Indiana American. [volume] (Brookville, Ind.) 1833-1861, 1857-09-04
MORE BANK rAIIuars-rHE1R LESSON.

banks and bankers and the end is not vet
Nearly every day brings the news of some
bank or stock-jobber or mercantile firm
going down. This is not strange The
causes which resulted in the failure of the
Trust Company are yet at work, and others
must suspend. 1t is only question of time,
and with some Of them, the longer the
delay, the greater viii be the loss. And 80
it will ever be while the present system Of
finance obtains in this country The n. Y.
Tribune, true to its old notionsof bank and
tariff, attributes all such calamities to tie
want ola tariff which viii prevent such an
extensive importation Of foreign goods
Excessive importation is evidently the cause
of such widespread embarrassment
Its clear that while our annual importa-
tons exceed by millions, our expectations,
the balance must be paid in specie which
viii cause the suspension and breaking of
banks and individuals, without end. We
admit that if our present system OF banking
continues, tariffs necessary, and the high
er the better. 1t would be necessary also
that it should bea sliding tariff sliding up
ward as we manufacture more ana more
mone(7) We mean such money as is now
circulating. While the Democratic doct-
rine-we will say the Democratic practice
for the doctrine is right, but the practice is
wrong-while it is taught and .practiced that
State may 90 in debt twenty millions and
pay seven per cent thereon, and spend the
money in making canals and railroads which
will not yield one per cent, and then that
whoever can get hold of fifty-fvc thousand
dollars worth of the bonds which are eviden-
ces of that debt, may issue fifty thousand
dollars of money upon them-while thus the
indebtedness Of the nation is the basis Of its
banking operation who does not see that we
can make money without end? Add to this,
that any man who has daring enough, mot
TO say dishonesty, to buy and sell and trade
and blow until he o,cns()a large amount of
land lives in a splendid house, extensively
furnished, and rides in fine carriage, and
carries gold watch, though he owes for all
of them, may put into circulation spotted
pieces ofpaper which are called money and
gull those who think splendor and extrava-
gance are evidences Of wealth, while this
practice prevails money viii be plenty. But
such money! 1t viii buy nothing from
abroad, and, being so plenty and so cheap,
farmers will not take it for the products of
the soil, except at prices which will ABSOLUTELY
forbid expectation. Having money plenty
we will buy foreign merchandise. We
will clothe our wives and daughters in silks
and all kinds ofworthless adornments even
imported hoops, but the foreign merchant
shakes his head when we offer him our cur
reucy. In vain we tell him it is amply
secured he says gold, if you please" and the
gold goes.
1t does not matter that some banks have
qstasispecie basis. There is probably not
bank of issue, that has not three times the
amount of money ~ in circulation, that it
has of specie in its vaults. The effect of
this system is to initiate the prices of every
thing, lead to unsafe speculations, and ulti-
mately to bankruptcy. 1t puts our articles
of export at price that excludes them
from competition with similar articles of
other countries, and hence expectation
ceases, and we are compelled TO pay the
balance against us by parting with our gold
and silver. This causes banks to fail and
brings on such calamities as we are now
suffering
II is nonsense to say that none but bank
ers and spectators suffer. They suffer
least of all The real sufferers are the
laboring and producing class.
What is the remedy The suggestion OF
the Sentinel, and papers Of that ilk, is alb
surd. Some people are honest enough to
make, or try to make political capital out of
every event Thus that party organ wishes
to glorify the Democratic Constitutional
Convention, which provided for the free
bank system, which was inaugurated by the
Democratic Legislature of 1853 and put in
operation by John p. Dunn d Co. Now,
that bank panic is upon us, it cries +" No
Banks yet when in power, it makes
shin-p lasters by the score
The Sentinel and ITS satellites are now in
for an Independent Treasury. Divorce the
Government from banks Perhaps if we
were State printer, and might get some
unredeemable money for our work, we too,
would advocate a gold and silver currency
for us officers. This is what we understand
by its proposition for an Independent Treas.
ury. 1T simply means that the Treasurer
should keep the public monies in his own
custody and not deposit them in bank, he
is right trust officer should never spec
ulate, or allow others to speculate in public
funds. We believe that the money belong
ing to the government should be kept in the
hands Of the proper officers, and paid out
only according TO law But the idea of
collecting takes only in gold, is too Demo-
cratic for us The Government should
receive as money, whatever it provides az
money for the people. Ii should take and
pay out at par whatever currency It toler-
ates among the laboring class. While thew
extort gold or its equivalent pay officers in
gold or It's equiyalent-and let the people
circulate irresponsible stuff, there will be no
remedy. But pay the members of Congress
and heads Of departments in Kentucky
Trust, State Stock Security, watson's Checks,
and that kind of money, and tho Constitution
would soon require the Congress to take a
supervision ofthe circulating medium Of tho
entire country. Pay State Printers, Cover
nors and Legislators in Bank Of Covington.
Albany and such money, and there would
be a law in ten days-decared ga case Of
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