The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1845-03-07
REMARKs OF MR. AReABoLp,

aHQ observed tndt ne rose unuer DIS
.couraging circumstances. That moth
ling was better calculated 10 depress
The spirits Of a speaker than hopeless
ness oil, success. Yet so it was, the
good and generous spirits of the two
parties were condemned by political
prejudice, to pass each other like ghosts
in graveyard are said to pass the iiy.
ing without being able to communicate
an idea. Yet he would be an irreso.
lutte champion ofihe truth, who would
decline the contest, simply because
present victory was not unlikely to
perch upon his banner. On the contra.
nv, such man confident Of the truth OF
his principles, would advance them up.
on all proper occasions, well assured
that if truth should meeta cold recep.
ton one day, it might hope for a better
one at another.
= The language ofsuch man would
be, t86
"Truth crushed to earth, shall rise again,
The eternal years of God are hers,
But error wounded wrthes in pain.
.g And dies amidst her worshippers."
IT may be observed that the issue OF
email bills, contradicts the primary idea
of acurrency. A stable currency new
er can consist Of a very cheap commod-
ity, or of a commodity capable ofgreat
and immediate increase. II gold and
silver were as plenty as lead they might
answer for cups and goblets, as we'll as
now, but they would not answer cur
rency. They were chosen by the u
nanimous consent Of the world TO be
the material of money, because of their
scarcity, and because the quantity in
existence could not be suddenly increa-
sed. Their beautiful and shining quail
tiles have but little to do with the mat
ter; platina is less ornamental than sill
yer but more valuable than gold. The
issue of small bills enables the banks to
contradict the laws OF currency in two
particulars, it enables them to expand
the currency beyond the wants of trade
and commerce, and it enables them to
bring about this effect in the most sud-
den and mischievous manner. Did
members doubt OF this. Let them con-
slider that if the issues Of BANKS were
confined to denominations larger than
the largest coins, they would be disa-
bled from interfering in the small trans
actions Of every day life; and the use
of their notes would be confined to lar
ger transactions. Their notes would
be inapplicabie to the purpose of pay
ing the blacksmith for shoeing a horse,
orthe cooper for making bucket, but
would be well calculated 10 be employ
ed in the dealings between the whole
saler and retailer, between stock-dealcr
and grazier, and in one word. between
large dealers ofall classes. The direct
consequence would be to limit their is
sues most materially, as the aggregate
of every mans dealings in small sums
below ten dollars is much greater than
in sums above ten dollars. This is
probably the only effectual curb which
the skill of man could devise TO check
the over ISSUES of the banks. A II 9TH
er modes and means will prove futile,
and TO this complexion we must come
atlast. 1t is true, some have argued
that banks issuing none but large notes
could still put out as much currency as
if permitted to issue notes of all de-
nominations, large and small. The
man who believes this, might easily
persuade himselfto believe that the gun
factories OF all descriptions in the Unit
ed States, could sell and disperse a.
mongst community as much Of their
wares, if permitted to manufacture anc
sell nothing but cannons, as if permitted
to manufacture both cannons and small
arms. But certainly all candid oppo
nents ought to admit, that bank issues
could not be suddenly dispersed amongst
the community SO as to unsettle the
currency, and occasion violent fluc-
tuation Of prices, except in the shape
of small notes.
And it is further worthy of remark,
that if in such state Of the currency
expansions should take place, they
would moi reach every cabin door in
the wilderness as at present. Our peo-
pie would have currency suited to
their wants and exigencies, and would
not be influenced and agitated as at
present, by every Auctuation Of the
commercial world. Those agitations
and fluctuations would reach none but
the commercial classes, who are best
able by their habits 10 accommodate
themselves to circumstances, and even
they would find their means of relief
facilitated and increased by the exemp-
ton Of community from pessure and
calamity. The small proprleiors, would
not have their habits Of economy over
thrown and destroyed by exchanging