The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-26


England not in aboshing oil country local banks,
though Parliament like the States, possess undispuied
power TO do IL but for tho present at least Is only
exercising greater the regulation OF these banks
by the States, and in creatng by both State and United
States legislation broader basis Of specie IN circua
ton, for the Increased security well Of the banks Of
the community and for tho great and desirable improve
ment Of the currency Of the country"
Gov. Campbell, in his sound and sensible
Message, recently delivered to the Legisla-
ture Of Virginia, furnishes US the following
excellent creed. He says:
"The time is unpropitous, if otherwise desra
be to attempt any radical changes IN the policy OF the
commonwealth. The system of banking has been long
since introduced, and we find II fixed upon US. The
commonwealth largely interested III the stocks OF our
banking institutions, through the fund for internal i'm
proyement and the literary fund and the stock which
is thus held, is part Of the security which has been
pledged to the holders of the public debt Bank paper
has long performed all the purposes OF currency, and by
the holders Of it. the poor and the rch Is counted as
money The merchants and traders OF our towns have
been accustomed 10 look 10 the banks for facilities and
aid and through their fundamentally II they have
been enabled make their purchases Of the planter and
farmer. IL would surely be unwise in period OF dfi-
Guilty, and when private credit is in need Of unusual ia
ces, TO put down institutions which SO incorpora-
ted with every public and individual interest, and from
which it would result an immediate CONSCIENCE, and
the difficulties OF paying would be augmented, whilst
the debt be paid would be increased There those
who would have banks, either state or federal and
for enforcing exclusive metallic circulation The pro-
lect, the actual condition of the country, believe to
be wholly mnac eable and the agitation Of it at this
period could have other effect than still further 10
derange the business and Cypress every interest in the
community And consider 1t Of the highest Importance
to maintain the credit Of the state banks, forming
der proper regulations aud reforms the only practical
substitute for United States Bank-and their preserva
ton affords the only defence against the dangerous
scheme OF powerful and overwhelming national ins.i
tuition.
Again, in recent toast he gives us:
Hard money for our common transactions Bank
notes, equivalent to specie, for the commerce OF the
country"
In the Address of the Albany General
Republican Committee we find the following
saving doctrine:
I'VE are not advocates for unlimited and extrava-
giant credits and we trust that all classes in the
munity will learn wisdom from past and present expe-
renee Still, cannot agree with those who docry
the whole credit system. To that system principally we
owe our canals and other public works 1t has extended
our commerce over the whole world-peoped the will
derness-buit cities and vlages-founded our col
leges and established our schools, 1t has given US ma
tiona wealth and individual prosperity, and if it has
brought evils in its train, they are not for mo-
ment to be compared to the advantages viii ch have
SO abundantly realized. None but dreamer, who
would throw US back a century, wish to annihllate
credits With such measure the canal would indeed be-
come "a solitude" and the lake "a desert waste OF
waters" Instead of enlarging the Erie canal we might
better discharge collectors and observation-disclosures
don the project of opening other public thoroughiares,
and content ourselves with once more returning to
state Of barter Our legislature would have little bust
ness on its hands beyond that OF declaring the State
bankrupt and imposing to deiray the ordinary ex
penses Of the government"
Hon James Garland, member of Congress
from Virginia, in a recent letter to the editor
of the Charlottesville JelIersonian Republican,
enables us to add another good authority to
what we consider the true doctrine
alt should be borne in mind that we are now COM
petely involved in the banking system instituted by
twenty five independent State Governments, each Of
which will probably adhere to it in some form. How
vain then, the effort attempted, on the part OF the
General Government, by the employment OF its
revenue to overthrow all these Institutions, and how de-
sructive the effects, could it be suddenly accomplish
cd. think the wisest and most successful mode VIII
be invite the cooperation OF the States to gradual
reformation Of the Banking SYSTEM by gradually reduc
ing their paper and enlagng the specie circulation OF
the country.
Extract from the Address of the Republi-
can Members of Congress from New York,
to their constituents, June 80, 1884.
In the present struggle between thegovernment and
the people, and the government OF the bank OF the INT
ted States many Of the banks have rallied under
the banner of the great moneyed power, and have cs
poused its interests The exceptions, however are SUI
fciently numerous and especially in our own state to
vindcate the policy of such institutions, and place them
-, ftpIfy with thp
deed although the whole banking system is more or
less liable TO abuse and is only deiensbe in commune
ties like our own, when actually required by the ext
gences OF trade, and carefully restranedby the effective
regulations and vigiant control, yet II is morally mpos
sbe that the state banks, exercise any very
dangerous influence over the politics business of
territory 50 extended and population so numerous as
those Of the United States. Their number would IN
deed make them formidable could they all be combined
in ore common effort but for thousand reasons such
a combination is utterly impossible. In national point
Of view, it is only by means OF a bank OF the United
States that associated wealth." in this country
acquire any great political influence because there is
no other organization by which its power be extend
cd to every section 9th Unon and brought to bear by
concerted and concentrated action on all the interests
of society" Signed by
Silas Wright Jr Abel Huntington,
n p Tallmadpe Noudah Johnson,
john Adams Gerrt \. Lansing,
Samuel Beardsley, Abyah Mann, Jr
Abraham Bockcc, Charles Nc Vean
Charles Bode, Henry Mitchell
John w Brown, Sherman Page,
C. c. Cambreleng, Job Plcrson,
Samuel Clark WIN. Taylor
John Cramor Joel Turnl,
Rowland Day. Aaron Vanderpoel,
William !; Fuller, Isaac Van louten,
Ransom II Gillct Aaron Ward,
Nlcoll Hslsey Daniel Wardwell,
Samuel &. Hathaway, Reuben Whaon.
Edward Howell, Campbell p White.
We might quote other authorities in sup
port of these doctrines, which we believe