Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1836-09-23
Mr.. Van Buren's Opinions.
Reply of Mr.. Van Buren, to Hon. Sherrod
Williams of Kentucky.
(Conciudcd.)

But Wills, so confidently entertain and
so readily promulgale these sentiments in
regard to the want Of power 10 establish in
any Of the States National Bank, am at
the same time equally DESTROYS that it should
be fully understood that | am decidedly OPP
posed to the creation Of any such institution
in the District of Columbia. do not be.
lieve that any National Bank, there. or else.
where. is necessary TO secure either of the
advantages TO which your question has ref
erence. The principal grounds relied upon
by the advocates for bank, to establish its
utility and necessity, as understand them
are,
LIST. That such an institution is necessary
for the transmission and safe keeping Of the
public moneys;
I'd. To secure safe, cheap, and convent
ent system of domestic exchange; and
3d. To make and preserve a sound cur
rency.
The limits Of this letter will not admit oil
full discussion Of these points, but l can.
not refrain from referring 10 few Of the
facts which belong to them. | say facts, for
after the many speculaiions and anticipatons
in regard 10 the currency, the public reve-
nue. and the public prosperity, with which
the country has been surfeited for the las
two years, 10 which thousands have trusted
and by which thousands have been dcceiv
ed, | may say think, without offence. tina
il would be the surest, because the only SAT,
course, TO regulate our opinions in future
somewhat more than heretofore, by asccr
tanned facts How, then. do the facts stanC
upon the first point, viz. the necessity of th,
bank, as place OF safe keeping for the pub
lie moneys, and as an agent for their trans
mission, TO answer the wants of the Govern
ment2
The official reports of the Secretary o
the Treasury show first that the averag'
amount Of money annually transferred b,
The Bank of the United States, from 1920 I,
4 1928 was from ten to fifteen millions OF dol
lars; and the amount transferred by the de
posite banks from June 1885 to April 1886
or about ten months, over seventeen million!
Of dollars. In both cases the operation hal
been without loss, failure, or expense Ant
it further appears, from the same source
that at no previous period has the safety o
the public moneys been more carefully o
securely provided for. An examination O
the official documents will, am well salts
fed, fully sustain these positions. VIVA
foundation, then, was there for the assump
tons, upon this part Of the subject, whiel
were put forth with so much solemnity, ant
insisted upon with so much earnestness, il
the early discussions upon the subject of thu
bank If so much has been done in thi
respect, whilst the substituted agency ha
had to contend with the most powerful oppo
sition that was ever made upon any brancl
of the public service, what may we not ex
pect from it now, when it has received tn
legislative sanciion-and if there be no
gross dereliction of faith and duty when
must also receive the support of all parties
\ In regard to domestic exchanges, the fol
lowing facts are also established by tn
same authentic source, viz, that the amour
of domestic exchanges performed at the las
returns by the deposite banks, exceeded thir
, ty-five millions of dollars. and at no return
! for many months has it been less than TWEEN
ty-fve millions which, at an average Q
thirty millions at each return, would be u
J a year one hundred and eighty millions,
each bill Of exchange run on an averag