Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1843-10-10
From the Ohio Eagle.
BANK RFFORM-ITs EFFECT.

msiallc currency But the democratic
party, regardless of the denunciatiOns and
sneers of the Fedsralists, pursued a
straight forward and open course.
They looked upon the Banking system
as it then existed, as being inimicsl TO the
interest Of the state, and the Industry Of
the people. They believed that 10 a loose
and irresponsible Banking system We ow.
cd the arrangement of the currency and
trade, and all those evils which bad par.
allied the energies Of the people, and
brought ruin and distress upon all class
es OF the community; and looking solely
10 the permanent good of the whole peo.
pie, they were determined-'c come veal
or woe'-to never cease their efforts un.
I'll a thorough and radical reform in our
Banking system was effected. They ap.
Pealed 10 the calm, sober judgment Of the
people TO support them in their efforts
10 establish currency that should al all
times have an equal and permanent val
ne. After long and fearful struggle the
democracy succeeded in returning dem.
ocra;ic majority to our legislature, who
was pledged to bank reform. To carry
out the expressed will of the people, and
TO give their doctrines practical effect, a
bill 10 regulate banking was introduced
in the Legislature Of last winter.
But no sooner was such 4 bill intro
duced, than the wings attacked it with all
the virulencs Of party vigor and party
hate. Week after week the people were
told that the principal object and imme>
date effect offs passage would be to
reduce the price Of prOporty-to stop all
kinds oftrade and business-to drive all
money from circulation--tO destroy all
credit--and 10 effectually PROSTATE oil
Banks. Such was, as will now be recoI.
lected, the tenor Ofevery whig speech,
prayer and publication. By constantly
repeating these predictions, with the most
solemn observations Of belief, they sue.
csededin producing general and fsar-
ful disuust of the measure upon The pub
lie mind. The people were kept in a
continued feverEven some of our friends
became alarmed, and public meetings
were called by them, and the principles
for which they had contended for years,
was denounced as a humBEg but the
great body Of tho democracy remained
true to their principles.
Atlength,the bill became the law of The
land. 1t has gone into general operation,
and what is ils efects2 Are the predic-
tiOnS of thu wings veriedi Have prices
suddenly falleR,-busneSs and trade stop
ped,--money disappeared, ,--credit van.
ished, and banks failedi What is the
answerS An emphatic--No! The re-
verse is the efect;-the prices of labor
and produce have risen business and
trade Of all kinds is reviving land MO-
NEY, in the language of the Eastern
Wing papers, was never so plenty be.
fore. True, the change for the better is
slow and gradual, but it is healthy, and
will be permanent. Unlike the relief
heretofore granted by the empyricks Of
the federal school, il will not be followed
by sudden and severe relapse. Such is
not its nature.
To these things we wish TO call the at.
tention,nOt only Of our democratic friends,
but of the reasoning, honest, and in some
instances, deceived, among our political
opponents. Do they not furnish con-
elusive refutation Of the grave charges, as
well as Of the slang whaDg ofthe leading
whig politicians. Had the predictions Of
the whig leaders been verified, would you
no. have attributed it TO the passage ofthe
Bank law? Would you not then have de.
nOunced louder than heretofore, that
measure, and its authors and friendss--
You would. Then, why not, when you |
see the reverse is the tact,--when you
hnd good where you expected evil--give
credit 10 the democratic party, by whose
legislation the wholesome and sautary
changes have been effecteds 70 what
else than il, can you justly attribute Tho
gradual improvement in the market.--
Flour has gone up;-wheat has gone up;
1.-The credit of the State has gone up, and
Ihe demand fol labor is increasing. Whig
papers, merchants and bankers, all admit ,
hat money never was so plenty. True,
here is not so much money in active cir-
'ulatOn as there was in lS36-i37 and ,
36, when banks, unrestrained by law, !
we're throwing millions of their worthless j
'rOmises to pay upon the community, j.
nd driving specie entirely from the coun. ;
ry;-but the quality more than makes .
p for the quantity, ,--instoad of shinplas.
ers, and the paper Of Gallipclis, Ur6ans,
I'D other banks equally rotten and fraud
lent, we have the specie or paper Of =
ood solvent specie paying Banks. >
But the loudest cry against this Odious
tank reform was, that il would destroy
redit and break the banks. Has II done !
VI Credit was nevermore easily obtain. s
d than at present. II is true, that cred
is not so Ofteu demanded as heretofore;
'ut this is owing TO the careful and eco- q
lomical disposition Of The people; and 4
5 one Of the evidences Of the healthy |
state Of trade. The banking law Of last ,