Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1844-12-13


ground OF being necessary lor the pur
pose-oi supplying a more abundant cir,
cuiatins medium 90 The contrary, they
Inform US, that cit is the opinion of the
best writer's on he subj j.ci, that lhe mosl
perfect bank circulation would be one
which should be precisely equal IA
amoan' 10 what the circulation of the
sans country would be in The precious
metals, were no other circulation permit.
ted"
B'oks create debt. hat not capiral -
Actual capital is produced only by The
productive labor OF the country An in
crease Of bsnk paper and hank loans. IL
evidence OF an increase OF debt in the
country Although banks produce debt
and not capital, vet by The insidious
operations OF The paper money system,
they levy tribute upon the productive
Industry OF the country. and take from it
a large p rtIon ol its profits. This is
shown by the fact that though lhav add
40 actual capital 10 he wealth Of tn
cnnhtrv, yet they accumulate large
mounts of II from The products Of labor
The amount paid 10 banks and the losses
sustained by them IN their uIt male re-
suits, tall upon tho products OF labor -
Il would he useless 10 attempt TO define
all the lnsIdious and my sterious expedi
en's by which the machinery OF bank
debts and paper money tax productive in
dusIrv, and usurp the legitimate rights
OF labor ia the distribution Of the wealth
Of the country. The direct tendency of
the system as heretofore conducted in
this country, is TO lead to The opuIence OF
the lew, and the paupersm OF the MANY,
Some idea can he formed Of the ops
pressIVe and deSoiating effects Of the pa
per mo0ey system from some authentic
reports on thesuhjocl of he losses sus~
'alned hv 1t, and which should never b.
lost sight OF in attempts to establish
new system OF banking 1t sppears front
special report made bv the present
bank comm ssIoners of this State, 10 the
legislature, ut The last session, that since
the year 1891 nineteen banks in this
State have been closed up and found in
solvent, and tho toss TO the community
oV tho low p'Ice at which that paper was
token up, is eS'lmRct at 81 .405 9S5 81
aud the loss by the depreciation OF the
s'osk a. $6S3 264 rs. Itis also es'imut-
ed 10 the same report. that the amount
pad by the people of Ohio for The price
OF exchange In The busI0ees Of the coun
Try above she proper rate, on account OF
thh depreciation OF Ihe paper currency
is S 10 536 6S3 O5; making total loss
within The last eleven years, 10 the peo
pie OF Ohio, of over twelve millions and
halt This calculation does not iucude
the losses sustained by the paper of bro
ken hanks in the Surrounding States,
nor the amount plid to the banks by the
way OF Interest or discount, nor any Of
The losses sustained by the people 10 the
bank revuIson which spread desoIatlon
and RUN throughout the State between
The years 1914 and 1924 1t appears
rom report made 10 the Senate Of the
United States. by the Secretary of the
Treasury, that the number Of banks
which have become insoIvent In this
country, between the wears 1889 and
lB4i, amount TO 305, and The aggregate
amount OF The loss sustained by the
government Of the United States and the
people, IS computed al 1866 45i 497.-
II ESQ appears from The same authority
that the t0taI amount paid by the commu
nity 10 the banks for the use OF them, The
ten years preceding 1871, in the United
States. has been the enormous snm of
$2S2 100000, which would average,
annually. $sS eco 900 Accurate sta.
tIsiIcal and financial journals Of the
times. furnish us with the following CON,
pu'ation OF The losses resulting from the
recent bank feVusion in lhls country,
10 wit:
On bank circulation & deposits S54 ,O0O, 900
Bank capital failed and de-
preclated, 248 100000
Company stock, 100000 900
State stock deprecated, 1OO,OOOO0O
Real estate, 100000, 900
------
Total loss. 782 900. 900
Startling as these facts may appoar,
when grouped together they DO not in.
c'ude any thing like all the injury aud
snff'ring produced by The immense huc-
ruatIons IN the standard of value. And
il is correctly said, that "thr greatest in
jury to society resulting from this siate
OF things, Is in the upheaving OF the
elements of social order, and the utter
Generalization Of men by the temp,a
lions TO spCCualions, which end in swIud
Iing IN retain their i'll gotten riches. ~
In attempting 10 frame new system of,
banking, II becomes us TO prof by these
bitter fruits of experience, and provide
against those evils and abuses which
have heretofore been inflicted upon