Anti-slavery bugle. [volume] (New-Lisbon, Ohio) 1845-1861, 1857-10-24
OVERLAPPING AND BANK PAPEF
MONEY.
AGectionately,
A. BROOKE,
bel, II,

Another point on which a reform seems neces.
sary for the protection Of the industrious mechan-
ic and the other humber members Of the commu-
nifty, is our banking system. Let merchants have
their bills Of exchange, bonds, securities etc.
They can, to a certain degree, estimate thor
soundness but the circulating medium of a coun.
try, by which the numberless transactions Of socie.
ty are carried on, in which the Industrious lays up
his savings for times Of privution or sickness, that
ought to be secured against all risks and all the
fluctuations Of commercial prosperity. 1t ought to
be made sacred from the demon of speculation by
the solemn guaranty of the state. Every citizen
should be pledged to keep it in its integrity. Pr.
vate banks should have nothing to do with manu-.
fucturing that the depreciation of which carries
dcsolation to every domestic hearth, robs those
who are least prepared for it, least able to bear it.
and who having no share in the profits of lis cir
culation, ought surely to 10 exempt from the
loss.
Private banks ought to DO only banks Of ex
change, discount and deposit for the %accommoda
top of those who are willing to run the risk. BIZ
if banks choose to circulate a substitute for gold
and silver, the natural result Of which is to drive
specie ont of the country, what means has the
like of nc Of guarding against the many.casual
ties which may make that paper worthless? ]
have no option, no remedy | must take it, lay il
up, or give up all, even the simplest act of trad.
ing except on the clumsy principle of barter. ]
must live within my own powers Of production,
in other words, | must relapse into the wretched
independence Of the savage. l therefore think
that the circulating medium ought to be emitted
by the State alone, guaranteed by all the sanctions
which a sovereign people can devise.
To guard against the obvious danger of ar
abuse of power, the amount of the issues should
be regulated by the united action of all the branch
es of the legislature, assisted and directed by q
Finance Committee composed Of the most judi
cious and practical men selected without any re
spect to party. The public credit should lie pledg
ed for the redemption of those bills whenever pre-
sented. Their amount should be proportional &c
the amount Of public or taxable property in the
state, of which they are merely representatives
That amount should be regulated from year tt
year by the voice of the people through the mem
bers of the Legislature.
Thus, whilst by bills Of exchange and other
scrip, merchants would still have all the facilities
which they now possess, the public would nc
ioHSeT De ~ IL merry " the VI thaI jain tHu'
may have crippled its resources by trying to prop
up some other ricketty concern.
The mechanical resources which no private es
adjustment can command, would render forgery
almost impossible. By the checks on the execu
tive above alluded to, we h ouli be protected
against q fraudulent inundation Of paper money
poured on the market to tamper with prices, or Il
effect some sinister trick Il Of political corruption.
Il, Il, S,