The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-19
September 18Th.
FOR THE MADIsoNIAN.
STATE DANKS.-No. w.
PUBLIUs.

- a ~ o.hiNih9--ASo' ~.
Having written thus freely, and | trust
fairly, about the recommendations and the
arguments of the Message, turn from the
scheme of separating the government from all
connection with State Banks. for the purpose
of submitting few additional thoughts on the
scheme | have already suggested, and for
which have deep and undoubting prefer
ence In writing about this, as have about
the new system OF treasury agencies, my
motto has been, and is, in essentials, unity;
in non-essentials, free discussion; IN all
things-charity.
One Of tine greatest men that has adorned
any age, has declared it to be the part Of wis.,
dom, "to take counsel from the words of
ones adversary" Perfect sanity belongs
only to the Deity. In all time past, no revo-
luton in government, and no measure of ad-
ministration among this or any other free
people, tending or intended to affect the whole
community, has ever been carried into effect,
in all its parts, as it was first suggested to the
consideration Of others. by the man with whom
it originated. 1t not being given to individual
man to devise, prtori, complete system of
government, or complete code of civil or
criminal laws, or perfect scheme of finance,
which is to be extensive and general in its
operations, it becomes the friends of every
measure which is to affect society, to consult
together, and to take from this one, from that
one, from any one of them, whatever may be
considered by most of them to be calculated
to accomplish the object at which all are aim
ing. SO, also, unanimity in all matters of
extensive and general interest being unattain-
able in this imperfect state of existence, it
becomes the friends of every proposed public
measure, though majority of the acting body
may be prepared to adopt it, to take and in
corporate in the measure, whatever Of amend
ment may be suggested by the criticisms of
its opponents, to calculating Difference for
the opinions of others.
In all things strive to be influenced and
guided by those sentiments. | have noticed
many objections to the State Bank system,
which have more or less right in them. That
one Of all others that have fallen under my
observation, which, to my mind, has most
right, is the one urged by Mr.. Leigh, in his
speech delivered in Petersburg, in 1884 1t
is in his own words, as follows:
IL was difficult to conceive how the State Banks
could furnish such curreucybecause If for no other
rcasoneven supposng their credit solid, vet, owing
the multitude OF them, u would be impossible Tor people
in distant parts to be informed Of the state Of their
credit or be able to Judge of the genuineness of their
notes"
1t was this objection to the State Banks
this ascription Of inability. on their part, to
facilitate the operations Of the Treasury, or to
furnish sound circulating medium, that first
suggested to my mind the plan proposed to
reduce the number Of those institutions to one
in each State, with branches.
Instead of repeating here all have urged
through another channel, in favor of this plan,
| shalt only repeat the outline Of the plan, and
reply to some of the exceptions which have
been taken to it. Through the channel re-
ferred to,
have suggested several considerations and cited
authorities, to show the proprety OF reducing the
number Of banks in each State, speedily as NAV be
found be compatible with the public convenience and
until there shall be but bank in each Of I'll, States