The Illinois Free Trader And Lasalle County Commercial Advertiser

More Confessions.

The North Star says: "Seldom have we seen an article containing more truth in a few words, relative to a United States Bank having power to regulate exchanges, than is to be found in the annexed extract, which we take from the Boston Daily Advertiser, a respectable federal paper. Coming as it does, from indisputable Whig authority, it is worthy of consideration by all who call themselves such. It is a frank acknowledgment of the doctrine maintained by the democrats, and as such, is worthy of being preserved:--"

"One great fallacy of the late United States Bank was the idea of regulating the Exchanges. It will bear a moment's examination. Exchanges are regulated by the course of trade--and there is not, and cannot be in the nature of things any other regulator. Put the laws in force--make people and banks pay their debts in money, and not in broken promises to pay, and the exchanges are regulated. All other interference deranges them. It is like interfering with the order of nature and of the seasons. It can do nothing but mischief. Who has not seen, that has looked at the course of the late Bank of the United States, great mistakes and mischiefs under the pretence of regulation. And what can be more certain and inevitable than that a great and powerful institution can create a temporary derangement and rise and fall for its own purposes. This however could be endured, if the only loss to the community were the gain of a Bank. But the difficulty is, that it disturbs the natural course of trade, and baffles all calculation. It is like the vice of over-legislation, constantly and inevitably mischievous and baneful. Nobody can doubt this. There is no regulating exchanges in Europe, and the problem in England is, how to place the Bank of England so that the exchanges may regulate themselves. Who does not see that the Bank of England is constantly making mistakes and creating difficulty, and in the nature of things it cannot be otherwise."