Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-09-14

i
real transactions Of trade. The extent I
which this may be done, and The best mean
o! efiecting IL, are entitled 10 the fullest con
sideratien. This has been bestowed by th
Secretary Of the Treasury, and his views will
be submitted to you in his report
But it was not designed by the Constitu
ton that the Government should assume tn
management OF domestic or foreign exchange
u is indeed authorized TO regulate by Law
the commerce. between tho States, and e
provide general standard of value, or medi
um Of exchange, in gold and silver; but il il
not IFS province TO aid individuals in th,
transfer their funds, otherwise than throug b
the facilities afforded by the Post Office De.
partment. As justly might il be called on
10 provide for the transportation of their mer-
chandise These are operations Of trade.
| They ought TO be conducted by those who
are Interested in them, in the Same manner
that the incidental difficulties of other pur-
suits are encountered by other classes Of cit.
liens. Such aid has not been deemed neces,
sary IN other countries. Throughout Eu-
rope, the domestic as well as the foreign ex-
changes are carried ON by private houses, Of
ten, II not generally, without the assistance
oil banks. Yet they extend throughout dis
tinct sovereignties, and far exceed in amount
the real exchanges Of the United States.
There is ne reason why our own may no, be
conducted in the same manner, with equal
cheapness and safety. Certainly this might
be accomplished, il it were favored by those
mos, deeply interested; and few can doubt
that their own interest, as well as the gener.
al welfare OF the country, would be promoted
by leaving such subject in The hands o.
those 10 whom it praperly belongs. A sys.
tenn founded on private interest, enterprise,
and competition, without the aid OF legisln-
tive grants OF regulations by law, would ra,
rdly prosper il would he free from the in
huence OF political sgitaiion, and extend the
same exemption TO trade itself; and il would
put an end TO thos. Complaints of neglect,
Partially, injustice, and oppression, which pre-
the unavoidable results OF interference by the
Government, in the proper concerns OF indi>
viduals. AL former attempts on the part Of
the Government 10 carry its Legislation, in
this respect, further than was designed by |
The Constitution, have in the end proved in !
furious, ard have served only 10 convince the |
great body OF The people, mere and more, OF
the certain dangers OF blending private inter |
ests with the operations Of public business
and there is ne reason TO suppose that u lie.
petition OF them now would be more sue
cessful.
Ii cannot be concealed that there exists, in
our community, opinions and feelings on this
subject in direct opposition TO each other. a
large portion OF them, combining great in
telligenCe, activity, and influence, are no
doubt sincere in their belief that the opera
lions OF trade ought 10 be assisted by such |
connection; they regard national bank az
necessary for this purpose, and they are dis
inclined 10 every measure that does not tend
sooner or later, to the establishment of such
an institution. On the other hand, a major
ity OF the people are believed to be irrecon-
Cilably opposed TO that measure they consi-
der such concentration OF power dangerous
10 their liberties and many OF them regard |
il as violation Of the Constitution. This |
collision Of opinion has, doubtless, caused |
much OF the embarrassment TO which the |
commercial transactions Of the country have
lately been exposed. Banking has become
q political topic OF the highest interest, and
trade has suffer ed in the conflict ofparties a |
speedy termination OF this state of things, |
however desirable, isscarcely 10 be expected. |
We have seen for nearly bali a century, Ihai
those II ho advocate a national bank by what
over motive they may be influenced, c0nsii>
tBte portion ui our community too numer-
Gus 10 allow us 10 hope for an early abandon
ment OF their favoriIe plan. On the other
hand, they must indeed form an erroneous
estimate Of the intelligence and temper of the
American people, who suppose that they hive |
continued, on slight Or insufficient grounds, !
their perseyering opposition 10 such an insii
tuition or that they can be induced by pc
cuniary pressure, or by any other combina-
lion of circumstances, 10 surrender principles |
they have so long and so inlexiby maintain
ed.
My own views Of the subject are unchan-
ged. They have been repeatedly and unre- |
seryedly announced 10 my fellow citizens,
who, with full knowledge Of them, conferred |
upon me the two highest Offices Of the Cows
eminent. On The last Of these occasions, ! |
felt it due 10 the people 20 apprize them dis
iinclly, that, in The event of my election, |
would not be able TO cooperate in the re-
establishment OF national bank To these |
sentiments, have now only TO add the exc |
preston Of an increased conviction, that the |
establishment of such bank in any form,
whilst 1t would not accomplish the beneficial
purpose promised By its advocates, would
impair The righlful supremacy OF The popular
will; iDjure The character and diminish the
influence Of our political system and bring
once more into existence concentrated mo |
neyed power, hostile 10 The spirit, and threa |
tenihg the permanency, Of our republican
institutions.
Local banks have been employed for The |
dep9site and distribution of The revenue al all
times partially, and, on three different occa
sioDs exclusively ; first, anterior 10 The usta-
blishmeni OF the FIRST Bank of the United
States secondly, in the interval between
the termination Of that institution End the
charter Of its successor; and, thirdly during
the limited period which has now soabruptly
closed. The connection thus repeatedly ut.
tempted, proved unsatisfactory on each sue
Cessive occasion, Notwithstanding the various
measures which were adopted 10 facilitate or
insure It's success, On the last occasion, in
the year 1888, tho employ Of the State
banks was guarded especially in every way