Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1844-12-13

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capital OF which was originally, and has
ever continued invested in The stock or
debt of the Government. II proposes q
onion Of bank and State tho formation
OF an incestuous and unhoiy coalition
between an organized and combined
moneyed interest, and the civil power
upon which the people depend Tor the
safety of their liberties The debtor is
correctly said to be The slave Of the
creditor, 90 Tho State noder this system
would become The dependent aud subser
VleHt instrument ~ the banking inter-
est The establishment OF this system
would a once cteale and build up within
the bosom Of our own State a combined
and extend 1ed moneVed power. having a
direct and inherent interest in perpetuat.
ing aud enlatging the dent Of the State
The stock Of the St,te would not only
be found to he prof able investment
for the capital Of the banks. bat an Ia
vestme ut in political power The Gov
ernment would become q cloak for The
frauds and IoIIcs Of the banks. The
Slate debt wOn'd grow with the growth
and strength Of the banking interest -
And, 10 the lapse Of time, the Insldious
encroarh nents Of this power, holding
the enrrre property OF the State subject
TO taXAlion, under pledge from the State
to discharge the interest on the publ
debit, would ultimately transform the
Government, as it has do0e in England q,
lnio mere engine IN its own hand for
the collection Of the profits Of labor by
the process of taXarlon Furthermore,
The paper currency in this Stgte has
been found already in great measure
dependent on the money market aud
state Of the cFedil system IN The Attain
TIC cities, and il England. By the pro.
posed aVsIem OF bauktng this hgnIlIat
lug chain OF depe"dehcs would be aug
mented aud the value and basis Of oar
banking capital wou,d he dependent
upon the dnctnaiions ia the stock mar-
kets 10 N w 7 tx and 10 London The
currency which forms th- standard OF
value in Ohio, would te made 81 rct to
the control OF the deqires and teerda-
main praCuced in s'ock io'liDg in Wal
street, New Yolk, aud Threadnscde st,
LoGdOn,
Tee investment Of the capital Of the
backs 10 government securities would be
10 shield against fraudulent banking
Fhe Stockholders bv arrangements with
the brokers ia N " Y lrk, cou purchase
stocks upon crrdu, upon which to estah
lish their banks, aud Thea leod out to
themselves lha funds with which to pa
for the stocks upon which The bank
we're lou, ded. Thus. bV iuG rrclion
The hanks can manufacture the means 0
creating their own capital without draw
ing oue dol Of actual capital from tht
pockets Of the Stockholders themselves
the iHvos'meHt Of tie capital 10 GOV
Prnment securities Is urged Hader the
plausible garb Of serurlty to the bIiI
holder. This, however. is deIUsIVe.--
the public domalu and tho credit ct The
government, was pledged for the Tedemp
tlon of the French sss,gna,s and man
dats and vet ,hrse paper cuFrencIcs
because they could not, al all times, be
redeemed on demand in specie, deprecia
ted and became posts 10 the country -
The notes of the Bank Of England have
ALWAYS been secured NV u pledge of the
national wealth, by means Ol lhe capitdl
Ot The bank he'ng part Of The public
debt; yet this bank suspended specie
payments, and continued in u staie oil
suspension for twenty three years at one
line, and its paper fell below twenty
five per cent discount. An accumua .
lion OF government securities, or pledges
OF real estate for the ultimate redemp-
'lon OF bank paper, can never secure il
from depreciation Nothing but certainty
IN It's punctuHl conversion into specie,
on demand, by keeping lhe capital al
ways al perfect command and using II
only On short loans, or strictly CONNER
cla paper. can keep paper morey within
bounds, aud prevent its depreciation.
The State debt is o subject of deep So
licItnde and vital interest TO the people
ot Ohio; and to which YOUR attention
cannot he TOO carefully directed. The
following. 80 near as It can be readily
ascerlalUrd, is the condition Of The SlAle
debt as it will stand on The FIST of jan
uary next:
Foreign Debt.
Annual Int.
5 per cent. stock, red'ble
in 1850, 100000 90 10000 90
5 per cent. stock, red'hIe
in '56, 10000 90 $500 90
6 per cent. stock, red'ble
in 80, 4,O43,658 76 242, 1913 SO
6 percent. stock, red'bIe
in '56, 3,4I2 ,779 "a O4,766 rs
G per cent. stock, red'bIe