Baton-Rouge gazette. [volume] (Baton-Rouge, La.) 1819-1856, 1843-08-19

country has pfayed with them, oT such fol-
ard fash1ess AZ they have beer doomed 10 VI
tohnfsf IN the governing powers The frad
ard tFedit Of The country fatl befove fF6 sfron
arm a Government afraysd aeafffsf them
FIRMS uffanftcipafed, and Till fhe faots teen
red fHdontsjvabIe 10 was impossible for Tn
nation Nv Stand % Under such fffHf ard dls
sstfous changers Of public policy, on such fHt
utsbtous matters,
Result
We had 4 gnod banking system, A gt6d Cor
reneyy a prosperous state Of trade. and VET
doing we'll Bm-H was oyushhd.
Onseyrm haA 10 b Mbasaaa.
II may YHfH 4 world; ard has done W. Th
removal o. The deposits was an a6t " arbftra
~ power III 4 f1offehtobs tsneefh@it @as
violation If The Consultation. The great ma
cIibery If public finances onea out Of order
there was no end 70 IT, lis not re6ti64d evei
yet.
We fanthans If q tsvyeney in tie body pohht
II is ~ blood to the animal economy Dis
ttfb III of vitiafe il, OF impair ii, OF tie up III
veins, of ovefchar9e H. on drain il; br dam u,
its courses, or put clogs or tsa64ffeIs on tie &c
tior, or in any way treat il rudeIy, On nnskil
fully. the effect is precisely the sarhs on The
health and wealth Of the nation, 80 is produeet
by d like treatment Of The vital current, fnne.
tons, and organs Of the human body.
Gun Mis tgfnfyy IN aeittbsa n badk papsy me
dams
We have shown that II cannot do without /
papfr medium; nor does any sensible mar
dream that II can. The daasfioBs then. is
whether we shall nse fbs piper Of private and
irresponsible persons, who are Il law fnft
themselves, OF whether we shall have 4 law.
| REQUESTED ctfreney, involving IN IT q proper
responsibility ~ The publicf M86ifestIy, there
can be but ore answer 10 This Question. The
people have decided in favor Of i f1ixed cur
reney, that they may always have i eHoieA BE.
tween gold, silver, and paper.
9usshon ef d nusiaea9 piper mfdttsoq,
The rex question ~ whether IL is bssf fer
The States alone 10 furnish 4 paper earrefe r,
Or whsther we shall have a national paper
Medium also If sxperieHes be Of any weight.
we have aiways hsd trouble, and infinite tfou.
blet who, the States afoHe have done this II
vas so before We bad 4 national paper Bfedf@
nm /; il wss 50 from 1911 TO 1916, when we
were left TO be supplied by the Stefe banks
alone and we again find it has been 50 ever
since the national paper medium has been last
wlfhdfaWHlnothsng but troube md infinite
hss . whereas, during the twice twenty years
Of a national paper currency, all went well.
no nation ever had 4 better currency Are
not these facts worth something Ought they
not to be eonelusivef
With IA ne safsst2
II IA i notable fset that neither the govern
f5eat hor people have ever lost fhe first rent
BY 4 national bank, and that both and al have
rallied ihe#ttuIabte benefit, Eat III fhe
ehsatInes. All the bank frauds, and III the ks4
sss complained of, az falling on the public
through The sgsnty Of banks. haze come firm
Shas Institutions. These; certainly, are pref
ty strong fuets.
II III undoubtedly, tfus that the pewsF n
the General Government over A national IN
sfltufion. 70 prevent fraud, il mitch nfofs sf.
fsffive than that "a the States OVER their IN
stffutions. The skill ~ Legislation IN fhe for
rqer case, is Of d higher orders ~ combining
the concentrated wisdom Of the natiSH, and
they are exempt from lg rolling TIE ytej-
lance Of The nation il gfeafef@@a thousand
eyes 10 one. IT would be next 10 impossible
fir A national institution To cheat the public.
Although accused Of that propensity, If the
be insf, TIE fact that it has not been
done, proves that IL could not be. Bat fh6
State banks have been for s9ef cheating rs,
and never 10 much ~ In the absence and for
want Of national institution. When the cat
is away, the mice sr6 bold. :
butt tie mmasgtd pootr ne hut 10 fw.
~ te6hat, the appeal comes too late, when
have seen 4 bank Of hundred million
crushed by the hand Of q single man,
and that without The least difficulty, iH The
#antohn6ss Of power. The power over
is always in the hands Of government,
iu other words, Of the pe6pIe, at whose bidding
fise, and stand, OF fall
Moreover, If IL Is mooeyed power we have
to fear, the putting out Of the way of Il ma
bank Of htrfyfpe millions Of capital, 70
give place 10 some fehf h0ndfsd state, with
than tDo injured hatnionsef capitals Was
something like Jumping ont Of the ffylngpan
lnto the ffs.~Tkat we did jump into the fire.
and got we'll singed, is, alas, too true.
7ax ,eguhtng powey Of n n~atonut papsr me-
A0m.
In The absence Of this, the stsse banks have
played the mischief with as in ifs
presence, no State bank of upsot4nd capital has
to make its appearance 6r il 50, its
were sure TO be detected and exposed
Another most important office Of q national
paper medium, as we have seen, has been 10
reoresst the excessive increase Of banks and
bank capital
The .tnisersal credit If natoma pnpg M
dum,
This is indispensable to the domestic trade
and the domestic commercial relations OF the
people Of this country, Il man starts on 4
with current money Of the State banks,
and al the end Of the first stage, it becomes
The further he goes. the worse
il and the time has been mher a traveller
lose fifty per cent. on the money he sets
bot with, before hs gets TO the end of his Jour-
H. is the same in vsmittsfces--We have
iost forty flee per cent on money received AZ a
remittance Of the city Of Washington which
at par in the State where it came from.
But bctWe9n the remotest points Of The Union,
he discount On a national currency would not
enc cent and n hnE on a hundred Z ge-
it would be nothing /; rarely over hall
! cent.
The credit afa national paper medium abroad.
X is az good al London, Paris, St. Peters
JaF3y COUstdHl}DDptc UT 1fUlOHg hs db VIEW I
York, PhiIadeldhia, or New Orleans where
~ our State bank paper is good for nothing
abroad. ouch credit Of our national paper
abroad is Of incalcuIabIc Importance
o a great commercial nation ike ours, and
has been one Of the proudest attributes Of our
character.
Influence Of a national paper medium on donses-
tic e1changss.
II regulates, equaIizes and facilitates them
the remosest points Of the Unions go
hat all accounts of debt and credit at these
rnn hn haIzncad az rnnut trrAInrI