The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1844-03-28
For dc Scafiael.

Having unexpectedly seen my hame IN the Ca
dz Sentinel as a candidate for Nomination for
the Senate and not having yet obtained my own
consent to be candidate for that or any other
office it is due TO those 10 whose kindness | am
indebted for so favorable a notice 10 know my
reasons for thus peremtoTily declining such ah
mark ofrespect His 5of tkecdase Of
tie Democratic party upon tho success Of which /
have long since been convinced the liberties
andhappness ofthis Republic depends In nls42
shortly after came 10 this county Parties were
much excited in consequences of the disoreauiza-
lion Of our Legislature, by tho resignation Of The
Federal members. Public discussion Oh poliii-
cal questions ensued. The Federaboaioss as
sailed the laws for the regulation Of Banking in
Ohio; and was called upon TO assist the Demo
cratic Speakers in defending that measure, and
having been so unfortunate for more than ten
years as never to have discovered the necessity
of such visitations upon the industry Of the coun-
Try declined defending said law and Stated then
among others the following reasons therefor
That it Is a. well settled principle in moral
Philosophy that labor is the only source of wealth.
Il transforms and reduces the productions of ma
|ture to a state suited TO the comfort and conve-
nience of mankind; and ever since that memora-
bic curse was pronounced upon man ("In the
sweat of thy face shalt thou eat Ser it is equal
Fly settled that to the Laborer belongs the fruits
Iofindustry, and that any institutions which would
divert the fruits Of labor from their proper chan
incl into thepockets ofmen who neither labor nor
produce any thing in turn therefor is opposed to
the interests ofthe toiling millions inwhose sweat
the pampered fewriot g. luxuriate requiting their
toll with sneers and contempt. To which latter
class belongs Bankers producing nothing, liv-
ling upon the interest of what they owe, and tax
ling the labor of the country at pleasures There
can no general good result from their mployments
land the inevitable loss to community is the time
and sustenance of those engaged in the business
but these dwindles into insigniicance when COM
lposed to the many avenues to fraud opened up
lby the paper money system
| Commerce is the result of wise experiments
upon the ancient and cumbersome system Of traf
/ fck and among the greatest improvements therein
may be reckoned the Introduction of money as a
universal representative of value and in which
character there is no intrinsic value in money;
therefore you cannot enlarge the principal by
multiplying the representative no more than hav-
ing two deeds for the same piece ofland will make
a man richer than having one, nor more than
doubling the representation i'll the Ohio Legisla-
ltme would increase the number of inhabitants in
the state. The whole money being always equal
| to the whole commodity in market, the disparity
in weight or bulk between money as a represon-
1tative and the commodity as the principal can
never effect the commercial interest except when
it is carried on upon the principles of credit, and
in that aspect of the case the more stable and
uniform the money of the county is in amount
| the better So that it may be equally plenty when
debts are TO be paid as when contracted and to
secure that object the best currency in the world
is one composed Of a material possessing an in
trinsc value equal to its representative value,
That in a democratic government organized
upon the principles of ours the delegated powers
should never be exercised without some real ne
cessity and that no necessity, however urgent is
sufficient TO justify the exercise of power not del
egatcd or prohibited, fort that would be revolution
airy and that Of the most tyranical order.
There is no power delegated 10 the U. S. gov
eminent to make paper money, and that power
has been expressly prohibited TO the States as
must appear from careful reading of the 1st
clause of the 10th section of the 1st Article of
the constitution ofthe U. S. some argue that the
words Bills of credit here mentioned does not
mean paper money, but five take into consider
alton the evils against which the drafters of the
constitution were trying to provide the conclusion
is inevitable, the country was then inundated
with species of paper money consisting Of col
lonal scrip and individual shinplastors the char
acter and effects of which have been impressed
upon the recollection Of many by the sad reflec-
ton that after long life of toll and economy
they were suddenly stippedof all and left in cold
and unchartable world to linger out their days in
poverty and wretchedness. This was the evil pa
per money was the evil against which that body
was providing A system by which the sharpers
and monied Shilocks were enabled to appropriate
to their own use the earnings Of the more indus
trious and unsuspecting. 1t is contended that
paper money is not bills of credit, that the evil
dence of State stocks is not bills of credit
State scrip circulating as money is not bills of
credit that the notes Of State Banks are not Bills
of credit then, Task inthe name Of common sense
what the draftcrs of our constitution could have
mont by the words bills of credit, but in Justice to
them let us refer to their own Interpretation of
the term as being the most certain method of ar
irving at the true meaning of the expression, we
find in an able work written by three individuals
among the most distinguished friends of that in
strumenttin answer to the objection raised by the
various journals ofthe day againstt the constitution
lat the time it was before the American people for
their ratification the words bills of credit and pa
Iper money used in the same sense whether spea-
liking of it by comparison with other powers they
Euse the words bills of credit and paper money in
Discriminatory And prefer taking the intcrprc-
taton Of the friends of the constitution made when
they were recommending it to the favorable con.
sideration of the several States who with that in
before them ratified and adopted the
Same, to taking the opinions Of interested Legis
IIators, or judges who bndly follow the glimmer
ling ignis fatuus Of precedent in preference tc
1.-THE sun beams Of common sense.
II And it is said that although the States are pro