The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1863-09-23

( York, ior instance, received: !, Government
dues, 2. payments or all collections dne
other cities. 2. psymznls for all drafts sent
here. All these payments to Il were made
in checks upon tho loes banks and brought
them all in debt to il each moraing. IL thus
held them all 10 its grip, and was controlled
itself only by the necessity OF paying specie.
This necessi Y compelled it to eontins its
operations within such a compass as would
enable it TO pay. Nevertheless II had The
power ofmaking money cheapor dear in any
locality. lit vigorously demanded payments
money would be dear, exchange and pro
duets low, aud its friends availed OF the cir
cumstance. This dearnesS was soon hollow.
ed by relaxation, cheap, eSs Of money a. d a
rise in prices very profitable to the interested.
To maintain this position It became Politi-
cal machine under the guise of commercial
bank, or, In the emphatic words OF General
jackson, "a monster" Its evil tendency
was so manifest that it was destroyed with
/ the conse mt OF the whole nation.
Mr.. Chase has now, under tn law, power
to organize the banks entitled to issue $500,
10000 OF currency, nearly 10 tunes the
capital OF the ok bank. These banks are:
FIrsi, to be controlled at Washington; sec
ond, the notes are legal tender Tor all Gov.
ernmen receipts and pa msnts; third, they
are to be the repositories OF all public mon y
with nominal security; ourth, they are not
required to pay in specie. These being the
| leading powers o the banks, we have only
| to bear in mind that the expenditures Of the
Government are now S10000O0.000 per an :
nun, inst.ad OF S2O.0o0,00O per snnum
: h,rh / 4 hu -
and that the business OF the odntry is tweh-
ty tunes greater han then.
| To form sOme iiea o the vast power
which will be welded by this gigantic mon
ster,' Ovsr one thousand other banks, all Sc
| lected on the principle OF LOYALTY" Tor al
though any person may apparently start a
bank, the power rests with the Secretary to
distribute the taclities." including the priv
ilege OF holding deposi s: consequently, all
chances OF profit depend on him, these banks
are all to have one name. with number al
tached to it corresponding to the Board OF
Control at Washington. Through them as
fiscal agents will pour out one thousand mil
lions ol dollars to army and navy contractors
and other creditors of the Government, and
into these concerns will be paid the taxes
and other revenues Of the Government. All
ese transac ions are to be In their own
bills inconyertibe into specie, redeemable
only in greenbacks, The checks and drafts
o. the Department on all o. them, in al sec
tlons OF the country, to the ex It OF 81 ,OO0,
900 per day, will determine the exchanges,
and the iiredeemable currency o. these banks
will be the oul,,, circulallon. ...
We shall then have all the currency OF the
country furnished by at least ons thousand
banks not required to redeem their notes,
but all dependent upon the party in power
for vi hich they are required 10 give only ten
per cent security. The example OF what is
required at the post Office and the Custom
house on, the eve OF elections, is conclusive as
to what will be required OF these fiscal a.
gents" uyder the same circumstances. They
will not only be required to Support the
Government at elections, but the ''bank
faclluieS" OF every buSDess man will depend
upon the degree of his 'loyal to the Gov.
ment" The Government is at this moment
the great employer an we have beEre C Il ed
the attention of our readers 10 the exul ali. n
with which the profits Oh Government bus-
ness are counted up 10 the official returns oil
New England. IL will pay all in notes OF
the new banks. g-
We have also called attention to tho fact
that the Government owes over four hun
dred miliuus that will fall due next year
The whole of that will b. met in similar
manner The no der OF a five per ceDtun
c r,icate Of deposltin New York, il he asks
for his money, nlaF Eet it in the notes OF the
Natio nal BaHk 500 } payable in green
backs at Bloody Run. Kansas. The ho,dors
Of 4 one year cetiacate will get similar satis-
iseaUEs Returns; all will be paid in the notes
lsl's ilss rom the place Of payment, IN order
IA fez3nte their circulation. AS however,
lllNfessto be no specie payments, the green
back and its shadow will b, of equal va lue,
and all be the viiibI5 mani estation of Gov
eminent bankruptcy, corruption, fraud and
national rum
The persons who embark in these schemes
are. however more enterprising than prudent
The Unltti States Courts mly pronounce
the whole loan unconstitutional, in which
case all participants will be liable, as Judi
vlduals partners, for debts that must be met
in specis. +. .t.. .'s, ..,r.sa t.-a