M'arthur Democrat. (McArthur, Vinton County, Ohio) 1853-1865, 1855-02-02
tsag Money met she source OF
VWanlth #

The Journal, in On article on the
none! panic, gives utlerAnce 70 this
wholesome truth: &t
The East owe large debt TO Europe,
aud the Weston the East. This is the
circle in which we are forced to tread,
The debt has got to be paid. and econo.
my and hare labor viii do IL. In such
crisis, no reliance need be placed on
bank. The system of banking, at the
West is oil wrong. II Is based, from
first to last, on fictitious credits. and is
the first TO feel rev ulsion like the pres
cut. Take Indiana for an extreme exam.
pie. Follow the system up through all
lis woTkings,Ond what do we find3 Moth.
ing on which the business public can re .
ly beyond temporary loans. based, for
the most part, on AL aggregation OF de-
posits. In panic. these melt away
like June FROST" ....,.- .,H
The fact that ECONOMY and hard Ia.
Dor" aud not the manufacture of bank
paper. are the means by which to pay
debts. is new thing IN the Whig idea
of political economy. Light is break
ing! Courage, Democrats--and hope and
labor on
"In such crisis no reliance need bt
placed on banksl" Good decidedly
good, aud as true as an orthodox sermon
IL is truth that will apply not only tC
the present cisis, but TO all the othel
monetary psnics that have been created
by the system.
"Thc Systsm Of banking in The Wssi
is ALL WRONG" Right again, neigh
bor,anc yoa will remember that, for stat,
ling this very fact, mot four months since
about the commencement Of the present
troubles, you arraigned us az Vandal
foe to the business interests of the
State, and as having uttered things lit
Tie less criminal than high treason!--
THE system Of banking in the West
includes that established by the Whig
party of Ohio, Of course.
! Western banking. we ara told, "ii
based, from first to las, on fictitious
credit. and is the first TO Jcsl a rcuulsiOr
like the present." Precisely the ides
to The Democrats Of the last General
Assembly, who mprehended the sys
TEN, and loresaw the approach Of the
Storm who realized the cslamlties that
theatened The people Of Ohio, unless
these foreign notes, that formed the
bulk Of our ciTcula tion, were driven IRON
our borders. Hence the enactment o.
the Small Note lava law SO fercely
contemned By the Journal at the
time. as having tendency 10 drive al
the "capital" from ,he State. and lea,
the people Of Ohio without the means o.
paying their taxes!
Now, however, before q twelve-mon!t
has elapsed, we have the admission from
this same Ohio State Journal. the bank
ing system al the West "lS ALI
WRONG" and the Indiana wild ca
Banks, which had deluged the State with
near q million and half Of their rotten
currency.is held up by this veritable or
gan OF Whiggery as "an crtremc cram
pie" Of the corruption of the banking
System
II the Journal and its party really in,
tend to abandon the banks, they will re
lieve themselves ofsome Of the heaviest
mill stones that arc about their neCks
We have our fears that this orthodoxy !:
only . spasm. We like TO mute it, nevr
lheless, as an indication that the force
OF the EVERLASTING TRUTHS OF
THE DEMOCRATIC CREED. as illus
trated by the current events Of the times
have made their impression upon one
who has heretofore so remorselessly ston
ed the prophets. s. Statesman.