Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-06-22

The number, the iocrcass will be Inevitable go
long ~ banking continues % b amonk The
most certain, eligible. and profitable employ
nsnts OF capital, 90 10 now the case. With
thess Inducements. thers must be constant ap-
plIeation for new Banks, vhspsver there II
the least prospect Of profitable smploymebt-
Banks 70 be founded mainly on nominal and
fictitious capital, and adding but little 10 that
already In existsDee-ssd with our just and
natural aversion 10 monopoly, it 10 difficult, on
principles Of equality and justice, 70 rssist
such application. The admission Of q new
Bank tends 10 diminish the profits Of the old,
and. between The aversion Of the old to reduce
their income and the desire Of the new 10 Ac-
quire pro6ls, the result Il 40 enlargement Of
discounts, affected by a mutual spirit Of for
besrsnce, On indisposItion on the part Of each
20 oppress the other, and, finally, the creation
Of . community OF feeling 70 sligmsiizs and
oppose those, whether Banks or individuals,
Who demand specie in payment Of their notes.
This community Of feeling. which ultimately
Identities the whole as peculiar and distinct
interest IN the community, iaeTea@es and be-
comes more and more intense, just in proper
iion - Banks multiply; - Ihey become, ni
may use the expression. too pOpuious, and,
from the pressure OF increasing numbers in
maiLtaining their existence, there results
corresponding increase Of issues, in proper
ton 10 their means, which explains the pre-
sent extraordinary disPFoportio0 between spe-
Gle and notes, in those States where Banks
have besn most multiplied; equal, in some, 60
sixteen 10 one. There results, from this state
Of things, some political considerations, which
demand the profound attention Of all who va
ine the liberties and peace Of the country.
While the banking system rests on = solid
foundation, there will be. on their part, but
little dependence on the Government, and but
little means by which the Government can in
huenee thom, and ~ little Disposition, on the
part Of the Banks, TO be connected with IL.
but in the progress Of the system, when their
number Is greatly multiplied, and Their issues,
IN proportion 20 their means, are eOrrespond-
ingiy increased, the condition OF the Banks
becomes more and more critical. Every ad-
verse event IN the commercial world, or DO
lIiical movement that disturbs the % essnt state
Of things, sgitates and eDdangers them. They
become timid and anxious for their safety and
necessarily court those in ROVER, In order TO
secure their protection. Property IL, In It's
nature, timid. and seeks protection. and no
thing u 80 grateful to Government than 20 be-
come protector. A union Is the result. and
wbeo that union takes plsee-When the Co
ysmment, In fact, becomes the Bank direction.
regulating its favors and aceommodatiOn-the
downfall Of liberty is az hand. Are there not
indications that we are not far removed from
this state Of things Do we not behold in those
events which have 50 deeply agitaIod US with
In the last few nenths. ard which interrupted
all the business transaction Of this eommunI-
ty,a strong tendency 10 this union, on the part
Of one department Of this Government and =
portion Of the banking Systeml Has not this
I union been, IN fact, consummated in the lBrE-
est and most commercial OF the States p
What Is the safety-fuDd system Of New York
but union between the Banks and the State,
and q contamination, by law, Of that eommu-
nifty Of feeling in the banking system which !
have attempted 10 illustrate, the object Of
which Is 20 extend their discounts, and to OBJ.
tain which, the interior Banks Of that State
have actually put themselves under the imme-
date protection Of the Government The ef-
fleets have been striking. Already have they
become substantially mere paper machines,
several having rot moro than from one TO two
cents in specie 20 the dollar, when compared
with their circulation; and. taking the GgEre-
gate. their average condition will be found 10
be but little better. care not, said Mr.. c
vhetheT the prs sent commissioners are par
tisans OF the present State Administration or
not; or whether the assertion Of tie Senator
from New York. (AIr. Wright that the Co
veTnment Of the State has not interfsred in
[ the control Of these Institutions, be correct -
/ Whether Il has taken place OF not, interference
I Is Inevitable IN such state Of weakness, q
feeling Of dependence Is Unavoidable. sRd the
control Of the Government over the action Of
the Banks, whenever that control shall become
necessary to subseFve the ambition or Lhe ava
rice Of those in power, is certain.
Such Is the strong tendency Of our banks 10
terminate their career in The paper system in
an open suspension Of specie payment
Whenever that event occurs, the progress 10
eonyulsioB and revolution will be rapid. The
currency will become local, and each State
I viii have powerful interest 70 depreciaie It's
currency more rapidly than It's neighbor, as
( toe means. st the same time. Of exempiing IL
ssh from the taxes of the Government, and
drawing the commerce Of the country 90 lie
posts This was strongly exempiifed after
the suspension of specie payment during the
late war, when the depreciation made the
most rapid progress, till checked by the 81.
\ tablishment Of the present Bank o. the United
States, Rnd when the foreign trade q the
country was % rapidly conyerging 90 the poinI
Of the greatest depreciation, Niih e view OF
sxsmpfion from duties, By paying 10 the De.
based currency % the place.
/ what, then, Il the disease which sdlicts ihs
sytssm what the remedy and what the meant
q applying 10 These are the questions which
7 shall next proceed 70 consider What
have already stated. poinis cot The disesse.-
u consists IA q great apd growing dispTnpof-
lion bstsesn TIE metallic ard papeT eircula.
iion % the cOustry, stsstsd Through TIE IN.
aiFumentality q she Banks, q dispropogiion
daily end hourly Increasing, under the impulss
81 ne most powerful eauaes, which ere rspid
\ ly aeeeiefating the country 10 thai state ol
oonvulaion and revolution which : have ibdi
Gated. The remedy is b srrcst iis future
/ progress, and 10 diminish The existing diapro-
/ poTlioa-to incrsase ihs metsls end 90 dimiu.
ish ihs Paper adgencing tili ihe currency
she'll BE- rssioFcd 70 = sound, rafs, and settled
leoadiiioa On these two poInts ~ must be
I agreed. There h no man 81 eng pafy, eapa-
i be 81 rejecting. and Who viii take ire pains
10 inform himssif, but nusi sErse that ouT
euTency a in e dangerous condition, End that
ne denEsr h ineseasingi Dor h there any one
Who ean doubt. that ne only safe snd sGseiual
ramedy = % diminiah Re direFopogtion %
which ! have referred. Here ne sxlfsmsa
units--fh senatoF from Missouri, (tif Esn.
ioa.l and ~ Senator from Mue.sehuasiia.
I fkir WstateF.l who Stands here ~ fhs ahis
I'D siFenuous a1goeafe 81 ths haukia9 ava
frrn nnr "a fhfa rrfrf 1rftrf - r.,srt -.