The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1845-09-19

On footing with intemperance, slavery. an,
gaming of every kind, paper money is one Of, III,
great evils of the day. |, unscttles the bushes,
OF the country, produces unnwarran,ed and I'M.
natural fluctuations in prices, confises exchanr.
es, and takes away from them the natural Ten.
dency they have to regulate themselves on the
cheapest and irmest basis, and corrupts public
morals by nfusing spirit of gambling and adj.
venture IN all the business Transactions of so.
cIeiy. From these tendencies, and from other
causes, 1t results, also, that it is ruinousy expen.
sive to the country, without bringing one incon.
'estpIe benefit In return. Ii is not intended TO
show here what the system has cost our countrv
or that we have lost over five hundred millions
Oh uoiars within the last ten years by the failure,
suspension, and swlndling Of banks; but we shall
look at the system in its most favorable LIGHT spn.
pose every bank in the country to be sound. Al,
pahN o'hcefs TO be honest men, and every bank
note to be Immediately convertible into spccie
anu then let US make an approximate estimate o(
what It annually costs the people of this country
y bank issues and loans GU, three dollars to eve.
ry one oil Its capital stock this gives il IS per
cent. The difference between discoun, and IN
tsrest Is per cent, and this is 3 ne, cent n, lie
capital stock' and per cen, on all bank issues
is lost and never returned, and this would be sly
per cent. on the capital, which makes ?, nor
cent, which the people annually nav on MI ,ho
banking capital of the counlry-somc $500 Ooo.
oVo-icr the blessing of paper money, amouo,ip,
In all to tax of over 100000 900 annuolIv-
enough to pay the interest on all the state aoh,s
ior eight or ten years to come. And this ia in
inc most favorable light the subject can be view.
Gu but when we look at the banking system as
II IS, and take into account an allowance If N
~ per cent that must be made for failures and
swndllng, the 20 per cent. more it takes to main.
tam the thousands Of brokers that live upon Tho
system, the expenses resulting from the ,eranpe.
men' oil exchanges &c. &c, it is readily perceiv.
oil that the cos, Of the system to the country ia
hi'le short "i the amour, Of its capital stock
But we are no, going to write LONG ,ss,, -,
the evils of banking: our readers have fl, md
still feel them. and doubtless sufficiently under.
stand them. Our country is now flooded with
paper irom every point of the compass. Some
OF It may be on good banks, but all of il is sus.
Pected, and worth less than specie The man
who takes 1t is unwilling 10 keep it on hand, and
parts wilhito often where be would be more econo.
mical II be knew his money was good; or if he
wants The specie for it, he must pay an exorb.
tant percentage to Spectator or broker. And
hesdcs this evil, there is scarcely bank failure
IN the country but our people bear heavy pro.
portion Of the lrss.. Tho inyariabe practice, we
may almost say. Of banks at the cast on the ave
of breaking, is first TO food the west with ,bsi,
paper. These evils have seriously pressed upon
Is long enough, and il is time they should be re.
nedicd. But how can this be done The simpIes,
aud perhaps tho only remedy is to
ofuse to take this foreign paper. Blu, /, is use.
,ss for one man, or two men, to refuse taking H. |
While the community generally receive il as GOOD
money. There must be an understanding among
ur people on the subject, and IL majority once
sfuse to recognize it as money, tho rest must
BON come into the measure.
For the purpose Of bringing about SO desirable
sesuli, we know Of no better plan than tina,
lsp,eJ by the people Of Ecslc precinct, in this