Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1857-11-20
From the N, X, Standard. s.
Tie solid NJ en- of Bostongtn favor Of

From. The N, y. Standard. 81
The solid M en- of Boston in favor Of
Mt hard money.
Bosros, oor. 9. j 857, -Iswas rather
too swift, "a fortnigh t ago. in Dragging of
our Intending to keep on ting our debts.
here. Weshaye concluded. on the whole.
to discontinue habit which would be at.
tended by, the unpleasant incident of par
ting with our money. So we all stopped
payment last week. The Giant Panic
has devoured.us, too. All our comfort is
that we were devoured last. He "ground
your bones to make him Bread" as the
tOgre in the nursery tale said or sung,
before he crunched u.s.. He granted US
that Polyphemean favor, at last; and we
make the.most of it. 20 Everybody says
that the banks could not help it, and what
can't be helped must be borne. Almost
Everybody, that is-for there, is a. rem>
nant, and large one, that beliyes they
might have held on and put,you, with
your metropolitanaairs and graces, ito an
Fopen shame. Gold.S' I am assured. is a
drug in the market, and brings nothing
in(large quantities. But don't pretend
to know more than my neighbors in mat
ters Of this kind. Only, do think that
the necessity Of any really solvent bank
refusing TO perform its contracts is q
strong argument against the system Of
banking in this country. 1 believe the
remedy will ultimately be found in the
abolition of banks ofscirculation. Banks
or bankers there must be, but there is no
reason why the one more that the other
should be allowed the royal prerogative
of manufacturing money, and, especially
of making their debts (under the alias OF
|deposits) basis of circulation. 81
A gentleman of fortune and standing
here, and bunker of the hunkerest kind,
said to me the other day, "When you
have abolished slavery l hope you will un.
1dertake another crusade, in which will
Join you-one for the abolition of banks. -
I assured him that was entirely ready to
enter into the movements at once. with
out waiting for the preliminary. But this
chance word, uttered by just the sort OF
man that said it, showed to my mind
what! change has taken place in the
, minds Of substantial men on the question
of banking, within 90 years. At the time
of the last suspension, in 1887. think it
was, the whole race of capitalists were
financial upholders of the New England
, system of banking. I apprehend this is
far from being the case now. The legis'
lature which will be elected next month
, will be chosen mainly upon this issue,
and, you may rely upon it, it will not be
made up Of blind believers in our present
system of paper currency, and it is very
r Il9I,nlty fLof mill ha nc
, contingent on the admission of very ma.
terial notifications. The prohibition Of
, the emission Of small bills may be one Of
I the regulations imposed, and blessing
surely, or at least comfort, such 6
) restriction would be. In England there
are no bank.notes under twenty FIVE dol
lars, and the business of the country is
certainly as effectually carried on as ours
is here. 1t'f
How "the whirling OF time has brought
about his revenges," to be sure! Do you
remember the ridicule that used to be
9 poured out on the Sub Treasury scheme;
Q And now everybody sees that it has beer
The sheet anchor which alone has enabled
" us to ride out so much of the storm, and
> has kept us from running on the lee>shore
S long ago. So Colonel Benton's confident
e expectation that the time would come
when every farmer would have a sill
. purse with the yellow boys shining
through the interstices of the reticulationI
or decussations, as DR.. johnson mightsay
what laughing stock it was for years
8 And yet we have lived to see gold occa
9 sionalIy mixed up with the circulation
} and we may live to see it the only com
" mon currency Of ordinary life. 1t is very
$ possible that such a chance would hinder
the sudden mutations Of the balloon of ouI
3 prosperity in which we delight; but i
:; would also regulate its ascent, and keel
it under control, and prevent it from col
;, lapsing and scattering US sprawling ridi
} culously all over the country, ever few
s years. | make no pretensions to poltica
:, economy. Only l know that gold is
safer currency than any paper promise
. whatever to pay it, and that whateve
l. encourages men to engage in mercantile
adventures before. they have acquired By
o labor or skill the capital necessary to car
u ry them on successfully must lie mis-
} chievous in its tendency and results
e Credit cannot be abolished, for it has it,
u foundations in human nature, and it is bu
good faith and regard for promises ap
t piled to the business OF buying and selling
Q but, to be safe, it must rest on persona
h character, backed by solid capital, o.
g these revusions will be as regular as thu
returns Of the govt of still gormandi
= zing alderman.
g RUNAWAY NEGRoEs.-On Sunday night
? a negro family owned by Geo. w. Fair
fax, of Preston county. consisting of fa'
Their aid mother and five children, tool
I'll Ihree horses of thair nwner and mnAc