The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1844-12-18

EN- woald al oAce create and bald up
within the bosom ofour own State a COM
bined and extended moneyed power, hay-
ing a direct and inherent interest in per-
Pctuaiing and e~nlarging the debt Of the
The stock OF the State would not
Be found to be a profitable invest
ment Tor the capital of the banks, but AN
investment in political power. The GOV
ernment would become a cloak for the
frauds and follies of the banks. The
State debt would grow with the growth
and strength of the banking interest.
And, in the lapse oftime, the insldious en-
croachments Of this power, holding the
entire property ofthe State subject to tax
alton, under a pledge from the Safe to
discharge the interest on the public deb.,
would ultimately transform the govern
ment, as it has done in Engianl, into q
mere engine in Us own hand for the col
lection Of The profits Of labor by the pro.
cess Of taxation. Furthermore, the paper
currenc in this State has been found al
ready in a great measure dependent or
the money market and state ofthe crediI
system in the Atlantic cities, and in En-
gland. By the proposed syse en- Of bank
lng, this humlllatlng chain Of dependence
would be augmented, and the value anC
basis OF our banking capital would be de
pendent upon the fluctuations in the Stocf
markets in New York and in London
The currency which forms the STANDARD
OF value in Ohio, would be made subiec
to the control ofthe devices aud Iegerde
main practlced in stock jobbing in Wal
street, New York, and TreadneedIe street
London.
The investment Of the capital of tho
tanks in government securities would be
no shield against fraudulent banking Tht
stockholders by arrangements with tht
brokers in New York, could purchase
stocks upon credit, upon which to e.tab
fish their banks, AID her lend out to them
seiyes The funds with which to pay for th'
socks upon which the banks were found
ed. Thus, by indiroction, the banks cal
manufacture the means of creating theiI
own capital without drawing one dolla
of actual capital from the pockets of TIN
stockholders themselves.
The investment of the capital in gov
eminent securities isurged u1dcr The plau
sib.e garb Of security to the bill holder
This, however, is deLusiye. The publ,
domain and the credit ofthe government
was pledged for the redemption Of tn,
French assigna9ts and mandats, and ye
these paper curreucies, because they
could no., at all times, be redeemed on de
mand IN specie, deprecated and became
pests to the country. The notes Of tn,
Bank Of England have always been secu
red by apledge of the national wealth, by
means Of the capital Of the bank bein,
a part Of the public debt; yet this banI
suspended specie payments, and continu
ed in a State Of suspension for twenty
three years at one time, and its paper feI
below twenty-five per cent. discount. Al
accumulation OF government securities, 0
pledges ofroal estate for the ultimate re
demption Of bank paper, can never sccur,
it from depreciation, Nothing but Ger
tainty i'll It's punctual conversation in spe
Gle, On demand, by keeping the capital al
ways at per Get command, and using iton
y on short loans, on strictly commercial
paper, can keep paper money within
bounds, and prevent its depreciation.
The State debt is q subject ofde3p SO
licitudo and vital interest to the people O
Ohio; and to which your attention cauno
be too carefully directed. The following
so neal as it can be readily ascertaincd, i
the condition of the State debt, as it vii
stand on the first of January next:
Foreign Debt.
Per cent. Year, Annual Int.