The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1854-11-29
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--dol4e 4a-l4l Common par
snce light wh,le the SCREW in our mi,.r.
able banking system ats Loose. The times
are strangely oui OF joint. and those vhe are
oe't able TO tell wha, the matter is, are the
feHsl willing TO DO so. Bankers, brokers
anu shavers, from the beginning aothe end
o q lie chapter know. perfectly we'll whal
and where The difficulty is; but since bv that
craft lhey get their living. and amass for
tunes one oi Ihe products of homes, labor
which they are ;oo hzyto perform. or filch
money, under the sauejion Of laws made AZ
their iustigalios; aud administered for thei
especial aggrandizement, out of The pockets
OF those who are the actual producers of all
substantial wealth---lhey are the last people
IN the world to snlishten an insul,ed and
suffering public. as to the cause of the evil in
question. Perhaps this is going too far-po3.
slbiy some of that class do not understand
the reason of this thing. We do not feel in
.olIned to compliment their knowledge, OF
their sagacity, for as aclass they do not de
serve IT. Few among the financiers of our
bambooz!ed country have either the disposi-
tIon or ability to comprehend the profundi
Ties OF political economy. They understand
tue difference between six per cent, and sixty
and, as, in their estimation, 'the almighty
dollar is the beginning and the end Of all
that is worth having ON the earth, there be-
gins and there ends the sum total of their
! wisdom. g.a sss s...r.. ..-E
( Ne do not claim to be a whit wiser than
the generality of mankind. and yet we feel
entirely competent to assign the true cause
olthe pecuniary embarrassmeuts experien-
ced just now. The whole thing is as plain as
need be, AMI any man Of ordinary discern
ment can COMPREHENSIVE. Indeed, SO evident
are the several proposition, which when du-
ly considered, reveal tAe whole mystery of
lniqulty, that we are almost afraid If, offend
Ing the intelligence of our readers Ly an at.
tempt to elucldate them. But let u LOOK to
few staple facts. a.a. la ur.a s0.s -...
What is the cause Of this embarrassment
and Of the thousand an i one perplexities oc-
sasoned by i? 1t is said, in reply that the
hanks do moi discount as freely as tboy did
awhile ago. Why not? 1t is for their in,
terest, 10 keep in circulation as many of their
bills as possible, for this is tLe only legiti-
mate source Of their pI omises to pay. Will
it be said that the law against circulating,
rs currency the small bills OF other States
causes the difficulty? How does il happen
that the embarrassment is just as grsat in
other States as in this? One would think
that the small bills sent home to Indiana, H.
Iinois, Michigan, New York and other States
from Ohio would make money quite plenty
! there--but such is not the fact, The pres
sure elsewhere is at this moment, as great as
! il is in Ohio, if not worse. Will it be said
that there is less to sell than usual, and
therefore money is not plenty? l. so hap.
pens that there is as yet, no lack of supply
y
to meet every demand; and besides, prices
are unusually presenting the. curious
anomaly Of great scarcity of money. and
prices above all reasonable calculations.
What, then, is the cause Of the embarrass-
ment?
Our answer is plain one. Our emil re
Ba" ing system is urong. Itis founded on
principle of financial rottenness, and con-
tains within itself, the elements ofinealcula-
BILE mischief The whole thing is a lesalzed
traud--a stupendous humbug--!he curse of
labor, and the disgrace of the intelligence of
the nineteenth century. This is our candid
opinion; .candidly and honestly expressed
Aud We shosld be untrue to our sense of
duty, were we longer to refrain from giving
a reason for the opinion now advanced.
! So far as human calculations can ga in de-
monstrating q proposition of establishing a
fact. il is clear thatFthe banks in this and
other States, under the general banking law
are on as good foundation as ahy other.
The bills issued by them are secured by
Hdeposit Of stocks, end if these stocks are
worth in market their par value, bill holders
are of course safe---i e. ia the last emer-
gence, they can obtain nearly the amount Of
what is promised This is tue Of the free
Banks in Ohio. and probably of most OF
those in.other States, organized under sim.
ilur Law. This is true Of the frecbanks in In.
diana, about which so muehis said to their
discredit--and il is likely that those banks
are in as sound condition to day as our own
banks would be, were public confidence in
their stability materially impaired.
r Tudemonstrate then the essential truth o.
Cur statement as above, letus consider for a
moment, the organic defects Of our own bank
We may assume that they are all perfectly
soiyen:--able.s ii conpelicdt to sind up their
affairs toipay every dollar they owe. !, This
is alfthat corporate bodies can ask ofus ID
Suppose then that bills 10 the amopnt,of halfI
Of their Indebtedness should be presented at
their counters for redemption, would they
find themselves in condition to redeem
them? Evidently and undeniabf No.
Their promises to pay are not the predicates