The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1855-01-12
- Ehe rinanoinr crinln

Tho Financial Crl4is
The Wing papers atgue tbat ths pisseAsA
fnanfial crisis comes about BY excessive
Imports, consequent upon the operation Of
the Tariff Of 'as, and that thus our com
TmerciQl dealers have become involved Ia |
debtsO European shippers, Nhich thsy sre
now eoppeledte 70 pay bg shipments ofl
American specie, beyond the propoftiou
demanded blythe business wants Of oar
community The reports Of the customs
show thatthe chafgesof fundue importation
is not true; and that thereis no dispropor.
tionate eiiiux Of specie from our country.
That what has gone to Europe has not
amounted to 90 much as materially 10 les !
tsen our resources, sufficiently toproduce
the present restricted state Of American
money market, There is enough gold in
our country TO afford easy times if left to-
free circulation. But Il is absorbed blythe
banks while they are now enforcing CON.
itractionnot justifableby the circumstances
land wholly arbitrary.
| Its a'bad argument for their side Of the
question, this plea Of scarcity ofsprecious,
metals, as an excuse for the closeness Of
money, for they have heretofore contended
that specie was not necessary to a safe.
Sound and sufficient circulation for. all
manner. oftimes. They have here argued
that Banks were the proper remedy for
Ia want ofspecie, and that by their abun-
tdant creation no embarrassment would ex-
list, no matter how much silver goes 70 Eu-
1rope or how little stays at home. S54aA
4 But what do we find9j Here we are,
1eyery arm Of common business manacled,
and tiyhtness Of money prevailing every
4 where Isthis the fruit ofall those liber-
!, al whig, promises. that plenty oftbapks
makes plenty Of money, and high prices
and quick sales Of the farmers produce? !?
Before the passage Of the Free Banking
II Law we had some fifty banks in Ohio, and
i since its passage the number is not far
t from seventy-fve, we presume. What has
+ been the effect upon the market E--what
/ was proniseda BY no means
4 Such are whig promises. Such the
4 fruits Of throwing control Of the currency
|, into the hands Of banks, and placing the
whole business community attheir mercy,
, to be feeced ont Of 8, A and s per cent
9 lper month, rbreak up! Andin that very
7 condition, at this hour, is the business Of
, Ohio And yet by the decision Of q man
: who holds place on the U. s. Supreme
: bench, and whose mind is enfeebled by
3 glage, the new Constitution has been null.
n fled and these banksare released from pay.
!, ing their equal proportion of the burthens
Q iof the millions of taxes which the banks
: oughtto pay. While those very banks
{ are taxing the community, through all Thu
+ channels of business. 95, SO, SO and I s pei
cent, for every dollar that is in circulation
d Let the poor hard-working laborer- and
mechanic think of It'll The money he. get
IS from his employer, to buy meat, bread
e potatoes and cabbage to feed his hungr!
G children upon, costs him indirectly, .ans
g therefore the more unavoidably, not les
r than 25 per cent, and that is caused b,
g THE contraction of circulation now in fore
# by bank mismanagement and speculation
o But while these gentry are thus legally get
5, ting rich upon hissweat and toll and Will
II his children is hungering from morn til
is nightforthe small pittance Of food which a
e, appreciated dollar buys ever other morn
Q, ing at the market house, who pays the ta1
he es Justly due from banksg Why, he, III
5y A6eced ,lahorer does it, and the robbmg e,
tortionate banks go next to scott free frol
til all burthen for the supportof the State goI
lot ernment under which these accursed o
in, Ipressions and inequalities are allowed
%. lprey upon the hearts and sinews Of the
borer! e! s.,..l s..s. 3 -e.a.as, Il