Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1846-06-04


cannot fail TO ncrease rather than diminish
the amount of ,sound circulating medium, fuIIy
entitled to the polio confidence. The effect will
be to bring thspecis of the country into aciiye
circulation, to finish the people with substantial
currency, that aanot be impaired by bank failuress
and to restrain lie tendency of the banks to foster
extravagance, il time of prosperity and check the
means of opprasion in time of adversely.
A theory habeen advocated and put into prac-
tice, in some Of the States, called FREE BANK
ING. 1t is ased. in part, upon specie, and in
part upon state stocks, hypothecated with the Gov
ernment. In aher words banks become the cred
itors of the Commonwealth, by purchasing her
bonds; these re deposited with the government,
and the government endorses, and returns to the
bankers, nos prepared for circulation, to equal
amount. laa perceive no grounds for confidence
in this sysaa. 1t must explode, in country
where is apted to any considerable extent when
ever a revision occurs to test its stability for it
is deviation from true principles. Sound and
safe banking ,an only be based and conducted OH
money-goH and siluer. Neither individuals or
banks, can end that which they have not; and if
they lend csdit in the shape of bank notes, with
out the means to redeem them in gold and silver,
they comma fraud upon the community, as they
nor the repIsentalive of money.
| If this gstem of converting state stocks into
banking csatal, and hypothecating it as security
for the paynent of bank issues, were not delu-
sion. mortgages upon real estate, might be used
for the sam purpose, which would afford an equal
if not be1sr security. for the payment of notes,
and BY tbs process, the whole value of the real
estate Of tie country, might be converted into bank
i in0 nd the raapla iota If ho nh
ers. ThBproposition shows, that the whole scheme
is illusory md unsound.
Free baking, in its legitimate sense, is the right
which every man enjoys, to lend his own money to
whom be pleases. 1t is the exchange of money
for securdes, to repay with interest-it involves
fictitious Increase of the circulation, but may be
carried on to an indefinite extent, without affecting
the currency. This is the free banking, which has
at all tines supplied, and does now supply, the
wants of large proportion of borrowers, and COM
mends itslf to general confidence and approval, by
its simplicity and adaptation to the circumstances Of
the peeps.
The policy of incorporating mining, nanufactu-
ring. transporting and other companies, for purpo-
ses appropriately within individual competency,
has been fairly discussed and, guided by the un-
erring dsmonstratons that these enterprises are
the control of individual responsibility, the public
opinion has been expressed in the spirit Of the age
in which we live, against the policy.
Wills all the great departments of business in
the Commonwealth are prosperously conducted,
und. free and equal composition, there are yet some
men, who seem to stand still, while the world is
going onward around them, and who cherish
the sntiuuatsd notion, that the timid, contracted
Ar of ~aaIth unueF tha
tscdOn of corporate privileges is preferable for the
transition of business, to the free ardent and
bounding capabilities of individual sntsrprizs -
newer which, sncs William Penn arrived on these
.bus, in 1889, has changed an immense will
sruss into fruitful fields and has, in this march of
ci,luation and improvement provided for the
vsus. the comfort, the education and rehnsmsnt
of two millions of free people What have
covoratons done in this great achievement
Where are the trophies of their generous spirit,
tbsa falue or their utility They are behind the
tnss-they belong to all age that is past. The
time was in other countries, where all the rights OF
n, people were usurped BY despotic governments
WHEN grant by the king to portion OF MS sud-
ies, of corporate privileges, to carry on trade or
fu municipal purposes, was partial enirancnise-
n,ut. and made the means OF rssumlng some OF
Their civil rights Then and there, corporations
b.5 merits. and were cherished by the friends OF
Esny. But, in this age and country, under our
fs. system, where the people are sovereign to
uar,t special privileges, it is an inversion OF the
oisr of things. 1t is not to restore, but to take
sssy from the people, their common rights, and
css them to a few. 1t is to go back to the dark
s,,s for instruction in the science of government
"A having found an example, to wrest 1t from It's
,0;nal purpose. and to make it the instrument of
storing the inequality and despotism, which its
production tended to correct.
The fallacy that, where large investments are re-
,ired TO carry on profitable business, (and cor
orators do not associate for that which Is unProht-
Die y individual means are inadequate, is every
shere refuted in this happy country.
Further by cherishing any particular business,
md surrounding it with special privileges, the natu-
al law, which secures TO every branch OF business
a appropriate encouragement and reward, is vie-
,ted. Under this law, so kindly provided by Him
yho rules all things every individual man, untram-
nelsd by the curses of bad government. guided by
lis moral and intellectual powers and bis religious
,rincple. advances his own happiness and improves
is own condition; and, thus, the happiness and
,rosperitv of all are promoted. Every effort to
Modify or subvert this sovereign law, by placing
professions or callings beyond its control,
ia. hitherto, and ever WILL like every other trans
resson, be destructive of good. If our free lnstl-
utions are rght-if it is right that all men should
q held equal-if this is the law OF our nature, en-
tanned by Him who made US, then every human
NV which impairs this equality, is radically and
wrong.