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apparent in almost every class of society; and this has been in-
dulged under the fatal mistake, that the means and resources thus
squandered, and taxed, were as substantial, as they seemed to be
inexhaustible. The same mistake has fostered a spirit of the
most reckless speculation on the part of individuals and corpora-
tions; speculation which has included almost every variety of
property; created unreal values of stock; and in its reckless
experiments, frequently seized upon the necessaries of life.
Auxiliary to all this, there cannot be a doubt, that our banking
systems, have proved ready and facile instrumentalities. To
what extent the abuse of these institutions contributed to the
universal inflation, and the general artificial condition of all mone-
tary affairs, I am unprepared to say. It is morally certain, how-
ever, that an evil of this character, could not have acquired such
gigantic proportions, nor have entailed such terrible disaster, but
through the agency of institutions, which have exceeded the
bounds of propriety, in the creation of a fictitious and unsound
circulating medium.

I am not disposed to affect a crusade against banking institu-
tions; yet I can but feel impatient of the wrongs they have
inflicted upon society, and with so much cool indifference to the
rights of the people.

Created by public favor, and nominally accountable to strict
legislation, it is apparent that they pursue a policy, dictated in
many instances by so much selfishness, as to betray a serious dis-
regard of the true welfare of the community. The restrictions
under which they are supposed to conduct their business, are
easily and readily evaded; and the public are at no time secure,
against the consequences of an abuse of power, which can never
be exerted, but to the detriment of the common welfare. We
have a humiliating illustration of this fact in the current state of
the monetary institutions, generally, of our country, and, from
which, those of our own State claim no exemption.

The Banks of Maryland, are now in a state of "suspension."
In other words, they are unable to meet their obligations, and
every note-holder has the evidence of this fact, in his own hands,
when he presents it at the counter of the Bank for redemption.

This is virtually a condition of bankruptcy; and we know very
well, that no merchant can continue his business in like circum-
stances, whatever may be the nominal value of his assets.

Thus we have apparent, an assumption of privilege by an in-
stitution, in which a whole community may be interested, which
is entirely denied to an individual or firm, though but a few may
be affected by the "suspension" of the latter. In all this it
appears that there is with the people, a disposition to tolerate to
almost any extent, the errors and caprices of banking institutions;
a disposition, I do not hesitate to say, which could not obtain with