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Editorial
August 21, 1840
The Illinois Free Trader
Ottawa, La Salle County County, Illinois
What is this article about?
The Democratic Platform in the Free Trader newspaper outlines opposition to a national bank for threatening liberties through currency control, critiques the current banking system as unsafe needing reform, advocates separating government finances from banks, and supports sound banks with specie redemption and legislative oversight.
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THE FREE TRADER.
OTTAWA, Friday, August 21, 1840.
DEMOCRATIC PLATFORM.
Opposition to a National Bank, as fraught with danger to our free institutions and to the liberties of the people, from its necessarily great and controlling power over the general currency and business of the country. Opposition to the present Banking System, as defective in principle and unsafe in practice, and requiring a radical reform. A total separation of the fiscal concerns of Government from all Banking Institutions, as the best guarantee for the preservation of our National Independence. Encouragement to all Banks, based upon sound principles, with the ability and disposition at all times to redeem their bills in gold and silver, and an express provision in all Bank Charters, requiring ample security to be given to the State for the redemption of their issues in specie on demand, and the perpetual subjection of all acts of incorporation to the control of the Legislature.
OTTAWA, Friday, August 21, 1840.
DEMOCRATIC PLATFORM.
Opposition to a National Bank, as fraught with danger to our free institutions and to the liberties of the people, from its necessarily great and controlling power over the general currency and business of the country. Opposition to the present Banking System, as defective in principle and unsafe in practice, and requiring a radical reform. A total separation of the fiscal concerns of Government from all Banking Institutions, as the best guarantee for the preservation of our National Independence. Encouragement to all Banks, based upon sound principles, with the ability and disposition at all times to redeem their bills in gold and silver, and an express provision in all Bank Charters, requiring ample security to be given to the State for the redemption of their issues in specie on demand, and the perpetual subjection of all acts of incorporation to the control of the Legislature.
What sub-type of article is it?
Economic Policy
Constitutional
What keywords are associated?
National Bank Opposition
Banking Reform
Fiscal Separation
Specie Redemption
Democratic Platform
Sound Banking Principles
What entities or persons were involved?
National Bank
Government
Banking Institutions
Legislature
Editorial Details
Primary Topic
Democratic Platform On Banking Reform And Opposition To National Bank
Stance / Tone
Strong Opposition To National Bank And Current System, Advocating Separation And Sound Banking Principles
Key Figures
National Bank
Government
Banking Institutions
Legislature
Key Arguments
Opposition To National Bank Due To Danger To Free Institutions And Liberties From Control Over Currency And Business
Opposition To Present Banking System As Defective In Principle And Unsafe In Practice, Requiring Radical Reform
Total Separation Of Government's Fiscal Concerns From All Banking Institutions To Preserve National Independence
Encouragement To Banks Based On Sound Principles With Ability To Redeem Bills In Gold And Silver
Provision In Bank Charters For Ample Security To The State For Specie Redemption On Demand
Perpetual Subjection Of Bank Incorporations To Legislative Control