Newspaper Page Text
VOL. t.
BANKING.
from Niles’ 'weekly register.
Wc commence the publication of a scries
of numbers on “ the Paper System.” They
arc from the pen of a master, in the hand of
a gentleman. The evils of this system must
be checked. Look at the state of our conn-
try' !—It is overrun with claii9 of bank-ma
kers, bank-note counterfeiters and bank rob
bers ; a terrible trio of characters, operat
ing by different means to produce a like frau
dulent end. We can hardly take up a news
paper without seeing an account of the spec
ulations or effects of one or another of these
modern associations of money-makers and
money-getters. The soul is sickened in re
flecting on the prostration of morals which
the late system has caused ; and its conse
quences, on the best classes of society, is e-
qual to the deliberate baseness and cruelty
of the actors in it. It is time to look dis
honesty in the fare, and frown tiiosc who
seem to he above the law into a respect for
the law.
Some of the effects of the paper system
are disclosed in the report made to the legis
lature of New-York. Four banks in tins
state, whose promises to pay are selling in tin
money market at from d to to percent,
discount, have eight hundred suits on
the dockets of our courts, making glorious
work for our sheriffs and lawyers. In Penn
sylvania, the like evils prevail; and, in lit
tle Delaware, the suits of her banks against
individuals are hardly loss than seven hun
dred ! Every where—whilst the hank man
agers are adding farm to farm and house to
house, tin* laboring classes arc driven from
their homes, the seats of their fathers, to
seek a subsistence in the regions of the wesi.
I am justified in saying that the operation 01
a certain hank in Maryland, has compelled
the emigration of an eighth part of the pro
ductive white population ol the county in
which it is located, within the last four or five
years—and the causes of such banishment
is still raging as violently as ever. Let any
dispassionate man look at the workings of
these paper-money-making-shops scattered
through the country, and call to mind the
revolutiousof property that they have brought
about, to estimate the object and the end of
banking, lie that but yesterday did not own
land enough for a grave, is the possessor ol
extensive farms—and they that yesterday
held such farms are dispossessed even of
their family burying ground !—■Management
is too much for honest industry—the latter
kicks the beam when opposed by the former.
Speculation is seated in the parlor, hut labor
is refused repose on the dung-lull.
I have a letter from an honest man who
was coaxed to his ruin by a hank (w hich, like
a Cyprian goddess, exposed its polluted bo
som and smiled to destroy,) and driven to
the wilds of the west. lie laments the
friends of his youth and loss of society—de
tails the hardships that belong to a new set
tler and enumerates many privations—hut
blesses God that he is out of the reach of
a bank.”
The hanks that pay, or affect to pay, spe
cie, are, in some measure, under the public
confront—but what is the morality of the
managers of those that do not pay any of
their debts ? Do they not tell a falsehood, a
most deliberate and mischievous falsehood,
on every bill which they issue ? What de
gree of reputation is an individual entitled
to, who renews and reiterates a promise to
do a certain thing w hich he himself knows
that he is neither able nor willing to do ? The
best men may be unable, sometimes, to come
up to their promises—yet they will not tell
voluntary lies, as is done on behalf of non
paying and bankrupt hanks. I5ut, as lias
been observed by me before, such lies being
divided among the directors, and again sub
divided among the stockholders at large, the
share of each is so small that the most con
scientious does not feel the weight of it! And
these as they who vex the country, and break
up families by sails at law against persons
for not paying their debts ! 0. that my pow
er were equal to my will, to retaliate cm ini
quity the pangs it inflicts, and learn hank di
rectors mercy through a suffering of the
pains they impose !— flic sheriff should pene
trate their vaults—the “ beggarly account
of empty boxes” should he exposed—and
their paper, their bank paper, should be burnt
liy the common hangman, as forgeries on
honor and honesty.
The excuse why tiie hanks should not pay
their debts, if ever well founded, no longer
exists—it is the base principle of avarice and
speculation that prevents nine out of ten of
them from doing justice to their creditors.
What impudence is it in them to make high
dividends of profits, when they do not pay
their debts ?—It is superlative assurance and
unrivalled brazenness ; were it committed by
an individual it would cause all men to call
him villian. [Heaven grant me patience to
spsak of such transactions in words fitted
for the cars of my roaders !] If the banks
have not money, (I do not mean rags) to meet
1 licit* engagements, let their dividends, at
least, he sacrificed to purchase it—nay, the
capital itself should lie boldly touched to ac
complish such an honorable purpose. Why
should it not he—do not they demand it of
their debtors ? They may be forced to this
as they force others—the people, the labor
ing, productive classes, must refuse the bills
of any bank that will not pay its debts ; or.
if they receive them, they ought to protest
and sue them, just like the banks are accus
tomed to protest and sue the meanest men of
the, community. Justice is—justice ; and
the speculators should he taught that the law
is equally for the benefit of all. Nay, I am
inclined to believe, or at least to hope, that
the managers of such banks as I have de
scribed, may be indicted, and, to a happy is
sue, be prosecuted as combinations for frau
dulent purposes.
I am very strong in the belief that we shall
get to this point by and bye ; these associa
tions will he convinced they arc not above
,hc law. One or two independent upright
men in every town and village, might cause
our papdT banks to disappear like shadows—
Let them perish, that the people may he sav
ed ! The welfare of the two is incompatible ;
mil the interest of the unproductive crafty
should sink for the good of the industrious
'indesigning.
But. <o the hanks that, with courtesy and
good faith, really exert themselves to meet
heir obligations, let every facility and aid
be extended ! They should never be pressed,
except of necessity—-just as a good man
would press an honest one struggling with
adversity. The fitness of things, as well as
the public interest, is deeply concerned in
supporting such institutions—wo shall have
to rely upon them to stand between us and the
general distress that must follow the hank
ing explosion, that will inevitably, and very
shortly, take place. There is not one reflect
ing man in the United States who believes
that the present hanking mania can rage and
increase as it does without producing bank
ing death-~\m\ I say, the sooner it comes to
pass the better. Our country, in every point
of view, is every day wasting the strength
needful for the blow up. Let it come, before
the vigor of the laboring classes (who only
can he relied upon to resuscitate credit by
production) is blasted by speculation—the
Upas, not fabulous, to destroy all within its
atmospheric range. A remnant shall he
saved—as a living testimony that “ honesty
is the best policy.”
A few words of exhortation, and I shall
close this article. I assure the distant read
er that the banks of Baltimore are as solvent
as any in oar country—even as the bank of
the United States. But several of them (as
is the case every where else,) are managed
by directors who traffic with each other for
seats al their hoards, and really buy and sell
votes like common merchandize. To two
of the Baltimore hanks I give this serious
caution—•that, if they do not refrain from
discounting for a certain shaver, the very
notes that they refuse to steady mechanics
and moderate dealers, I will ear-lug them
forth before the public, by name, and bring
the, case to issue, if they please, before a ju
ry of my fellow-citizens.—I dare do this—
and I pledge myself that I will do it, if this
harpy is much longer enabled to influence
the hanks alluded to in the course just stated.
If the people will not support me in this—let
them he shaved !
Some tilings I have said may he rough —
hut they arc wholesome, and suited to the
occasion.
THE PAPER SYSTEM—NO. 1.
Sir,—L have read with much satisfaction
your late papers on the subject of the pre
sent system of banking, as by courtesy it is
called, and heartily wisli you success in the
arduous task you have undertaken. I am a-
ware of the opposition you will encounter
from the mighty myriads that are wallowing
in the lilth of this corrupt system, and of
the abuse which you will probably be fated
to encounter. I know also that plain down
right truth must ever in the end prove an o-
vcrmatch for interested falsehood, and ferret
it from all those secret vaults and obscure re
treats, where it is accustomed to hide itself
from the eyes of mankind ; above all, I feel
assured, that whateverAnaniy firmness, plain
unanswerable reasoning, and clearness of
detail can perform, will lie accomplished by
j ou. But as the task will be laborious, and
as your other duties must necessarily inter
fere, at times with this great undertaking, 1
have thought it possible the offer of aid from
a plain well meaning man like myself might
be acceptable. I therefore propose to con
sider the system of banking, as it is nowiu
operation in the United States, in relation to
the various classes of the community—to
trace its effects on the prosperity of the mer
chant, the manufacturer, the agriculturalist,
the mechanic, the laborer, and the class of
people drawing their support from regular
, and stationary incomes.
In the second place, I propose, unless you
and I should botii become tired ol the sub
ject, to demonstrate the impossibility of such
a system remaining-permanent in any coun
try, and the certainty that its lailnrc will in
volve the ruin of a large portion of the com
munity, together with the revolution of one
half of the real property of the people of
the United States.
With your permission, I will then trace
its effects on the morals and habits of the peo
ple, and the certain consequences that will
result from creating a mass of monied-—-or
rather paper institutions, that will, and ill
fact already do, pollute the fountains of jus
tice, and poison the sources of legislative pu
rity.
I prefer this method of considering the
subject, because it enables me to bring it
home to every man's business and bosom. E-
nough, and more than enough has been writ
ten by economists and financiers, to puzzle
and confound the human understanding, and
envelope the elements of this science, which
like those of all others are simple in their
nature, in an obscurity which even the bright
est rays of intellect cannot enlighten, and
through which the most penetrating genius
fears to grope its way. Where first princi
ples are involved in darkness, the. truth must
he sought in practical results. I have ano
ther reason for pursuing this method of in
quiry—my object is a plain appeal to the un
derstandings of the people, with whom alone
the remedy of this great evil now rests.—
Statesmen and legislatures have, of late be
come, confounded with banks and bank di
rectors—and sad experience has convinced
me that it is in vain to appeal either to the
reason of statesmen or the feelings of legis
lators. In seeking for one or the other, no
thing is more common than to find each, com
bined in the form of a director of some pa
per bank, so that the important personage
unites within himself ali the constituents of
greatness.—In his capacity as statesman, lie
devices expedients for the national happi
ness— in his character of legislator, lie. makes
laws to carry these into effect—and in his
station of bank director, it is both his duty
and his interest to make both the expedient
and the law subservient to the interests of the
hanking-system of which he is a member.
It is therefore, 1 repeat, too late to turn
our eyes to this quarter for relief. The le
gislatures have forged chains, not only for
the people, hot for themselves, and are now
in miserable duran. e to corporations of their
own creation ! They have built up a struc
ture which they lia/e not power to pull down,
and which they have not the will, if they
had the power to destroy. To the, people
then I make the last appeal, and earnestly
desire their attention to the plain, practical,
matter of fact statements and reasonings 1
shall propose for their consideration.
To you, Mr. Niles, I tender my thanks,
that, at length, through your means, there is
one sober, respectable and patriotic paper o-
pen to the voice of truth and the just com
plaints of the people. I am aware of the
risks you run by this honest intrepidity.
Veil will, I fear, never get another discount
—you will become unpopular on ’change—
voij will he denounced at the boards of di
rectors—and. above all, you will assuredly
get the ill-will of all the numerous descend
ants of those honest people who were driven
out of the temple of Jerusalem—you will, in
short, he persecuted by (lie money-changers,
money-brokers and lottery-office, men, that
fatten into portent ions maturity in the cor
ruption of the banking system—-the one will
shave y ou terribly if you ever want to bor
row money—and the others will, I fear, ne
ver sell you any of their high prizes.
Still, sir, under the most multiplied suffer
ings, an honest heart is not devoid of conso
lations that bank directors cannot give, nor
brokers take away. There are always u
few worthy people, even in the most corrupt
times, whose silent approbation is worth
having, and which is always given to under
takings like yours. But there is a yet more
independent gratification ; the silent testi
mony of an approving conscience, which
makes ample amends for the ridicule of such
exalted personages as bank directors, money
brokers and lottery-office men. That they
may not, however, have all the laugh to them
selves, I purpose, with the blessing of Hea
ven, in the course of these letters to draw a
full length likeness of each of these profes
sions ; and if there should he found in the
general features a striking likeness of any
individual of either tribe, although I really
mean to avoid all formal allusions, I shall
certainly not disclaim any application of the
picture to the original, let it he what it may.
They are all of the same blood, and of course
there will he a family likeness.
With these observations I shall conclude
this letter, as I am fearful of encroaching on
your limits. In iny next, I shall treat of
the effects of the present system of hanking,
on the merchants, for whose especial benefit
and convenience banks were originally sup
posed to be constituted, but who, 1 trust I
shall demonstrate pretty clearly, arc in afaji
way of becoming victims of the mun$t»/
that was once their abject slave. Banks ai*o
like the evil genius in Arabian stories, whirl,
was a useful dannon, while held in servitude,
but a most unfeeling task master, wtenevei'
lie broke his chains.
AGRICULTURAL.
ON THE CULTIVATION OF VINkI'
The cultivation if Pumpkins, Squashes,
Melons and Cucumbers, is yet very itnper.
feet. People will plant and hoe as their
grandfathers, fathers and neighbors have
done before, not trusting to their own judg
ment, or being willing to risk the least by
way of experiment. Pumpkins are gener.
ally considered inferior in quality, name, he.
although there arc many of them that are
really better than the squash, and possessed
of richer qualities. The best kind are of an
ovel shape, soft shelled, thick, ineated, fine
grained, and are uiost convenient and much
the best for house use. They are planted
among corn, and if the corn he cultivated
right, (viz. the ground rich and nearly level,
and always free from weeds) they will pro
duce very well; but it must be expected
they will exhaust the ground in some mea
sure and lessen the stock of corn. If they
are planted free from other vegetables, they
should he thin. One vine to remain to each
rod is sufficient. The ground should beroa-
uured and pulverised well. Good warm
loam of any description will suit them. A
particular attention to harrowing and hoeing
should be paid them, and the ground always
kept loose and free from weeds. In this
mode of cultivation they will never suffer
from drought; the vine will flourish best in
the hottest and dryest weather. Pumpkin
vines cultivated in this manner in a favora
ble season will run a great distance, n-it less
tuan SO to 50 feet ; they will root at every
joint or leaf, and will shoot for vine as often
and will receive so much nourishment from
those roots that if a leading vine well routed,
with a growing pumpkin, he cut off near the
stump, it will not appear materially affected;
not even to wilt in a hot day. Be sure tn
take off the two or three first crops when a-
bout as large as a goose egg ; in taking off
the first it will cause immediately a number
instead, and the second time in proportion,
and may he continued until danger of being
too late for a growth to ripen. This mode
of cultivating pumpkins may be considered
extravagant as to the ground, but if I wan
on a wager to get the greatestcrop from four
rods, I would have but one vine, and that in
the centre. If pumpkins are planted as
thick as Indian corn, on the best and highest
cultivated ground, they will produce but a
small crop, and those of a small size. The
rooti. extend a great distance in a horizon
tal direction if there are no obstructions.
They keep some distance before the vine.
I have cultivated a large kind, much famed
for their size in particular, hut with little
success^ they r would produce but few and
those green and watery. This method of
the culture of pumpkins will apply to
squashes with little exception. There are
many of the small kind of summer squash,
Ace. will not occupy so much ground. Ma
ny kinds will tint root at the joint as they
run. Never have hut one' vine to a hill,
large or small. Never scrape the e-irh a-
bout the stump but have it all levi i, and al
ways loose especially on top. The ground
will retain its moisture thereby, ami the
vines will never suffer for rain in the. dry sea
sons. Do not forget to pluck off the first
two or three crops when small, as observed.
In this way you may obtain almost any quan
tity, and those of a full size, from a vine.
Sandy loam is best suited to squashes, hut
they will do well on any rich warm ground.
I’, irismoi'ch O-.cte
—j i i _ i,
HAT’S.
TTpHE subscriber, wishing to close his business,
will sell at reduced prices, his extensive as
sortment of Hats, consisting ol Ladies’ Beavers
of the latest fashion, Gentlemen's superfine Bea-
ver hats, common and low priced Fur do. Men’s
and Boy's Wool do. Children’s Fur and Morocco
do. &c. 8cc. all of which will be sold either at
wholesale or retail,'much lower than have ever
been sold in this place.
All persons indebted to the subscriber art
earnestly requested to make payment imincdi-
ately ; and those having any demands against
him, to present them for payment.
A. hanscom.
Milledgeville, March 10, 1818.
HEALTHY SITLATIOnT
T HOMAS HUSON, from Charlotte, (N- C.)
has opened a boarding house in Jackson
county, at Jefferson. Families removing lion'
the low counties, and travellers, may he assured
of" comfort and convenience. ,
NOTICE.
A LL persons who have any demands again*!
i\_ the estate of Daniel Kengrey, late of Wil
kinson, deceased, are hereby required to bring
their accounts duly authenticated—and those in
debted to said estate are requested to make im
mediate payment. william mu-neh, adui’r-
THE REFLECTOR.
"i
MILLEDGEVILLE, G. TUESDAY, JUNE 2, 18H.
NO.