The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1844-04-27

thcitOn OF piptT mohey' ~ We ""l
no banks, the whole business OF our
country could not be thus controlled by
the B Bink Of England, for however lh'
prices Of cotton might hnctuate in Eng
land, and under the iufluencc OF tn
bank thev sIways viii hucluA'e, they
wou'd mairtain some stability here, lot
speculalion there could not, for want ol
means, be followed by sudden sPecu'''
I,ion here. Neither could such specula
lon affect the prices of all property aud
The relations of ell business herejfor sil
business depending on lis own means,
ard not those Of banks, would not have
It's sources suddenly dried or suddenly
sweled by decisions in bank psIlol"
This banking system is the great lever
by which England has long controlled
the business Of this country, and is con.
tnusIy seeking the same control in all
others The prosperity of the Eog lsh
foreign trade depends upon high prices
abroad, as the manufacturers Of Eng land
cannot supply other countries wIlhou,
undertaking Them, And as England
lis loa,le d with the banking system. and
consequently with the burden OF inflated
prices, il cannot undersell other countries
without imposing upon them the same
burden still more heavily. This will
accoun, for the solictude of the English
1psrty in this country, eor it a'waysyhas
|had, and, we fear, always will have, an
English party, 10 maintain the banking
81 STEM on this side Of the Atlantic. II
will sccoun, for the encouragement which
1.-The British Government gives 10 the
system IN Canada and its other North
American colonies. /; will account for
The efforts of the English party within
he last Two or three years, TO establish a
bank in Spain;a project that was defeated
by the expulsion Of Espartero, The mere
creature and instrument OF the English
mercantile and manufacturing interest.
Then what are our means of counierac! c.
ing the influence OF the Bank ol England
upon our agriculture, commerce and
manufactured We answer, the total
extinclion of the system.
Yet With such facts before them; and
with all their melancholy experience oi
the mschie(s which paper money intilcis,
will The people OF the United States
still cling 10 the sy,tem. The House
Iof Representatives of Ohio, al lis late
session, passed several bank bills, all oI
lmschievous character, and one, a bill
to authorize FREE BANKING, especially
! so. The Legislature Of Massachusetts
) have lately pssssd bill which dimln-
ishes The power Of stockholders over
1 1.-The administration Of banks, thus taking
J from them the control of their own pro.
RI lDerty. And a bill is now before Cou-
j.. sress 10 extend the banks of The Dis.
= lrict of Columbia. All these move
, menls IN State Legislature are the work
Of spectators. and especially OF stock
Specuaiors, in the great commercial
lcities. The Senate of Ohio were saga
cious enough to defeat these bank bills,
which would have rendered the whole
agricultural inleres, of that great State
!, tributary TO a few spectators in New
+ York and Philadelphia, themselves con-
,roled by the city banks. which are
: controlled by the Bank of England; and
, for defeating this projec', and especially
the free banking law, does every Sena-
or Of Ohio who voted against them
deserve The thanks OF every farmer,
: merchant g. manufacturer in The Union.
J But whether the people Of Ohio will be
? wise enough TO sustain their Senators y
, rebuke their representatives,, is point
? yet to be determined. Had these bills
been passed, ,lha, State would have been
deIuged with worthless paper currency,
) every dollar of coin would have left il,
/ extravagance would have affected, for a
time, its whole population, and under
{ this impulse. it would have plunged
: Till deeper into debt, leaving ultimately
2 to its farmers The alternative Of high
: taxation or dishonorabIe violation OF
. contracts. And for whose benefit would
b.. all this mischief have been done? Fol
!, that of few spectators in New York
; and few merchant princes'in London
. Every State Of this Union that maintains
banking system must be tributary, dir
ecliy or indirectly, to a small body ol
E men in The 'bank parlor' Of London. Is
; This independence?
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