Wheeling compiler. [volume] (Wheeling, Va. [i.e. W. Va.]) 1829-1831, 1830-01-06
uNITEn SrArES, RANK

Without designing, or even desiring to
enter into discussion Of the merits or de.
merits Of this institution, or Of the policy
or proPrIety Of re'chartering it, should iis
stockholders petition Congress for that
purpose, we cannot refrain from adyerting
to few familiar facts, which, IN our opln-
ION, 60 far to inyalIdate tue statement made
by the President of the United States In
has late message, that cit must be admitted
by all that it (the Bank has failed in the
great end Of establishing a uniform and
sound currency" Il 10 well known that
previous to the establishment Of the Bank
the rate Of exchange between this city and
sOue of the Western States, was from 20
to 80 per cent, and that merchants at Lex
ington, Nashville, ST. Louis, and oiher
places desIrOus Of paying debts or mskng
purchases here, and IN tho Eastern porte,
were compelled to transport specie on
horseback at immense REX and expense.
Il is equally well known that indIvlddsls
at the places alluded to can now obtalu
drafts at the branch banks an0 transmit
their funds to this and tho neighborng CT
out risk, tor ample Secufil I'm q hsado sesi 1
the casualty Of draft bong lost or stolep.
Ii is known too, that at the Ooriod meut,on.
cd, between this city and the neiehborno
town Of Wilmington, distant only 80 milos
the rate Of exchange was generally 2 I.2
per cent, and that IL now at par, as II Il
with New York, Baltimore, and other
sea-ports. Similar statements might be
made Of most other towns throughout the
Union, and It Ia notorious that these inn
ponaut advantages have been achieved by
the bank. This institution affords also
another convenience not less valuable than
those just mentioned. A merchant having
a demand, even as small as five OF ten
dollars, upon distant place, in any part
Of Union where the Bank has a cores.
Dondent, (and it has, we are informed, up.
wards of eighty may deposit bis draft il
the Bank or any Of It's branches, and the
money will be collected without risk or trou.
bic. Can II then be said with all there
benefits and conyeniences known, felt aud
enjoyed, that the institution has failed Ia
the great end of It's establishment Would
a National Bank do Iaore than this has
donel Would such an institution IN the
hands Of an executive desnous Of prolong.
ing its power, or under the control Of polit
zeal 1spirants and partisans thirstIng TO-
power be more tender Of individual rights.
or less dangerous 10 the ibesties Of the
country than as at present, in tho hands o.
the prudent, responsible capitalists, watch
ful to promote their own interests By ~
dioiou8 management Of the institution,
and careful 70 preserve their ovn pEoper
" by sustalnlneue reputation OF The Bank.
In the latter case the Directors would have
every thing to gain from correct manage
meni. and them funds al stake 10 snsure
,bis course In the o.hsr case the Diree.
tore would have nothing at stake, then
S,nds would be the public Purse, add they
would have nothing TO gain by tiresome
go unpopular vigilance IN behalf Of tho
.-a,;,utioa: but on the other hand would
h. exposed to constant and pressing temp
alton 10 turn the golden stream into
channel that would yield dazzling return
of political power and importance. We
Dresuno. however, It vii never become
necessary 10 argue this point
Penns. Saturday Gar.