Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1845-05-08
The Ranfsing Systems.

We clip from the Harrisburgh Union the following
article upon Bank Expansions
''The great difficulty in this country, has been the
original and ignorant deviation from the cardinal prn
cipes of the Constitution of the United States, aris
ing from imperfect knowledge of political econo-
my, and blind adoption of the banking and funding
system of England which has made a race of mobiles
with the wealth and taste of Luculhs, whilst the
working millions starving in the midst OF plenty
and the energies of the people etered by the i'm
mense debt of eight hundred millions of pounds ster-
ling, incurred to preserve the pageant of souless
monarch. and the overgrown fortunes of naughty
aristocracy.
The constitution of the United States empowered
Congress TO coin money, actual money-god and sill
yer money 1t established treasury from which no
money could be drawn, but in consequence of appro-
pradons made by law, and it prohibited the States
from coming D1oney-eultt5ng b1HS OF credit, and
making any thing but gold and Slrer coin tender IN
payment of debts. Here was a plain, simple, hard
money plan, worthy of our revolutionary sres, who
were of the people, and were the friends of the peo-
pie, having hereditary rank to support and who
made 1t fundamental part of the paramount law of
the land. that no title Of nobility should be granted
by the United States and that officer from the
President down, should without the consent Of Con-
greSs accept of any present, emolument, Office or IL
tie of any kind whatever, from any king, prince, or
foreign state.
The trainers of the Constitution were republican in
name and In deed, who had thrown off the yoke OF
the old world, and who were establishing govern
ment of the sovereign people in the green and sunny
wilds of the western continent.
They intended to provide sound currency for the
people, composed of gold and silver, coined at the
tional mint This was their money for the continent
al money of the revolution had given them bitter and
lessons and had taught them that the nominal
paper representative had of the real qualities of
Its constituent-sodity, permanence and an uniform
equality of value.
| The United States violating this principle, made
no paper money themselves but they erected ire
sponslbe corporation called bank to issue its paper
substitutes for money! and make it treasury in spite
of the express directions of the Constitution. The
States followed the example-created hundreds of like
possess themselves, to emit bank notes bills of
credit, made them actual treasures and thus the JOINT
action of the State and General Government in ex-
press defiance of this paramount law, made paper
promises TO pay the money of the country, instead
of the coined money provided by the Constitution,
and virtually abrogated the clause prohibiting the
tender Ct any thing but gold and silver in payment Of
debts.
! This error-this cardinal error, has already pro-
duced two great National Bank expansions-and two
great National Bank collapses-and we be-
ginning even in Pennsylvania, where thirty mil
lions Of capital were sunk in two bankrupt monopo
lies in less than six years, another bank expansion
without regard to the interests of the people who have
been made the prey Of successive hordes Of bank spec
ulatorS.