The Davenport gazette. [volume] (Davenport, Scott Co., Iowa) 1841-185?, 1852-06-10
THE DEMOCRACY ON BANKING.


From the days of General JACKSON, hos.
,iIi,y TO banks and the currency they issue
mas formed cardinal article in Democra,
&c aniipathies. Nothing but an exclusive
metallic currency passed muster with the
party who claimed special jurisdiction over
1.-The interests Of the people, and therefore
resisted every thing but specie - q fraud
eyelled a, popular rights. Gradually baf-
fled in the older States, the advocates Of an
anti banking policy took refuge ia the
| West, and there, entrenched behind tho
provisions of "modei constitutions" bid
slefiance to the enc.oachments Of banking.
| In Illinois. Wisconsin, and Iowa, particu-
larIy, they had for years control Of every
hing; they bad organic laws on their aide ;
and again and again recorded their deter
minaiion in convention TO "frown upon
sny attempt TO create any banking institu-
lion whatever" in that section Of the Un-
ion. But Democratic ststesmansh prov
ed 10 be short sighted in this ~ 10 most
other matters. Their hostility TO banks,
instead of securing 10 these States the sup
posed bened fits Of specie currency, con-
serted them inioa perfect paradise Of shin
plasters; and the settlers, who had relied
upon their sage legislators to protect them
gains, the rapaci,y of resident bankers.
found themselves "shaved" to their hearts
content by manufacturers Of notes issued
IN distaa; localities. With a scanty stock
Iof specie, aud no home notes, their money
consisted Of little beside heterogeneous
collection Of greasy paper, dating from
nearly all other States, always received At
par. and always disposed Of at an unprofit-
able rate OF discount. Even Jacksonian
Democracy could not long endure this cost
I " ordeal Time and its hard lessons rub
he'd the brightness of the bran.new consti-
Itntiona, and then the people began to con-
Iciude iila. banks are not necessarily such
rascalIy eoniriyances as they had been
represented TO be, and iha. it might be de-
>irable, after all, TO give TO the West trial
Of machinery thai had been found TO work
ItoIersbIy well in The East. Illinois took
The lead in the reform. The movement
was a niortifying one, We may reasonably
imagine, for The Illinois Democracy had
prided themselves on having established
..banner State" But circumstances were
imperious, and the an,ibanking policy was
abandoned; Wisconsin, which had been
Caught in the same trap, has just consent
ed 10 lose the principal joint Of its Demo
cratic tail to gain the benefits Of free ba nix
ng; and our readers will have learned
from the address Of the Wing Executive
Committee Of Iowa that the question Of
banking or ~ banking is fast forcing itself
On The attention Of the people there.
One amusing circumstance in this con-
nexion is. that the hard-money Democrats
IRE capable Of being converted into the
ssaunchesi advocates Of banks and every
body belonging TO them. The Chicago
my Journal informs US that MArTEsoN,
the Democratic nominee for Governor Of
The State, is recommended by his party on
The ground tia; be is ssstrong bsnk man.
although the same party not long ago de-
clared ,ba, thev could not support sny
candidate for office who did not @cordialiy
subscribe' TO the anti banking doctrine.
In Ohio, too, The Democrats are atoninE
for their former heresy by zealonsly fight.
ing the hntile Of the banks % against the
State. From protectors Of The people
against The banks, the Democrats Of the
Buckeve State have become protectors Of
The banks against the people. And still
we are told that the principles Of the Dem
ocra'ic party are Interchangeable and eter-
nall Washington Republic.