The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1843-01-12
JEFFERsoNs OPINION OF BANKS.

uoeS one neaIt goou, III Uese uegeueId'o umeNi
when The whole body polite is pased with the night.
mare ofpaper money, and every business man has
his Joints put 10 the rack and his brain dstempered by
Its curses, to get hold Of the opinions of thUse
who thirty years ago, foresaw and advised against
the evils we now suffering under. 1t does the
heart good, we say even 10 read the opinions Of
fathers, for although they may be Of little to the
present generaon vet ifspread abroad and instlled
into the minds of the young, may serve gudeboard
to them, and those who come after Them, how to avoid
much ofthe corupting, effsminate, rascaY & swind"
ling propensities ofthe present age.
A correspondent of the o. Statesman, gives copious
extracts from the writings of Thomas Jefferson, and
John Taylor of Caroline, Va, two of the purest dem
ocras that ever lived Speaking of Taylor, the writer
says:
About thirty years ago, this great man and pure
democrat entered into elaborate investigation Of the
IeTit, rather demsTiis. of Ihe mnney credit
system. Among the conclusions to which he was
brought by that investigation and which he published
10 the world; were these doctrines:
That the paper banking system Of this country is "a
system Of public pIunder.'
That those who become the creditors Of the public by
the issue Of paper credit subsst upon the national la
bor'
That the paper contrivances sanctioned by law are
'the syen notes of wealth and cunning, designed to as
cinate labor, whilst its fruits are devoured" a
That paper credit is insensibe of the least degree o
fellow feeling for labor, and that its prosperity is adj
versity to the mass Of the people.
That "banking systems are indIssoIubly connected
with every commercial and political question: by an in~
terest generally at enmity with the common good.'
That privileged paper money faction IS "a deadly
foe to repubCanism, laborng only in "the fields ofhy
pocricy and deception. and making government acred'
it shop for dispensing unequal wealth. - "a ~
Such was the strong and unequlvocal testimony
which John Taylor, of Caroline, bore against our pre-.
sent banking system, nearly thirty years ago. l do
not stop TO comment but ifthe candid reader will con-
slider for hmsefhow amply this testimony has been
confirmed in every particular by The subsequent sad ex
perence Of the country, he will admit that have pre-
sented an honest, sagacious, anda truthful witness.
will now present another equally truthful, one of
greater name, and ofyet higher authority.
have before me the copy of letter dated at Mons
tcsllo, May 49, 1885, addressed to John Taylor, Of
Caroline, and written by THOMAS JEFFERSON. III
may he found together with some others to which
am about to refer, in the A,h volume Of Jefferson's
published correspondence. take from it the follow.
ing extract:
1.-THE system of banking we have both equally REP
ROTATED. i contemplate it as BLOT lett in all
constitutions which mot covered. will end in
their destruction which is already hit by the gamblers
in corruption, and is sweeping away in its progress
In the same letter are these emphatic words: IL
sincerely believe with you, tha, BANKING ESTAB>
LlSHMENTS ARE MORE DANGEROUS THAN
STANDING ARMIES" .....e.-
In another letter addressed to that sterling republican
VIM. B Giles Of the date Of December 26 1925, JEFF
ferson aludes to "a vast accession strength which
the FederalistS had received from their younger
cruits, who, having nothing in them Of the feelings OF
principles Of rs. now took 10 single and splendid
government ofAN ARISTOCRACY, FOUNDED ON
BANKING INSTITUTIONS AND MONEYED IN
CORPORATIONS. under the guise and cloak Of their
favored branches Of manufactures, commerce. and nav
gaton, riding and ruling over the PLUNDERED
ApPLOUGHMAN,. AND BEGGARED YEoMANRY.'
In another letter sof the date of November g. l9l3
which was addressed to John w. Eppes Jefferson de-
clares that the object Of the paper emissions of the
banks, "is to enrich SWlNDLERS, at the expense of
the honest and industrious part oi the nation.
These were the opinions ofthe illustrious Jeferson
and they bear upon of the groat issues ohe pre-
sent day with force which the chartered parastes of
chartered Eaper mongers must find il difficult 10 resist
SENATOR TAPPAN, has addressed letter to a
member orthe Ohio Senate, on Banking matters He
takes thu broad ground that the State Legislatures have
no legitimate authority 10 grsnt bank charters He
gues that all would agree il to be wrong for the Assem-,
bly, to gran. individuals companies The power 10 lay
and cSllect for their use, by direct
meni, undsr any prstence pkatsrr. Now, Che asks)
what is The difference IN principle between doing This
directly and doing indirectly through the machinery
| Of banksl" Speaking The notion thai some men
have of being able TO reform the Banking system, he
says that whenever they demonstrate TO the world II,
ptac,abily Of thorough rsfo.m aud satisfy him thai