Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1815-12-27

Interests and enterprise OF individuals IN provid-
ing the means to establish them. And finally,
such regulations may be uap5sed upnn tho ex
portatlon OF gold and SILVER, rs VII serve in fu-
tire 70 FIX and retaa, the quantity required for
domestic uses.
But it's further believed, that the national
stock ofthe precious metals is not 81 reduced as
tn render the operation ofre.ns ating their ageli
cy in the national currency either dtFcuIt or
protFacied 1hequantiiy actually possessed bv'
the country is considerable; and the resuscita-
ton otpunlc confidence in bank paper, or IN o.
tner substitutes foT co.', seems alone to be want
ing to reidsg ii equal TO the accustomed cnntri
button for 8 circulating medium In other conn
tries, as we'll as IN the u States, tue effect OF an
e1cessEelssne otpaper money t. Danish the pre-
ctous metals has been, and under clrcuns; ances
much mSrc dsadvantsgeous than the present :
tne ef' ct of public confidence in national in
stitutipns, to recall the precious metals 10 their
uses IN exchange, has also been experienced
Even, however, II 1t were practicable ithas some
,mes been questioned, whether it would be po.
A'ic again to employ gold and silver for the pilr-
poseo OF national currency. It was long and
Universally supposed, that TO maintain, paper
medium without depreciation, the certainty of
beng able to convert 1t into coin, was indispen-
sable nor can the experience which has given
rise % aconiPary doctrine be deemed complete
or coasluslve. Bit whatever may be the issue
s'ructu' eof he g9vevlmeni n,the physical as well
as me tiS2 SITUATION of The country and in the
various departments ofindustry, seems 10 deprive
X OF any important influence as a prec edent for
the lm,tation OF the " States
In offering these general remarke to the consi-
ueraton OF congress II IS not intended to convey
IN opne that the circulation ofthe gold and
SILVER CONS can at once be renewed Upon mo-
tiyes o. public convenience, the gradual attain
hent OF that object is alone contemplated, but
strong though respectful solict,ide is fel; that
inc measures adopted by the legislature should
invariably Tend IL us attainment.
I'd. Ofthe services rendered to the govern.
pent by some of the state banks during the late
wars aud OF the Eberality by which some ofthem
are actuaied IN Their intercourse with the treasn-
ny Just'ce requires an explicit acknowledge.
ment, It's fact, l.oweyer, Incontestibly proved,
nat those Institutions cannot at this time be sue
cessiuiiy employed TO furnish an uniform national
currency. The failure Of one ATTEMPT to assoc,ae
Them with that view, has already seen stated
Another attempt, by their agency in circulating
treasury notes, to overcome the inequalities Of
,he exchange, has only been partially successful
Ana plan recently proposed, with the design to
curtail the issue OF bank notes TO tx die public
confidence in the administration Of the affairs of
me banks, and to give each bank a fortunate
snare IN the circulation, is not likely TO RECEIVE
The sanction of the banks
lhei'rlth s,that tie charter restrictions Of some
on the banks the mutual relation & dependence
VI tae banks OF the same state, and even of the
oafkS OF different states and the dutv which
lhe directors OF each bank conceive that they owe
20 the'r immediate constituents upon points OF sc.
sqrity or emolumenti mterpose an insuper;ble
obstacle to any voluntary arrangement, UPON ma
uonai considerations alone, for The establishment
OF national medium thro,igh the agency of the
s'aee oanks II IS, nevertheless, with the State
nankS that the measures for restoring the nationa
currency OF gold and silver must originate for
until their issues ofpaper be reduced Their spe-
Gle operations be commenced /; there will be rel
ther room, nor employment, nor safety, for the
Introduction ofthe precious metals. The policy
and interest OF the State banks must therefore be
engaged IN the great fiscal work, by all the means
which The treasury can employ, or the Ierisla-
twewsdom shall provide.
Sd. The establishment of a National
Bank IS regarded as the best and perhaps
the only adequate resource to relieve the
country and the government from the pre-
sent embarrassment. Authorized to IS
sre notes which viii be received in ali ray
ments to the United States, tile circulation
OF Its lssGes viii De c0-extensive with the
Union and there will exist a constant de-
nand, bearing a just proportion to the an
nual amount of the dutie. and taxes to be
collected, independent of the general cir
cuiatlon for commercial and social purDo-
ses. a National Bank will therefore pos
sess the means and the opportunity of sup-
plying circulating medium of equal use
and value in every State, and in every dis
trict every State. Established by the
authority Of the government ofthe United
States accredited by The government to
the whale amo1ut of its notes in cmcula-
ton; and entrusted as the depository of
the government with all the accommodations
OF the public treasure the National Bank
independent OF its Immediate capital, will
enjoy every Recommendation which can
merit and secure the confidence of the pub
lie. Organized upon principles of respon-
sibility, but ofindependence, the national
bank will be retained within its legitimate
sphere OF action without Just apprehension
from the misconduct Of its directors or
from the encroachments Of the govern
ment Eminent its resources, and in
Its example, the National Bank will con-
ciiate, aid, and lead, the State banks in
al that Is necessary for the restoration of
credit, public and private. And, acting
upon a compound capital, partly of stock
aud partly Of gold and silver, the National
Bank will De the ready Instrument to.en-
hancethe value Of the public securities and
to restore the currency Of the national
coin.