Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1851-02-03

~A new bank, called the sBank Of
hs Republic, has been organized iin Nsws
York city. with scapital Of $1,000, 900.
Two more new banks, with an aggregate
capital Of $500, 900, are also soon to COM
nence operations in that city. The brood
of vampires is increasing all over the coun-
try. Capital is combining and concentrate
ing every where, and under the pre-
text Of being employed for The advantage
ofslabor, comnaerce, and manufactures, i
sapping the very foundations Of our pros
perity and our liberties. 1t ii fast usurping
entire control of the currency, and that once
fully obtained, all things else will be added
unto it. They can, that being once obtain
ed, obtain the possession and control of the
soil, the workshops, and the various COM
mercial thoroughfares of the country, and
thus direct and control the entire energies
Of the nation to their advantage. Are the
people Of this country SO infatuated with
this paper money bubble that they will not
see that it is but the medium through which
the wealth produced by toll is transferred
to the hands Of Incidence? That they toll
not neither do they spin, and consequently
add nothing to the worlds wealth? that
they are the cormorants who are feasting on
the very vitals of industry? There are al
ready over 1000, 900 invested in Bank.
ing in this State, which is dividing to the
holders from ten to thirty per cent, say
on an average sixteen per cent. The in.
terest ON this amount at this rate, for the
year is $l,l2O,O 900, aud this sum the labor
Of the State has to pay, for these institutions
create no wealth, they are but the absorb.
ents of that produced by others In addi-
ton to this, there is a sum equal to twice
the amount in the hands Of private individ.
uals which the law allows to be loaned cut
at an interest Of ten per cent, and which
will mostly command, and receive thatrate.
This, too, imposes another enormous tax
on industry. Then, all the capital employ
ed in speculation must produce q like har.
vest to its possessors, and productive indus
try must foot the bills. We leave the rea-
der to make his own calculations as to how
long it will take at such ruinous rates to
bankrupt the masses? how long to concen-
trate the entire wealth of the State in the
hands of the favored few? Let the peo-
pie ponder these things well, and let them
ask what are their representatives and del
egates in Convention doing to check this
fast increasing evil? Are they throwing
the shield Of the constitution and the law
around the people to guard theirrights and
interests? or are they still seeking to in
crease and perpetuate the power of capital
to rule and reign over them? The day Of
doom either for corporate special privileges
or for the people is near at hand. Unless
cooperate privileges shall soon have an end
unless our legislatures shall turn their
attention to protecting the rights and pro-
viding for the wants Of the People, instead
Of increasing the already dangerous powers
of capital, our .boasted republican govern
ment will be such only in name. We shall
have all the essentials Of monarchy only
saving its trappings and high sounding ii
ties of nobility. - = .-.-sz. --.S