Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1842-10-25

whose feelings and opinions have high respect,
seem to think that national paper currency, would
always be equal and stable. The statistics of the
last Jalted states Bank are far from showing IL;
although Il was considered by many to be a model
OF perfection. Its circulation IN lS25 was S33 .6-2.-
90; in 1881, il was SIS 0220j1-and in ls32, it
was s6j 29).7l7. ia the 5-lef space Of four years
u u5led It's circulation. Sir, the system is
ally anc financially wrong financially wrong be-
cause 10 presupp2ses that banks can sustain larger
amount ot Liabilities ~ proportion 20 means than IN
dIvidulls that banks can meet - or dollars Of
debt with one dollar Of actual assets winch an m
dlvldual could not DO. Morally wrong. because it
gives - few individuals, through the contract
and expansions OF the currency. power 10 control
tie value OF all the property of the country. An
other reason presents Itself 10 my md, why real
estate should not be sold for less than It's value.
Il Is the law authorizing transcripts from magis-
trates courts to the circuit courts in order to bini
real estate, and sell II scre iacias issued by the
circult court. In these cases cost accumulates
rapidly as soon to up "A forty acre tract of land,
if to be sold without protection. In the case
Ro55ng Shaner, the judgment only siS7
cents, and the cost on the transcript SIS D
cents. In the case, Wesley ". Willis judgment
was Sl3 lO4 cents, the cost on the transcript Sl3
l2l cents. Both these cases were taken up to bind
10 acre tracts of land; and had been made in ei
Their case, the cost could not have been less than
= 80 cents more. At this time the land would
not bring the cost tins Is oppressive. Magistrates
Jurisdiction raised from fifty To hundred
dollars 10 was said, 10 save cost but with mas
been coupled provision which may be the means
Of selling the independent freehold upon which the
poor, but honest industrious man supports his fam
Ily iu comfort, for pitful Judgment OF five dollars
rendered 10 corner by magistrate. The State IS
literally shing ed over VITA liens upon real estate
With judgments, mortgages and transcripts and
wtlous protection u real estate, ruin must ensue.
Disputed titles viii till the with litigation,
aud the harpes Of the law, and few moneyed spec
, uiators wI consume the substance Of the people.
SIR, the laborng classes are the bone and slnew,
the prop and support OF the country. Every free
mold tier of the soil la the country, is guaranty
for the support aud protection Of the government
aud all his labor, whether applied 10 the cultivation
T. or Improvement of the soil, tends directly 30 in
S crease the national 3aith aud independence. Woe,
woe, be country when corporations With
q ed rights and exclusive privileges oyershadOw the
land when mOnOpOiles control all Its nOneyed re-
sources and regulate the prices of property aud Ia
T., Dor when the real estate passes intoa few hands
e Whent Tie laws favor capital against labor when
% the middle classes become broken down, dispriteG
:, and uBGerioot, where VIII be the indep .ndence oil
e the ballot box! Then viii the last hope Of the re-
Is public have fed; ana the friends OF free government
It may weep in vain over our ruins. contend most
l- struuously that while our currency Is paper, rea
Z. estate should be placed above It's huctuatons aud
should not be permitted 10 sell under execution, io
,t less tiln fair appraised value Another measur,
lr the fees and salaries of pubic oihcers-many @
!. diem were fixed no a time when every thing wa
Pc hirl aud can no good rc1son why they shoul
not now be reduced 10 proportion 20 the present re
De Juced prices of property, and farming and mechan
ID ic labor.
Mr. President, vii. venture to suggest anothe
measure. Tor the rel eft of the country. which deeu
y more Important, because more durable than cthe
~ ofthe Others though not re curing legislative &c
- ton. have Thought Tor some years that our mc'
n camille policy Is bad IN purchasing goods at IN
- East, instead of the South. THIS policy causes "a
- balances OF trade and consequently tue rate OF eX
changes 90 be against US. Ii curtalls the amout
-, of our circulating medium 1t breaks down " es
n, ern Banks 10 furnish Eastern exchange il break
the Southern Banks by draining them Of their So.
Gle ~ impovershes the South by taking from thct
H the prol-s of our trade, which renders them Just
much less able to pay for, and consume surplu
~ produce. II should be the settled policy of ever
Us people, far practicable 10 buy where the
~ SELL III that port ou ot tie West winch mark,
tlelr surplus "a the South, should mIsc all tlei
81 purchases there's Whd- those portions OF ths Yves
T. winch border on Tie llkss, and market their pr,
-- dgee az New lasa should make tu-r percbfs.
there. il may b.. safely asserted, th1t thlt pc1Dl
va3 best understand, AMI most Systematically pra.
tce o1rtar, AID mike ti'ir eN,ltugss through Oh
DO medium Of Their surplus productions, other thin.
'5 being cqui, wsl. De most permanently ,1oursnIu
"N Iha s, u0 d1IlL, tIe trus secret ot tua unrEIe
10 prosperity Of Nev ~ l4uI. They Ply no.h.u
OBJ TOR credit nor Tor exchanges Their currency Is
y cal. II rema.us al hina % perform agln a,
o! gain The same round OF domestic circulation. an
M notwithstanding there arr more banks In New En-
o." land 10 proportion % population than any wheI
no else in the Union, ana more piper ia proportion
o" the specie basis, yet their paper sound aud the
Jet money plenty for domestic purposes. This is b.
ih eau they make their exchanges with the surpit
u" productions OF their own industry, and there is d
ne drain upon their currency, and balances oftra
ear against them. Sir, this not a m0neyed countr
'' nor ever can 1t be 1t is too remote rom commerce
10 We must barter must exchange one thing
] IL another We must exchange our produce for su
~ articles do moi produce, without coutractir
IN foreign debt, permitting the balance OF trade
arc fall against US. The commercial world, must
c some extent, and IN some sense, resort to barte
ne Perhaps the greatest financial Of modern tim
is the sappOsitIon that the paper currency can
10 and ought 10 be SO expanded, as to make 1t eau
ih- to- and fairly 70 represent toe vast exchange j
we crease in the producuoaH Of industry by means
pa machinery. This is probably the OF the mai
1'l revulsons. OF late, I'D monetary alIirs. Under
well regulated system ct exchanging the surpI
@ productions Of our country for those o. another
.l' mall amount OF circulating medium wlich "
my sound and uniform, would answer every Us. ful Du
re- pose. rs am addressing the people lu the SOU
'' OF the state who market their produce in the low
-- country, | shall eudely0r 10 adapt my remarks
%" tas.r situation. The policy OF our merchants
"7 making their purchases IN the Eastern critics NAT
.y ra.y establishes general system of credit wh.
~ taxes the people not less taau twenty per cent.
'l' al tae amount OF o-y goods which they purclas
tails Is LEVIED prime 1lly upon the paying portion
Oc the consumers. % maze up for the loss sustained
the credtng tlose "ho DO not pay; thus DESTROY ng
am distinction tween sober industry aad DunctuaH
per In tAs system oi credit the bans becomes the e
AID era, creditor ot the count v L. lends u1l1av "a