Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1834-01-30

a project, not altogether dissimilar,
has been started in the Legislature Of
Pennsylvania. These proceedings show,
at least, a conviction Of the necessity Of
some Bank, created by Congress. Mr..
President, on this subject have no
doubt whatever. l think a National
Bank proper and necessary. believe
il to be the only practicable remedy for
the evils we feel, and the only cffectunl
security against the greater evils which
we fear. Not, sir, that there is any ma
gic in the name Of a Bank; nor that a
National Bank works by any miracle, or
mystery. But looking to the state of
things actually existing around us-look-
ing 10 the great number Of State Banks
already existing, not less than three hun
dred and fifty, or four Misunderstanding
to the vast amount Of paper issued by
those Banks; and considering that, inthe
very nature of things, this paper must be
limited and local in its credit and in its
circulation, j confess l see nothing but
a well conducted National Institution,
which is likely to afford any guard n
gainst excessive paper issues, or which
can furnish sound and uniform curren n
cy 20 every part Of the United States
This, sir, is not only a question Of finanre,
it not only respects the operations of the
Treasury, but it rises to the character Of
a high poIitial question. 1t respects the
currency, the actual money, the me insure
of value Of all property, and all labor, in
the United States. five needed not a
dollar Of money in the Treasury, it would
still be our solemn and bounden duty to
protect this great interest. 1t respects
the exercise Of one ofthe greatest pow
ers, beyond all doubt, conferred on Con-
gress by the constitution. And l hardly
know any thing less consistent with our
public duty and our high trust, nor any
thing more likely to disturb the harmon
ious relations Of the States, in all affairs
Of business and life, than for Congress to
abandon all care and control over the
currency, and to throw the whole money
system Of the country into the hands of
tour-and-twcnty State Legislatures.
] am, then, sir, for a Bank; and am
fully persuaded that to that measure the
country must come at last.
The question, then, is between the
creation Of a new Bank, and the re-char-
tering Of the present Bank, miih modif-
cations. l have already referred to the
scheme for new Bank, proposed to the
Legislature of Massachusetts by Mr..
White. Between such n new Bank MS
his propositions would create, and a re-
Of the present Bank, riih
mod ifca'ions, there is no very wide, Ger
tainly no irreconcilable difference. We
cannot, however, create another Bank
before March, 1886. This is one rca-
son for preferring n continuance Of the
present. And, treating the subject as n
practical question, and looking to the
state Of opinion, and to the probability of
success, in either attempt, ! incline to
the opinion that the true course of policy
is to propose re-charter Of the present
Bank, Nth mod; ;fcations.
As TO what these notifications should
be, would only now observe, that while
il may well be inferred, from my known
sentiments, that ! should not myself
deem any alterations in the charter, be-
yond those proposed by the bill of 832,
highly essential; yet It is case, in
which, am aware, nothing can he ef-
ected for the good Of the country, with
out making some approaches to unity Of
opinion. think, therefore, that in the
hope Of accomplishing an object Of so
much importance, liberal concessions
should be made. lay out of the case
al consideration of any especial claim,
DR. any legal right Of the present stock
holders, to renewal of their charter
No such right can be pretended, doubt
css none such is pretended. The stock
holders must stand like other individuals,
and their interest regarded so far, and
SO far only, as may be judged for the
public good. Notifications Of the pre-
sent charter, should, think be pre- par
ed, such as may remove all reasonable
grounds Of Jealousy, in all quarters; whe-
lher in States, in other institutions, or in
Such, too, as may tend to
reconcile the interests Of the great city
where the Bank is, with those Of another
great city; and, in short, the question
should be. met with sincere disposition
10 accomplish, by united and friendly
measure which shall allay
fears, and promote confidence, at the
same time that it secures to the country
a sound, creditable, uniform currency;
and to the Government a safe deposite
for the public treasure, and an important
auxiliary in its financial operations.
/ repeat, then, sir, that ] am in favor
Of renewing the charter Of the present
Bank, ,eiih such alterations as may be er-
pecied 10 meet The general sense ofihe coun-
fru.