Democratic Standard

From the Scioto Watchman,

MEETING WITHOUT RESPECT TO PARTY.

Pursuant to adjournment, the citizens of Washington and the adjoining townships, met again on Monday evening, Feb. 21st, 1842, at the school house, district, No. 1. After the Secretary read the proceedings of the adjourned meeting. J. Specht, from the committee appointed upon that subject, submitted the following

REPORT OF THE COMMITTEE APPOINTED IN ACCORDANCE TO A RESOLUTION ADOPTED AT A PREVIOUS MEETING, TO TAKE INTO CONSIDERATION THE PROPRIETY OF REJECTING ALL DEPRECIATED PAPER MONEY AS PAYMENT FOR PRODUCE, BEG LEAVE TO SUBMIT THE FOLLOWING:

The embarrassed and suffering condition, in which the laboring part of the community is at present involved in regard to its pecuniary affairs, has received from your committee their most serious and dispassionate consideration. The year 1837 marks an era in the financial history of our country, of unsurpassed importance, the general suspension of specie payments by the banks at that period caused a depreciation of 10 per cent. upon their entire circulation, which being an indirect tax of 10 per cent. upon the products of labor and property, this tax, however oppressive and unjust as it was, has been duly paid to the bankers by the hard laboring and productive part of the community, patiently waiting, in anticipation of a better currency which has been constantly promised, but instead of enjoying the fulfilment of those promises, they suffered the loss of innumerable bank failures, whereby many of our industrious citizens have been reduced to poverty and distress, with hundreds and thousands of their broken promises in their pockets! and this evil has lately been carried on in our own State, to such an extent, that it has reached a point beyond endurance, and will justify the people in a resort to any means calculated to relieve them. Ten banks, with a circulation of about one million of dollars, have exploded in less than one year, and we have reason to fear that in one year hence, as many more will follow in their footsteps—not, as we believe, of necessity, but of choice. With these facts before us, who can yet continue to receive such a currency in exchange for his produce—who can yet shield himself behind the argument that he cannot endure the inconveniences of rejecting such a worthless trash! can we not deal among ourselves on credit a little while or will we continue to sell good produce for bad money, and thereby acknowledge that we are willing to be slaves and "labour for our lords, the bankers." But there are other facts contained in this subject, to which we will call your attention. The city banks of New York to which the principal portion of your produce is taken, are as we believe in a sound and solvent condition, and in addition to that there are 10 or 12 specie paying banks in this State, but how strange to think, that the extensive circulation of these banks has not yet reached us, but the fallacy may consist in something like this; the merchants buy our produce, and in many instances they have bought it on credit to enable them to take it to market, and to receive good money to pay for our produce, they take a draft, which they sell, not to our specie paying banks, but to those whose paper is most depreciated. and when those drafts command the highest premium. Or in other instances, they loan money from our banks upon favorable terms, with which money they buy our produce; the produce they take to the eastern cities and exchange it for merchandize; by the time they return with their merchandize, the banks of which this loan has been made fail, and the money becomes worthless in the hands of the people, which will then enable them to buy up the same money with their merchandize, at a discount from 50 to 75 per cent., and return it to the bank from which it was loaned. And again, where good money has been placed in their hands, the good money has been sold, at a premium for depreciated money, which would answer the same purpose. That this has been the case in many instances, is too clearly developed by past occurrences, and it is much to be regretted that such a state of things has so long been tolerated—yes, it is much to be wondered that such vile, disgraceful, and intentional fraud, has so long been suffered to be practised upon the people, that a people boasting of their freedom and their free institutions, have thus submitted themselves to become slaves to an order of nobility, who tax their labor, and their property; and are riding them blindfolded to their own immolation. Can we any longer be deceived under that flattering garb of liberty, when our condition is worse in reality than the condition of our forefathers: when subject to the feudal system, they were, it is true, compelled to do a certain amount of labor to their lords; but they provided for their government, but we are compelled to perform a great amount of labor, indirectly to the bankers, who provide for nothing but themselves; yet notwithstanding the preference of their condition, while in a state of vassalage, they resolved, not to reject depreciated paper money for produce, but to leave all the "luxuries of Europe and plunge themselves into the forests of America," here to encounter the difficulties and dangers of "Indian wars desolating famine, and pestilence," guided by no other motives, than the "love of liberty"—but we see them again, when they were required to pay a tax—not of 15 per cent. upon every thing they produce—but of 3 per cent. upon tea! pledge themselves not to endure the inconveniences and difficulties of dealing among themselves, on their own credit a little while—but they pledged themselves, their honor, and their lives, to meet the "veteran armies of a proud, powerful and vindicative army," to sustain the weight of a cruel conflict, fighting their way through blood to liberty, until they had accomplished their object, and established our free institutions. But oh! how lamentable; that it was soon afterwards, through pride and indolence, trifled away to the money power of our own country, by which we are now controlled. and the oppression of which is severely felt, but the remedy to be applied is yet within our reach, and who is not willing to enforce it? In this work we should all be united as one man, impressed with that noble spirit of self denial, and true devotion to pure principles; and your country will be relieved from oppression, and your free institutions rescued from the threatening dangers, and for the accomplishment of this object, your committee would beg leave to submit to your consideration the following resolutions:

Resolved, That we pledge ourselves henceforth to receive no depreciated money, whatever, in payment for produce.

Resolved, That we recommend to the laboring portion of the citizens of Pickaway county, to meet in county convention the time and place to be designated by the citizens of Circleville township, to adopt some general and permanent measure upon this subject.

Resolved, That we earnestly desire to see the laboring class throughout the State, wherever they are oppressed, take the same, or some similar step, to put down the evil.

The report, after a considerable discussion in which T. Waddle opposed, and B. Anderson, and J. Specht supported it, was adopted—unanimously.

On motion of J. Specht, it was

Resolved, That the proceedings of this meeting be published in the Circleville Herald, and Scioto Watchman, with the request that all the papers throughout the State, favorable to the cause, publish the same.

On motion, the meeting adjourned.

WM. GRIFFITH, Pres't.

GEO. C. HARRISON, Sec'y.