The enquirer. [volume] (Richmond, Va.) 1804-1815, 1810-11-20
MR.. BLAND'S PROTEST.,
AGAINST a NATIONAL EANK:
Sa6naiiied 20 she Legislature oL MaruLcnd.

TO tie Senator and Rsjs,esen,a,spes of the STATE
81 M~yferd in the Congress eF tie
Uni:ed States.
The general assembly of MARYLAND feels the
hrmest attachment TO the constitution of the
United States, and is sincerely DESTROYS of pro
noting the integrity sud prosperity ofthe Unio,,
i ms assembly IS also impressed with sentiments
OF respect and esteem for the senators and re-
PresentatNes of this state in the congress of the
United States; and 1t would not of6ciousy Oh.
truce ITS opnions upon the councils ofthe nation,
out when II is perceived, that principles have
neen agitateG, and establishments proposed,
which there IS reason 10 believe must finally
prove ruinous Co the hsrmoRy of these states,
aud poisonous To- the liberties of the propie
II adOpred, II cannot refrain from expressing
Its opinons and fears, its hopes aud wishes.
The Bank ofthe United States was establish
ed by an act OF congress, passed in the year Sc
senteen hundred and ninety one. The good PEG
pieof Maryland, prcterring harmony to discord,
srd peace 10 strife, beheld the erection and cen
tlnuarce of that haletul institution with a spirit
OF tolerance and self command which they belle
we'd comported with their duty as citizens of a
free and enlightened republic. They behold
Their believed constitution bruised and fracture q
ny governmental banking company but they
looked forward to season when the wourC.
might be heated, and their fundamental law re
sued toits original vigor and purity They pa
arrival OF tue PERIOD wien the
Charter 81 the bank of the United States would
expire, when SO dangerous an institution should
quietly drop INTO oblivion, aud be heard of no
More. Such had b. en- the hopes aud expect atoms
o. the people of this state; but they have of late
fas some cause 10 apprehend that these homes
and expectations may prove 10 be delusve. Not
understanding the warning experience of this &
Other nations, in hostility to- the interest Is of the
people OF these states, and IN conterp, of tie con
situation Of the United States, The establishment
OF rational bank has been again proposed as an
institution, the erection of which is wise, polite
and constitutional
In opposition to doctrines so dangerous in
their consequences, he immediate representa-
tlves Of the people OF Maryla should hold
themselves bound to raise their voice. There is,
IN beopirion of this assembly, a material and
striking difference between q banking company
incorporated by state law, and limited in its
operations to commercial purposes merely, and a
great monied institution, which grasps the
shield OF the government for its defence, and is
continually fiourished and nvigorated by the re
venues OF the nation passing through its various
branohss. The provincial banks OF cur count nv
are Calculated 10 answer all the ends of fair
commerce: they Can never endaDger the interests
Of The nation, because their operations are con-
lined TO given circles of demand for paper credit
they are most likely TO produce the benefits
desired by such institutions, because their issues
and credits must always be graduated by the real
commerce of the country, and those who are IN
terested guard their capital and profits, by re
tanning funds sufficient to answer any demand,
and by curtailing credit, when credit canno, be
extended TO advantage; they cannot long CONT
nue. to the manifest prejudice OF the community,
because they depend solely the unbiased
pubic opinion their credit, ike that OF every
trading company, rests where all credit ought to
rest, UPON actual capital and reSoaTces--they act
and 81 acted upon By the only true and genuine
PRINCIPLES at credit--public opinions flowing free
as arr IN every direction to It's proper level, unin
hueneed by any unnatural OF foreign power wnr,-
ever Within these bounds, and upon these
principles, banking establishments have been be
nehcial TO our coun,ry--And experience proves
that, operating under such Limitations, IF ef
fott should be made TO push paper credit far
beyond its due extent, the banks themselves fall
the sacrifice: the shock produced IS that of
common bankruptcy the laws, the CONSTITUTE
On and the peace of the corn monwca,th, remain
unagitsted by it such failure induces
csnton, and rather renovstee than impsirs
credit, by evncing that it rests its proper
basis
But the operations and consequences of ma
iional bank are widely dissimiiar. Such an insti-
tuition, under the control of government, holds
out perpetual temptatioDsto engage in measures
OF extravaganza, OF TO pursue them after the real
resources OF the country are spent 1t affords .
cover under which the tlilapdators of the treasu-
ny may be hid from the eyes of the people 1t
furnishes an hypocritical cloak which public men
may throw about them, to support charac Ter
they do not merit che nature of the loans the
deposits, and all the bargains d alings and con
trivanCes, between the government and the bank
wholly invisible to the public; their causes
are not known, aud their detrimental effects and
consequences above the reach of calculation
Where such connection subsists no chicacous
mode can be devised for preventing collision
between the necessities of the administration &
The avarice of the bank, to the prejudice of the
nation. The metallic medium of the whole coun-
try may be collected, or it may be hastily drawn
from the banks OF any state IN The union into the
bands OF administration, and squandered on OBJ
jeots and for purposes the most ill-advised snd
disastrous, with rapidly ruinous in It's effects
and utterly beyond control. A national bank,
sooner or later, concentrates the power, and
congregates into distinct body the ntonied iute.
rest Of country, which ever ranges on the side,
Of administration. Executive patronage and
monied influence are thus brought 10 act in con-
cert for their mutual az raudizement, to the
obstruction Of public yiriut, and the ruin of he
Liberties Ofthe people. Nothing cen finally re
sst their united sway even the rnoned ntere SIS
of the state banks, allured by the profit to be
derived from bending 90 circumstances d windie
at length lilo petty streams OF influence, mere
ly tributary to that of the great national insti-
tuition.
1.-THE whole mass ofpoper to be issued by both
national and stale banks should obtain circulation.
either through the influence or coercion Of the
government, the price ofiabor must rise, our ma
nufacturers would he disabled from competing
with foreign nanufscturers--Tbe agricuilurers
artz7ns and traders of the United States, hay ng