The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1848-04-22
drew more than lawful interest. for he

drew more than lawful interest, for he
always received his interest in advance,
deducting il from the principle, and
charging the same per cent. on the
amount retained as on the amount paid
out. This suited whiggery still less
than the first proposition, for while six
wings voted for the first, but one voted
for the last. In both cases, and. in.
deed, in every case, where an attempt
was made TO make the banker pay his
proper proportion Of taxes, the name OF
Seabury Ford stands recorded against
it, while in every case, where power
and privilege was to be conferred on
banks or bankers, Seabury Ford, true
as the needle to the pole-true as banks
to the art Of cheating and fleeing the
people, the name Of Seabury Ford
stands recorded in favor of the grant of
privileges to the chartered banker which
he denied 10 the people.
Letus see il there is any good reason
why bankers should not pay taxes, on
the capital invested, or on their money
at interest, the same as other people.
| By their charter, the banker tina has
one hundred dollars in money is allow
ed to issue three hundred dollars in pa.
per promises thereon, while the one
hundred dollars is all the time in his
own possession. The three hundred
dollars in promises, he is allowed to
loan at six per cent. interest, deducting
the interest in advance, which brings
| it TO abou, seven per cent. per annum.
i Thus, while his original one hundred
dollars is in his own possession, he
draws some twenty-one per cent on II
-or rather upon the fictitious three
hundred dollars which the bank charter
allows him to get printed and call
money!
A farmer, one who toled in summers
heot and winters cold. and accumulated
one hundred dollars. proposes to lend
i, to his neighbor. Can he get three
hundred dollars in notes printed and
call it money, and lend i, to his neigh
Dor at six per cent. interest, taking The
interest in advance? Oh! no! That
is the bankers privilege--honest men,
who toll, and by the sweat Of their face
earn the bread they eat, can do no such
thing,
If the farmer wishes 10 lend his mo.
ney to his neighbor, he cannot multiply
it by three, as does the banker, and
then keep it himself, while he gives his
neighbor pieces Of paper calling for two
hundred and eighty.two dollars, taking
a note endorsed with two good securi-
ties for three hundred dollars, as does
the banker.
The difference, then, between the
farmer and the banker, is great. One
has privileges which never should be
lgranted to any man. or else granted to
all men--ths other has not. The one
makes his living by honest industry,
the other by banking, which, as consid-
cred in the United States, is far from
being honest, as dear bought experience
has amply shown.
| While, then, the banker has all these
prvileges--while he is allowed to do
that which the mass OF the people may
not do, there certainly is no good rea-
son--no justification for refusing to tax
him as other men are taxed, and made
to assist in supporting the government
which gives him these anti.Re publican
privileges, which i, denies TO the other
citizens. Yet we see, by the "lacts
from the record" which we have given
above-.from his votes, while Speaker
Of the House Of Representatives, in the
winter ef iS4O-'4l, that Mr.. Seabury
Ford, the present whig candidate for
Governor of Ohio, twice voted against
placing the privileged banker, so far
as taxation was col cerned, on the same
footing with the men who toll for
living. a5
Is such man fit 10 be chosen ruler
Of free people? Is such man the
proper person TO be placed in power,
that he may carry out his views Of
building up favored class, at the ex.
pense OF the rest of the community
These are serious questions, which we
wish every reader to answer in his own
heart, so that by the day of the election
he can act according to its dictates.