Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1857-12-09
For the IntelligeEeer.l
TIE BANKING PRINCIPLE.

IEsssrs. Editors Tile all absorbing subject
now is, 'the commercial and financial crisis, ana
it has thrown all other questions IN the shade.
Even politics is a secondary consideration III
comparison to "what we shall cat and drink,
and "wherewithal shall we be clothed at least
to the masses of the people" All look TO III
ture wants and winters needs, and think OF re-
trenchment and reform in living, or ShouId 40
So such Times as these. Fast living, lntateu
banks. thirst for sudden wealth, SpecnlatlonS,
with other things of like nature, have been the
precursors of these lizard Times, no doubt
The Philosopher and Statesman, and indeed all
classes should be deeply interested IN searching
for. the causes which produce these none
tary aud commercial crisis, and II possible, seek
their removal Many attribute it all to our sys-
tenn of banking The practice of making money
out of credits, or of that which is only prom
Use to pay money, which purports to have a
real equivalent in some vault when no such
equivalent exists, is fraud on the face OF it
Would an individual that owes three times as
much as ne has wherewith to pay, be consider
ed safe? Their promises to pay dcluge the com
munity. raise the price of everything, beget
speculatonS, stimulate an excessive trade, and
then being withdrawn at the height oflnilatlOn,
produce a general and disastrous collapse. We
never did believe in such distinctions as this, to
allow n set of men to draw interest on what
they owe, and pay their debts when they please;
when, individuals must pay interest on what they
owe, and pay their debts too. This seems to us
not to be equality. 1t appears as if individuals
must pay the banks all they owe them, while
the banks keep all they get What Kind OF
iio';iity 10 t't'5 - .i,;.'JoL1 -. ;,,iir,Jn,Is
inc oaiiks "1u.u pay ,..,id 10 Eor:tit"J
nave 70 uo, '.iSIs WIT ,ronI5
YOU call the conduct of q man with his pockets
full of money, that would not pay his debts?
Would it not be a sort of rascality?
put We tnuSI not say SUCH '''''
the DahKs ior DahkeFs are me o'liel te''' my
IKE TO make money me li ,sI p i 4,
we nave any ace9unt Oh was Ise' ~ 10y .So
!enui'u, "nne pescu ~ t's &c Ill
loriFeSs Vi NORA. y W wa; 80 "
anu SILVER: niu scil"er ;, No. T" boJ dd
per- anu ~, noI1;ar ,nn i,aJ
anu tlie,l pau us ,I I"i;,o,,t 70 to
'b;s ySn,,o, TIL; ;S tbo f;rst instance IN re-
ar, f ,,ai, ,,,,,a1 ,,I,;ch lac S;mcc cnraoL
fbrouchomt Greater nort of the civilized world
in flo ,nost uI5houndad onnIcncc 'rhe first in
tLis oonrtr,, ,,o behave ,,os in NoSeo rhnsettS.
the colony was in debt and thew issued naner
for five venrs md found Themselves three times
MS much in debt ms when thew commenced issu-
;n,, nro,,,is.s IN nav Tho naxt we think was
issued in GEORGIA bv OpIethorne. with the
sone sn ,ccss Then came the Continental pa-
nor and ca nm till it is now in general use
Some Of o,r earliest statesmen wore ouDosed to
tIo ,,.o NJ los To nav for currency left
crson,s opipiom is we'll known. George Wash
inoton said in n letter to Senator Stone of Ma.
lad 81 do nnt ScrnnIa tn declare that if I
6oJ y voice in ,,our IagisI,turp II would have
becn riven decidedly against n paper emission,
mon thc general PRINCIPLES Of its utility as a
representative, and the necessity oft as a mcdi-
um. in n word the necessity arising from want
of snecie Is represented greater than it really
| ia ! contend that 81 Is bv the substance not
the shadow of n thing. that4we are benefittcd-
lDeprsciatiop keeps pace with the quantity of
temission. and articles for which it is exchanged