Wheeling compiler. [volume] (Wheeling, Va. [i.e. W. Va.]) 1829-1831, 1829-07-01

- nvof4 But what has been the enec'
- Stockholders in state banks! then
Ir have been diminished Just IN the
P,U,,, proportion that those Of the bank Of
10 limited States have been increased;
w v,bat has been the effect upon the
c 60, a currency which was IN CIR
cYla6on in the neghborhood of local or
ITO hanks. and which was easily & speed
10 redeemable IN coin, has been withdrawn
Con, circulation by the bank Of the United
Sto,es who has substituted It's own notes
which do not afford the same facilities Il
thew did. they would find their way INTO
s,ate banks. and be used as an offset III
those "frequent settlements"
But ofthe thirteen millions Of dollars
Cor which the bank of the United States
has issued It's notes, about nine millions
have been issued payable at offices to the
south and west of Baltimore; great pro-
nortion Of which is in circulation IN the
States north and east ofthe Potomac, where
the hank and its branches will not even
receive them in payment Of the debts due
70 itselE and where they must remain IN
circulation. because the holders cannot get
Them redeemed without loss; state banks
cannot take them, because If they DO, they
must rive cut their own notes, which will
be received by the bank Of the United
Ststes ar its branches, and a settlement
demanded which It's own notes are re-
fused and coin taken IN their place.
It may be, and probably IS said by those
who arc charged with the administration
of the aflrs of the Bank Of the United
States, that tho their powers are great
they are used with moderation. 1t IS sui
fcient for the purpose ofthe present inquiry
TO know they have powor--they are a
private company Of individuals, lrresPon-
slble for their conduct as long as they con
fine their acts within the limits Of their
chartered privileges; privileges which the
Government sold to them for a price, and
the consideration for which has been paid.
They are like other men, they will exercise
their fair aud legitimate rights to the iui-
lest extent for the promotion Of their inter-
est. if they be not restrained by some par
amount consideration. The fact that the
contract for the charter of the bank was
for a limited time. and that It will expire
in the year 1885, may operate as reason
why a course having the appearance OF
some degree Of hberality and torbearancc
mas been pursued.--Oftheir power to limit
and control the operations of state banks.
they seem to be fully sensible, nor do they
wish to disguise the fact; the odlum how
ever, which would follow an exercise Of this
power to the extent of prostratlng local
llaks and assuming for the bank Of the
United Satcs an entire control over the
curreacy and commerce, Will probably re-.
tain them to dc degree OF pressure now
imposed, until after the charter may be re-
leweI, either IN its present or some modl.
fled form. What modification IN the re-
lewal of the charter will take place 1t Is
not easy to foresee; but as the bank was
created under an implied power, derived
from a specific grant 10 the constitution OF
the United States, it can hardly be suppos-
ed that if greater privileges have been con
icrred than were necessary to attain the
object which justified the grant, that uoon
a call for renewal those additional puyI-
leges will not be stricken of as unconsu-
oppendages.
That a bank of the United States Is
for the due aud convenient adj
OF the government, and that
this bank ought not only to possess the
power, bat to perform the duty, Of presorv-
mo a sound currency Of equal value IN the
country, are facts which cannot and ought
not TO be denied. That a circulating me-
dunn sufficient in quantity to answer the
purpose of trade and intercourse between
the members of the community Is essentl-
al for the general welfare; and t.s. this
quantity cannot be retained IN con 9TH
the balance of trade against the country
are also facts sustained both by reason 81
e experience. Our Institutions, our habits,
aud the nature ofour commercial relations,
both at home and abroad, have pointed out
the banking system as tina. which will
most safely supply the currency which is
most convenient to the public. To per
peiuate this system, and preserve the utll-
ity aud Integrity ofthose institutions which
under state authority were created and be
come identified with our interests and our
wants, before the creation Of the present
bank of the United States, must be an OBJ
lect worthy the mature consideration OF
state Legislators.
The existing system was adopted with
the balance Of trade IN favor Of the coun-
try, when coin had no tendency tolelve it
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