The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-12-09

IN complete operation" was ever able, at any given
time had run been made il, 10 redeem with specie
the whole amount Of its notes In circulation just Il
ever been almost fnot universally. with the State
banks Bul the State banks, in the MAN, have gene
rally KEEP. IN their vaults larger fund Of gold and silver
~ proportion to the Of their circulation,
than was generally kept by either Of the United States
Banks Notwithstanding, the notes Of the State banks,
better able to Withstand tho Of the business Of
their CLAIM to credit and currency, have almost nva-
rlaby been uncurrent at discount except in the Vi
cn'iy Of the place Of their issue while the OF the
United States Banks, less able TO Withstand the true
tests, have anos, invariably il not always been current
every where whether offered in trade to distant
from the place Of their issue or they have had vara-
ton from the par Of exchange in their favor Why has
II been so Rather, why has not the reverse been the
experienced Why have not tho notes OF the State
banks better able TO Withstand that true test, enjoyed
credit aud currency. in the ordinary transactions Of COM
merce and trade equal to- il greater than that
Joyed by the notes Of the United States Banks The
true answer is this. and nothing else, 10 cn. the
CHANCES. the manufacturers, the farmers, AMI the
chants and IN fact, all the men, and children.
IN the whole country, engaged in trade, very after
each OF those banks was put (per Jas am nc as) in
complete operation, because acquainted with the fact Of
It's existence, with its name with the amount Of its
capital stock, large, and therefore captystng) and
with the chartered term Of its corporate existence and
shortly after its notes had obtained general circulation
ut frs IN virtue Of the fact universally known that they
were receivable in payment Of Government dues, all
became acquainted with the signatures Of lis officers
written on the face of the notes Thus become known
IN every important particular the notes of each Of the
United States Banks received by all men, as cash.
and likewise by the State hanks and other bodies poll.
TIC, throughout the country while the Of the null
uinde Of State banks existing, though convertible into
CON- have fingered about the respective places Of their
issue, being impossible for merchants to become
possessed with knowledge OF them in the important
particulars enumerated And that identical cause the
nvinclbe want Of acquaintance with the multitude of
State banks now existing" which has kept hack their
notes as currency in retail trade distance from the
places Of their issue has operated prevent their be-
coming instruments of exchange larger scale. II
IS that alone that prevents arrangement among them
situated in different States, receive as cash. each
the others notes. Again say, reduce the number Of
!hem and bring within the pale Of possibility least
for them to become well enough known in all important
particulars to win the general confidence and their own
interest TO promote the public convenience will impel
them in the business Of domestic exchanges to rely on,
to conhde in and TO help another and, as fiscal
agents being speciepay banks, to agree to receive
each others notes. and pass them the credit Of the
United States, as CASH
PUBT.IUS