Indiana American. [volume] (Brookville, Ind.) 1833-1861, 1857-09-25

sponsiye 10 any express or Implied
demand from the people. is past. IL
hanks are 10 be chartered-if the ma
cbinery for the manufacture of paper
money IA 70 obtain a legnl cxistci,ce--
IL will be in obedience 10 the dcsii o.
OF the capitalist a. mode ofinvest-
ment suitod 70 his tastes and habits.
or of the speoulntor, .as . means 70
place within his reach the impIiments
Of monouolv There NAV nave been
a time when banks of issue served
tha naonla. and waro of service 10
the people; but that time is past. The
occasions upon which such ssrsico
Il rendered are too few 10 supply the
basis of decent protense. The OBJ
ject Of the banker is--alwnvs In a
greater or less degree, and Ia many
cases oxclusiveiy-to use the people
for his own bonefit--that benefit bc.
ing. not the Legitimate profits Of a
banking business. but the irregular
successes of a hazardous speculation
In commodities which are held To be
desirable for the purpose in prvpor-
ton as their prices nre uncertain.
and their value subject TO fiuctu-
alton,
Itisa fact that is worthy OF rc-
iiection, that about in proportion ne
the precious metals increase In Quan-
tity; In an equal degree is also
augmented the spirit III speculation.
IA VIVA thouvbt by many. AID ration.
ally enough. that ~ huse = tide IL
gold aud sllyer was Of late years bo.
snr poared into tho uhAn usls Ut traslo,
that paper money--whosc existence
wna s,l,uoked IA bu owing Ia an MUTUAL
waut ~ tbs pr,ci.us metals. would
disappear. This has not proved 10
no t,s casa I'm IN. cou,rarv vold
aud silver are only the basis Tor tho
issue of paptr that they were bcluro:
and as a.. easIs exnand. sa 4 ia
shaky and unsound structure enlarg-
ed. This IA to be rcuretted. Tie
stimulus OF a regular aud gradual in
crease ofmoney In community giyss
AN admlrabla l,velln..s On ,raa. clio.
or 20 industry. reality 10 the trans.
actions of business. and solidity %
the general condition. labor IA we'll
rewarded: the entorprisinr and care.
ful grow rich. and t6, poor live bet.
tor and more easily. But as In tho
human system 40 In the body polite,
there can DO nothing more product.
i've OF dangerous Irregularities than
an excess of aim ilntlop. Had tho
issues of raper given wav before the
tide that lowed In irons California.
we should have boen enjoying. nj this
time. a sufiioiency for every businee
purpose of mons1 whose charaefer no
bank failure eau affect, instead Of
trashy currency, which men fear 10
hold IRON one day TO another, and
concerning whose value, the only
thing OF which they ars fat y con-
vinced IL that IL 10 doubtful.
There never was moro absurd
idea. and vet scarccly one that has
been more generally prevalent, than
that banks OF issue can create cdpifai.
We do not know how many times
we have been informed that III Gin.
cinnati could only have eight or ten
millions OF BANK capital-by which
was meant banks authorized 10 issue
eight or ton millions Of paper dol
lars-its prosperity would be secure.
Looking at past events and present
conditions. We have the right 10 be.
Iieye that while that eight or ten
millions of bank capital would not
have boen represented by a single
million employed In regular business
of any kind, Il would have boon tho
occasion of an annual any millions
of speculation and ut least It's own
bulk in bankruptcy. In fact, tho
nresent mercantile soundness of Gin.
rinnati Ia the result of not having
had that same eight or ton millions
of bank capital; and II Is true that
the repute for solyency and solidity
which this city enioys abroad. as well
In Europe as America, 10 not only
attributable. but is actually attributed
20 tho fact that we have bean In n
great measure destitute Of those bank
facilities whose sorvicos 10 the com.
munity are at once so specious In their
promise, and 90 dangerous In their
consequences.
Whatever may once have been
the case, II Is certain now that spec.
ulation and papcr-money- banking
40 together, anu that one is tue ia.