Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1834-01-30

J. 1'"to oanks selected, are all Institutions O
: h'gh character and undoubted strength
:, and are under the management and con
! 'rol OF persons of unquestioned probit,
: and intelligence. And in order to ensure
/, the safety of the public money. each q
r them is required, and has agreed to give
j, security, whenever the amount of the de
: posIte shall exceed the half of the amour
, OF the capital actually paid in; and hi
, department has reserved to itself the rich
: TO demand security whenever it NAV thinl
. 1t advisable, although the amount on do
Posite may not be equal to the sum boye
Stated. The banks selected have also
} Iseverally engaged to transmit money to
any point at which it may be required b,
the directions of this department, for the
public service, and to perform all the ser
vices to the government which were here
'oiore rendered by the Bank of the United
States. And by agreements among them
selves, to honor each others notes and
drafts, they arc providing general cur
rency at least as sound as that of the
United States, and will afford facilities to
commerce. and In the business of domes
nc exchange, quite equal to any which
he community heretofore enjoyed. There
has not been yet sufficient time to perfect
these arrangements, bur enough has al
ready been done, to show that even on the
score Of expediency,a bank of the United
states Is not necessary. either for the fs-
cal operations of the government, or the
public convenience; and that every OBJ
" ho oh Al
bank was designed to attain, may be as
etlecinally accomplished by the State
banks. And, if this can be done, nothing
that is useful will be lost or endangered
by the change. while much that is desira-
bic will be gained by it. For no one of
these corporations will possess that abso-
lutte, ana almost unlimited dominion over
the property Of the citizens of the United
states, which the present bank holds, and
which enables it at any moment, at its own
pleasure, TO bring distress upon any Dor,
ton OF the community, Whenever it may
deem 1t nsetul to its interest to make its
power felt. The influence of each of the
! St"te h",lss Is necessarily nmIted to lis
owe immediate neighhorhood, aud they
VIII be kept in check by the other local
banks. They will not therefore be tempt
ed by the consciousness of power to as
plre to political influence, nor likely to
interfere in the elections Of. the public
servants. they will moreover be mana
ged' by persons who reside in the midst of
the people; who are to be immediately
affected by their measures, and they can
not be insensble or indifferent to the opin.
ions and peculiar interests of those BY
whom they are daily surrounded. and with
whom they are constantly associated. =
These circums tances always furnish strong
safeguards against an oppressive exercise
OF power, and forcibly recommend the
employment Of State banks in preference
to a Bank of the United States, with its
numerous and distant branches. A cor
Poration of the latter description, Is con
stantly acting under the conviction of its
immense power over the money concerns
of the whole country, aud is dealing also
with the fortunes and comforts of men
who are distant from them, and to whom
they are personally strangers. The di-
rectors of the bank are not compelled to
hear daily the complaints and witness the
sufferings Of those who may be ruined by
their proceedings. From the nature OF
man such an institution cannot always be
expected to sympathise with the wants
land feelings of those who are affected by
its policy. And we ought not perhaps
to be surprised, if a corporation like the
Bank of thetUnitediS States, from the feeling
of rivalry, OF from cold calculations of in
terest or ambition, should deliberately
plan aud execute course of measures
, highly injurious and oppressive, in places
, where the directors who control its con
! duct have no local sympathies 10 restrain
them. 1t is a fixed principle of our pc
. htical institutions, TO guard against the
unnecessary accumulation of power oveI
} persons and property, in any hands. And
. no hands are less worthy to be trusted
: with it than those of monied corpora,
5 ton. In the selection therefore of the
t State banks as the fiscal agents of the go
: vernment, no disadvantages appear to have
, been incurred on the score of safety oil
! convenience, or the general interest Of the
country, while much that is valuable will
. be gained by the change. am however
, well aware of the vast power of the Banl
: of the United States, and Of its ability t
e bring distress and suffering on the country
: This is one of the evils of chartering
n hail NTH such an omoupt IF c,D;t,l