Plymouth banner. (Plymouth, Marshall County, Ind.) 1852-1855, 1854-11-16

A change of some kind is necessary, and
for the besl-under all the circumstances
and with the light of all past experience
of old and new countries staring us in
the face-we desire to engage. The Pha
ros, alter other comments, copies our
suggestion that the next legislature re
charter the State bank of Indiana. and
says:
"lf the LegislI tare consults the true interests
OF the peop'e, they VIII not do any such 'hing
as Is suggested by the inner. but they vii. ON
the CONT airy take measures wind up the whole
sy stem OF banking. 50 for rs it ;.u horizes the
circulation Of paI er. The Experience of the
country show the iliity OF al att IN rs to- make
Il safe and healthy system for the circulation OF
paper money, ami asserts the wisdom of the
trainers of tie United States Constitution in es-
tablishlng god and silver as the y tiunal Cur
rency. and prohibiting the States from making
'any thing but col and silver coz. Il tender in
payment at debts
The path of wisdom. as indicated by the ex-
perien OF the past and The present is the path
OF safety. Paper ought to be exc'u led from
circulation. 10y the State as well as the United
States Constitution. There is no safe medium
ground. hlle paper money Is authorized by
state law. disastrous expansions and conirac-
tIohs-like the one the country is now passing
through-will be experienced every few years
10 preserve the country from such disasters.
The United States Constitution must be observed
III lis spirit as we'll rs letter. No State has vet
vehtured to violate the letter of that instrument
I by making any thing but gold AMI silver Il ten
der III payment OF debts yet lis spirit is viola
TED IN nearly every a:c. and commercial ruin
ami disaster Is the necessary result.
Inc present severe lesson would not have
been learned by our State had the bll which
passed the Senate two years since. repeating
the Free mixing Law, been passed bv the
House. b lnluclng members Ia absent them
selves from that branch, the repeal or aI:eud-
nent was prevented and The result il Witnessed
IN the rrosiration of business and the cry Of
distress from the commercial interests of the
country In the next legislature the Democrat
lc party have not the power to do any thing and
we ear the FuSionsts will be too ready To- Weld
TO The demands of capital to take the first step
tow rds applying the true remedy. That rem
edy Is, to cxpunge the Bank article from the
State Constitution
We very widely differ from the Pharos,
that "ihe experience of the country shows
the iutility of all attempts to make a
sale and healthy system for the cirrula-
ton of paper money" Whilst the cx-
perience OF a great majority OF financiers
clearly shows that the great and immense
commerce of this country cannot be con-
Quoted upon a specie circulation alone,
it also clearly shows hat hazardous erpe
rimcnts in the mode of INsTITUTIyG and
tri5uled more 10 derange the moneta
ry affairs Of the country, than the fact
that ours was paper instead of specie
circulation. This creation and manag-
ing is what we are now most concerned
about. The public mind is but little at
variance as to what the circulation con-
slsts OF. and we should like to have the
Pharos or any one else. give any salts
factory reason why natal is a better ma
'erai for oirculat ipn than paper. The
efforts of the greatest statesmen have been
exhausted! upon this question with the
simple result. that i; is totally imma,eri-
al what i! is that circula les. but the mode
in which tina, circula ton is mana gcd and
controlled, and this is the work we desire
to perfect If possible. We do not deem
it necessary to call for division Of the
question. as the Pharos will at once see
the necessity of sticking 10 the text
We are compelled to go upon the pre-
sumption that banks and paper curren-
cy we ,aust have. Then how are they 20
be crea. led ana how managed. to avoid the
responsibility of pan;~s and commercial
embarrassment? A ilultiplic!ty OF modes
in operation at the same time in the dit
ferent States, o4ld all as experiments, op
crate disastrously. Each State with its
own. but a different plan of State insti-
tuition in operation at the same time. in
ours difficulties which have seemed to re
suit in their abandonment The issues
OF one was liable 10 shave by the ope-
rations of another. And the idea that it
is dangerous for the National Government,
TO have any thing to do with banking,
should have long since exploded. and it's
fragments Of arguments buried so deep
that the ingenuity of ages TO come could
NOT rpach fbop,
OF what use TO the people at large is
the National Government. if Lot to at
tend TO their wants and necessities. and
DO the wish and will Of those i'm whose
hands i: has its only existence? What
more important matter to the people
could it take hold OF to manage and regu-
late, than the currency? But in its high
and lofty dealings. it won't even recog-
nize the issues Of the best and soundest
State institutions as currency, nor even
aid in establishing public confidence by
making them the repositories Of the pub
lie funds. Here too. was another diff
Guilty State banks had 10 encounter.
Well, how was it when the old United
States Bank was in existence?
In the commencement of this article,
we recollec,ed that we have tho expert
encc OF the past, in our efforts tn remedy