Spirit of the times. [volume] (Ironton, Ohio) 1853-1858, 1856-01-29

unnaturally the price of commodities; while
that Of the latter is to produce an artificial scar
city, and to cheaper prices artiicially that
the victims of these vibrations are the great
body Of merchants, whose capital and average
deposits cannot always command discounts
that the gamers are few intelligent and shrewd
capitalists, the magnitude Of whose deposits
commands enormous discounts al all times, and
who, being behind the curtain, know when to
buy and when to sell. ON of opinion that
those vibrations innicr evils which close not
with mercantile speculation thst they tend
to unhnge and disorder the regular routine Of
commerce, ard introduce at one moment a
spirit Of wild and daring speculation. and at
another, prostration of confidence, and stag
nation Of business: that these feelings are
transferred from the counting house to the fire.
side; that the visionary profits Of one day slim
ulate extravagance, and the positive losses OF
another engender spleen, irritation, restless.
ness, aspirit of gambling, and domestic'inqui-
etude. I.as ~ f. ''r
"I appeal to the commercial history Of our
country. during the last seven years, and to
the aching hearts ofmany ofmy fellow citizens,
for the truth Of these reflections.
al wish not to be misunderstood. Let no
one suppose me so weak os to attribute every
unfortunate speculation, and every iuctuation
in prices, to an undue management or organi-
zation Of our Banking Institutions. That would
be folly, from the imputation Of which trust
the preceding remarks will rescue me. There
are commercial fluctuations, and they are
wholesome They invigorate enterprise, and
their benefits are directly felt by all. There
are Banking fluctuations, and they are highly
deleterious. They intoxicate enterprise, only
to enfeeble it; and the benefits are restricted
to few.
"This evil OF Banking nuctuation, ends not
with the mercantile community. 1t extends to
everything that commercial enterprise reaches.
1t Injuries the farmer and the mechanic, in the
precise ratio Of the vacillations Of public feel
ing.
1.-THE injuries which it has inflicted have
been as universal as the insinuution Of Bank
paper; and the peculiar manner OF its opera.
tion renders it donbly interesting. 1t does not
affect the wealthy man, because he can always
control discounts but 1t falls with single and
dreadful severity upon the industrious poor
man, whose capital is not sufficient to command
permanent accommodations upon the inexpe-
rienced, who purchase knowledge by sacri-
fee ofproperty, and upon the merchant whose
skill and sagacity are superior to his wealth.
'sf
Against power so tremendous what Darriel
has been erected? Against power which, at
different periods, has baffled the Legislative
wisdom OF our revolutionary sages, OF the gov
ernments Of Europe, and Of Great Britaini what
check have we imposedf TnE INTEREST Ac-
COUNT OF EACH BANK. As well might Canute
have controlled the waves OF the ocean with a
breath."*
The view which was taken OF the subject oy
committee of the New York Legislature, in
1918, is well deserving of attention. .....
uor al, or;,,oo,.o;o, - ,hev said unone
=, ,,,a oon,r,sta, "no,nus raonie than money .
nnd IN s tha onn;on 81 vonr p conom,tee M svs
a" a, ~ s"o opun ht4 " ~, sn na,fsci 70 an
.,.n .I ~ oor,n,nn;t, w th"t or ,bs nresant mode
81 oond"n.;n" psn,,;nr iv as,ohi;sbmen. Ike
~ srran A. fha fohia thew emt;ce to DESTROY
M M az nj, tha n tr;nrs n society snd Nv
lii ,ho,a ~ tbe c;rcuist;ng me-
"e ,;.,n e ~ ,.v., enS .hsv rorn, . nraco,;ons
y. ~ im' h ~ y; ,ons,,n "y in tbe countrv
hamsas ,ond. Jsh,s anJ creJ;ts ner.onol nj
rooi esf.ta oT Ill dsscr;nt;ons are Valued thus
en ,ends,;ns | tla whole community denendant on
them ] proscr;h;np every man who dares to ex.
nnsa tbe;r mnI.w1,I nroct;ces. If he hannen,
- he out ~ ths;r reach On os tn reonire no fa.
,,o,s rron, ,honn hi. rrends are made the v;ctims
eo o'n no ;, ona darss nor,nla;n
w ,.Tba ~ oonoro;,toa om taking . genera, v;eu
&c S..." oU", na o,,n.r;nn tSose nor,s where
RAMS hous i,een for some time established. with
thnsa ,hat have hsJ none. ore oston;shrd At the
aiorn,m~ l;Sno,;tv Thev nee in The one case
tha dsso1,t;ops % thev hove made in societies tha
.ms .ms,e haco,o nrosnsrons and bannv. The mir
~ ~ .oua S h,nr~St an an ;nnerse humber q
;he he, most msv weaItSy formers and thew and thei
families suddeniv hurled from wealth and in
IsnenJence ;nto the abyss of ruin and despair
t"Is ths facts stotsd in the foreeoi NO be true
.nd uomr committed have no doubt Ihey are
toaa,. ar with others equally reprehensibie anj
to t he dreaded such as that their influence toe
r. rrecuentIv nav. often already begins to assum,
sqaef sqae;e. ~ a;ctat;on altogether alarming, ani
uni.a. uRe~.S sone ;udicons remedy is provided b,
,n:sss.;ma w;.Sono wa shall soon witness at
osSlat = ,o,tsoI Ill selections 10 Offices in ou
.elnp: !" vva tha a. n,sct;ons to the very legs
vyun's ,s may ~. ID n, snohers of Assembly vii
To- a.:re Iot,sd !" ,ha Ranks for their seats in thi
70 iue'sl a ~ thna % az rise end of our civil In
cup!o, anI hs ,ro,trassd n the dust of cor
rsas no,a,;oms ofthe;r %.ti pwn raisine.,' ~ aes
poMsSs MI se,,, =. NJ ~ 4hoss who have personal in
No' 'ew ~ ,.;Sv.rcs =. .nUss nf The system. ac
!erest ~ sne 9oStnuan I,a ~ " evils n nroJ,ce,
knowieose anu uep,oaie ~ ~, mon move ssns;h,'
Ieoeeu, We aa'e n" iou.e ns. =" ~ ths off;cers =
OF tnose Evils, tnah some S;... o. s.S -, tha sam
panks. Lhey tetain .nei' .otS" o' ,;ua Gm N En-
prlnciple mat tney woulu, .uuy ,r"S - ,vh;c
lana ieta,h oaccs onuei * ~ sstoh,;shs :
they coulu n0t admlIe' ~ t.c se,ooi,Ss