Spirit of the times. [volume] (Ironton, Ohio) 1853-1858, 1854-10-24

ZION, was. not 10 pTohlbit the thing whcu
4 boro .. particular name. but to prohib.
i tho thing, whatever form. OF name II
might assunic."
lf tho words Sre not merely empty
s'unds. the prohibition must comprehend
tho emission of any paper medium by u
state government for tho purposes of'cir.
culation. 1t would bc prcpostcrous to
suppose that the constitution meant sol.
onnly 10 probibi! IN issue. under one
denomina,ion, leaving the power com.
plete, TO issue tho same thing under on.
other. Il can never DO seriously con.
tended that tho constitution means 10
prohibit qp'cs nnd;not things; to dcal
with shadows and 10 leave substances.
Wha, would be the consequence OF such
a construction That very important
act, big with great and ruinous mischief,
and on that account forbidden by words
the mos. appropriate for its desert ption.
might yet be performed by tho suhsitu.
tion Of name. That the constitution
even in one Of its vital provisions, nigh:
be openly evaIed by giving o new name
to an old thing. Call the thing Bill
Of Credit. and tits prohibited; call the
sume thing a Bank Note, and it j. con. +.
stitutional-whnt absurlity!
This opinion Of Judge Story is sus.
tanned by the United States Supreme
Court in the case Of Craig VS. the state
Of Missouri, 4.h Peters Supreme Court
Reports, pages AL, 442 & 443. Thus
i, is here seen ,hatthe highest, the su.
premc law Of the country is against our
present system Of Banking, that has ever
been The prolific source Of crime, fraud,
and every species Of extraragance, plum
cing tens OF thousands OF we'll meaning
business men into Bankrrpscy, at the
periodical commercial revolution, which
mus, always occur under the paper
system.
Since the American Revolution over
SASS, 100000 Of bank paper has become
worthless in the hands o! the industrial
and working men of this nation. The
paper money system has always been Ii
able 10 luctua,ion. Its value is contin.
ually changing, and with its change,
properly and wages fuctuate. These
changes, often great and sudden, expose
individuals 10 immense losses. They
are the cause Of the most wild and Wis.
ionary schemes Of speculation, ending
in wide spread ruin and the loss Of ali
confidence between man and man. The
country has passed through four COM
mercial revulsions since the late war
with Great Britain.
There are many, yet in gaunt poverty
whose distress was brought upon them
by the revulsions of 1888. Many
who were suddenly cas-, down from aflu'
ence 20 want, who saw their all mel,
away like the snow Of spring.
The power Of regulating the currency
of the country which is in every govern.
ment a sovereign power, is with US, left
to private corporations, to banks. They
substitute for the constitutional currency
their promises to pay, and loan those
written promises upon the highest rates
Of interest, and when their notes are pre-.
sented for payment. they repudis.e and
break down, as the nine banks men,
toned at the head of this article have
just do ne, provided they can make mon.
ey by the swindle.
The enormous Bank paper expansions
oftbo past few years, entirely uncalled
for, by any peculiar creumsta noes in the
business condition Of the county, has
caused rise in stocks and other prop.
city, 70 such an extent that the mos, Wis.
ionary railroad and manufacturing en-.
terprises have been entered into, and the
whole business Of the country stimula.
ted into unwholosome activity. Over.
trading on credit, and all the accompa-
nyng evils following in the train. One
failure of q bank or business house may
cause twenty more. The banks now
have it in their power to break up the
entire business interets Of the country,
which they seem to be fast doing.
Heretofore the masses o! the people
have quietly bent their necks and worn
the CALLING yokes that the papes tlynas.
ty has put upon them.
There are now portents Of coming
tempest, that will sweep over tho land
making as sad wreck and sporting as
contemptuously with the fortunes Of men
as did the last great affection Of '37, 8
The present rotten system Of banking
has destroyed the equal flow and the
steady worth Of the currency. 1t has
annihiIated the measure of value. max.