The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1850-04-13

fact, that all Of those countries where paper mon
ey has been used, have abandoned altogether or
greatly reduced it; and the British parliament
has seriously Questioned and debated the utility
and expedlcncy of rccliArtering their National
Bank and the people Of the United States have
seen tit To abolish more than half Of their Banks
and about eghtnnths Of their paper circulation
and several states have publicly resolved to char
ter no more banks. Vermont, Michigan. Illinois,
sllsslsslpp' and Iexas-in all Of which it has been
extensively used and almost misunderstanding
It TO be Impractcablc useless and inexpedicnt
and the rechartering Of the banks of the District
OF Columbia flst year by Congress with the mdi-
ridual liabillty-the two houses being controlled
/ by different parties Is great concession that the
old system Is badly defective, and success is only
IN new experiment, if at,ainablc
| Why this retrograde movement. if the business
OF the country has been increasing and the popu
lation rapidly increasing, and the settlement ex
tending, and banking Is practicable and useful?-
Is not Their action decided expression Of a con
trary opinon' And it. after all the unsuccessful
experiments of tie eastern continent and the a
dopton aud use Of the first and mos. plausible
eXped'ents for successful banking in this country
a general failure has followed, and the whole
scheme has cost the people Of this new and infant
country eight hundred millions OF dollars and it
Is now generally conceded that thus far and with
the plans that have been adopted it is impractica
o!e' unsafe ana so very eXpensive-wlat better
results can reasonably be expected from any new
scheme, which will only be second choice of
plausible cXpedicnts and second chance Of sue
cess Are the legislators Of the present age DOS
Scsscd of more wisdom and integrity, that .hev
may escape the rocks and shoals on which the old
system has been wrecked Are the present bank
ers more sl;!lful and honest that they may be
trusted with powers and privileges hitherto found
unsafe IN their hands ( Are the people more in.
different and con1dlng--or will they not scrutin
lze every moyement-and oftcncr test their
strength and solycncy How, then with but
second choice of cXpcdents Il second chance of
success-a more general distrust ON the part Of
the people, much greater and more organized
opposition to it; and bankers less honest and
more corrupt and vcnal, can any new plan sue.
ccedt And you would hazard another expert
mcnt with snch prospccti
But the difficulties Of successful banking are in
crcasing every day. The dagucrrcotype engrav
ing will So perfectly initiate ANYTHING produced
10y banks, that bo human sagaclty or cunning can
discriminate OF distinguish them, and they are BE-.
coming prey to every ingenious sounded be-
sides Offering strong temptations 10 increase the
number iTuln the best talents that otherwise might
be usefully employed. Its the operation of light
and shade 1t Is dame Natures hlndy work, who
never made a mistake, or ever was found with an
imperiecaon IN any Of her performances
Banhlng Is becoming more difficult also from
the want of confidence in capitalists The barl!;
question never having been but temporarily set
tied, no prudent man will invest capital. with the
acknowledged ncccs ity for additional check.
guards and restraints which have not been hereto.
fore imposed. And vet in Ohio there are several
millions Of vacant Bank capital muccupcd, under
tie charters OF the old Banks which are vet in
ne "i'h al tie old privileges, and without these
lac" contemplated restraints And ii capitalists
VII not take this stock will they not be more
iIi,eiy 10 take stock in any new blrk, with less
.pnNiege'i Another difficulty arises from the
'Nposre t. frequent run. for specie with the gen
cril dIstrust and extensive and increasing opposi.
ton to all banking operations.
And again II Banking is practicable and useful.
why G!d not the world engage in it sooner aud
why his every n1,! or tliUc Of non that have
engaged IN it partially or totally abandoned it :
anI why So many enlightened nation, low with.
oat 1t can only feed the credulity, stupid.
lty AMI ignorance Of men, aud III, more cunning
recipients ut Its advantages are wunleling at the
patience and devotion of their duues under its cf-
i-cts.
But pass to the second proposition; the inu'il,
u ".
serve that 1t is not necessary: for il the world
could do 50 well aud 50 long without it. and SO
large, wealthy aud p"pulous portions of it can
and do dispense with It now and il the arts and
sciences have i'Durl-hcd ia much greater pcricc
ton than now without It, and the wealth If tie
world been greater, more ina gniicent cities built
more luxury lndulyed-larger armies support
et, and larger empires faunIcd and cat,b!ished.
Hnia better an pufcr system Of ethics pcryadcd
the minds Of men, by what kind of reasoning do
we come To the conclusion that it is necessary for
this couu'ryl There cannot be n greater dclu
sion than to suppose it is necessary, either for
want q! the precious metals or any peculiarly of
our country, It's localities or people,
Every valuable thing will seek it, best market,
which Is known only by the dmanl and this is rs
ln'arab!e law of trade as grdvltaton is n law
oi nature; and demand Is only produced by want
oil supply OF the article, for some or all of the
purposes to which this thing is applied Now let
us inquire 10y this rule, whether there is supply
of silver and gold in ,hr world or in this country
to make supply Of currency! Were there n
want Of supply Of money, gold and silver would
be converted into coin, and wUulL disappear from
other uses; but while we see such vastly great
er amount applied to other uses than coin, but lit
tie II any of which is naiSpGnSably necessary, we
cannot suppose the demand for coin TO be great .
and when we see one half the coin lockel up and
out of use, can there be great want Of supply
and if there is let people have their useless orna
mcnts in the shape Of watches, trimmings, rings
AMI other superiluitics converted into coin, which
can be done free of expense, as government coins
metal without charge and if this does not make
supply, let them produce the articles they want,
and purchase less from foreign countries, and
save the coin from leaving us, and the country
woald soon be supplied with an abundant currcn.
cy, This will appear from the following view of
the case.
II may safely be computed, since the great re.
dnctlon Of paper money, that there is in these
states, IN specie the amount Of $4,000 O00--
And suppose 90oOo,o0O Of people; there would
be Tor each person $3.50; and suppose hte consti.
tute family, there would be for each man SSI.
so; and suppose money passes on an average
times, this would be to pass each mans hands an.
nually se6s5O; and allowing bu, one in ten to
want more than &c., 80 annually, and there would
be for each tenth man $4,000, and suppose one
in ten OF these is merchant or produce dealer
and the other nine want but $500, it would leave
for each of these $4,000 If then every hund.
retl man is supplied with $4,000, and every
tenth man with 1900, and all the remainder with
/ al % L. Al. Al 4