The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1846-05-09

ueTdngsS Tue equhlpTlum,r ana renderS
the operation less safe. Thus, by an
accumulation OF banks and their issues,
entirely destroying public confidence,
causing general explosion, and conse-
quent depreciation Of such circulation.
During the mania Of discounts, the
1knowing onesD use their credit and
tina, Of their friends, to enable item 10
acquire the most stable and productive
property--property the least liable 10
fiuctuation, and to dispose Of such as,
from the spirit Of the times, has been
inflated blythe easy acquisition Of mon.
ev. Then, by parting with the valua-
bic and safe property for sound funds.
and ready conversion Of them into
deprecated paper.-say so per cent.
below par,-the fortunate few--the
stock 10 bbers, and strikers of bank Off
GERS; make immense fortunes. And
who suffer? all classes: the agriculturist,
the merchant, (sometimesD y the mechan-
ic, the day laborer, and all the produc-
ing class of-the people. And to the
extent that afew are largely gamers, SO,
to the same extent, are the great body
Of the people losers, without the least
shadow OF corresponding benefit there
from. The great Creatnrgave us fora
medium, the precInns metals, deposit
ing them 10 the bowels of the earth in
such abundance. only. as to afford the
requisite amount to measure the rela-
tive value OF all we buy and sell. To
enlarge the amount OF that medium
lhreefold,is but TO initiate, by a fcticious
representation, the real worth of prop.
erty to threefold nominal. value; which
the slightest circumstance--the mere
dust in HE balance preponderating on
he side Of dishonesty Of a single indi-
viIuai. holding high rank in me of those
institutions, or a wrong estimote made
by an honest man, is sufficient 10 blast
the credit of the soundest bank that ev-
er existed. The disaster OF one bank
falls heavily upon all in its vicinity; and
thus, the tide Of banking prosperity is
foreverupon the ebb and flow, afford
ing all the advantages Of the circum-
stance to the wary and dishonest. and
taxing, indirectly, the only valuable
portion of society.
This brings me to the conclusion to
which your committee have so happily
arrived: "that all chartered privileges
are destructive Of equality; and hostile
to free institutions" and while CON-
mending the democracy Of Ohio for
their patriotism and singleness of pur-
pose, in the bold stand they have taken
in the cause ofhuman liberty, permit
me also to tender, through you, my
high respect and admiration.
Banks are said to be the hand maid
ems Of credit; and ifcredit. in its broad.
est sense, were q blessing when prop
erly dispensed, dishonest and incompe.
tent hand-maidens would be serious
drawback upon the good results
Viewed in every sense, banks are a
curse. They lnjure those who man.
age them; those who participate III the
accommodations. and those who refuse
individuals are injured, states are injur.
ed; our people, in mass, are the Grip.
pied victims of an imaginary specula.
ton. Our young, but once prosperous
state. under the banking system pro,
vided for in her constitution, has been
reduced to the very brink of ruin; hel
collection laws, in some districts, rem
| dered imperative; the moral obligation
to pay Just debts, has been weakened
and am admonished by a'thousand
evils growing up every day under it
May an all-wise Providence avert worse
;. consequences which may arse from The
mistaken policy Of establishing banks
in Arkansas. May He guide and di
rect the democracy Of Ohio, ITO choose
,he better part" Of honest, domestic
pnlicy;and inspire her statesmen will
confidence in the suficiency Of goldan
f silver, io buy. all they make, and to pa
| licr all they may have to boy; and Il
: feel the necessity Of winding up AM
i, terminating the new, as well as the old
!, manufactures of paper currency II
your state. In alter ages, The praises
f Of unborn millions, upon reading thu
history Of the first hall Of the 18th cen
!, tnfy, will mark the etficiencyof trutl
: and common honesty, and bestow ont
j need Of praise upon that party whici
: guided by spirit of justice and equall
rlt.., shall have accomplished SO mucl
/, for future generations. - 81
In conclusions, will pledge you th'
cooperation Of the democracy Of Ar
kansas, in the good cause SO nobly
commenced by the democratic tconven
ton ofyour state, upon that auspiciou
day--the 9th Of January;together viii
/, Imy own feeblesexertions 10 serve botl
, them and yourself. With the highes