ready to run in
advances OF the actual popular pa,sioo, whatever il,
might b.; found it personally profitable to it to
heishten, IN every wsy, the fury OF the people
against the Banks, and, with the Banks. .giinst
al whom prudence or good fortune had left unvis
tied by the general embarrassment. The Rich in
general were made the obec;s OF furious odium,
and common war OF legislation set on foot, to
punish the Banks for having done what they were
created that they nigh. do, Cenl money,) and the
wealthy for daring TO be what all incns lives in this
country are WORKOUT in striving to be.
well: the severest measures were taken Against
The Banks. These, they could reach, through their
power over their charters. The Rich, however
they could only punish by political prescription
alter all, no very severe penalty, in country where
the surest exclusion from public Office follows ever
the having sndeavoursd to deserve it.
The Banks then, were driven into the meat VIC
$3.50 VI HlsO hnO sudden ltQuidl
ton In proportion as 'hey were pressed, were
they 10 save thcm,elves) forced to press the COM
munity; and with that pressure rose the popular
hostility which had q, FIRE. produced it, and now
drove it on.
10 short, the matter has Jared as such ever must
when the lus, OF political power is allowed to mix
with and manage questions Of an entirely different,
sort, using them (ss it ever willy with no view 10
any consequences whatever. except the personal
advancement Of the political adventurer, who find,
1t useful to himself to run with Banks, when thew
are IN general favor. and furiously against them.
when they have become unpopular.
But mark the end when the public passions bav.
been thus played upon.
In the States OF which we have snoken. ,b.ss
rash measures seem to have produced no,Lirg Inn,
an universal crush Of all fortunes except the s,rnnv
est depression OF prices so extreme has eusued.
that few mems property will pay jeb.s bearing
what was heretofore very small proportion TO IL.
In all forced sales, such j, become the scarcity of
money, that things sell for almost nothing. Apo
verify the most grinding binds the who'e peonle To
the dust.
And now behold TIE reirbution which all mortal
injustice ever insurs a, listl This lesiIlation OF
prejudice against Institutions raised up by the PEG
pie and the politicians themselvts-th, insane war
M Poor against Rich he's probably taken three.
ourh' Of the property of the country to pay debts.
which, with little les, preeipitsncy, one fourth
would have paid. The poor lose one hall, aud of
ten all, they possessed: and they who were limo
Gently The object Of all Ihs-ihey at whom the blow
was aimed-arc the only people benefited by il:
for as none bu, the most solid fortunes have bean
able 10 pass mistaken through such state Of thing,
and as money has now become worth six. eisb,
or perhaps ten times more than il ever was
before, they who have it speedily make themselves
SIX, eight or ten times az rah a, teroro the war upoo
Wealth began.