The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1857-11-05

says the Cincinnati E'qRrer. And during the
period through which cur political experience
extends, which embraces several money crises,
aud two general Suspensions OF specie payments
we have not known amore general and thor
ough determination among all classes ofeitizens
to get at the bottom ofthe evil ana root it out,
or abolish all banks of issue. Many are ofthe
opilion That the evils baaks of circulation are
beyond the reach OF human ingenuity, and that
they can bscralcate Only al the cost of the
life Of the system ITSELF The Washington Ma
tional Era, the leading black republican paper in
the Union, says
"Never, since the Introduction of hanks OF
circulation, has the VIII Of nan been able to pro
vide an eiectual safeguard against these evils
England aud America have both been cursed by
them at certain periods, under every system tf
reStr. .ton. The safety fand device, individu-
al liability, compulsory high interest on notes
which a bank refuses TO redeem in specie, State
stock securities have all tailed"
orthe system ITSELF pr Bailey the editor Of
the Era, says
Now. without any hope to reform our civili-
cation in this respect, we may ai well declare
that We regard the entire system otpaper mon
ey as unnecessary and perncious unnecessary
ami pernicous-unneceSSar TO eemmerco or TO
the development Of the resources Of any country
new or old, agricultural, manufacturing or com
mcrcial; and not only unnecessary, but pernici-
ous, in &yorins fraud, stimulating the greed of
gain, promoting inequalities of condition, and
from time to time necessarily involving deStruc-
tive changes in the monetary world, which par
alyza capital, render real values unavailable,
leave labor without employment, destroy credit,
and expose society 20 the rayages Of uury and
ex.ortion."
And ofan exclusively specie currency he thus
expresses himself
1t is quite true that, with gold and silver
currency, prices might be lowered. But why?
because the circulating medium would be the
representative OF a real value. Paper money
raises prices by deprecia'ing the currency. The
price ofland goes up in this case because the
standard of value goes down. The rise is tic-
ton, profitable in the main only to spectators.
Where the currency is deprecated all prices 90
upland, stocks, agricultural products, and,
last olall, wages. What do the masses gan il
with two dollars ofp&per money a day, they can
buy only so much real value as, with nothing
but metallic currency they could buy FOR one
doal? The great advantage OF a gold and sill
yer currency would be- that men would have
less nominal, but more real and detcrminate
Wealth; that prices would be less variable be-
ing dependent upon natural, not artificial laws;
that the currency would not be liable to runous
fluctuations; that there would be less room Tor
speculation, extravaganza, commercial gamb-
hngS and uSllrlouS interest while there would
always be solid basis of credit commensurate
with the real wants of the community; and that
there would he fewer inequalities in that condi-
ton Of socety-iewer oyergrown and illegiti-
mate fortunes.
On these points the Era expresses the conyic-
tons our own mind has had for years; and we
hope the time is not distant when banks Of cir
cuaion will he an olcast Of modern civilization
instead Of as now, its autocrat.
But the leader Oft the Anti slavery division O.
the country is not more hostile to the pcrnici
Gus system than is the lieutenant of the ultra
Pro- Slavery division ofthe Union. The Som1
published at Richmond, Virginia, and edited by
Roger A. Pryor. Esq. is eloquent in denuncia-
ton Of the whole brood On the almost abso
lutte power they possess, he thus speaks:
| All the elaborate and intricate machinery 0
our political system, designed Tor the spe cia
and Of imposing restrictions upon power, is ofnc
avail to protect the people against the over shad
owing influence Of banking corporations. They
control the credit ofthe country. In defancC
OF the Federal Constitution, they make money
scarce or abundant, to suit their interest. They
WELD power for which despots have struggled
in VAIN; they defy the laws Of trade and fix al
arbitrary price upon the products oi industry
| No locality is exempt from their baneiul inHu
ence The shadow of their evil presence GOV
ors the land as with funeral pail. Is cry o
distress and want heard in every quarter OF The
lcountry? This universal wall attastS the intn
itc power and limitlcss rapacity ofbanking cor
porations. No peStience wasteth the people
no famine stalks over the land; no enemy desc
lates our fields and villages; and yet, if we wert
srntten by the wrath OF Heaven, or exposed t.
the rayages ofsome human foe we could no
suffer more severe chastiSement than tha
uhich now afilicts us. Earth yields its boun
ties in lavish protuson. We are at peace witt
the whole world The stream of commerc
flows in a copious and fertilizing volume. VIII
then, this sudden paralysis Of the arm Of indus
try? Why this disastrous disturbance in tn
operations Of trade? What is it that has brou'
this great calamity upon the country! 1t is tn
grasping rapacity Of the banking corporations.
Their rapacous conduct does not escape hi
lash of fire. and well does he lay iton:
They, too, have creditors who demand pay
rnent Of their obligations. They have driven a
the gold and silver from the country, except tn
contents of their own vaults; and now the ine2
orable laws Of trade demand that they sha
make restitution for the loss. But these ban
corporations are insensble to all the obligation
ofiustice save when justice is synonymous wit
interest; then, indeed, they are Just to the Vi
tcrnost ialthing which the sheriff can extol
from their needy debtor. They run down Ii
community with the fcrocity of blood hounds
: but, when in the Ycissitude OF affairs they al
called upon to discharge their own obligation
they cody turn the key Of their vaults and al
ncunce suspension of specie payment! III
entire community is their creditor, and ever
individual is ruined by their baI kruptcy. a
i ready the notes of the Virginia banksare ten p
cent below the specie standard. They will su
fer a still further depreciation. But the publ
? has no remedy against the defauting banks
They have driven gold and silver away and "
have no choice butto accept the notes whc
they have dishonored by repudiation The
= have left us no other currency.
But, while the community is thus plundere
and oppressed, the banks themselves thoua h q
y ecting an inability to pay their debts, are actl
e ally enlarging their operations and reazinSel
ormous profits by their own failures. Refiisr
voluntary, and in no danger Of a compulsor
settlement with their creditors, they can en-
ploy ther4resources in gainful speculations.-
Despsing the restrictions oflaw and with no il
ca Of redemption, they will issue their notes Z
ipfnituan, and SO actually exact burdenson