The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1855-01-19

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would not have much the advantage Of u
in that respect.
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Hard Tlsnes and Hard Currency
No man has done more, perhaps, to saw
us from the inevitable evils of a worthless,
issue of paper money, than Col. Benton
Where It not for him, the Governmen
would be as much below par at this time
as the immense issue Of deprecated paper
The masses of our people cannot b
made to understand, or comprehend, 8
System Of Currency of Gold and Silver
which is always safe, and not liable to de
probation, auctuation or change. They
enormously suppose that Paper, as q
circulating medium, makes money plepty
whereas the fact is, that it drives real mon
ey, Gold and Silver, out of market; and
then when pressure comes, the basis o.
Paper Issue becomes worthless or depre
ciated, There is nothing to fall back up
on, or redeem the Paper issue, and, o.
course money becomes scarce. Public
confidence is gone, and cannot be restored
till the return again of Gold and Silver
as basis for and new issue of Paper
Promises.
The whole System of our Paper Issue is
a fraud and fiction; and with the Science
of Banking, in expansions and contractions,
raising and depressing prices at pleasure,
for the purpose, solely, of making money
for themselves and sacrifices and deprecia-
tions for their customers, it is only surpris-
ing that our sufferihgs are not more intol-
cradle than they are.
We clip the above paragraph from a
Know-nothing paper published IN New
York entitled ".America's Own." There
is good deal of home truth in it. When
the Banking system of 1844-'5 was crea-
ted, it was promised by its advocates that
in easy times they would furnish conyen-
iencies for exchange, and in hard times,
would afford relief to business against any
pressure from without. They asserted that
agriiural produce, merchantile and me-
chanical trade should commend steady
markets, adequate prices, and ready sale
for cash in hand. Note these promises,
reader. No man of the bank party will
deny them. Every one in the State, who
was reader of the papers, will remember
them. ....i.
In the session of thu General Assembly
Of 185o-'1, when the wings were urging
the passage Of the Free Banking law, they
were compelled to acknowledge that the
State Bank and Independent banks had
failed to furnish sufficient currency, one
adequate to the wants of the community,
and at all times reliable. They promised
that the establishment Of the Free Bank
System would at once elevate a standard
of public confidence, which would infuse
health, prosperity and freedom through
out all the financial relations of the peo-
pie. The Free Banking Bill was passed
numerous companies have been ineor-
porated under its provisions. and are now
doing business. How are money matters
now? Have the promises Of the friends
and advocates of that system or Of the old
one, been for one month at any time since
their establishment, at all fully verified by
the result? Let the business men of this
city, for instance answer, what are the
opportunities for purchasing funds from
the banks and brokers, and let them ans,
wer too, what rates Of exchange they have
to pay for these facilities.
What purpose was intended by the Leg.
islature in chartering Banks? They have
always pretended that it is for the conven.
ience Of the community. We say ther
and everybody knows and feels it, that thu
pretence is false. Instead Of public conf
dence now, all is fear, distrust and panic
Financial writers are specializing daily up
ON the indications Of a general revulsion il
money and business. Complaints com
from every point in the east, that the Bank
of that region are restricting discounts, an'
contracting their circulation. Bushes
pauses and trembles, afraid to draw 70
1.-TWO months upon the future, and certain +
lencounter destruction if it remains still. -
These omens Of danger are felt here AM
everywhere. This is just the sort of
crisis then, when the friends of the Bank
ing system pledged it always to step i
and repel the rising tide Of adversely.
lis Just such catastrophe as is impending
upon the. country now, and must come
[but for some unseen commercial Or fnan
|cial windfall, which the banks were ere
lated to averh
They were to be the regulators Of ez
change-the unyarying, unfailing, peren
nial source Of sufficient sound and eve
abundant currency. Though other State
/. and other countries might suffer embal
rassment, and though stocks and funds I
levery power and people might depreciat'
the present Ohio Banks were epledged b
Ltheir makers to nreseye a steady and Who'll,