Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1821-05-22

4
per currency, and which is most vehemcntiy
| urged by those who lest understand il, VIC
shall consider the objections Us centering in
the following:
/. That it will furnish temptations to over
trading.
2. That it will afford aid to ignorant men,
and will give to bankrupt and fraudulent tru-
ders 4 tictllious credit.
3. That will Danish gold and silver.
q. That twill not pay cur foreign debts.
5. That the state will not be prepared to re
deem the paper at the lime stipulated.
6. That it is violation OF the federal con-
stitution.
Upon a close examination of these obiec-
tons, tits believed, that the candid and unpre-
JUDGED mind will be constrained to admit that
none ofthem are founded in tact-and the rea-
| sons which have SO frequently been urged in
Their support, are more specious than sohd
Or that the evils which they suggest, as far as
| they may have an existence, are dcduclble
from other causes, and are as applicable to
other Institutions and are not alone inherent
| in the present one, and that they are more than
| counterbalanced by the advantages to be pro-
duced from its establishment.
The first and second objections may be con-
sidered in connection. They have relation to
aid, which ii is supposed will be afforded by
the bank in the course Of It's dealings with IN
dividuals, who, having already extended their
business to the extent OF their actual means,
may be induced to adventure still further, and
by thus ovcrstepping the prudent or salutary
| point, be brought INTO u state of embarrass-
menr, which would otherwise be avoided II
is indeed curious to learn, how the limited and
guarded loans, which the institution is required
10 make, can possibly kaye tendency in the
most remote degree, TO produce the evil urged,
| if it be one but 1t is much doubted whether
| in the aggregate the result OF extended en-
terprize arising from what is familiarity termed
ovcrtrading, IS not productive Of general good,
however unfortunate it may prove in its close
| to the individuals engaged. And we arc still
more at 4 loss to conjecture how bankrupt or
fraudulent traders are to obtain fictitious ere
dit. The objection may be urged as it regards
| ordinary banks, from the mode Of receiving
endorsed paper, Tor the security Of their loans.
| But as in the present institution, uuencumber-
ed real estate, of double the value borrowed,
is pledged, it is not perceived how the bank
rupt is TO obtain fictitious credit, nor that
pledging property to double the amount boz
rowcd can be considered fiction And it IS
still more singular, that because :. man may
not be quite so well informed in the modes Of
business as others, and may consequently be
| imposed on, that therefore his neiThbors
| should enjoy the exclusive advantage OF 4
credit, which their cunning may more readily
| improve, but even if the objection were true,
and the utmost latitude given TO it, still the
evil is vastly coanterbalanced by the aid it will
| afford to those, who from their situation will
not be supposed to disturb the beneficial
course of trade.
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tr II i .at tb TO
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th IA VI ~ '','a, ~
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% aas oJe" SUM- Al ios'er n't'noer' ',''
~ .'l ' Vi .oi,'Is i,i'i .,I ':l
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oonslah,iy ali'li.hsiiiis, auu 1t cannot DC oc-
liteo 'na' 1t Is OWING 10 'iiS TRANSITION, tI cur
present emoar1ass'heh's are TO DC a,criouseai
. nu. we are by no means prepared 10 s'llI'N
.ha' inc oDJectioh Is loundeo III TACT. II couii-
uy not possessed Oh mines must derive .'e
precious metals from .ilose That nave theIn'
anu uicy are 10 NC aoduifea ny eAuna'5lliS tie
l,roouctS oi It's iaoor ior tiic'i' Inc amount
~ VIII possess must laelciole' oePehu Upon
TIC Qullltlty Oh SfeIlcQ aliU CAClluilH-