Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1842-03-15

SNNSSN y NOPlVSioIOH VI Az poI SOAb's W
on their entire circulation, which being
an indirect tax Of l0Sper cent. upon the
products Of labor and property, this tax,
however oppressive and unjust as il was,
has been duly paid to the bankers BY the
hard laboring and productive part OF the
community, patiently waiting, in anticipa-
ton ofa better currency which has been
cons tantly promised, but instead Of en-
iOying the fulflment Of those promises,
they suffered the loss of innumerable bank
failures, whereby many Of our industrious
citizens have been reduced TO poverty and
distress, with hundreds and thousands Of
their broken promises in their pockets!
and this evil has lately been carried on
in our own State, to such an extent, that
il has reached a point beyond endurance,
and will justify the people in resort 10
any means calculated TO relieve them
Ten banks, with circulation Of about
one million Of dollars, have exploded in
less than. one year, and we have reason to
fear that in one year hence, as many more
will follow in their footsteps-HOt, as we
believe, of necessity, but of choice.
With these facts before us, who can yet
continue TO receive such a currency in
exchange for his produce--who can yet
shield himself behind the argument that
he cannot endure The Inconvenience Of re
liec(ing such worthless trash lean we not
deal among ourselves on credit little
while-oT will we continue to sell good
producs for bad money, and thereby ac-
knowledge that we are willing TO be slaves
and ''labOur for our lords, the bankers" I"
But there are other fasts contained in
this subject, TO which we will call your
attention. The city banks of New York
to which the principal portion Of your
produce Is taken, are as we believe in a
sound and solvent condition, and in addi-
tion 10 that there are lOOr IL specie pay
ing banks in this State, but how strange
TO think, that the extensive circulation Of
these banks has not yet reached US, but
the fallacy may consist in something like
this; the merchants buy our produce, and
in many instances they have bought il on
credit TO enable them to take it to mar,
ket, and to receive good money to pay
for our produce, they take draft, which
they sell, not to our specie peying banks,
but to those whose paper is most depre-
ciated, and when those drafts command
the highest premium. Or in other instan.
ces, they loan money from our banks up.
on favorable terms, with which money they
buy our produce; the produce they take
to the eastern cities and exchange il for
merchandise; by the time they return
with their merchandise, the banks Of
which this loan has been made fails, land the
money becomes worthless in the hands Of
the people, which will thenlenable them to
buy up the same money with their mer-
chandize, at discount from so to rs per
cent, and returnit to the bank from which
it was loaned. And again, where good
money has been placed in their hands, the
good money has been sold, at premium
for deprecated money, which would an.
swer The same purpose.
Thatihis has been the case in many
instances, is too clearly developed BY past
occurrences, and it is much to be regret
ted that such state Ofthings has so long
been toleEated--yes, it is much to be
wondered that such vile, disgraceful, and
intentional fraud, has so long been suffer-
ed to be pFactised upon The people, that
people boasting of their freedom and
their free institutions, have thus submit
ted themselves 10 become slaves to an
order Of nobility, who tax their labor, and
their property; and are riding them blind.
folded to their own immoIatiop. Can we
any longer be deceived under that fater.
ing garb of Liberty, when our condition is
worse in reality than the condition of our
Eorelathers: when subject to the .'fendal
SYSTEM" they were, il is tsie, compelled
10 do a certain amount Of labor 10 their
lords; but they provided for their govern
meht, but we are compelled to perform
a great smount Of labor, indirectly TO the
bankers, who provide for nothing but
YET Notwithstanding the pre-
ference OF their condition, while in a
state Of vassalage, they resolved, not to |
reject deprecated paper money for pro-
6Ice, hut 10 leave alt the ''llxuries Of
Europe and plunge themselves into the
forests Of America" here 10 encounter
The difficulties and dangers of''Indian wars
desolating famine, and psstilehce," gGi. |
ded by no other motives, than the Glove
Of liberty'-bns we see them again, when
they were required TO pay a tax-not Of
is per cent. upon every thing they pro-
ducerbut 0 f3 per cent. upon teal pledge
themselves not 10 endure the hconYeni-
ences and difficulties Of dealing among
on their own credit alittle
weilo-rbnt they pledged themselves. their
honor, and their lives, 10 meet the "vet.
eran armies Of proud, powerful and vim
dicative army" to'sustain the weight Of
a cruel conflict, fighting their way through
blood 20 liberty until they had accom-