Weekly Indiana State sentinel. [volume] (Indianapolis [Ind.]) 1853-1861, 1855-02-10
"Tinkeriug with the Currency "

"Tinkering with the Currency"
This has been a cant phrase with the late
Wing party. A Tinker is member of old
pots, and pans and kettles. We are at this
present writing blessed with an army of tink-
ers engaged in the laudable business of tink-
ering up and mending a cracked and
and leaky banking system. There is an out
side pressure on the honest representatives of
the people, to do something which will restore
confidence. Plans, amendments, and even
new systems of Banking are suggested and
urged with a plausibility which, to the I'M
sophisticated seems almost incontro vertible.-
Our friends should remember the specious
and unanswerable arguments in favor Of Free
Banking urged by its advocates when tie
question was pending before the constitutional
convention, and when the present act was un-
der consideration before the legislature. Hon.
est men and honest Democrats were deceiv-
ed.
Listen not to that syren voice which has
tlemen as You are. This is the advice Of one
who for quarter Of a century has been fight
ing against the principles Of Banking in every
shape and form. His first lessons in political
economy we learned in the monetary crash
and Bank failures of 1919. 30 and '21 A
thorough investigation of this subject has cou-
r,p hot he Cd Of Il
wise safe, sound, banking system.
The whole foundation and principle of ban
king is wrong. 1t gives to the favored few,
privileges which are denied to the many
The pure, wise, and patriotic men who franz
ed the constitution Of the United States, so re-
garded thequestion when they provided that
nothing but gold and silver should be lawful
tender.
Bankers must be- permitted TO Issue two or
three dollars for every dollar Of capital stock
paid in, or they will OF engage in the busi-
ness. Thus they are enabled by this system
to reap profit on three times the amount Of
their actual capital, whilst the farmer, me-
chanic and merchant oily enjoys the profits of
their real capital. If a farmer SELLS bushel
OF wheaton dollar, he gets the per centage
on that dollar, but the banker is permitted not
only to make his per centage on the dollar
which he has, but also on two more which he
has not. Two thirls Of the hank issues, as a
general rule, are the representation of the
bankers credit. not his cash. But we do not
wish to discuss this question at length, in this
article, but will reserve it for some future
number.
We know we are regarded as rather ultra.
We do not expect that our views in opposing
all banks and advocating gradual return to
the constitutional currency will meet the
views, even Of all our Democratic friends
We know it is said that we must have banks
that other States have banks, and Indiana
must protect herself by having banks, ALSO
This is the reasoning of the artful dodger in
Oliver Twist who stole the handkerchief to
keep some one else from stealing it. The
We warned our friends against the plausi-
BILE argument of the advocates of new banks
and new currency, when the question was first
preached. Our warning voice was not hee2ed
We called on the last legislature to either
repeal the law, or throw around it such re-
strictions as would save the people from an
inevitable swindle and loss.
We predicted the very state of things which
have occurred, but the spirit of speculation
was rife, and our feeble efforts were unavailng
The spectators were determined to have more
money. They got it-they danced and made
merry, but the honest hard working people
had to pay the fiddler. We tell the peoples
representatives that day of reckoning is at
hand, and well will it be for him who has a
clean record on this question. The people of
India Ia have lost at least a million of dollars
by the depreciation of y cir baseless shin-plas-
and Representatives to dry up the whole con-
Germ, and in future to quit tinkering with the
currency, but to leave that question where the
Constitution of the United States left it. We
have repeatedly shown that there is gold and
silver amply sufficient to meet all the wants
of the people. Give us that and we snail have
no more fluctuations-no more exorbitant pri-
ces this year and sudden reductions next-no
depreciation of curency--no shaving shops,
where the merciless lonsor is ready to shave
to the blood the unwary and the oppressed.
We shall then have uniformity in currency
and steadiness in prices.
We shall again resume this subject 1t is
to be the great question in the next political
canvass, and we would suggest to members of
the Legislature who desire political future
to mark well how they record their votes on
the question of patching and tinkering the
broken and rotten concern. The people are
anxiously inquiriRg and hopefully desiring a
speedy and certain wiping out of past errors.
" Indemnity for the past A" they do not hope
for, but they demand security for the future"
81 The Delphi Times is now published
daily.