True American. [volume] (New Orleans [La.]) 1835-18??, 1837-03-31
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Perhaps question since the reform, alton, has
tnsrosscd SO much of public attention, as that Of
Banks No q, est OIL certainly, has involved, 10
e alter degree, the stability and happiness of So
ciety The written charter of our liberties settled
this question in way that doubt could he Gu
tertained He who has ever read the debates on
the constitution will recoect that the power was
given TO Congress TO emit bills Of credit, during the
greater art of the session OF the Convention. All
the states voted Ter the power except Maryland
~nd New Jersey. Towards the end of the session
it was taken away by the very same states that
rotef for ii, and the states themselves in their
ereign capacities, prevented from issuing bills Of
credit With such settlement of this qrustio
rcrata, it is reasonable to conclude that the prac-
tice Of Banking would have ceased so soon as the
constitution was adopted. But contrary to all the
rules Of good faith, the system was persisted n by
rontending that the Prohibition extended only to
Z general and state governments directly. Thus
at the very outset Of the Constitution on the roa.
to experiment, was its meaning subvcrtc cd, and the
power of the federal and state authorities to grant
bank charters, permanently established. The
ices that from time 10 time, sincerely raised
against the doctrine, were drowned in the general
cry in favor of the system. Whenever the dcfen-
diets were brought 10 acknowledge the force of
constitutional arguments against their cause, nd
of have they been driven to such dilemma, e.
rEpIENcY became the refuge for their violations of
the sacred instrument. Had the general govern
'nent persisted in making gold and silver coin
legal tender only, and insisted on the Observance
OF the constitution by the states as expressly laid
IT, I
the disastrous fluctuations in her commerce that
now darken almos, every page of her annals. We
were then in our infancy and just starting upon the
high road TO wealth and prosperity. Then was the
time to set out with principles. But cupidity
and designs of the far, then as now, construed the
constitution I" suit their purposes, and the CO.
ped'ency 81 banking was admitted. Once admitted,
me general government had superior .lt to cs-
tablish National Bank. This was done, and for
more than three fourhs of the time that the char
tiers OF the old and late United States Banks had to
run. the results of their administration have been
highly beneficial to the country not orly in provi-
Dig an efficient and par value currn Y, but in
restraining the disposition to over-bankinr by the
states, and where state institutions existed by con.
trolling their issues within wholesome limit
''o"o wis Weie itIt ny tIP country from The nla
administration ct these two national institutions,
it is true. But as the country had adopted The
system, they had to take the good with the bad
In the funess of time came the hypocrtical and
demngogical administrator of Andrew jackson.
The United States Bank refused to parder to
power, and down went this establishments The
pressure OF the controlling influence having been
removed, the state banks mad,y shot from their
proper spheres and the whole Union was dcluned
ut once with millions of paper money. T his is the
tendency of all monied insliru,iurs, when left to
their own direction AS in Physical Astronomy,
The Planets would cease TO rcvovc in their orbits,
were it not for the common centre Of attraction.
80 in banking State Banks become unmana geabls
unless greater Fewer sustained by the general
government exist to keep them within the bou ads
assigned by the charters that called them into be-
ing. The present evils that The country is wo
fully experiencing have arisen more from the polit
Hcal charlatansm of Cen Jack SON. tlan from any
other cause. He is the real source of our COM
mercial troubles. 1t is unneccssary for us TO wade
through The history Oft reign too deeply engraved
on the memories of all who have lived TO witness
ITS termination Yet in the midst of the hound
less Inducements thus afforded by the government
to ovcrissues and undue expansions, there oyc
banks throughout the country that have for,u.
nntely been administered by men of such nerve
and temperament that the gtrring but deccp.
'tous prize of the immediate realization of millions
did not suffice TO turn one moment from obstinate
~ pursuing the path that tho rigid principles of
commerce pointed cut 10 their view and h, Id con
s'nnly to their eyes. Many such banks are 10 be
found eUen in .Nem Ore1 s. It's TO Me7n tia, the |
public now look for relief from pre- sen, pressure.
To point them out shall be our duty another finn.
Bridging the functions.
AT the'iuncton of ST. CHARLES and po, dr,s s,roo,s