Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1845-11-19
The Banks and their Influence.

The Banks and their Influence.
! No attentive observer Of the progress
of eyerts for the last twenty. five or thirty
years, or who has read the history of the
banking operation in this country, during
that period, can look upon such lnstitu-
tions with the least appreciation, or con-
slider them in any other light than as en>
gines of fraud and corruption. unless he
is in some way directly or indirectly in'
terested in them. We speak of banks as
they have been and are generally organ
ized-banks of discount, having char-
tered right to issue notes to three times
the amount of their means to pay. 1t
is certainly one Of the most ridiculous
things in the world, that any Legislative
body protesting to be governed by Dem
ocratic principles, should have ever
granted charter for bank with such
privileges. 1t can be accounted for on
no other principle than that applications
for such charters are always presented
under the false and hypocrtical preten-
sions that the public good requires their
existence; when in fact, they are de-
signed expressly for the benefit Of few
speculators and shaves. And SO far as
our OBJ bservation extends, there is not a
bank in existence which. in its operas
tions, does not carry out that design.
and instead of benefiting the public,
prove sooner or later to be curse to
the mass fthe people. Their influence,
both in regard to the business and polls
tics of the country, is of the most delete
rous character, rendering every thing
over which they have any control, un-
stable and uncertain; aud like the Upas
tree, POISON every thing that comes with>
in the reach of its power. They corrupt
the morals Of the people by holding out
inducements for the accumulation Of
wealth without labor. and by placing it
in the power of their particular favori-
ties, to filch from the hand of industry
the fruits of their tell,
Their dlspensation of favors is but an
other name for bribery, by which they
control the political affairs Of the State.
Look at the result ''of the late election in
} this State. Not Senator or Represen.
J tative has been elected on the Reserve
: this fall, who is not pledged to exert his
influence in favor of banks. Their nom-
nations were dictated by the bankers
and we venture to say that no Whig
could have been nominated who was
known even to be in favor OF making
bankers liable in their individual capac-
ity, for the payment of their notes.
Such things speak language not to be
misunderstood.
The time has been when men ofpure
Democratic principles favored the estab.
lishment of banks and there are some,
even at the present day, who profess to
be Democrats, and yet shut their eyes
against the light of experience, wink at
the corruptions and destructive tendency
of banks, and succumb to the views and
I selfish designs Of the Wings in regard to
these soulless corporations. But no en-.
lightened, honest Democrat, who has wit.
messed the swlndling operations of banks
for few years past, can favor their es
tablishment, or countenance their doings
For ourselves, we unhesitatingly de
clare our eternal and Incorporating
hostility 10 all banks of discount under
any form. We sincerely deprecate the
creation Of any more new ones, and
should rejoice to see the day when nc
such institutions should be found in this
or any other county. We should then
have such currency as the framers o.
the constitution established consisting ol
gold and silver; which would be subject
to neither expansion, contraction or de.
probation. This would give stability
and safety to all the pursuits Of life. ane
compel thousands, nay hundreds o
, thousands, who now live upon the hare
earnings of others, TO seek livelihood
by honest industry. We hold this TO be
the only true and genuine system o
Democratic principles, which secures t.
all equal rights and equal privileges
And he who pretends to be Democra
= in principle, be his party name what i
may, and advocates any other doctrine
is in practice, inconsistent with his pro-
fessions, and should be looked upon will
distrust, as giving countenence 10 tn.
most palpable system of fraud and cor
ruption, with which mankind have eve
Z been cursed, the pestiferous and poison
-. Gus influence Of which is felt throughou
the country. Cleveland Times.
Massachusetts Election.