Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1844-12-17
NEW sERIEs:-VoL. Y. n. a.

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fhe most dangerous in ifs tendsl Io
the Independence and puriis Of the 95si
eminent, and The liberties Of The peOtSls.
II rests fundamentally upon The sane
LprineiPle upon which was estsbliahs9 s de
bank Of EnglaEd.tbe capital Of which wac
originally, and has ever c0ntinned iaveGS
isi in The stock OF debt OF tie 6ovef6@r
meDt. II proposes a union Of bank and
Staie-the formation Of an incoStuous
aud dnholy coalition between en- oEgaBi.-
zed and combined moasy interest, and
| the eiVilpOwer UpORwaich ,bs people de-
peDi for the safety Of their lfbsuies. -
The debtor i5cOrrecily said 10 Be lbo
slave Of The creditor, so the Slate HndsE
his system would become Tho depeh3sHis
md sUbseTvieht instrument Of the bank
ling interest. The establishment. ol THE
system would al Once cresle and build vp1
within the bosom Of our own State aesm<-
biDed and extended moneyed power, bsy.
ing a direct and iBherest interest il
Peipeluding pnl eDlargiag the debt Of
the Slafe. The stock Of the State W0alG
not only be found 10 be profitable in.
vesiment for the capital OF lbe banks,
but an investment 10 political POE0g.--
The Government would become Z cloak
for the fraDds and iollies Of the!baaks.-
Tie Slate debt would grow with the
growth and saenglh Of ibs banking iAleE'
esr. ~ARd 10 the lapse Of fiims, toe insidi-
Gus engroachmepis Of il,issgS gSWsT, hUsdiag
the entire property Of The Stale, subisct
to tsxaiion. under pledge from the Slaia
10 discehaTge the interest on the public
debt, would uliimaieIy transform ths Cove,
erEvaent, as il has done in England. intS
a mere engine in its own hand fer tbs
collection Of the profits Of labor BY The
process OF taxation. Furthermore, toe
paper currency in this State has besR
found already 10 agresi measure depsnd.
sss on the money hpsihet aid Slate Of
The credit system in Ihe Atlantic cities,
and in England. By Ire proposed system
of banking, this Illuminating chain OF de-
pendence wonld be augmented, and The
value and basis OF our blBk ing capiial
would be dependent upon the hJciuauoRs
in The stock markets in New York sndis
London. The currency which forms ii'aE
standard Of value in Ohio, wsuld be made
subject TO the contrOllof the devices and
prscticed in slock.lpbblpR
in Wall street, New York, and Threads
psedls street sLondOn. Z
The Investment OF the capiisl If tha
banks in government securities would be
no shield cgsinsl fraudulent bankiBg.--
The Stockholders Heterogeneous with
lhe brokers in New Yo,k, could purchase
stocks npOn credit, upon whicb 4beestsb'S
Iisb their banks, and then Fshdg Sat ts
themselves the funds with which tts paw
for stocks upon which the banks NsIa
founded. Thus, By inGFec:iOn The banks
can manufacture the means Of creating
their own capital without drawing Onsas
dollar of actual capital from the pockssss
Oftbe stockholders themselves.
The investment oil the capital in govern
ment securities is urged under the plausi-
Bile garb If security to tie bill hOldsu.--:
This, howeveE, is deIusiye. The public
domain and the eFedil of the government
was pledged fos lhe redemption Ofthv
French assienats and msndats, and yse
these paper eurrencies, because hey
could nO., at oil times, be redeemed on
demand in spscie, deprecated and be--
came pests TO ibs country. The notes
of the Bank Of Englaad have always been
secured by a-pledge of the national Wealth
by means Of the capital of the bank being
a part Of the public debt, yet this bank
suspended specie payments, and conliaav
ed in a stale of suspension for twenty-
three years at one times sni its paper fell
below twenty FIVE per cent. sdise0unt -
An accumulation Of goverhmsAt vscuFi-
tias, OF pledges Of real estate fer the nIlit
male. redemption of bank PapsF,can never
secure itfrom depreciation. No,hina bug
ceriainty in its puaciual conversion iHio
specie, on demand, bg keeping the capital
alwaysat perfect command. and using Is
OnlysOn short loans, on strictly CONNER
cisl paper, can keep paper money within
bounds, and prevensi.s depreciation,
The State debts subject Of dssp So
licitude and vial interest ie the Deopleof
Ohio, aud to which yOnr attention cannot
be too carefully directed. The i0IlOwinh
so near asi, cun be readily ascsTtaiaed,
Is the condition ofihe Slala debt, ~ Il
will stand on lie FIRST Of January nsxts
F0reigH Dshk
Annual Inis
5 per cent
i s4s ztssss. - H. .itftH sf
lie inIs5o, 100000 90 100000 Oo
l5 pet csn, aag-sal
siecE, tsd'- stss "a
4 bIsin 1866, 10000 90 ! $500 %
lie per cent Ias9
stock, red', sa86Aa9s
lie inls5O, 4.O4S, ,65s Sc 242 .6Ia IS
Is per cent 1s'i4s
stock, Fsd'> aH 81
bic IL 1856, !; ;4l2y ne % aOl .766aE
} l6 per cenf 8gsndsai w
d stock, tsd-
~ ShsssgeA