The Arkansas advocate., 1832-01-25
Extract fFom the Report of Secretary Mai4sns, os ths Daitea States Bank.


 1 Malone, oz ths uaitea States Bank.
 "As early as May, i5st, tie Congress of tie United States, convened under thc articles oi Confederation, approved the plan uf n National Bank, suDmItted 10 their consideration by iif. 1aorns, then Superintendent Of the Finances, aRa on tiae 3i>t of 9eren.hef of 4ite. same ,ear, .'irom q conviction of the support which the finance 0f inc Unit ed Statss .sedld receive from ilsc estEb- llshmeat of a National BalIs, ? passed ah ordinance incorporating saei4 s... l..- stItutlon under the a&n.e ata slfte .! - lie presideht. Directors, and lesanlpa- |, of the Bank of Nofth Alnerizs. = The aid offered by that insiitalisa wus acknowledged to have been ol esseu- lisl consequence during the remaining periot Of the var, and its utility subse- queutto the peace ol iittle iess n4aor- tancs.
 The authority of the present Gov ernment to create aD institution for tie same purposes cannot ke less clear. l. ass, moreover, !he sanction of the Ex- ecatise. Legislative, and Judicial au- thofliles, and of majority Of the Peo- pie oi the United l-s tes, from the or ganizstien ef the Government to the present timc. If public opinion cannot De considered the inlaIlible exposnder, lf is among the saundgst commentators of the Constitution. 1t is undoubtedly She wisest asiide and only effective check % those to whom the administration of inc Constitution Is oonfded. and il is believed, dat in free and enlightened s,atea, ii,s harmony, not less than the welfare, e. ta. eosansuisits is pest pro noted by receiving as settled those sreat questions of public policy in &hlth tns constituted authorities have iohg cefcufred, and in which tIiey have bean sustained by the aneqaivoeal ex- presslon of tlte will Of the People. The indispensable necessity of such an institation for the &scal ope eratious of the Government ln all its departments. for the regulation and preservation of sound currency, for tbe xid Of com merciai transactions generally ,and even for the safety and utility of the local Banks, is not bouhted, and, as ls believ- ed, has been shown in tl.e past experi- ence of the Government. and in the general accommodation and operations of the present Bank.
 The present institution may indeed ho considered as peculiarly the offspring of that necessity-springing from tho iinconvenence which followed the loss of the first Bank of the United States, and the evils md distresses incident to the excessive, and, in some instances, fraudulent issnes Of the local Banks dur ing the war---the propriety of continu- ing 1t is 10 be considered, not more in reference to the expcdiency oi bank ing generally. than in regard to the ac- tual state of things, and 10 the nuItipli- city Of State Banks already in existence, and which can neither be displaced nor n other manner controlled in their is- sues of paper by the General Govern ment. Thi. is an evil not to be ssh.a;t- ted to; and inc remedy at present ap. piled, while i. preserves n sound curren- Icy for the country at inrge. promotes the real interests of the local Banks by soundness 10 their paper.
 If the necessity of a banking institu- ten ne conceded or shown, that which shall ndiciously combine the power of the Government with private enterprise, is believed 10 be most efFieacious. The Government would thns obtain the ben left of individual sagacity in the gener- |al management of the Bank. and by means of is deposites ard share in the