Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1850-09-16

verv sudden changes during The French
Revolution of The last century, when en-
tire classes of inhabitants were extermina-
led or driven into exile, and large masses
ofproperty changed hands by arbitrary
enac:menls, and the: e:currency laws veered7 4
and changed with rapidity. Nstthere 'oas
notiduriing that most terrific and dsstruc-
tire all RESOLUTIONS, such complete
and s,eseping CHAM &c of the business hab.l
Its and eurrsucy as would be produced in
Ohio by bringing about the change IN quess,,.a. IS.
ton in ten gears.
Now that any such-terfi6os exp!esare=is'
ever going to happen, no man in his $. senses :.
believes. Suppose all the Banks I'm the
State to suspend not specie payments but
paper issues, would we have any less cpr7
rency than we now have? Certainly Dot.
The advocates Of Banks willNnotzdeny we
suppose thai our present currency is amply
sufficient for the purposes OF trade and COM
merce, for if they do that deficiency must
be attributed to a, defeat in our present
regulators of trade and commerce, j. 9. the
sad Banks. Very i wei! we are to have
our presen: mixed currency. What will
be the RESULT "Our banks being res
trained or prohibited from doing their leg.
Inmate business must wind up. ;, Ah! ha!
That's it, is it, we'll how willthey proceedl
Why. they ssiH call an erery dollar Of
their money noae in .circulataon, md then
you would SEQ tight times i tell goa. |
answer in The language of the Poet THAT
were a consummation deyoutly to be
wished" For Pm thinking it would drain
their vaults as dry as the desert. For eve
nv Dollar that, they took, Of their money
out of circulation, they would put a Dollar
Of the Peoples money-or the Democratic
money if you please in the place of. it,,
Suppose, ten millions Of Dollars were thus
replaced would that produce the crash?--
Most assuredly not, and why because there
would be ten millions of specie left in cir
culation. But say the. Bank men where
is all this to come from2 There are but
four and half millions Of Specie in the
State | answer that this is not our bust
ness, the Banks have thrown this, money
as they call it into circulation, and they are
bound by every principle ofhonor and hon.
es,y III dueetime 10 redeem it. Oh! it will
be redeemed say The. advocates OF Bank
security every dollar oft. Ii SO that will
satisfy us. Where then is the crash,
where that revolution that is to distance
that Of the Frenchls No it is oil moon
shine, the Banks will never, believe us,
will never call in their Dect-credits upon
which they draw 10 per cent, interest so
long as they can keep them, afoat. No
man is SO anxious to- pay his debts as 10
force the money upon his, creditors and
our opponents viii not: contend that Bank .
are SO very scrupulous, il they DO they
will fnilt convince erery one. .srs hos .szas
Whore then, Ireiterate the question, is
the crash! 1t is all pre.ence, all gas. We
have eleven millions Of paper according
TO the Joarnal, and we certainly do not
question it,. and, that is sufficient for our
presen, purposes..ssNow if our Exports of
" heat, flour, beef, pork &c, should
equal in value our imports Of goods, &C.,
the balance of the trade would still be in
equilbrio, should our exports exceed our
imports the balance of trade will be in our
favor and our merchants can draw on their
foreign creditors for the amount due them,
Or they can bring with them the specie.
Whether they do the one or the other will
depend upon tae.demand Of the specie al
home, il that demand be not sufficient TO
justify them in shipping the specie. that is
TO say if the cost of transportation will ex.
ceed the difference in exchange between
specie and bills Of exchange they will not
bring specie but Drafts or bills. On The
contrary if the demand for specie be so
great thai bills are in no demand and con-
at a discount or at par then they
could make money by shipping the coin
For as the demand for specie increases the
value Of bills depreciates, and vice versa
But il =, the value Of our imports exceed
That of our exports then bills will rise pro-
portionably in value. Thus commerce and
trade will be their own regulators and the
regulators of exchange also. - -s....-.t..
. 1t is needless to pursue this farther
Every person who has considered the sub
iect will perceive that exchange needs no
such regulators. Nor is it the fact that
the principal part Of the exchange busi.
ness Of the country is done by the banks
II is business free 10 oil, and the shrewd-
es, business maa makes the most money at
it, as at all other kinds Of business. say
it is free 10 all, but by means Of the priv.
ileges granted to banks, they are enabled
to engross larger share, in proportion 10
their c1pitu invested. We have shown,
then, that no convulsion or revulsion is
likely to follow the Democratic policy, if
carried out. Since we are about having a
new constitution. we think it is most eype.
dent TO commence this reform Of our cur
rency now, by having a prohibtory clause
inserted in it, 1T will be no easier to COM
at any further time than Mt present.
Ii we wish to have sound currency, now
is the time to commence. 1t will take
more than ten years according 10 the Jour.
nal for our present "batch Of banks" 10
wind up without prejudice to The people N
Let them set their houses in, order, forth
with and redeem their liabilities, and per-
haps the last rays Of their. declining sun
so bright halo around their
heads, that, like other sinners, their mis-
deeds viii be remembered no more. But
if we take this step, we shall be met with
-