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

oOi iioin iOur 10 niiy-nine, the metallic medl-
um from nine 10 eighteen millions, and the
paper circulation from two and half to
fourteen millions.
Thus far, while the sad lessons, which had
induced the trainers of the constitution to
deny the States the power of emitting pa
per medium, were fresh in The memory, the
banks were kept within bounds, and the
amount Of specie always exceeded, by some
millions, the amount of paper money. But
as these lessons became obiterated by time,
and the people, by an unexampled and unex-
pected prosperity, were lulled 10 sleep, and
neglected that GO eternal viglence which is
the price of liberty" the bankers took occa-
sion TO increase the amount of their paper
issues, which, as natural consequence, de-
creased the amount of the metallic medium,
and, in 1915, the paper circulation had in
creased 10 The enormous amount of forty-six
millions, while the metallic medium had de-
creased TO seventeen,
In lSl6-only one year-the paper Cir
culation had increased to sirty-eight millions
an expansion of twenty-five millions in one
year. In four years afterwards, notwithstand-
ing the wants Of the country for a greater
amount of currency than was required in
1916, the paper circulation had decreased
twenty-four millions. From 1920 down 10
1887, the expansions and contractions of
the system were frequent and immense. In
that year the measure of their iMquity was
filed to running over. The amount of their
paper circulation reached the monstrous sum
Of one hundred and fifty millions! And
their loans and discounts amounted TO no
less than five hundred and twenty-five mil
lions! In one year from that time, they had
reduced the amount Of their circulation
thirty-three millions! The next year they
increased it again thirty millions! And,
in the period of three years, they decreased
the amount of their paper circulation forty
four millions.
Such is the system of American Banking,
or rather the system of British Banking, en-
grated upon the uncongenal institutions
of the United States. Such is the system on
which the advocates of paper money would
iepose the wealth, happiness and prosperity
of the people of the United States Such is
the wild ocean of adventure and speculation,
into the angry surges of which the present
federal Legislature have attempted to launch
once more the destnies of the good people
of Ohio. Such the crazy vessel, freighted
with The hopes and destinies of unnumbered
millions, which has been the play thingof every
financial and commercial squal overtaking
her, in her passage down the uneven current
of time, on board of which we arc exhorted1
to freight our peoples happiness and nation's
glory. We are admonished 10 repose under
the wings of this DESTROYING angel, already
glu.ted upon the rapine and plunder of con-
fding nations ard communities, and to look
no further for the perfection of human 60
vernment and individual prosperity. Every
one of these fluctuations in the spurious cur
rency is Immediately followed by cores
pondng huctuation in the price of the pro-
ducts Of labor and the landed property-the
real wealth of the country. And is there any
safety in the system? When man en-
barks his all in an enterprise ever so honest,
|. ever so fair, depending in great part for its
successful issue upon this vascillating and
uncertain currency, can he entertain a rea-
sonable hope that he will be rewarded for
his labor?
In 1887, when the products of labor COM
manded an unnatural, overgrown price, in
duced by the bloated condition of the cur
rency, the merchants of the eastern cities
were enabled, aided by bank loans and dis
counts, TO sell TO the people of the west
stores of goods-mere luxuries, upon long
credits, and at the unnatural prices growing
out of the bloated currency and the facility
in obtaining loans. These debts remained
unpaid, and accumlating, until lS40, al and
'42 when the people were called upon to pay
out of the then products Of their labor for the
luxuries bought at time when these pro-
ducts commanded four times the prices that
they did when payday came. The conse-
quence was, that the most prosperous farmers
were frequently heeced of their very imple-
ments of agriculture to cancel debts thus I'M
uuitously fastened upon them. The best
farms in the country had TO be sold for the
delinquent taxes. The Legislature was loud
ly and clamorously assailed to induce it
10 pass stay and appraisement laws, and 10
adopt other violent and temporary measures
Of relief, that the evil day might he deferred
as long as possible How many families,
who, before this destroyer come, lived with
in their means, prosperous and happy, have
we seen, turned out of house and homo
their little farms, their goods and chattles,
all gone for song to satisfy debts contracted
during the bloated condition of the currency
of 1887 and 1880 And where is there an
honest, unprejudiced man, whose opinious
merit the least respect, who does not attri-
butte the evils which we have suffered, al
most exclusively to this iniqutous system of
paper money?
But the system created by the recent