The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1851-04-09
From the Coshocton Democrat.
THE CURRENCY-C ,LIFORNIA GOLD

Piou'iHeHt VI tuc aTSuuIeHlS duuuCeu ny
the advocates OF paper currency is, tina,
Of its, as they allege, absolute necessity
that there is not, and never can be suffi.
cheney of coin for the wants Of business
and hence issues Of paper representatives
OF value must be resorted TO.
Without stopping to expose the fallacy
of the assumption that representatives o.
the standard OF value can never increase
the amount of the value itself. we will pass
directly 10 the question OF the lack OF coin
for business purposes, and show by The fig
ures, that however plausible that assertion
may have heretofore appeared, it cannot
be true in the future. The amount Of gold
and silver annually being produced at this
time, is so enormous, that but short time
is necessary to make the additional amount
thus added to the circulating medium great
er than the entire amount Of bank paper
now in existence. TO illustrate this:
! ltappears by the estimates at the Custom
House at San Francisco, that the amount
Of gold exported thence during the fifteen
months ending with the 18th December,
1850, was upwards of sirty millions $3.50
O0O.OOO) dollars! The total imports du.
ring the same time was trihe over $4,-
O000O-over $3.0O0,OO0 Of which was
from foreign countries; leaving but abou,
81 100000 as received from the United
States. Ofthis S6O,OOO,OOO exported, it is
calculated that at least three-fourths found
its way to the United States: or, TO make
the calculation still safer, say two-thrds
which would leave balance of import o.
coin Of near forty millions of dollars!
From the best Information derived from
that region, it appears probable that the
amount Of gold dust raised will rather in.
crease than diminish for years to come
owing to the introduction of machinery
employance of capital, and systematic op.
erations in its production.
By statistical tables recently laid before
Congress, il itappears that the entire amour,
Of bank paper in circulation in the United
States is $l3l 1865 526. The import o.
gold then, would replace this entire sum IN
little more than three years-one-half o
which time has already passed. Where
then is the necessity Of paper currency
for the wants of business? Do not these
facts and figures effectually dissipate the
bugbear argument raised by bank advo.
Gates that without banks we would be left
without a currency without the means o.
trade and commerce-and the country
would inevitably be ruined! They mos
certainly do; and it cannot be long before
the specious humbug will be properly un
derstood by the people of our country
They will understand that SO far from banks
being necessary for public benefit, they are
simply necessary for the benefit Of a few
individuals. That they are simply con
trivances, not for increasing the amount o
actual current value, for that they canno
do, but contrivances for specializing off the
real value, the real currency Of the country
They are employed as means of specu.
lation by individuals, and the constitutional
currency of the country is the basis upon
which they operate.
Itmay be objected to this that notwith.
standing all the reported increase Of gold
it is still as scarce as ever. That there is
not apparently more in circulation through
the country than before its discovery. Tc
this the answer is most obvious. The
banks having control ofthe entire currency
OF the country, are directly interested in
preventing it. Give the constitutional cur
rency now in the country general circu'
lation, and their business would be done
"Othello's occupation would be gone"--
hence it is all secured and boarded up in
| bank vaults in eastern cities, and their pa
per issued in lieu ofit, and The people thus
deprived of the only true and rightiul cur
rency, and forced to make use Of the only
thing lelt--its pictured representative
paying the banker an enormous shave fol
the privilege Of so doing Such is the Ell
feet of banking upon the interests Of the
mass Of the people, They are debarred by
it Of the use Of gold and silver to any con
siderable extent, and forced TO take paper
in its stead; and the very necessity thus
created, is taken advantage Of by the banks
and they are forced to pay large bonu,
for the privilege Of using this worthless rag
currency-in the language of a most cru
/ dite celt, "SUindllng az the Tale 0t .yty
fus per cent?"
/ And further, as if 10 cap the climax o
the monstrous wrong inflicted upon thu
people by ihe present banking system, ir
Ohio banks are exempted in a great mea
sure from taxation--from bearing any fail
proportion Of public burdens; and a pow
erfal party is found sustaining them in this
We have now under our hand a whig pa
per from neighboring county, published
| last week, which rises its hands in piou'
horror at the bare thought Of proposition
in the present Legislature to tax banks a. a
other property It declares that i would
be a great wrong, a ..yiolation Of the Con
stitution," to DO anything Of the kind
Think Of these things,ye bank and tax-rid
den people Of Ohio. and be prepared to re
peat the decision so decisiyely given las
| fall on the subject.
a. sU.nt1~.n Z,