The national era. [volume] (Washington [D.C.]) 1847-1860, 1857-12-03
He NATIONAL ERA: WASHINGTON, D. c. DECEMBER g. 1857

4 F..
thing more will be seen to be necessary. A
recurrence of such calataities, in the view of all
such, should be guardeS against, and that can
sfeetually be done by t~o acts of Federal leg
;slstion--a stamp duty On paper currency, and
/. bankrupt law against bankrupt banks.
There is not a monarch in Europe who
would treat his subjects, or suffer them to be
reated, as the people of the Unitesl States are
sreated by the base part Of their own banks,
and the indulgent Legislatures wkich legalize
heir violations Of law, promises, aIa contracts.
The issue of currency and its regulation is an
attribute of sovereignty, and everywhere is
exercised by the sovereign power, except in the
United States, Here, also, it was intended to
be an attribute Of sovereignty, and. was placed
in the hands of Congress, end lis,ited to the
Issue Of gold and silrer and the regulation of
its ratae. For our present Government was
ormed by hard-money eaen, who had seen and
felt the disastrous and demoraliziag effect of
paper money, and were anxious Is save their
posterity from such c,lanities Is they had
suffered. They did their part 10 save us.
sShall We be false to ourselves and 10 them
Respectfully,
TH0NAs II. BENTON.
: The American lawyer seldam looks beyond the
Raiuie of Elizabeth which was the 6rstSto confne the
bankrupt process to mercl nts and trade IS; if they
you'd look little further b Sklook into ,ae reign OF
prehensve 10 include offers be sides chants and
radens and the preamble which is accurate de-
er2ton Of many of those who in our eo9piry and at
American people That pre- amble says, Whereas divers
md sundry persons crafty Obtained inso their hands
'arts unknown, keep their houses binding to pay
restore any of their their and duties
2ui al their own wills and own pleasursg consume the
substance obaired by credit of other mel for their
icDrnmeni and dainty living, against all season. equity
s7Sd good conscience '-Anno3 a. Henry VIII
: specimen OF modern banking in the lfnted States
seen In OF the latest of these institution duly charter
Cd TO issue currency "-Ghe e Granite fank Of Voxn-
kcn" Connecticut; whereof the Haftfor Connecticut
Tins gives this brief and doubt versc bus account:
: The charter was passed and for foup five months
was not heard OF again But suddenly about the
r Of November instant the bills of the rante Bank
Jsuntown appeared in the market ThS bank commits.
oheIs were IN this city al the nne and though having
Nhe repaired at once Voluntown Tk,re very rich
SSce1e opened TO them. They found We understand
The following state OF affairs:
The managers of the bank or abor the LIST instant
procured d. e. borrowed for the occasior package OF
oils, package of something which thes called $4,000
hey commenced business though on sarday last they
gent this same package back to New YOr they claim
rThey had issued $1,000 in bills and pad circulated
kJhefn IN variOua parts of the country.
Five thousand dollars in bills ken by man
svho circulate them in Ohio This m an Jeff a
fcept for then and verbally promised TO lend on note
when he arrived in Ohio
''The between three and o..r hundred dol
lars IN coin, one dollar bill on the Wipdh County Bank
and secondhand iron safe. not YET paid for Also the
receipt of the Ohio man for $1,000 in The Granite bsn
This is sample of recent ehartefed sank in
the oldest States Here is another sample from
zoHe OF The youngest Territories:
The Legislature Of the Territory of Kansas al its las
winter session (--57) chartered mum OF banks IC
issue currency one OF which Lecompn required
TO have $4,000 IN specie, To be counted ud certified by
the Governor before itcond begin work in the late Con
venton while providing for bank q three millions
The fact came out in debate that the LIfompton bank
without dollar IN hard money, ob'ane its certificate
from the Governor this summed in thIs wite Ii Dor
rowed S2OOO and putting 81 900 into sags and while
the Governor counted one bag a nme the other was
carried out and brought IN again; and this was done
mn SJOOOO were counted and the certteate obtained
Every three months you may in lie leading Lon
con newspapers notice in ABOUT these W rds:
Quarterly average OF the weekly lab lies and
Gf the Bauk of England from th1 9Th dag of December
lrl7, To the 9th OF March, HAS, oIA inclusive published
pursuant TO the act OF William IL, cap. %:
:. LiabiEihes. .sets.
Circulation flS6OO,OO Securities f22 7g2 QOi
Deposiles II, $50 100 BuEion and coin 1OOI5 OOt