Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1843-01-31
.BlYsD. ,iBil B. p %Pl9.aiPlA.LMER.
For the Standard

or America, had ever been able 10 With
stand the ishock; but Ultimately failed,
leaving their paper promises worthless ! 10
the hands Of the people. And this sir, is
not the wOrsi;,the capitalists usually con.
trive so to manage il, that the banks ex-
plOde just atthose seasons Of the year
when ,Ithel Farmers having disposed Of
their produces, their good for nothing pa.
petlissUes falE'in the hands Ofhard works
iAgd1d industrious citizens, who are poor,
while tlTeirwheat, polk, and their produce
islIrahsfeFed into the hands Of wealthy
capitalists, who loose nothing. The
bankers haying leaned or placed,this mOns
'eyin the hands Of capltahstHio purchase
the surplGspVoduce Of the Farmers, have
iheiro notes yyconsequ emily they are safe,
the capitalists have the produce, therefore
they loose nOthingD the'whOle loss, falls
upon the farmer; so'that the direct tens
dency of the lpaper,Or banking, system is
TO. compel the many to labor for the bene>
ftOEthefew. su.a o a.a. as.u ssa
'''Itais; J" says committee Of our own
Legislature, "generally conceded, BY oil
cdhdid and rejecting men, that the intro-
ddctioh' Of the paper banking system into
this country, was the capiAlserror ofthe
age: To ii are aScribed, 10 a great ex
tent, ,'all the violent fovo lulions which
mark the monetary history Of The United
States, ia the short period oftheir exis.
tehee.. Hhas been we'll said by an emf
neht statesman, now occupying the most
distinguished station ntbe gilt Of afree
people, that. ''the speculative philosopher
might find Inducements 10 prosecute the
inquiry, ,.but his researches could only
ledd him 10 conclude; that the paper syst
tenn had, probably, better never been IN
troduced, and that society might have
been much happier without t."
,Butwe are told, the evil IL upon us;"P'
and therefore we must have banks. And
who is;tO'be profted.by its "NO plan Of
bank ever put in practice has accom-.
pIiShed the object proposed tObe attained
byitBl establishment. The history of;he
Bank Of France, established under the
auspiueslOfthe Duke Of Orleans, through
the agency Of John Law, is a history of
gambling, fraud and ruin, The Bank Of
England is believed 10 be the agent TO
which the British people may, with JUS
tice, attribute the enormous and Oppres.
siye naiionaldebt under which they writhe
and, gEoan. The bank of the common,
wealth OfKsntncky was the, prolific source
OfinnumerabIe evils 70 the people Of that
state: and the destruction Of its paper
issues, BY authorized public burnings, to
the amount Of hundreds Of thousands, was
hailed as the harbinger of prosperity
The State Bank ofIndiana does any thing
but enrich the citizens Of that State ;
Wills the State Bank ofIllinoisiS said to
be-, at this Time, total wreck. But can.
not conclude the catalogue without men.
tioninR the late United States Bank, while
in the year 1921, was BY the president
thereof, upon the occasion OF MS rreslgna.
tioh, pronounced to be insolvent, and
noFa recently endsd its career under cirt
cdnlstances ~ no means calculated tt
add lustre to the character Of banking IN
Stitutions." N,'.''A b. '..''-
There certainly never was ashiore pro
yhious time, than the present, for a fs>
turn 10 ths g nstiIaltioWdI mStallic7 cur
rShcy. 1EReh admitting that the pTesen
pressure might have been relieved. b.
the creation Of q new set OF banks il
Ollie; this is not the proper time. LII
now TOO late! The pinch is upon us
Our citizens are, rapidly working out o
DEBT, andby the natural cuuEse Of pro
dGctiOu aud economy, Wiilsoo recove
from their emGaTrassmeBts. Before q
nSw !Set t0fbankS could now be create
and put in operation, so as to afford relieI
our peOplS-wil, have got the better Q
iheirinyUlXements, and consequently wi
notgnesd their aid, The only efec
which could now be produced BY putin
in0peEsil0na new host, ,pf local bank
(oEjRdsed, any IelheE,) would Be 70 agai
, flood the country with, large lauodnt I
worthless paper trash; -beget a spirit (
extravsgance and wild speculation; il
RNegBticeS; ;all7WhiOh 4wOuidHByeatasl all
Stidin saHother suspension; ihePreeiatil
OfEhe eastoWeJS nPFssSure add cons
ddStIt destruction and lOss ofosCade az
pr6pOay. . g"oi }sgrqu. nS9nj1aQs
'aOPhe9s can BE yliAle room for doubt
tEis1Stsi day that the frsuieEs ofOuUFe
AIai Constitution WsssghaFd money me
ESti. Washington, y as dpresident of Il
CohSebtiSn which framed ut. and theI
fStS OnRht 10 % EMdge' Gifts spirit q
iatsGSst. JSaBssqusnFtO itSfOrmatiOna
ltd0ptiOn, sFsakiRg With respect 10 spaP
money, in his letter to the HOn. ThOm
Stone, he SSys,ssif I-hada-HOiee in 70
delibsSasiOag itGwoui6be IOgajRst IpqE
esnsai6us. Observation-Disclosures sWiE
ling and mOnopolizing, while in truth y
SaeIakiBeabe shadow for aths s9hssanl
lethossyTfOhd lnhsiOasraVel igdVlged,l'
dsy is not far distant, when. che fey, q
to rule the many, speaking Of the circu