Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1858-01-08
correspondenoe d the gentlnel.

correspondence oI the sentinel.
Mr.. EpIT0R:-E perceive that it is
suggested by some of the papers, (oppo-
sition Of course) for great regulator Of
the currency. This may seem very plau-
sible at first sight, under the presentprcs-
sure; but the recklessness of the old
Bank of the United States, as a regula-
tor of the currency, is not yet forgotten
Its wounds are healed, but the sbars re-
main, and its grave is haunted by .he
orphans cry and the widows tears. Our
present system Of banking is bad enough,
for the working scale, without bringing
another monster to its aid According
to our views, the people are heartily tired
of the system upon which they act.
We are told that in the rude ages of
society, cattle'was the common instrument
Of trade and commerce, (Which was a
very inconvenient one, but preferable to
some Of our bank paper at the present
time and things were valued according
to the number given. Thus, we find in
Homer, that the armour Of certain per.
son, 1--WE forget the name, cost eight or
ten oxen. and that Of Glaucus an hun
dred. Other commodities have been the
instrumentsof trade in different localities:
for instaucedried cod, sugar, hides and
leather. In the old laws of Virginia and
Maryland, we find SO many pounds of to-
bacco, imposed, according to the offence,
as fine; andin those times, tobacco was
the basis of exchange between landlord
and tenant. But in the olden time, to
which we have alluded, men were drawn,
naturally, to prefer metals above every
thing else, as it could be kept with less
loss, and could be easily divided into
fractions without loss. Thus, copper,
silver, and gold became the universal
medium, which was weighed outa as occa-
sion might require, as may be seen in the
Old Testament, that Abraham weighed
out to Ephron the four hundred shekels
of silver he had agreed to give for the
field Of Machpela. But, as civilization
advanced, the weighing out of metals pro-
we'd too troublesome and hence the coin
age, or public stamp, which was done by
the Romans. The metals then with this,
public stamp, have become, throughout
The civilized world, the common test Of
value.
But the specie, or money then in use,
was not sufficient, as was supposed, by
what is now called brokers, shavers, and
others, whose business it is to fleece the
public, and banks sprank up, as was sup
pused for tho benefit Of the public, not
mere corporations for, the benefit Of
stockholders.
Under our present system, banks are
permitted, by law, to issue three dollars
in notes, or promises to pay. for every
dollar they have, or profess to have, in
specie. In fact, they are not only Ii
censed to tell two lies for every dollar in
specie they have in their vaults, but to
-4esrssd she public, (and il they ret the
reward mentioned in the scriptures, it
is an unenyiable one, and these promi-
ses to pay, are taken almost by general
consent as money in payment of debts,
thus forcing specie, %whieh is abundant. out
Of circulation, and into their own clutch
es; thereby enabling them at any time
to produce panic, by boarding up the
gold and silver, and refusing to pay it
out in redeening the food of paper they
imposed upon the people.
This stock of paper may look very en-
couraging to some, but at best it produ-
ces and gives trade a false impulse,
incites wild and extravagant specu-
lations, and forces almost everything
beyond its real value. But payday
comes at last, or, in common parlance,
tie crisis, when gold and silver is de-
sired and demanded at their counters,
they close their doors, ike a Terrepin
in its she'll, defying the storm, and leay.
ing the holders of their promises to
pay" to take care of themselves, as best
they can Even depcsitors, upon whose
money they speculate, must wait until
they condescend to settle accounts. s.
Nothing can be done with them, It's on
" a suspension.
Now what would the community think
of an individual who offered his "obli-
cation to pay" to three times the amount
he was worth? Would his note be hon
ored or taken by any sane man? 1t is
precisely with banks as with individuals
however much they may boast of their
ability to pay. The thing is utterly i'm
possible as every one knows.
In our next we will continue the sub
ject and point out some remedies.
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