Arkansas true Democrat., 1857-10-20

circuit of political economy, any subject in which the connection of cause and effect is more obvious, than it is in the amount of bank issues and the amouut of imports.
 For further elucidaton we refer the reader o an article extracted from the Boston Post on "The worth of the Dollar" He will find in it good, stroug sense, expressed in plain, for cible language.-[CoM
 Sound Democratic Views-Keep the Ball Rolling.
 We have read nothing with more pleasure for many months, says the Memphis APpeai, than that portion of Governor JoHNsoN's mes ,ace having reference to banks and bauknS.- Ii the legislature shall feel disposed to act up- | on hls recommended ns and dn away "th parks entirely, it will do the St,te aud the country service that will give 1t an envlable rage iu ou future history. The people ot Ten uessee and of the whole Union are now pay ing the penalty which rag currency lnvarabiy entails upon them. They have tried every and all system, of banking, and one seems to have little or no superiority or advantages over the other. If experience has ever demonstla ated any one truth with mathematical certainty, It IS the tendency of all banks to fail. They are brought into existence as the pampereo chi'- dren of the State, with chartered privileges and immunities not enjoyed by the private cl- tizen. manage for a while to make good saa- ries for their officers and handsome dividends for the stockholders, and finally go down, leaving the great mass of the people, the hold CTS of their worthless promises to pay, the chief sufferers
 But it is useless at this day to descant upon the evils of the system. We sincerely trust that the legislature will look at the subject wisely and practically. In the meantime, let the democratic press of the State keep the question before the people, and our word for 1t, we shall have reform.
 In this connection, we ask attention to the two following articles from two of our Ohio democratic exchanges. The views expressed by both are sound, sensible and democratc
 From the Cincinnati Enquirer PAPER CURRENCY vs. HARD MONEY It is obvious enough, from the tone of public sentiment, that there is a very wholesome revi- val in favor of the old democratic doctrine of | a metac currency aud against banks of issue. l The lessons of experience for the last twenty | wears have not been altogether thrown away Many of those who formerly secuted the idea of having metallic currency as chlmerical, and | Stoutv upheld banks have seen cause to change | their opinion, aud are now ready to cooperate | with those who long ago urged that reform up on the people. Had 1t been adopted in 1855, | W hat immense disasters and financial attt tctlons would have been saved the country. Dearly have the people paii for thelr folly in allowing their legislatures the power to authorize the Is sue of millions of dollars of bank notes to cir culaie as money, which eventually became worthless trash upon their hands.
 This has, however, not been the greatest of its evils The spirit of speculation which ii has fosterel, with the immense debt it has tailed upou the conmunity, aud the consequent lowering O. the standard of commercial morals, and the unfortunate expansion aud contraction with the artificial raising and depreciation of l prices that are the necessary cuncomilauts ot ths species of cufrrucy, have been the source ot d,As'er9 equally as gre nA uuVersAl.- All stems of backing having fliIei and proved unoounI, after the trAls oi experience, rne pee. pie becoming convinced that the 'atlr !. aoC | ln the particular system. b2tl tne ~buie tleory ana prncIpe ot banks "i issue.
 The ssuS iu.yica.e th.t it wll, b, hereafter txtee,.ju5 ' diff ul, il not i'm possible, to pro- cure the popular sAa ction to any system tnal proposes to issue bank rags as money. l. will 1 oe the mission ot the democratic party in the | several States to take the lead in adopting d system that will dispense with the local bauks of issue, we have disp 'nSed with the na- tlonaI bank. h the first place, no State trea- sury should nave any Connection with banks or brokers as places oi deposit. They should eX- eiclse the Legislative power to prohib't the clr- l culatlon ot any rlS, far they nave the right, of a less denomination than twenty dol lars. As fast $ the banls tail, let them wind up heir affairs, and charter no new ones to take their places. In few wears this policy will give us substantially hard money currency, and at no distant period one entirely of that character. The evil has become so alarming and great that 1t can no longer be tempered with. For the last twenty years the democracy ln most of the States have allowed the bank men to carry out their principles, and pretty state of things has been the result. It is time he banner of hard money Was unfurled in all the States of the Union.
 The following, upon the same subject is from the Cleveland PIaindealer. It is quite superfuous, perhaps, for us to say that the views expressed meet with our hearty concur renee:
 FINANCIAL HURRICANE!-BANK BOTTOMS ALL
 FALLING OUT.
 Saturday was sorry day for the money mongers Instead of here and there bank | bursting up, as has been the case for few weeks, they now go off by platoons. Whole States go by the board! The crash is terrible, and like the pestilence that "walketh at noon- day." it gives no promise of its end. In fear and trembling do We stand watching its devas- tating tread westward. Nothing can arrest it but the abundance of our resources, dawn not from bank vaults, but from the bosom of the earth. If every paper bank in the Union should burst to-day, the west would be rich and richer without them than with them. The farmer might not get so high price for his produce, nor the speculator much nominaly for his land, but the money they dId get would be good, and would buy more at its intrinsic value than when everything stood at paper money prices
 Instead of $2 OO, wheat may fall to Sl but that one dollar you can keep, or you can buy as l forS2 OO. So of everything else. A fictitious currency fixes fictitious prices upon everything, creates false values and false ideas of wealth. and leads to extravagance, bankruptcy and ruin. Away with tue whole lcgalized paper currency system, say we! Let no banks exist by authn rlty ot law, but let commercial men fix up Commercial paper 10 suit their wants, and that under the regulations of the laws of tr4de.- ne mass of the people have no use ior snch paper They have 10 need to ha dle money except n small parcels and that should be in gold ana silver. Within one month. over one hundred paper money banks have suspended | specie payments, ct",ed their doors, and zone mt" o'nkruPicy! The loss rhe people will sus. tam oy these suspensions will not be less than twenty-five millions of dollars. And the end Is not yet. New York, city and country. is yir- tua'iy m state ot bankru itcy-C~nnecticut auto. Saturday, Pennsylvania had a meetinu