The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1845-03-21

will, saved her from exploding and her rotten
ness from being laid open TO the gaze of tn
millions upon whose credulity she has beef
able to support herself and in the product o
whose labors she has reveled. Parliamen
legalzed her wholesale robbery, by autho
rizing refusal to pay her debts, and maxim.
the evidence of this monster bankrupt's in
debtedness a tender in payment of othe
debts; and the laboring millions, starving fo
bread, were made to bite the dust at the foo
of this most arrogant, heartess tyrant tha
ever disgraced the world. The Banks o
England have made of the people of Eng
land nation of paupersA They have wrunl
from the hard hand of labor the pittance o
its hire-they have robbed and starved th'
widow and the orphan;-they have beel
instrumental in producing nearly all thu
iniquitous wars and blood shed in whicl
that country has engaged in the last centur,
and half;-they have presented the infu,
of the precious metals, and driven from tht
country what there once was in circula
tion;-they have entailed upon the natiol
debt which the blood of all the bank
ers of the Empire would hardly pay, if ever,
drop were coined into a British sovereign
and they have fastened upon the people
burden Of taxation, destined to be eterna
in duration, and unexampled in its exten
and unequal operation. And yet with these
lessons staring them in the face, the advo
Gates of the Banking system in Ohio direc
us to the happy condition of "thc merchan
princes" of England, as an argument in favo
of their system!! The squalid misery ant
starvation pervading the ranks of the laborins
poor, are kept carefully in the back ground
and they set down England with her mill
ions of starving operatives and mechanics, Al
perfect model for the Republican States o
this Union! Such are the arguments ofbank
ers and ban thought Legislators; such are tho
arguments That have operated upon the fe
deral majority of the present legislature tc
produce this system so aptly styled Kelley:
litter of blind pups"
But we turn to the history of Banking in
our own country for additional proofs of the
inutilty of the system. But first, has the
State of Ohio any power to emit bank notes
toBcirculate as money? The 10th section
of the lst article of the constitution of the
United States, provides that
"No State shall coin money-emit bills ofe
dit--or make anything but gold and silvercoiRsa
tender in payment of debts"
In order that we may arrive at clear under.
standing of what the Trainers of the consli-
tuition meant by "bills of credit" | shall
quote from the Madison Papers part of a
debate which sprung up in the Convention
on the motion of Govefneur Morris to strike
from the constitution a grant of power TO
congress 10 emit bills of credit, In this
debate, many of the leading mensof that as
sembly of wisdom and patriotism participated
and what may seem singular to some in this
age of paper, most of them used, and regard.
ed, "bills of credit" and paper money as sy.
terms:
"Mr. Mason had doubts on the subject.
Congress, he thought, would not not have the
power unless it were expressed Though he had
a mortal hatred to paper money, yet, as he could
not foresee all emergencies, he was unwilling to
tie the hands of the Legislature"
Mr.. Mercer said He was friend to pape,
money, though in the present state and temper O.
America he should neither propose nor approve o.
such measure. He was consequently opposed
to prohibition of it altogether. 1t will stamr
suspicion on the Government to deny it a discre.
ton on this point. 1t was impolitic, also, to ex
cite the opposition Of all those who were friends
to paper money.
Mr.. Ellsworth thought this favorable moment
to shut and bar the door against paper money
The mischief of the various experiments which
had been made were now fresh in the public
nind and had excited the disgust of all the res
oectable part of America. BY Withholding the
power from the new Government, more friends of
influence would be gained to it than by almost
my thing else. Paper money can in no case be ne
,essdry.
"Mr Randolph, Notwithstanding his antipatllv
10 paper money, could not agree to strike out the
words, as he could not foresee all the occasions
hat might arise.
"Mr. Wilson. 1t will have most salutary iutau-
'nce on the credit Of the United States to remoue
NE possibility Of paper money.
"Mr. Butler remarked that paper was legal
endr inno country in Europe,
Mr. Read thought the acords, If not struck out
could be as alarming as the mark of the beast II,
Revelations.
mi' LhilSuol nau Iatnef the Wh0lG plan,
han retain the three words, and emit bills.'''
The clause was struck out by vote of
line 10 two; as before observed, it was the OBJ
ect of those who voted for striking out the
;lause, to prevent Congress from furnishing
paper medium of circulation.-All who ia
ored striking out, expressed themselves
10; and all who opposed it, admitted that it
would confer the power upon Congress to
'ring upon the country all the evils of paper
circulation, and that to deny it would be shut
ing and barring the door against paper mo-
'ey. But to return to the prohibition: The
anne men with their colleagues, whose OPT
ions we have just given, denied to the States
he power to emit bills of credit. Did they.
r did they not. deny 10 the States the power
. inundate the country with paper money?
i'd they regard the silence of the consttu-