Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-09-14

q p'hN> " issue Evils Oh BIcal magnitude
inherent in It's very nature. and ags,ns,
which no precautions can efectually
g.. guard.
Unforeseen in the organization Of the
Government, and forced on the Trea-
sury by early necessities, tho practice
OF employing banks, was, in truth.
from the beginning, more a measure CT
emergency than Of sound policy
When we started into existence as n
nation. in addition 10 the burdens Of the
new Government, We assumed all the
large but honorable load Of debt which
vas the price OF our liberty; but we he
STATED 10 weigh down the infant indus
try Of the country by rcsorting to ade-
quate t,Nstion for the necessary reve-
nue.. The facilities Of banks, in return
for the privileges they acquired, were
promptly offered. and perhaps too rea-
Oily received, by an embarrassed Trea-
suTy.
During the long continuance Of a
national debt. and the intervening diff
culties of foreign war, the connec-
ton was continued from motives Of
convenience; bot these causes have
long since passed away. We have no
emergencies that make banks necessary
to aid the wants of the Treasury; we
have no load OF national debt 10 provide
for, and Wa have on actual deposits a
large surplus. No public interest,
therefore, now requires the renewal of
a connection that circumstances have
dissolved. The complete organization
of our Government, the abundance Of
Our resources, the general harmony
which prevails between the different
States, and with foreign Powers, all
enablc rs now 10 select the system
most consistent with the Constitution,
and most conducive tn the public well
fare. Should we. then, connect the
Treasury for fourth time with the local
banks, it can only be under a conyic-
ton that past failures have arisen from
accidental, not inherent, defects.
\ danger difficult, If not impossible,
10 be avoided in such an arrangement.
IL made sirkingly evident IN the very
event by which II Las now been de-
io lted. a sudden act of the banks en-
trusted with the funds of the people.
deprives the Treasury, without fault or
agency OF the Government, of the abil-
Ity 10 pay its creditors in the currency
they have by law night 10 Gcmand-
This Circumstance no nuctua,ion Of
commerce could have produced, il the
public revenue bad been collected IN
the legal currency, aud kept in that
form bv the officers OF tie TIcasury.-
The citiLcn whose money was IN bank
receives it back since the suspension,
at sacrifice IN It's amount; " hil,, be
who kept IT in the legal currency OF the
country, and in his own possession,
pursucs, without loss. the current Of his
business. The Government, placed IN
the situation of the former. IS involved
in emharrasSments it could not have
suffered had IT pursued the course OF
the latter. These cmbarra>sments arc
moreover, augmented by those salutary
and Just laws which forbid II 10 use .
deprecated currency, and, 10y so doing
take from the Government the ability
which individual, have of accommodate
ing their tfansaC lions 10 such a catastro-
phe.
4 system which can, in time oi
profound peace, when there IS large
revenue abby, thus suddenly prevent
the application and the use Of the mo-
ney Of the people. in the manner and
loI the objects they have directed, can
not be WISE. but " no can hInk, with
out painful reflection. that, under u.
the same unforeseen events might have
beilllcn Us IN tie midst Of war, and
taken from Us, at the moment " hen
most wanted the use Of those very
means which we're treasured up 10 pro.
U'olc the national welfare and guard
our national rights To such enbar
easements and TO such dangers will Chi.
. Government bs always EXPOSED. ~ hii-I
( u takes the moneys raised sor. and ne.
cessary 60, the public service, out q
the hands Of its own officers. and con
vcrts them into a mere ught Of action
1 against corporations entrusted wiih The
possession Of them. Nor can such fc
suits be efcciually guarded against %
such a system. without Investing iht
Executive with cont.ol over co.,
/ banks themselves, neither state o
National. that might with re- .rn D.,
( objected 60. Ours ~. probably ih,
only Government m the world titt ..
liable N the management of %. Gsca
I concerns 30 occurrence ike the --
/ But this imminent usk d not ibc oui,
danger attendant on The surrender {.
the public money - tie custody an'
control Of local corporations. Though
the object - aid b. tie Ircl,urv u
effect may be 70 introduce INTO thc upe
rations of the Government influence
the most subtle, founded on interest,
the most selfish.
The use BY the banks, Tor their owu
benefit, Of the money Deposited vi'l
them. has received the sanction Of the
, Government from The commence men
81 ihis connection The money roceiv.
ed from the people instead Of being
kept all Il - needed for their use. b.
IA consequence of this authority q fund
on which discounts are made To- the
prof, Of lhose who happen 30 be own.