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Mr.
MINOKITYREPORTt;"
ahd'
The
whom
fT? - ;he coantyrfrom thjbqdjrco to reorganize aavefhront to
pe guomuiea , to .the people-lor :.theirpprdba-
l nis power is not only a direct emana-
. i TUB: MtttXONAIE8."3..:-s--;:f i i -.
This is the new name1 given, to merchants
who deal in millions,' instead of hundreds
and thousands. We glanced yesterday at the
m;crliiefs which their immense credits and mo
nopoly of businrsnad brought on the Govern-
. nA tiio nmmnrtittr. hv the suspension of
liciifc aiiu uw v ... i y
cnMfi navments. We will now take - a
climpse of the consequences produced among
their, own class by the vast , undertakings of
these gigantic traders. .
: The New Orleans prints, of both sides in
' wlities. hare- from the commencement of the
present difficulties, continually complained of
thr favoritism of the banks. It is stated that
thev have made immense loans to o rcai houses.
which not only bought up the cotton mi the
market, but purchased crops, the seed'of
which had not yet been planted. ..The isarae
sort of bank engrossment has existed, in a grea
ter or smaller degree, thoughout the continent,
anil it is this which created our American
navcr millionaires The. Josephs,, for in-
' r . . ; ..J.J. .tl "j:.......! .1...
stance, extenueri sineir. creuus mruiigu me
banks in all directions. K We hare understood
that even some of the little Jbariks of this Dis
trict did not escape their attention. Thpy,
and other mammoth men in New York, of
fered a higher per cent, to the banks in dif
ferent quarters of the Union, than they could
jfiakc on sums lent out in driblets to the
sntall customers in their neighborhooods; and
theViesult was, that the banking capital, far
and near, was posted off to New York, to
make profit at the rajtes of two or three per
cent, a 'month, according to the usury thai
reigned in Wall street. This made the ; city
of New York become the theatre of the most
extravagant speculation ever knownvin our
country; and hence it is that the merchants
and money dealers in that great mart, have
made the banks every . where subject to the
consequences of their mismanagement or mls
fjrlune. '''" ' ;,'. '? i.
But the effect. of this monopoly of credit
by a few, on the mercantile class generally," is
a 'point to be considered. Every body must
x sec that while it starves the means, it over
shadows the growth of all engaged in busin
ness on actual capital, and in the; regular
mode. The millionaires by absolutely en-
tion.
tinn o
"7: ;1 1 ' ' wV-;rv V Mt woriiou, out
vhiclt .govcrnmenCliithrto ; hW'seidoro;ft "e-
inalienableattributes i ;The Value of all nrni
nrn
perty depends upon this power. " The wages
of industry are xed by it;., agriculture, corn
merce and manufactures. " all "the nsifnl nWa
COIVIBINaTIONS'
Which is worst f a combination.' of Jrhen
to' increase the pHci ketrabokrt t
combihatio'loffBrhot;fo"
A few months ajro some of the workingmen
of NewiYork Combined together tit hpvfr.
pose ol increasiug.tnerpric0 of 'their r iabor;
and, if we recollect aright,' were prosecuted
and punishedl fottjrAe;rTrades Unions are
how in some papers, a standing theme of .; de
nunciation. iJ'f ; fr ' ' t
The 6anfcer$ oriiew York, combined to- oi.inis convention; the practical intplliWpt, the ciimlvi f Ufv. lnAxk": rr.ji
gether for the purpose of sustaining-each other of the community, and the special warning of the public ldansVc debts; and' credit" are undei
insetting the laws at defiance, and refusingjo this deplorably instructive crisis, render much its control; 'The condition of the currencv re.
iea out zae miiuary io protect jnem i f v r " : V , ::n,s" U(lOIT : each, or these! currencv is the life's blood .of . the bbdv Dolitlr
The common peopfe arc. punished-for com- iKH in,,n.i
pinin? to get more wages, although nobody 18 R,- " ' . currency: vvn en the present and must be disordered whenever r that is dis-
oyngeu io empioy inem ; :oui our paper n?on-jv"i'"" vic vummonweaiui was adopt-1 eased.- r; j 1
njw hornna -ira nrnli.i(ori hv milttarv fnnko ir. I eu. ine CUTrenCV Ol ail thpsp cnnf.l.l I : -1 . i .'.$,.'.
W W VV. W V. fc W UI1IIH.I f VJV till " "vmv wi'uituciaaidlcsl . Tl . ... .
lea. to the efeucral Go- f 1 j' . jc -reguiauon oi thQ iCur-
empowered by the Feder-1 " ' ' . 1 -"u-u ispracucauyiamiiiar
iniai onsuiuuon to regulate comraerce: a wpIT ? . V vu, !: vAaK notes, wnennpt torth-
kill a common man if he was orenared. tttbav foreign 'c among :the ' several States: tn coin Pi? niMi,,a ar,d silver; aregood
his pride, while the common man was hanged money, regulate the value thereof, and punish Wlu"g-3 our- vpmmittee teel; painfully
for shnnt nira rabbit on the Irli'a lands.- v , lucneuinffiu inaxonsiuitoikCAri8e. r"ift"h
minori ty of ihViame 'ioHmittee'l made the fol
lowihff rebort. which h
rhlribfity of the special-
was re ferred; " th e tihclred s u biec ts of
.vuncuujr ttuu - corporations, Tespectivejy re-
That each of these subiects deserrairi,!!
auu uiMiuci exposiuon?; ; uut the information
01 this convention, the practical intelliaenre
ney barons are protected by military forte in ea. ne currency of all tt
refusing to pay those very , people, their hard a1 already been confiuN
earnings ! ' . i : ' ' u ' r . vernment which - n iemp
; The time was in England when a Zdrdcoulp sl Constitution to reguh
Arc we not practising upon the same princi
pie in the exemptions and T privileges V$tended
to our lords,, the hankers J-rJbv. Jfosf
ney, emit bills1' "of credit, or make anything
.. .
This Is
Httt
The Specie Circular.-
but gold" and siirerk payment of debts.
bore Irom 'lhe evils, of paper money which
the exigencies of the'revolutio.1 extorted, the
fu nd i n ir o f . wh ns wp si tl vTp ni! a er? n hi itj-
one of the great t Whig bbies tor; tion was one of the first causeUf discontent
g the present distresses of the country;; and division between the spedilating and inB-
can ubelie veithat admeasure ? ; which l stantial classes of
hasancreased tne amount ot specie only a m- any other standard of Value Uan the precious
explainm
bu-. who can
antement; are ucHiw,ant ai mad
dened ,wil disappointed e;Vf "tiiV J
I , coiumercia . classes, i inose . itidulirixl
ifi1!! 3 pffhf An ericah GuFexnmentjfdt whoia
msj reign 'warsr
jK?vfe been cheerfully rnaihtained Uiagricnl
turalf andH mechanical dasses;' and tn niann-
lacturiLg .class, whose encouragement has beeii
so cpstly,'li8ve all perfect light to protection:;
n iui v . uuiiiiuuii weiiare- mat
class
should, be. rendered
every
prosperous, r B'm
those periodical convulsions which have grown
in frequency and Cntensiy, i witK the spread pf
me paper system, - ii puDnc senumeni f uoui.u
advance as rapidly for a short time to come, as
it has for.a short tima past, toward a correct
ii nd erstandin s of . thi s, su bi ec t the -evil, though
ueepiy rooteu, win pe ai leasi.iiiucu aueiaicu,.
if not.altogeiher rempyeoV At this moment,
the farmers, mechanics and others ; who rely
on, industry ahdrprosperity,without i dealing
in false credit and trusting .to paper laciliUes,
are tree Irom trouble, with plenty ol hard mo-
ney x uc raie 01 uueresi is iiioueraie auiuug
themand they scarcely; feel ihe storm raging
in the provinces of speculation,' vvhilethsre is
inteiise distress wherever banks, stocks, credit
and speculationrpredomiha'fey,1 Panic and po
litics exaggerate the sneering; but, there is no
r!rtif't ni'iph nf i fnan'ir r!pprrifir a hplter for-
no.cla?s has:arrghtto supremacy; much'Iess
nM any:' individual or Va few, the least rigntW
privileges at the ,?xpence of all the rest of the
community.; Banks, with" all- their privileged
connexioiis arid deperidan,ls,'bught to be placed'
mu iuui wiui me inuusirious -nrnrinoinn-
mpnvileged, who ask for nothinff but lihrtTr' 1
equality; and agoVefhmt-nt of just Jaw, astho
element of, a common prosneritv. CVln
speculation , should be restrained by vigorous
and. independent legislation. "Whereas, un
happily and dishonorably, it is Wislatinn tW'
auihofises speculation and gambling'to supplant,
the precious metals by paper,' arid has inflicted
tie more than 3 millions shouldpavo had the metal was earnestly deprecited at'the outset
woiiueruii eucci oicuiivuiig a grcanvcpuuiic of American tiovernment, brail the prudent,
. - . luc oairiuiicana ine inuustrons: ana was sun
Corresponderit observes, l' John" Jacob Astor, Dosel
a single merchant in New York' might stand visions. For there is iioothr standard. Thert:
ouww u u..uv.i. , ; , ; van ub unite. cFerv aiienpieussuosiiiuie is
Wis do not understand-the turns and dou- (ieiasire. if n.t frandnteW a snnre lw xvhYrh
blings of the N. Intelligencer on this subjects, ihdustrv, Ynofalityprivat propefty and pub-
-On Thursday last, it utters ah angry philip- He prosperiljV all suffer. like. .The-effort to
picagainsiuen.- jacKsonanu air. van curen, co,n TOoney out of pape. is as absurd as
Ar.r.'ALc.l arid -declares." amnntr other thinprs. 1 oloKrmr ivrk:..
XI. I :t "k. .u-ie:.?ul-'.' ? "." 'vc "" without either property or, industry, ga
rj ;- : u. paPer l? p.? o, w1 to in5aclu.pay- ob
opecie vircuiar iiau. not -ubcihjssucu, huclici rncnt ol.a dollar: and wlenevcr the mom se s . -r.: - -uii:'' j.:--'
Ll0"'"? rlr.'Z aJ"jf, by'ax'orqu.I to ,o fact, (he prom.ser, fce'i-lievc Instead uf tapuUas Ibeir diffi-
cultits to false credit,. they charge them, to go
vernment, whose, only; misconduct has been
tha t. bo ththe states and ihKUni ted Slates did
not .sooner, iuterfere and more strenuously
urffe the restoration of the metallic currency;.
ror-in caiarauies. anu, iiiervcuujpiaiut .y
ri" doubt much of tti many; deserv ing a better for-"-a"
tdne, af e in vol ved the ruin , of those, who
on Halhbut either property 6r industry, gambled.
tU circulating-medium: Tintflj unjustl' gains at the expense
oe wuu vwi iimwc. lau uwuut, ; uwwever r oi an otners not so -priviledged. : lireat corn
may be disposed; tp deny it, that if Gen. mercial operations are doubtless accoramodat-
Jackson. had not pocketed the bill which late-1 eJ .by the use of paper, as the substitute for'
i "w . To " - v.-. .....g 4 l ull, UliU lilt
,
1819 were just- like the present; and those of
e credit sv-atem. as it is called, has
w c auuuiu s ut.yp cw us' commercial conveniences, t5ul . all paper
) not immediately convertible ihto'coinis of no
U W?l"5.,s .aamevconsibienpimuM vaiue,-anq ts credit is merely fictitious. - The i mnK ihe samerand sothevnicontinue
cian, only days belore-rviz on Ihctht use of it is, like snhtitiiiin(r. ardent sriirits for h X.---.-Jiil-jitiJuX:A Zuu -
us ine susiei mncu ui iiiei 11 iuiuai-i :i ;.iQ,i ;r,ri; .,iiiQ mhothpr cnip nr mrnr.
solid food
sttuiitiai rneans, men lucic juuutioiiu uhuh
r strappers. They are mere eaplings, overshad
owed bv an enormous tree, ' Which, when it
becomos too top-heavy for its feeblehold of
earth, crushes them beneatn its tailing wegnt.
The JosephsVwho failed for 3ix or.seyen mil
lions the 'Hermans the (Briggs- the Yeat
nuns the Hills and hundred others, aU go-irto-
ifonrn' with' their millions, and have sunk
beneath them, multitudes of stroug,jsubstan'.ial
men, whose means they appropriated for a
time to prop their unwieldy tottering edi6ccs.
The banks, have been compelled, as we have
seen, to follow the course to which 'the fte of
ihpse hitherto taking tne lead ot .the mercantile
world has given direction. :c-?
This millionaire, nystcm; let itr be remem
berftd, had its orgin with Mr. Biddle and, the
Bank of the United States. . He first led the
wav. in this country,' to -this conversion of
i ..:..'H nin rr . ' i - i
ipru; i ne i reasury ? circular nas aouoi
' - i , ik i .1 aA! :rufc ca ana ruis. . , . ... . I pbrated. -enjoying the pbwei of :bstituting
crisis, which, had the will 6f: Congress : been The reason now much nrtred against hard rA&ZAvXZiiZ'
11 ... ... . ... 1 . . O . - ' I IlilUri IMI VVIU. :H.ulullili ui .""-fc r" r;
auoweu us consntinionai inhuence, might nave money, since naDer:. has been striving to' sup-1 '-na i. ,VVJWVliW?,l,! rhoose:; This is
trf; and we are py no' means sure that ihe exclusive standard. Itis their scarcitv that
-me ' v v icuiicis gum auu silver me oniy true Jiionev.
material influence to. alleviate it. , TAe remedy. Iron is more valuable for the useful arts than
iv c apprehend is not to be found in any panacea, either of them, but because it is' too plentiful,
therefore it is not a standard;
But time and nature, in vigorous constitutions,
often work wonders in disorders, which medi
cine connot reach." . " u
- Here is consistency willv a vengeance! v'
rRiek EnqrS
jNLIXIMS FOR FARMERS,' s
1, The farmer ought to rise .early, to .see
and so whenever
oioney is sq plentiful as to depreciate, it be
comes an evil. , If a pair of shoes cost an huh-
d red d ollars of con tine n tal p moneyr itis more
inconvenient lib the seller and, buver than if
they cost one dollar in silver; and if that' dol
lar is reduced to 'gold, it is still greater accom
modation: Uold is better lhau silver; silver than
that others do so, and that both his example is copper, and copper than paper, because of this
followed and his orders 7 obeyed," : relative scarcity: .so that no scarcityjjf .gold
2. The whole farm should be -fegularlf In- and sUver, affords any reason for superseding
spected, and not only "every field examined, them by a' paper circulation. The shocking
but every beast seen at 'least once a' day:vt vicissitudes ' of-an inconvertible paper ' nie-
3, , Irt a consideraole' farm, it i of the utmost dium are but' toofamiliar td all experience-.
coiiseauenre to have hands ftaheciallv-: annrn- They have COSt this country more thin all its
i1 ,1 i: -T, .. r- ' I --J II I - mt " . . '
priated for each of the most important depart- i wars, i ney were tne, greatest diih.culties of
ments of laborV for there js often a great loss
bin? and tradine establishments.
port of Congress showing'tha appropriation
, of the capitatof the Bank of the United States
to .the amount! of a million at a ' time,;and for
periods exceeding a year, by the broker
establishment oTMrf Thomas Biddle, at 4 1-2
and 5 per cent;" when the hard-pressed and
soundest merchants of Philadelphia could riot
borrow a thousand dollars at 6 per cent affords
a fine sample of the transactions out of which
the present disasters hayie1 grown. ?-H-
Is it well for the mercantile class, as a bo
dy, that suclia state of traflio houldrxontin-
ue in this country?. Is it; vel I that these
enormous1 houses should, by holding olut
inducements and finding favor with banks,
beempowered to grasp and control : the
wholtf commerce of a nation! Is it well that
th'e moderate capitalist; hitherto safely.and in
dustriouslyi and usefully, to himself and oth
ers, employed in carrying on the sale and trans-
fer of. commodities, should be superseded by
the mammoth merchant, arid be converted in
to a sort of factor and dependant on another
by whose overgrasping 1 attedipts he is liable,
without fault dn hts own part, to be ruined.?
' . 1 The Indian, tradition of the extinct mam
moth is, that the enormous race destroyed
every thing in its way,: crushed the trees,
devoured the animals, and left man, lumsel
no safe habitation bnt a cave. . The Almigh
ty, according to Indian story, having resolved
that thesraaller and feebler races should thHye
; and multiply upon the continent, and that its
plants ana trees snouia fructify and adorn it
I , hurled his thunderbolts amonsr the mammoths
and destroyed the whole race exeept the great
boll, who. shook the lightning from his horns,
and leaped from the summit of the Alleghany
beyond the great lake, leaving all this' fine re
gion to the dominion of men. The civilHzed
race of the present, it seems, are not ' so for
tunate as Iheir barbaf pus predecessors; they
have a new sort of mammotjh grown up; am
ong them, not less voracions than the old face.
and headed by an old ball who is not likely
! to lake the great leap of; his prototype. If
well rid of hk), it is probable. "the people
tr.ight tf;ntrive to manage the rest.
the Revolution, and they are at. this moment
banks into appendages to individual slocKjoo- ofUme wherc oersohs are freQUertUy chanrinir thi most oppressive, by far; of all the-public
X lie re- I .,: . ! , -.. .-,. . :. Ihiirlhpna."' IhpV "Iisvp "rnncpil a n-iTumifnnc
meir employment, anu me worii is not execu- -".r, ""."."-
... . .. s ... - y ...... . -1 l -:
. - r . - v . . i . . ' t . t - i
tptl sotvpII : i v : . convulsion. Accordingly me constitution of
4. Eerv mean should he thntioht of to misstate, that of allihe other slates, and of the
- J n - - I . --. - i ii- . . . t. .,
diminish labor, .ir to increase its nowersi for union ot ine wnoie, are an predicated ot a me-
: , ' r " I . - r i 1, . I - . . . .
instance.by proper arrangement,fivehandsmay la'llc currency anu aitJ ine.iunaamenial . acts ol
do as much labor as six persons, according to J y""S ulllri"?5 -h. uu me mini;
the usual mode of employing them. ' lasuon, mc vyuie g uuuuwum ui ma ieaerai
SAAIfarmer ought not td engage in a wotk g.t:i:uiu.cw as uttrctjrutu uu utauuunuauon;
whetherof ordinary practice or internal im and .the paper superstructure; since raised,
Dro vemen t. excent after the most careful in- whe ther by . the several 3 state? or. the United
quiries; but when begun, he ought to proceed States, is an unforseen usurpation, hen the
in it witri'mnnh attention nod nerseverariee. first becrelarv of the Treasury, aftef a StrUff-
uriti he has irivcn it a fair trial. - ' ; ge still sevsrer ihan that which introduced the
6. It is a main object ia management, not to i bloCJkS UI a lunumg system, superauuea me
attempt too much, and never to begin a work hscai conveniencrot a national bank, he did
without a nrobabilitv of beii.V able to J finish it l ot design of expect a paper! currency to take
indue season. t . ,- 1"
T. Every farmer should have a book for in- the public records, the laws, treasury reports.
cpninrr oil t Imea 'iicrnl t n la txrViih nrA cn fr. 1 and.Other.. State
books.
quehtly occurring in conversation,, in boo
and gathered in the ; course of his reading,
in a practicial management of his farm.
ori
How there came to be ;any ; Mosquitos at
Oahu, is satisfactorily explained in the fol-
lowing narrative: '
- Mosauitos where introduced at Oahu by a
gentleman from New . England, , who being
papers, of that, period;- attest
that gold arid silver,; and really, convertible
paper, were the only acknowledged circula
tion i-'i'T tJ?41Hs. ''I!'' "V v
The bank df North .imericb, re-established
by a law of Pennsylvania, before the present
constitution, after its charter had been annull-
ed by laws both of the United States and this
slate, was the oflly American bank at thattime,
unless there was oue other in New England., of
wnicn your : commuiee are nui precisely ia
the great ah ! onlr ori ginal, a nd the
pe.rrajji hgr 'o4k-SJlJ tf& irxnh- iTKaure jwMxy
be aggravations pi "t our comriuttee are riot
disposed to denv, that the peculiar fiscal con
dition and the correspohdinji acts of the feder
leral government may not have increased the
sufferincr. . But those acts are as indisoensable
as medical treatment to violent distempers; the
real cause, oi complaint is mat sucu inierier
ence was put on so lonjr; nothincr but govern
mentis rescinding the sovereigri. power, of
ffulaUng currency,, which .has, been usurped
from it, can ever "permanently 1 cure the dis
orders, the country suffers, in. which iesump-
tion the states ' are called upon to perform a
mdst important part since it is now , settled
that state bank notes'are lawful, hioney. f''' '.
The intimate commercial relations r between
the. united Slates and .ureal uriiain, wmcn py
the immense cotton trade, and ; other connex
ins, render that country and this almost one
commercial nation, have aggravated the pre
sent .convulsion by ; jbe involvement. oX. the
English banking and commercial interests with
ours The -Bank of England,, with, govern
ment sanction,di8closed forty, years ago the
perilous secret, that banks may dispense with
hard monev. and substitute a paper. :credit.
which, for a time, will seem. to be prosperity;
the prolific source ofkultimate debt, confusion
antrpdistress.fr Possessed vbi , that secret, - our
banks.have followed their example in pushing
the, paper system, td a despotic? supremacy,- till
like all despotisms, we see" it at this crisis,
fallen to pieces by its.own overaction.;The
banks of. England and this; country, united last
year in stimulating overtrading, the invariable
result of over-isues.'i 'I till oarj importations i df
their; merchandize exceed,t,by; sixty millions
dr. more, our? means to pay! fot. them; while
scarcely ;less.than-thisunxf iebti vvasr ad
ventured. by bank botrowers.iu specnlations
at home,, from Omsconsin ta New Orleans, in
suiiennff thediiator- r - :. ' w
l -- i i .T'',-," " currency not murh
guarded'RooTedW .
our habits arid business.it is perhaps impossiiAt- !
tow'reiribve thern altogether; andwe;
bontent with mere meliorations :6T a bad system
tJU ivcan ue saiety ojuimcu mi ;aucjc h aw,t
never was, And cannbt,be"j any such, bank witlv
but PubliCr mischief. . The bariking systern be
gah with ther, bans ot.veniceas a panKoi ue
nbsite but not of discount or lban,andstood pro
fitably n that foundation for sis hundred years.
So u ;.s the bank, ot Amsieruam, tor a century,
d a half, a safe! and profatable bank of deposit,..
merely; and so . is f the bank of iiaraburgh,
The. originaiv and , right othce. ol,a bank. is,
tokeep money; not to lend , it; still, less to
lend mere,, .credit ;i,by promissory notes, inr'
stead of monev, not beJongingl Jo the bank.
The principal gams of all discount banka
proceed from doing .what, courts of justice
puuish. as, a frauds, viz: using trust .funds
The. discovery of this fraud ruined the bank
Holland. The bank of England was established
as a tern pbrary relief o government.and though
allowed to discount, can naraiy oe considered.
discount bank, inasmuch as most of its profits
. . ' . ' 1 -.. Lit,.. mAn4!.nf1 mflnli 1icm
are denveu iroui omcr uicaua, n uiulu
discount lor ns of England are left to other
bankers.7 1 he bank of Scotland has flourish
ed for one hundred and forty years on the Char
ter of, first, the responsibility of every stock
holder for all the liabilities of the bank: not
merely personal responsibility,
of attachment; secpudlyiriterestpaidpri depo-
sitVs;VthirdIyi "allowing deposites lo be orcf -'
drawn ! on 'aympnt of interesii'and fourlbl
giving 'credits ' on cash accounts.; On such , st
cha if acte x th ejba nk' d f Sep tland h a s ma intairi ed ,
i is credit unimpaired, upon the more respon
sible f prudeht, ;.'and therefore safer basis
while that -of England, chartered about the
same tirae,arid barikirigwith all the ad vantages
of thegovernment deposites,. without iridividu
ai responsibility, has been often in "jeopardy,
seldom, if ever, able to pay all debts,lor a long
tiriie under " the total ecli fise or; "suspension of
coin payments, until it has become so question
able au Institution for, public good," that by its
last renewal, the: capital was reduced, ihepe
riod of recharter was reduced, and the- bank!
accepted it on the cpridition of being obliged to .
jsurr ender it on short notice, "Aniericari. bari,ks,f
unfortunately taking the bank df "England .'forj
iheirl models have 'pushed ilheVdiscounlscheme
iri'itslmost -vicious pnncSple;:t6 rriinous exces-
6es, until the'bariking iriysteryjs explored, and
the bubble has' burst so often, , that every body?
now knows,J and almost every one feels, the";
bank-notes' are .never .payable, but merely
promissofy;;xhat banks are always insolvent,
and their directions, the mere holders by suffer-i
ance of a precarious . permission to mimic the
so?reignty.vof "state, .by a mockery whicK
emergencies never laii 10 pui nu euu, iu, dui
which always explode With commotion panic;
and great inconvenience.
much attached lo nis native country anu usi,. , woro . ,c,, nn ft,h.r Knn6
wiiuoui.me "uiz, nn.AAn r,, .l.m.nt f tb f
the United States, a new ;and una
every thing,.; real and ' personal - lhat could be
brought and monopolizedir & So iw'ti ,r .ij ff
i No law can create .capital at a stroke; which
is the slow growing offsprfflV df industry and
lihertv alone. But discount' banks counter
feit capital; the slimulant'of morbid and tnis-
ehie v o lis ( speculalio n,l more i u toxica ti n g than
all the intemperance to whicli mien are addict
ed, and more oisasirous man Birwe vice auu
imm;Tality?ihat darerehargeable to ihtemper
arice; B Prepostef ous Vluxuryinf dlvencyi and
peculiarites. cbnld not sleep will
bizzv, wizzwizzv, 3ne'-e-e-e-e': df that deli-
ghting little detestable. So to regaid the lost pvnprlmitlit wai made by the'incoi
charms of home,', the gentleman imported a state:bahks; which ' have sinw epriti
uair ' ui irenuine mosuuuus nam ianacc-
chusetts,"- and we haVe them now in' 'abund
ant perfection. , ; ; ' ;;: "
apprehended I crirrie5 are ihe'4e'ri3fdlldw-eT8af5it'he bank
rpofaii9o"6fraahi
"5;y
, till t their pa- flethora brings on wanwunnaiurai pieuiv,
the circulating f natural scarcity, prices o high thai the work
bold and silver." ihff classes were ipincfied":for food; then'all at
. i Literary Cur lositu The following is a
copy of an excuse recently handed to a. school
master for the ' non-attendance of one .'.of his
scholars: ' ,' '1; '-V-.,
,i 5 "'ccpatomlogoataturin. , ' -
If our reader can make out to solve the a
creased in numbers and issues
per has become nine-tenths of
1 mdinm., anrl at- last 'eTnelled
from circulation. The prevailing opinion has,, once so low that-nothing but a bad curreney
been that their, notes, when, not ma le legal : speculation anar inonopoiy can acy.uui.
and the Rtinreme snch'sudden ' vicissitudes; thc rriost devou
Vnnrt nfihp ITnited Statea having latelv so de- nsurv cdntrbversyjirid i ltigatidhj 'panic,' cla
lorminnrl. it mut 1m1 with them ks such- 'm
i .v. . , r- -'A ... . - . ; . .. . i . . . .. .... - m
ti,.,. ii nnctitiitmn nAnnifiA. fnsal ofthe banks, in a time ot protouna peace
.tri" ti;e pnnvpniinn ' ia in re. tiv redeem their notes in good monev these
for
ring
bove without having it labelled we give hp vise-a power unprovided for b
at once. But as there may be some who would part of its frame of government a pdwer which monthsi with eighty-millions or goiu and sir
not understarid tt without an explanation,: we controls value and regulates price, unforeseen fyef, and abundance of every thing needful for
subioiri the followin?:-',-fi:ez7f at home 't6 so by either federal r state constitutions, be-; prosperity and-content, large portions of our
people are in a revolutionary state pf disquiet
tr taturing
come one of our most important institutions,
The whole theory and practice of American
banks fe;tfalse and rpernicious'; Their first
act being to lend trust money, left with them
to keep; their next misconduct is toi iisue roero
pr bniissorv riotesiristead. of gold and f ilycr
money,; wiliCiir.owc ,.yo iijfcr .trJicscufc.,,iBUCU:
money,? v -Then they. aakei'':r.oansidC jnctiiBua
credit by secret
cr ' ased or decrjeased with' no regard tb 'public
good. The t hoiuers oi, meir unpayapie notes
calling on i them' for mbneyf tbe.bankbbngc
their debtors to pay. wh'arthey! have, bbrrowpdi
six months ago hefe was actually nQwarit of
food,! though pricesiridicated' d
thereis none,) distressing allwithiifher tbo'
much or too little of the; means bClivelihoodJ
Again bank loans such .as they ! are, are a6t
made -to Whose who , want; to, the industrious,
mechanical." classes, but. to the LsrculatVnjr
arid' extravagant; i often. by .bank,, directors to
thems'elvesV with.which to ferijid the needy by
usurious lenaiug. agaiur vv io omer . un wormy
jfavbntes. ."The laborious and frugal are rarely
assisted but those who are stimulated .'to "live
beyond their iacorae arid pursue a course of
folly, luxury !and insolvency, . Ninertentbs. of
thern .become - insolvent, for there is pot ,'oije
prize to a thousand blanks in the. bank lottery,
and by their assignments almost always secure
the bank, leaving other credUo-: ffiends and
eve their otvn families, l.o destitutionind ruin.
Itis niainly 'tbitbugn bank influence that courts
of jusU.ee have been brooght to sanction those
unjust pf efererices which rpave : now. become
part of the established law1, 'although coa
demned by a whole class of pur foeople. as dis
hdnesi. - Banking and other corporations' hartf
the best means to fortify thernselves with the first
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