Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1830-05-04

upon these, tine only substantial and safe foundation
of bank credit and circulation.
Ill; Having SAID thus much on the CONSTITUTIONAL
ty and expectancy of an Incorporated Nationa ,nnk
the only question which remains to be exam;ned bv
the committee is, the expediency of establish,no &
National Bank founded upon the credit of the po-
vernmeDt and revenues" ~
IL is presumed 10 have been the intention of Tho p.:,
III suggesting the Inquiry bank founded upon the c,s
and revenues Of the government be understood as
auon TO bank OF discount and deposite. Such bank r
taken for granted would have branches established in va
Gus parts Of the Union similar those established bv N.
Bank OF the United States, and with them bo
great object OF furnishing national currency could not be ac
comphed with approach uniformity, without the agen
cy OF such branches; and another object ONLY in mno
lance the stated the extension of the Commercial
facilities Of bank accommodations the different pa Of %
Onion could not be all effected without agency the
should be simply great central bank established at the sea, of
gove<nnent, without branches OPERATIONS viii
the various points of the Union the promise
10 pay specie for its whenever presented woOld be al
most purely nominal Of what consequence would be 10
merchant planter of Louisiana or man,fcturer or Csm
of Maine that he Obtain specie for bi of the National
BANK on presenting them of Wasbingtona Mace
wholly unconnected witt, either Louisiana or Maine h @
sort OF commercial intercourse, weie these
bills would the regular course of trade,
promise pay specie at place so remote from The mae ~
crc!aon and where the bills would corle bur nj n
great expense and for the sole purpose being presented for
would neither give credit to the operate
an eecuve check excessive issues Whatever credit
snch notes might have at distance from the place ISSUE
would not be because they rseenab the pleasure
the bolderor such would he the fact principally be-
cause the ultimate responsibility of the government and of
their being receivable payment of all the Treasury
basis of credit the paper money Revolutions the as
gnas OF Revolutionary France and the Treasury the
late war These receivable discharge debts due 10
the Treasury and the Government ultimately re-
sponsibe for their payments the former deprecated al
most to nothing and the latter though bearing interest," sunk
10 20 per cent below But the of Govern
oank, won, branches, would be subject depreciation
from cause which constitutes conclusive objection TO snc
an institution There .coud be nothing limit ercesvc ISSUES
but The discretion and prudence Of tie Gorernet or of IA
direction Human wisdom has never devised any adequate
security against the excessive issues and consequently the
depreciation OF bank paper but its actual and easy,
prompt into specie at the pleasure of the holder
Experience has shown that, where the bank ia bv
any means habiuay circulated places remote from the
point where issued and not with by regular
commercial intercourse there will that easy and
prompt which essential the credit of bank
paper When bank bills confined their appropriate
sphere of circulation redundant certainly and mmed
aey followed by upon the bank for SPECIE This timely
ad'nonon is as useful 10 the bank it community
Tor 1t enables the directors TO avoid with unfang
an excess equally injurious boh and which human saga
cry could anticipate or prevent by calculation merely What
ever therefore, system of bank circulation prevents the
rex OF redundant issues necessarily destroys the only AIDE.
quae security against these injurious and runo,s excesses
(To BE coNCLuDED.)