The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-01-26
Hons, or RsrRrsEsrArlvEs,
January "a.

A brilliant argument ia tayOt oi an r-Aon'-
amor scheme was made today by Mr.. Gushing
but not so much Of his convincing logic III It's
favor have | now TO speak ,as TO the inc'ue"'@'
illusions he made Incidental, ior he hau p0'
lime 10 elaborate complete analysis 10 inc
gross isequali,es--the useless membranes oil
the whole banking system
do not know lhat, in the observations an
about 10 throw Out. do justice TO the views Oh
he distinguished gentleman above meh'on'u'
If am so unfortunate as 10 differ from MS wen
considered opinions on banking, shall ieei less
attached 10 my own sentiments-il concur WIN
him, am sure Of the correctness oil my own
Judgment
The enormous peculations for years commit
led by officers of banks, must needs rouse 'he
attention of the whole People to confederation
of the system itself. An irresponsible ih'isi-
bic, intangible agent OF a souliess cofPo'a'ioh
,obs ad libiiuut the pockets OF the public anu
fattens upon his fraudulent gains. NO law oil
retaliation affects him. No fear oil punis hmeh'
preyents hi, act, or iniimidates him In his ca
reer. lie laughs at public sentiment iof ne
knows where he cannot command, he can sore"
| It's expression. Anu nc hiah'o no ~
the me ans rather of extending his influence
than Djuring his position
What is cvrporation2 In itself, an al slract
idea, an inoflensve creature OF the iancy--stih-
ulaled TO active energy by the vitality communi-
Gated through unwholesome legislation, capable
of enormous evil and unreslrained save IN
theory --restrcted by nominal provisions ; prac-
f. -, Of
cerned, omnpotent and ubiquitous.
For The enormous privileges bestowed by tn
unsparins hand Of legislation u, on This aiisto'
cratic feature of our body polite, have we no
right to expect some corresponding dement's
And are these benefits visible in the ordinary
operations of the banking system! In the no"
liberal and wholly unreasonable discounts, or
accOmn,oddtions--or now IN the equally I'M
reasonab e conlraclions-in partial favors 10 this
irresponsible individual--or in the rejection OF
undoubted security, in the rapid hLclua'ions
f of credit, which this system raises or dePresses
at viii, in the at one time unhealthy stimulation
of trade and another time its morbid staSna-
2 lion. in The decentralization of the tone OF So
ciey, in the indifference 10 crime, so that II be
gilded in private dishonor. in public dlscTedil-
from such things are the oit-boasted benefits 10
be gathered
' Who PAYS the opulent Presden,-who The
I careless Cashier-the Indifferent, the cuiPably
? Indifferent Directors 2-ihe attorneys, the nota-
a res, the thousand agents Of unseen duies
: Whence comes the cost of the whole machine
r nv, or rather "a more reasonable question:
& whence i. derivable the satisfaction OF thai
J cost? Jacques Bonnie Homme pays thewhoe
and, since the world begun, this same good la
boring rascal has paid all bills which gracious
; legislation has imposed
e Who gives your grocer charter OF lncorpo
1 ration, and allows him 10 swinde the public b,
: circulating s,ereotyped paper with beautiful,
II engrayen vgnete upon its face The bust
E, before the door of the ian, where NJ
% u good wine is TO be bought? i,tMfH4es - nc
make money from rags2 There was no phi
losophical objection which could be shown
J., The East India trade or the whaling trade ha!
= Just the same exigency for a corporation tn,
:, money trade. Why require either TO have mo
re uey 10 redeem its promises more than banl
E. was required to do? In the ason of III,
At thing, or IN me PRACTICAL consequ noes elmer
T. there was no reason. To be sure there i, not
aud so will the People think when the age o
is the empires AMI Of unblushing impostors ha.
h passed away.
Let it be promulgated to the whole country
with no dissentienG voice, that no solid refor
NATION in monetary affairs can be achieved, car
J. be hoped, till the faculty Of creating money b.
J. separated from The poUer Of todning. Til
Or the privilege Of stamping rags for money be ia
At ken from all who cannot give money for rags.
n | shall pursue the subject.