The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1855-01-17

bandoHsd. The various interests which
combined together to impose a heavy
tartt, aad to produce an overlooking treas
ary, are Q strong, and have too much at
stake To surrender the contest. The corpo-
raIions and wealthy individuals who are en-
gagged Ia barge manufacturing establish
nlents, desire a high lariI 10 increase their
saias, Designing politicians will support II,
10 concliIate their favor, and 10 oGtsln the
means Of p~rotuse expenditure, for the Pur-
paseof purchasing il lusnCe in Othsrquarlsrs;
aud sinee the people have decided that the
federal government caunot be permitted TO
employ It's income in internal improvements,
efforts will be made 10 seiuts and mi,lead
tho citizens Of The several states, By holding
out 10 theiG the dsceitfal prospect Of bene.
IT'S to be derived frem r surplus revenue
collected by the general government, and
annually divided among the s!aIss. And il,
encouraged by these fsllacious hopes, the
safes should disregard the principles Of e.
economy which ought to characterize every
republican government, and should indulge
in lavish expenditures exceeding their re-
sources, they will, before loag, fad them
selves oppressed with debts which they are
unable to pay, and The temptation will be-
come irresistible to support a high tariff, in
order to obtain u surplus for distribution
Do not allow yourselves. my fellow citlSeus,
to be misled on this subject The le1er>l
government cannot collect a surplus for such
purposes, without violating the principle Of
the constitution, and assuming powers which
have not been granted. II is, moreover, a
system of injustice, and, ii persisted in, will
inevitably lead to corruption, and must end
in ruin. The surplus revenue will be drawn
from the pockets of the people, from the
farmer. the mechanic. and the laboTing
classes of society; but who viii receive it
when distributed among the states, where it
is to be disposed OF by lrading state politi-
ciaps who have friends to favor, and polit-
cal partisans to crafty? 1t will certainly
not BIZ returned to those who paid it, and
who have most need of it, and are honest
ly entitled to it. There is but one safe rule,
and that is, TO %conline the general govern,
ment rigidly within the sphere Of lis ap-
propriate duties. 1t has no power to rinse
a revenue, or impose taxes except for the
purr oses enumerated in the constitution;
and il its income is found to exceed these
wants, it should be forth with reduced, and
the burdens oflhe people so far lightened.
In reviewing the cotlicts which have Ia.
ken PLACE between different interests in the
United States, and the p3iicy pursued since
the adoption of eur present form Of govern
ment, we find nothing that has produced
such desp-seated evil as the course Of legis.
lat;on in relation TO the currency. The con.
6 tuition Of The United States, unquestiona-
bly, intended to secure to the people q circu-
lating medium of goli and SILVER. But the
establishment OF 4 national bank by con-
gress, with the privilege of issuing paper
mone7 receivable in the payment Of the pub
lie dues, and the unfortunate course of leg
~isIation in the several states upon the same
subject. drove from general circulation the
constitutional currency, and substituted one
Of paper in its place.
1t was not easy for men engaged in the
ordinary p%ersui,s of business, whose atten
ton had not been particularly drawn 10 the
subject, to ~Goresee all tde consequences OF n
currency exclusively Of paper; and we oughi
not, on that account, 10 be surprised at tbs
facility with which laws were obtained 10
carry into etfecC the paper system. Honest,
and even enlightened men, are Sometimes
misled by the s~pecious and plausible state
tnents Of the designing. Bot experience has
row proved the mi~cniefs and dangers of a
paper currency. and it rests with with you
0 determine whether the proper remedy
shall be applied.
The paper system being founded on pub
ic confidence, and having Of itself no in.
uinsic value. it is ljnbIe TO great and sud
len fluctuations; thereby rendering property
Insecure. and the wages Of labor unsteady
ard uncertain. The corporations which
create the paper money, connot be relied
u, o TO keep the %circuIa ing medium uniform
II amount. In tmss OF prosperity, when
confidence is high, they are tempted by the
prospect Of gain, or By the influence of those
who hoped TO profit by it, to extend their
issues Of paper beyond The bounds Of discre
ion and the reasonable demands Of business.
And when these issues have beeu pushed
on, from day to day, until public confidence
Is at length shaken, then a reaction takes
place, and tt ely Immediately withdraw the
credits they have given; suddenly curtaiI
their issues; aud produce an unexpected
and rainous contraction Of the circulating
medium, which is felt BY the whole commr..
atty. The banks by tits means, save them
| selves, ard he miachievous consequences
OF the r impludence OF cupidity are visited
upon the pubic Nor does the evil stop
mere. These GIBBS and flows in the currency,
ana these indiscrcet extensions Of credit,
~a'urally en.,enler a spirit If speculation
urin.ious to The habits and character Of the
people. We have already seen its effects
IN tie wild spirit Of. speculation in the pub
ic lat.dy, aud varions kin5s Of stock, which
witain the last year or two, seized upon
such u multitude Of our ci izens, and threat.
ened to peryade all classes Of society, and
to withdraw their attention from the sober
pursuits Of honesty industry. 1t is not by
encouraging tLis spirit that we shall best
preserve public virtue and promote the true
interests Of our country. But if your cur
rency continues as exclusively paper as il
now is, It viii foster this eager desire to a.
mass wealth without labor, 1t will multiply
the number Of dependents on bank accom-
,nodations and bauk %fa.ors; the temptat on
to obtain money At any sacrifice will be-
come stronger and stronger, and inevitably
lead to corr upton, which will find its way
into yoar pubic councils, and destroy, al
~ distant day, The purity Of your govern
ment. Some Of the evils which arise from
this system OF paper, press with peculiar
itNard, hin unnn fke r. ASS of sDrietv least ahle