Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-09-14

, suits IN The two countries has only been, tina
VIVA US there has also occurred an eXtensiv,
arrangement IN the fiscal affairs of tho Fed
-, erai and State Governments, occasioned b,
, The suspension oil specie payments by th,
banks.
, The history Of these causes ard effects, i,
{ Great Britain and the United States, is sub
stantially the history Of the reyulsion in al
other commercial countries.
The present aud visible effects Of these cir
cumstaDces on the operations of the Govern
ment, and on the industry of the people, poin
out the objects " hich call for your immediate
attention.
They are-to regulate by law the safe
Keeping, transfer, and disbursement, OF the
public moneys ; TO designate the funds 10 he
received and paid by the Government 10
enable the Treasury 10 meet promptly every
demand upon it; toprescribe the terms OF
indulgence, and the mode of set, iement 10 be
adopted, as well in collecting from individ-
uals The revenue that has accrued, as in willis
drawing il from former repositories, and 10
devisea adopt such further measures, with
III The constitutional competency OF Congress,
us will be best calculated to revive The enter
| PRISE anu 10 promote the prosperity OF the
country.
For the deposite, transfer, and disburse-
ment, of the revenue, National and State
1
mited exceptions, been heretofore employed;
out, although advocates of each system are
stili 10 be found, il is apparent that the events
| OF the last few months have greatly augment
cd the desire, long existing among the people
OF the United States, TO separate the fiscal
| operations Of the Government from those OF
| individuals or corporations.
Again 10 create national bank, MS fiscal
agent, would be 10 disregard the popular will
| Twice sOiemnIy and I'M nj y
| On no question of domestic policy is there
stronger evidence that the sentiments of a
! large majority are deliberately fixed and
cannot concur with those who think they
| see, 10 recent events, proof that these sens
tlments are, or reason that they should be,
changed.
| Events, similar in ,heir origin and cbarac-
| Ter, have heretofore frequently occurred,
without pr oducing any such change and the
lessons OF experience must be forgotten, il
We suppose that the present overthrow of
credit would have been prevented by the eX-
| istence of a national bank. Pronenees 10 exc
elusive issues has ever been the vice Of the
banking system vice as prominent in Ma
| iional as in State institutions. This propen-
| sity is as subservient 10 :he advancement Of
! private interests in the enc as in tho ether
| and those who direct them both, being prir-
| cipally guided by the same views, and influ-
enced by the same motives, will be equally
ready 10 stimulate extravaganza of enter
prise by imprevidence Of credit. How slri. |
kingly is this conclusion sustained by expe.
rience. The Bank OF the UEited States, !
with the vast powers conferred on il by !
Congress, did not or could not prevent for |
mer and similar embsrrassments; nor has
the still greater strength Il has been said 10
possess, under its present charter, enabled il
In The existing emergency, to check other
institutions, or even to save itself. In Great
Britain, where, II has been seen, the same
causes have been attended with the same ef.
fects, national bank, possessing powers far
| greater than are asked for by the warmest
advocates OF such an institution here, has all
so proved unable 10 prevent an undue eXpan-
sion OF credit, and the evils that flow from il.
Nor can fad any tenabIe ground for The re-
establishment of national bank, in the de- |
Engagement alleged at present TO exist in the |
domestic exchanges OF the country, or in the |
facilities il may be capable oil ffording them
Although advantages Of this sort were anti |
cipaiea when the first Bank of the United !
States was created, they were regarded an
incidental accommodation not one which !
the Federal Government vas bound, or could !
he called upon, TO furnish. This accommo-
aation is now indeed, after the lapse of not
many years, demanded from il as among its
hrst duties and an omission 10 aid and reg
uiate commercial exchange, is treated as a
ground oil loud and serious complaint Such
results ouiy serve TO eXempl:iy the constant
desire, among some of eur citizens, 10 en-
large the powers of the Government, ard ex>
tend IFS control 10 subjects with which il
should not interfere. They can never iusii
fy the creation of an institution 10 promote
such objects. On the contrary, they Justly
excite among The community more diligeni
inquiry into the character of these operations
0f trade, towards which it is desired to ex- !
tend such peculiar favors.
The various transactions which bear the |
name OF domestic exchanges, differ essential |
ly in their nature, operation, and utility. |
One class OF them consists OF bills of eX-
! change, drawn for the purpose OF transfer
! ring actual capital from one part OF the coun-
| try TO another, or to anticipate the proceeds
OF property actually Transmitted Bills Of
| this description are highly useful in the
movements OF trade, and well deserve all the
| encouragement which can rightfuly be Civ
| en- to them. Another class is made up of
! bills oil exchange, not drawn 10 transfer &C
/ tual capital, nor on the credit OF property
| transmitted, but 10 create fictitious sapitai.
/ parIakiDg al once OF the character of notes
/ discounted IN bank, and of bank notes in cir
culstiont and swelling the mass of paper cre-
dts 10 vast extent in tho most objectionable
manner. These bills have formed for the
4 last few years, large proportion Of what are
termed The domestic exchanges OF the conn.
try, serving as the means of usurious orofil.
and constituting The most unsafe and precs.
rieus paper in circulation This species of
traffic, instead Of being upheld, ought TO be
dscountenanced by the Government and the
people.
Il In transferring its funds from Place 10