Alabama state intelligencer., 1831-08-20

good said to be Intended for the accommodation planters in facilitating their bills of Exchange, in discounts and otherwise, the benefit of merchan And an addition the circulating medium of the Sate trast with that of the whole eounty the State of Xabsma has less than its proportion In 1920 the population of the cordng to Mir GaasiS snd MT cwford aDd after the ope ration of the Bank of the United States had reduced the population of this three hundred thousand and the ratio of circulating medium should be million three % ; ana ny thousand dollars me State bank Bank about hundred and fifty thousand dollars leaving
 deeeney to be supplied from other than local sources five hundred and eighty thousand dollars.
 The Proprey Of keeping up just proportion of curren- cy in State will be admitted for other beside the facilitating oftrac One of the operations of dpopor- uonae currency between the States easily exemped in ths way 1.-the other Southern staes each, in proportion to population and produce, had much greater of currency, any given amount of labor would command
 much larger sum of money in those States than in our Slaves woud there, consequently bear much higher price, and the inhabitants of Alabama could purchase such perty without expending which it would them abundanty more labor acquire than the citizens of the other States Nor would here produce much the money invested. The other numerous reney should be lost H o TRe aneh perhaps, furnishes e deficiency of circulating medium the consutonalty of the Insttuon it's salutay check upon redundancy of paper ssnes and every benefit aedg my dictates the employment of loca rather than foreign means if there be any and such policy less sanctioned by a Just pride and independence
 That the State of Alabama has attained rank wealth and population ustfyng the belief that
 
 establish Bank broad moned bass who con- yersan with the character for which planters last assuming, wlll doubt We ourselves acquainted with the names of many gentemen who reputed have thousands idle and rsting theIr strong boxes oane or invested in securities abroad If the applied for suceed an opportunity afforded them for safe nvesment which Will not only return fifty per greater profit by the privilege of Bank issues than received any waybnt, a the same tne elevate the pecunary repua- ton of the State, and add vastly its commercial inter We have heard suggested that objections would exist in Mobile to the location of another Bank in the city. We conceive of none however The Branch Bank probably engaged m as extensive and active business desires be m the foreign and northern exchanges and city dis counts, and the Mobile Bank in the both ikey prudent limits assigned to themselves and both doing little or nothing i'll accommodations for the country
 But there another light in which view this subject and another reason for the establishment of local Banks this oate It may turn out one more important than any have named The Bank of the United States-when look the opinions of the Execuye and the weight of his popu- iay opposed to it when consider the force of timent uttered in pamphlet and gazette, and by public volce and ued and exerted against is impossible, may not achieve second charter. Who that understands the evils of Arrangement of the currency embarra mens and distesses that attend sudden withdrawal and reduction of the circulating medium, will acknowledge the urgency of having channels and issue, to take the place of those suddenly dried up and ply the w0ted noned accommodations which have been accustomed to How the business community Without such relief by the season. who shall estimate the disastrous results to the country larger And let this State at eas act the part Of wisdom and be prepared
 If new channels be provided in time, the refusal of charter to the Bank of the United will porary since the funds from that stock may bs readily nnsfrred; but if such be aen rapid and ruinous depreciation of property of every kind must occur and general and adful prostraton of the interests of the country follow.