The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1873-10-16

amid ruin and disaster. /. The important fact
was demonstrated at .thesame time, that con-
yertible paper .currenry is not a safe measure
Of value, for the excessive expansion OF 1t was
not exhibited, either by premium on specie,
Or q rise in the rates of exchange, but by q
re1erai enhancement of the price of all COM
modities; or, in other words, the paper currenl-
cY was SO cheapened by over-expanslon, that
Il required q greater quantity than usual TO
effect exchanges Of property.
80 AS paper money is -cheapened ON the same
principles in all countries that have adopted It
as the general circulating sdium, a succession sion
Of fine harvests in England previous to 1851,
which avoided the necessity of sending. specie
to foreign countries for the purchase OF grain,
induced the banks of England to join the banks
of the United States in producing the fioodtlde
of paper money, which swept from their sa1e
moorings hundreds of the most sagacious ana
practical business men of both countries. AS
it resulted ruinously in 1885,, so 1T resulted IN
1857, and will continue SO to result, as long as
the vicious principles, inherent IN the system,
are retained A period OF only, twenty, years
elapsed between the two memorable revulslons,
which is just about the cycle of time thaI II
takes for the dangerous machinery OF modern
hankinp to run down after being wound up
> The General adoption OF the prevailing bank
ING system of the country is to be attributed
more to the brilliant intellect and fertile genl-
1s of the first Treasurer of the United States,
than perhaps to any other cause. Mr. Hamn-
tom brought forward all the varied resources
of: his:wonderful mind to its support, and oy
connecting it with the financial operations or
the Government, gave to it controlling lnf1u,
ence over the currency and the commerce OF
the country, which has never been successfully
resisted. Other great minds formed different
conclusions. Mr.. Jefferson, the great apostle
of Republican liberty, said of the system, that:
ain copying England, we do not seem to con-
slider, that like premises induce like consequen.
ces. ~ The bank mania is one Of the most
threatening of these limitations, it is raising up
aimonied aristocracy which has already set the
Government, at defiance, and although forced
toFyield a little on the first essay OF their
strength their principles are unyielded and
unyieiding: :, y -. e. II -
That paper money has some advantages, must
be admitted; but its abuses are also inveterate,
and that it, by breaking up the measure OF
value makes a lottery of all private property,
cannot be denied, Shall we ever be able to put
q constitutional veto upon, ltW
AS the present banking system appears to be
the settled policy of the country, and has been
for SO long time intimately connected and IN
terwoyen with the various interests OF society,
very little hope can be entertained OF any very
radical change being effected in it TOR years 70
come. Such being the case, all necessary ana
proper legal restrictions should be Thrown
around It to prevent, as far as possible, She
frequent recurrence of excessive expansions
and contraetions. The specie basis should be
enlarged by withdrawing gradually Dlils OF
small denomination from circulation, and pre-
venting the banks from issuing more than tnree y.
dollars of paper for one of specie in their
vaults: which would still be great advantage
over individual lenders. Against stsuch a course
of legislation, the banks would have no reason
able grounds for protest and remonstrance as
are conferred ON them which are repugnant to
a inst conception of repu, ican equality. The
banks exercise some of the hig ghest prerogatives
of Sg;oyernmen-t coin money from paper,
and furnish the standard and measure OF Vaiue
in all commercial and financial operations, and
the circulating medium for efectlng them.
They. also have conferred on them the remark
able privilege of getting possession OF tne
nronerty and credit of the rest OF the commu-
nitv with bills of credit without interest, when
their individual debtors, and all Others, are re-
ouired to pay. interest on their promlssory
notes. By the power which the banks exercise.
of enlarging and contracting the measure OF
va]ne 10 suit their own interests, the yaue OF
the property of the whole community is placed
under the control of monied corporations,
which is striking commentary on the worth
of constitutional guarantees for the protection
of nronerty,irt rt!arepublican government. This
Is No fancy sketch, as the bank reports will
show that one of our private banks, during tue
recent, pressure, retired upwards of q miliionot
dollars Of its circulation within year. The
advocates of our banking system may point to
the rapid progress of the United States IN pop
ulation. wealth, and all the arts and rehnements
of civilized life as conclusive evidence OF It's
successful operation but it should pc remem-
bered that allthe elements of:a nations pros,
.nerity and wealth have been literally scattered
by an omnipotent hand through the length
and breadth of our land and although defec,
tive systems may retard its progress to national
greatness, they can never etfectually counteracC
She fixed laws of its destiny. The Comptroller
has been prompted entirely by sense OF duty
in making the foregoing remarks, ana not oy
the slightest feeling of hostility to any bank
of the State, or its officers: He participates IN
the Just pride which every patriotic Garollhian IA
should feel, that the financial credit OF tne
State has always been preserved untarnished
by the ability and integrity of her bank ON
cers, and cherishes the confident hope that 1t
will be alike preserved in the future.
HEALTHY SLEEP.-Some one who evidently
knows whereof he talks says: Sleep obtained
two hours before midnight when the negative
forces are in operation, is the rest which most @