The Arkansas banner., 1849-11-20
TERMS FOR AnYERTIaINc: {:
1Mn wM nm a
[Prsn lhe PAil~iespkis Grtesr ] TiaksFing inc Currency,

TiaksFing the cRFFeRsys
 Mir. Thomas l.. Cliagman, formerly asembaF df Congress ffom North Carcsfaa. sad Ms. ssmsoA Draper, aa aacleaeeF ef NsW. YOEk city, have res sansed this old fashioned hnsiaesa Mr. Dsapog addroesad Mir CliHgHan apon the sUhjectA anl Alrs ChDsmaR replies tR toWg letter. which is highly recommended sosnc of the journals iR thHi ssty, any seheaae probably would hs tllaa committed tie fSdeTal government to tue issue of papaF meneY lis scheme k the conversion cf the fcdcFr debttn an instrument of baking, ike the Gebs ef New York State, by authorizing the heidere of sech stock to Gepose h with the federal treasurer, who should siga aud issue to Ihs depou,soFs aa eqaul amouat ot trrasury notes, te be issued hy such s- posllogs ia loaas, as currency. hke haak A6aeat said treasury uetss to be redeemed with geld and silver, by the issuer, presentation, and on fsil- ure of such redemption, the stock deposited eesne sold by the treasurer and tse proceeds applisa e such retsmp,ien. h shert the scheme aashorlses any holder of feesss ehs to teauda private bAnk sf issue apes ii. like the Psivsss bsaks sf Nsw xesks We regard this sci.ema ss very mlsehleysa@, a1la trust that Will be promptly Teioclaa hg all the producing part of the aaitea.
 We oblrct to its fandsinental principle. whish h double ia,er~st. Ihs hslder ct fedesal saeeks al- ready draws interest upoa them from the whsts people Through this ss heme, he would naaka thsss stocks the instrument of drawing the same os inefe interest from portion Of the people, ncludiaN nll who borrowed of hiaI, and al whs pasclsassa ttsm. Ialerest is, and always has been. the great draaem 10 devour the substance of the people, hv tfaaxfnY ring property from the maay to the few; and hence no Sise government wili multiply srhemss te de. plcate or siill farther augment interest 1T kls holder of mieM of federal drht draw intarrss as per cent. aad thea issue mitlloa ef bank noiea apon this very steek, in loans at pss ssnt.. he draws thirtsen per cent. Hpoa his meaeyE Esea al per cent, under which capital in money dour btes ia twelve yeans while neither and heasea, noF labor double ia the same period property soon ;eaves the money aecamuiats with the lew. The statistics of oar eoantry shsw that the rich gFew richer and fewer, and the poor poorer and mere aus meroas; and ia aH Europe alI staiistirs ahow it thoasaad fold more. All this la psiaepslly caused by interest en ma0ey; and the process be co Fapsd even ia the Ualed States, under six per cent, how much more so must Il be under thirteen. We elEss this position for the reflection of politicsi efonomsts
 We see another objeoaioa ia ths iatlaaloa ag ahs currency. These sc,ni. federal basks asula uss control State private banks. sad would aut drive single note of the laiter out of cfcuatioa. Hamea every treasury nate issued by them would he mn mhs dliioa to the whole currency The effect of this iuaation uPoa all prices, aRd consequently upaa American manufactures and agrieuItasal produce. must he obvions to all who remember tho banktng of former years. especially Isa5-6, smd I. Tue iSiiatien might be snfieiaat to ii our country with foreign manufactures and proucs. prevent the exportAtie1 of oar own. aad drain the country Of cola. SBch thiags have been, and murs than once, qua WNtfe the natluHa debt could tltn0 be an instrument of banking. the utmost efforts would be made by the trading populations fer ls he crease public debt would be an element Ia ear political eontes.si and the debt party wheBaver sue. cessfu. would drive the government to reckless ex. iravsgance, for the purpose o auamentina the debt. The merchants and manufacturers weald say, stu- the national debt, and ehull gei more ib- efai discounts" and the farmers and mechanics in debt would say, "money "a scsrca, and an incrsass of the Raiieael debt ~oaid rnaks H eaGlsr.~ The result is easily foreseen in public debt that would be public blessing" with vengesncu!
 We object to this scheme for the danger Of bank Eaiares. Of tho first batch of prvais banks ia New York, fcunded upon any State stocks, sv sas failed, to the loss of the poor almost ext
 Out of those fonnde.i upon New York $
 several have failed to the great loss Of 1so c and the corresponding galn of the fail. 3ss. ii bank issuing a hundred thoasaa
 notes upon the amOunt Of New stocks saspenGs the notes fall to 26 ps a banker bays them of the poor holders -ts. cation through brokers. often has the st by the comptroller from the stock whi sold at par. aud thus makes seventy-R lssf dollars by the operation. What shall pet s' s.7st- lar operations in banks founded on fsdt ,e We have other objections to .the sch~n s.s sf t,ese enough for the preseut. 4se says il is the opiBioH ef everybody | 44 L. s4s- treasury needs modification" He shoad not mis. take himself and his correspondent for everybody. Those n favor of the sub treasury probably the majority, and therefore somebody.