The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1845-07-22
WHOLE NO. 2so.
THE BANKING SYSTEM.

THE BANKING SYSTEM.
The great difficulty in this country, has
been the original and ignorant deviation
from the cardinal principles of the Constitu-
tion of the United States, arising from an
imperfect knowledge Of political economy,
and blind adoption of the banking nhd
funding system of England, which has made
race of mobiles with the wealth and taste of
Lucullus, whilst the working millions are
starving in the midst of plenty, and the on.
ergies Of the people are fetteyed by the i'm.
mense debt of eight hundred millions Of
pounds sterling, incurred to preserve tho
pageant Of soulless monarch, and tho
overgfown fortunes of a naughty aristecracy.
The Constitution of the United States
empowered Congress to "coin money" actual
money-gold and silver money. It estab-
lished treasury from which no money could
be drawn, but in consequence Of appropris.
tons made by law, and il prohibited the
States from coming money--cmitting bills Of
crsdit, and making any thing but gold and
silrer coin tender in payment of debts.-
Here was plain, simple, hard-money plan,
worthy Of our revolutionary sires, who were
Of the people, having no hereditary rank to
support, and who made it fundamental part
of the paramount law of the land, that no
title of nobility should be granted by the
United States and that no officers, from the
President down, should without the consent
of Congress accept of any present emolu-
ment, Office or title Of any kind whatever,
from any king, prince, or foreign State.
The farmers of the Constitution were re-
publican in name and in deed, who had
thrown off the yoke of the old world, and
who were establishing government of tho
sovereign people in the green and sunny
wilds Of the Western Continent.
They intended 10 provide sound curren.
cy for the people, composed of gold and sill
yer, coined at the National Mint. This was
their money, for the continental money Of
the Revolution had given them bitter and
severe lessons, and had taught them the
nominal paper representative had none Of
the real qualities of its constituent--solidiiy,
permanence, and a uniform equality of value.
The United States, violating this principle,
made no paper money themselves, but they
erected an irresponsible corporation called .
Bank, to issue its paper substitutes for mo-
ney, and make it 4 treasury in spite of the
express directions of the Constitution. The
States followed the example--created hum
dreds Of like entrusted them
with power they did not possess themselves,
to emit Bank notes or bills of credit, made
them actual treasures, and thus the joint ac-
ton Of the State and General Governments,
in express defiance of this paramount. law,
made paper promises 10 ply the money Of
the country, instead of the coined money
provided by the Constitution, and virtually
abrogated the clause prohibiting the tender
of any thing but gold and silver in payment
of debts.
This error-this cardinal error, has alrea-
dy produced two great National Bank expan-
sons-and two great National Bank col
lapses,-and we are now beginning even in
Pennsylvania, where thirty-three millions Of
capital were sunk in two bankrupt monopo-
lies, in less than six years another Bank ex-
pansisn, without regard 10 the interests Of
the people who have been the prey Of sue
cessive hordes Of Bank speculators.-Har-
risburg Union.