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


The National EafeHigea,ey Of the u h nst.
has leader Of over two columns in length 40
voted to a consolidation of the financial crisis
II attributes the present condition of things to
the abs1ncc Of Il United States Bank Politici-
ans and Eiitors who have been in the habit Of
looking to that OLD and staid journal as Leader
in all things, will declare that that is unques-
tionablv the cause, and straightway we may cx-
pect them advocating the enactment BY Congress-
OF law creating United States Bank. The
New York Tribune, which persistendy for
years contended that high protective tariff
was absolutely necessary to the financial saliva
lion of the country now argues that had we such
a tariff the coutry would not now be labonng
under its present financial commissions; and as
an inevitable consequence, the editors and poll
ticians who follow the lead Of that journal echo
the opinion with the fidelity OF we'll trained par
rots.
A U. States Bank would certainly be orga.
pizel somewhat on the same principle that State
banks are organized and being thus organized
and subservient to the control of faIiabe men,
We cannot perceive in what manner it w6Gld be
steered clear Of the same kind of breakers that
have thrown our monetary world into panic.
Nearly all the banks in the outset confJrm at
what is termed legitimate banking; bat ultm-
Ately they are tempted 10 participate in specula
tions that promise exceedingly .arge profits, but
which almost Invariably prove disastrous. The
United States Bank of Pennsylvania. under the
the control and direction of that admitted
shrewd OF all bankers that this country has
ever known-Nchoas Biddle--was tempted
into speculations that worked the ruin alike Of
the Bank and Of himself Such an end seems
to be the manifest destiny TAIL Banks that MAY
be organized on fction-organzed with the
ostensible purpose Of subscrying the public good
though, in reality for no other purpose whatey-
er than that of promoting the interests olthe
| Directors, the Officers and Stockholders.
| The Bank Of England, which is regarded by
solhe as model bank and which is interviewer
! with the British Government and is IFS great
/ financial agent expands and contracts the cur
rency at pleasure, and at pleasure raises and
lowers the actual rate OF interest. In the hands
/ Of those who control it it serves as a great and
! powerful political machine II suspended spe-
Gle payments about 1877, and did not resume
specie payments until 1925, having coerced Par
Lament to sanction its suspension. The only
banks that have not caused fluctuations in the
currency and hence no preSsurcS and panics,
aao that Of Amsterdam anl Hamburg. The
bank Of Amsterdam haSstood two hundred and
INIy years. uCSe UbnhS &IG tHe uSilUall1 l1E!oS
Of coin, aud for these deposits of coin, certih-
caIes arc given, which circulate among the mer-
chants. These certificates represent an actual
ity, and hence whichever presented atth coun-
ters of those Banks the coin Is forthcoming-
Any other system of Banking will not secure
the currency Of any country against expansions
and contraction3 II Banks we must have and
they are only necessary for commercial purpo-
ses let them be organized and conducted on
precisely the same principle that tie Banks o.
auisterdaEa and Hamberg are organized. a
fictitious currency, which has ever afflicted this
country, gives fictitious yaluc to everything
and generates undue estrSragance.
Undor the existing ts-lF manufacturing cs-
tablishmenls are sufficiently foate,od Oui
country has Rot been constrained 10 import tho
necessities D lie to any extent. What comes
under the head rsuperautics and luxulieS o
life have Of late years formed the chief bulk 0
our imports, and how high protective tariff
would prevent our people lGom indulging in su-
porhuiti2s and an eXtrayagant mode Of lie re-
mains to be conclusiycly shown. The nearer we
can get to a purely metalic currency and to do.
ing a cash business the b3tter. John Randolph
was very nearly right, if not altogether so,wher
be- on certain occasion, declared that he had
! found the Philosophers Stone, which was--'pa}
as you go.' We want neither the United State,
Bank nor High Protective Tariff C.NtcoMt
! ARgett3er.