Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1821-04-03
charge from lebts--a jubilee, will fur
nish the matter for my essays.
PHILO CURTIUS.
FOR THE SPECTATOR.
THE BANKING SYSTEM.

preventative OF representative. What
ever degree Of rcmoteness there may be
between this and property itself, SO long
as 1t answers the purposes of exchange,
II may be considered as a convenience
to the public, though by no means adding
to the public wealth. Although bank
does not add to the wealth of this nation
directly, il may, if on a solvent footing,
give springs to the industry of the peo-
PIE. Ii the farmer, for money which
VIII not pass out of the state, can get
store goods, and the merchant for the
same money can get produce to take to
Orleans and exchange for money or mer
chandisc, it is certainly preferable, and
more conducive to industry, than having
none, or a very precarious medium of
exchange.
For my own part, | was among the
earliest opposers of the present and for
mer State Banks, which have been sane
toned by our legislature; bu, from, per-
haps, different reason from those who
joined me in the opposition. Banks
have been increased to such an cnor-
nous degree as TO quite sink the value
of money, and raise the nominal value
OF properly, to what appeared very ex-
orhitant to strangers, orthose unacquaint-
ed with our fiscal affairs and that a
check must some day be put to this, or
the internal commerce of the country
would always be on very precarious
footing. AS The credit Ct the banks was
beginning to fail, it seemed more pru-
dent 10 let them dwndle away, and the
paper credit of the country revert to the
proper quarter (the national govern
men) than to prop up the sinking fabric,
by new banks and loan Offices, which
would but give temporary relief, and
again sink the community into the same
embarrassments as before. But in this
the legislature thought different, and
have devised an ingenious mode OF bank
ing, which (if successfully will not only
relieve our embarrass meDts, but be an
incalculablc source OF wealth to the state.
But to render IFS success probable, an
unanimity OF interest must be evince ed in
its favor, which fear does not exist.
1t might be expected on this, as on all
other occasions, that variety of opinion
will exist. AS long as it consists of Opt
Mon only, OF the barely venting of wordy
spleen, no serious injury could be ex-
pccted TO result therclrom. But ! am
sorry to sec in some determination to
cran,o its operations il the most vital
parts, by q prodetermination not TO ac-
cept of is paper on any terms whatever,
c"c- when itmight answer their purpose
as we'll as any ether. Should this de-
termination be generally prevalent, this
otherwise useful institution, will be ru-
nous TO the state.
The call Oh the citizens Of the differ
ent counties in the state to express their
disapprobation Of TIE law, and 10 call on
the executive 10 convene the isiaturr'
to repeal it, consider as the glorious
privilege of freemen; but then, cannot
look on him as a patriot who exerss this
privilege on all occaions. He who
throws barriers in the way OF law bene-
iicial TO the community, and cramps It's
operations to CRAFTY his spleen, may well
receive The appellation OF J." moral troi-
tor" | ann at loss to think Of what
good could result from again converting
the legislature, alter the law has gone
partly into operation. They would I'M
doubtedly vote as they did before, after
running the state 10 the expense of an
extra session.
Thc best argument l have heard
made use of against the State Bank,
was that in the objections Of tile council
Of rerision---" that it was contrary to the
constitution of the Unaed States" And
| must confess that l know of no way
to get over this argumcnt--and but
one way to evade it: that is, that every
state in the union has either directly or
indirectly issued bills Of credit, and this
has not been taken cognizance Of by the
federal courts. When the council says,
"the banking system existed, as at com
mon law before the formation of the fe-
deral constitutions" they evidently COM
mi0ed themselves; for although one
bank existed before tie formation oftilai
instrument (the Bank of North America,
in Philadelphia it did not exist as al
common law, but was founded to an
swer national purpose. And it ought
10 have been krown TO the learned Judges
who compose the council of revision,
that the United States, as nation, have
never adopted the common law, notwith-
standing the individual states are govern
ed BY it in part: therefore, bank, the
shares Of which are held by individuals,
but chartered by state, as contrary to
the constitution of the United States, as
thought were called estate bank" and
all its shares belonged to the state.