Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1831-06-09

OF the most Invaluable institutions devised to be-
neht and protect commercial people.
When We consider the immense streams oflocal pa
per credits, which deuge tho Union from cxtrcmi-
~ TO the other--much of it based uncertain or
hcttious capital, and having inadequate metallic
equivalent to redeem them-somc faint idea may be
FORMED OF the benefits productivity institutions which
Its solvent power to prevent utter depreca
.on OF the paper currency i'll this country-Although
inc task OF proving negative is always dicut-st III
This casc becomes practicable, from the very obvious
'enuency OF that spirit of enterprise and speculation
which is constantly seeking to multiply the number OF
state Banks, without regard to the public interest
the absence of all necessity for their creation and the
almost dcmonstrabe injury they must inflct on public
c,edi'' as well as the general prosperity The annu-
ally repeated attempts in this State to incorporate patches
OF New Banks; and of course to throw into circulation
Hood OF paper money, unsubstantial as the very
ouoes OF the sea, will afford conception of the
perpetual dangers arising from cdtpaper currency
especially to those who have forgotten the tradition OF
the countless evils that attended upon the Continental
Money during the revolutionary
Let the impressive fact of the daily future and sus
pension OF State Banks in almost every quarter of the
Union, be added to the foregoing monitions, and VIC
shall establish at than sufficient mass of
probable testimony to bear out tho conclusion, that if
et to themselves, without the restriction and example
OF specie Bank the United States they would
speedily fall into general bankruptcy and ruin; spread
ing desoaton, dsay, and proverty, through nil ranks
OF society. From note appended to MIR. Galatians
Essay Currency learn the surprising and star-
ing fact, thut the number of local banks which stop
ped or suspended operations, from 1911 to $780, was
1918, the ascertained amount of whose Capital was
twcntyfo four millions two hundred and twelve thousand
dollars Suppose the restraining influence of the Bank
of the United States had been removed-suppose the
local institutions Throughout the Uon had been with
out any check control their issucs-it is almost
sclfcvident that this caamtous depreciation of paper
currency would have reached extent calaiitous
as that of our Continental Money. For suppose the
non-exstcnce of this Bank, would not the currency
return to its OLD condition? There is every proba
by to infer it would, aud but bare possibility that
1t would not.
The motives 10 ovcr-ssuc of paper, in State nsi-
tutions arc and powerful, that they have
been found to operate in defiance of all resolutions of
virtue; all precautions OF prudence; all restrictions
law; and all force OF penalties. 1t is the spirit of
specuation-it is the passion analogous that of ga
lng which is seduced by imporceptabe degrees into
VorteX-which ventures little at first and proving sue
ccsstu ventures until the stake becomes desper
ate, the involvement fatal, and extrcation impossible
On the part of the Bank of the United States the very
foundation OF its institution being to correct and sustain
sound currency-to equalize exchanges-and to expe
dlte the TRANSMISSION Of the public funds without depre
ciauon-the same temptions do not exist and if they
uid the corrective retained the hands of Gov
crnment would quickly check it, did even fail to be
arrested by judidous and able management on the
part of the directors But this attitude is full guaran
~ OF It's metallic responsibility The necessity imposed
upon it. to prcserv the specie characters of the State
institutions lnyols the imperative obligation prelm
nary to all oticrs-to maintain its own solyency On
this point, doubts would be ridiculous and argument
waste of thought.
The Influence ofthc Bank of the United States, then
upon the currency not to be estimated exactly by
what we see, but by what DIN not see-not by what
stands before by what is past and what is pros
Peetrc' under the assumption of its dissolution We
are now like man health, who cannot appreciate
the virtues OF Medicines and the skill of the physcian
we forget our past Illness and overlook the cause of
present health The Bank of the United States is the
physician of our country has restored to sanatve
and vigorous state and let not prove ungratefu or
unYse, by FORGETTING its diploma, and despisng its pre-
scrPtons Upon relapse of the disease ne,p doctor
would be more likely to kill the patient than restore him
The best evidence of this faculty of the Bank is the
spontaneous atcstation of every respectable and
Ponsbie State Institution in the country whose inter
ests are ndissoluby linked with those of the Bank of
the United states-Peansyluana Inquirer.
POPULATION. From the Boston CentineL-comuuu;
Gated Messrs. Editors In looking over Martins Lon
don Magazine, for the year 1856, was struck with
the comparative view of the population of the British
provinces in North America at that me with that of
the United Sates,n $780, 1t may perhaps be amusing
to our readers and the curious in such matters to know
what the population of this continent in those DAYS
have, therefore. made copy of it, which hand 10
you tor publication, if you deem il worthy of place in
your columns.