Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1837-08-16

which the institutions are stimulated 10 ex
cessive issues of their notes,) would hav,
been employed in agriculture, or manufac.
lures, or building canals, or railroads, OF
other local improvements, equally produc
tive to the capitalist and intellectually moro
beneficial to the general and permanent in
terests of the community.
The opponents Of the administration are
now striving for the establishment of a ma.
tional bank, as a remedy for the disordered
currency which we now experience. II
gives us much satisfaction to know, what
we have learned from the history of the
| past, that such efforts cannot be success.
ful. That a national bank, whose notes
should be made legal currency in the
payment Of public dues, might have a tenn
porary effect to alleviate existing embarras.
ments, is possible but we believe that the
manifold evils Of such an institution would
altogether outweigh every consideration of
its advantages. The history of the late
United States Bank for the few years just
previous to the termination ofits existence,
holds out in characters Of bold relief to
the American people, an impressive warn
ing against the establishment of another
institution. There is too much reason TO
believe that had any other man than An.
drew Jackson been at the head of our pub.
lie affairs during that eventfnl period of our
history, the government of the People would
have been too weak against the government
OF the Bank. We mean no disparagement
it required all the sagacity, the frmness
the popularity and the disregard of conse-
quences for faithful and energetic dis
charge of public duty which distinguished
the Hero of New Orleans, to withstand the
moneyed power which so boldly beset his
administration. And with such an exam.
pie before their eyes, the American people
would be recreant to the trust committed to
them by their fathers to be handed down
unlmpaired to succeeding generations, if
they should again expose the principles of
liberty for which they fought, to be subdued
and crushed by the power of incorporated
wealth, shielded from responsibility to the
government of the people, by the aristocra.
tic panoply of 'vested rights" A leading
statesman of the opposition once exclaimed
in the warmth of a popular harangue, "give
us war, pestilence, famine or any other
scourge than military rule" and with how
much more propriety and justice may the
people ofthe United States invoke upon
their country all these evils rather than
hazard its subsection to the more ignoble
rule of the irresponsible government of
bank.
In thus expressing our unqualified disap.
probation Of the scheme of establishing q.
mother national Bank, we must not be un.
derstood as waging war against the whole
credit system. This system, which has
grown up to its present strength with our
improvement, has become so closely united
end interviewer with the whole trade end
business Of the country, that its immediate
destruction would inflict an ncurable and
unnecessary wound upon the prosperity of
our people. 1t is in great measure to the
credit system stimulating the enterprise of
our citizens in the development of the vast
resources of our territory, that the West
owes its rapid advances in population and
wealth, and continuance Of the system un-
der proper guards and regulations, will ma
terially promote our future growth and pros
perity. In giving this expression of our
sentiments in favor Of the system, it must
not be understood as our opinion that it re-
quires no modification or improvement.
Our motto in relation to the credit system
is, LET IT BE PRESERVED and LET 1T BE
REFORMED.
The great desideratum now to be attain
ed in the improvement of the currency is,
TO increase the specie and diminish the pa
per, which now constitute our circulating
medium. The most desirable mode of eff
fecting this great object would be, to with
draw small notes from circulation and fill
up the channels in which they flow, with
gold and silver. 1t has long been estab.
lished as sound maxim in political econ
omy, that coin and bank notes Of the same
denomination will not circulate together,
but that the puper will drive the precious
metals from the field. If, therefore, we
would have the silver dollar circulate Free
ly, we must prohibit the issuing of bank
notes Of that amount. If we would have
the quarter eagle flying from hand TO hand,
we must strike out of circulation bills below
five dollars-and so of coins and bills of a
larger denomination. But there arc great
obstacles in the way Of accomplishing this
important and necessary reform. Depend
ing, as the result would, upon the legisla-
ton of the several states, it would require
the cooperation Of each in the same mea-
sure, to obtain the desired end. Expert
ence has shown that separate state legisla-
ton for this purpose, will go but little to-
words effecting practical reform. In Or
der to accomplish this leading measure of
the friends of sound and uniform curren-
cy, the people of the several states should
demand of their respective legislatures a
cooperation, in providing by law for the
gradual suppression of small bills from is
sue and circulation within their limits. Nor
should they fail to urge the importance OF
the measure upon the attention of the banks
themselves. If those institutions, in the
spirit of just and patriotic regard for the
popular will, would voluntarily and unitedly
agree upon gradual withdrawal of their
small bills, they would recommend them.
selves strongly to the favor and confidence
of the country.
We cannot conclude our remarks upon
general politics, without congratulating our
political friends that the government of the
I Union is in the same political hands, which,