The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1843-02-17
BLESSINGS OF A NATIONAL BANK.

One Of the measures he il remembered, which
the whs party, with Henry Clay ut lis head. is
striving for, is II national bank; and one Of tho
mos, absurd arguments ever urged in behalf Of cs-
rnb.hirg such n bnnx is the one urged by Mr.
Clay in hi. famous bank report ut the extra scs-
sion, namely. that the United States should have
one! What blessings The Bank of England show.
crs down upon the labor of England, may be seen
in the annexed extract from the Londo, Herald.
II occurs in an article upon the recent terrible dis
rurbances winch have shaken England 10 lis ,e-
~ cenlrc:-
"No one will deny that nuciuaiion IN demand
j.. the source Of great misery TO labor hut any IA
liona inquiry INFO preyenityes would seek out he
cause Of such fucIua,lon, and ascertain If II could
net be removed, before inveriing thcoreIic reme-
dies. Such 1uG,uaon must depend much upon
prices, and prices are regulated just Us much Ivy
The amount Of money in circulation. Now search
the monetary statistics OF the world, and 10 such
extraordinary, sudden, and causeloss fluctuations
will be found MS those which are observable in the
circulating medium Of this empire. This month
the Bank of England has upwards of eighteen mil
lions worth Of paper in circudton next nrnght
s directors, to protect the interests of their share
holders, may reduce that amount 10 fifteen nll-
lions, and every bank Of Issue in the Kingdom fol.
lows It's cnpririuus example. Merchants and NAM
ufhciurcrs have long given up watching the stale
of foreign markets; they have enough 10 do 10 pro-
iect ihelnselye. from the Starts aud freaks Of The
Bank of England. What is wanted is seadinpss
Of price, and how can that want be realized with
continual and constant revolutions in the value Of
money, To-day the ncceptances Of our merchants
and manufacturers pass MS curreat rs bank notes;
o. morrow their conversion into cash is hopeless
save on terms destructive of profits; one day prices
are high, demand is active, and labor well enplny-
ed the next prices have fallen Unexpectedly fiy
pei cent, the markets are flooded. and labor is
placed on short time Other causes producing
fluctuations in demand there certainly; butour
present system Of currency is great cause-it i,a
cause which can he dealt with at once. and um
j, he dealt with, it is rhildishness 10 philosophers
and to lheorlse on so enncniy practical and bust
ness subject as this"
Here ARE great truths. No one can deny that
"euc,o,ion In demand is The source of greet mis-
eru 10 labor" No one can deny that wre,ch-
ed paper s stem has been a most powerful origin
a,or Of such luciuaiion No one cnn deny that
The evil. Of any paper system are increased an
;n.u,ion like National bank, whose '.siar,s and
freaks" elevate or depress prices at the pleasure
or its directors. And yet, in the face cf all ths,
these wings, who assume 10 be par creole zee The
friends Of the industry o! the country, would again
G,sten such curse upon the land! But let the
peop'e-ihe working men-renenlbcr the Ian.
guage Of DANIEL WEBSTER. before he beraue
nm attorney Of the iaie L. s. Bank: "Gf all the
con,rivnnces for cheating the borns classes Of
mankind. none has been more eIieclual than that
which deludes them with paper money. Thi. Is
the mos, eHec,ual Of invention I" fer'zr ,hs rich