Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1843-11-28

d fferent aud healthy state of feeling at tho
present day. Experience and practical OBJ
servation have effected wonderful change
in public opinion, and VIII LIST every charter
has been swept from the statute book, the
most ultra whig or visionary paper money
theorist, does not dream of the establishment
in the territory of another Bank. This change
in public opinion has not been effected so
much perhaps, by Witnessing the disastrous
results arising from the establishment Of the
Banks we have had, as fom the fact which
has forced itself on the public mind, that
Bank of any character, is in no wise neces-
sary for the prosperity or well being of the
territory. The fact is, in our opinion, a coun-
try or community can never calculate on
steadily increasing and permanent prosperity
whilst their business is dependant on rcsour
ces drawn from Bank We have heard
much of the great value of the credit system
in developing the resources of a country, in
building her canals, rail roads, &c. 1t is We
ny possible that such may be one of the pha-
ses of the credit system: but the same results
may be accomplished on the pay as you 90
system, without the numerous evils which
are forever in the train of the credit system.
Credit may tend TO the rapid development
of the resources of country; it may build
canals and railroads; it NAV stimulate to great
individual eXcrtion and enterprise, but nine
times out of ten what is the final result. II
builds canals and railroads where the wants
of trade do no, require them, and plunges
communities into debt and taxation; whilst
it stimulates to individual enterprise it fur
nishes almost unavoidable inducements TO
extravaganza, and after the toll years it sweeps
away the delusive wealth it created, leaving
suffering aud distress in lis train. On the
other hand, we may not advance SO rapidly,
but every step we do take is sure; there are
no rcvulsions and rcvers Gus. If the wants
of trade require improvements, it furnishes
the means 10 construct them; if indiv:dll
wealth is attained it is permanent, not eleva-
ting lis posscssor to the clouds one moment
and dashing him to the dust the next I'M
less a person be gifted with an uncommon
degree of prudence, we arc satisfied there is
nothing so pcrnicons TO his welfare. as the
credit system, and the me with regard to
communities. Bat to return to the more
immediate subject.
What does this territory want of bank?
Never was the currency in so sound and
healthy condition as at present, and we
believe never were exchanges 50 low on New
York. The reason is obvious. and demon
strates to charm that country which has
real wealth within its borders. has no need
no country produces more abnndantly the
nccessares of life These necessares must
be had, and since the paper we had became
so utterly worthless as to cease circulating
they readily command gold and silver; and
gold and silver is found to be abundant for
all business purposes. EVENT. bank could
be safely established, wherein could it pos
sibly benefit us. Whit do we want that it
could furnish us. Every thing is now pro-
crossing naturally and healthily. Our resour-
ces are being Developed ay an industrious po-
pulation and every department of business
corresponds in its operations. Every thing
is safe and sure; the foundation of business,
is not fictitious but real, and the reality per
vadcs all It's qualifications. BY the unnatu-
raj stimulus it affords and the fictitious state
of things il creates, Bank would be a curse
to Wisconsin, and the same to any honest
and industrious people. 1t only excites to
living beyond the means, and stimulates to
exertion when exertion is necessary to avoid
total ruin by debt.