Among the influences which will greatly modify the future of American politics, not the least is the lately enacted banking law. Hitherto we have been divided in our finances as no nation ever was before. Every individual State has had not only its own system of banking, but its own separate and distinct currency; a currency oftentimes based upon an insufficient security, and possessing only a local par value. The traveller who would journey from one portion of the country to another was driven to the alternative of converting his funds into bills of exchange, or of shopping from broker to broker to procure the currency of the particular localities which he proposed to visit. Not to mention the inconvenience of such a state of things, it is productive of many dire evils, which it is not my purpose to enumerate, since they are already familiar to the majority of my readers. Suffice it to say that such a diversity in a point so vital to all enlightened nations, is antagonistic to the very spirit of our institutions, under a government whose existence depends upon the principle of unity, in a land whose prosperity depends upon the consolidation of all its constituent parts into one homogeneous whole. Not only is this diversity in the money market forever destroyed by the establishment of a uniform currency, but from the peculiar nature of the law, the stability of the Government is made a matter of direct self-interest to every individual citizen, than which no surer or more enduring bond of union can be devised. For self-interest, the Archimedean lever that moves the world, loses no jot of its influence when even honor and patriotism have withered away. Every dollar of the security upon which the currency is based must be deposited in the treasury vaults: in other words, the wealth of every individual citizen is under Government lock and key. Should, then, in the future, any misguided portion of our people see fit to withdraw from our communion, irretrievable ruin not only stares them in the face, but is actually upon them from the moment the bond is severed. On the one side is devotion to the country, and a firm, secure currency, which at any moment will bring its full value in gold; on the other, secession, with the inevitable attendant of a circulation, not depreciated, but utterly worthless, and that, too, with no other to fill its place, since the operation of the law must soon drive out of existence every dollar of the present local bank circulation: patriotism and prosperity arrayed against rebellion and ruin. The business men all see this, and in the event of any threatened disruption, they, the most influential part of community, because controlling that which is the representative of all value, will be found firm and unwavering on the side of the duly constituted authority. Thus we shall have all the benefits of a funded national debt, with none of its attendant evils. And what a bond of union is this!--a bond which involves our very meat and drink, a bond which there can be no possible motive to sever so powerful as the incentive to union and mutual coöperation.
Climate Report
The Continental Monthly, Vol. 4, No. 2, August, 1863 — Part 12
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