Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1876-08-08
LETTER FROM JOHN A. THOMSON.
From Inc TndnsirfnlArc.

From lae Indosiria! AGE.
Eds. Age In the late extract, published
in your paper, from John Taylor of Caroline,
your readers will, no doubt, recognize the
truth of prophesy, in the present deplorabIe
condition of our common country. Cause
and effect will ever be found in sympathy
and when the common rights, and common
wealth of all men, are surrendered into the
hands of the few, and the few Incorporated
and chartered by law to tax aud plunder
them at will and pleasure, none who under
stand human nature ought to be surprised at
the present wealth and rampant power of the
few, and the poverty and distress, and down
trodden condition of the many. The results
are the logical and natural fruits of the cause;
and this would long ago have been perceived
aud corrected by the common sense and cons
mon self interest of men, but for the blind
ing effects of that party spirit" which Dean
Swift has, with such truth, deuominated "the
madness of many men for the benefit of
few" But, as our object, as reformers is TO
amend our past oversightS and errors of legis-
latiOn that have produced the mischief. and
to regain our rights that, without any consid>
Grafton, have been surrendered to corpora
tions who have no just claim to them, l will
cut short all further comment OF mine to
hold up to the gaze of every honest mind
the bare and true portrait of Banking, in all
its hideous features, as drawn by the pencil
of that truly wise, far-secing and great man,
John Taylor, of Caroline, more than half
century ago, and when he warned US, with
patriots love Of his countrymen, of all the
evil we now realize. 1t is said by the poet
that tho hideous ''mien" Of vice needs only
to be seeu, to be detested; and if SO, now
cast your eyes upon this riddIing Sphinx. or
if you please, Medusa's head, or ''sum Of all
human vi!ainy," Banking. viz: as skc,ched
by the hand of master. Here it is Look
at it
LET US suppose that legislature had in
the public treasury half million of dollars
Could it mako bank by charter, and give it
this money? Why not? The money be-
longs to the nation; and it would be a trans
fer from the nation TO a corporation, Of so
much public property, for no public object
eff national currency is suppressed. aud
corporation currency interpolsted, it will have
the effect OF transferring, from the nation to
the corporation, much larger portion of pri>
vate property than this unjust and unconsti-
tutional donation of half million Of the
public money. Is G small transfer Of public
and private sproperty. to a corporation, contra.
y t5zSIf' 'S01sC5, -ose-esssiistsats
with it?
This argument caunot be elu1ed BIZ the
fact that bank corporations supply their own
stock or capital. 1t is not the property COW
cred by that capital, supposing it to be specie,
which is transferred by governments from ma
tions to banks. That capital covers as much
Of the property of other people, without tho
help OF law, as it ought to cover, and can
ouly transfer the amount it represents To
this amount, and more of tho property of
others, are the holders of this specie capital,
Justly or constitutionally entitled.
':But the law steps in, unites these holders
into bank, and empowers this bank to give
twice as much currency as its capital actually
retained to meet its notes. Thus. the effect
of transferring property from the people at
large to the bank must inevitably follow. by
deranging SO egregiously the fair and equita-
Bile value or level OF national currency, as to
make portion of it in the hands of corpora
tions, double TO that which remains in the
hands of the nation And this enormous
aud excessive appreciation Of the valuo of
privileged sect whilst the money held by
all not of the corporation is. in fact, dcpreci-
ated by the fraudulent donation.
''Let US throw this argument into figures,
as the only mode Of making it perfectly plain.
Half million, in fair and just state Of the
partnership, called society, represents and
entities the holders to only half millions
worth Of property, and those who hold the
property OF this partnership owe to its hold
ers, and must reliuquish much of their
property as the currency represents, and DO
more. But few individuals of this rartner>
ship society have prevailed upon the gov
errment to grant them an exclusive charter
to issue a whole million Of currency, on the
credit or opinion that they possess half one.
Is it not evident that these members Of the
society have gained an advantage over those
not sharing in the privilege ; and that so
much of the property of the rest of society,
as the whole million Of bank currency will
cover, beyond the half million of specie, is
thereby inevitably taken from the partner
ship called national or social, and transferred
to the minor partnerships. called corporate or
banking? If so, the principle of equality
of right is violated. by making the money of
few men more valuable than the money of
the people at large; and by the indirect, but
certain mode thence arising, OF transferring
the property of those who have the least VAL
uabe. Nor can a species of exclusive priv
/ i!ege be conceived capable of producing
greater pecuniary loss and gain. Accordiug-
ly banking, in gathering wealth, travels with
rapidity uninterrupted by the most able f.
nancial collector.
eve have supposed, merely to simplify
the argument, that the specie stock emits
double its amount in bank currency. This
amount is precarious and fuctuating, and
therefore the reader is reminded, that al
though precise sum is mentioned for the
sake of perspicuity, yet that the argument
applies to the surplus of bank currency Ia
sued, whatever it be, beyond the actual specie
deposited in the bank. The portion of socie>
! ty privileged to issue three or four dollars
for one, (they often issue ten or twenty be-
comes one order, and the unprivileged anoth-
er. The dollar which can multiply itself is
| mnre 11,Lissnnt than the dollar which cannot