South Branch intelligencer. [volume] (Romney, Va. [W. Va.]) 1830-1896, 1834-11-29


out general uniform currency Of some
kind or other-he believed the indis~
pensable necessity Of such q CURRENCY
was universally admitted. 1t was diff
ficult to conceive how the State Banks
could furnish such a currency--be-
cause, iffor no other season, even sup
posing their credit solid, yet, owing to
the multitude Of them, it would be im-
possible for People, ia distant parts, to
be informed ofthe state of their credit,
or be able to Judge Of the genuineness
of their notes. But their paper would
supply the local currency. It was diff
ficult to conceive any means, within
the constitutional competency Of the
Federal Government, by which the
State Bank system cUuii be suppress
ed, or the extension Of il by the States
prevented-or any constitutional means,
by which even their small notes could be
drawn out Of circulation ; for, as to the
scheme which had been suggested Of
suppressing them by the imposition ola
Federal stamp duty, it could not have
been well considered 1t was plainly
Unconstitutional !; it vas perversion
ola power given for prescribed pur-
pose, to another aud wholly different
purpose, which would be found, in prac.
tice, the most sweeping and dangerous
Of all the systems Of construction that
had yet been invented. And so long
as the State Bank system should con-
tinue, and the State Banks should re-
main in any colorado state of credit,
he could not see how it was possible to
restore hard money currency. Such
measures as the gold bill, and others
which the Federal Government was
competent to adopt, might have the eff
feet OF infusing larger portion Of spe.
Gle in the general circulation--and, in
his opinion, the more the better-bue
the result of his reflections on the SUBJ
ject, was, that the effect Of such meas.
ures would be very partial and limited
indeed. All things considered, the in
stitution of national bank would pre-
sent itself as the easiest method at least,
Of providing ageneral uniform curren-v
cy for the whole Union !; and il woulds
therefore; be resorted to, by those who
thought such an institution constitu-
tional as well as expedient, and adopt-
ed, IT they had the majority. Aud
then, those who thought it unconstitu-
tionai and dangerous must take that
scheme Of a national bank, which, in
their opinion, would be most capable Of
good, and least capable Of mischief.
And thus II was that it would happen,
that the question ultimately to be decie
ded-the question we should have to
consider at last, in spite Of our teeth
would be, not whether there should be-
national bank Or not ? but what sort
Of bank ; a bank with capital Of
$4,000 000-or Of SIS, OOO,O 900
Is, O0o,ooo-or sO,oOO,Oo0i a bank.
subjected to the absolute control and
direction Of the Executive or one
placed under the qualified control and
direction of the stockholders Z Mr.. l..
said, he knew, as well as any body
that all reasoning in politics-all rea-
soning from the past and present, to
the future state Of things-was, ia is
very nature, fallible and, when his
mind anticipated evil, no one would be-
SO happy as he should be, il his appre-
tensions should prove unfounded. But,
in the present instance, the chain Of
probabilities hung together by such
massive links, that It was wonderful to
him that they were not visible to all
eyes. Those probabilities depended
on the regular operation Of political
causes, and could nowise be affected by
a belief that the results would or would
not happen. In the name Of common
sense and common prudence, why was
it offensive to exhibit such views as
these to the People, and to ask their
consideration Of them : Were presages
Of evi!--even supposing them the off
spring of an over-anxious mind-to be
regarded as proof Of desire to pros
mote evil ! II any man sincerely think
so, then, said Mr.. l.. "him have Of
fended," but offended out of zeal to
serve. And as to those who do not
think so, and yet say SO, IT were idle
to deprecate their opposition.
As TO the place Of deposite of the
public treasure of the United States,
and the distribution and Disbursements
Of it, Mr.. L. had recently iuIimated
the opinion, that the true principles Of
the Constitution, according to the in~
tention ofits founders, would requirs
that the Treasury should be divorced
from all connection with any bank or