Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1831-12-15

afforded by tina; institution was acknowledooS.'
have been Of essential consequence dnr;ns
remaining period of The var. aud its utilitv s %e
seauent to tn" peace Of little les. imnort,n.o
The authority of the present y.yernmsnt
create an Institution fnf The same purpose, e,U'
not be less clear. Ii has. no e"ver. the sanetion
Of the executive, legislative aud Judicial author;
ties, and of a maturity OF thc people of the linz
States from the organization of the yovernms0.
to the present time. Ii public opinion canno, hs
considered the ~infallibIe expounder, i, 10 amous
the soundest commentators OF the cons,i,u,;or
Ii is undoubtedly the wlsest guide and onIy rasr
tive check To those to whom the administra,ion y,
the constitution is confded: aud it is believed
that, in free and enlightened states, The harmonv
not less than the welfare uf the conmun;tv !,
promoted by receiving as settled, those great ous.
tiuns of public policy in wlish the constitution,
authorities have long cOncurred, and in which
they have been sustained by the uneauiyocaI sY'
preston of the will Of The people.
The indispensable necessity Of such an inst;
tuition for the fiscal operations Of the Goyernmsn,
in all its departments, for the regulation and nrr.
servation OF a sound currency, for the aid If crnr
mercial transact MS generally, and even for ,bs
safety and The utility of local banks,is not doubt.
ed, and as is believed, has been shnwn in the mas,
experience OF the Government, aud in the sener.
al accommodation and operations of the prrscu,
bank.
The present institution may, indeed, be con,id.
cred as peculiarly the offspring Of that necessity.
spriaging from the Inconvenience which follow.
ed the first loss OF the bank Of The United State.
and the evils aud distresses incident tothe exce,.
sive issues of the local banks during the war
The propriety of continuing it is to be considered
not more in reference to the expediency of bank.
ing generally. than in regard to the actual State
Of things, and to the multiplicity of state banks
already in existence, and which can neither he
displaced. or in other manner controlled, in their
issues of paper, by The General Government
This is an evil not to be submitted TO-; and the re.
medv at present applied, while 1t preserves a
sound currency for the country at large. promotes
the real interests Of the local banks By si,ipe
soundness to their paper.
II the necessity of a banking ~insttation be
conceded or shown, that which shall jaliciousy
combine the power of the government with private
enterprise is believed TO be most eihcatious.-
The Government would thus obtain the beneG,
Of individual sagacity ia the general management
vi wv oaiN WV "'S"h' VI 10 usPoSbNS wv
share in the direction, possess the necessary pow.
er for the prevention Of abuse.
Ii is not intended to assert that the Bank Of
the United States, as at present organised, isper.
feet, or that the essential objects of such an in.
%stitution might not be attained BY means of an Ell.
tlrely new one, organised upon proper principles
and with salutary limitations. 1t must be admit.
ted, however, that the good management Of The
present bank, the accommodation il has given ts
government, and the practical benefits it has reu,
dered the ACKNOWLEDGEMENTS it may or may
not have accomplished all that was expected from
it-and the advantages Of ITS present condition,
are circumstances in ITS favor entitled to great
weight, and give it strong claims upon The cons.
Iteration Of Congress, in any future Legislation
upon the subject.
To those may be aided the knowledge the pre-.
1 sent bank has acquired Of the business aod wants
of the various portions Of this extensive country,
which being the result Of time and experience, is
an advantage it must necessarily possess over any
new institution.
1t is to be observed, however, that the facilities
of capital actually afforded by the present lnst'
tuition to the agricultural. commercial. and man
ufacturing industry of all parts OF the CnIoD'
could not be withdrawn, even by Transferring
them to another institution, withOut a severe check
to each of those interests, and to the relations o
society generally. i
To similar considerations, il may be presumed,
is to be traced the uniform policy OF the se'era
states of the union of re-chartering their local 10
situations, with such notifications as experience
may have dictated, in reference to creating heF
ones.
Should any objection be felt or entertained o
the score of monopoly, it might be obvla'ed' o.
placing through the means OF Il sufficient prerni'a
the present institution upon the footing Of n'
one. and guarding its future operations Oy SUI
judicious checks and limitations as experieno
may have shown to be necessary. -
These considerations, and others. which WIZ
adverted to in a subsequent part OF this rePor'u
experience of the Department OF the trying peru
Of its history, and the convictions OF It's own wv.
ment, concurring with those OF the eminenI o."
who have preceded the undersigned 10 rs au"H
istration, induced hin 20 recommend the efP'0'
ency of re-chartering the present bank al 1f y
per time, and with such notifications. as WIZ
out imparing its usefulness TO the g''ernmen. s.G
the community, may be calculated to recOn"rr
it to the appreciation Of the executive anu """
is vitality Important. 70 the confidence ' "e ?
Pile. ..a,
Should Congress deem il exped'ent % auT. :.
ize the sale of the bank shares tor a sum n' Y
Il "a. sIa rpltnlurseUtH