Download A Short History of Paper-Money and Banking in the United by William M. Gouge PDF

Download A Short History of Paper-Money and Banking in the United by William M. Gouge PDF

By William M. Gouge

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Extra resources for A Short History of Paper-Money and Banking in the United States: Including an Account of Provincial and Continental Paper-Money. to Which Is Prefixed, an Inquiry Into the Principles of the System

Sample text

New York, 1815. 4 IMPORTAN'CE OF THE SUBJECT. magnitude of whose deposits commands enormous discounts at all times, and who, being behind the curtain, know when to buy and' when to sell. I am of opinion that these vibrations inflict evils which close not with mercantile speculation; that they tend to unhinge and disorder the regular routine of commerce; and introduce at onemo.. luent a spirit of wild and daring speculation, and at another, a prostration of confidence, and stagnation of business: that these feelings arc transferred from the counting-house to the fire-side; that the visionary profits of one day stimulate extravagance, and the positive losses of another engender spleen, irritation, restlessness, a spirit of gambling and domestic inquietude.

They buy and sell public stocks. All these are important functions, and if only one of them be ill performed, the community must suff~r inconvenience. 2 IMPORTANCE OF THE SUBJECT. The Banks are scattered through nearly all the States and Territories which cornposp. our UnIOn; but they may all be embraced in one view, inasmuch as they all substilute paper for specie, and credit for cash, and are all endowed with privileges which individuals do not possess. By their various operations, immediate and remote, they must affect, for good or for evil, every individual in the country.

The Bank mania is one of the most threatening of these imitations: it is raising up a monied aristocracy in our country which has already set the Government at defiance, and although forced to yield a little on the first IMPORTANCE OF THE SUBJECT. 3 essay of their strength, their principles are unyielded and unyielding. They have taken deep root in the hearts of that class from which our legislators are drawn, and the sop to Cerberus, from fable has become history. Their principles take hold of the good, their pelf of the bad, and thus, those whom the Constitution has placed as guards to its portals, are sophisticated or suborned from their duties.

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