THE FARMERS' REGISTER. 



245 



cultural class, id frequently maJe to give way to 

 the confliclinu; and adverse interests, either o( 

 the conmierciiii, banking', manufaclurini; or oihor 

 classes — any ol' which, Itecause heini; minor i:i- 

 leresis, may be enriched by measures injurious to 

 the ixeneral inierest of the connnuniiy. 



The most sirikint![ and deplorable example of 

 such a condition of thinirs is presented in the 

 long exisiitig and b-melui and yd commanding 

 inHuence of ihe banKing and paper-money imer- 

 osi ol this country — which, having ihe means 

 and power, to govern the great commercial 

 class, atid to influence and dircci the newspaper 

 [iress, and addiiii; these gre.it poweis to iis own — 

 hiis, b\' this combined inliueiice, deluded, govern- 

 eil, and pillaged, and now has nejirly enslaved, 

 the great agricultural interest of this country. 

 Very few of those individuals who are well ac- 

 quainted Willi the operaiion of this s^slem arc 

 enough lice from its contrt.)!, whether exeriod 

 ihiough inHuence, or bribes, or venireance, to dare 

 lo expose its iniquities, even if they have not 

 a direct private interest in their being upheld 

 and continued. It is not only their debtors whom 

 the banks can control, or otherwise punish, if re- 

 fusing submission to their will. So cunningly 

 and closely has their influence been wound around 

 society, that not one man can venture to oppose 

 their will, and expose their I'rauds, without injur- 

 ing himself in his business, or in the opinion ol 

 a large and influentiHl, and deservedly respected 

 portion of the society in whii-h he lives, and by 

 the joss of whose aftprobation no man can fail 

 to suHer. We are lully aware of (he danger, 

 the certain injury, to be incurred by daring to op- 

 [lose and in any manner expose the frauds and 

 abuses of the banking interest. We iiave al- 

 ready been made to feel, (tiiough not thereby 

 alarmed, nor to be deterred by,) the malignant 

 power of their influence on society, and in con- 

 sequence of Ihe opposition to the system, and ex- 

 posure of i's action, made through this publication. 

 But atallhazards, we shall proceed in this course — 

 and endeavor if possible to awaken the members 

 of the airricultural interest of Virginia, and of 

 the whole conltjderacy, to a sense of the enoraious 

 evils which they have sutlered, and the system ol 

 |)illage which is siill pursued by the banking sys- 

 tem of this country, which is Iraudulent in opera- 

 tion even as authorized by (he laws, and lar more 

 fraudulent in violation of law. In pursuance of 

 this object, we respectfully ask tlie attention of ail 

 readers, but especially of the agricultural class 

 — and the support and countenance of all who 

 approve our object in this warliire, which as yet 

 we have carrieii on alone, without aid, and almost 

 without a word of encouragement. 



Bejbre entering upon the subject, it may be 

 necessary, to prevent misconstruction, lo stale in 

 advance, what a re-ider might indeed liereafig- 

 learn from the tenor of our subsequent remnrks. 

 We do not oppose, as many have impro|ierly in- 

 ferred, but on the contrary most heartily approve 

 and desire to have established, a legiihnale and 

 properly operating banking system. Banking 

 proper \s a most important and indeed essential 

 auxiliary to commerce, and high'y beneficial to 

 ihe whole community ; and we would make such 

 banking as free trom restraint as any oiher bene- 

 ficial direction of industry or capital. But we 

 Biiight have the proper and beneficial use, without 



the numerous existing abuses of banking; and 

 in the existing condition of things, we have the 

 abuses to the ilillest extent, and but little of the 

 proper operation and use ol' banks and banking. 

 We would no more desire to prevent or restraia 

 the proper banking business or trade in money, 

 than we WLuld lo restrain the commercial deal- 

 ings in cotton cloths or hardware, or any other 

 ordinary and useliil direction of trade; and at the 

 same time, we would no more grant peculiar pre- 

 vileges to the banking business, or exemptions from 

 obedience to law, and compliance with legal obli- 

 gations, than to these, or any other branches of 

 trade. 



At this time ii would be difllcull to find any in- 

 dividual, of any class in society, who would ad-^ 

 vocate all the features Of' the bankiuir system, 

 and the whole procedure ol the. banks of this 

 country. The objections staled by diflerent per- 

 sons would vary much, according to their amount 

 of inlbrmaiion ; and still more according to the 

 supposed inieresi of the individuals. But there 

 is not one person to be found, even among bank 

 stockhohiers, bank officers, directors, or the need- 

 iest of the debtors and most submissive slaves of 

 banks, who will not conli-ss, (when safe to uttir 

 it,) that some one or rnoie abuses of the eystefn 

 greatly recjuire abatemeni or reiorm. Without 

 includinir the stronger and more general objec- 

 tions which would be made by persons who have 

 studied the suhipcl as a branch of political econo- 

 my, and free, Irom the strong bias of self-interest, 

 we are content to rely l()r proof of the position 

 just assumed, upon the opinion of those who are 

 friendly to the operation ol' the banking system, 

 and who are the apoloifisis for the greater num- 

 ber of the actual abuses. Yet out of the mouths 

 of these, the liiends or favored liebtors, or evea 

 truckling tools of the banks, there would be 

 enough of condemnation of the acts of these 

 institutions. And such objections have existed, 

 and have been whis[iered, it not proclaimed aloud, 

 lor years past, and are becoming every day 

 more extended and more strong. Yet, to this 

 day, there has been not one measure of reform 

 of the banking system ado|Ued and adhered to 

 by the irovernnieni of Virginia. It is true that 

 some minor, but siili biMieficial restrictions on 

 banking abuses have been enacted; but every 

 one of these new limitations, as well as the'more 

 import.int of the previously existing, have been 

 repealed, or the operation suspended, as soon as 

 the banks required it, and the annulling of such 

 restri(;iions was deemed essential to the pecuniary 

 interest of the banks. 



It is an all -important question for the country, 

 which shoidd t)e ihorooi/hly investigated, w/ty i< 

 is, that when gross banking abuses are admitted 

 by all persons to exist, not one has been, or is 

 proposed to be corrected ? To the answering of this 

 question, as well as to marking the abuses, these 

 and some succeeding articles will he devoted. 

 It is not our purpose lo present an elaborate 

 or systematic treatise on banking and currency 

 in general. Able and profound works of this 

 character are already attainaye by all persons 

 who feel enough interest in the subject to draw 

 information from the highest and most abundant 

 sources. Neither do we design to state in 

 minute detail, the acts of banking fraud and 



