Juliet signal. [volume] (Juliet [i.e. Joliet], Ill.) 1844-1???, 1847-07-20

cy OF the country-these bank notes.
wn'cn they can have SO plentifully, will
NOT answer to pay for them, and the spe-
Gle which is boarded up in the banks must
be drawn out, and goes abroad to paw for
these very goods. Then commences the
ruin. The banks deprived of their little
specie. are cramped in their business and
forced to curtaiI. Then follows the dis
tress and ruin, and panic. This, sir, is
the consequence of overtrading, which is
always followed by reverse. and then is
destroyed the fancied prosperity of mems
speculations. Can it be attributed to
anything else than the over issues BY
these chartered monopolies!
In 1887, the indebtedness to the bank
OF the Union was 525 millions; the spe
Gle in their vaults, and ON which there
issues were based, was 3S,0O8,O0O. On
this small sum Of 38,0CO,OOO was the
great paper money bubble based, and
which when exploded, cast ruin, misfor-
tune and destruction upon all classes of
the community. When these banks are
| Obliged to make these forced collections
they generally SO manage it as to become
the purchasers of all the property of their
creditors. particularly the real estate,
which gives them power and influence
which is highly dangerous TO the people
and the State.
What necessity have we for them?-
Why should we desire to obtain curren-
cy or encourage institutions which have
within their system the elements of so
mu- b ruin and destruction?
1t is said that there is not specie enough
IN the country, to buy our goods and ena-
Bile US to carry on trade. This is not
the conclusion have come to after an
examination Of the subject. Mr. G. here
read an extract from some work, which
treated on the subject, which stated &C.
cording to Mr. GALLATIN's calculation.
made in 1881. there was in the world
S40O, ZOO, 900 in specie, that of this sum,
there was over $277, 100000 in Europe,
and the U. s. and that if divided there
would be SIG every man, woman and
child in tie country.
He here read an extract from sGouge
on Banking to sustain this position. He
said that he thought this sufficient TO prove
! that banks was not needed for the pur-
pose OF creating currency, and that there
was enough of specie to transact all bust
ness. The experience ofother countries
was not to be disregarded, and he would
refer the gentlemen to France at the time
ofthe revolution. They had paper cur
rency. which had sprung up during that
time, more trifing and deprecated than
was our own during the time of our rev.
| olution,
Assignats were issued all over the
country, in large and dangerous quant-
ties, and had become worthless and de-
preciated, Napoleon when he first be-
came Consul, with intuitive sagacity and
profound knowledge of such things, the
moment be had the power, broke up the
whole system ofpaper money and intro.
duced new order of things. He estab-
lIshed metallic currency. He said no
paper for less amount than five hun.
dred francs should be issued; and gold and
silver flowed abroad in abundance, and to
this day they have metallic currency.
Such would be the case here were we
not cursed with these banking institutions.
Look at Cuba, she is not cursed with pa.
per or bank issues, aud has nothing but
gold and silver. may be met with the
remark that these countries are not re.
publican, that their forms of government
and institutions are different from ours.
Is this proper answer? If the people
ofFrance live not under system of gov
eminent and institutions like ours, must
we not follow them in anything! We
must not look to them for examples of
wisdom, moderation, science, or Justice
because they live under a monarchy
Nor must we look to Europe for such ex-
ampies, nor refer to Cuba. No matter if
the autocrat of northern Europe, or the
Sultan from his harem, gives us an exam
die OF wisdom, must we throw it away.
reject it, put it behind our backs, because
| it comes not from the same kind of gov.
eminent! Sir, good examples and Just
principles belong to no nation or creed.
or State, or form of government. | take
leave, before / conclude, to refer briefly
| to the plan have proposed, and which is
nov before the commit, e. 1t is divided
so far as possible of the features of mo-
I-noPoles, and have presented it in that
shape SO that if these banks, or some
system is TO exist, and its blighting effects
are to be cast upon the people, IFS rough
and rugged features shall be thrown a
way. 1t is not the New York system of
banking as has been said--itgoes beyond
that system. Another safeguard, | think
is, that it leaves the matter with the peo-
lple;'the action ofthe Legislature is not
final. and afterth shall have acted upon
it, it must go to the people, and their fiat
Snust be passed upon it. Here we have
double safe. guard-the wisdom of the
Legislature, and the action of the people
who may trample on foot any act of the