Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1844-04-09


posts alone amounted to S5i,000,G00; on
bank capital failed and deprecated, $24S,-
600, 600; and the losses growing out of bank
suspensions and failures during the same pc
Rod, OH state stock, company stock and real
estate, it is estimated was not less than
$4S1 ,OO0,OO more. The United States
therefore sustained loss during FIVE years,
far greater than the amount expended in
public improvements of every character du-
ring the same period. Have not the lessons
of the past convinced the people of the dan
gers Of relying upon banks, and of regarding
paper currency as the "nc plas ultra of
modern civil zation!" The experience OF
the last two years has demonstrated, that
the fewer banks we have, the better is our
currency. 1t is adm tied that while the
wings contemplate the establishment of an
extensive credit system, they evince a dis
position to have 10 have it placed upon a
good foundation and guarded against losses;
but what party we ask, over pretended TO
favor any other system of banking than a
safe one? And what system has ever yet
been established which has secured the peo-
pie fully against loss! The New York safe
ty fund banks were declared TO be model
of perfection, and the 1est in the world;
but from these even the people have suffer
cd some thousands,
The great issue before the country can
not be m;stakenI Henry Clay, National
Bank and an extensive paper circulating
medium. The people are 10 be made rich
by tcgistdting IN existence plenty of pa
per money. An abundance of fictitious
capital is created TO satisfy those who are
unsatisied with real capital, for says 'Juni-
us; "With the exuberance of our resources
and enterprise 1t Ga paper currency affords
the means for multiplying wealth in mani
fold degree. Instead of one dollar 10 trade
with we have scveral.' The idea of in
creasing the actual wealth of the nation by
issuing bank notes, is both prcposterous and
unphlosoph;cal. Suppose the valuation of
the real and personal property of Wisconsin
TO be Sl2 ,02O, 900; would the issuing of ST.
100000 of bank notes secured on like
amount of the aforementioned property of
the Territory, increase the actual amount of
property in Wisconsin to $4,000, COO? nay,
would it increase the actual amount single
dollar? Certainly not. Real wealth is not
subject 10 the caprice of legislation; it is
not TO be created at will, by Legislative pow
err. AS well might Congress or any other
law making power, attempt 10 convert air
into marble, as to make the people rich by
creating millions of dollars out of paper.
We commend to our democratic friends
the following extract from an article in the
Globe: We say, "be of good chccr,' for
we are sangune, nay almost certain Of the
triumphant success of the Democracy in the
coming canvass. However the wings may
seek to befog and mystify the issue, it is the
principles of the two parties in our opinion
which will decide the result; and under the
circumstances have the Democracy any
cause to despond. From the commence
of the war of the democracy upon the Banks,
and upon the wing principle Of special legis-
lation, where the principle has boon fairly
before the people, they have decided in
thunder tones against the wings Look al
Jackson's second election after the veto of
the United States Bank. Upon that one princi-
pie did the Old Hc1o throw himself before
the people. The whole power ofthc Bank,
with its immense and widely dlitsed capital,
was thrown into the contest against him. Its
inquitcs had not then been fairly developed,
nor had the people then been fairly made
| acquainted with is naturally dangerous ten
dcncy, so that it may reasonably be presumed
! if it ever had or could have power, it was
then. 1t was a case of life or death with
it, and every nerve was strainedi yet the
people cried almost with one accord, ave
want no Bank" Again IN the election of
Van Buren,. He was pledged to walk in
the footsteps of his predecessor. His policy
was fairly developed before his election, and
the people declared in his favor And by
the nomination of Harrison, the wings tacitly
admitted, that they dare not meet the de-
mocracy again on the question of principle.
They took man whose principles, if he had
any, were VIGOROUSLY unknown, and the de-
fusion was studiously kept up during the
canvass. If this is doubted, let their man
answer for them, for in his inaugural address
he spoke thus: at may be thought that
motive may exist TO KEEP UP THE De
LUSION under which they (thc people
MAY BE SUPPOSED to have acted IN
relation TO my principles and opinions. >
And for the second office in their gift, they
took man whose principles, SO far as known,
I