The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1854-01-25


perity Of nations. But, reader, suppose
that while the miners are actually employ
ed in their slow, laborious and honest oc.
cupation of digging for the precious metals,
a set Of spectators could gather up lead
and by some hocuspocus pass it off for
gold and silver, or cheaper still, if they
could shovel up wagon loads of sand and
run it into pretty glass beads, and impose
it on the people instead of coin. how rapid
would be the depreciation in the value of
money? How sudden the fluctuations in
the market! how swift the apparent rise in
the price of commodities; how vast the
expansion, and when the bubble burst, as
burst it must, how disastrous how RU1Nous,
the consequent contraction.
Now this is mere sketch of the opera.
tions of our banks Of circulation. These
institutions commence few and far between,
but they soon increase and multiply like
the locusts-
(Which DER the realm of impious Pharaoh hung
According to the Governors last mes
sage, the State of New York now has no
less than three hundred and forty-fve Of
these soFT-MoNEY MINTs, all invading the
functions Of the National Government, 10
which the Constitution has delegated the
authority, "to coin money and regulate
the value thereof" and in the whole union
we have probably several thousands. Now
suppose great speculator, LAW or a
SrEINBERGER to go into one of these insti-
tutions some fine morning and borrow
half million Of dollars. The bills are
soon subscribed by the president and cash
ier, and presto!!! that sum is added to the
actual currency Of the country. Now if
there is truth in mathematics, it is true,
that every mans private stock of money,
whether great or small. whether consisting
of gold, silver or bank notes, is rendered
less valuable by this transaction. 1t is an
interference with the property and rights
of the citizen without his consent. and il
he is well informed against his will. The
reader may exclaim, that the injury from
a single transaction of this kind will be
very SMALL! Oh, true; but when we reflect
that several thousand Of these institutions
are daily engaged in similar transactions.
that they are all busy in "making money
plenty" as fast as the engraver with his
copper-plates can strike off pretty pictures.
we will see that the effects will soon be-
come apparent. Property rises in nomi-
nal price, and the active, industrious por.
,ion Of the community are deceived by
an appearance of hollow prosperity. Old
habits of economy are broken up. the
business Of the community becomes de-
ranged. and enormous debts are contract.
ed under the expectation Of the continu.
ance Of this state of things. But the long
continuance Of such state OF things is
utterly impossible. The efforts "to make
money plenty" are crowned with such
complete success. that the inflated bubble
is ready to burst with the first breath o.
wind. Soon some convulsion is felt in the
commercial or monetary world, public con
| fdence is shaken, run is made upon the
banks for specie. They almost unani
mously suspend, hundreds Of them entire
ly break; their promises are found to bt
false and faithless, and all property, in tht
panic. sinks down 10 price much, very
much below what it would have command
ed had nothing but metal-money ever cir
cula,ed in the community. Personal prop
erty is sacrificed at forced sales upon exc
cution, landed estates are often sold 70
less than the last installment Of the pur
chase money, and utter ruin overtaxe
many Of the most active and enterprizin,
members of the community. Is this pic
ture over.chargeda Is it not essential,
true? Have not our middle-aged fellow
citizens seen this farce, or rather this trage
dy. enacted over twice already in thei
lives. and are they not likely 10 live lon,
enough to see it enacted again2
Talk Of agrarianism!!! Here is agrari
anism for you with a vengeance!!! Thi
whole process of "making money plenty.
attended, by its inevitable consequence o
making it scarce, is carried on by tn
banks and their customers, without tn
consent and without the knowledge Of
vast majority of the property holders, vii,
!, whose interests is sports and whose effort
for their own welfare, il infects with th
! uncertainty Of gambling. The red mouth
ed agrarian. who growls out that. all prop
erty is robbery ''that the land shall nc
]. be sold." "you have no more right to Sc
. the land than you have to sell the sur
beams" is at the same time very odiou
and very harmless animal He puts u
8 on our guard. We see very plainly tn.
i nothing but want Of physical force prs
vents him from knocking US on the hea
and walking in to occupy our vacant pa
0 lors and dining.rooms; but at the sam