The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1854-02-01
81, For the Spirit of Democracy.
Banks and Currency.
NUMBER w.

MR.. sEDITOR;-ln my last discussed
the facility with which banks Of circulation
can and do increase the "actual currency
uf1the country" by issuing their promis-
sorry notes. and showed that the practice
as.it exists at present, unmodifieG and un.
regulated, is attended with the same incon.
Venience, the same violent dislocations o
prices, the same sudden rises and falls
expansions and contractions, as if those
worthless could gather, up sand and lead
and pass them of. on the people for gold
and silver They; accomplish the same
obiscts by means Of linen and cotton rags.
What is the testimony Of men who have
formed their. opinions from an investiga-
ton of facts, occurring in all ages and a.
tons? Let US see:
1--WE read that in Abyssinia they make
use of salt Tor money. II the same Gus
tom prevailed in France, a man must take
q mountain ot salt to market to pay for his
,veekiv nrovisions y Al
Newfoundland. it is said. that dried cod
performs the Office Of money. and Smith
makes mention Of village in Scotland,
where nails are made use of for that pur-
pose. Besides many other inconvenien
ces, that substances of this nature are sub
ject 10. there is this grand objection that the
quantity may be enlarged almost at pleas
ure, and in very short space OF time. and
thereby vast huctualion effected in their
relative value. But who would readily
accept in exchange an article that. might
perhaps, in a few moments. lose the half
orsthfee -fourths of its valuel Wherefore.
the commodity employed as money must
be OF such difficult acquisition as to ensure
those who take il from the danger Of sud
den depreciation.
Alter informing US that some parts o.
India and Africa use cowries, kind OF
sea shells for money. the author adds:
saM times, when the metals now most
abundantly produced were yet rare, peo :
ple were content to make use OF them for
the purpose. The legal currency Of La
cedRunon was OF iron; that Of the early
Romans OF copper. In proportion as those
metals were extracted from the earth in
greater quantity they yrbeca,ne liablesto the
objections above stated in respect to oil
products Of too little comparative value;
and it is long since the precious metals.
that is to say. gold and silver have been
almost universally adopted" Says Polt-
icdf Economy. page 22l-9.
lie afterwards adds that if gold and sill
yer like copper. becomes too abundant, we
must coin platina or "some other yet un'
known metal.'' s
Fellow-citizsrs, is not truth always val
uatle? Is not error always pernicious!
Have we, no, all the same interest in the
GOOD government Of the country! Do we
not equally suffer by bad government?
Then enireat you 10 lay aside your rev.
ersnce for mere names. lay your hands on
your hearts and say does not cur circula-
tioa Of bank notes, as at presentmanaged,
lay open 70 the same objection, brought
by Mr.. SAY agains, the cheap substances
which he enumerates? Does il not enable
aslsrge body Of interested and selfish men
.tesmake large and sudden additions to ,ht
rsctuai currency Of the country!' Ane
40 they not thus unsettle prices, derangt
business and bring nndeserved ruin on the
Industrious and the enterprizingl Is it no
zs easy 10 fill up circulating, promissory
notes as ii is to boil salt. to hammer iron
80 snelt copper, to fish for cod, or 10 gath
er. cowries? But some reader may per
haps say that tho process will be checket
by the return Of the notes to the banks tt
be exchanged for gold and silver. Oh
reader, are you young2 are you green
are you Juvenile? are you yerdanta II 81
you may be excused for relying on bro
KEN staff. lug 'esJ5 - ia ~
- a convention of BANKERS has lately as
sambled al Indianapolis. The conyen
lion formed itself into an association 70
mutual protection, to meet semi annual
al Indianapolis" Do they resolve TO pa
their debts cheerfully when called upo
nnd content themselves with ,noderat
gainsa Do they resolve not to corrupt til
cdFrsncy by oser.issnesa Jus.thereverse
Their every idea, is WRATH and VENICE
-AHcE upon those who require themsto iulf
their promises; 9ps7'i .'eos
.sRcsogred. That we will purchase n
cojn. OF any banker or broker. who direc
~ al. Indirectly makes practice Of SEM
IN; INC HomE OUR CIRCULATION. and we invit
l1tbe. banks Of this and other States
UNITE. . - sgss.,.l5.ai ,s
g aResolped. That we earnestly recon
mend not only the free, banks Of lndian'
but all other, banks of the West. TO pr
c1uure .cuure their coin at New Orleans or the a
lantic cities
., !. .Resolved. That we will fellowship 9
banks. wherever established in the Stat
whose proprietors conform strictly TO Il
law regulating free banking. and that
Twin draw no COIN from any regular bar
s.exisiiDg nn Ter authority. Of law.-Whee
ing Luiel1igencer. January 20, 1884.
,sosB sBui why make quotahonsi Is it n
.sss.rIy always regarded as an act ofaho
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