Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1830-05-03

WllhOut
influence, tho currency would almost certainly re-
lapse into state OF unsoundness The very pressure
which the present bank, in winding up its concerns
would make upon the local Institutions, would com.
pei them either 10 curta,l their discounts when most
needed or to suspend specie payments II IS not
diincult to predict which OF these alternatives they
would adopt, under the circumstances in which they
would bs placed The iuperious wants of n suffer
ing community would cih for discounts in language
Which could not be disregarded. The public feccs-
sit'es would demand end public opinion'wo sane
uon the SUSPENSION, or at least evasion specie
payments. ~
But even ifihs desperate resort could be avoided
IN period of peace and general prosperity neither
reason nor experience will permit to doubt, that
state OF war would speedily bring about all the
evils which SO fatally affected the credit OF the row
enment and the national currency, during the late
war with Great Britain. We should be AGAIN driv-
en- to the same miserable round OF financial expcd-
ents which, IN little than two years, brought
wealthy community almost to the very brink OF
declared national bankruptcy, and placed the roy-
eminent completely at the mercy Of Specializing
stockholders.
renee OF the country, IN Expressing their DELHI
crate opinion, that in period Of war, the financial
resources OF the country could not be drawn into ell
Gent operation without the aid of national bank and
that the local banks would certainly resort to sus-
pension Of specie payments. The maxim is eminent
ly true in modern tncs that money is The sincy of
military power In tn Z view Of the subject, it does
appear TO the committee, that OF the ins!tr
tionS of the country, not excepting the nr.av NJ
navy, IS of more vital Importance than 4 pat;onci
BANK II has this decided advanta~c o,,r tho orr,.
anu navy; WINE they are OF scarcely any value eX.
ceE III war, the bank 10 net cs, use l than cbs, n
them III war, AID is almost as e:nincny uscE,l il,
pence " mas another advantage, still greater IT,
re The army naYy,it should cost the nation nil
Mons annually 10 sus,uin it, the eXDadcncy of the cy-
pendrare might be doubted. But, when it actually
saves to the Government end to the country as Tho
committee have heretofore attempted ~ show NOR,
millions annually than expended in supporting
IN and I'LL
was any one meaSu c of national policy. upon which
all the political parties of the country should he brourht
TO unite, by the impressive lessons OF eyn,rcncc IL
! Is that ofmaintalning natisnal bank.
r. II is due 10 the persons who for the last ten wears
have been concerned in the admiris' ration OF the
bank to state that they have performed the delicate
and difficult trust committed 10 thcin in such mn ~
ner, as at the same time, to accomplish the rreat
national ends for which 1t established and n-o
mote the permanent interest Of the s,ockholjcr,
with the least practicable pressure upon tho local
banks As tar as the committee enabled 10 form
an opinion, from careful inquiry, the b1n has bcos
liberal aid lndu!gent IN It's dealings with these iusti
tu,Ions, and, with scarcely exception no75 stands
IN The most aInicabc relation TO them. Some Of
those institutions have borne the most disnteresteL
and uncquivocal testimony iii favor OF the bank
1t is but strict justice also remark, that the d
recton the mother bank appears TO have abstaned
with scrupuous care, from bringing the power and
influence of the bank bear upon political questions
to have selected, for the direction Of the various
branches, business men IN no way connected with
party politics. The committee advert to this part OF
the conduct Of The directors not only with yiev, T.
It's concentration h,t for the purpose Of eXpressin,
their strong and decided conviction that TN. uscfi
hess and stability of such an institution viii nateti
auy depend upon steady and undertaking adherence
RI to the policy of excluding party politics and potica
Partzans from all participation in planarer,ent
Ii is gratifying to conclude this branch Of the subisc+
by stating, that the affairs of the present bank I'M
der the able, efficient and faithful guidance of its
two last Presidents and their associates have ba.r
brought from state of great embarrassment INTO
condition of the highest prosperity. IayinD suc
ceeded IN restoring the paper Of the local banks 70
sound state, Its resources such as TO iusjrv
the directors IN extending he issue and circuaIion ~
its paper as to satisfy the wants of the conlmun
DO as 1t regards bank accommodations and crcu-
laung medlum-Upon the soundest principles of
banking the very ample resources of the institution
would justify the directors in granting accommoda
tons to much greater extent than they lave vci
done and though they have increased the circnaiiou
Of their paper from four and half to fourteen mil
hons since January 1923, they ready and wiIlnr
TO increase 1t still further, by dscouuting bills of e
change md other business paper. lis believed that
the discounts and issues OF the institution arc now
actually limited by the want of applications resting
upon these, the only substantial and safe foundation
Of bank credit and circulation.
III. Having said thus much the CONSTITUTIONAL.
ty aud expectancy Of an Incorporated National Bank
the only question which remains to be examined bv
the committee IS, the cXpedency of ESTABLISHING ga
National Bank founded upon the credit Of tho ro-
vernment and is revenues"
II is presumed to hare tie intention nC the President
IN suggesting the Inquiry TO bank founded upon tho cred
and revenues o the government to he understood as havng
aluon TO bank of discount and deposic Such bank n
IS taken for granted would have branches established va
Gus parts OF tue Unon similar those nov established v tic
Bank Of the United States and with them The
great Object Of furnishing national currency not be ac
cOnpished with an approach Uniformity without the apcn
ey Of such branches and another object second only in m1o
lance 10 the one just stated the extension of the commercial
iaces OF bank Accommodations the different parts Of the
Unon could not be at all effected without agency brrc
should be simply great central back established al tic seat OF
goVeTniHen without branches Operations with
the various points of the commerce Of the Union the promise
To pay specie for s Ooe whenever presented would bc al
most purely nominal OF what consequence would he 10
merchant or planter Of louisiana manufacturer or .e,
OF Name, that he could obtain specie for bills Of , National
Bank Oh presenting them at the city Washington uace
wholly unconnecief with either louisiana M1uc by any
sort OF commercial nietcourr and where consequently these
bbis would never ~ the regular Of trade
promise to pay specie az place Gon tic place oil
c'rcuauon ard where the bills would bat AZ
great expense and for the sole purpose being presented for
payment would neither give credit 10 the notes operate
al elective check upon excessive Whatever credit
such notes might have, distance from the place Of issue
would not be because they rsdeenaLle lie pleasure o.