Spirit of the times. [volume] (Ironton, Ohio) 1853-1858, 1855-04-03
MONEY PRESSURES.

Banking ought 10 be "cabined, crbbed and
confined" in such n manner as TO make the
public safe OF all events but it may be aques-
tion if, under any system OF banking, the pub
lie is safe.
1t has come to be well understood that money
pressures in the United States, are pretty nearly
periodical, sure 10 occur once in about certain
number of years. Need this be so Is it of
necessity the case that we must experience
such pressure, rulnous, every few years p
True, crops will fail, and other adverse cir
cumstnnces will happen but suppose there is
sound bottom, 'to fall back upon'-a reliable
eurrency-and we ''guess" the money pressure
would be slight compared with what we have
repeatedly experienced since the introduction of
the banking system by the charter Of the Bank
of Norh America at Philadelphia, IN l7SI. 9,
which produced what we believe banking has
always produced in our country, ga temporary
plentfulness OF money, followed by great scare
ity, usury, ruin, TO the many, riches to the few"
If banking Can be restricted into safety for
everybody and no orer- banking, we could toler-
ate it-but a. it is, who can prove that every
money pressure in the country, producing
"hard tines" since the establishment Of the
first bank, has not been the direct result of
over banking, the inevitable Over-impOrtlng it
stimulates, and the contraction which sue.
ceeds?
Suppose the "rags" were out of the way,
there wouldb e no over banking, Of course, and
no consequent "inGation" with its ever
following contraction" producing ruin the
basis of mercantile transactions would then be
reliable aud safe-and if this were the case,
prove TO us that there would not be enough
specie for both use and convenience, bills of ex-
change answering for large amounts and long
distances. Require specie, following the ex-
ample of Uncle Sam, whose pockets are over
flowing with it, and we shall have specie in
abundance. Mississippi "wild cat' banks very
grievously cheated the people OF that Stale q
few years ago, and since they will tolerate no
banks-they have gold and silver in plenty
Some States prohibit the circulation Of small
notes-!hose States have sma change in plenty
silver is many times more plenty Iow in this
Southern Ohio than before for several years,
notwithstanding the general money pressure.
Has" not this some connection with the Ohio
Small Bill Law, imperfectly as it is observed |!
1t is certain that large amount of small bills
has been driven out of the State, and that a
large amount Of silver has COME into the S tate,
since the law took effect.
We find the above in the lronton
Register OF last week, and endorse it
heartily. We are glad that the truth is
slowly and surely making its way, and
that Wing Editors, even, are taking q
stand for the currency Of the Constitu.
tion and COMMON sense.
The Register is not alone in this mat.
ter. Many Of the ables, conservative
journals in the State have withdrawn
their countenance from the paper money
swindlins shops; and some have assn.
med clear, silvery. hard money tone.
We like it. It's musical, and the music
has the soul Of truth, too.
Twenty years ago, ten years ago
even five years, it was otherwise. When
BENJAMIN TApPAx in 1882 offered a hard
money resolution in Democratic State
Convention,he could get second, for its
adoption, only by courtesy. When the
question was put, "OLD BEN" voted
"Aye," and all the rest voted no, or were
silent. So completely had the Banking
system enthralleJ the minds of men at
that day.
Who does not remember the struggle |
between the Bank Of the United States
and Preside Mt JACKSON! Congress pass.
sed bill rechartering that institution.
1t was vetoed. Then came burst of
excitement such ss this country has sci
dom known. The Bank openly employ.
cd its funds 20 circulate electioneering
documents and 10 corrupt elections
Of merchants waited on the
the President to implore change Of po.
licy. He was in6exible. The Bank went
dswn, and great was the fall Of it. AL
lhst its bitterest enemies had said, was
provedby the post movtem examination.
Tho ''NationaI Bank" was, for q long
lime, faSoriie hobby of The Asistocrat.
G party, bat for years ii has been com.
,lstely abandoned. Thus has Time
hst uDsrring exposition Of Tsuth-vindi.
st4d one Of the boldest deeds ever dared
y ~ Asnocrstic party. b