The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1846-07-18

ey tends to derange the exchanges.
5. The system o. paper money causes
immense loses 10 the people through The
instrumeatality of bank frauds and
failures.
1t will be unnecessary to dwell long
upon the point. have before me the
Ohio Statesman, containing a list Of
398 banks in the United States, which
have either failed, or proved to be
frauds, and among them is included the
late U. S. Bank and its branches. At
the lowest estimate the people have
lost ONE HUNDRED MILLIONS
OF DOLLARS by these bankrupt and
fraudulent concerns.
To this we may add the sum Of TEN
MILLIONS for counterfeit bills, man.
ufactured and put fupon the commu-
nifty by unincorporated rogues, who
are by no means the biggest scoundrels
engaged in supplying the people with
paper money. And what benefits does
the community derive from the use OF
paper money which will counter-bal-
ance all these positive and immense
evils that flow from it! The farmer
suffers mole from the vermin ensconced
in banks who visit upon him the plague
ofpaper money, than he suffers from
insects, mischievous birds, drought,
blights, and tornadoes, and he will suffer
until he has the intelligence and the in
dependence to root out and destroy
these scourges and pests Of society.
There are other objections againsts
the paper money system, but ] have
neither time nor space to state them
From long experience and reflection, ]
have come to the conclusion that it is
great and grievous curse upon a com
munity, with scarcely a redeeming
trait to relieve the burdens of its op-
pressions.
Nor need it be said that we cannot
obtain a sufficient quantity Of specie to
answer the purpose of circulating
medium. We have now nearly enough.
When Gen. Jackson vetoed the U. 5.
Bank we had but 8O,0OO,OoO dollars Of
specie in the country. We now have
i5O,OoO,OOO dollars, and 50,00o,O0O
dollars more would supply US with an
ample currency of hard money. The
surplus agricultural products of the
country would, in three years supply
that amount. The pretence of an i'm
possibility of getting sufficient guam
tty Of the precious metals for a circu-
Iating medium, is an arrant humbug.
The second position assumed by the
democracy Of Ohio, is opposition to
corporations. and all legislation with 4
view to confer benefits and privileges
upon the few which are not enjoyed by
the many.
lhave ever been opposed 10 corpo-
rations upon principle. My objections
to them | will state in general terms,
and with as much brevity as possible.
1. They confer favors and privi-
leges upon particular classes Of citizens
at the expense of the mass of the peo-
pie, and in that respect they violate the
great republican doctrine OF EQUAL
RIGHTS.
9. Their political tendency is, to
wrest power from the many and trans
fer it to the few. Their social tenden-
cy is, to impoverish and degrade the
mass of the people, and to enrich and
exalt the favored classes. Money is
power; and, in proportion as money
is concentrated in masses, or large
amounts, in the same proportion does
it increase the political and social pow
er and influence of those who control
it. 1t therefore gives them an undue
control in proportion to their numbers
over the affairs of society, and of the
government.
8. Corporations perpetuate this con-
centration of money, and of social and
political influence through an indefinite
period of time; and in this respect, the
effect Of corporations is PRECISELY THAT
OF THE JUSTLY oDIoUs PRlMoGENITIvE
SYSTEM OF ENGLAND.
4. They thus establish in this coun-
try, an aristocracy of PRIVILEGED
CLASSES, based upon no elevating
ard enobling sentiments and principles;
but whose power and influence, like
those of all aristocraces, are ever ar
rayed against democratic form of gov
ernment and the Liberties of the People.
The great feudal barons were the
despots of the Middle Ages. The man.
ufacturing and paper money barons,
protected, and made more po-
tent by corporation, are the despots of
this.
The former had their serfs and re-
tainers whom they forced to and them
in their wars and pilages. The latter
have their hirelings and debtors with
whom they wage war against the lib
critics of the peoDIe at the ballot box.