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

N-N- 80 0NNAN a. ~ NohkH WITH q UACN W
such dishonest inrpositiohs. Yet it is evil
dent that their interests cannot be %efFectu-
ally protected, unless silver and gold are
restored to circulation.
These views alone, OF the paper %e"rren-
ey, are sufficient 70 cal for Immediate re.
form; but there is another consideration
which should still more strongly press it up
on your attention.
Recent events have proved that the pa
per money systsm Of This country may be
used as an engine 10 undermine your free
Institutions; and that those who desire to
engross all power in the hands of the few,
and to govern by corruption or force. are
awar Of its power, and prepared to employ
it. Your banks now furnish your only cir
c~ulsting medium, aud money is plenty or
scarce, according to the quantity of notes
issued by them, While shey have capitals
not greatly disprcportioned to each other,
they are competitors in business, and no
one of them can exercise dominion over The
rest; and although, in Tie present state Of
the currency, these banks may and do ope-
rate injuriously upon tie habits of business,
the peculiarly concerns, and the moral tone,
Of society; yet, from their number nud dis
persed situation, they cannot c-0blne for
the purposes Of politicaiiutluence; and what
ever may be the dispositions Of some of
them, the'" poavrof mischief must necessa-
,siiy be confined TO 81 narrow space, and felt
only in their immediate neighbcrhoods.
But when the charter for the bank Of the
United States was obtained from congress,
itperfectel the schemes ofthe paper system,
and gave TO its advocates the position they
have struggled to obtain, from the com
mencement Of the federal government down
to the present hour. The immense capital,
and peculiar privileges bestowed upon it,
enabled it to exercise dcspotic sway over
the other banks in every part of the count y,
From its superior strength, it could serious
ly iniure, ifnot destroy, the business Of any
one Of them which might incur its resent
ment; and it openly claimed for itself the
power of regulating the currency through
out the United States. In other words, it
asserted land it undoubtedly possessed The
power to make money plenty or scarce. at
its pleasure, at any time, and in any quar-
ter G the union, by controlling the issues Of
other banks, and permitting an expansion,
OF compelling a general contraction. of the
circulating medium, according to its W
will. The other banking institutions were
sensible Of its strength, and they soon gen.
orally became its obedient instruments,
ready, at all times, to execute its mandates;
and with the banks necessarily went, also.
that numerous class of persons III our com
mercial cities, who depend altogether on
bank credits for their s~oiveEcy and means
Of business; and who are, therefore, obliged,
for their own safety, to pfopitiate the favor
of the money power by Distinguishing zeal
and devotion in its service. The result of the
il-adyiscd legislation which established this
great monopoly was, 10 concentrate the whole
monied power Of the union, with its bound
less means Of corruption, and its numerous
dependents. under the direction and COM
mand Of one acknowledged head; thus or
gained this particular interest as one body,
and securing 10 it unity and concert Of az
ton throughout The United States, and en-
aiding it to bring forward. upon any occasion,
It's euliYe and undivided strength to support
or defeat any measure Of government. In
The hands Of this formidable power, thus
perfectly organized, was also placed unilml'
ted dominion over the amount Of the circu,
laling medium, giving it the power to regu-
late the value of property and the fruits OF
labor in every quarter Of tho union; and to
bestow prosperity, or bring ruin. upon any
city or section Of the country, as might best
comport with its W interests or policy.
We are not left to conjecture how the
monied power, th0s organized, and with
such a weapon in its hands, would be like
" to use it. The distress and alarm which
pervaded and agitated the whole country,
when the bank of the United States wegcd
war upon the people, in order to compel
them to submit to It's demands, cannot be
forgotten. The ruthless and unsparing tenn
per with Which whole cities and communi-
ties were oppressed, individuals impoyer,
ished anc ruined, and a scene of cheerful
prosperity suddenly changed into one Of
gloom and d~espondercy, ought to be index
IDLY impressed on the memory Of the people
of The United S!a'es. II such was its pow
er in time OF peace, what would 1T not
have been in q season of war, with an enc
NY at your doors? No nation but the free
men of the United States could have come
out victorious from such a contest; vet If you
had not conquered, the gov, rnment would
have passed from the hands OF the many to
the hands OF the few; and this organized
money power, from its secret conclave,
would have directed the choice Of your high
est officers; and compelled you to make
peace or war, as best suited their own wishes
The forms Of your government might for a
lime have remained, but its living spirit
would have departed from it
The distress and sulferings inflicted 90 the
people by The bank, ATE some Of the fruits Of
Iha system Of policy, which is continually
striving 10 enlarge The authority Of the fed
eral government beyond the limits fixed by
he constitution. The powers enumerated
in that instrument de not confer on congress
| he right to establish such q corporation as
the bank Of the United Stataes; and the evil
consequences which followed may warn us
of the danger of temporary circumstances,
or the hope Of better promoting the public
welfare, to influence, in any degree, our de
%cisions upon the extent Of the authority Of
the general government.
The severe lessons Of experience will, |
doubt not, be sufficient TO prevent Congress
frem again charteling such a MONOPOLY,
even if The cor stitution did not present an
masquerade objection toit. But you must
remember, my fellow citizens, that eternal
vigilance BY the people is the price Of lib
erly; and that you must pay the price if