Spirit of the times. [volume] (Ironton, Ohio) 1853-1858, 1855-02-27

Supposing the subscribers 10 Banks to
be substantial capitalists. why should
artificial power be conferred on these by
granting them a chareri Docs not
wealth Of itself confer sufficient advsn.
tagss on the rich man? Why should the
competition among capitalists be dimin.
ished by forming them into companies,
and uniting their wealth into one massi
Supposing the subscribers to Banks
to be Spectators without capital-what
Is there so praiseworthy in their design
Of growing rich without labor, that gov.
ernment should exert all its powers TO
favor the undertaking?
Why should corporations have greater
privileges than simple co.partnerships!
On what principles it, that in a pro.
fessedly republican government immu.
mites are conferred on individuals in
collective capacity, that are refused to
individuals in their seperate capacity?
To test this question fairly. let us
suppose that proposition were made TO
confer on fourteen individuals in Phila.
delphia, and three or four hundred indi.
viduals in other parts Of the country the
exclusive privileges that three or four
hundred incorporated Banks now pos.
sess. How many citizens would be found
who would not regard such proposition
with horror. Yet privileges conferred
on corporations are more pernicious,
because there is less moral feeling in the
management of their concerns. As di.
rectors Of company men will sanction
actions which they would scorn to be
guilty in their private capacity. A crime
which would rest heavily on tho con-
science Of one man man, becomes quite
endurable when divided among many.
We take much pride to ourselves for
having abolished entails, and justly, in
so far as principle is concerned. but it
seems to be lost sight Of by many, that
entails can prove effective only when the
land is Of limited extent, as in Great
Britain; or where the mass Of the popu.
lation are serfs, as in Russia. In those
districts OF our country where negfoe sla.
very prevails, entails. aided by laws o1
primogeniture, would have kept estates
in few hands; but in the middle and
northern States, a hundred ways would
have been con,rived for breaking the
succession. lflirect attempt had proved
unsucc essful the land would have beer
let on leases Of ninety or one hun
drcd and ninety min, years, which woult
! neve been nearly the same in effect a
, disposing Of them in lee simple. Th'
abundance of land prevents its bein,
monopoizel. Supposing the who'll
/, extent of country, from The Atlantic t.
. the Pacific, and north of the seth de
+. gree Of latitude, parcelled out among
Ilew,great feudatories, in order to ,deriv
n revenue from domains, would be toI
r ced to lease them in manner whic
a would give the tenants the whole usr
fruct Of the terrcne; for the quit ren
$ would be only an annual payment, il
s stead Of the payment Of the whole ia at
: vance. ,.
=. But the floating capital Of the cour
|. try is Unite d in amount. This from tt
!, condition ofthings, may be monopolize
n A small portion Of the community hav
l. already, though the agency of Bankin
operations, got possession Of a great pa.
n Of this floating capital. and are now
|. fair way Of possessing much Of the r
d mainder. Fixed and floating capit'
}. must be united 10 produce income, b
" he who has certain possession OF one
IS these elements OF revenue, will rot loI
ID remain without the other.
ss Ths difference between England ar
!" the United States, is simply this; in 4
ir former country. exclusive privileges a
conferred upon Individuals who are ca
le led Lords, and in the latter, excl 81
U. privileges are conferred on corporatio
which are called Banks. The effect
to the people Of both countries is the san
q In both the many live and labor for
ed benefit tho few.