The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1850-07-15

Of government from the business of the peo-
pie? Has it not been derided for its 'tlet
alone" policy? Has il not always been OPP
posed in lis endeavors to sustain individual
and State rights? Has it not been denounc-
ed for its strenuous efforts TO establish per-
feet freedom of trade--for holding 20 the
right Of the people to buy and sell where it
was most for their interest? Wherein does
the right to exchange products freely, differ
from the right to use any facilities loreffect-
ing that exchange? Or, are they not both
parts of one and the same process?
Even in the present instance, however,
the democratic party, true to itself has got
one foot on the right ground. II denies the
right of government 10 confer the power Of
banking upon favored few But did il
never occur 10 our democratic friends that
this power belongs to all, and that The safest,
the most eilectual and only true policy is TO
LET IT ALONE? Togiye it into the hands Of
the people where it rigbtfully belongs, and
to cease all legislation in regard TO it, except
such as may be necessary to prevent fraud in
its exercise Can any valid reason be as
signed why the business of banking may not
be as safely trusted 10 the people, as any
other? Are they not more competent 10
devise and carry into effect wise and whole
some regulations in regard TO it, than few
legislators, who are constantly subjected to
the insidious wiles Of rag barons? The very
fact that they are deeply interested in The
soundness of the currency is the strongest
reason why It's regulation should be left in
their hands.
A distinction is sought 10 be made, be-
tween ordinary business notes of hand, and
notes intended to circulate as money. There
is difference in form, it is true, but none
whatever in principle. They are neither of
them money, nor Or they so considered, but
are both alike, the mere representatives of
money. The value of both depends upon
the ability of the makers 10 redeem their
promises They are embodied credits, like
all the rest of the complicated machinery of
trade at the present day. The basis Of this
credit is real value, and of the soundness of
this basis the people must judge. No laws
can enforce the circulation of irredeemable
paper, or of debased coin. Nor can they
prevent the circulation of that which is con-
sidered sound. The fact is, the people Of
this country feel it 10 be their right, 10 act
as they please in this matter and they will
do SO. Why not then conform to this pub
lie opinion, since it is evidently correct, and
since principle and expediency both demand
lit?
In our humble judgment, The true course
10 be pursued by the convention, is to place
the whole matter into the hands Of the peo-
pie where it of right belongs. Let its dem
ocratic members at least, be determined not
to merit the appellation Of " currency tink-
ers." Let the people have their rights, and
trust them implicitly with the exercise oI
their natural powers. This course will ef-
Gectually put the axe TO the root Of all the
present brood Of incorporated banks, II
will be course approved by the people, and
one Of which the democratic party may well
be proud. 1t will be a great step in adj
vance and will place those who take it on an
eminence of power and influence.
is it feared that this course would open
the door 10 flood of irredeemable bank
paper? Experience in analogous cases
proves that it would not. The evils now
complained of arise mainly from the sane.
ton which law gives 10 the paper of legal
lied institutions, and 10 the concentration O
gleat power in the hands Of few favored
individuals. Disseminate this power and i
will be comparatively harmless. Competi
tion, the great balanCe-wheel of trade, vii
soon bring about an equable movement ii
the exercise of The power, as it does in al
other cases. Evils may arise as they do from
freedom in other kinds of business, for thest
are inseparabe from the nature of man ant
his free agency, which implies The power Il
do evil as we'll as good. But they woulC
soon reach their lowest point, and Their
forever would remain.
But besides the complete emancipation
of banking business, The convention nov
has it in its power to take another grea
step by establishing an Indepenpent Stat
Treasury. Paper-money and other individ
ual contrivances for facilitating trade ma
be used by individuals 10 promote their pri
vate interests, but the State should not res
its transactions on the basis of individua
credit. Gold and Silver, with such eviden
ces Of debtas naturally grow out of lis owI
financial operations. should form its only fis
cal instruments, except, possibly, in certai
cases 10 he specified by law.
Connected with these is one more pro
gressive step, which is wanting 10 the per
feet freedom Of trade. This is to restore I
the people the right belonging to them Q
paying what they please for the use of me
ney. Laws regulating interest are relics G
barbarism, and tend, more than most sup