The republic. [volume] (Washington [D.C.]) 1849-1853, 1852-05-04
The Democracy on Banking.

to banks and the currency they issue has formed
a cardinal article in Democratic antipathes
Nothing but an exclusive metallic currency
passed muster with the party who claimed spe-
cia jurisdiction over the interests of the people,
and therefore resisted every thing but specie
as fraud levelled at popular rights. Gradu-
ally baffled in the older States, the advocates
of an anti banking policy took refuge in the
West, and there, entrenched behind the provi-
.ions Of "model constitutions" bid defiance to
the encroachments of banking. Ia Illinois,
Wisconsin, and Iowa, particularly, they had
for years control of every thing; they had
organic laws on their side; and again and
ventlon to " frown upon any attempt to
create any banking institution whatever" in
that section of the Union. But Democratic
craftsmanship proved to be short-sighted
In this as in most other matters. Their
hostility to banks, instead of securing to these
States the supposed benefits of specie cur
rency, converted them into perfect paradise
of shinplasters and the settlers, who had re-
lied upon their sage Legislators to protect them
against the rapacity of resident bankers, found
themselves shaved" to their hearts content
by manufacturers of notes issued in distant
localities. With scanty stock Of specie, and
no home notes, their money consisted of little
beside q heterogeneous collection of greasy
paper, dating from nearly all other States, al
ways received at par, and always disposed of at
an Improbable rate of discount. Even Jackso-
nisn Democracy could not long endure this cost
ly ordeal. Time and its hard lessons rubbed the
brightness off the bran-new constitutions, and
then the people began to conclude that banks
are not necessarily such rascally contrivances
as they had been represented to be, and that it
might be desirable, after all, to give to the
West trial Of machinery that had been found
TO work tolerably well in the East. Illinois
took the lead in the reform The movement
was a Notifying one, we may reasonably
imagine, for the Illinois Democracy had prided
themselves on having established "banner
State" But circumstances were imperious,
and the anti banking policy was abandoned
Wisconsin, which had been caught in the same
trap, has just consented to lose the principal
joint of it's Democratic tail To gain the benefits
Of free banking; and our readers will have
learned from the address Of the Wing Execu-
tive Committee Of Iowa that the question of
banking or no banking is fast forcing itself on
the attention Of the people there.
One amusing circumstance in this connection
is, that the hard money Democrats are capable
Of being converted into The staunchest advo
Gates Of banks and everybody belonging to
them. The Chicago Oll.) Journal informs us
that MArTEsoS, the Democratic nominee for
Governor Of the State, is recommended by his
party on the ground that he is strong
bank man." although the same party not long
ago declared that they could not support any
candidate for Office who did not cordially sub
scribe" to the anti banking doctrine. In Ohio,
too, the Democrats are atoning for their former
beresy by zsalsnsly fighting the battle Of the
banks as against the State. The Columbus
co. Journal, on Friday last, supplies the fol
lowing record Of action in the Legislature:
yesterday resolution poted doun princi.
pslly by the Locofocos, authorizing the Auditor Of
State 90 examine, or cause to be examined, the az
fsirs of the banks in Ohio, and report thereon.
Who would have thought that these terrible anti
bank men would have turned round soon, and
stood up to shield the naughty banks from a proper
investigation? And who would have supposed the
bank bought Wing, would have been the only ones
TO stand up and protect the people against their
enemiesi
The truth Of history requires that VIC should
briefly explain how this wac done One Of the
Cincinnati delegation introduced resolution au-
,horizing this examination by the auditor or by
some TO be employed by him. This
gsrded proposition TO give that most remark
able genius, w. r. Johnson, the Locofoco would
have. been Senator from Cincinnati--whose elo.
quent report the City Bank was only equslled
by the Puarfrmnsfr Genrars report on the State
arns-a good fat berth for the ensuing year at the
expense Of the Stale. A motion 10 coDhnc this 10
the Auditor was lost. An amendment that no cost
should be made chargesble upon the treasury. pre-
vo,isd. This knocked every particle Of patr,ot,sm
out Of the resolution. and, ss there to be no
pay for the examination, NJ ooura the cxamin
would do no good. Every one who has watched
legislation this winter understands this
$50 the pay being knocked out, the Locoiocos
voted against the resolution, and II was lostl !"
From protectors Of the people against the
banks, the Democrats Of the Buckeye State