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

banks, supported and assisted by the bank
of the United States, specie payments
were resumed. Nothing but necessity
could have justified the attempt at such a
tune, aud under such circumstances. -
The currency of the country consisted OF
perhaps, one hundred and fifty millions oil
dollars, IN the notes ofalmOst innumerable
banks, located IN every section of the u
I States. The specie in the vaults of the
bank Of the United States and all the state
banks, did not probably amount to fifteen
Imilllon of dollars, with the balance of trade
so much against US that a dollar could not
be imported without creating a debt which
dollar must be exported TO pay. Yet
I after q struggle, of doubtful issue, for three
years, 10 was ascertained that in most Of
/ the states of the union, the currency was
again brought under legal control-not,
however, by an increase M the quantity OF
coin, but by a decrease of the quantity OF
bank notes. The debtors were required to
Ip1y their debts to the banks, which was
I done M bank notes, which notes were not
again issued. By this operation it is be-
ueyed the currency was reduced I'D the
shor. space of three years, from one hun
drcd and fifty millions TO sixty millions OF
I dollars.
The effect upon the debtors Of the coun-
I try was most distressing. Contracts en-
I tered into for the purchase Of property
when the currency was abundant, had to
be paid when the amount had diminished
Two thirds, and the value of property pur-
chased had fallen u the same proportion.
Instances were common OF the most yaIu-
able aud caterprising citizens being hurled
from mncled wealth to abject poverty IN
the course of q few months, By the mere
Ilmiuutiou In value of the price OF their
property. Great, however, as the ndivld
ull suffering uuayuJably was, by the sud
den roversI0l from a spurious 10 sound
currency, it could not enter into consldc-
-l,l0n 90 81 national point OF view, IA the
attainment Of an oblectof vital Importance
o TOE whole body oftae people. To guard
against the recurrence of similar evils,
should be the FIRST object of banks and
legislators.
Into the right ofthe rational government
10 grant 10 q private company, for spe.
cifc consideration, the power to regulate
lhe commerce and currency of the country,
40 IS not necessary now 10 enquire. That
TINS power ought to exist somewhere can
not bequesuoaod. The grant of It 10 con
gress ju the constitution was sDecilic--tle
right To transfer the power Is SAID to be
leIiuna,o,y constructive. The utility OF
t1s bIl> % the government in the manage
nent of The finances, will probably secure
TO it the couatenance and support Of what
ever administration may be IN power,
while ITS benefit TO the public IN prevent
fg the currency from sinking to q ruiHOlN
10Int of depression. is sufficiently manifest
To- insure 20 table and efficient advocates
mo1g the sober and rejecting portion Of
society That the bank of the u states,
with ITS present or less extended powers,
viii, therefore, continue % be identified
with the federal policy Of the union, there
IS every reason to expect With thls adj
mission. Il becomes necessary that the eX-
tent Gifts powers should be known, and
what effect thclrcxercise under the existing
policy OF the bank has been and IS pro-
@ucing. The powers of the bank Of the
United States over the commerce and cur
relcy of the country, are derived first,
from the amount of lbs capital when com
pared with the limited amount OF com
which can be retained 10 the country,
whenever the balance of trade may be a
nust the nauou,-sec0Adly, from It's right
90 establish branches in every section OF
the United States, subject to, aud acting
under one common head, but unconroll.
bic by the sovereign power Of the states
where they may be located; and thirdly
from It's exclusive right to collect the pub
BE revenue, and disburse 1t IN ITS own notes
payable lt such branches rs Il may deem
proper.
The resources Of the bank ofthe United
states, are, INST, ITS capital taFg-uFc
millions of dollars; secondly, ITS deposits
of the national funds, averaging SIX m'lI
0ls: and the funds of private persons SIX
millions more; to winch are TO be added
irs own notes in circulation, twelve MILL
o1s. making together the sum Of diiy-nlne
mlGols-6itv millions ofwhichitemploys
n loans 90 the goyernmentond individuals.
Ifof these lolls forty millions are made
for commercial purposes, and az the usua.
periods of time, this sum is loaned and
repaid six tunes M a year The amount
then of IT'S disbursements aud collections
viii annually be TWO hundred and forty mil
lions, exclusive of the collection and dis
u.buuon of tine public revenue, which may
b. communal ,f f,van+- r1IlEops of dollars