Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1848-04-05

HMeSS ~ De pTe0ICMeUzttPop tecs Pte"etP'o
Of Free trade; and pabhc Intelligence
and public sagacify be substituted an
place Of a Legislature gxardsanshtp.-
There appears 10 me to be a strange notion
entertained By many; that it is not safe 10 ~
pie, that they nre not competent to man
oge there own aff..irs. ] his seems TO me,
to say the least,so be q sad reflection upong
their integrity and intelligence, and onss
which is refuted in every days occurrence
in Ii e; md in reply TO ihis imputatiou
would point to the shattered wrecks md
blighsing inasenae stN esfsfing lin our
State lie fruits OF tins gsfg s6sBssof
confidence. Let the system be open-let.
it be fee, subject TO the laws Of trade-the
natural aid legitimate regulator Of money
as Of every other comm odIty ,is supply and
demand-there is no physical law of ma
tur more certain in its operation than the
law Of supply and damand whether in COM
merce or monentnry affairs. Precedents,
sir, are sometimes treacherous guides. We
have long worked under systems the prn.
cples of which have manifested their per.
niciousncss yet we hesitate to erepudiate
them. Had not the first secretary of the
United States Treasury ul.def The first rev.
enue law passed which explicitly declared X
that all duties imposed by that act shouldfbe
| pnid in gold and silver coin only, unlaw-k
fully construed it rs authorizing the re. -
ceiying of bank notes or more than thirty
days 10 run,the financial affairs Of our gov
ernment might have been materially chan. >
ged and Ind the principle of free tradsl IN esS
banking been adopted in the early history 4
of our government we should long ere this. p,
have had one Of the safest and best sys-
TENS in the worll. 1t is said by some in
opposition to the free system OF banking
that it would pro1uco n redundancy ofcur,S
rencv and that spurious bills would be q!
forced into circulation. | would ask if the
| Imagination OF senators could co2lure up a.
greater result from these evils than has exI ~
listed heretofore. But admitting any force u
! in this argument it would be assuming, too &.
much ignoran ce and stupidity to- commu.
nifty. 10 suppose under this system shat
they would permit n redundancy Of carren-
cy or spurious bills to be forced upon them, y
is to suppose they would permit spurious
goods, wares or merchandise to be forced
; upon them, and with money as with WITH =
the latter the infexible standard Of surply
and demand would soon equalizs the qnsn-
,ity--I, is arguing around u circle without :.
oorping 70 ,he=scentre -why y--not say. xalevss
once the people are not to bo trusted -bu. ~.
n certain favored few are; while facts belle,
the assertion. Where can be found bet.'
ter system Of banking than the free sys. al
tenn of Scotland amid the wrecks and m
ltations Of many n financial cri>s her syslf m &
as firm as the principles it is based upon has {
stood the test and never experienced but
one failure founded rs it is upon the free
principle challenge comparison to it .
with any other system in The world. lasa
! have before me pnper containing :he mes.
sage of Gov. Skunk Of Pennsylvania to the =.
legislature Of that state, an1 the aptness of
one portion of it strikes me us SO peculiar
/ ly appropriate TO my views that shall read q"
it in my place-speaking of free banking q
he says -. ,aa. sis : SIS -. e.i: .-r.. "a.
Free banking, in its legitimate sense,s
the right which every man enjoys, TO lend
his own money to whom he pleases 1t is
the exchange of money for securities, 10 re- G
i pay with interest involves no fictitious
increase Of the circulation, bul may, be car
:, riad on to an indefinite extent, without af
rectng the currency. This is the free
banking, which has at all times supplied,
and does now supply, the wants Of large
proportion Of borrowers, and cemmends i-aa
selfto general confidence and approval,by u
its simplicity and adoption ts the circun-.
stances of the people" ....1 !,
This is truly the legitimate principle Of
Free Banking. 1t encroaches upon noJs,'
mans rights; it leaves the momentary aE- 80
fairs Of the people,in its appropriate sphere :
for action, with the people themselves
Any branch oftrnde, care not what it lie,
will suffer by Legislative interference
What, control the banks by legislation? i'o'-
knew it has been attempted; and | also &
know, as will always occur, that it has sag
naly failed Banks controlled'by the laws :
of their nature, and in our legislation, on
banking heretofore it has been, in effect
not to facila te the great purposes oftrade, -
. but in the vain hope oflegislatimg men IN sa
! to being honest; and this new system is
moth ing more or less than what have i!-f 81
Illustrated. There has-kson, Sir, two most .,
important and polite measures adopted BY o
our general government-the divorce or -
Bank and state, and the adoption of the
Sub measures depiyuin.' d
pregnated with the elements of Free Trade. ne
Let not their salu,ary influence be lost up. -,
on us. There are three degrees yet for
our own state to enter upon before she can |e'
attain that eminence in wealth and -Pros.'fs
Eperity, which her great and extended re- Il
sources entite her to-that is discopnec- =.
ton Of her fiscal affairs aoih all banks =
q collection of her rerenue IN gold and 3
silver coi,, only and the establishment otass
the free system, of banking. Dos this -
establish these principles in legislation, >.
and you will approach nearer, 10 safe, -.
frugal and democratic government than We
have ever yet dared TO hope for. 81 'S ~
s1"'Tls very strange" said Tom,. ..lhat i, :
Old allows that boy Of his SO much
money to spend, he's so very tight with p"
every body else.'' "a. f7ff'F 9s~s7'fc 'se'%isio'
"Not at nll-very natural," replied1s!'
Isaac, she gives his son money in order
that he may get tight " .aeI --~zEAaI