Democratic banner., 1845-06-14
THE BANKING T

which heads this article. Perhaps no
one system has ever been more thor
ouehly discussed and debated before the
people in public and in private, IN by
gone days, than this same subject; n
vet the people who alone are to gain or
lose by the establishment Of such an In
~s,itution in this Stale, appear now to re-
gard it with downright apathy. The
history of,he last thirty years has taught
US by feeling examples such as bank
rup'cies, suspensions and loss Of trade
as we'll of the fearful curses which it
entails upon communities, as of its in
sidious approach. The. acknowledge
ment Of the principle by the charter OF
such an institution, furnishes a prcce-
dent which the Legislatures heretofore
have not failed 70 avail themselves OIL
If such is the fact. and but few will be
hardy enough to dispute SO plain a
proposition, is it not right and proper
tina. the voter should take this PROPOSE
ton under thorough advisemcnt before
he votes. BY u present constitution
the right to charter such an institution
is vested in the General Assembly.
What NAV have been the motives
which prompted the Original trainers Of
our Constitution to engr.h such a clause
in the article which gave US existence
as a State, We know not. and we X
prcssly disciam speaking for any ore but
ourselves, when we say that orr hum
be Judgment teaches us TO oppose by
every means in our power, the insertion
Of a like clause in what must from no
~cessity be the first law Of the State for a
series Of years.
We have been induced to come 10 this
conclusion by reasons too humorous to
be fully set forth, [save in a condensed
form1 in a newspaper article. In ON
mon with q portion of the Democratic
marty. we have ever viewed the whole
system Of Banking as unjust and une-
qual, 5ut as opposed TO the genius Of
our Government. Where is the jus
tice Of gisingb Legislative ennctments
rights and privileges to one man or one
set of meD-privleges which are denl-
ed TO the rest Of The world? Where
the equity or justice of legalizing The
acts Of Z corporation whose daily occu-
: patton i. Is 70 swindle and plumber the
honest-to hoard up immense fortunes
and throw themselves upon the very ir-
responsibility with which the law has
gifted them, and tell the defended
community 10 help themselves? Such,
in measure. has been the history of
banks in the L. States, and such will
ever be the case until the principle Of
indi, dual liability is introduced into
their charters, which will take from
them every advantage and privilege,
when of course they will cease to desire
:. an investment in an institution unable
t longer to speculate and pilfer from the
> people. Oiher reasons, and weighty
, ones, induces us TO believe that the Bank
: ing system is the heaviest curse which
, ever rested upon any people. Many Of
t our readers recoliect well, the fearful
; revulsion5 which took place in this
| country, from 1919, and upwards du-
= ring the palmest days ofthe Great Reg
! ulon. Nov although ior want of sufi-
r cient power, state Banks are incapable
= of producing the ruin and calamity caus-
. ed Jy the great "monster;" yet the dis
> tructive difference between the two is
that which exist between a great scoun-
drel and a little scoundrel. The sys-
tenn is demoralizing in its tendencies, as
begetting a spirit of wild and reckless
enterprise which heads not tho ruin
which follows in its path, by rendering
those who engage in business upon
the faith of these s%oulless corporations,
regardless Of their promises and obliga-
tons by introducing wholesale folly, ex-
travagsnce and luxury so %enervating to
any nation, by presenting in contrast
immense wealth and squaled poverty,
and a looseness and laxity of morals abb
solutsly frightful. We have trieed
them long long enough, policy prompts
us TO shun them as we would an abyss
in which our all had been lost-princi-