Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1908-01-10
currency, now the subject of our delib-

important consequences should at frs
and for so long time. have escaped
the attention and investigation of thu
public deserves q passing notice. 1t /:
to be explained by the false conception
of the entire subject of banking, which
at that early period universally pre-
vailed in the community. So errone.
Gus was il that a bank note was ther
identified in the mind of the public
with gold and silver. and q deposit ir
bank was regarded as under the most
safe and sacred custody that could be
devised" Works, III, p. 211)
That the connection between the
banks and the government. the receiv-
ing and paying away their notes as
cash and the use of the public moneys
from the time of the collection to the
disbursement is the source of immense
profit to the banks can not be question
ed. 1t is impossible, as 1 have said, tc
ascertain with any precision to what
extent their issues and circulation de-
pend upon it, but it certainly consti-
tutes a large proportion. A single IL
lustra ton may throw light upon this
point Suppose the government were
to take up the veriest beggar in the
streets and enter into a contract with
him that nothing should be received In
payment of its dues or for the sale OF
the public lands in future except gold
and silver and his promissory notes
and that he should have the use Of the
public funds from the time Of their COL
lection until their disbursement. Can
anyone estimate the wealth which such
a contract would confer? His notes
would circulate far and wide over the
whole extent Of the Union; would be
the medium through which the ex-
changes of the country would be per-
formed, and his ample and extended
credit would give him a control over
all the banking institutions and money
transactions of the community. The
possession of a hundred million would
not give a control more effectual
ask. would it be fair would it be equal,
would it be consistent with the spirit
of our institutions to confer such ad-
vantages on any individual? And if
not on one, would it be If conferred on
any number. And if not, why should
it be conferred on any corporate body
of individuals? How can they possi-
l. 70
which all must acknowledge could not
be Justly conferred on any number Of
individuals?" Works, Ill, p. 75.)
1T is the remark of a profound
statesman that the revenue is the
state. and, of course, those who con-
troll the revenue control the state, and
those who can control the money pow
er can control the revenue, and through
it the state. with the property and in
dustry of the country, in all it's rami-
ications. Let us pause for a moment
and reflect on the nature and extent
of this tremendous power" (Works,
III, p. 1l4)
- place the money power in
the hands of a single individual or a
of individuals and they,
by expanding or contracting the cur
rency, may raise or sink prices at
pleasure, and by purchasing when at
the greatest depression and selling at
the greatest elevation may command the
whole community and control its fiscal
operations. The banking system con-
centrates and places this power in the
hands of those who control it, and its
force increases just in proportion as 1t
dispenses with a metallic basis. Never
was an engine invented better calcu-
lated to place the destiny Of the many
in the hands of the few, or less favor
able to that equality and independence
which lies at the bottom Of our free
institutions" Qb,; p. 115)
But its most fatal effects originate
in its bearing on the moral and INTEL
lectual development of the community.
The great principle of demand and
supply governs the moral and intellec-
tual world no less than the business
and commercial If a community be so
as to cause a demand for
high mental attainments, or If honors
and rewards are allotted to pursuits
that require their development. by
creating a demand for intelligence,
knowledge. patriotism. and the like,
they are sure to be produced. But if,
On the contrary, they be allotted to
pursuits that require inferior qualities,
the higher are sure to decay and per-
ish. l object to the banking system
because it allots the honors and re-
wards of the community in very un-
due proportion to pursuit the least
Of all favorable to the development of
the higher mental qualities, intellec-
tual or moral, to the decay OF the
learned professions and the more noble
pursuits of science literature philoso-
phy and craftsmanship. and the great
and more useful pursuits Of business
and industry. With the vast increase
Of its profits and influence it is grad
ually concentrating in itself most of
the prizes of life-wealth, honor and
infiuence-to the great disparagement
and degradation of all the liberal and
useful and generous pursuits of socie-
ty. The rising generation cannot but
feel its deadening influence. The youths
who crowd our colleges and behold the
road to honor and distinction terminal
ing in Il banking house will feel the
spirit of emulation decay within them
and will no longer be pressed forward
bv generous ardor TO mount up the rug
ged steep of science as the road to
honor and distinction when, perhaps,
the highest point they could attain in
what was once the most honorable and
influential of all the learned profess
sions would be-the place Of attorney
ta a bank" Qb p. 116D
These extracts are mostly in the ma
ture of objections and criticisms de-
structive in their tendency. We may
now try to lead in the direction of Cal
houn's constructive suggestion and
mpa SureS.