THE FARMERS' REGISTER. 



335 



laiion. The issuers have piofitei] to ihe fullest 

 extent by securing liiis confiiieni-e at first, ami, in 

 jusnce, ought to be conipelleii (iT not vvilling) lo 

 meet liieir voluntary engagenicnis, upon wiiuli 

 alone that routiiience was luumleii. So iiir as to 

 banks thai expecieil ami miendeil to cotnply wiili 

 their enyagenienis. And as lo any banks iliat is- 

 sued notes, when neiiiier e.Nperiing or iniendiiii; 

 to pay llieni on demand, as [)roinised on their 

 lace, there is etili stronger reasons why tliey 

 should beheld to the suici perlorinjiiee, and to 

 the letter, of a legal and solemn engagement 

 made in (intentional) lalsehood, and lor the pur 

 pose of Iraudulenlly g-aining a benefit and profit, 

 lor vvhicli a part ol the |)roaiised consiueration 

 (the |)unctual redemption in specie) was not de- 

 6igned to be given. 



But it IS idle and ridiculous to attempt to represent 

 as ahke, and lo put on the same looting, the paper 

 currency issued t)y banks, and other bonded debts. 

 It is an obvious truih that the very lile's blood, 

 end source of existence, of a paper-money cur- 

 fency, (which is redeemable, and beloie it is dis- 

 crediieil or depreciated,) is the general confidence 

 in Its per eel convertibiliiy on demand to gold or 

 silver. Without .«!uch confidence, (or otherwise, 

 the secuni>ship by, and acceptance of them by 

 government,) bank notes could not at fiist become 

 currency — and without the coniinuance of undi- 

 niimslied confidence, neither could they remain in 

 circulation, unless indeed the ground ol confidence 

 had been totally overthrown, by the banks re- 

 fusing to redeem their notes. Tiien, indeed, they 

 would continue in circulation ; but as a depreciated 

 currency, and because the better currency had 

 been by ii expelled Irom circulation. For any in- 

 dividuals or corporations to gain currency lor tlieir 

 notes liy securing laUe confidence, am! then to 

 keep them in circulation by totally lorlciting confi- 

 dence, is nothing beiter than swindling, and that 

 upon the most exiended scale ol'operations on which 

 swindling has ever been perlbrmed. And the law 

 should lorbid and prevent, or punish such proce- 

 dure, and society should condemn, denounce, and 

 treat it as it is, an enormous moral and social ol- 

 fence, even if ilie main object of both the govern- 

 ment and of society were to sustain the |jolicy 

 and the credit of the paper money system. For 

 the only possible chance lor sustaining perma- 

 nently the credit of this system, and thereby gain- 

 ing the benefits from its successlijl operation 

 which its advocates believe to be attainable, will 

 be to purily the system, cut off' li-om it al least the 

 manilest and notorious abuses and frauds, and 

 thus, by compelling better conduct, preserve to 

 the banks and to their issues as much as possible 

 of good reputation and ground for claim to public 

 confidence. 



If a stranger to the circumstances of this coun- 

 try, in other respects, w^re to learn its condition 

 as to banking operations and their results, it 

 would be to him utterly uncomprehensible that 

 any people, and much less a free and enlightened 

 people, should submit to be thus ruled, and plun- 

 dered, and corrupted in morals as much as impo- 

 verished, by a system which is beneficial only 

 to a very small portion of the community, and 

 they mostly of the classes who seek to live, and 

 do live and fatten, by depredating upon the pro- 

 perty and fruits of the labor of the commu- 

 nity. And this worse than Egyptian bondage 



of the honest and laborious many, lo the dis- 

 honept and rapacious lew, is Fubinitied lo by 

 the suHering community, impatiently indeed, but 

 as if there were no help, no possibility of any 

 remedy or mili-ialion being alforiled. Indeed, a 

 large portion ol the plundered and ouiragefl class 

 are so deluded and inlaiuaied as lo deem the 

 pysiem which oppresses ihem asiheir liesiaid and 

 sufiport. And the operation of this delusion, 

 and the still stronger infiuence of Ihe power of 

 the banks, have served lor many years to render 

 the iniquitous system impregnable, and all assaults 

 iipon.il lo be not only hopeless, but even ridicu- 

 lous. But the time has come when this enormous 

 power is tottering, and may be assailed, not only 

 irith hope, but almost with certainly of success. 

 And the enormous excesses and siill extending 

 abuses and Irauds of the [)aper money system 

 have alone brought it to this now leeble and vul- 

 nerable condition. There is nothing now wanting' 

 lor its purgation and relormaiion, but light on the 

 subject, to induce the people lo judge and lo act, 

 aiui they will, in a voice of thunder, pronounce the 

 s|)eedyand uiier condemnation of this stupendous 

 system of delusion, fraud, pillage, and usurpa- 

 tion. Every individual who thinks \hat bank re- 

 formation is needed, should exert his influence, 

 no matter how low he may estimate il, lo diffuse 

 itiformaiion among his neishbors. Associations 

 lor promotins; bank reformation should be formed, 

 and auxiliaries established in every county, to for- 

 ward the object, by causing the publication, in the 

 cheapest possible form, and spreading belbre the 

 people, olsuch papers as will expose the evils and 

 the fraudulent and ruinous operation ot the irre- 

 deemable paper money system, Il this were done, 

 upon a concerted plan of extended operation, and 

 but a lew suitable, zealous and active individuals 

 were to commence action in each county of Vir- 

 ginia, it would not be long before they would in- 

 crease their numbers twenty for one ; and with ihe 

 aid of a very small pecuniary contribution from 

 each member, they would command a treasury 

 ihai would ffood the country with trutk-tclling 

 publications on this subjeci, on which heretofore 

 almost noihing but falsehood has been sent forth 

 from Ihe press. The gross abuses of the irre- 

 { deemable paper banking system could not stand a 

 j year in Virginia, nor much longer elsewhere, 

 I against the assanlis of such an organized array of 

 I Ibee. We earnestly urge all of the few who are 

 [already flilly awakened to the enormity of the 

 evil, to unite on this plan of procedure. Let no 

 man think that he is too weak to forward the great 

 movement. The great body of the people, how- 

 ever illinlbrmed as yet on this subject, are open 

 to conviction, and ready and anxious lo be in- 

 structed. Any one zealous asserler and preacher 

 of the truth, by proper exertions, can in a few 

 hours draw to his aid five or ten others, equally 

 influential ; and the five or the ten soon could be 

 made filly or a hundred. A very small contribu- 

 tion only should be required, say a dollar, or even 

 less, so as to enlist as many as possible in the 

 movement ; and, if such means were used, it 

 would not even require another general election 

 of delegates to the legislature of Virginia, before 

 that body would know that it was Ihe will of the 

 people that banking abuses should be permitted 

 ; to proceed no farther, 

 i Farmers of Virginia — raechanics — all who live 



