The southerner., 1856-12-13

which tDcy "ooio Seo '
banks, then draw the specie from them
which would compel them to curtall their
discounts. This will produce great
pressure 10 the money market-down
goes the price Of stocks and every other
species of property. Then instrsct
their agents to buy up that kind of
property which is most profitable, then
encourage the banks to make excessive
issues of their notes, expand the credit
system as far as possible, thereby raise
the price of every kind of saleable prop
erty (Which l believe to be the case at
the present time,) then sell out at a
large profit and continue this game of
seesaw whenever it suits their interest.
/, All past experience proves that the
more paper currency we have, the more
is wanted; because it cleratcs prices
without increasing the real value of
property. Il is not property that is
worth more, but paper currency worth
less, and requires more to buy property
with. Increase the volume of paper
currency, and you increase the demanl
for 1t; this the advocates Of the present
banking system very well understand.
In proof of this position, refer you to
some Of our commercial towns, the more
banks they have the more they want,
and 1t ever will be th case with pa
per currency.
There Is not now any reason lble ex-
cuae to continue paper currency, aud
| do most ardently wish that the Cen
cral Assembly wOull follow the cxa L.
pie of the Congress that established the
independent Treasury; they were fully
convinced of the corraptus, dcmorali
sing effects Of large banking corpora
tons, for the session of Congress that
rc-chartcrcl the Uuitcl States Bank
many Of the members Of that Congress
had large amount Of loans, uo
Il ,ubt as fees to re-charter the Bank;
and they have had "a Nick Biddle to
bully Congress and the Presiden; of the
Unltcd Stltes-but they pat an cxtin-
gnishcr on him and his corrupt Bank.
And [ have no doubt that We have
Mex BliIlcs in North Carolina, who
will buliy the General Assembly for
the purpose of getting such Charters as
they desire; bat 10 most arlcntly
wish that tue General Assembly would
put IN cxtiHguisl.cr on them IN like
manner. by cnac ins laws to receive
nothing into the State Treasury and
pay out nothing but gold and SILVER,
such a measure would make it neecs-
sary t. have Il large specie circulation
in the State at all times, which would
protect the llboring and producing
classes against the rulnOuS expansions
and contractiOns of the banks.
1t would be well fpr US to occasional
ly revert to FIRST principles, as the Con
gress did in establishing The Indcp n
dcut Treasury. The Banks could not
then nonopolzo the g'Id and silver
as they how do, but the labos.ns and
producing classes would have the prod
uct of their labor i'll gold and silver,
which the exchange brokers, importers,
monopolisers and Spectators could not
get; but would remain III the hands of :
th. people as currency.
Human nature is the same the world /.
over. and as mems acts arc the best in
dex to their motives, it seems that the
advocates of the present banking sys-
tom had rather all the specie Was in !
the bowels of the mountains, there to
remain, or sunk in the ocean, or locked |
up in the vaults Of the banks, or any
where, so it is not in the hands OF the
| boring classes. They consider it too
good tor laboring men. This is all very
natural, Tor tney know there would not
then be so much Ut ed for bank officers,
andmany of tn EN- W would then have to 90
to work, or some more useful employ
nent than preying on the laboring
classes. If there ever was one class of
citizens more entitled to exclusive priv.
ileges than any other, it is the laboring
and producing classes; for it is labor
that produces wealth, not baak paper;
bat labor and energy of the people pro-
duces wealth. 1t is not the laborino
lasscs that are besieging the General
Assembly to grant them exclusive priv
ilcges, but they are content with the
protection of their rights as guaranteed
to them by the Constitution.
The name democrat is a popular
name with the laboring classes and
they believed that those who proiessed
it were democrats in principle. Prcyi-
Gus to the election of members of the
General ASseuthlv vnu oouli oa..ool