Loading ...BANKS AND A PAPER CURRENCY – Introduction by the Author of the Book
A pamphlet was published at Louisville, Kentucky, with the title ” Elements of a Bank Charter, arranged for the benefit of the public, and safety of the Stockholders.”
As the general reasonings on which it was founded, applying to the proposed Bank, in Kentucky, apply equally to the Banks of any other state, it is deemed expedient to republish it, in substance, — on the reappearance of the Bank mania, in Pennsylvania.
All of us — the poorest, as well as the richest citizens — being deeply interested in the currency of the country, which affects every transaction of our daily business, — we all have the right to investigate its laws, and the practices connected with it and to point out the good, or expose the evil influences of Banks, in relation to this. It is matter of regret, that this right has not been more freely exercised; for it appears that the Banking system, as conducted in this country, has been productive of much ill — and we have no reason to envy the condition to which Banks have been influential in bringing the working classes of England.
The following remarks are offered to the public with the view of calling attention to this subject; so that, if Banks must be created, it may be according to a plan the least mischievous, and secure to society some benefits, in compensation for the evils they produce: And as party feelings incline us to read party newspapers, they are presented in pamphlet form — that they may appear detached from all other matter.
In the first place, let it be recollected, that Banks claiming the right to issue paper money, claim the enjoyment of one of the sovereign prerogatives of the Federal Government. The policy of the general Government, in acquiescing in this assumption, may well be questioned. It may be worth while to observe, that this privilege is not essential to the Banking trade. The right, however, is a prodigious advantage to those who enjoy it. Even in England — the greatest manufacturing and commercial nation in the world — there are very few issuers of paper money, beside the Bank of England? though her Bankers do an extraordinary amount of business. And, in Scotland, every Stockholder is liable for the whole debts of the Company.
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